Government should take some concrete measures for livestock and fisheries in the Budget: Industry
If the government aims to double the income of farmers by 2022, then certain measures should be taken in the upcoming Union budget for the livestock and fisheries sector, feels industry.
Firstly, for the poultry sector, the charge for growing a chick, in case of contract farming should be increased from Rs 6 to Rs 12 per chick. This will help the farmers make some profit for their efforts. Farmers in the poultry and aquaculture sector should be given access to capital. Moreover, loans given to aqua farmers should be considered as secured loans as there is guaranteed returns in fish farming, said Amit Saraogi, managing director, Anmol Feeds.
SOPA has demanded increase in customs duty on crude soyabean oil duty to 45%
Soyabean Processors association of India (SOPA) has opposed reduction in customs duty on edible oils claiming that it will help only the import lobby and crush the local edible oil industry. It has called for increase in customs duty to 45% on crude soyabean oil.
“We feel that in view of the reasons given above, any move to reduce customs duty on edible oils will be totally counter-productive and not in the national interest. It will only help the import lobby at the cost of the Indian farmers and local crushing industry. We would also request that rather than reduction in custom duty, it should be raised to 45% on crude soybean oil which is the WTO bound rate and on all other soft oils, the duty should be increased to the level of permitted tariff rate,” SOPA has said in the release.
Top cotton trader to stop sales to China over coronavirus fears
Kotak Commodity Services Pvt., one of India’s top cotton exporters, will stop selling new cargoes to China on concern the spread of coronavirus may force the top buyer of the fibre to close ports and banks.
The Mumbai-based company will look for new buyers of cotton in countries such as Bangladesh, Indonesia, Taiwan and Vietnam to make up for any possible shortfall in sales to China, Vinay Kotak, director of the company, said in an interview by phone on Tuesday.
“Let’s not panic today, but if the virus keeps spreading and is not controlled in the next 10 to 15 days, then it will create a big problem for the cotton industry globally,” he said. If banks and ports are shut, then it will be a force majeure.
Sellers in India have already shipped 600,000 to 700,000 bales of 170 kg each to Chinese buyers so far this season, and of that, about 75 per cent is in transit, he said. Exporters were expecting to ship another 300,000 bales to China by the end of February, but that may not happen if the virus keeps spreading, Kotak said.
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