Indian Tea Association, CII welcome sops to tea sector in Assam budget
The Indian Tea Association (ITA) and apex chambers CII and FICCI welcomed Assam government’s initiative to improve the quality of life of tea workers and offer sops to the tea plantation sector to tide over the difficult times.
In his Budget proposal for 2020-21, Assam finance minister Dr. Himanta Biswa Sarma announced that the 7.21 lakh tea labourers will get ₹50,000 each as payment of gratuity on retirement. The budget was submitted on March 6.
Poultry industry seeks bailout as prices crash amid Covid-19 fears
With the Covid-19 rumours scaring chicken lovers away, the prices of chicken and eggs have crashed. That poultry farmers are making a loss of ₹100-120 on every bird (yielding 2 kg of chicken) shows the gravity of the problem.
As the prices fall, a good number of poultry industry players are considering cutting down production by 15-20 per cent to prevent further losses. Some of them are even resorting to killing chicks.
Cocoa hits six-week low
Cocoa futures fell to a six-week low on Friday, weighed by a potential weakening in demand partly linked to the spread of the coronavirus, while raw sugar slid to a seven-week low. May New York cocoa future was down $18, at $2,579 a tonne at 10:51 GMT after setting a six-week low of $2,577.
May raw sugar was down 0.08 cents, at 13.34 cents per lb after hitting a two-month low of 13.33 cents.
May arabica coffee rose 1.75 cents, to $1.1310 per lb.
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