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Business Standard

Govt mulling lifting ban on non-basmati rice export: Food Secretary

The government is mulling lifting the ban on export of certain varieties of non-basmati rice, Food Secretary Sanjeev Chopra said on Wednesday. "It (lifting of export ban on white rice) is also under consideration of the government. These things are dynamic and we will take an appropriate decision depending on the requirement and stocks available," Chopra told reporters. Export of non-basmati white rice has been banned since July 20, 2023 to boost domestic supply. The government has extended 20 per cent export duty on parboiled rice indefinitely. The secretary said there is ample stock of rice in the government godowns and retail prices are also under control.

The Economic Times

Kohinoor Foods surges 20%; LT Foods jumps nearly 7%

Rice stocks were in heavy demand on Monday, with Kohinoor Foods surging 20 per cent, after the government said the USD 950 per tonne minimum export price (MEP) on basmati rice has been removed.

Business Standard

Government removes floor price on Basmati Rice export

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CNBC TV18

Explained — Why stocks like KRBL, LT Foods gained up to 10% on Monday

Under the restrictions set earlier, Basmati Rice could only be exported above a set floor price, which was the MEP. The government, last year, had revised the MEP to $950 per tonne from $1,200 per tonne earlier.

Business Standard

Infrastructure, agriculture key focus areas of 100 days of Modi 3.0

The BJP-led NDA government has approved infrastructure projects worth Rs 3 lakh crore, including linking 25,000 unconnected villages to road networks and building a mega port at Wadhawan in Maharashtra, during its first 100 days in office. Besides infrastructure, the focus of the government has also been on agriculture by increasing the minimum support price (MSP) for Kharif crops, removing of minimum export price (MEP) on onions and basmati rice and hiking the duty on the import of crude palm, soybean and sunflower oils. Prime Minister Narendra Modi assumed office for the third consecutive term on June 9 this year. The thrust of the Modi government has been on providing stability on the policy front with a flexible approach to adopt certain changes to remove teething problems without diluting the original concept. A case in point is the Goods and Services Tax which has undergone 140 changes to reduce friction. The government approved the Wadhavan Mega Port in Maharashtra for Rs .

Business Standard

Replacing rice crop could help recover groundwater lost since 2000: Study

Replacing about 40 per cent of the area sown with rice with other crops could help recover 60-100 cubic kilometres of groundwater lost since 2000 in north India, a study has found. Current cropping patterns -- dominated by rice, which relies heavily on groundwater for irrigation -- could result in a loss of about 13-43 cubic kilometres of groundwater if warming of the planet continues, a team of researchers, including those from the Indian Institute of Technology Gandhinagar, Gujarat, said. The researchers proposed shifting from existing cropping habits by cutting down on cultivating rice as a potential solution for sustaining the fast-depleting resource in a warmer world that threatens food and water security. "Replacing 37 per cent area of rice with other crops can recover 61 to 108 cubic kilometres groundwater compared to 13 to 43 cubic kilometres with current cropping pattern under the 1.5-3 degrees Celsius global warming levels," the authors wrote in the study accepted for ...

Business Standard

PM Modi lauds change in agri export policy, says will boost farmers income

Prime Minister Narendra Modi on Saturday lauded recent changes in agricultural export policies, stating that easing export norms on basmati rice and onions, and increasing import duties on some edible oils will boost farmers' incomes and create rural jobs. On Friday, the government scrapped a USD 950 per tonne minimum export price (MEP) for basmati rice and removed a USD 550 per tonne MEP on onions, according to government statements. The government on Saturday raised import duty on crude palm oil to 20 per cent and on refined sunflower oil to 32.5 per cent, aiming to support domestic oilseed farmers and processors. In a post on X, Modi said the government is leaving no stone unturned to support farmers who work tirelessly for the country's food security. "Whether it is reducing the export duty on onions or increasing the import duty on edible oils, many such decisions are going to greatly benefit our food producers. While these will increase their income, employment opportunities

Business Standard

Govt's focus on increasing exports to ensure fair price to farmers: HM Shah

The Narendra Modi government is increasing exports to ensure fair price to the farmers for their crops so that they can get maximum price for their crops, Union Home Minister Amit Shah said on Saturday. Shah also said that keeping the interests of farmers paramount, the government has taken three important decisions, including removing the minimum export price (MEP) of onions and Basmati rice. "The Modi government has decided to remove the minimum export price (MEP) on onions and reduce the export duty from 40 per cent to 20 per cent. This will increase onion exports, which will increase the income of the onion producing farmers," he wrote on 'X' in Hindi. The home minister said the government has also decided to abolish the MEP on Basmati rice which will enable the farmers producing Basmati rice to earn more profits by exporting it. "Also, the Modi government has decided to increase the import duty on crude palm, soya and sunflower oils from 12.5 per cent to 32.5 per cent and the

Business Standard

Lulu Group aiming to up agri sourcing from India to Rs 15,000 cr in 2 yrs

UAE-headquartered retailer Lulu Group is looking to increase the quantum of Indian agri procurements to Rs 15,000 crore in the next two years as it expands its network globally, a top company official said on Tuesday. Its Chairman and Managing Director M A Yusuff Ali told reporters that the company plans to have a special focus on the organic good procurement and sees the value of such goods going up to Rs 2,000 crore in a year. "About Rs 10,000 crore imports (of agri products) we are doing every year. We are looking to increase it to Rs 15,000 crore within two years because we are also expanding our footprint in many countries," he said. The imports primarily include commodities such as fruits, vegetables, rice, tea, sugar, spice and millets, he said, pointing out that the produce goes to the Gulf Cooperation Council (GCC) countries and other far-east countries. Ali said his group has tied up with the Indian government-promoted Agricultural and Processed Food Products Export ...

Business Standard

Need to remove basmati rice floor price to boost shipments, say exporters

India and Pakistan, the only growers of basmati, both try to promote the premium grade of rice in a manner similar to French Champagne or Darjeeling tea

Hindustan Times

Don't put your iPhone into a bag of rice if you accidentally dropped it in water, do this instead

The following are the Dos and Don'ts if you drop your iPhone into water accidentally

Business Line

LT Foods ramps up manufacturing, eyes inorganic growth opportunities

Company’s rice production facility in UK is live now; it is also doubling production capacity in the US

Business Standard

Govt's kharif rice procurement target 5% higher at 48.5 mn tonnes in FY25

The Centre has fixed kharif rice procurement target at 485 lakh tonnes for the 2024-25 marketing year starting October and asked states to focus on increasing purchases of coarse cereals. In the current 2023-24 marketing year (October-September), the government procured 463 lakh tonnes of kharif rice. Paddy is grown in both kharif and rabi seasons. State-owned Food Corporation of India (FCI) is the government's nodal agency for procurement and distribution of foodgrains. Union Food Secretary on Friday chaired a meeting with State Food Secretaries and FCI to "discuss arrangements for procurement of crops in ensuing Kharif Marketing Season (KMS) 2024-25", an official statement said. Various factors impacting procurement such as weather forecast, production estimates, and readiness of states for procurement operations were reviewed during the meeting. "After deliberations, the estimates for paddy procurement (Kharif crop) during ensuing KMS 2024-25 have been fixed at 485 lakh tonnes

Business Line

Sugar stocks surge as Govt permits grain-based distilleries in rice procurement e-auctions

This move is anticipated to decrease closing stock levels, thereby maintaining higher sweetener prices.

Business Standard

Govt permits sale of 2.3 mn tonne of rice from FCI to ethanol makers

The government on Thursday permitted the sale of up to 23 lakh tonnes of rice from Food Corporation of India (FCI) stocks to grain-based ethanol distilleries, reversing a ban imposed last year. The food ministry, as per a directive, has allowed ethanol producers to participate in e-auctions and purchase rice between August and October 2024 under the Open Market Sale Scheme (OMSS). This decision comes as the government grapples with surplus rice stocks exceeding 540 lakh tonnes, prompting efforts to create storage space for the upcoming harvest. The ministry stated, "Maximum 23 lakh tonne may be allowed for lifting to ethanol distilleries." Ethanol makers can purchase rice through weekly e-auctions. Purchases are subject to ethanol allocation by oil manufacturing companies. The government had halted rice sales for ethanol production in July 2023. The ban coincided with restrictions on non-basmati white rice exports. The FCI has been conducting e-auctions for rice sales to private

The Economic Times

Government lifts cap on sugar diversion for ethanol production starting in November 2024

Starting November 1, 2024, the Union government will lift the cap on sugar diversion for ethanol production, allowing the use of cane juice, syrup, and various molasses types. Additionally, distilleries can now purchase up to 2.3 million metric tons of rice from the Food Corporation of India for ethanol. This policy aims to boost renewable energy while maintaining stable sugar availability. The Department of Food and Public Distribution and the Ministry of Petroleum and Natural Gas will oversee the impact on sugar supplies.

Business Standard

Monsoon rains likely to be prolonged, threatening crop harvesting

Above-normal rainfall due to the delayed withdrawal of the monsoon could damage India's summer-sown crops like rice, cotton, soybean, corn, and pulses

Business Standard

SEA urges govt to reconsider extending de-oiled rice bran exports ban

The Solvent Extractors Association of India (SEA) has made a fresh appeal to the government to reconsider its decision to extend the ban on de-oiled rice bran exports until January 31, 2025. The industry body argues that the continued restriction is causing severe underutilisation of processing plants, particularly in eastern India. In a letter to its members, SEA highlighted the plight of rice bran processors in West Bengal, where plants are operating at low capacity or shutting down entirely. The association warned that this situation is negatively impacting the production of rice bran oil nationwide. "We once again appeal to the government to reconsider this matter and allow the export of de-oiled rice bran in the larger interest of the industry, rice millers, farmers, and the nation," SEA President Ajay Jhunjhunwala stated. The industry's concerns extend beyond the export ban. Recent instances of adulteration in rice bran oil and de-oiled rice bran with substances like dolomite

Mint

GRM Overseas share price: Why is FMCG stock skyrocketing today?

GRM Overseas share price: Experts believe that the exports association writing GoI to reduce MEP on Basmati Rice export is the reason for the sudden rise in FMNCG stock price

Business Standard

Stock split: This SME share turns ex-date on Sept 2; up 47x over IPO price

Thus far in the calendar year 2024, Bondada Engineering share rice has rallied 783 per cent as compared to 13 per cent rise in the BSE Sensex

Business Standard

Mars, maker of M&M's and Snickers, to buy Kellanova for nearly $30 billion

M&M's maker Mars is buying Kellanova, the maker of Cheez-Its and Pop-Tarts for nearly USD 30 billion, vastly expanding the number of household-name brands under one roof. Kellanova was created last year when the Kellogg Co. split into three companies. Kellanova sells many of the former company's most profitable brands, including Pringles, Eggo, Town House, MorningStar Farms and Rice Krispies Treats. It had net sales of more than USD 13 billion last year and has approximately 23,000 employees. Mars Inc. said Wednesday that it will pay USD 83.50 per share in cash. The company put the total value of the transaction at USD 35.9 billion, including debt. It is the biggest deal in the sector since J.M. Smucker bought Hostess for USD 5.6 billion last year, and among the largest of 2024, coming in second to Exxon Mobil's USD 60 billion acquistion of Pioneer Natural Resources. Mars' purchase of Kellanova is expected to close in the first half of next year. Once it's complete, Kellanova will