Wheat Price: Wheat will be cheaper, the government can cut import duty, read some major business news

Posted on 9th Aug 2022 by rohit kumar

Wheat Price: There is a plan to control the rising prices of wheat. For this, the government can eliminate a 40 percent duty on wheat imports. Along with this, a limit can also be imposed on the stock for the traders. Prices have reached record levels in India, the second largest producer of wheat. In May, the government banned wheat exports because of crop losses due to scorching heat.

 

Despite this, domestic prices have remained elevated. Traders said, if the government removes import duty and international prices come down, then imports may start during the festive season. At that time the prices in the domestic market become high. Sources have said that the central government is considering all possible options to bring down the price of wheat.

 

The new crop will come only after 9 months

 

The government has limited options to intervene in the market this year as procurement fell by 57 percent to 18.80 million tonnes. The new crop will be available only after nine months. Till then the reserves will have to be used carefully. Paddy sowing has been badly affected due to less rain.

 

The area under paddy stood at 274.30 lakh hectares till August 5, as against 314.14 lakh hectares a year ago. The low paddy area has raised concerns about the production and prices of rice in Kharif. There is a possibility that if there is a shortage of wheat, then the government will have to think about increasing the Pradhan Mantri Garib Kalyan Yojana. The scheme will end in September.

 

Wheat price increased by 22 percent in one year

 

The price of wheat has increased by 22 percent in a year. It was Rs 25 a kg on August 8, 2021, which reached Rs 30.61 a kg on Monday. A month ago it was Rs 29.76 a kg. The price of flour was Rs 29.47 a year ago, which has now become Rs 35.13.

 

In the international market, the price of wheat had fallen by 14.5 percent every month in July. Last year, India exported 72 lakh tonnes of wheat. Exports are estimated to be 60 lakh tonnes this year. Whereas the new crop will be available only after 9 months. So till then, the reserves have to be used very carefully.

 

 

Sowing of paddy decreased in these

 

Uttar Pradesh 3.82

Chhattisgarh 4.39

Bihar 4.85

Madhya Pradesh 3.72

Jharkhand 9.34

(Figures in lakh hectares)

 

 

RBI took steps to make the rupee the preferred currency in global trade

The Reserve Bank of India (RBI) has taken steps to promote the rupee as the preferred currency in exports and global trade. Last month, the RBI asked banks to make additional arrangements for export and import transactions in Indian rupees because of rising interest in the domestic currency.

 

In response to a question in the Lok Sabha on Monday, Finance Minister Nirmala Sitharaman said, an increase in exports can help in reducing the trade deficit. Sitharaman said the framework for allowing invoicing and payments for international trade in Indian Rupees applies to all participating countries. The RBI had on July 12 allowed Indian importers and exporters to trade in rupees.

 

Investment in equity mutual funds decreased by 43%

 

Investment in equity mutual funds declined 43 percent to Rs 8,898 crore in July. Also, this is the 17th consecutive month in which there has been a positive investment in equity schemes. In June, an amount of Rs 15,495 crore came. It was Rs 18,529 crore in May. An investment of Rs 15,890 crore came in April.

 

HDFC Bank loans expensive

 

HDFC Bank has made loans expensive. It has increased the MCLR by 0.10 percent. Due to this, the minimum interest rate has now become 7.80 percent. The new loan rate has come into effect on August 8. The interest on the two-year loan is 8.20 percent while the three-year loan has become 8.30 percent.

 

JSW to invest Rs 48,000 crore

 

JSW Steel has said it will invest Rs 48,000 crore over the next three years. The company's chairman Sajjan Jindal said that out of this Rs 20,000 crore will be invested in the current financial year. The company said that this amount will be invested in several different projects.

 

SEBI bans Biba's IPO

 

SEBI has put a stay on the IPO of Biba Fashion for the time being. However, the reasons for this could not be ascertained. It submitted the papers with SEBI on April 12. SEBI gives its opinion about the IPO in 30 days.

 

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