Business

Indian exporters fear Pakistan could seize control of basmati rice market

Published

9 months ago

Farwa

India maintains $1,200 a ton MEP for basmati rice.
Millers fear decision will hamper overseas sales.
India and Pakistan are the only growers of basmati rice.

NEW DEHLI: Indian exporters have criticised their government for maintaining the current floor price for basmati rice, saying the move will allow Pakistan to capture the market.

India and Pakistan are the only growers of basmati rice. New Delhi exports more than 4 million metric tons of basmati – the premium long-grain variety famed for its aroma – to countries such as Iran, Iraq, Yemen, Saudi Arabia, the United Arab Emirates and the United States.

New Delhi set a floor price, or minimum export price (MEP), of $1,200 a ton in August. It was expected to cut this MEP but the government on Saturday said it would maintain the floor price until further notice.

“Farmers find themselves in a frustrating predicament,” said a leading exporter who asked not to be named.

“We are empowering Pakistan to seize control of the basmati rice market in the short term.”

India, the world’s biggest rice exporter, has also curbed exports of non-basmati rice varieties in an attempt to keep a lid on domestic prices ahead of key state elections.

“We are staring at massive losses,” said Sukrampal Beniwal, who grows basmati varieties in the country’s north. “We have harvested our crop, but there are no buyers.”

Farmers plant summer-sown rice varieties in the rainy months of June and July and start harvesting their crops in October. As the new harvest trickles in, prices start to fall.

Farmers, millers and exporters had believed the government would lower the MEP, which they consider too steep, as the new-season crop comes to market.

“The decision to continue with the $1,200 MEP is a big blow to us,” said Vijay Setia, a leading exporter from the northern state of Haryana, one of India’s breadbaskets, adding that the government needed to cut it to $850-$900 a ton with immediate effect.

Basmati rice farmers are struggling to sell their produce because millers and traders have stopped coming to dozens of wholesale markets to buy, Beniwal said.

Paddy prices of basmati varieties have fallen more than 20% since the government imposed the MEP, traders said.

Basmati is not widely consumed in India and the government doesn’t buy the variety to build state reserves.

Business

An investigation was “launched” into PTA’s inability to get Rs. 78 billion back from Telcos

Published

14 hours ago

Farwa

The PTA has reportedly been instructed to reply to NAB by July 29. According to the enquiry, the national exchequer has suffered losses as a result of the delay in collecting dues.

The PTA has been asked to provide NAB with information about any pertinent records, court proceedings, and overdue bills. The NAB Karachi has summoned the PTA officials to appear with all pertinent documentation.

All of the principle sum has to be paid by the LDI firms, according to sources. But due to judicial stay orders, the collection of dues has been impeded.

These sources further state that a steering group has been established by the Ministry of IT to supervise the issue of dues recovery.

In a previous event, the tariffs levied on importing cell phones from outside were clarified by the Pakistan Telecommunication Authority (PTA).

Contrary to what some internet reports claim, PTA clarified in response to recent news regarding the tariffs on mobile phone imports that there hasn’t been a formal decision to remove these levies in Pakistan.

the PTA.Pakistanis living abroad will be the only ones free from these levies, according to the PTA. A SIM card can be inserted and the phone restarted to temporarily register a device for non-PTA mobile subscribers.

Business

Weekly inflation in Pakistan increased by 0.17 percent.

Published

14 hours ago

Farwa

The SPI for the week under review in the aforementioned group was reported at 321.95 points, as opposed to 321.40 points during the previous week, according to the PBS statistics.

The SPI for the combined consumption group saw a 20.09 percent increase in the week under review compared to the same week the previous year.

The weekly SPI includes 51 necessary items for every spending group and 17 urban areas, with a base year of 2015–16 = 100.

The SPI for the lowest consumption category, which is up to Rs 17,732, grew by 0.08 percent from 311.97 points to 312.22 points this past week.

0.18 percent,The index of consumption for the lowest consumption groups, which are Rs 17,732-22,888, Rs 22,889-29,517, Rs 29,518-44,175 and above Rs 44,175; increased by 0.13 percent, 0.15 percent, 0.18 and 0.19 percent, respectively.

Nineteen (37.25%) of the fifty-one commodities had price increases over the week, eight (15.69%) had price decreases, and twenty-four (47.06%) had unchanged pricing.

On a weekly basis, the following commodities saw significant price decreases: tomatoes (9.19%), onions (2.14%), LPG (1.04%), bananas (0.53%), wheat flour (0.35%), potatoes (0.17%), pulse masoor (0.16%), and bread (0.05%).

Chicken (4.80%), garlic (2.01%), pulse gramme (1.87%), eggs (1.71%), beef (0.93%), gur (0.89%), pulse moong (0.84%), fresh milk (0.45%), firewood (0.23%), and cigarettes (0.12%) were among the items whose average prices increased significantly week over week.

The commodities that saw a year-over-year decline were: wheat flour (31.75%); cooking oil (13.44%); vegetable ghee 2.5 kg (10.42%); vegetable ghee 1 kg (9.85%); mustard oil (8.33%); eggs (5.82%); rice basmati broken (4.15%); and tea package (2.52%).

Gas prices for Q1 (570.00%), onions (96.01%), pulse gramme (40.39%), powered milk (39.11%), garlic (34.61%), pulse moong (29.77%), men’s sandals (25.01%), beef (23.52%), salt powder (23.28%), pulse mash (22.50%), and energy saver (17.96%) were among the commodities whose average prices increased year over year.

Business

The price of gold has drastically dropped in Pakistan.

Published

2 days ago

Farwa

As per the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the cost of 24-karat gold per tola decreased by Rs 2,300, standing at Rs 250,500.

A kilogramme of 24-karat gold costing Rs1,972 less at the local market, making it worth Rs2114,763. Ten grammes of 22-karat gold had a price decrease to Rs196,866 as well.

After losing a significant $43 during the day, the rate per ounce of gold on the international market also decreased. It currently stands at $2,370.

On Thursday, the price of 24-karat silver also experienced a decline, falling by Rs60 to settle at Rs2,860 petal.