Geojit, Agri Pix Report, December 26, 2023

 Geojit, Agri Pix Report, December 26, 2023

Geojit, Agri Pix Report, December 26, 2023

According to Geojit, the Finance Ministry said in an official notice that the government has prolonged the policy of permitting imports of crude soya oil, crude palm oil, and crude sunflower seed oil at reduced tariff for an additional year, till March 31, 2025. has grown.

Geojit's Agri Pix report

According to a formal statement from the Finance Ministry, the government has decided to prolong the policy that permits the import of crude soy oil, crude palm oil, and crude sunflower seed oil at a reduced tariff by an additional year, until March 31, 2025. Previously, until March 31, 2024, certain edible oils may be imported with reduced duties. The government is attempting to regulate domestic edible oil prices at the time this decision was made. India is the world's largest importer of vegetable oils, importing 60% of what is needed domestically. There is now a 5.50% import tariff on crude palm oil, crude soy oil, and crude sunflower oil. The Cotton Association of India predicted that cotton output in 2023–24 (October–September) would be 29.4 million bales (1 bale = 170 lb), which is the same as previous month's forecast. These projections were made public in November. The organization reports that because of a decrease in area and the drought brought on by El Nino in August and September, projected cotton output this year is expected to be 8% less than the 31.9 million bales produced last year and the lowest in 15 years.

   The 11 cotton-growing state organizations' members' input, together with information from other trade sources, is used by the association to revise its estimates almost every month. An estimated 4.2 million bales of cotton were produced in the northern area, which encompasses Punjab, Haryana, and Rajasthan; this is a 100,000 bale decrease from the previous year. The expected number of bales in the central area, which comprises Gujarat, Maharashtra, and Madhya Pradesh, is 17.9 million, an increase from 19.5 million in the previous year.

, Additionally, 6.7 million bales are predicted for the South area, up from 7.5 million bales in the previous year. States from other regions provide the remaining output. Since October, local arrivals have increased to 6.0 million bales and imports of 300,000 bales have left India with 9.2 million bales of cotton available. It said that opening stocks were projected to reach 2.9 million bales for the season, which began in October.

The projected total supply of cotton for the 2023–24 growing season is 34.5 million bales, compared to 35.5 million bales the previous year. The organization projects that imports would increase from 1.25 million bales in 2022–2023 to 2.2 million bales in 2023–2024. The predicted cotton supply for 2023–2024 comprises 2.9 million bales of opening inventories at the start of the season, 29.4 million bales of cotton output, and 2.2 million bales of anticipated imports.

   The group maintained its forecast from last month of 31.1 million bales for domestic consumption, 3.4 million bales for available excess, and 1.4 million bales for exports.