India
may have to import wheat
New Delhi: The government is putting together plans
to import up to 3 million tonnes of wheat this year as
its wheat procurement is likely to fall short of the target
of 15 million tonnes.
The
empowered committee on wheat has submitted a note for
discussion at a meeting of the empowered group of ministers
(e-GoM) on April 18, suggesting that the government could
import 2 million tonnes of wheat this year. If required,
it could import an additional 1 million tonne by the end
of 2007-08. The government has set a ceiling of 5 million
tonnes on imports this year.
The
e-GoM has also suggested that the government allocate
Rs40 crore for call options of wheat in the international
market, so that its agencies can procure the commodity
at competitive prices.
By
April 19, the Food Corporation of India (FCI) had procured
4.58 million tonnes, against 6.78 million tonnes in the
corresponding period last year. Mandi wheat arrivals across
the country on that day stood at only 5.95 million tonnes,
against 8.29 million tonnes last year.
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Manufacturing
sector slowing down: CII
New Delhi: The manufacturing sector has started showing
signs of slowing down especially, in consumer durables
and automobile industry while the profitability of services
sector has already seen moderation, the Confederation
of Indian Industry (CII) said in its quarterly report
on the "State of the Economy".
The
report said the automobile industry sales grew at 0.8
per cent in the month of March 2007 as compared to 20.4
per cent in March 2006. Similarly, growth of production
of consumer durables stood at 1.6 per cent for February,
2007 compared to 20.3 per cent during the same period
last year. These sectors, which start demonstrating impact
of interest rate interventions the earliest and therefore,
are very significant, the CII held.
However,
the report found that India Inc continued its bull run
during the third quarter of 2006-07 and the net sales
and profit after tax (PAT) of 3834 firms surveyed, grew
by 21 per cent and 74 per cent respectively compared to
18 per cent and 1 per cent recorded a year earlier.
CII
said much of the growth in sales is owing to domestic
consumption having gone up on the back of a buoyant economy.
The
CII has projected that with interest rates rising and
demand contracting and exports slowing down, it is only
a matter of time before manufacturing sector also comes
under pressure and starts slowing down.
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