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Epic Research Daily Agri Commodity Report Of 22 January 2019

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India, 22 January 2019 -- Despite various government measures to bail out Sugar mills from their financial woes, cane payment arrears reached Rs 19,000 crore for the season up to December 31. Sugar millers have urged government for an increase in the minimum sale price of Sugar by Rs 5 a kg, to Rs 34 a kg.

Despite various government measures to bail out Sugar mills from their financial woes, cane payment arrears reached Rs 19,000 crore for the season up to December 31. Sugar millers have urged government for an increase in the minimum sale price of Sugar by Rs 5 a kg, to Rs 34 a kg.
Of the total, around Rs 5,000 crore was carried over from last year. The rest was for cane supplies for barely six weeks of the current season.
Prices in the country are inching up but are still only Rs 2,950 a quintal (Rs 29.5 a kg) in the wholesale market.
Indian Sugar Mills Association (Isma) has estimated Sugar production at 31.5 million tonnes in its Second Advance Estimate, a sharp downward revision from its earlier one of 35.5 mt.
Another revision is due by end-January, likely to be lower still. Carryover stock from the earlier year is a little over 10 mt, the country's annual consumption is 25 mt.
Economic News
The farm credit target is likely to be raised by about 10% to a record Rs 12 lakh crore in the 2019–20 Budget to be presented on February 1, according to sources.
For the current fiscal, the government has set a credit target of Rs 11 lakh crore.
The agricultural credit flow has increased consistently over the years, exceeding the target se for each fiscal. For instance, credit worth Rs 11.68 lakh crore was given to farmers in 2017–18, much higher than the Rs 10 lakh crore target set for that year, they added. Similarly, crop loans worth Rs
10.66 lakh crore were disbursed in the 2016–17 fiscal, higher than the credit target of Rs 9 lakh crore.Normally, farm loans attract an interest rate of 9%. However, the government has been providing interest subvention to make available short-term farm credit at an affordable rate and help boost farm output. The government is providing 2% interest subsidy to ensure farmers get short-term farm loan of up to Rs 3 lakh at an effective rate of 7% per annum. An additional incentive of 3% is being given to farmers for prompt repayment of loans within due date, making the effective interest rate 4%. The interest subvention is given to public sector banks (PSBs), private lenders, cooperative banks and regional rural banks (RRBs) on use of own funds and to Nabard for refinancing RRBs and cooperative banks.
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Submitted by Epic Research, Epic Research Pvt.Ltd indore on Tuesday, 22 January 2019 at 1:07 PM
Category: Business
 
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