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Imported pulses bring down prices

Imported pulses bring down prices
PTI
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First Published: Sun, Jun 24 2007. 11 08 PM IST
Updated: Sun, Jun 24 2007. 11 08 PM IST
Aiming to stabilize the rising price of pulses, state-owned trading firms PEC, Nafed, MMTC and STC have contracted to import 672,000 tonnes of the commodity so far in the current fiscal. Of this, 186,000 tonnes have already arrived at different ports in the country in the period till 20 June, according to a government official.
The government had announced in April that it would import 1.5 million tonnes (mt) of pulses by December this year. It had also decided to extend a 15% subsidy to these four trading firms. The impact of the imported pulses is already being felt, with a fall in prices by 0.8%, bringing down the inflation rate,as measured by the wholesale price index, to a one-year low of 4.28% for the week ended 9 June.
Marketmen had said on Friday that the government’s decision to import pulses led to a decline in prices. For example, moong (Rajasthan) and moth eased to Rs2,800-2,850 and Rs2,750-2,850, respectively on Friday from the previous day’s close of Rs2,850-2,900 per quintal. urad tur (arhar) moongAmong the four firms, MMTC has contracted the maximum quantity of import at 257,000 tonnes. PEC has contracted 205,000 tonnes, followed by STC at 115,000 tonnes and Nafed at 95,000 tonnes. The country has a shortfall of more than 3mt as demand has been pegged at 17.71mt in 2006-07.
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First Published: Sun, Jun 24 2007. 11 08 PM IST
More Topics: Money Matters | Commodities |