&w=3840&q=100)
Edible oil duty cuts good for importers, consumers, but farmers may suffer
The government has set a high MSP for soybean, but the near-collapse of the domestic market for oil meal, a key byproduct of soybeans, means farmers may look at alternative crops
New Delhi
Listen to This Article
In a surprise move late last week, the union government cut by half import duties on all crude edible oils, from 20 percent to 10 percent in a bid to reduce domestic prices and also support the local refining industry.
The decision that came just weeks ahead of the sowing of the new oilseeds crop for the 2025-26 kharif season raised eyebrows in several farmers' groups even as oilseeds refiners and importers welcomed the step.
In April 2025, food inflation as measured by the Consumer Price Index (CPI) dropped to just 1.78 per cent, down from 2.69 per cent in
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Hans India
25 minutes ago
- Hans India
Sanjay Jha-led delegation briefs EAM Jaishankar on Operation Sindoor outreach
The all-party parliamentary delegation led by JD(U) MP Sanjay Jha on Thursday met External Affairs Minister (EAM) S. Jaishankar and briefed him on the support received during their recent five-nation diplomatic outreach on the Operation Sindoor. The delegation which met EAM Jaishankar included BJP MPs Aparajita Sarangi, Brij Lal, Hemang Joshi, and Pradan Baruah, Trinamool Congress MP Abhishek Banerjee, CPI(M)'s Rajya Sabha member John Brittas, senior Congress leader Salman Khurshid and former diplomat Mohan Kumar. During their visits to Japan, South Korea, Singapore, Indonesia, and Malaysia, the delegation presented dossiers and evidence on Pakistan-sponsored cross-border terrorism relating to Pahalgam terror attack and also informed them about India's military action under Operation Sindoor. Speaking to IANS after the meeting, JD(U) MP Sanjay Jha said, "There was a very positive atmosphere in Indonesia. We received support, and their statement was in favour of India. Malaysia, however, appeared a little neutral. We noticed every country had its own approach. In many places, we got a positive response; in some, it was neutral, and in a few, there were questions. But this was the aim of our tour -- to understand and share perspectives." "We shared with them our firm stand against terrorism," he added. Responding to criticism from sections of the Opposition regarding alleged losses suffered during Operation Sindoor, Jha asserted, "The strongest message we sent globally was that India stands united. When I introduced the delegation members as being from Kerala, Assam, Bengal, Gujarat, and from different parties, it sent a strong signal that the entire nation and political spectrum was speaking in one voice. If one or two voices dissent, they should reflect on whether they are aligned with the country or somewhere else." BJP MP Aparajita Sarangi said, "We received an invitation from the EAM's office, and today we all had a productive discussion. Each member shared detailed experiences from the countries we visited. The Minister was deeply engaged and asked many questions. We explained everything in depth. Now the MEA will take a call on the further steps." Referring to the criticism over timing of diplomatic outreach, Sarangi said, "The delegation completed its work with seriousness and gave its briefing. Even today, during the meeting with the EAM, leaders like Salman Khurshid and CPI(M)'s John Brittas were present, and there was great camaraderie and unity. That's what stood out the most."
Indian Express
2 hours ago
- Indian Express
OTT platforms, air & rail portals to be part of new inflation series as MoSPI taps new data sources
Data from over-the-top (OTT) platforms and online portals for airfare and rail fare could soon be part of India's inflation basket. India's statistics ministry is exploring tapping into alternative data sources such as online platforms for air and rail fares, OTT services, and administrative records for price data for petrol, diesel and LPG for the new Consumer Price Index (CPI) series, Saurabh Garg, Secretary, Ministry of Statistics and Programme Implementation (MoSPI) told The Indian Express in an interview. The new CPI series, which is expected to come out from the first quarter of 2026, is also likely to directly incorporate data from Indian Railway Catering and Tourism Corporation (IRCTC) and Petroleum Planning and Analysis Cell (PPAC). 'For the new CPI series, MoSPI is expanding its approach by exploring alternative data sources, such as online platforms for airfare, rail fare, OTT platforms and administrative records for price data of petrol, diesel and LPG. Discussions are ongoing with IRCTC, under the Ministry of Railways, and the PPAC under the Ministry of Petroleum and Natural Gas for direct transfer of data for integration in CPI,' Garg said. The Ministry is also exploring the use of scanner data and web scraping with an aim to enhance the accuracy, efficiency and comprehensiveness of price data collection, Garg said. 'The possibility of collecting price data from e-commerce websites is also being considered,' he added. The Ministry is currently undertaking a base revision exercise for all major datasets such as CPI-based inflation, Index of Industrial Production (IIP) and Gross Domestic Product (GDP). For GDP, the new series is scheduled to be released on February 27, 2026 with financial year 2022-23 as the new base year, Garg said. The revised base year for IIP has also been tentatively identified as 2022 -23, Garg said, adding that the IIP with the revised base would be released from 2026-27. At present, the base year for GDP and IIP is 2011-12 and for CPI is 2012. For CPI, 2024 has been identified as the revised base year. '…the item basket and the weightage of the items would be decided based on the NSO's Household Consumer Expenditure Survey (HCES) conducted in 2023-24. The new CPI series is expected to be published from the first quarter of 2026,' Garg said. Among other alternative datasets being tapped by the Ministry, Garg said data of Goods and Services Tax (GST), e-Vahan portal, UPI transactions from NPCI are going to be used for GDP calculation by the National Statistics Office (NSO) in addition to the use of data from Office of Controller General of Accounts (CGA), MCA-21, RBI. MoSPI has also used the GSTN (GST Network) database for its new service sector survey, Annual Survey of Service Sector Enterprises (ASSSE). The latest HCES for 2023-24 had incorporated questions on streaming services, air fare and rail fare. At present, the retail inflation basket based on CPI (Combined) has a weight of 0.077 percent for air fare (economy class), 0.185 per cent for railway fare, 2.187 per cent for petrol for vehicles and 0.148 per cent for diesel for vehicles. There's a 0.08 per cent weightage for internet expenses, 0.82 per cent weight for monthly charges for cable TV connection, and 1.839 per cent for mobile phone charges.
Time of India
4 hours ago
- Time of India
Retail inflation likely to ease to 6-year low of 3% in May on cooling food prices: UBI
Retail inflation , or the Consumer Price Index (CPI), will continue to moderate to 3.0 per cent in May, a six-year low, mainly due to the sequential moderation in prices of cereals and pulses even as most other segments started to strengthen, according to a Union Bank of India (UBI) report. As per the inflation data released by the Ministry of Statistics and Programme Implementation, retail inflation in April fell to 3.16 per cent from 3.34 per cent in March. CPI inflation is a key economic indicator that reflects the rate at which prices of goods and services consumed by households are increasing over time. Further, the report said that inflation, excluding vegetables, stayed steady at 4.11 per cent, while core inflation slightly increased to 4.18 per cent, mainly because of the low base from last year. However, the report added that weak demand and stable prices of most commodities (except precious metals) are expected to keep core inflation under control. The report added that inflation excluding gold likely stayed low at 3.4 per cent, up slightly from 3.3 per cent in April. The April CPI slips to six-year lows, as the decline in inflation is attributed to a decrease in the prices of vegetables, pulses, and products, fruits, meat and fish, personal care and effects, and cereals and products. Effectively, overall inflation declined 18 basis points in April 2025 compared to last year's period. According to the data, core inflation remained almost flat at 4.09 per cent in April, while core inflation excluding gold stayed unchanged at 3.3 per cent. Core CPI ex-transport, post-recording a spike in March (4.26 per cent), has again softened to 4.18 per cent. Within the core inflation category, personal care inflation has moderated from 13.50 per cent in March to 12.90 per cent. Core inflation is defined as a measure of inflation that removes volatile, short-term price changes in key categories, primarily food and energy, in order to portray a steadier, long-term trend in price increases. The inflation level gives confidence to economists and analysts, as current inflation rates are within the Reserve Bank of India 's ( RBI ) manageable range of 2-6 per cent. Retail inflation last breached the Reserve Bank of India's 6 per cent upper tolerance level in October 2024. Since then, it has been in the 2-6 per cent range, which the RBI considers manageable. Food prices were a concern for Indian policymakers, who wished to sustain retail inflation around 4 per cent. After the RBI's April monetary policy review meeting, the central bank said that inflation is expected to remain under control in the financial year 2025-26.
