On a Boil: Now Milk prices set to rise by up to Rs 3/ltr | WeForNews | Latest News, Blogs On a Boil: Now Milk prices set to rise by up to Rs 3/ltr – WeForNews | Latest News, Blogs
Connect with us

Business

On a Boil: Now Milk prices set to rise by up to Rs 3/ltr

Published

on

Mother Dairy

New Delhi, Dec 14 : After onions made headlines with exorbitant cost, milk will soon become dearer as major processing firms have decided to raise prices by up to Rs 3 per litre on the back of constrained supply.

Accordingly, the rise is seen to be in line with the retail food inflation trajectory which has shown an upward trend, as perishable items’ supply has been adversely impacted due to weather-related phenomenon such as flooding and extended monsoon.

Last week, Consumer Price Index which gauges retail inflation showed a year-on-year (YoY) rise of 3.46 per cent in milk and milk products during November.

Incidentally, the milk price component in wholesale price index has shown an upward trajectory for the past seven years. This has meant that consumers have been paying higher prices for milk every year.

According to Mother Dairy, the adverse climatic conditions have resulted in a significant increase in feed and fodder prices.

“This has impacted the prices paid to the milk producers. The raw milk prices, which in a normal year come down during winter months, have firmed up substantially. The prices paid to milk producers have increased by about Rs 6 per kg in the last few months, up by almost 20 per cent than the corresponding period last year,” the company said in a statement.

“Mother Dairy is compelled to raise its milk prices in Delhi NCR for all its milk variants with effect from December 15, 2019.” This is fourth increase in milk prices by the cooperative in last three years. The prices have been revised upwards in March and October 2017 and in May and december 2019.

Another major producer, Gujarat Co-operative Milk Marketing Federation which markets dairy products under the brand name of Amul, has decided to revise the milk prices by Rs 2 per litre being sold in Ahmedabad and Saurashtra markets of Gujarat, Delhi NCR, West Bengal, Mumbai and Maharashtra from Sunday.

“It is worthwhile to note that in the last 3 years Amul has made only two price revision for pouch milk which is only Rs 4 per litre and less than 3 per cent per annum increase in MRP. The price increase in milk is much lower than average food inflation,” the company said in a statement.

“This year the price of cattle feed has increased by more than 35 per cent. Considering increase in cattle feed and other input costs, our member unions have increased milk procurement price in the range of Rs 100 to Rs 110 per kg fat which is more than 15 per cent increase than last year for the 36 lakh milk producers of Gujarat.”

Lately, weather related phenomenon have pushed food prices higher, thereby lifted India’s retail and wholesale inflation levels.

Recently, data by the National Statistical Office (NSO) showed that Consumer Food Price Index (CFPI) inflated to 10.01 per cent during the month under review from an expansion of 7.89 per cent in October 2019 and (-)2.61 per cent rise reported for the corresponding period of last year.

Product-wise, prices of vegetables, eggs, milk, meat and fish pushed the retail inflation higher on a YoY basis. In contrast, decline in prices of ‘fuel and light’ capped the overall food inflation.

Continue Reading
Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

1 × three =

Business

BSNL employees plan hunger strike on Monday

Due to the delay in the 4G spectrum allotment and non-availability of funds, BSNL was unlikely to launch 4G services by the end of 2020, it said and added it was quite grim situation for employees.

Published

on

By

BSNL Building

New Delhi, Feb 22 : The All Unions and Associations of BSNL (AUAB) has decided to organise a country-wide hunger strike on February 24 for early implementation of the cabinet decisions on the Bharat Sanchar Nigam’s revival.

The strike is also aimed at putting pressure for the expeditious settlement of employees’ grievances, according to an AUAB statement here on Saturday.

Last year the cabinet approved a Rs 69,000 crore revival package for both BSNL and MTNL. The salient features of the package included allotment of 4G spectrum, issuing sovereign guarantee for raising Rs 15,000 crore (Rs 8,500 for BSNL and Rs 6,500 for MTNL) funds via long-term bonds, monetisation of assets and implementation of voluntary retirement scheme.

Of these, only the VRS has been implemented and 78,569 BSNL employees have been sent home. The BSNL has not been allotted 4G spectrum. Similarly, the sovereign guarantee is awaited. The process of monetisation of BSNL’s assets is also moving slowly, according to the statement.

The Supreme Court’s recent judgement on the AGR calculation had created uncertainties in the telecom sector, due to which banks were unwilling to extend loans to BSNL, the AUAB said.

Due to the delay in the 4G spectrum allotment and non-availability of funds, BSNL was unlikely to launch 4G services by the end of 2020, it said and added it was quite grim situation for employees.

Continue Reading

Business

OYO announces bug bounty programme to strengthen security

OYO has accordingly developed an improved responsible disclosure policy to encourage honest and responsible reporting of any potential risks.

Published

on

By

Oyo Rooms

New Delhi, Feb 22 : Hospitality unicorn OYO has said that it will introduce a bug bounty programme towards ensuring that there is a credible and continuous flow of positive feedback from independent security groups and individual researchers to mitigate against any bug or shortfall in the company’s systems.

This is in line with the established practice of recognition and reward for ethical hackers who help responsibly investigate shortfalls within the tech architecture of several tech companies including the likes of Facebook, Google etc., OYO said in a statement this week.

OYO has accordingly developed an improved responsible disclosure policy to encourage honest and responsible reporting of any potential risks.

Additionally, OYO has partnered with a specialised cybersecurity startup, AppSecure/Hackerhive, that connects companies and ethical hackers to help the former discover and fix security vulnerabilities.

“In today’s digital world, a cyberattack is a real concern. Hence, in line with our efforts to continually improve, we are investing in ethical hacking programmes as well,” said Anil Goel, Group Chief Technology and Product Officer at OYO.

OYO said it has also joined hands with other technology companies to address the issue of increasing online frauds and save guests from cybercrimes.

Continue Reading

Business

Fiscal deficit as GDP percentage touched 4.56% in Dec: Finance Ministry data

Out of total government expenditure of Rs 21.09 lakh crore, which is 76 per cent of the BE, revenue expenditure was Rs 18.54 lakh crore and capital expenditure Rs 2.55 lakh crore.

Published

on

By

National debt under Modi govt surges

New Delhi, Feb 21 : Fiscal deficit as a percentage of GDP touched 4.56 per cent as of December 2019 with total receipts pegged at Rs 11.77 lakh crore against a higher expenditure of Rs 21.09 lakh crore, data of government accounts showed.

For the fiscal 2019-20 (till March 31, 2020), the fiscal deficit has been revised to 3.8 per cent now.

Gross tax collection was Rs 13.83 lakh crore (53 per cent of the Budget estimates). The net tax revenue of the Central government was at Rs 9.04 lakh crore which was 55 per cent of the BE, after deducting devolution to the states to the tune of Rs 4.76 lakh crore and Rs 2,480 crore towards NDRF.

The non-tax revenue accrued to the Centre was Rs 2.41 lakh crore whereas other receipts were pegged at Rs 31,000 crore. The government released Rs 54,621.14 crore to the states as their share in central taxes and duties as well as Rs 6,989.38 crore as recommended by the Finance Commission in January.

In December 2019, the states received Rs 7,499.89 crore as recommended by the Finance Commission and the government released Rs 2,714.03 crore towards various schemes. In January 2020, the states received much lower Rs 101.29 crore.

Out of total government expenditure of Rs 21.09 lakh crore, which is 76 per cent of the BE, revenue expenditure was Rs 18.54 lakh crore and capital expenditure Rs 2.55 lakh crore.

Fiscal deficit was pegged at Rs 8.07 lakh crore, which was 11 per cent of BE.

“As a percentage of the GDP, fiscal deficit is 4.56 per cent. The revenue receipts are sufficient to cover only 56 per cent of the expenditure,” the Accounts Review Report of the Finance Ministry said.

Continue Reading
Advertisement

Most Popular