Vegetable, fruit exports dip by 15 per cent | WeForNews | Latest News, Blogs Vegetable, fruit exports dip by 15 per cent – WeForNews | Latest News, Blogs
Connect with us

Business

Vegetable, fruit exports dip by 15 per cent

Published

on

New Delhi, Jan 27: Exports of fresh fruits and vegetables have slumped by 15 per cent in terms of revenue during April-November 2017, apart from a substantial dip in the export of pulses and wheat.

Low demand and supply of onions, tomatoes, bananas and raisins to the top exporting markets was the major contributing factor, said Agricultural and Processed Food Products Export Development Authority (APEDA).

During the period, the value of fresh fruits and vegetables was Rs 5,416 crore (more than $845 million), a drop of 15 per cent when compared to the corresponding period in 2016.

The increase in the Minimum Export Price (MEP) of onions to $850 per tonne in the wake of low production has led to the decline in the export, APEDA Chairman D.K. Singh told IANS.

“The share of onions is about 50 per cent of total exports of fresh vegetables. The MEP of onion has led to the fall in its export,” Singh told IANS.

The central government had notified the higher MEP of onions last November to ensure their domestic availability and to discourage cheap exports.

Overall, in terms of volume, vegetable exports declined to 1.60 million tonnes during April-November 2017 from 2.28 million tonnes during the same period in the previous year.

The UAE accounted for 18.3 per cent of the vegetables exports from India and 27.5 per cent of fruits during April-November 2017.

Bangladesh stood second with 12.2 per cent share while Malaysia came third with 11.8 per cent.

Similarly, fruit exports reduced to 368,361 tonnes from 447,612 tonnes in 2016.

The UAE, Bangladesh, Nepal and the US are among the top export countries for India. The UAE has been identified as a major market for Indian fruits and vegetables, followed by Nepal, Bangladesh and Malaysia.

“This year, demand for our vegetables and fruits from Nepal and Bangladesh has gone down. It is also a major reason (for the dip),” Singh said.

Interestingly, exports of processed vegetables and fruits have shown a slight increase in the April-November period of 2017.

Total output of vegetables in 2017-18 is expected to be 180.68 million tonnes as compared to 178.17 million tonnes in 2016-17.

Similarly, production of fruits is estimated to be 94.88 million tonnes as compared to 92.92 million tonnes in 2016-17.

As for pulses and wheat, their export has declined to 87,760 tonnes and 179,699 tonnes , respectively, in April-November 2017 from 91,652 tonnes and 218,494 tonnes a year ago.

The exports of non-Basmati varieties of rice, on the other hand, have increased to 5.57 million tonnes in the period under review from 4.11 million tonnes in the previous year.

IANS

Business

TikTok threatens legal action against Trump executive order

The company said it will pursue ‘all remedies available’ including going to the U.S. courts.

Published

on

Tik Tok

TikTok is threatening legal action against the US after Donald Trump ordered firms to stop doing business with the Chinese app within 45 days.

The company said it was “shocked” by an executive order from the US President outlining the ban.

TikTok said it would “pursue all remedies available” to “ensure the rule of law is not discarded”.

Mr Trump issued a similar order against China’s WeChat in a major escalation in Washington’s stand-off with Beijing.

WeChat’s owner, Tencent, said: “We are reviewing the executive order to get a full understanding.”

As well as WeChat, Tencent is also a leading gaming company and its investments include a 40% stake in Epic Games – the company behind the hugely popular Fortnite video game.

The president has already threatened to ban TikTok in the US, citing national security concerns, and the company is now in talks to sell its American business to Microsoft. They have until 15 September to reach a deal – a deadline set by Mr Trump.

The Trump administration claims that the Chinese government has access to user information gathered by TikTok, which the company has denied.

TikTok, which is owned by China’s ByteDance, said it had attempted to engage with the US government for nearly a year “in good faith”.

However, it said: “What we encountered instead was that the administration paid no attention to facts, dictated terms of an agreement without going through standard legal processes, and tried to insert itself into negotiations between private businesses.”

The executive orders against the short-video sharing platform and the messaging service WeChat are the latest measure in an increasingly broad Trump administration campaign against China.

Continue Reading

Business

Patanjali chasing profits, exploiting people’s fear: Madras HC

Published

on

Baba Ramdev

Chennai, Aug 6 : Coming down heavily on yoga guru Ramdev’s Patanjali Ayurved Ltd for “chasing profits by exploiting people’s fear and panic” to sell its immunity booster tablet Coronil, the Madras High Court on Thursday slapped a penalty of Rs 10 lakh on it.

The court also refused to vacate the interim injunction restraining Patanjali from using the name Coronil for its tablet in a trade mark infringement case.

The case was filed by city-based company Arudra Engineers Private Ltd that had registered the trademarks “Coronil-92 B and Coronil-213 SPL” in 1993 and holds rights over them till 2027.

The company sells an anti-corrosion product – a chemical agent that undertakes to sanitise and clean heavy industrial machinery and containment units at factories.

Apart from Patanjali, the other defendant in the case was Divya Yog Mandir Trust that makes the tablet.

The court order came in the petition filed by Patanjali and Divya Yog to vacate the interim injunction against the use of the name Coronil for its tablet.

The court said: “Insofar as costs are concerned, the defendants have repeatedly projected that they are Rs 10,000 crore company. However, they are still chasing further profits by exploiting the fear and panic among the general public by projecting a cure for the coronavirus, when actually their ‘Coronil Tablet’ is not a cure but rather an immunity booster for cough, cold and fever.”

“The defendants must realize that there are organisations which are helping the people in this critical period without seeking recognition and it would only be appropriate that they are made to pay costs to them,” it ruled.

The court ordered Patanjali and Divya Yog to pay jointly Rs 5 lakh each to the Dean, Adyar Cancer Institute, Chennai and to the Dean, Government Yoga and Naturopathy Medical College & Hospital, Chennai.

In both the organisations, treatment are accorded free of cost without any claim to either trademark, trade name, patent or design, but only with service as a motto, the court said.

“Costs to be paid on or before 21.08.2020, and a memo in this regard, to be filed before the Registry, High Court Madras, on or before 25.08.2020,” it ordered.

Continue Reading

Business

Q1FY21 results: Vodafone Idea loss widens by 422.37 per cent YoY to Rs 25,460 crore

Average Revenue per User (ARPU) dropped to Rs 114 in Q1FY21 as against Rs 121 in Q4FY20.

Published

on

Vodafone, Idea

Vodafone Idea Ltd. announced its quarterly results on Thursday post market hours. The company posted a consolidated net loss of Rs 25,460 crore for Q1FY21, which increased by 422.37 per cent, as compared to Q1FY20 when it reported a consolidated loss of Rs 4873.9 crore.

The consolidated net sales reported in Q1FY21 came in at Rs 10,659.3 crore, which declined by 5.42 per cent YoY from Rs 11,269.9 crore in Q1FY20. At EBITDA level, the company stood at Rs 4,098.4 crore in Q1FY21 that increased by 10.28 per cent YoY. For Q1FY20, it posted an EBITDA of Rs 3,716.3 crore.

EBITDA margin as of Q1FY21 was at 38.45 per cent that increased by 5.47 per cent YoY. The net profit margin in Q1FY21 came in at -238.85 per cent, which declined by 195.60 per cent YoY. The net profit margin in Q1FY20 was at -43.25 per cent.

The company recorded exceptional cost of Rs 19,923.2 crore which includes merger related cost, licence fee, spectrum usage charges (SUC) on adjusted gross revenue (AGR).

Average Revenue per User (ARPU) dropped to Rs 114 in Q1FY21 as against Rs 121 in Q4FY20.

Q1FY21 was turned out to be a challenging quarter for the company as availability of recharges due to store closure due to lockdown and ability of customers to recharge on account of economic slowdown were affected.

The share closed with drop of 0.72 per cent at Rs 8.25 on BSE.

Continue Reading

Most Popular

Corona Virus (COVID-19) Live Data

COVID-19 affects different people in different ways. Most infected people will develop mild to moderate illness and recover without hospitalization.