1.   

Rise in wheat MSP increases food ministry's cost by 5%

The food ministry’s economic cost of wheat — the amount incurred in procuring and storing the grain — is set to rise by five per cent to Rs 19,147 a tonne, with the increase in the minimum support price (MSP) of the grain, an official said. Last month, the government had raised wheat MSP by Rs 65 to Rs 1,350 a quintal for the 2013-14 marketing year (April-March). “The hike in wheat MSP will also lead to a rise in the economic cost of procuring and storing the grain.

2.   

India - Government allows sugar exports for third straight season

The Indian government has issued a formal order on December 24 which allows mills to export sugar in 2012/13 (Oct/Sep) under the same conditions prescribed in a May 16 policy circular, permitting overseas shipments of the sweetener for the third consecutive year. This means mills will only have to obtain a registration certificate from the Directorate General of Foreign Trade (DGFT) under the Food Ministry to ship the sweetener and do not have to obtain a release order from the sugar directorate.

3.   

India to export more wheat to ease storage problems

INDIA will export more wheat in 2013 to avoid grain stockpiles growing further and ease pressure on its storage capacities.Finance minister P. Chidambaram told reporters that the government has approved 2.5m tonnes of wheat for export, on top of the 2m tonnes approved in July 2012.

4.   

Nepal-India transit treaty renewed‚ no changes

The Nepal-India Transit Treaty has been renewed without any changes to the existing treaty, though Nepal had been seeking some changes that could have facilitated trade with other countries in and outside the region.“The transit treaty has been renewed without any changes,” according to the Ministry of Commerce and Supplies. The bilateral treaty — earlier renewed seven years back in 2006 March — was set to expire on January 5.