India will be a USD 5 trillion economy and the third largest in the world by market exchange rates by 2027, aided by the demographic advantage and pace of financial sector development, Reserve Bank Deputy Governor Michael D Patra has said. Delivering a speech at the 16th SEACEN-BIS High-Level Seminar hosted by the National Bank of Cambodia on Monday, Patra said it is widely believed that during the next two decades -- if not for longer -- the centre of gravity of the global economy will shift eastward to Asia.

 

The IMF's Regional Economic Outlook for Asia and the Pacific indicates that this region will contribute about two-thirds of global growth in 2023 itself and India will account for a sixth of world output growth in 2023 and 2024, he said.

 

In terms of market exchange rates, he said India is the fifth-largest economy in the world and the third-largest economy on the basis of purchasing power parity.

 

'Our assessment is that by 2027, India will be a USD 5 trillion economy and the third largest in the world even by market exchange rates. A key driver in this transformation is likely to be the window of a demographic dividend that opened up in 2018 and will probably last till the 2040s, going by fertility and mortality rates,' Patra said.

 

'We are the most populous country in the world at 1.4 billion and the youngest at an average age of 28 years. The other major catalyst of India's progress will be the pace and quality of financial sector development, which is the theme of my address today,' he said.

 

For a high saving rate economy, like the rest of Asia, he said, a modern, efficient, and soundly functioning financial sector is essential for mobilising the resource requirements of India's developmental aspirations.

 

While the jury is still out on whether economic progress is finance or demand-led, Patra said a wealth of empirical evidence points to Asia's growth trajectory being that of the real economy leading financial development, and India is no exception.

 

There is also stylised evidence that the composition of the financial sector across Asia is changing, with hitherto bank-dominated systems giving space to alternative financial intermediaries like non-banks and capital markets, he said, adding these developments, in turn, generate impulses of growth for the rest of the economy.

 

In India, he said, additional dimensions have opened up exciting possibilities for leveraging our growth potential - the digital revolution; transformation of the payment and settlement ecosystem; and innovations in financial inclusion.

 

'More recently, India's exponential expansion of the usage of space technology is reshaping every aspect of our lives, including the financial sector,' he said.

 

The approach to the financial sector in India is reflecting a new paradigm in which macroeconomic and financial stability are seen as strongly complementary and providing the foundation for medium-term growth prospects, Patra noted.

 

Prudence is taking precedence over-exuberance, and this is reflected in the steady build-up of all types of buffers, he pointed out.

 

'In an overarching sense, this approach is reflected in the accumulation of foreign exchange reserves, which, as our experience has shown, has become our national safety net in the absence of a truly global financial shield. Besides providing the wherewithal to protect our financial markets and institutions from being overwhelmed by global spillovers, the reserves have helped to build bulwarks of external strength, as reflected in modest external debt servicing and debt to GDP ratios,' he said.

 

'We believe that this is strengthening our capability to manage new challenges, such as climate change and cyber threats while maintaining public confidence and ensuring the financing requirements of India's development strategy,' he added.

Keeping a close watch over sugar stocks and trades to avoid hoardings, the government on Thursday issued orders to mandatory disclose the stock position of sugar for traders, wholesaler, retailer, big Chain Retailer and processors of sugar on its portal (esugar.nic.in) of Department of Food and Public Distribution on every Monday of the week.

 

'This mandatory weekly stock disclosure for these entities is another proactive step in the Government of India's efforts to maintain a balanced and fair sugar market. By preventing hoarding and speculation, GoI is aiming to ensure that sugar remains affordable for all consumers. This proactive measure empowers regulatory authorities to closely monitor stock levels and take prompt action against any potential market manipulation,' the government release said.

 

'This fully digital initiative will facilitate smooth sugar market with deterrence to commodity hoarders from any speculative transactions. Besides, it will also provide real-time data on sugar stocks and help the Government to make further policy decisions, as and when need arises, to mitigate the impact of rumours of rising sugar prices on consumers and the industry,' the release added.

 

Further, the Centre is also expecting cooperation from sugar mills and traders to adhere to the relevant laws and monthly domestic quota norms. Strict action will be taken against the mills violating the same.

Market development has been strengthened through the Madhukranti portal where more than 20 lakh growers are registered. Upscaling of the capacity building programmes especially linking women SHGs is also on the cards. Honey production data is generally collected by the National Bee Board (NBB) through the registered growers and only registered growers are involved in the export process.

 

According to the PIB, there are 19.34 lakh honey bee colonies registered with the National Bee Board. India produces about 1.33 lakh tonnes of honey (2021-22 advance estimate) and exports over half of its output, at 74,413 tonnes in 2021-22, worth Rs.1,221 crore. The US constitutes the lion’s share of Indian honey exports (about 80 per cent) and prefers mustard honey, which is primarily used with bread.

 

To ensure checks on the issue of impurity, the Export Inspection Council (EIC) plays an important role through SPS (Sanitary Phytosanitary) measures. Recommended tests like C4, C3, and NMR (Nuclear magnetic resonance) are conducted on honey to detect impurities. However, prices have fallen drastically and growers are not able to cover their expenses.

 

One more important issue to note is the crystallisation of honey, which does not imply adulteration. Pure mustard honey tends to crystallise due to its higher pollen content. The government is also raising awareness about this aspect.

 

Assurances regarding honey’s originality and quality norms can be made through Geographical Indications (GI) tagging.

 

The government has engaged in dialogues with various stakeholders to expedite the process of geographical indications in the honey sector. However, it is surprising to learn that the current number of total GI-tagged agricultural products in India is approximately 450, much behind the leaders Germany and China. Unfortunately, right now there is only a single GI-registered honey product in India, — Marthandam Honey from Tamil Nadu. There are four other honey products in the process of obtaining a GI tag, belonging to Andhra Pradesh, Madhya Pradesh, West Bengal, and the Jammu region. Almost a decade ago, Cameroon registered its famous Oku honey under geographical indication, which led to improved price realisation.

 

However, researchers have claimed that even the GI tag could not ensure long-term economic viability for honey producers in Cameroon. A holistic development of the value chain, including honey by-products, is vital to ensure sustainability. For instance, Shahi Litchi from Muzaffarpur, Bihar, has a GI tag, but there should also be an emphasis on granting a GI tag for honey produced from it.

 

Booster Strategy

The government needs to prioritise a cluster-based approach to strengthen the Geographical Indication system for honey products. Emphasis must also be granted towards identifying and nurturing specific geographic regions, such as the Himalayan white honey from Himachal Pradesh. Producers are still at the mercy of supply chain agents. GI tag can provide unique identification not only in the domestic market but also in global markets, leading to increased income realisation for producers.

 

However, we should learn from the African example and focus on building more producer-friendly market channels based on quality and origin-based pricing. More emphasis should be placed on empowering the local community, facilitating knowledge exchange, and investing in modern paradigms to drive positive change in this direction.

 

Integrating honey-producing Farmer Producer Organisations (FPOs), co-operatives with various industries like wine, cosmetics, and pharmaceuticals is vital. Sustainable value chain development can uplift small and marginal farmers associated under collectives.

 

The writer is Faculty at Dr. Rajendra Prasad Central Agricultural University, Pusa, Bihar

The Rajasthan government has drawn out a plan for value addition and export promotion of agricultural commodities.

 

'The plan aims at offering sops to farmers engaged or are planning to enter this field. The government’s main aim is to attract investment in agro-processing along with value addition,' an agriculture department official said.

 

Rajasthan is one of the leading producers of many crops and animal products with a high potential for processing and value addition.

 

The state is one of the top producers of mustard, moth beans, bajra, guar, and Isabgol.

 

In mustard, the state contributes over 43 per cent of the country’s total production, and in guar, its share in the country stands at over 70 per cent.

 

The official pointed out that under the Rajasthan Agro-Processing, Agri-Business and Agri-Export Promotion Policy, 2019, a 50 per cent subsidy in the capital cost is provided to farmers and 25 per cent to non-farmers for agricultural products processing.

 

The government has enhanced this capital subsidy to 75 per cent and 50 per cent for farmers and non-farmers, respectively. The maximum limit of grant is now Rs 1.5 crore.

 

Moreover, to encourage beekeeping, 10,000 farmers of Bharatpur, Shri Ganganagar, Alwar, Dholpur and some other districts will be benefited in the coming year. He said that over Rs 100 crore will be spent on this. 

 

As part of the plan, a centre of excellence for apiculture is proposed at Tonk. Moreover, mini food parks will be set up in select districts, including Jaipur, Sikar and Alwar, among others.

He highlighted that as per data from Niti Ayog, Jammu and Kashmir currently ranks fifth in terms of agricultural and allied income but expressed a strong desire to propel the region to the number one position. He emphasized that this growth should primarily be driven by the private sector, with the government's role focused on regulation rather than direct service delivery. Dr. Mehta also showcased the success of various agricultural programs and district-level export initiatives, citing the notable achievement of Ganderbal, which recorded a significant export figure of 58 crore.

 

Further delving into the realm of cold chain technology, Dr. Mehta shared that in 2019, the cold chain's capacity stood at approximately 1.25 lakh metric tonnes, which has nearly doubled today. However, he expressed his belief that this capacity should ultimately reach 5 lakh metric tonnes. He urged industry stakeholders to strategize and plan for adding an additional 3 lakh metric tonnes to the sector, assuring them of the government's support and commitment. Dr. Mehta also highlighted the remarkable progress made by Jammu and Kashmir in terms of ease of doing business and the proliferation of digital services.

 

Expanding on this progress, he noted that Jammu and Kashmir have transitioned from being ranked 22nd in ease of doing business to becoming top achievers in a short span of 1 to 1.5 years. Speaking about the digitalization journey of the region, he proudly announced that Jammu and Kashmir now stand no 1 position in the country, offering 1033 digital services, surpassing all other states and Union Territories compared to the position of 35 in 2019. He commended Jammu and Kashmir for this remarkable level of digitization, emphasizing that digitalization represents a significant empowerment, particularly following democratic decentralization.

 

Digital is the biggest empowerment that has happened after the democratic decentralization, he concluded 

 

Rajiv Rai Bhatnagar, Advisor to the Honorable Lieutenant Governor of Jammu and Kashmir, described the region as being on a rapid path towards peace, stability, growth, and development, extending a warm invitation for investment in this burgeoning area. He characterized Jammu and Kashmir as a 'sunrise region,' signifying that the present moment presents the most opportune time to invest and actively participate in the region's growth and development.

 

Mr. Bhatnagar stressed the importance of concentrating on the entire value chain, emphasizing that achieving the goal of becoming the world's third-largest economy requires a holistic approach, encompassing various sectors. He also engaged in discussions regarding the expansion of fisheries and products with Geographical Indication (GI) tags, assuring the government's unwavering support for these endeavors.

 

Furthermore, Mr. Bhatnagar delved into the details of the Holistic Agriculture Development Plan, underlining the significant investments and programs tailored for diverse sectors. He expressed optimism that the conclave would contribute substantial value to Jammu and Kashmir's various sectors and overall economy.

 

Priya Ranjan, Joint Secretary of the Department of Agriculture in the Government of India, articulated a comprehensive perspective on the sector, emphasizing that it should be viewed holistically, with cold storage being just one component. He underscored the government's commitment to clean technology and the need to establish an efficient and effective cold chain while concurrently addressing horticultural production. He emphasized that the development of the cold chain cannot occur in isolation.

 

Mr. Ranjan also highlighted the necessity of addressing bottlenecks within the production system, particularly the capacity for producing planting materials, which currently falls short.

 

Elaborating on the government's initiatives, he announced the impending establishment of a large plant entry quarantine facility on the campus of SKUAST, funded by the ministry, and slated to be operational by November of the current year. He encouraged the industry to make optimal use of this forthcoming facility.

 

Ranjan further elaborated on the Clean Plant Program, disclosing that the Government of India has entered into an agreement with the Asian Development Bank (ADB), involving a substantial borrowing of approximately 2,200 crores, to establish a system of clean plants in the country, focusing on 8 horticultural crops, including apples.

 

He expressed the aspiration that, in a few years, a prominent clean plant center would be established in Srinagar, Kashmir, obviating the need for importing large quantities of planting material. He assured that the government is committed to providing capital support for the creation of world-class nurseries that would supply high-quality planting material to farmers. Additionally, efforts are underway to implement a certification system under the Clean Plant Program, ensuring that the material provided to farmers adheres to the specified standards. This initiative aims to resolve issues faced by farmers and enhance overall production.

 

Ranjan also anticipated strong integration within the entire value chain system, citing the Government of India's initiation of a cluster program featuring 12 pilot clusters, one of which is located in Shopian. He expressed the hope of establishing more such clusters in the future, which would prove to be financially rewarding for farmers.

 

Ghulam Rasool Mir (JKAS), Director of Horticulture in Kashmir, emphasized the pivotal role played by the horticulture sector in the economy of Jammu and Kashmir. He provided insights into the evolution of controlled atmospheric cold storage facilities in the region, tracing their journey from inception in the early 2000s to their current impressive capacity of 2 lakh 6 thousand metric tonnes.

 

Rasool delved into the progression of government assistance programs, starting with the Horticulture Mission for North East and Himalayan States and progressing to the Mission for Integrated Development of Horticulture (MIDH). He explained that a comprehensive analysis revealed the need to address slow progress and revise assistance rates. In recognition of the vital importance of cold storage and related infrastructure, the government of Jammu and Kashmir approved an additional assistance of Rs 7.27 crores for cold storage projects.

 

He further highlighted substantial plans for expanding cold storage capacity, including proposals for 32 thousand and 50 thousand metric tonne projects that are currently awaiting approval. Mr. Rasool anticipated that this expansion would elevate the capacity to a remarkable 2 lakh 90 thousand metric tonnes. He also noted the growing demand for cold storage facilities, attributed to the introduction of high-density apple plantations characterized by significantly higher productivity and a majority of A-grade quality apples. This upward trend is expected to further drive the necessity for additional cold storage facilities in the region.

 

Vicky Shaw, Chair of the Kashmir Region for PHDCCI, expressed that they are presented with an exceptional opportunity to refine their practices and elevate cold chain technology to unprecedented levels. He conveyed sincere appreciation to the National Centre for Cold-chain Development (NCCD) for their unwavering guidance and support, acknowledging their pivotal role in advancing cold chain technology in Jammu and Kashmir.

 

Shaw discussed the significance of the sessions, highlighting their potential to impart valuable knowledge and practical strategies that can be readily implemented to enhance operations and increase efficiency, thereby fostering sustainable growth. He also encouraged all participants to actively participate in the follow-up sessions that stem from today's event.

 

Majid Wafai, President JKPICCA, expressed heartfelt gratitude for the Ministry of Agriculture and Farmers Welfare and the Joint Secretary for their pivotal role in facilitating the conference. Reflecting on the remarkable growth of the cold chain sector in Kashmir over the past decade, he highlighted it as one of the few industries that has witnessed substantial investment and development. Mr. Wafai underscored that the existence of this industry owes much to the steadfast support of the government.

 

Furthermore, he commended the unwavering dedication of farmers and traders in transforming this sector into a promising one. Mr. Wafai emphasized the paramount importance of conscientious energy usage and the adoption of environmentally-friendly technologies, proposing that the National Centre for Cold-chain Development (NCCD) should consider making this event an annual tradition to further focus government attention on the sector. He expressed optimism that the outcomes of the session could potentially lead to the formulation of beneficial policies for the industry.

 

Asheesh Fotedar, Chief Operating Officer of NCCD, underscored the imperative for innovation within cold chain technologies, recognizing its significance in preparing for the challenges of the future. He highlighted the pivotal role that NCCD plays in championing farmers and the industry to attain global leadership status. Mr. Fotedar also brought attention to the continuous research efforts aimed at enhancing energy efficiency and the critical importance of implementing uniform and standardized protocols. He earnestly requested support from all stakeholders in these endeavors and encouraged industry collaboration as a means to expedite progress.

 

Professor Nazir Ahamd Ganai, Vice Chancellor of Sher-e-Kashmir University of Agricultural Sciences and Technology in Kashmir, emphasized the transformative potential of a consultative process. He highlighted how such a process not only shifts our mindsets but also fosters the development of unique technologies that can significantly contribute to bolstering Jammu and Kashmir's economy.

 

Professor Ganai set an ambitious target of doubling the agricultural GDP within the next five years. Looking further ahead, he envisaged that by 2047, the GDP of the region would surge from 40,000 crore to an impressive 800,000 crores.

 

The Vote of Thanks was delivered by Sh. Asheesh Fotedar, Chief Operating Officer of NCCD, while the moderation of the conclave was done by Mr. Mohit Luthra, Assistant Secretary General (ASG), PHDCCI and Ms. Aparajita Mangotra, Senior Secretary, PHDCCI.

Tripura's Horticulture department has adopted a new method of potato cultivation by using apical rooted cuttings to produce quality seeds, an official said on September 19. In the northeastern state, the farmers usually import potato seeds from outside the state and are facing challenges due to poor productivity and pest infection.

 

'To address the perennial problem in potato cultivation, the horticulture department has set up a hi-tech greenhouse to produce quality seeds by adopting apical rooted cutting, which has already become popular in Assam and Meghalaya,' Deputy Director of the department, Rajib Ghosh, told media.

 

'Initially, we have set a target of producing 50,000 seeds of potato from the hi-tech greenhouse set up at Nagicherra Agricultural Research Centre, 17 km from the state capital', he said, adding that the department has already roped in International Potato Center (CIP) in Peru. Apical cuttings are rooted transplants produced in a greenhouse from tissue culture plantlets.

 

Rather than allowing tissue culture plantlets to mature and produce mini tubers, cuttings are produced from the plantlets. Once rooted, the cuttings are transplanted into the field to produce seed tubers. Ghosh said the seeds will be distributed among the farmers to grow potatoes in their farmlands.

Once snubbed for not yielding lucrative returns, the superfood raagi is slowly regaining its position as one of the most sought-after crops by Goan farmers.

Until last year, around 20,000 hectares of land was under millet cultivation, restricted only to hilly terrain.

With 2023 being the international year of millets, the directorate of agriculture through its various zonal agricultural officers pushed for widespread cultivation of the crop in the state, owing to which, approximately 50,000 hectares of land are currently under millet cultivation.

'Due to the extensive awareness programmes, cultivation of millets is being enthusiastically taken up by farmers. In addition, the government has announced Rs 20,000 per hectare to farmers as an incentive for cultivating millets in the financial year 2023-24. This has proved to be encouraging to the farmers,' said director of agriculture, Nevil Alphonso.

 

Traditionally, two types of millet — finger tail (nachni) and foxtail (vari) — are grown in hilly areas like Quepem and Canacona. Farmers have started growing millets in Salcete, Bardez and Tiswadi since July under the guidance of zonal agricultural officers.

The harvest season is expected to begin in October. With the area under millets having increased, the overall annual production of the crop is also expected to yield fruitful results this year.

 

In rabi season, the directorate of agriculture intends to include another additional 40-50 hectares of area under millet cultivation.

'Millet is therefore a kharif and rabi crop. It doesn’t require much irrigation and yields good produce with little effort,' Alphonso said.

However, coastal agriculture experts intend to be more aggressive in growing the superfood.

The Krishi Vigyan Kendra (KVK), South Goa has held trials of other varieties of millets that can be grown in Goa, besides exploring the potential of growing bajra and amaranth millet on a large scale. Demonstrations are being carried out at some farmers’ fields where these varieties can be grown in Goa’s humid climate.

The United Arab Emirates (UAE) has imposed a ban on fresh meat imports from Pakistan via sea route after fungus was found on meat, according to ARY News.

 

A restriction was imposed when fungus was discovered on meat sent from Karachi to the UAE by a firm. The restriction will be in effect until October 10.

 

It should be worth mentioning that Pakistan sends fresh meat to the UAE on a monthly basis for a value of USD 12 million, reported ARY News.

 

The majority of Pakistan’s meat exports go to Bahrain, Saudi Arabia, and the United Arab Emirates.

 

Notably, it was following an 8-year restriction, Pakistan was finally able to export chickens and poultry products in 2017.

Basmati rice prices are set to rise further with the US unfreezing $6 billion of Iranian oil money held by South Korea over the past five years and Pakistan planning to raise its minimum export prices.

 

These developments will help to fetch higher prices for the fragrant rice. They will also help the government counter a campaign by a section of shippers against the Centre’s August 26 decision to fix a minimum export price (MEP) of $1,200 a tonne for the long-grain rice shipments. 

 

On Monday, Iran released five US prisoners after the payment reached Qatar from Switzerland after South Korea converted its currency — won — into euro. The Gulf nation is one of the key elements in a prisoners swap deal involving the US, Iran and South Korea. 

 

Rupee-rial account

Seoul had been holding this money due to Iran for the oil the latter supplied in 2018 as the US imposed sanctions against Iranian oil in 2019 in view of Teheran’s nuclear programme.

 

Washington is expected to release five Iranian prisoners, though two of them are expected to stay in the US. The use of the money will be restricted only for humanitarian goods such as food and medicine.

 

'Indian basmati and tea, besides pharmaceutical drugs will clearly gain in view of the US-Iran prisoners swap deal. Exports of these commodities got affected after the sanctions,' said a trade analyst.

 

India’s basmati and tea shipments were affected after Iran ran out  funds in the rupee-rial account after New Delhi stopped buying crude oil from Tehran. The account was mainly used by Iran to buy its food needs from India.

 

Humanitarian needs

During 2018-19 and 2019-20, Iran bought 1.48 million tonnes (mt) and 1.31 mt of basmati rice from India before its purchases dropped to 0.74 mt in 2020-21. Over the last two fiscal years, Tehran has been buying nearly 1 mt.

 

In the first quarter of the current fiscal, Iran has bought 2.25 lakh tonnes of the fragrant rice. Data from the Agricultural and Processed Food Products Export Development Authority show that basmati exports during April-July this fiscal year were 1.61 mt valued at $1.77 billion compared with 1.51 mt valued at $1.57 billion a year ago.

 

'Since Iran can only buy humanitarian needs from the $6 billion, it will look to procure basmati rice from India. This will lead to demand and, in turn, a rise in its price,' a trader said.

 

REAP’s helping hand

In a related development that could boost basmati prices, the Rice Exporters Association of Pakistan (REAP) has fixed $1,103 a tonne as MEP for its Super Basmati rice grown in the 2022 season.

 

REAP chairman Chela Ram Kewlani told media in Karachi that the MEP is being fixed after a year’s gap and it will now be fixed as per previous practice to ensure fair rice exports. 'Prices of Indian basmati rice should be higher than Pakistani varieties. That way, REAP fixing MEP will help India in a big way,' said the analyst.

 

A section of exporters have been raising a hue and cry over the MEP for basmati, saying it will affect demand. 'But these two developments will ensure that demand will be intact and growers will benefit,' said the trade source.

 

‘No ability to take advantage’

REAP’s Kelwani told the media that Pakistan would gain on rice export curbs imposed by India but the trader said Islamabad 'does not have the ability to snatch India’s market share'.

 

'When India faced the issue of presence of tricyclazole pesticide residue in 2019-20, Pakistan could export only 0.89 mt of basmati at an average price of $904 per tonne,' said the trader.

 

Pakistan exporters face problems of financial crisis in their country compounded by high interest rates and shipping woes, the analyst said.

 

Meanwhile, in further developments that could impact the global rice market, Malaysia had decided to allow food business operators to buy wholesale imported white rice at 160 ringgits (Rs2,850) per 50 kg.

 

Thai to skip Oct crop

Media reports said Thailand has asked its paddy farmers to skip the second crop cycle after the harvest of the main crop cycle in October. This is due to the lack of ample water in its storage due to the impact of El Nino. 

 

The second crop cycle, which is high-yielding, makes up 25 per cent of Thailand’s total rice production. The US Department of Agriculture has projected Thailand’s rice production to drop to 19 mt during 2023-24 from 20.91 mt in 2022-23.  

 

Rice prices in the global market have soared to a 15-year high this year after India curbed exports by first banning shipments of white rice and then imposing a 20 per cent export duty on parboiled rice. These measures, besides the MEP on basmati, are to ensure ample domestic supplies and cool rising foodgrain prices.

In an effort to keep the prices of eggs stable, the government on Monday approved import of 40 million eggs, said Secretary to the Commerce Ministry Tapan Kanti Ghosh.

 

'The government will regularly monitor the market to check the price of eggs and if no improvement is seen then approval will be given to import more eggs,'he said while talking to reporters at the secretariat.

 

Last month, the Fisheries and Livestock Ministry fixed the price of eggs at Tk12 per piece at retail level.

 

But the Consumers Association of Bangladesh (CAB) during the drive found that the traders are not selling eggs at the government fixed price, he said.

 

So, the government gave approval to four companies to import 40 million eggs and each company can import 10 million eggs, said Tapan.

 

Replying to a question, from where the eggs will be imported, the secretary said they can import eggs from any country where the price is low.

 

Asked whether there is any condition in importing eggs, he said there is no condition but the price of eggs should not be more than Tk12.

 

'Bangladesh needs 40 million eggs in a day for its consumers and we have given approval of import for one day. I don’t think it will affect the local market or the farmers much,' said Tapan.

 

Earlier, on August 13, Commerce Minister Tipu Munshi said the government will allow the import of eggs after consultation with the Fisheries and Livestock Ministry if the price of eggs does not come down.

 

As the price of eggs soars abnormally the members of Directorate of National Consumer Rights Protection are conducting drives in different wholesale markets in the city and realizing fines.

 

According to the Bangladesh Egg Producers Association, the country requires between 35 and 40 million eggs per day to meet demand. And the majority of the eggs are sourced from domestic producers.