Ornamental fish trade increasing in India

MUMBAI, Nov 10: The ornamental fish trade in India and its export to other countries has shown an increasing trend with more and more people wanting to own an aquarium as a hobby and also for decorating their houses.

From the drawing rooms of the "Sahebs" during the Raj era, ornamental fishes have invaded the homes of middle class families, giving a boost to this business and providing self-employment opportunity to millions.

Though Asia is the largest producer of ornamental fishes, the country’s trade is around Rs 50 crore as against the total world trade of 650 billion dollars, according to official figures.

Kolkata, Mumbai and Chennai are the three major hubs of ornamental fishes in India, Issac Kehimkar, an official of the Bombay Natural History Society (BNHS) told UNI here. He said the maximum number of ornamental fish breeders are found in Kolkata and they cater to the domestic as well as the international market.

To further boost this trade, the Kerala Government is hosting an international aqua show Kochi in December 2002-January 2003.

"It will be a meeting ground of experts from this field and such an event is being organised at this scale for the first time," said Narendra Naik, a project manager with the Mumbai-based Intech Trade Fairs Pvt Ltd, which is organising the event.

Mr Naik said that besides an exhibition, a two-day seminar will also be held, which will introduce the exhibitors to new products, aquaculture, fish-breeding at homes. A curtain-raiser of the event will be held in Mumbai next Tuesday which will be attended by officials of the Maharashtra and Kerala Governments.

"Ornamental fish keeping is becoming the most popular hobby, next only to photography. The growing interest in ornamental fish keeping has resulted in a steady growth in the ornamental fish trade, along with rapid developments in breeding techniques, display systems and accessories," Mr Naik said. In Mumbai alone there are more than 400 aquariums and ornamental shops. Near every suburban station, there are fish tank shops.

"The market seems to be expanding day by day," says Romi Kehimkar, a Mumbai-based wholesale ornamental fish trader.

The amount of enjoyment and pleasure it provides is far more than any other sport or leisure time activity. Moreover, maintaining an aquarium is far more cheaper than keeping any other pet like cats, dogs or birds.

The dictionary meaning of an aquarium is a container in which fishes are kept. Formerly, other words like vivarium, vivary and aquaviverium were used, but Philip Gosse, son of a painter, coined the word aquarium in 1861. He installed a large fish tank in the London zoo, which is said to be the first aquarium in the world.

But history books reveal that the hobby of keeping fishes was practiced in China by keeping Gold fish in glass or earthern ware bowls in the early years of Gung dynasty (AD 960-1279).

The captivating hobby was introduced in south east asia by early Chinese travellers, but in India it gained popularity during the British Raj.

Dr B F Chhapgar, noted zoologist and former curator of Taraporevala aquarium, says that urbanisation has a direct link with this hobby. He said the popularity of fish tanks in the then Bombay increased after the opening of Taraporevala aquarium and the starting of the Aquarius Society of India and Bombay Aquarium Society in the fifties.

The price or a pair of ornamental fish can range from Rs 10 to Rs 15,000, depending on the nature of the fish. "Fishes can be kept unattended for a week or so," says Issac Kehimkar, a hobbyist, who maintains an aquarium at his home as well as the office of the Bombay Natural History Society here. Apart from the market of aquarium fish market, markets of accessories like fish tank, aquatic plants to be kept in these tanks, artificial plants, areators, illuminating equipments, stones and gravels, pumps, filters and fish food, are also big.

"In Mumbai it has provided self employment to many unemployed youth," Mr Kehimkar said. Apart from keeping fishes, people are also keeping small tortoises and snails in the fish tanks now, he said.

He said there has also been a boom of aquarium culture among the corporates. Corporate houses are now decorating their offices with aquariums apart from decoration plants and bonsai.

The therapeutic value of aquariums has been recognised and is being practiced by psychologists and stress management centres. In the hectic pace and stress of today’s world, an aquarium at home provides a soothing effect and much-wanted relaxation to the mind.

Some of the commonest ornamental fishes include Guppy (lebistes reticulatus), Molly (mollienisia latipinna), Sword Tail (xiphophorous hellerii), Platy (xiphophorus varitus), Siamesr Fighter (betta splendens), Angel (pterophyllum scalare), Tiger Barb (barbus tetrazona) and Widow Tetra (gymnocorymbus ternetzi).

Interestingly, the colourful Guppy and Gumbosia are the cheapest fish and are available at Rs 10 a pair.

They are also used by the Brihanmumbai Municipal Corporation (BMC) post monsoon season to check larve growth.

"These fishes, which breed very fast, are bred inhouse and later relased in drains, water bodies to keep a check on larve growth as they are voracious larve eaters," a BMC official said. (UNI)

MUMBAI, Nov 10: The Indian rupee, which strengthened by seven paise during the week ended November 9, is expected to appreciate further on hopes of higher remittances.

The rupee resumed the week on November 5 on a slightly firm note at 48.32/33 amid moderate buying by some banks but shed the one paise gain on the following day on dollar covering by banks and corporates.

The local unit received a major boost on November 7 and it touched a nine-and-a-half month high of 48.28/29 on the back of dollar’s weakness in global markets which fuelled a firm trend in the domestic market and strong export remittances.

The dollar wilted in the global markets following the rate cut announced by the us federal reserve on Wednesday.

The Indian unit further strengthened by two paise at 48.26/27 on Friday on dollar selling and the persistent weakness of the dollar in world markets, registering a seven paise gain from its November 1 finish.

Since the rupee hit its all-time low of 49.08 on May 16 this year, it has gained nearly 82 paise.

According to Credence Analytics (I) Pvt Ltd, rupee stands to gain mainly on the assumption that remittances will increase provided flows actually start disfavouring the dollar given the wider interest rate differentials. Forwards, which remained steady at the beginning of the weak, rose across-the-board in reaction to the US federal rate cut, with expectations of similar rate cut in the future.

The forward premia, which theoretically mirror the interest rate differential between the two countries, posted instant gains following the 50 basis point cut.

But in a still guarded economy such as India, the rupee premia, a function of demand and supply, are likely to continue favouring the rupee.

The forwards are expected to remain cheap, according to credence analytics.

In cross-currency trades, the rupee fell sharply by 27 paise against the euro at 48.37 (48.10) and 19 paise against the Japanese yen at 39.66 (39.47) while it gained by 13 paise against the pound sterling at 75.57 (75.70).

The dollar fell to a new 3-1/2 month low against the euro on Friday as investors, disenchanted with halting US economic growth and low short-term interest rates, sought better asset returns in other global regions.

With the dollar weaker across-the-board, the euro dangled around usd 1.01 versus the dollar, up 0.15 per cent from its prior US close and its strongest since July 22 this year.

Against the Japanese yen, the dollar bought 120.30 yen, its lowest level since September 13 and down more than 0.70 per cent from its prior US close. (UNI)

5 Indian mutual funds to market special products for NRIs

DUBAI, Nov 10: Five major Indian mutual funds have tied up with a leading stockbroking firm in the UAE, to make a major push in the Gulf, marketing among others, special investment options tailor-made for the Non-Resident Indians here.

The IDBI-principal asset management company from India, HDFC Templeton, Sudaram Mutual Fund and Unit Trust of India have firmed up agreements with Barjeel, the only brokerage house licensed by the UAR Central Bank to deal in Undian capital markets.

The strategic alliance will enable the Indian mutuals to introduce a host of innovative investment schemes including mutual funds, cumulative investment schemes, and comprehensive retirement plans for NRI-investors based in the Gulf through Barjeel, a joint venture of the Al-Saud Group of the UAE and Geojit Securities, Kochi.

"In order to leverage the new association with Barjeel, the five Indian mutual funds will design and market new products aimed at the NRIs in the new year," C J George, Managing Director of Geojit Securities told PTI.

A seminar organised by Barjeel in association with its associates to mark the new tie-up generated enthusiastic response from the investor community in the UAE despite the listless market conditions prevailing in India. (PTI)

Vinyl Prints eat into livelihood of commercial painters

CHENNAI, Nov 10: A sole painter climbing up the tall scaffolding carrying the pail, brush and rough design to work for long hours is a fast disappearing sight in cities, where the trendy Vinyl Print is fast catching up among outdoor advertisers.

Glossy Vinyl Prints are easy to make, elegant under electric lights and uniform in appearance, prompting hoarding contractors and client companies to feel that manual painting on signboards is outdated and less attractive, despite Vinyl Prints being eight times costlier than traditional commercial work.

About 10,000-odd families of commercial artists in the country, whose livelihood depends solely on painting hoardings and signboards, have fallen victim to this changeover.

Says Murugavel, a city-based commercial painter: "I used to paint an average of five signboards of 200 sq ft size. It would fetch me Rs 1,000 a week. But these days, my income is decreasing."

On an average, a hoarding artist gets Rs five for each sq ft area painted. "He may slowly have to find some other job," points out G Nayakam, vice-president of the All India Outdoor Advertising Federation (AIOAF).

Less investment for hoarding also means less income for almost 200,000 people who indirectly benefit from it.

The outdoor advertising industry is highly unorganised in cities, with the artists usually being hired by contract companies. All the major metros like Mumbai, Hyderabad, Kolkata, Bangalore and Chennai have installed the invariably imported Vinyl Print machines, which cost between Rs 1.5 crore and Rs 3.5 crore (depending on the capacity). There are over five such machines in Tamil Nadu alone.

Says Pushah Kumar, sales manager of Digital Printing and Images: "There are about 15 major players in the country with a capacity to print around 100 million square feet per day."

The Rs 1,000-crore outdoor advertising industry in the country has around 2,000 small and big contractors and more than two million people dependent both directly and indirectly on it. Tamil Nadu alone has over 500 contractors.

But stiff competition and over-capacity have of late been pushing down the prices of Vinyl Prints, the machines for which are bought mostly from Australia, Israel and the US. "From something like Rs 125 per sq ft, the price today has slid to Rs 30 per sq ft for a print," adds Kumar, whose firm has a printing press in bangalore. It was itc which virtually revolutionised the hoarding industry in India by extensively using vinyl prints after importing the technology from Australia.

With corporates opting for Vinyl displays, the number of hoardings has been on the decline. "This is because of a limited corporate advertising budget being distributed to the costly medium Vinyl," observes R Sridharan, vice-president (marketing) of Diamond Group of Companies.

"For instance, a company which used to hire 20 hoardings earlier would today, with the same budget, opt for only five Vinyl displays."

The corporates find Vinyl Prints to be more expressive.

"Impact assessment studies have confirmed that Vinyl Prints have at least 15 times more impact than mannual painting," notes Britannia Sales officer R Suresh.

In the drop of the severe economy measures that companies opt for today, the ad budgets are being constantly squeezed. Britannia’s Chennai branch, for instance, has effected a 30 per cent cut in ad spend this year.

"Under such constraints, opting for a costly medium like Vinyl is a hard decision. Still, considering the impact we prefer it. Naturally, the number of sites rented by the company gets reduced," notes Mr Suresh.

Looking at mobile publicity, options score high among corporates. For instance, display at bus shelters cost at least a third the price of hoardings. Firms prefer hoardings to boost the corporate image.

Today, more than 60 per cent of the major corporate hoardings use Vinyl displays. The telecom boom and privatisation of the insurance sectors have expanded the scope for outdoor advertising. ITC, HLL and Nestle — all major advertisers in the retail segments — have gone for Vinyl in a big way.

Yet there is a flip side to it. LIC (south zone) publicity manager S Viswanathan says, "Vinyl hoardings are preferred only in cities and metros. LIC, being in the public sector, is constrained by not passing the cost to customers. Hence, we cannot afford total Vinyl display. Naturally, we discount rural areas."

Advertising agencies report that, on an average, clients with an approximate ad budget of over Rs two crore spend about Rs 40 lakh on outdoor advertising. Of these, over 60 per cent is being spent on hoardings, only next come bus-shelters and lamp-parks. The profit margin for signages is more attractive even though the volumes are lower than hoarding requirements. "The market potential for Vinyl displays is very huge for signages," says Mr K Alvan of Vantage Publicities.

Mr Jawahar Siva of Ambal’s advertising notes that the performance of the hoarding industry is largely linked to the economic performance at large. "Good business results mean a good amount invested in outdoor advertising. On an average, the industry experiences around 60 per cent occupancy in hoardings."

Interestingly, there are variations in the business performance between different cities and states. In cities like Chennai, where the supply of signboards are more, the rent per sq ft is comparatively low, generally varying between Rs 10 and Rs 30. In cities like Mumbai and Bangalore, the rates are close to Rs 500 per sq ft.

In Delhi the display of hoardings is totally banned, while cities like Mumbai, Hyderabad and Bangalore have selective restrictions. For instance, in Mumbai display of hoardings are banned in public and corporate buildings sites. Only private buildings can display hoardings in the city.

As there is little market for hoardings in small towns like Madurai, Tirunelveli, Tiruchirapalli or Thanjavur, the rates are as low .As Rs two and three for a Rs-ten site.

The industry suffers mostly because of unauthorised hoardings being raised in various places. This adds to city’s agony of unplanned development. "When the execution authorities collude with such displays, the whole industry suffers," says AIOAF’s Mr Nayakam.

Besides there are financial issues such as the display rent and taxes that bother the players. In Tamil Nadu for instance, the monthly lease rent was raised from Rs 1000 to Rs 12,000 in the year 2000. "Such a difference cannot be passed on to the client in an already depressing demand situation," he notes, adding that the display tax had been raised from 25 paise to Rs three.

Besides, there is resistance every now and then from environmentalists, city beautifiers and town planners.

Senior advocate Gananadesikan, MP, noting that commercial speech has become a fundamental right of the industry, urges for a simple law on the matter and appointment of a single enforcement office for the hoarding industry to solve several problems in one go. "The outdoor ad industry fetches money for civic bodies and cannot be wished away. Instead, it should be regulated." (UNI)

Tech, two-wheeler stocks expected to
strengthen sentiment

MUMBAI, Nov 10: Technology and auto stocks, especially those in the two-wheeler segment, are expected to shape up a rally in the stock market during the week, feel marketmen.

While the tech stocks were expected to track the Nasdaq, auto and auto ancilliary stocks may also prop up sentiment on the domestic bourses, according to Jayesh Shah, analyst with a local stock broking firm.

The PSU stocks, which have been showing a slippery trend in the last couple of trading sessions, were likely to continue their southward journey in view of the likely delay in the privatisation of the PSUs, Mr Shah said.

Notwithstanding the three-day straight downtrend on the BSE, the 30-stock Bombay Stock Exchange (BSE) sensex ended marginally higher by 5.61 points (0.21 per cent) at 2,956.19 points from the previous week’s close of 2,950.58 points.

The S P CNX nifty index at the National Stock Exchange (NSE) also ended higher by 5.50 points (0.56 per cent) at 956.95 points from the last week’s finish of 951.45 points.

Barring the marginal fall in the Nasdaq composite index major stock indices in the world market ended higher for the week ended November 9, 2002.

The market opened on an optimistic note for the Vikram Samvat 2059 with the BSE sensex heralding the new Hindu year by staging a 37-point rally in the Muhurat trading seesion which kept alive the firm trend.

Research anlysts at the Networth Stock Broking Ltd said that the market may begin an upward journey in the next week.

According to them the market had bottomed out with the sensex at 2828 last week from where it has started its upward journey. The last week also saw many pivotals bottoming out from where there was only one way ‘and that is upwards’.

Infosys and Satyam are likely to be in the limelight, expanding the uptrend to other economy stocks, dealers said. Foreign Institutional Investors (FIIs) emerged net buyers in the equity segment at Rs 31 crore during the last week while the Mutual Funds (MFs) were net sellers at Rs 56 crore.

Total market capitalisation of all listed companies at the BSE rose by 0.20 per cent at Rs 5,67,123 crore as compared to Rs 5,65,993 crore.

Technology major Satyam emerged as a most actively traded at the BSE by registering highest turnover of Rs 711.36 crore during last week followed by Infosys at Rs 692.41 crore, Reliance at Rs 367.66 crore and digital at Rs 251.63 crore.

According to marketmen, common investors continued to stay away from the market, despite various positive factors. The Kelkar Committee recommendations suggesting abolition of tax on dividend tax was welcomed by the market in general but failed to woo the retail investors, dealers said.

The rate cut announcement by the US federal reserves was the another positive factor seems sidelined by the players, dealers said. The Government’s announcement that the due diligence in nalco disinvestment has been halted, hurt market sentiment.

Cement, auto and auto ancillary stocks gained smartly during the last week while media stocks ruled weak,

Among the heavy=weights, Infosys shot up by Rs 128 to Rs 3999, Satyam Computer rose Rs 7 to Rs 242, Wipro gained Rs 60 to Rs 1420, L T advanced by Rs 7 to Rs 195, ACC rose by Rs 4 to Rs 142, Glaxo gained Rs 20 to Rs 241, Guj Amb Cement shot up by Rs 6 to Rs 158.

FMCG giant Hindustan Lever held steady at Rs 159.75. (UNI)

Ethanol emerging as an alternate transport fuel in India

NEW DELHI, Nov 10: A sharp rise in the energy consumption by the transport sector in the country, coupled with a high level of environmental pollution caused by the use of diesel and petrol has led to ethanol (or gasohol) emerging as an alternative fuel, largely due to its abundance in the country as well as it ability to reduce pollution.

Almost eleven per cent of the primary energy consumption in the country is accounted for by the transport sector with 53.1 million vehicles consuming nearly 50 per cent of the petroleum products, mainly in the form of diesel or petrol, a major outlet for foreign currency from India.

The fact that oil imports are expected to constitute 70 per cent of the domestic consumption of petroleum products, coupled with the high level of pollution caused by consumption of diesel and petrol, has, in recent years, led to an enormous interest in the country in the direction of evolving bio-fuels like ethanol, extracted from sugarcane, as an alternative largely because of their abundant availability in India as well as their ability to reduce environmental pollution.

The sense of urgency in government circles on developing ethanol as an alternative to petrol and diesel is evident from the announcement, on Friday, by Union Petroleum Minister Ram Naik that the second phase of the gasohol programme would be implemented from October next year under which the Government proposes to sell five per cent ethanol-blended petrol across the country.

The Government has already announced that five per cent ethanol-blended petrol will be sold in Andhra Pradesh, Gujarat, Haryana, Karnataka, Maharashtra, Punjab, Tamil Nadu, Uttar Pradesh and Goa as well as four Union Territories of Daman and Diu, Dadra and Nagar Haveli, Chandigarh and Pondicherry with effect from January one, 2003.

The decision was taken following pilot studies conducted by the Indian Oil Corporation (IOC). The Government has also announced that the consumers of ethanol-blended petrol would be benefited as the Petroleum Ministry has decided to pass on excise benefits to consumers as and when the Finance Ministry notifies excise concessions.

In fact, the Finance Minister, while presenting the union budget for 2002-03, had announced a 75 paise excise rebate on ethanol-blended petrol which is yet to be notified.

Five per cent usage of ethanol would also lead to reduction in the import bill to the extent of its consumption.

At the same time, efforts are also afoot in industry circles to develop ethanol as an alternative fuel for the transport sector.

"In the post-1990 era, a sharp rise in the number of personal vehicles has led to a growing energy demand. This, coupled with other global macro-economic factors, are sufficient driving forces for the use of biomass derived fuels,"Dr A K Bhatnagar, director, R and D, Indian Oil Corporation (IOC) Ltd says.

"Availability of agricultural sources of this fuel in India, the rural, agricultural, energy security, together with the environmental benefits that its use provides, makes gasohol (or ethanol) an attractive alternative fuel," R K Malhotra of the Ministry of Petroleum and Natural Gas (MOPNG) says.

He said pilot projects are underway for the increasing use of ethanol as a transport fuel. While ethanol-petrol blends are already in use in the country, studies on ethanol-diesel blends are at an advanced stage.

According to Dr Saroj Misra, advisor (trade) at the Canadian High Commission, "a blend of 22-24 per cent ethanol is possible, as done in Brazil. International experience with the use of ethanol has proved that engines remain as durable as those using neat gasoline, including satisfactory starting and driving characteristics."

Also, upto ten per cent ethanol can be used as a diesel blend, with a suitable additive that enhances the mixing of the two fuels and improves lubricity and ignition, Dr Misra said.

In fact, ethanol is an interesting and ecologically-friendly alternative to synthetic additives to petrol and diesel.

The Indian wasteland can be used to grow jatropha, which is an important source of this fuel, says Mr Bhatnagar.

India has an installed capacity of nearly 3,189 million litres of ethanol, 50 per cent of which is from sugarcane bagasse. The rest can be derived from sugar beet, sweet sorghum, corn, wheat, cassava and lignocellulosic biomass. (UNI)

India should form parallel WTO with third world: BMS

VISAKHAPATNAM, Nov 10: The Bharatiya Mazdoor Sangh (BMS) today renewed its plea to the Union Government to take a lead for the formation of a "parallel world trade organisation" with the developing countries in the interest of the third world nations.

At a media conference here, BMS national secretary K Lakshma Reddy said India should pull out of the WTO regime as its dictates were driving the third world countries to the brink of bankruptcy under liberalisation, privatisation and globalisation.

He said the country should increase the budget to the agriculture and irrigation sector as against 6.4 per cent last year and encourage small scale industry by withdrawing duty concessions on the big industry.

While BMS unequivocally opposed the N K Singh Committee recommendations on Foreign Direct Investment and the Kelkar Committee recommendations on tax reforms, it welcomed some of the pro-worker recommendations of the Second National Labour Commission, he informed.

The "mindless" disinvestment policy and forcing the workforce to opt for voluntary retirement scheme and dilution of laws were bound to bounce back on the centre if it did not beat a retreat, he warned, adding that BMS would continue to mobilise the workforce and the masses against these retrograde policies. (UNI)

PM to inaugurate Pusauli Powergrid

PATNA, Nov 10: Prime Minister Atal Behari Vajpayee will dedicate to the nation the 500-megawatt back to back HVDC station of powergrid situated at Pusauli near Sasaram in bihar on November 12.

Powergrid sources here said Mr Vajpayee would conduct the ritual by pressing a button through video conferencing system at New Delhi. The commissioning of the Sasaram HVDC station would mark completion of first phase of the ambitious plan to establish connectivity of all regions in the country through a national powergrid system, sources added.

Sasaram Powergrid Station is designed to evacuate 500mw of power from power surplus eastern grid to electricity starved states in the northern region.

The dedication ceremony will be held at Pasauli village in Kaimur district of Bihar in the presence of Union Energy Minister Anant G Geete, Chief Ministers of Bihar and Uttar Pradesh Ms Rabri Devi and Ms Mayawati respectively and Union Minister of State for Power Jayantiben Mehta besides other dignitaries. (UNI)

Wipro chief says his firm is wedded to global delivery

LONDON, Nov 10: Wipro, a 4.5-billion-pound Indian IT major, is devoted to global delivery and could establish a footprint in any other country if it proves more cost-effective, its chief Azim Premji said.

"We are not wedded to India. We are wedded to global delivery. India is today the most cost effective location. But if Vietnam emerges, we could have a footprint there," Premji, India’s answer to Bill Gates, said in an interview published in `The Sunday Times’ today.

Premji has made Wipro an it giant by providing low-cost services. About a quarter of Wipro’s 13,500 staff work outside India, many of them in the 47 technology-development centres that service the needs of its most important clients.

"We are seeing in services what happened in manufacturing 15 years ago. Whatever can get done in a more cost-effective location will be done in a more cost-effective location," Premji said.

Wipro’s first great advantage is India’s deep pool of well-educated software engineers, who are comfortable working in English and much cheaper to employ than their western equivalents.

India’s indigenous population, Premji said, "is young, eager to learn and very trainable. Indian universities will produce 200,000 engineers this year - and that’s going up by 10 to 15 per cent a year."

Lower oilseeds crop to spur edible oils imports to 53 lakh ton

NEW DELHI, Nov 10: Drought has taken its toll on India’s kharif oilseeds crop this year which is likely to decline by 26 lakh tonnes to 97.2 lakh tonnes leading to a higher dependence on import of edible oils.

Traders here said import of edible oils by India are pegged to rise by nine lakh tonnes to 53 lakh tonnes in 2002-3 against an estimated 44 lakh tonnes in 2001-2 (November-October).

"Current indications are that the edible oil imports will rise by nine lakh tonnes in 2002-3 to 53 lakh tonne but could be lower if non-tariff barriers like quarantine checks are eased on oilseeds import," B V Mehta, Executive Director Solvent Extractors Association said.

Country’s kharif oilseeds estimates released today by the Central Organisation of Oil Industry and Trade (COOIT) pegged production in the season at 97.2 lakh tonne against 123 lakh tonne in the previous season, a decline of 21 per cent.

Worse still, a shortfall of five lakh tonnes in also anticipated for the rabi crop for which the sowing is on at present and will be harvested in March, Chairman, COOIT, D P Khandelia said.

Larger import of oilseeds can reduce the dependence on imported edible oils, Mehta said adding another rider is the current favourable prices which will encourage farmers to grow more oilseeds.

Kharif groundnut crop is a major casualty and has fallen to 34.3 lakh tonne from 54 lakh tonne last year while soyabean production has also declined to 48 lakh tonne from 54 lakh tonne, he added. (PTI)

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