Indians' adoration for arhar or tur dal is causing distress for traders and the processing industry as the production struggles to keep up with the soaring demand. Wholesale prices of this popular lentil have surged by approximately 60%.
Tur traders are now urging the government to launch a nationwide campaign to educate consumers about consuming other pulses like chana, masur, moong, and yellow peas, which are abundantly available at lower prices.
The Indian Pulses and Grains Association (IPGA) has proposed a collaborative campaign with the Department of Food and Public Distribution to encourage the consumption of pulses such as masur, moong, chana, and yellow peas as viable alternatives to tur dal. The tur trade industry believes that it is crucial to reduce the demand for tur dal by influencing a change in consumer preferences, as the country's production falls short of meeting the demand.
According to government estimates, India's tur dal production for the year 2022-23 is expected to be 14% lower than the previous year, and the industry anticipates the decline to be even more significant, exceeding 20%. Data from Agmarknet reveals that the average price of unprocessed tur dal at the Latur wholesale market in Maharashtra has risen from Rs 60/kg to Rs 90/kg, marking a 50% increase compared to the same date last year. Over the past four months since the harvest of the new crop began in January, prices have surged by 24%.
Traders report that tur dal prices in Africa, a major supplier of the commodity to India, have started 25% higher in forward trade. Harsha Rai, vice president (sales) of Mayur Global Corporation, highlighted that the quotes for forward trade for African tur dal are about 25% higher than the previous year. This further exacerbates the pressure on the domestic market.
In another development, the Supreme Court has granted the Securities and Exchange Board of India (Sebi) until August 14 to submit its report on the Adani Group, following a report by US short-seller Hindenburg Research.
Meanwhile, Amazon Web Services (AWS), the USD 80-billion cloud computing arm of online retail giant Amazon, plans to invest a staggering USD 12.7 billion in India by 2030. Adam Selipsky, the CEO of AWS, expressed his confidence in India as an ‘incredibly energized, high-growth market.’
This significant investment showcases the company's commitment to capitalizing on India's potential in the cloud computing sector.
