DAP imports Rs3,500 per tonne dearer due to dollar rise: IFFCO

Besides fluctuation in foreign exchange rates, an increase in the price of DAP in international markets over the last five months has also led to a rise in the landed cost of the fertiliser

Chandigarh: The rise in the US dollar value against the rupee has led to a Rs3,500 a tonne increase in prices of di-ammonium phosphate (DAP) imported from other countries to meet the domestic requirement, reports PTI quoting a top official of Indian Farmers Fertiliser Cooperative (IFFCO).

“Rs3,500 a tonne is a direct impact of US dollar (appreciation against rupee),” IFFCO managing director US Awasthi told reporters here when asked about the impact of the rising dollar on domestic prices of fertiliser.

“Earlier, the US dollar was Rs45 and now it has reached Rs50 (against the rupee),” he said, adding that dollar appreciation had an impact of prices of fertilisers in the country.

He further said IFFCO has passed on the impact of the dollar appreciation to farmers.

IFFCO is eyeing the import of 6 million tonnes (MT) of DAP in the current fiscal, as against 8 MT of DAP last fiscal.

IFFCO imports fertiliser from various countries, including the US, Russia, Japan, Morocco, Tunisia, Israel, Jordan, etc.

Mr Awasthi said at present, IFFCO sells DAP at a price of Rs18,100 per tonne, while it gets a subsidy of Rs19,700 per tonne from the Centre.

Besides fluctuation in foreign exchange rates, an increase in the price of DAP in international markets over the last five months has also led to a rise in the landed cost of the fertiliser.

Mr Awasthi pointed out that IFFCO currently imports DAP at a price of $677 a tonne, as against $612 per tonne in the month of June.

Expressing concern over the indiscriminate use of fertiliser by farmers, the IFFCO MD emphasised on using green manure, bio-fertilisers and nutrient-enriched organic manure in a balanced manner for soil rejuvenation.

“The time has come to educate farmers to rejuvenate soil through the application of bio-fertiliser, green manure,” he asserted.

Demanding reform in the agriculture sector of India, the IFFCO MD said farmers should be allowed to sell their crop anywhere and to anyone so that they can fetch better returns.

“We need reforms in the state... Farmers should have a right to sell crop anywhere... It is the commission agents which fix rate of farm produce in mandis, (a practice) which must be abolished,” he said.

Mr Awasthi also stressed upon the need for greater investment in the farm sector of the country.

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BSNL, Bharat Berry to offer push mail services

Push e-mail provides capability by which new e-mails are actively transferred

State-run BSNL has tied-up with Bharat Berry Technologies to provide push-mail services for all its mobile subscribers in less than Rs2 per day.

“This BSNL and Bharat Berry partnership will provide its customers with an easy to use, cost effective solution for their mobile push e-mail requirements,” BSNL chairman and managing director RK Upadhyay said.

Push e-mail provides capability by which new e-mails are actively transferred. BSNL in alliance with Bharat Berry is targeting this service for all range of handsets carrying Blackberry, Symbian, Android, and Window Mobile which will cover all major mobile handsets.

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5 years ago

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Future Generali introduces Secure Income Plan

Secure Income plan is available for customers in the age group of 0 to 60 years and for terms ranging from 15 to 65 years

Future Generali India Life Insurance Company has launched Secure Income Plan—a mix of traditional endowment with annual income benefits.

Secure Income plan is available for customers in the age group of 0 to 60 years and for terms ranging from 15 to 65 years. On completion of the premium payment period, accrued compounded reversionary bonuses are paid.

After the chosen premium payment period, every year 5.5% of sum assured is paid as guaranteed annual cash back in addition to cash bonus till the end of the policy term. On maturity, the policyholder would receive the sum assured plus the terminal bonus. The plan could be purchased from a low ticket size of Rs10,000 onwards.

According to the company another five new products were planned this year and it was awaiting clearance from the regulatory authorities.

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