Ram Temple consecration likely to generate Rs 50,000 crore trade in January: CAIT Traders’ body Confederation of All India Traders (CAIT) said on Thursday that an estimated Rs 50,000 crore worth of business will be generated in January with the inauguration of Ayodhya’s Ram Temple. CAIT Secretary General Praveen Khandelwal said the enthusiasm and excitement around the consecration of the temple on January 22 is historic which will lead people to shop for products related to the temple and Lord Ram. “Traders in all the states have made extensive preparations to meet the demand of this additional trade,” said Khandelwal. “In this context, there is a high demand, especially for models of Ram Temple and these models are being made in different sizes from hardboard, pinewood, wood etc. The noteworthy thing is that a large number of women are getting employment in making these models, while local artisans, artists and hand workers are also getting huge business in all the states,” said Khandelwal and CAIT President BC Bhartia. In addition, earthen lamps, rangoli colours, flowers for decoration and electrical items for lighting the markets and homes are all set to get big business, CAIT said. Also, the service sector is likely to get big business while the promotional material across the country including hoardings, posters, banners, leaflets, other literature, stickers etc. have also been fully geared up for substantial business, it added. The Ram temple will be inaugurated with Prime MinisterNarendra Modi and Uttar Pradesh Chief MinisterYogiAdityanath while over 6,000 people are expected to attend the the consecration ceremony of the Ram Lalla idol. The city’s railway station to be inaugurated by PM Modi on December 30 has been renamed to ‘Ayodhya Dham Junction’, Ayodhya’s MP Lallu Singh said on Wednesday in a post on X. In addition, the Maryada Purushottam Shriram InternationalAirportin Ayodhya will be inaugurated by the Prime Minister on December 30. Subscribe to Financial Express SME (FE Aspire) newsletter now: Your weekly dose of news, views, and updates from the world of micro, small, and medium enterprises
If the current trend continues for a longer period of time, not only oil mills but oilseeds growers will also not be able to get good rates of their produce, says Samir Shah, president of Gujarat State Edible Oils and Oil Seeds Association (GEOA). Shah who is also past president of SOMA says that due to various international factors rates of edible oils had gone up considerably, especially imported oils earlier this year.
“With a view to curb rising prices of edible oil, the Government of India reduced import duty on edible oils. Considering the fact that India is producing hardly 30 percent of its edible oil requirement, the decision was right at that point of time. Now when international prices of edible oils have gone down by 15 percent to 25 percent and high production period has started in edible oil exporting countries, the government should gradually increase import duty to protect local oil mills and oilseeds growers,” said Shah. GEOA has also made representation before Union Minister for Commerce & Consumer Affairs, Piyush Goyal to increase import duty.
In June import duty on edible oils was ranging from 35 to 55 percent, since then the government gradually reduced import duty and at present it is ranging from zero percent to 15 percent on different edible oils, he said.
Just a month back prices of edible oils were through the roof and the government took appropriate measures by reducing import duty in order to protect consumers, says Atul Chaturvedi, president of Solvent Extractors Association of India (SEA). “Prices of edible oils are coming down globally. Kharif sowing has already started across the country. In the interest of local farmers, it is high time to enhance import duty in a phased manner to encourage local edible oil value chain,” opined Chaturvedi.
On Thursday imported Palm oil prices were at around Rs 2100 per 15 kg as against local Rs 2700 and Rs 2550 of groundnut and cottonseed oils. Prices of other local oils including ricebran, coconut, soyabean and mustard remained as high as Rs 2350, Rs 2520, Rs 2500 and Rs 2580 respectively.
India imports around 13-13.5 million tonnes of edible oils, of which around 8-8.5 million tonnes (around 63 per cent) are palm oil. Though the price of other imported Sunflower oil remained at around Rs 2700 per 15 kg, but import quantity of the oil is much lower than that of palm oil.