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Glut leads to red chilli prices crashing 60%, exports to surge.

Date: 21-04-2017
Subject: Glut leads to red chilli prices crashing 60%, exports to surge
Kochi: Record red chilli production has led to its prices falling to the lowest in over a decade, prompting the Andhra Pradesh government to announce a price support scheme. High output and low prices may trigger higher exports this season. 

As prices crash and with cold storages overflowing, the Andhra government has announced a price support scheme of Rs 15 kg for farmers, with effect from Thursday till June-end. They will get it for a maximum of 20 quintals (2,000 kg). 

Chilli prices have crashed by 60% from a year earlier and are around Rs 35-55kg. “The price support scheme may not be of much use to growers as over 70% of them have already sold their produce,“ said Venkat Rosaiah, president of Guntur Chilli Commission. 

However, major bulk buyers like curry masala company Eastern Condiments, who purchase around 20,000 tonnes annually, have welcomed the step. 

“It will help in sustaining the chilli crop as farmers could ve chilli crop as farmers could very well turn to other crops like cotton and turmeric next year,“ said Krishna Kumar Menon, head of procurement at Eastern Condiments. High prices last year encouraged growers in Andhra, Telangana and Karnataka, the three main chilli growing regions, to go for increased sowing that resulted in a bumper crop. “The all-India crop could be between 18 and 20 lakh tonnes, over 40% increase from the previous  .. 

Source: economictimes.indiatimes.com

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