In contrast to the farmer leader Mr. Sharad Joshi’s demand for discarding the present cost-based minimum support price (MSP) system for foodgrains and replacing it with a market-determined and world price-linked procurement price regime, there are many experts who feel that such a move would adversely affect the farming community’s long-term interests. Those who disagree with Mr. Joshi’s views primarily question his assumption that the international wheat price is synonymous with the free-market “equilibrium” price. The fact is that world foodgrain prices are as distorted as domestic prices. These, in turn, result from the high subsidy levels enjoyed by farmers of major Western grain producers as well as the limited size of the global trade in these commodities.

UCO Bank to dispense with casual employees

Uco Bank has decided to dispense with the services of casual employees in its branches and offices throughout the country. A beginning has already been made. The zonal manager of the bank in Bihar has stopped employing casual workers in branches under his jurisdiction. “Other zones will follow suit. We have already issued instructions to different zonal offices, branches and others in this regard,” said a spokesman for the bank.

Drug industry awaits verdict on price control

The pharmaceutical industry awaits a final verdict from the Ministry of Chemicals and Fertilisers on the review of the applications sent by over 30 companies for the removal of price control on 19 drugs. Though the applications have been scrutinised by the Department of Chemicals and Petrochemicals way back in the latter half of 1995, a final nod is still awaited from the Ministry.

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