Soybean Shortage
India's exports of soybean meal have dropped by 57% in July due to the shortage. Even the domestic industry is feeling the pinch due to the shortage. Following that, the government is mulling to import ~15 lakh tonnes of soybean meal to meet the shortage in the country.
Soybean prices have inched up due to the shortage. It is affecting livestock farmers and fish, shrimp, cattle, and poultry industries. For instance, prices of poultry products have increased by 50% in the last month, while shrimp producers are also facing margin pressure due to the increased cost of raw materials.
A Fresh Hurdle for Jet Airways
Jet Airways' resolution plan has faced a fresh hurdle, with employees expressing concerns against the resolution plan of the Kalrock-Jalan consortium. They have approached the National Company Law Appellate Tribunal (NCLAT), resisting the final settlement amount offered to them under the new regime. The employee association has demanded NCLAT quash the current resolution plan.
While the total employees' claims stand at Rs 1,265 crore, the consortium has proposed only Rs 52 crore to settle their claims. Since they have approached NCLAT to settle the issue, it is most likely to further delay the revival of the airlines.
Web of Airports
The central government has approved 21 new greenfield airports under its UDAN scheme. The major ones are in Navi Mumbai, Goa, Gwalior, Shirdi, and Kannur in Kerala. Two airports are being set up in the North-East states of Manipur and Arunachal Pradesh. This will help to boost domestic connectivity.
The UDAN scheme has done major work in connecting tier 2 & 3 cities via air routes. Airlines are also given financial incentives from the central and state governments to sustain operations in remote corners of the country. There is also a plan in the pipeline to establish 1,000 new air routes and 100 new airports by 2025 under the UDAN scheme.
