Strategic Patience
The US Federal Reserve chairman Jerome Powell’s current stance on interest rates reflects a prudent approach to economic policy.
A meeting has been convened by the Tea Board of India to discuss and decide on the price sharing formula (PSF), based on the important suggestions provided in a report submitted by an agency. The meeting is set to take place on 11 July at 10.30 am in the Tea Board office.
The tea board hired a company to conduct research on determining the PSF using the “Current Cost” method, taking into account the current socio-economic and agricultural conditions for growing green tea leaves and producing tea. The agency has now presented their report on the PSF to the tea board.
According to the tea board, there is a specific formula, known as the “price sharing formula,” used to determine the cost of green tea leaves. This formula results in a 68:42 ratio in West Bengal and takes into account the average tea prices at various auction centres within the district.
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Around seven years ago, the tea board conducted the most recent investigation on the formula for sharing prices.
The CISTA (Confederation of Indian Small Tea Growers Association) has requested the Union ministry of industry and commerce to implement a support price that includes a minimum profit of 50 per cent and covers the production cost of green tea leaves, as stated in the report by Dr Swaminathan Committee, said Bijoy Gopal Chakraborty, CISTA president.
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