Product Country
Increase Font Size Decrease Font Size
Menu
Market News
Container with 10 tonnes of mangoes from UP leaves for Europe

Jul 17, 2019

Uttar Pradesh has shipped close to ten tonnes of mangoes to Europe for the first time. A container loaded with these mangoes was sent to Gujarat from where it will be shipped to Italy via . On Monday, the container packed with ten tonnes of Chausa was sent from the Mango Pack House run by the State Agricultural Produce Markets Board (Mandi Parishad) at Malihabad, Lucknow. 
 
So far, the state was exporting mangoes to Europe through flights. But the higher fare costed exporters heavily. The cost for exporting mangoes though waterways is only Rs 28 per kg which is at least Rs 100 less than the per kg cost of mangoes sent through a flight. 
 
The higher costs rendered UP mangoes uncompetitive in the international market. 
 
Shipping mangoes would also make more space available for the consignment,said director, Mandi Parishad, Jitendra Pratap Singh.
 
The mangoes will be delivered in Italy within 20 days. The exporter, in this case, has packed the mangoes using a technique that will increase the shelf life of the fruit. 
 
It was, for the first time, that a buyer-seller meet was organised for mangoes in Lucknow last month where participants from 17 countries had come. 
    
Source: Times of india



India, UK to boost trade in food, healthcare and data services

Jul 17, 2019

 India and the UK have launched three new working groups to surmount barriers to bilateral trade in food and drink, life sciences and  healthcare, and digital and data services. 
 
 
These working groups, to be run by the UK India Business Council with business chambers CII and FICCI, will identify  solutions to the key issues faced in each sector and make recommendations directly to ministers of the two countries.
 
 
This followed talks Commerce Minister Piyush Goyal had on Monday with Trade Secretary Liam Fox  about ways to strengthen trade and cooperation between two nations. 
    
Source: Uni India



Enormous potential for growth in ties with India, says US

Jul 17, 2019

There is an enormous potential for growth in the India-US relationship, the Trump administration has said, exuding confidence that the ongoing trade negotiations could be worked through because of the friendship between the two nations.
 
As it relates to our trade relationship, the secretary (of state) has said this as well when we were in India: that we see a lot of opportunity for growth in our relationship. We see enormous potential, State Department Spokesperson Morgan Ortagus told reporters at a news conference on Tuesday. Secretary of State Mike Pompeo was recently in New Delhi for talks with the new Indian government where he met with his counterpart, had incredibly effective meetings, Ortagus said.
 
The secretary is confident – he has reiterated this – that any sort of trade negotiations that we have, any issues can be worked through because of the friendship between our two countries, she said. The spokesperson was responding to a question on the recent visit of an official from the office of the U S Trade Representative to India for talks.
 
We talked there quite a bit, both in our meetings and to the media, and many – you probably know this already how India is – United States is India’s most important trading partner. I believe we’re their top market for exports, Ortagus said.
 
The spokesperson also welcomed building of the Kartarpur corridor between India and Pakistan to facilitate visa-free travel of Sikh pilgrims from India to the historic Gurudwara Darbar Sahib, the final resting place of Sikhism founder Guru Nanak Dev. That was certainly a good news report, wasn’t it? We encourage it, Ortagus said. Anything that increases people-to-people ties between India and Pakistan is something that we’re incredibly supportive of.
 
Follow financialexpress.com for all news and analysis on the Lok Sabha Elections 2019. Check Lok Sabha election 2019 schedule, Lok Sabha Constituency Details and updates on campaigning by Narendra Modi and Rahul Gandhi. Like us on Facebook, follow us on Twitter.
    
Source: Financial Express



India, Italy plan fast-track system for investments

Jul 17, 2019

 To facilitate bilateral investments, India and Italy have decided to establish a fast-track system for companies and investors of both the countries.
 
To facilitate Italian companies and investors in India and Indian companies
 
and investors in Italy, it has been decided to establish a fast-track system for companies and investors of both the countries, the Ministry of Commerce and Industry said in a statement.
 
According to the ministry, the key objectives of the system in India will be to pave the way for and identify and solve problems faced by Italian companies and investors with their operations in India.
 
The fast-track system will be reviewed twice a year at the level of the Secretary of DPIIT (Department for Promotion of Industry and Internal Trade) and the Italian Ambassador to India. The Italian embassy and the DPIIT will meet on the working level at shorter intervals as and when required to review the progress achieved, the ministry said in a statement.
 
As per the statement, a similar arrangements will be made to facilitate Indian companies and investors in Italy.
    
Source: outlookindia.com



Govt to offer cattle, advanced biogas plants, poultry to boost rural income

Jul 17, 2019

In a first, the Ministry of Animal Husbandry, Dairying and Fisheries has decided to roll out a scheme to increase rural household income. Under the scheme, rural households will receive free cattle, advanced biogas plants, and poultry.
 
To be launched in August this year, the pilot project will see households of a village in Gujarat that do not have cattle, receive free cows or buffaloes, along with advanced biogas plants. In addition, roughly 10 houses will receive hen on a voluntary basis; the eggs produced will be bought back by the government. 
    
Source: Business Standard



Big boost for Indian Startups ASEAN lends support to MSME platform

Jul 17, 2019

The biggest business event in North East of India- based on the theme 'North East- Gateway to neighbouring & ASEAN Countries' has been assured support from ASEAN countries. This eXcellerate North East Summit. Bangladesh and Vietnam have already lent their support and have assured to participate in the summit meant for supporting the MSMEs. With a primary objective of showcasing the bountiful opportunities for business, trade, investment and tourism that the north-east region has due to its comparative advantages, the three-day summit includes networking sessions, knowledge sessions and award ceremony to felicitate the powerful MSMEs from North East or operating in the region.
 
Expressing happiness over the development Atul Kumar Saxena, President, Indian Importers Chambers of Commerce and Industry (IICCI) said, North East is the gateway for India to trade with Southeast Asian countries. The region possesses immense potential in strengthening India’s relations with South Asian countries and organizations like ASEAN. However, the potential is still to be discovered and understood by major players in the region. Since the focus of eXcellerate is on highlighting the tremendous potential of the North East, the response from foreign embassies to support and participate in eXcellerate North East Summit is overwhelming.
    
Source: Zeebiz.com



Govt offers Rs 20,000 subsidy per hectare for growing pepper

Jul 17, 2019

This might be a good time for farmers with cultivable land and good water resources to try pepper cultivation. 
 
The state government is offering a subsidy of Rs 20,000 per hectare for pepper cultivation in the district. A farmer can avail the benefit for a maximum of four hectares. Farmers interested in availing the scheme can approach their block level assistance director of horticulture. 
 
Though pepper is believed to grow well only in hill stations, agriculture experts say there are varieties suitable for the plains too and the district’s climate is suitable. 
 
An official of the horticulture department said, “The scheme has been extended to other districts too, including Nilgiris, Dindigul and Madurai, the official said. 
 
The Tamil Nadu government as a policy is trying to increase pepper cultivation across the state. 
 
Head of the spices department at the Tamil Nadu Agricultural University S Balakrishnan said, This is because a lot of traders are buying imported pepper from Cambodia in tonnes, which are lower in quality and cheaper in price. They use them to adulterate with our Indian-grown pepper which is much stronger.
 
Pepper prices too in the international market is constantly increasing. It always hovers around Rs 700 to Rs 800 per kg, he added. 
 
Pepper being a vine can be cultivated only in a farm with silver oak trees, ‘Kalyani murungai’ trees or coconut trees. They also need biofertilizers and biopesticides like neem cake, among others, Balakrishnan said. 
 
In Coimbatore, pepper cultivation has been restricted to Anaikatti and the base of the Anamalai Hills. Pepper is known to grow in red clayey soil. However, experts say that good quality, non-brackish water, is critical for pepper cultivation. 
    
Source: Times of india



8,038 cold storage with 36.77 mn tonnes capacity available

Jul 17, 2019

There are 8,038 cold storages in the country with a capacity of 36.77 million tonnes and 92 per cent of the capacity is owned and operated by private entities, Union Agriculture Minister Narendra Singh Tomar said in Lok Sabha on Tuesday.
 
Tomar said as per a study on All India Cold-chain Infrastructure Capacity (AICIC-2015), there was cold storage capacity of 32 million tonnes in the country against an approximate requirement of 35 million tonnes. As per the latest available information received from States, there are 8,038 cold storages with capacity of 36.77 million tonnes in the country, he said during Question Hour.
 
The minister said the base line survey conducted during December, 2013 by M/s Hansa Research Group estimated that 92 per cent of cold storage are owned and operated by private sector, three per cent cooperative and remaining five per cent are under Public Sector.
 
Tomar said the Ministry of Consumer Affairs, Food and Public Distribution deals with storage of foodgrains post procurement by the Food Corporation of India (FCI) and stateagencies.
    
Source: Dailyexcelsior.com



India needs to tap into foreign capital to trigger investment and growth: CEA Subramanian

Jul 17, 2019

There is a need to consider tapping into foreign capital to trigger a cycle of investment and growth, Chief Economic Adviser (CEA) Krishnamurthy Subramanian said on July 16.
 
Apart from sovereign bond issue, we also need to be tapping into foreign capital to trigger this virtuous cycle. Once this virtuous cycle is triggered, then other parts start moving, then we get investment with enhanced productivity, exports and jobs, which leads to demand and thereby creates investment again. It is this triggering which is actually important,  CEA Subramanian said at the book launch of HDFC Bank 2.0 - From Dawn to Digital by journalist Tamal Bandopadhyay.
 
In her first budget, Finance Minister Nirmala Sitharaman announced that India would issue sovereign bonds in the global market in foreign currencies.
 
Former Reserve Bank of India’s Governor Raghuram Rajan has said that any plan to issue foreign currency debt has no real benefit and is fraught with risks.
 
 
Congress faces crises across states after Rahul Gandhi's resignation
Karnataka crisis LIVE updates: Kumaraswamy has lost his mandate, says Yeddyurappa after SC ruling
Goal is to make India a global model for ‘Health for All’: Harsh Vardhan
A global bond sale won’t reduce the amount of domestic government bonds the local market has to absorb and the country should worry about short-term “faddish investors buying when India is hot, and dumping us when it is not, Rajan had written in a newspaper column.
 
The CEA said that though India is growing at 7 percent, in order to grow at 8 percent, India needs to trigger the cycle of investment and therefore foreign capital is something that needs to be encouraged.
 
Although the goal is a bit of a stretch, achieving $5 trillion economy by 2024-25 is possible, he said.
 
The Indian economy reached to the level of $1 trillion in 55 years and and added $1 million in last 5 years to $2.75 trillion by March 2019, he said.
 
Speaking on bank mergers, Subramanian said that mergers are being done based on synergies and the policy on it is to exploit the economies of scale.
 
That's the intent behind the merger. Rather than any top down strategy or mandate which says we need to have four banks, this should be based on looking at banks that might combine very well because of synergies, Subramanian said.
 
In October 2018, the government had proposed the merger of three banks — Bank of Baroda, Vijaya Bank and Dena Bank — to create the country’s third-biggest lender through an alternate mechanism. Both Vijaya and Dena were amalgamated with BoB on April 1, 2019.
    
Source: Money Control



49% FDI cap in multi-brand retail must be respected: Commerce Minister Piyush Goyal

Jul 17, 2019

India's foreign direct investment (FDI) norms in the multi-brand retail sector are a very well thought out policy which are unlikely to change any time soon, commerce and industry minister Piyush Goyal said Tuesday.
 
Speaking on the sidelines of an India Day event organised by the UK's Department for International Trade (DIT), the minister said the 49 per cent FDI threshold in multi-brand retail must be respected in letter and spirit by all foreign brands.
Britain's prime ministerial frontrunner Boris Johnson had recently expressed his disappointment at UK retailers like Sainsbury's and Waitrose not being able to set up base in India and had said he would like to see India opening up to more of our great brands .
 
On multi-brand retail we are very clear as of now it's a 49 per cent restriction for foreign investment, Goyal said, when Johnson's recent intervention was put to him.
 
It's a very well thought out policy, recognising that the strength of Indian small retailers to serve the people of India across the length and breadth of the country is very deeply rooted in the culture of the villages of India. So, for the present, we would not like to change that, he said.
    
Source: Business Today



Archive