1.   

Expect tariff-related measures in Budget to tackle duty inversion

Finance Minister P Chidambaram is likely to announce several tariff-related measures in the forthcoming Budget to address duty inversion problems in an effort to boost the domestic manufacturing sector as well as exports from the country. Duty inversion basically means that raw materials and intermediates are taxed higher than the finished products and the Budget may tackle the issue by altering customs duty rates. “Several tariff measures will be taken in this year’s Budget which will promote domestic manufacturing.

2.   

Food processing industry to touch $194 billion by 2015: ICAR official

The total valuation of the food processing industry is expected to reach $194 billion by 2015 from a value of $121billion in 2012. This was indicated by Swapan Dutta, deputy director general of ICAR at the valedictory session of Agri Horti Fest 2013, organised by Indian Chamber of Commerce. The net export of processed food is expected to outreach its present value of $43 billion. Mr Dutta said that the sector directly employs 13 million and 35 million people are indirectly involved.

3.   

India-EU FTA should be finalised fast: Denmark

Denmark today said talks for free trade agreement ( FTA) between India and the European Unionshould be accelerated as it will benefit both the regions. "It is important that the ongoing negotiations between India and EU should be accelerated. It is our belief that it will generate a lot of opportunities and benefit both the countries and its people. It will also help improve bilateral ties," Freddy Svane, Denmark's Ambassador to India, said.

4.   

Stress on technology for food and agro growth at Agri Horti meet in WB

The Agri Horti Food fest 2013, a food processing, agriculture, and horticulture fair, was organised in Kolkata recently. The fair was inaugurated by Mamata Banerjee, chief minister, West Bengal. Speaking after the inauguration, Dr Amit Mitra, state finance minister said, “Expansion of technology of production, food research centres and joint initiatives by different departments of the ministry are required to have proper growth and development of agro-marketing industry.”