1.   

CCEA gives nod to proposal to permit export of processed agri products

The Cabinet Committee on Economic Affairs (CCEA) approved the proposal of the Department of Commerce for allowing the export of processed and/or value-added agricultural products even in the event of the restriction or ban on export of basic farm produce. The export basket of India's major agricultural produce mainly comprises raw/ primary, unprocessed or semi-processed agriculture commodities/products which are susceptible to restrictions/bans owing to various reasons such as bad weather conditions, deficient/delayed rainfall, food security issues, etc.

2.   

Export surplus wheat now

The problem of plenty in India's wheat stocks needs to be addressed urgently through export of 'additional' 10 million tonnes (mt), as recommended by CACP to the finance minister recently. But the government has taken some uncalled-for decisions . Firstly, it should not have hiked wheat's MSP due to the humungous inventory it is carrying. Secondly, if some token increase was to be given, this could have been in the form of a bonus, as reluctantly suggested by CACP (Rs 40/qtl subject to liquidating 15 mt of wheat), which does not attract local taxes.

3.   

Street welcomes RBI's dollar-rupee swap facility

The Reserve Bank of India (RBI)’s move to introduce a dollar-rupee swap facility to support banks’ incremental pre-shipment export credit in foreign currency (PCFC) is set to boost export credit. The facility would be available from January 21 to June 28 for a fixed tenor of three/six months. The facility would be available from January 21 to June 28 for a fixed tenor of three/six months.

4.   

Sharma announces Rs. 55 cr scheme for agro-textiles

Union Minister for Commerce, Industry & Textiles, Anand Sharma Thursday announced a scheme on usage of agro-textiles in North East Region with a five year budget of Rs. 55 crores. "Viewed in tandem with our recent policy announcement of 51 percent Foreign Direct Investment in Multi Brand Retail with its attendant benefits of reducing post-harvest agriculture and horticulture losses, the two Schemes together can change the trajectory of development in the North East Region," said Sharma after inaugurating the second edition of TechnoTex-2013 in New Delhi in Pragati Maidan.