1.   

India's GDP to grow 5.6 pc this fiscal: WB

The World Bank Monday said India's GDP is likely to expand by 5.6 percent this fiscal. The World Bank's "India Development Update" released here said: "India's economic growth is expected to rise to 5.6 percent in FY15, followed by further acceleration to 6.4 percent and 7 percent in FY 2016 and FY 2017." It said identifying the goods and services tax (GST) as the most important economic reform that the new government should undertake for faster growth.

2.   

Government focusing on increasing farm productivity: Minister

The government is focusing on increasing farm productivity and several initiatives are being taken to achieve this goal, Agriculture Minister Radha Mohan Singh said today. Singh conveyed this to a delegation of US-India Business Council in a meeting here, an official statement said. In the meeting, the delegation expressed their commitment to advancing agricultural development in India and discussed areas where the government and industry can collaborate.

3.   

Negotiating the G20 Brisbane summit

The leaders’ summit which is the most high profile event in the G20 year, is set for November 14-15 in Brisbane, with Prime Minister Narendra Modi representing India. The Australian presidency of the G20 has witnessed a focus on the fundamentals: trade, tax issues, infrastructure, employment and banking. On trade, India is likely to find itself cornered after it turned its back on a trade facilitation agreement that had been finalised during last year’s ‘Bali Ministerial’ on concerns over food subsidies.

4.   

Japan imports emergency supplies of butter and powdered milk

Japan has announced plans for emergency imports of 3,000 tonnes of butter and 10,000 tonnes of powdered milk, underlining its eroding food security. Another 7,000 tonnes of butter were imported earlier this year, although the purchase of skimmed milk is a first since 1997 and the largest in Japan's history. The ministry of agriculture has said it was forced to act due to an anticipated shortage of both staples as food companies start planning the production of cakes for the Christmas and new year seasons.