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Market News
US assures allowing import of table grapes from India
Oct 18, 2018
The US has assured that it will soon clear the way for import of table grapes from India, Agriculture Minister Radha Mohan Singh said Wednesday.
These issues were discussed in a meeting with US Ambassador in India Kenneth I Juster here.
In the meeting, Singh also discussed about the recent ban imposed by the US on imports of fresh pomegranate arils from India and requested it to lift restrictions on the fruit, an official statement said.
With regard to table grapes, the minister said the US has expressed its satisfaction towards systems adopted by India for production of grapes.
Source:
economictimes
Biofach India 2018 to showcase India's strength organic food products
Oct 18, 2018
India's strength as a major hub for organic food products will be showcased at a three-day trade fair 'Biofach India 2018' to be held in the national capital at Pragati Maidan from October 25, the government body APEDA said Tuesday.
The trade fair is being jointly organised by the government's Agricultural Processed Food Products Export Development Authority (APEDA) and exhibition organiser NurnbergMesse India, an official statement said.
More than 500 delegates from India and abroad will be participating in the fair. There will be an 'Organic Theme Pavilion' by APEDA to provide a direct business opportunity to Indian producers with visiting international buyers.
APEDA is inviting and sponsoring more than 50 buyers from important importing countries for direct market linkages of producers with international trade, the statement added.
Source:
devdiscourse
Commerce ministry working on new export incentive scheme
Oct 18, 2018
The commerce ministry is working on a new World Trade Organisation (WTO)-compliant export incentive scheme for merchandise shipments to replace the existing MEIS, an official said.
Currently, exporters of goods avail incentives under the Merchandise Exports from India Scheme (MEIS). In this, the government provides duty benefits depending on product and country.
The work is going on for the drafting of the new scheme, which will replace the existing MEIS. It will be finalised soon. It could be named as rebate of levies, the official said.
The WTO is a Geneva-based 164 member body which frames rules and norms for global exports and imports. India is a member of this multi-lateral body since January 1, 1995.
Source:
economictimes
Crop insurance: NITI Aayog proposes cashback facility under PMFBY
Oct 18, 2018
To make its flagship crop insurance scheme more attractive, the government is considering a proposal by the NITI Aayog to return 75% of the premium paid by the farmers enrolled under the Pradhan Mantri
Fasal Bima Yojana (PMFBY) if they don’t file claims for crop damages for four-six consecutive seasons.
Officials reckon that such a move would attract more farmers into the insurance fold. Only 29% of the 12 crore farmers/cultivators in the country have crop insurance cover at present.
However, the proposed change in the scheme may not find favour among insurers. The officials are of the view that insurers are estimated to have made a surplus of nearly Rs 10,000 crore (including operational costs) in the past two kharif seasons.
In kharif 2016, insurance companies collected Rs 16,276 crore premium under PMFBY while the claims paid were Rs 10,425 crore, resulting an estimated surplus of '5,851 crore.
In kharif 2017, the difference between premium collected and paid was Rs 4,077 crore.
Source:
financialexpress
Nepal-India ties are deep-rooted: Nepal Transport Minister
Oct 18, 2018
Minister for Physical Infrastructure and Transport of Nepal, Raghubir Mahaseth while talking to the Nepali and Indian journalists at Jayanagar on Tuesday said that the relations between Nepal and India are deep-rooted.
He was on an observation tour of the Jayanagar-Janakpur-Kurtha section of the railway being constructed here with support from the Government of India.
He said apart from the diplomatic relations, Nepal and India also have what he called the 'rotibeti' relations, referring to the special relations between the peoples of the two countries.
Minister Mahaseth added that this relation has become further cordial in the recent days. The government led by KP Sharma Oli of Nepal and the government led by Narendra Modi of India too have cordial ties, he said, pointing out that the railway project was an example of this cordiality.
Source:
business-standard
Economist Arvind Panagariya to bring together experts in research initiative on Indian economic policies
Oct 18, 2018
Eminent economist Arvind Panagariya is bringing together policy experts and academicians from distinguished universities to contribute to substantive economic policy analyses on issues confronting the Indian economy that can further help develop a reform agenda for the government to be elected in the 2019 national polls.
Panagariya, who had served as the first Vice Chairman of the NITI Aayog from January 2015 to August 2017, said the aim to bring together the economists and policy experts, under the auspices of the Deepak and Neera Raj Centre at Columbia University, is to enable more serious economic policy analyses” on topics such as international trade policy, financial sector reforms, civil service and judicial reforms, privatisation, poverty, employment and health among other.
Source:
economictimes
India's logistics industry to be worth $215 bn by 2020-21: CARE Ratings
Oct 18, 2018
The country's logistics industry is projected to be worth $215 billion by 2020-21, recording a 10 per cent compounded annual growth rate (CAGR) over its approximate size of $160 billion in 2016-17.
The industry's growth will be fuelled by the strides in manufacturing, retail, fast-moving consumer goods and e-commerce sectors. Development of logistics related infrastructure, like dedicated freight corridors, logistics parks, free trade warehousing zones and container freight stations, are expected to improve efficiency, a report by CARE Ratings observed.
At present, the logistics sector is dominated by transportation, which has over 85 per cent share in value terms. Its share is set to remain high for the next few years. The remaining 15 per cent share is accounted for by storage. The sector is employment intensive, absorbing 22 million people.
Source:
business-standard
Naidu leaves for Belgium to attend 51-nation ASEM summit
Oct 18, 2018
Vice President M. Venkaiah Naidu on Wednesday left for Belgium to attend the two-day 12th Asia-Europe Meeting (ASEM) in Brussels.
The bi-annual event is considered the highest platform for dialogue and cooperation between Asia and Europe in the areas of trade, investment, security and tourism.
As many as 51 Heads of States/ Heads of Government are expected to participate in the Summit where a wide range of issues from climate change to terrorism are expected to be discussed.
This will be the first multi-lateral summit the Vice President will be attending after taking office in August 2017.
Source:
smetimes
Centre working to achieve zero hunger by 2030: Minister
Oct 18, 2018
Union Agriculture Minister Radha Mohan Singh on Tuesday said that the NDA government was working continuously to achieve the goal of 'zero hunger' by 2030 in the country.
Addressing the Agri Startup and Entrepreneurship Conclave here on World Food Day, he said that the efforts of farmers and techniques developed by the Indian Council of Agricultural Research (ICAR) had contributed to an increase in agricultural production and food security in India.
Singh's remarks came in the wake of release of the Global Hunger Index (GHI) that ranked India 103rd among 119 countries.
As per the fourth advance estimate, foodgrains production in the country is estimated at 284.83 million tonnes in 2017-18, an increase of over 20 million tonnes compared with the figures of 2013-14.
Source:
smetimes
WTO reforms: India against secretariat giving out suggestions
Oct 18, 2018
India raised its concern at the World Trade Organization (WTO) about the latter’s participation in a recent report by the World Bank and the International Monetary Fund (IMF) that cast doubt on the efficacy of trade talks involving all nations.
The report said the practice of bundling negotiating issues in giant all-or-nothing trade rounds had become extremely difficult to manage and suggested plurilateral trade pacts involving fewer countries as the way ahead.
India objected to the report and said the issue of institutional reform at the WTO was best resolved by nations without the secretariat offering its suggestions to preserve its memberdriven character.
Source:
economictimes
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