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PM Modi announces Rs 1L crore support for agriculture sector.

Aug 11, 2020

Prime Minister Narendra Modi on Sunday launched a Rs 1 lakh crore agriculture infrastructure fund to boost investment in the farm sector, especially in cold storages, warehousing and markets for farmers.
 
The scheme was first announced by finance minister Nirmala Sitharaman as part of a Rs 20 lakh crore economic stimulus and relief package in the wake of the coronavirus disease pandemic.
 
Modi also transferred the sixth instalment of the cash payment for farmers under the PM-KISAN scheme, making the announcement via video conferencing. Under the sixth instalment, Rs 17,000 crore has been deposited into the bank accounts of 85 million farmers.
    
Source: Hindustan Times



Role of Andaman and Nicobar crucial under India's Act-East policy: PM Modi.

Aug 11, 2020

Prime Minister Narendra Modi on Monday said that the role of Andaman and Nicobar Islands is very crucial and it is going to be enhanced further under India's Act-East policy.
 
Speaking after inaugurating submarine optical fibre cable (OFC) connecting Chennai and Port Blair through video conferencing, the Prime Minister said that the importance of our islands including Andaman and Nicobar Islands has increased as India is following the new policy and practice of trade and cooperation in Indo-Pacific.
 
'The Indian Ocean has been the centre of India's trade and strategic prowess for thousands of years. Now that India is following the new policy and practice of trade and cooperation in Indo-Pacific, the importance of our islands including Andaman and Nicobar has increased further,' the Prime Minister said.
    
Source: Live Mint



Trade agreements should be fair and reciprocal: Piyush Goyal on India's growing business sentiments.

Aug 11, 2020

India is looking at establishing fair and equitable trade relationships with countries to ensure that Indian businesses in foreign countries are treated at par with how foreign businesses are treated in India, commerce and industry minister Piyush Goyal said on Monday.
 
'The world works with equal terms, there has to be an equal and fair and reciprocal arrangement,' Goyal said at the FICCI Virtual FMCG Supply Chain Expo.
 
If other countries are desirous of the Indian market, of the 1.3 billion Indian market opportunity, they want to provide services to meet the country’s needs, they also have to give India and Indian businesses equal opportunity to engage in their countries, Goyal said.
    
Source: The Economic Times



India’s import licensing requirements are meant to ensure fair and equitable trade: Piyush Goyal.

Aug 11, 2020

Trade minister Piyush Goyal on Monday took on companies and countries opposing licensing requirements made mandatory for import of several products such as automobile tyres and television sets, holding that government is trying to ensure fair and reciprocal trade with other trading partners.
 
Acknowledging the criticism that government is becoming protectionist and going back to the license raj era, Goyal said such criticism shocks him as currently trade is not being carried out among equals. 'What we are trying to do is make sure our domestic industry gets a fair play. How can it be that one country does not allow tyres to be exported to them but wants free imports of tyres from that country into India? There has to be equal, fair and reciprocal arrangement. If other countries are desirous of 1.3 billion- Indian market opportunity, they will also have to give our country’s businesses equal opportunity to engage in their countries.
    
Source: Live Mint



Indian Railways contributes in export of grains and oil to Bangladesh.

Aug 11, 2020

After gifting Ten diesel locomotives to the neighbouring country of Bangladesh, Indian Railways (IR) is also contributing to exports of grains and oil to the neighbouring country. For this, North Central Railways (NCR) too has started contributing its share.
 
Through the efforts made by business development units (BDU) aimed at increasing the freight loading volume, NCR, for the first time, Prayagraj division of NCR has loaded 2464 tonnes of maize for export to Bangladesh thus generating freight revenue of Rs 55 lakhs. Similarly, on Jhansi division, De Oil Cake (DOC) was loaded from Rayaru station to Rohanpur in Bangladesh on Sunday, generating freight revenue of Rs 54 lakhs.
    
Source: The Times of India



Govt to promote manufacturing of some products to boost market share: Gadkari.

Aug 11, 2020

Indian government is planning to promote the manufacturing of selected products, especially in areas where China enjoys a big share in the global market, as part of efforts to reduce imports and push exports, said minister Nitin Gadkari on Monday.
 
'The government aims to attract foreign investments in pre-identified areas, promote joint ventures and support local businesses to expand India's share of global markets,' Gadkari said at a virtual conference, Reuters reported.
 
'There is an opportunity for India in sectors where China enjoys a big share in the global market,' he said.
    
Source: Live Mint



Government of India Funding Agri Start-ups with 24.85 Crore Fund.

Aug 11, 2020

Union Minister for Agriculture Narendra Singh Tomar confirms that the Agriculture Ministry would fund 234 more Agri startups. Total funding of Rs 24.85 crore under a central scheme will go to the agriculture and allied sector businesses. The government is working on nurturing the incubation ecosystem under the Rashtriya Krishi Vikas Yojana (RKVY). It has already funded 112 startups with Rs 11.85 crore. These Agri start-ups have been trained in 29 agri-business incubation centres across the country. In total, the Ministry has funded 346 startups with a sum of Rs 36.71 crore.
 
The said agri-startups will not only provide efficient farm solutions but will also increase the income of the farmers. Activex Animal Health Technologies, also known as Vetzz, is one such start-up that connects the customer (animal owners) with vets. The business provides teleconsultation and doorstep visits.
    
Source: Grain Mart



SOPA alleges import lobby curbing growth of domestic oilseed sector.

Aug 11, 2020

Reiterates demand for quantitative restrictions on edible oil imports.
 
Reiterating its demand for quantitative restrictions on edible oil imports, trade body, Soybean Processors Association of India (SOPA) highlighted that without restrictions, unnecessary import of edible oils will continue unbridled and import lobby was holding up the growth of domestic oilseed sector.
    
Source: Business Line



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