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Agriculture to defence: PM Modi shares vision to boost key sectors.

Jun 01, 2020

On the completion of one year of BJP government's second term in office, Prime Minister Narendra Modi on Saturday shared a roadmap for key sectors like agriculture, defence, health and education. 
 
In a series of tweets, PM Modi shared documents on four key sectors, saying the content gives a comprehensive picture of the work done by the Central government and the vision for a New India.
 
Saying that India is 'extremely proud' of its farmers who work day and night to feed the nation, the PM said that the government is energising the agriculture sector with reforms and measures that improve the lives of farmers, ensure better markets and eliminate the role of middlemen.
     
Source: The Times of India
India, US could strike a 'smaller' trade deal in the coming weeks: Indian envoy.

Jun 01, 2020

India and the US could strike a “smaller” trade deal in the coming weeks, India's ambassador Taranjit Singh Sandhu has said while acknowledging that the unprecedented challenges posed by the COVID-19 pandemic has been a 'bit of a setback' in moving ahead as the governments are focused on tackling the health crisis.
 
Addressing the virtual West Coast Summit of US-India Strategic Partnership Forum (USISPF), Sandhu said that India's supply of antimalarial drug hydroxychloroquine (HCQ) to the US has given the two countries enough confidence and have played an important foundation.
 
India, which is one of the major manufacturers of the drug, has sent several million doses of the HCQ to the US as part of its humanitarian gesture.
     
Source: The Economic Times
Vizag Port sends maiden export of mangoes to UK.

Jun 01, 2020

A large consignment of Banganapalli mangoes grown in Nuzvid were shipped in a container vessel to London from Visakhapatnam Port for the first time.
 
The consignment was sent through Visakha Container Terminal Private Ltd, a BOT operator of Visakhapatnam Port Trust, in the early hours of Sunday by merchant vessel Diaporos.
 
'This is a proud moment for us. We have made a good beginning after introducing direct container liner service to Western Europe without needing any transhipment,' VPT Deputy Chairman P.L. Haranadh told The Hindu.
     
Source: The Hindu
India and EU hold talks on pandemic, upcoming Summit.

Jun 01, 2020

Minister of External Affairs S Jaishankar and EU’s High Representative for Foreign Affairs and Security Policy Josep Borrell discussed the need to ensure flow of medical supplies and keep trade open in the context of the Covid-19 outbreak.
 
The two leaders also talked about preparations for the fifteenth EU-India Summit, which was postponed in March due to the pandemic, foreign policy matters including Iran, Afghanistan and China, in a video conference on Thursday.
 
'High Representative Borrell thanked Minister Jaishankar for the Indian government’s assistance in facilitating the repatriation of over 11,000 EU tourists from India. They agreed on the need to ensure the flow of crucial medical supplies, and on keeping global trade and value chains open,' according to an official release of the Delegation of the EU to India.
     
Source: Business Line
Singapore top source of FDI in FY20 with investments worth USD 14.67 bn.

Jun 01, 2020

Singapore was the top source of foreign direct investment into India for the second consecutive financial year, accounting for about 30 per cent of FDI inflows in 2019-20.
 
In the past two financial years, FDI from Singapore has surpassed that from Mauritius.
 
In the last financial year, India attracted USD 14.67 billion in FDI from Singapore, whereas it was USD 8.24 billion from Mauritius, according to the data of the Department for Promotion of Industry and Internal Trade (DPIIT).
 
In 2018-19, Singapore's FDI aggregated at USD 16.22 billion, while that from Mauritius it was USD 8.08 billion.
     
Source: The Economic Times
Food Processing Ministry asks States to exempt cold storage units from fixed power tariffs.

Jun 01, 2020

Ministry of Food Processing has urged all state governments to exempt cold storage units from fixed power tariffs, while suggesting that such charges should be levied on the basis of actual consumption.
 
This comes after representations for relief from fixed power tariffs were made by the industry to the Ministry.
 
In a letter written by the Food Processing Minister Harsimrat Badal to all Chief Ministers, the Ministry said that the food processing industry is facing mounting fixed costs and unsold inventories due to the extended lockdown, put in place to curb the spread of the Covid-19 pandemic.
     
Source: Business Line
Will place draft ecommerce policy in public domain for comments soon: DPIIT Secretary.

Jun 01, 2020

The Department for Promotion of Industry and Internal Trade (DPIIT) will very soon put a draft ecommerce policy in the public domain to seek views and comments, a top government official said on Saturday.
 
DPIIT Secretary Guruprasad Mohapatra said the ecommerce is a fast emerging sector and it is difficult to predict where it will go in the next couple of years.
 
The country do not have e-commerce policy and now the department is currently working on this, he added.
     
Source: The Economic Times
India urges for wider information sharing under tax treaties within BRICS.

Jun 01, 2020

India pitched for wider sharing of information exchanged under tax treaties among BRICS countries – Brazil, Russia, India, China and South Africa – for countering corruption, money laundering and terrorist financing, at the meeting of tax heads held on Friday.
 
India batted for adopting a 'whole of government approach' in dealing with crossborder financial crimes, as they have ramifications in respect of various statutes, not only taxation, said finance secretary Ajay Bhushan Pandey, who represented India via video conferencing.
 
India also asked for sharing of Covid-19 related tax measures taken by respective tax administrations to enhance the country’s understanding of fiscal and economic impact of the pandemic.
     
Source: The Economic Times
India can access carbon credits worth USD 50-60 bn if propagates agroecology: Niti Aayog.

Jun 01, 2020

Suggesting adoption of innovative farming methods based on ecological principles, Niti Aayog vice chairman Rajiv Kumar on Friday said India can have access to carbon credits worth USD 50-60 billion if it propagates natural farming and agroecology.
 
Kumar during a virtual high-level round-table on 'Agroecology and Regenerative Agriculture' also stressed on the need to make agriculture more knowledge intensive. He said there is a need to ensure that natural farming is scalable and absorbs innovations.
 
'We can also access green bonds market worth USD 1 trillion,' Kumar said, adding that India will have to practice agroecology as an innovative process and broaden the metrix for measuring results.
     
Source: The Economic Times
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