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Indian economy to see positive growth in fourth quarter of current fiscal: Niti Aayog VC.

Dec 03, 2020

The Indian economy is coming out of the pandemic-induced degrowth and GDP growth will enter the positive territory in the fourth quarter of this fiscal, Niti Aayog Vice Chairman Rajiv Kumar said on Wednesday.
 
In an interview to PTI, Mr. Kumar also said the Centre’s new agriculture reform laws are aimed at increasing the income of farmers and the present agitation was a result of misunderstanding and miscommunication which need to be removed.
 
'The second quarter GDP figure (contraction of 7.5%) reflects that the economy is coming out of this pandemic-induced degrowth phase and my expectation is that in the third quarter, we will achieve the same level of economic activity as the year-ago period.'
    
Source: The Hindu



China begins import of Indian rice after 2 years amid border tension; places orders for 5k tonnes.

Dec 03, 2020

China has started importing Indian rice after a gap of two years and placed orders for shipment of about 5,000 tonnes of non-basmati rice due to competitive prices offered by India compared to other nations, according to the All India Rice Exporters Association (AIREA).
 
India is the world’s major exporter of rice, while China is the biggest importer. In 2006, China was given market access for Indian rice but shipments took place only during the 2017-18 fiscal.
 
China buying rice from India comes at a time of heightened border tensions between the two nations.
    
Source: Financial Express



Govt looking at higher outlay for RoDTEP scheme for exporters.

Dec 03, 2020

For adequate coverage of products and embedded duties, expenditure needs to be pushed beyond the earlier estimate of Rs 10,000 crore proposed by NITI Aayog.
 
The government is examining the possibility of expanding the outlay for the new Remission of Duties or Taxes on Export Products (RoDTEP) scheme.
    
Source: Business Line



People globally should have confidence they can do business in India: Goyal.

Dec 03, 2020

A meeting of the Board of Trade (BOT) was held on Wednesday under the chairmanship of the Commerce and Industry Minister Piyush Goyal, through video conference. The meeting focused on the new Foreign Trade Policy (FTP) (2021-26) and the strategies and measures to be taken in order to take forward domestic manufacturing and exports.
 
In his opening remarks, Goyal said, 'Our mission is to build a stronger nation and achieve transformational goals, together with the states. He expressed confidence that with the collective efforts of all the States and Central Government, we will all work together for the better future of people of India.'
 
The Minister appealed to the States to supplement the efforts of the Central Government.
    
Source: Business Standard



Israeli ambassador lay foundation stone of 5th 'Centre of Excellence in Horticulture'.

Dec 03, 2020

Ambassador of Israel to India, Dr. Ron Malka in the presence of Haryana Agriculture Minister, JP  Dalal Wednesday laid the foundation stone of fifth Centre of Excellence in Horticulture which is to come up in district Bhiwani under the Indo-Israel Project.
 
An amount of Rs. 8.25 crore will be spent for setting up the Centre at village Gignau in district Bhiwani.
 
On this occasion, Dr. Ron said both India and Israel will work together in the field of advanced agricultural resources, agricultural research and training for the prosperity and well-being of the hardworking farmers of India. In the field of horticulture in India, Haryana has become the Centre of Excellence, he said.
    
Source: United News of India



Sugar output jumps over two-fold at 42.9 lakh ton in October-November

Dec 03, 2020

India's sugar production jumped over two fold at 42.9 lakh tonnes during October-November owing to early start of mills this season, according to industry body ISMA.
 
Sugar marketing year runs from October to September.
 
According to the data, the country's sugar production stood at 42.9 lakh tonnes during October-November period of 2020-21 marketing year as against 20.72 lakh tonnes in the year-ago period.
    
Source: The Economic Times



Bagra calls for promotion of organic farming, formulation of export policy.

Dec 03, 2020

Commerce and Industries Minister Tumke Bagra called for promotion of organic farming and formulation of an appropriate state export strategy.
 
'Agriculture plays a vital role in the state’s economy, although the agriculture activities that have been taken up in the state are for self-consumption and only countable prospective entrepreneurs have taken up agriculture on a commercial level,' Bagra said during the second national level virtual consultative meeting of the Board of Trade (Earlier Council for Trade Development and Promotion), which was chaired by Union Minister for Commerce and Industries Piyush Goyal on Wednesday.
 
He said the state government under the initiative of the agriculture department has launched the ambitious State Organic Mission on 15 April, 2017, with a vision and action plan for transforming the state into complete organic state.
    
Source: The Arunachal Times



Exporters seek extension of tax benefits for SEZs, presumptive tax for cross-border e-commerce.

Dec 03, 2020

Exporters on Wednesday suggested to the government a series of steps, including extension of fiscal benefits to SEZ units, presumptive tax for cross-border e-commerce and free trade pacts with countries like the US and UK, to boost domestic manufacturing and outbound shipments.
 
These recommendations were made by the Federation of Indian Export Organisations (FIEO) at a meeting of the Board of Trade (BOT) which was chaired by Commerce and Industry Minister Piyush Goyal.
 
Other suggestions included permitting duty free import of equipment required for R&D and product development; setting up of a Niryat Vishwavidyalay; extension of interest subsidy scheme in the new foreign trade policy; and immediate release of GST and drawback funds.
    
Source: Financial Express



Cotton exports likely to jump 40% in 2020-21.

Dec 03, 2020

Cotton exports are likely to jump 40% in 2020-21 to 7 million bales, the highest in seven years, as depreciation of the rupee and a rally in global prices have allowed exporters to clinch contracts. India had exported nearly 50 lakh bales in the previous season.
 
Yarn exports, however, are declining. Senior officials from the South India Mills Association (SIMA) said exports of cotton yarn reached its peak in 2013-14 (1,313.43 million kg), after which it sharply declined. During 2019-20, exports further fell to 959 million kg, primarily because of absence of incentives, which were given to the sector earlier.
    
Source: Financial Express



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