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Strategic investments after sectorial analysis to boost economic growth: Suresh Prabhu
May 17, 2019
Strategic investments based on a clear sectorial analysis will further strengthen India's economic growth, Union Commerce Minister Suresh Prabhu said Thursday.
He also emphasised on focussing on district-development led growth to drive inclusivity in the society.
To increase economic growth, we need to facilitate strategic investments, based on clear sectorial analysis, said Prabhu at the 'Policy Round Table' organised by industry body CII in Mumbai.
At a time when the global economy is reeling under uncertainty due to the ongoing trade war between the US and China, India has seen its exports grow and will benefit further due to this, a statement said quoting the minister.
Prabhu said that for inclusive and holistic development of the economy, it is key to focus on district development.
Experts from the financial sector opined that re-routing is good for Google Maps, but not for the financial sector. They suggested that the regulators and non-banking financial companies (NBFCs) need to closely track the signals coming from the providers of risk capital about the NBFCs they are investing in.
India’s grape exports to Europe surge by 31%
May 17, 2019
India closed its grape export season of 2018-19 with a 31 per cent rise in export of the fruit to Europe, the most premium market. Exports to Russia, China and other destinations are expected to have increased by about 25 per cent to 30 per cent.
According to Agricultural and Processed Foods Development Agency (Apeda), India’s grape exports rose from 92,286 tonnes in 2017-18 to 1,21,469 tonnes in 2018-19. The Netherlands, UK and Germany accounted for 90 per cent of India’s grape exports to Europe. In 2017-18, India had exported grapes worth Rs 1,900 crore to Europe, though the year-on year rate of growth had declined in that year.
Grape prices had slumped during the middle of the season for six weeks from mid-February till end of March due to oversupply. As against the expected price level of 9 to 10 euros for a box of 5 kg grapes, we went with a price of 5 to 7 euros, said Vilas Shinde, chairman of Nashik-based farmer producer company Sahyadri Farms, which is India’s top corporate exporter.
Shinde said that due to the slump in prices in Europe, realisations of farmers declined by an average ?15/kg during the middle of the season, which again improved in April.
Though Apeda is yet to compile data about the export of grapes to Russia and other destinations, Jagannath Khapre, president, All India Grape Exporters Association said, We believe that the export of grapes to Russia and other countries must have increased by 25 per cent to 30 per cent .
India Mexico inaugurate a business chamber to encourage more trade and investments
May 17, 2019
With bilateral India-Mexico trade crossing $ 10.15 billion in 2018, India-Mexico Business Chamber (IMBC) has been inaugurated with the basic objective to strengthen the growing India Mexico economic and commercial linkages.
Terming it a positive development, speaking to Financial Express Online, Muktesh K Pardeshi, ambassador of India in Mexico said With more than 180 Indian companies present in Mexico, the need for a bilateral form was felt acutely and to also facilitate a better understanding of business potential on both sides.
According to him while India is the 9th biggest trade partner of Mexico, it has invested over $ 3 billion in Mexico and our companies provide employment to over 30,000 Mexicans.
The total trade in the last 10 years has increased 240 percent out of which 75 percent came in the last 3 years since 2015. As has been reported by Financial Express Online it has gone up to $ 6.4 billion in 2016 to $ 10.16 billion in 2018.
According to the data from the Mexican Ministry of Economy, a decade ago India did not find a spot even amongst the top 20 trading partners of Mexico but in 2018 it is on the ninth spot as the most important global trading partner. Indian exports registered a 4.2% growth from $ 5.02 billion to $ 5.231 billion in 2018.
Our total imports registered 47% growth while only the non-oil imports registered 65% growth from Mexico. Exports growth has suffered primarily because of the suspension on dry chillies import by Mexico since May, 2017, a market of at least $ 50 million for India,said the Indian envoy.
The Commercial Wing of the Indian embassy in Mexico had been planning the revival of the Chamber which had been dormant since 2012. After several rounds of meetings between 27 Indian and Mexican companies in the last six months, Inder Pal Singh, CEO, Tynor Comercializadora SA de SV was unanimously chosen as the president IMBC.
Also, crude oil is the most important commodity in the trade basket accounting for $3.2 billion in 2018.
According to Dr Garciela Marquez Colin, Minister of Energy, Mexico, “For its part, Mexico has surpassed Brazil as the first destination for exports from India to Latin America. The remarkable performance of bilateral trade and its consequent exponential growth are examples of the possibilities of collaboration between these two emerging economies.
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Nepal-India Franchise expo formally inaugurated today
May 17, 2019
Nepal Finance Minister Yubaraj Khatiwada on Thursday formally inaugurated the biggest franchise and investment expo of the country, Nepal-India Franchise Investment Expo and Conclave.
Indian Ambassador to Nepal, Manjeev Singh Puri also attended the occasion organised at Hotel Yak and Yeti in Kathmandu.
The two-day event, held on May 15 and May 16, provides a platform for the Indian companies to expand their reach in the Nepali markets as well as bridge the entrepreneurs from Nepal who wants to get connected to the renowned Indian companies.
On the occasion, Khatiwada said such events would enable in spurring new business ideas in Nepal.
"This kind of expo may provide learning opportunities to you. You might also get some new clues on how to do businesses. Such expos would definitely help us to share experiences and motivate us to move towards that direction," Khatiwada said.
The expo, which ends on Thursday, was earlier expected to be inaugurated by Prime Minister KP Sharma Oli. But due to some urgent meeting, the Prime Minister sent Khatiwada to attend the ceremony on his behalf.
Over 100 brands, mostly from India, had participated in the expo, hoping to find a partner who can help them in bringing their services to the Himalayan country as Franchise.
On the occasion, Puri focused on how to develop shared cooperation between Nepal and India that India had achieved with the start of Start-Up India" campaign initiated by Prime Minister Narendra Modi in January 2016.
Panel of 11 to frame Maharashtra's agriculture export policy
May 17, 2019
In a bid to consolidate its position as a leader in agriculture exports, the state government will soon formulate its own policy. The government has formed an 11-member committee headed by the agriculture commissioner Suhas Diwase to pen the policy and submit it by May 31. The state's policy will be drafted taking a cue from the Centre's agriculture policy released last year which aimed to double agricultural exports from the current $ 30+ billion to $ 60+ billion by 2022 and reach $ 100 Billion in the next few years thereafter, with a stable trade policy regime.
Grapes, mango, pomegranate and banana are the major fruits exported from the state. The area under various fruit crops during 2016-17 was 7.42 lakh ha of which the area under mango was 1.57 lakh ha, orange 1.08 lakh ha, sweet orange 0.33 lakh ha, pomegranate 1.41 lakh ha, banana 0.82 lakh ha, sapota 0.16 lakh ha and grapes 1.04 lakh ha. In addition to this, the state also exports vegetables, onion and rice.
The policy will strengthen the entire eco-system especially from the pre and post harvesting, cold chain and the quality of produce. There is a rising demand for medicinal plants and nutri cereals and value-added produce. The policy will lay down a framework on how to tap the global market, said Diwase.
Maharashtra currently accounts for more than 50% of the country's agriculture exports. State exports 60-70% of the fruits, vegetables and cereals annually.
The state marketing board has put in place 44 export facilitation centres with assistance from the Agricultural and Processed Food Products Export Development Authority (APEDA), and the National Agriculture Development Commission.
The state government has already taken a decision to develop six clusters in accordance with the Centre's agri-export policy. The focus will be to increase exports of bananas, oranges, pomegranates, onions, grapes, and mangoes.
Taiwan looks to fast-track FTA talks with India, eyes higher tech exports
May 17, 2019
With an eye on carving out a larger share of the Indian tech products and precision tools market, Taiwan is looking to fast-track discussions on a trade deal with India.
Talks are on and we expect things to move quickly after the bilateral investment promotion agreement was signed last year. We look forward to the prospects of a free trade agreement (FTA), James C F Huang, chairman of the Taiwan External Trade Development Council (TAITRA), said, on the sidelines of the Taiwan Expo 2019.
New Delhi had hitherto decided against vigorously pursuing investments from Taiwan because it did not want friction with China, which considers Taiwan its own and has refused to recognise the Taipei-based government over the past 70 years. But the situation has changed, and trade talks are expected to move smoothly, a commerce department official said.
We have few FTAs due to political difficulties. As a result, our products have to be more competitive and of better quality, as they face high import duties in most countries, Walter M S Yeh, president and chief executive officer of TAITRA, said.
However, the nation is systematically building up trade partnerships, currently with seven FTAs and three preferential trading agreements, one of which is with manufacturing and consumer behemoth China.
Centre procures 29 million tonne of wheat so far
May 17, 2019
The Centre has purchased 29.26 million tonne of wheat from farmers in the ongoing 2019-20 marketing year so far, according to latest government data.
The Centre has set the wheat procurement target at 35.7 million tonne for the 2019-20 marketing year (April-March) on hopes of a record 100 million tonne production this year.
State-run Food Corporation of India (FCI) along with state government agencies buy wheat at the minimum support price to meet the demand of welfare schemes.
Wheat MSP has been fixed at Rs 1,840 per quintal for this year.
As per the data, the FCI and state agencies have procured 29.26 million tonne of wheat so far this year.
About 12.1 million tonne of wheat has been purchased in Punjab and 9 million tonne in Haryana so far in the current marketing year.
Around 5.3 million tonne of the grain has been procured in Madhya Pradesh, 1.93 million tonne in Uttar Pradesh and 8,59,000 tonne in Rajasthan in the said period.
Also, FCI is facing space crunch to keep the new wheat crop because of huge stock in the godowns. As a result, the agency has decided to offload 10 million tonne wheat to bulk consumers during this fiscal.
Last year, the government had procured 358 lakh tonne, surpassing the target of 320 lakh tonne. Wheat procurement normally starts from April.
The Hindu Business line
India to benefit from US-China trade war: Experts
May 17, 2019
The ongoing trade war between the US and China will help India tap export opportunities in both the countries in areas such as garments, agriculture, automobile and machinery, according to trade experts.
Professor at Indian Institute of Foreign Trade (IIFT) Rakesh Mohan Joshi said the US has broadly targeted intermediate components from China, particularly machinery and electronics, whereas China is targeting American automotive and agricultural products including Soybean.
These areas offer huge opportunities for India. Strong opportunity is unfolding for India in apparel and readymade garments as after China, India is the only country in the world to match the scale of operations and integrate its supply chain for global customers, Joshi said.
He added that India needs to make use of this opportunity to significantly enhance its exports especially in information and communicationsNSE 0.47 % technology (ICT) and the automotive sector.
To effectively harness the emerging opportunities, India needs a carefully crafted strategy and its meticulous implementation at the grass-roots level, he said.
Sharing similar views, the Federation of Indian Export Organisations (FIEO) said the trade war between the US and China is benefitting India.
FIEO President Ganesh Kumar Gupta said India's exports to the US went up by 11.2 per cent in 2018, while to China it rose 31.4 per cent in the same year.
China is also more willing than ever before to provide better market access to India on a wide range of agriculture and processed food products. India would be getting better access to Chinese market as China would like to prove to its citizen that the tariff war has little or no impact on it, he said.
The US and China are significantly raising import duties on each others' products. In international commerce parlance, trade war means increasing import duties by trading partners.
Recently, the US increased import duties from 10 per cent to 25 per cent on USD 200 billion worth of Chinese imports. The US is demanding China to reduce the massive trade deficit which last year climbed to over USD 539 billion.
This year's mangoes are of great quality, and pricey
May 17, 2019
First, the good news: This year’s mangoes will be delicious compared with last year. The bad news Prices might go up soon as demand and export peaks.
According to horticulture experts, prices of the ‘king of fruits’ are yet to go down in the market as this year’s produce is of high quality. Another reason for the high price is this year’s yield, which is estimated to be lesser than the previous year.
While Banganpalli is priced at Rs 120 a kilo, prices of Alphonso are hovering at Rs150-180 for the naturally ripened and organic varieties. Raspuri, which is usually priced around Rs 50 a kilo, is selling at Rs 80. And as demand and exports surge, prices are likely to go up this season, feel experts.
Karnataka’s yield this year is estimated to remain at eight lakh metric tonnes, said C G Nagaraju, managing director, Karnataka State Mango Development and Marketing Corporation.
Mango is cultivated on 1.8 lakh hectares in Karnataka, with 50% of the cultivation occuring in Kolar, Chikkabalapur and Ramanagara.
This year, the yield is of high quality. The size of the mango could be small because there has been a long dry spell. However, the taste is great,Nagaraju said, adding that last year there was a delayed flowering and the quality was not maintained.
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Agricultural & Processed Food Products Export Development Authority
(Ministry of Commerce & Industry,
Govt. of India)
NCUI Building 3, Siri Institutional Area, August Kranti Marg, New Delhi - 110 016
Phone : 91-11-26513204, 26514572, 26534186
Fax : 91-11-26526187