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PLI scheme expected to boost India's manufacturing by $520 billion in five years: PM Modi.

Mar 05, 2021

Prime Minister Narendra Modi on Friday said the Production Linked Incentive (PLI) scheme, aimed to boost domestic manufacturing and exports, is expected to increase the country's production by $520 billion in the next five years.
 
At a webinar on PLI schemes, Modi also said that the government aims to reduce 6,000 compliances at the central and state level.
 
'$520 billion of production is estimated to take place in India in the next five years through PLI alone. There is also an estimate that workforce will double in the sectors that have been given PLI. This will help increase income and demand,' Modi said while addressing India Inc at the webinar organised by the Department of Industry and International Trade and NITI Aayog.
    
Source: The Economic Times



Non-basmati rice exports increase to Rs 26,058 crore during April-Jan.

Mar 05, 2021

The country's non-basmati rice exports have increased to Rs 26,058 crore during April-January 2020-21 as against Rs 11,543 crore in the same period last fiscal, the commerce ministry said on Thursday.
 
Agricultural and Processed Food Products Export Development Authority (APEDA) Chairman M Angamuthu said several measures have been taken in terms of ensuring safety and hygiene while ensuring that rice exports continue uninterrupted.
 
'During April -January 2020-21, the shipment of non-Basmati rice witnessed an impressive spike. The non-basmati rice exports were Rs 26,058 crore (USD 3,506 million) during April-January 2021 against Rs 11,543 crore (USD 1,627 million) reported during April-January 2020 period,' it said.
    
Source: The Economic Times



Bilateral Trade between India Pacific Alliance to touch USD 30 billion: Joint Secretary, LAC, Ministry of Commerce.

Mar 05, 2021

Mr Suresh Kumar, Joint Secretary- LAC, Ministry of Commerce, Govt of India yesterday said that India enjoys very strong diplomatic and deep-rooted relations with the Pacific Alliance Countries.
 
Addressing the inauguration of Namaskar Pacific Alliance organised by FICCI in association with Ministry of Commerce and Industry, Government of India and the launch of FICCI’s Knowledge Paper on India-Pacific Alliance Building Partnerships, Mr Kumar said, 'India’s trade with the Pacific Alliance group has the potential to touch USD 30 billion in short span of time. He highlighted that the bilateral discussions and trade negotiations with Mexico and Colombia could lead to similar trade agreements that India has with Chile.
    
Source: Orissa Diary



Govt promoting agri sector by reforming laws: Narendra Singh Tomar.

Mar 05, 2021

Agriculture Minister Narendra Singh Tomar on Thursday said the government is promoting the agriculture sector through reforms in the laws which seeks to bring revolutionary changes. The government is focusing on the growth and strengthening of India's farming and rural sector, the minister said at an event organised by Asia Pacific Rural and Agricultural Credit Association and NABARD.
 
Tomar also highlighted various steps taken by his government during the last six-and-half years to boost the agriculture sector and enhance farmers' income, according to a release issued by his ministry.
 
He said the government transferred Rs 1.15 lakh crore directly into the bank accounts of nearly 10.75 crore farmers under the flagship PM KISAN programme.
    
Source: The Economic Times



India is the number one country in Asia for Polish investors: Envoy.

Mar 05, 2021

Poland has been among India’s key Central European partners over the past seven decades. And in the last few years has witnessed penetration of Indian businesses. Similarly, Polish investors are buoyant on India. In an interview with ET’s Dipanjan Roy Chaudhury, Poland’s Ambassador to India Adam Burakowski said India is the number one country in Asia for Polish investors and bilateral trade has grown seven-fold over the last decade.
 
How do you describe the current state of relations between India and Poland since the visit of External Affairs Minister to Warsaw in 2019?
 
Our relations are very good both from the political standpoint and trade perspective. The latter can be clearly seen in numbers of 2019 when the bilateral trade summed up to $2.36 billion, but I can see a lot more potential to unfold here. India is the number one country in Asia for Polish investors, the trade between our countries has grown seven-fold over the last decade and we are striving for more.
    
Source: The Economic Times



Saudi Arabia’s Salic to step up India agri investments.

Mar 05, 2021

Saudi Arabia’s Salic, which has 29% minority stake in LT Foods subsidiary Daawat Foods, will step up investments in the Indian agricultural ecosystem, Salic and United Farms Investment Company group chief executive Sulaiman AlRumaih said, during an India visit this week.
 
'We are keen to deepen engagement with the Indian food processing sector; we are evaluating new investment opportunities,' he said.
 
Saudi Agriculture and Livestock Investment Company (Salic), wholly-owned by Public Investment Fund, will invest in agricultural projects and livestock production by partnering with governments across 'multiple geographic areas', the company said.
    
Source: The Economic Times



Jan consumption, investment growth points to faster recovery for Indian economy.

Mar 05, 2021

The Indian economy seems to be moving on the path of faster recovery with key indicators on consumption and investment showing a sharp slowdown in contraction in January, 2021.
 
According to Ecoscope report of Motilal Oswal Financial Services, the country's total consumption (personal and government) contracted 4 per cent YoY in January, 2021, against 4.4 per cent YoY in December, 2020 and 3.4 per cent YoY growth in January, 2020.
 
On the investment front though contraction at faster pace by 4.7 per cent in January, 2021 has been seen, the overall movement since May has been positive as investment contraction has declined at faster pace.
    
Source: SIFY.com



Govt buys paddy worth Rs 1.26 lakh crore at MSP so far this kharif marketing season.

Mar 05, 2021

Procurement of Kharif paddy has increased nearly 15 per cent to 669.59 lakh tonnes at MSP so far in the current Kharif marketing season, costing over Rs 1.26 lakh crore, amid ongoing farmers protest against three new farm laws. Kharif Marketing Season (KMS) starts in October. Paddy is a major Kharif (summer-sown) crop but it is also grown in rabi (winter-sown) season.
 
'In the ongoing Kharif Marketing Season (KMS) 2020-21, the government continues to procure Kharif 2020-21 crops at MSP (Minimum Support Price) from farmers as per existing MSP schemes, as was done in previous seasons,' an official statement said.
 
The government has 669.59 lakh tonnes of paddy till March 3, up 14.78 per cent from 583.34 lakh tonnes in the corresponding period of the previous year.
    
Source: The Economic Times



India shall remain in sunrise sector of growth, says Niti Aayog CEO Amitabh Kant.

Mar 05, 2021

Niti Ayog CEO Amitabh Kant on Wednesday said that India shall remain in the ‘sunrise sector’ of growth as technology is evolving.
 
Kant was speaking at the inauguration ceremony of a robot manufacturing unit of Addverb Technologies in Sector 156, Noida. He said that 75 per cent of India’s export is in those sectors where global trade is merely 25 per cent.
 
'The world is evolving and we need to evolve as well, technologically. Remaining the sunrise sector of growth means evolving in the new technology, which is going to be the future of global trade and demands of which are rising,' said Kant.
    
Source: India Today



FDI inflows up 22% in April-Dec 2020.

Mar 05, 2021

The government on Thursday said that India attracted total foreign direct investment (FDI) of $67.54 billion during April-December 2020, the highest ever for the first nine months of a financial year and 22% higher year-on-year.
 
FDI equity inflows rose 40% in the April-December of FY21 at $51.47 billion, the commerce and industry ministry said in a release.
 
Total FDI inflows including equity inflows, re-invested earnings and other capital were $55.14 billion in the first nine months of FY20 while FDI equity inflows were $36.77 billion.
    
Source: The Economic Times



Director Horticulture Kashmir visits Kupwara, Baramulla.

Mar 05, 2021

He was accompanied by Chairman DDC and members DDC beside Deputy Director Horticulture, Executive Engineer Horticulture (P&M) and other officers of the Department.
 
In District Kupwara Director Horticulture inaugurated newly constructed Horticulture Development office building cum residential quarter at Sogam.
 
The building was constructed at a cost of Rs 69.22 lakh under Capex.
 
Later on Director Horticulture visited Hi Tech walnut nursery Chandigam and took stock of various civil works under construction.
    
Source: India Blooms



Indian cotton prices increase 5% in a month; trade expects upward trend to continue.

Mar 05, 2021

Prices of Indian cotton have increased 5% in the past one month, following the bullish trend in international prices. However, cotton exports are strong as Indian cotton is cheaper than the overseas varieties.
 
Traders, millers and brokers are upbeat that the rising trend in cotton prices will sustain in 2021-22 owing to projections of lower sowing in major cotton growing countries such as the United States, Brazil and India.
 
Cotton prices have increased to Rs 46,000 per candy of 356 kg from Rs 44,000 over the past month as the domestic cotton production is expected to be much lower than expected earlier. As against the earlier estimate of 40 million bales, the industry now expects the 2020-21 cotton production to be about 33 million bales.
    
Source: The Economic Times



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