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India, UAE discuss ways to increase investments
Oct 16, 2018
India and the UAE Monday discussed ways to increase investments in areas including highways, airports and infrastructure
The issue was discussed during the meeting of the UAE-India High Level Joint Task Force on Investments.
Both sides deliberated on opportunities for cooperation and investment in both countries. Also discussed in specific detail a number of potential investment projects in India, in the highways sector; infrastructure corridor projects, Sagar Mala projects and new greenfield airports, Commerce and Industry Minister Suresh Prabhu said in a series of tweets.
Prabhu also announced a fast track mechanism between India and the UAE to attract investments.
Announced special, dedicated UAE Plus desk to be constituted under Invest India with Arabic speaking officials to help (facilitate investments), he said.
He said that both the sides reviewed progress in addressing the agreed actions in the previous meeting at Abu Dhabi in January.
The bilateral trade between the countries stood at USD 49.88 billion in 2017-18, as against USD 52.7 billion in the previous fiscal.
Sikkim CM calls for global effort to make agriculture organic by 2050, gets UN award
Oct 16, 2018
Sikkim Chief Minister Pawan Chamling on Monday called for global cooperation to make agriculture totally organic the world over by 2050, citing the achievement of his Himalayan state in north-east India.
Addressing a news conference at the Chamber of Deputies in the Italian Parliament, Chamling said to heed the warnings of climate scientists about impending dangers, the world must adopt farming without chemical fertilisers and pesticides as that would help reduce carbon emissions by 50 per cent.
If we can do it in Sikkim, there is no reason it cannot be done elsewhere, he said.
Chamling received the UN Food and Agriculture Organisation's (FAO) Future Policy Gold Award for Sikkim's achievement in becoming the world's first totally organic agriculture state.
The member of Parliament from Chamling's Sikkim Democratic Front, Prem Das Rai, was among those who attended the awards ceremony here.
The news conference was hosted by the leaders of Italy's Agriculture Commission and Environment Committee, who praised Sikkim's achievement as a trendsetter for the world.
India attracted USD 22 bn of FDI flows in first half of 2018: UN report
Oct 16, 2018
India attracted USD 22 billion of FDI flows in the first half of 2018, according to a UN report which states that the global foreign direct investment dropped by 41 per cent in the same period due to tax reforms carried out by the Trump administration.
The UN Conference on Trade and Development (UNCTAD) said on Monday in its 'Investment Trends Monitor' report that in South Asia, India attracted USD 22 billion of FDI (foreign direct investment) flows, contributing to the subregion's 13 per cent rise in FDI in the first half of the year.
The report, however, said that with the USD 22 billion FDI, India just about managed to make it to the top 10 host economies receiving the most FDI during the period.
China was the largest recipient of FDI, attracting an estimated USD 70 billion in inflows in the first half of the year, followed by the UK with USD 65.5 billion, the US with USD 46.5 billion, The Netherlands at USD 44.8 billion, Australia with USD 36.1 billion, Singapore got USD 34.7 billion and Brazil received USD 25.5 billion, it said.
Global foreign direct investment fell by 41 per cent in the first half of 2018, to an estimated USD 470 billion from USD 794 billion in the same period of 2017, mainly due to large repatriations by the US parent companies of accumulated foreign earnings from their affiliates aboard following tax reforms, the report said.
China reaches out to India for joint projects in South Asia
Oct 16, 2018
China has reached out to India to create joint projects in South Asia similar to Sino-Indian joint projects in Afghanistan.
Speaking at the launch of joint Indo-China project for training Afghan diplomats in New Delhi on Monday, Chinese Ambassador to India Luo Zhaohui suggested that China-India Plus cooperation should be extended from Afghanistan to other countries such as Nepal, Bhutan, Maldives, Iran and Myanmar.
He further said that both sides should join under the mechanism of SAARC, BIMSTEC and BCIM to promote regional peace, stability and prosperity. Sources here indicated that India is not in favour of expansion of SAARC to include China, and BIMSTEC is being strengthened as a sub-regional organisation amid Chinese inroads.
And BCIM, or Bangladesh-China-India-Myanmar, has not made much progress. Last week, China reached out to India seeking to join hands amid trade war with the US.
The training programme is the first step for China-India Plus cooperation in Afghanistan. China and India have respective advantages.
For example, India has remarkable edge in agriculture and medical services, and China in hybrid rice and poverty reduction. I am sure that in future, China-India cooperation in Afghanistan will span from training programme to more concrete projects, said Luo.
ET was the first to report that India and China will launch a project to jointly train Afghan diplomats as the first initiative under Sino-Indian joint projects for the landlocked country.
India and China, as decided by PM Narendra Modi and President Xi Jinping at the Wuhan Summit, hopes to undertake joint projects in three sectors in Afghanistan — health, education and food security — which are people-centric and noncontroversial in nature.
PM Modi to visit Japan on October 28-29
Oct 16, 2018
Prime Minister Narendra Modi will pay an official visit to Japan on October 28-29. Modi will hold the annual India-Japan summit with his Japanese counterpart Shinzo Abe.
The meeting will focus on bilateral, regional and global issues of mutual interests, the External Affairs Ministry said on Friday.
It will be the fifth annual summit meeting between Modi and Abe and their 12 meeting overall since 2014.
Besides bilateral issues, the two leaders are expected to deliberate on a range of regional and global issues including the situation in the Indo-Pacific region.
Under the framework of the Special Strategic and Global Partnership between India and Japan, the two leaders will have wide-ranging discussions over two days on bilateral, regional and global issues of mutual interest, the MEA said.
It said the prime minister's visit will reaffirm the traditional bonds of friendship between the two countries and strengthen their multi-faceted cooperation in diverse fields. It will also advance the the vision of India and Japan working together to promote peace and prosperity in the Indo-Pacific region and beyond, the MEA said.
India TV News
Egg production to touch 100 billion per annum soon
Oct 16, 2018
The country’s egg production will soon touch 100 billion annually from nearly 90 billion as the poultry sector is growing rapidly and becoming organised.
Addressing a conference to mark World Egg Day, the Minister of State for Agriculture, Parshottam Rupala, said the poultry sector is growing rapidly and is contributing to the country’s food security.
The sector provides a lot of employment opportunity and would help immensely in achieving the government’s target of doubling farmers’ income by 2022. Poultry business does not require huge investment, he said.
The Minister of State for Agriculture, Krishna Raj, spoke about the importance of eggs in daily life. Eggs are clean and healthy food, she said.
Speaking at the event, Agriculture Secretary Tarun Shridhar said the country’s poultry sector is estimated at Rs 1 lakh crore. Egg production is about 90 billion and will soon reach 100 billion per year, he added.
Stating that the poultry sector was growing at 6 per cent annually, he said the sector has become organised which would help in tapping export markets. At present, the availability is around 70 eggs per person per year, while as per National Nutrition Institute this should be about 180 eggs per person.
The Hindu Businessline
ET View: Incentivise innovation to spur export growth
Oct 16, 2018
The latest figures show that India’s goods exports declined 2.15% in September (over the like period last year), with the total for the month adding up to $27.95 billion. The decline is almost entirely statistical, as the seeming fall is due high growth in the previous September. Nonetheless, it would make perfect sense to streamline and expedite disbursal of blocked tax credits due to exporters under the goods and services tax (GST) regime, without further delays.
We also need to address structural issues holding back growth in exports, like high logistics and transaction costs.
Note that exports in the goods segment during September, 2017 grew at an abnormally high rate of about 26%, due to cut-off date for duty drawbacks at pre-GST rates. This time around, while overall goods exports have dropped, that for drugs and pharmaceuticals, chemicals, and cotton yarn, fabric and handloom products have all posted upticks.
In the first half of this fiscal, exports have notched 12.54% growth, while that for imports add up to 16.16%. Increased imports can well rev up exports, albeit with a lag.
West Europe keen to source Food and Beverage from India
Oct 16, 2018
The European supermarket chains along with top manufacturers of processed food will be sourcing their Food and Beverage (F&B) necessities from India during the Indus flood-II; the export-focused yearly F&B trade fair conducted by Trade Promotion Council of India (TPCI) together with Commerce and Industry Ministry.
TPCI held talks with Maria Carillo, International Director of FIAB - Spanish Federation of Food and Drink Technology- for mutual cooperation and promotion of dairy sectors of both the countries. Carillo has shown keen interest in sending a team to India during the Indus flood-II to source their raw food requirements from India. It is important to mention that milk plays an important role in northern Spain as it is the key agricultural produce with the dairy industry that contributes to 9 percent of gross added value of Spanish food and drink sector.
Indusfood is an exhibition, the second edition of which will be held from 14 to 15 January 2019 in Greater Noida. The exhibition will display India’s best array of food, beverages and agriculture products to international buyers, many of whom have already assured to participate in the event. A statement released by the ministry said, The Indusfood-II is likely to see the involvement of more than 600 buyers from about 50 countries.
It will also create interest in a big basket of brands, private labels and bulk purchase prospect of raw items that India could offer to the world.
Indusfood-2019 will also witness participation of many foreign government delegations and delegates of big foreign companies involved in strategic purchase of food commodities through investments or long-term purchase agreements to attain the food security of their country.
To recall, Indusfood-I, that was held early this year, witnessed global buyers from around 43 countries and 320 Indian exporters, from 12 categories of Food and Beverage industry. It had generated an estimated business of $650 million.
Electronic spot exchanges to help government bring agriculture price stability
Oct 16, 2018
Cropping decisions continue to be driven by price-adaptive behaviour of Indian farmers. Such decision-making manifests as the most remunerative crop in the last season being sown over larger acreage in the current season, leading to an inevitable price crash. Pulses prices reigning high two years ago is still fresh in the minds of the farmers, leading to record output amid prices of pigeon pea and chickpea ruling significantly below their support prices for most of the year so far. As per the fourth advance estimates for 2017-18, cereal-output is at an all-time high of 259.59 million tons (mt), up from 251.98 mt and 235.22 mt in the previous two years, and pulses are at 25.23 mt as against 23.13 mt and 16.35 mt. The supply glut in the pulses market, during 2017, severely eroded prices, with massive deflation of 24.6% (by July-August) in prices. Monsoon 2018 may lead to another year of bumper crop output, and may derail any recovery hopes that exist for pulse growers.
Against this backdrop, the government disrupting the conspicuous bumper production-price drop cycle through consistent higher support prices is worth examining. The government has taken various measures to prevent the drop in prices. Import duties have been hiked for chickpea, pigeonpea and other lentils apart from quantitative caps on imports. Import duties on edible oil have been hiked four times in the past ten months against a plunge in the last kharif season, and the impact is visible on oilseed prices. Just after the hike in duty, soybean prices have rallied by more than 30% while groundnut prices also recovered, despite pick up in their production estimated 23% higher over last year’s 74.62 mt. Sharp fall in CBOT soybean and BMD palm oil prices to multi-year lows in the recent past have once again pulled down Indian oilseed prices. However, such plummeting of soya prices in the global market is largely linked with the ongoing trade war. The hike in import tariffs seems to fortify the Indian edible oilseeds production well.
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