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India-Oman Bilateral Trade Showing Remarkable Growth In Recent Years

Jul 19, 2018

The India-Oman Joint Commission held its 8th session on 16th - 17th July, 2018 in Muscat, Oman. The Omani Delegation was headed by Dr. Ali bin Masoud Al Sunaidy, Minister of Commerce and Industry and the Indian side was led by Minister of Commerce & Industry, Suresh Prabhu.
 
Both sides reviewed their bilateral trade and noted that the existing volume has shown remarkable growth since the last session of the Joint Commission in 2014. Indian side stated that the India-Oman bilateral trade has registered a growth from US$ 4131.69 million in 2014-15 to US$ 6703.76 million in 2017-18. India's export to Oman has grown from US$ 2379.44 million to US$ 2439.46 million in 2017-18. The total FDI from Oman into India from April 2000 to March, 2018 was of the order of US$ 469.20 million with Oman ranking 31st in terms of Foreign Direct Investment in India.
    
Source: Business Standard



India fastest growing economy in Asia; on track to meet FY18 target: ADB

Jul 19, 2018

Led by India, South Asia will continue to be the fastest growing economic area despite new trade tensions in Asia and Pacific region, Asian Development Bank (ADB) said in a new report today. 
 
Growth in Asia and the Pacific's developing economies for 2018 and 2019 will remain solid as it continues apace across the region, despite rising tensions between the US and its trading partners, said a supplement to the Asian Development Outlook (ADO). 
 
South Asia, meanwhile, continues to be the fastest growing sub-region, led by India, whose economy is on track to meet fiscal year 2018 projected growth of 7.3 per cent and further accelerating to 7.6 per cent in 2019, as measures taken to strengthen the banking system and tax reform boost investment, it said. 
 
The ADO published in April had said that India's economic growth will rise to 7.3 per cent this fiscal and further to 7.6 per cent in the next financial year, retaining the fastest-growing Asian economy tag, on back of GST and banking reforms. 
 
    
Source: Economictimes.indiatimes



Our bilateral relationship with Iran stands on its own: India

Jul 19, 2018

Less than three weeks before the first wave of US sanctions against Iran kicks in, India today made it clear that its bilateral relations with Tehran stand on their own and are not influenced by its ties with any third country. 
 
The assertion was made in Lok Sabha by Minister of State for External Affairs V K Singh while replying to a question on whether India will continue its economic relations with Iran in terms of both oil imports and investment in Chabahar port in the wake of the US sanctions against the Persian Gulf country. 
 
The US has told India and other countries to cut oil imports from Iran to zero by November 4 or face sanctions. 
 
The first set of US sanctions against Iran will kick in from August 6. 
 
Iran is India's third-largest oil supplier after Iraq and Saudi Arabia. Iran supplied 18.4 million tonnes of crude oil between April 2017 and January 2018 (first 10 months of fiscal 2017-18). 
 
India's bilateral relations with Iran stand on their own and are not influenced by India's relations with any third country, Singh said in a written reply, adding, Government will take all necessary measures to safeguard our national interest.
 
    
Source: Economictimes.indiatimes



US, India have complementary interests: Henry Kissinger

Jul 19, 2018

The US and India have complementary interests, former US secretary of state Henry Kissinger has said even as he expressed admiration for New Delhi's strategic policy. 
 
When I think about India, I admire their strategy, Kissinger said during a rare appearance in Washington to attend the first annual leadership summit of the US-India Strategic and Partnership Forum(USISPF) last week. 
 
The US and India have complementary interests. The beauty of that is that we don't need to make an alignment because it is already there, Kissinger said during his participation in a chat with USISPF chairman John Chambers. 
 
The session with Kissinger was closed for the media. A part of his remarks were released by USISPF yesterday.
 
With Kissinger's appearance, the first annual leadership summit of the year-old USISPF was billed as a success. 
 
    
Source: Economictimes.indiatimes



Government to offer incentive on exports of milk products

Jul 19, 2018

The government is considering incentivising exports of milk products, adding milk to mid-day meal rations as well as reducing GST and increasing import duty on certain products as it seeks ways to ensure better returns for dairy farmers. 
 
On Tuesday, the Centre convened a high-level inter-ministerial meeting under transport minister Nitin Gadkari to discuss these measures, even as a strike by dairy farmers in Maharashtra continued for the second day. Railway minister Piyush Goyal, who also holds the finance and coal portfolios, Amul managing director RS Sodhi, Maharashtra State Commission of Agricultural Costs and Prices Centre chairman Pasha Patel attended the meeting, with agriculture minister Radha Mohan Singh joining in through videoconferencing.
 
Gadkari will hold another meeting on Wednesday with external affairs minister Sushma Swaraj, human resource development minister Prakash Javadekar, minister for women and child development Maneka Gandhi and the agriculture and railways ministers to finalise the measures. 
 
Today, along with union ministers Radha Mohan Singh and Piyush Goyal and officials we discussed challenges faced in the milk production sector. We have decided to offer a 10% incentive on exports of milk and milk products. Tomorrow, we will meet again to explore available options, Gadkari tweeted. Later, he said they were also looking at providing milk products as a part of midday meals at schools. 
 
 
States would soon be asked to come on board. Also, there are a lot of countries that receive grants from India. Some of these have shortage of milk. We could offer them milk powder as a part of grant. We are finding out ways to push the retail demand of milk. 
 
I urge people to replace cold drinks with milk," Gadkari told reporters. Sources said they also considered cutting GST on ghee and butter to 5% from 12% and increasing import duty on lactose to 60% from 40%. Government officials said dairy cooperatives have a stock of more 1.5 lakh tonnes of skimmed milk powder — used for preparing liquid milk in the summer when supplies are short — and they could easily export 50,000 tonnes if an export subsidy was given, helping firming domestic prices. 
 
    
Source: Economictimes.indiatimes



India aims to export sugar to Indonesia

Jul 19, 2018

India is seeking to promote exports of its raw sugar to Indonesia as a part of its efforts to achieve US$50 billion in bilateral trade with Indonesia by 2025, its ambassador has said.Indian Ambassador to Indonesia Pradeep Kumar Rawat addressed the intention during an India-Indonesia business forum on sugar trade in Jakarta on Tuesday, saying that India had exported sugar to Indonesia from the late.

    
Source: Thejakartapost.com



PM Narendra Modi holds meeting on new agri-procurement models to ensure MSP

Jul 19, 2018

Prime Minister Narendra Modi on Tuesday discussed about the financial implication of the proposed procurement mechanism to ensure that farmers get MSP if market prices fall below the government's benchmark rate.
 
In his Budget 2018 speech, then finance minister Arun Jaitley had announced that think-tank Niti Aayog in consultation with central and state governments will put in place a fool-proof mechanism to ensure farmers get benefit of the minimum support price (MSP).
 
According to sources, senior officials of Niti Aayog made a presentation before the Prime Minister on the proposed procurement mechanism and its financial implication.
    
Source: Business Standard



Mango exports break all record this year

Jul 19, 2018

 The country has exported around 1,190 tonne of mangoes to the United States of America (USA) this season — an all time high.
 
The Countrys mango  export to the US recorded a rise of 11% as compared to the last year’s figure of 1,072 tonne. However, the exporters had projected around 30% rise in figures, but the recent farmers’ strike affected the supply of mangoes drastically.
 
 
    
Source: Times of india



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