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Suresh Prabhu confident India will become $10 trillion economy before 2035
Dec 11, 2018
Sovereign wealth funds and international pension funds with deep pockets should invest in India’s growth story especially in the infrastructure, agriculture and startup sector, said Union minister for commerce and industry Suresh Prabhu here on Friday.
The minister said he was optimistic about India’s economy saying, that the best has yet to come.India’s economy offered higher returns and lower risks compared to other emerging and developed nations, said Prabhu and also announced that India’s economy was poised to grow into a $10 trillion economy by 2035.
The idea is essentially to get you exposed to the opportunities available in India, Prabhu said while addressing global investors and venture capitalists at the Start Up India Global Venture Capital Summit.
A $10 trillion economy is a certainty before 2035. Just imagine, India will be adding $7.5 trillion to its GDP in a matter of 15-16 years.
The Union minister also announced that the Global Venture Capital Summit would be an annual feature with Goa as the permanent destination. Around 100 investors from US, Japan, Europe and other countries were present at the summit.
The event will happen every year on the first Friday of December here in Goa and we will make it even better next year, he said.
In his opening remarks, Prabhu said that he had already spoken to the International Finance Corporation (IFC) about his desire to partner with, sovereign wealth funds and pension funds, large funds which have deeper pockets to invest in key sectors of India’s economy including in IT startups.
Times of india
India-Romania bilateral trade could touch $1 billion in FY19
Dec 11, 2018
Bilateral trade between India and Romania could touch USD 1 billion in the fiscal 2018-19, a top diplomat of that country said on Monday.
The total bilateral trade currently stands at USD 810 million.
Trade in the first 10 months has grown in the high double digits. I think in the current fiscal, it will grow to touch USD 1 billion, Ambassador of Romania to India, Radu Octavian Dobre said at an interactive session with the Indian Chamber of Commerce.
He said the European country was looking to boost ties with India on all fronts, including trade and culture.
In November, Romanian Foreign Minister Teodor Melescanu was in India on a four-day visit to bolster relationship between the two countries.
Dobre sought investment in agriculture, tourism and other sectors, and said Romania offers a conducive environment and low taxation without any capital repatriation restrictions.
EU welcomes India’s increasing global role
Dec 11, 2018
The EU on Monday welcomed India’s increasing role and responsibility on the global stage through its “ambitious foreign policy” and fast growing economy.
EU Foreign Ministers released a statement here, saying that the 28-member bloc supports increased cooperation with India on common security interests such as counter-terrorism, radicalization, cyber security, hybrid threats, maritime security and non-proliferation and disarmament.
Cooperation on crisis management, including military-to-military relations, should be pursued in order to enhance mutual confidence, joint assessments and responses, it said.
The bloc underlined the importance of the strategic partnership between the EU and India based on shared values of democracy, rule of law, respect for human rights, commitment to the rules-based global order, effective multilateralism and sustainable development.
The ministers endorsed the Joint Communication “Elements for a European Union strategy on India” by the High Representative Federica Mogherini and the European Commission, which provides the policy framework for the bloc’s deeper and broader engagement with India over the coming years.
Why Myanmar matters so much for India
Dec 11, 2018
Ram Nath Kovind will be on a four-day state visit to Myanmar starting on December 10. This will be the fifth high-level visit between the two countries in the last four years. Prime Minister Narendra Modi's visit last year was the third by an Indian prime minister in five years and his second in three years.
THE HISTORY : The two neighbours did not have very good relations between much of 70s and 80s. That was because of India's support for democracy in Myanmar following its takeover by the military regime in 1962. Relations started to improve only in the 1990s.
TO FIGHT TERROR: India shares 1,600 km land border with Myanmar (touching Arunachal Pradesh, Nagaland, Manipur and Mizoram) and a maritime boundary too. That makes it an important ally to end insurgency in the north-east. Insurgent groups operating in the north-east have often used Myanmar as a base.
FOR BUSINESS: Myanmar is a member of Asean (the economic bloc of some of the fastest growing Asian economies) which makes it an important link to South East Asia, with which India is seeking greater economic integration.
FOR DOMESTIC TRADE: India is building the Kaladan project in Myanmar to link Kolkata to Sittwe in Myanmar and further from (Myanmar's) Kaladan river to the north-eastern states. The project will connect the Indian mainland to the north-east via sea and create an alternative route for goods from north-east to the rest of the country.
Times of india
India, WTO members suggest changes in norms for dispute resolution body
Dec 11, 2018
Expressing concerns over delay in appointment of members in appellate body of WTO's dispute settlement system, 13 countries, including India, European Union and China, have floated a proposal Monday to amend norms for smooth functioning of the dispute resolution mechanism.
There is an issue in appointment of members to the appellate body of the World Trade Organisation's (WTO) dispute settlement mechanism. The US has blocked appointment of these members. It is creating uncertainty in the functioning of a key arm of the Geneva-based multi-lateral body.
We are deeply concerned that the enduring absence of consensus in the Dispute Settlement Body (DSB) to fill the vacancies on the Appellate Body risks undermining the viability of the WTO dispute settlement system.
To this end, we call on all members to fill the vacancies and to amend certain provisions of the understanding on rules and procedures governing the settlement of disputes. The proposed amendments aim at improving the DSU (dispute settlement undertaking) while addressing the concerns that have been raised on these issues, the 13 members have said in a communication to the WTO.
The proposed amendments include continuation of an outgoing appellate body member to complete the disposition of a pending appeal in which a hearing has already taken place during that member's term.
Trade expects new agri policy to give impetus to sector
Dec 11, 2018
The new trade policy for agriculture, which aims to double India’s farm exports to more than $60 billion by 2022, will give a fillip to agro trade and industry, said companies and exporters. They anticipate policy measures such as support for infrastructure and logistic, focus on clusters and greater involvement of state governments to open new avenues for investment, apart from ensuring remunerative rates for farmers.
The union cabinet, on Thursday, approved the Agriculture Export Policy, 2018 that imposes no restrictions on export of organic and processed products. However, the government will keep a check on the movements of price- and supply-sensitive commodities through periodic reviews on a case-to-case basis.
Till date, India’s agriculture exports were more opportunistic or accidental in nature without proper policy backup, which did not necessarily create additional value for farmers, said exporters. With the new policy measures, they are confident of having better predictability for exports of agri and agri-based produces.
This is a welcome step in doubling farmers’ income by ending restrictions for exports, providing institutional ways for market access and settling quality claims, said Ashok Sharma, managing director of Mahindra Agri Solutions.
'Organic farming the way forward to ensure health security'
Dec 11, 2018
Governor of Andhra Pradesh and Telangana E S L Narasimhan Sunday said it is necessary for the agricultural scientists to ensure that the food that is available is pure and healthy.
He said organic farming is the way forward to ensure this.
Speaking at the second convocation of the Professor Jayashankar Telangana State Agricultural University here, the governor stressed the need for educating the farmers about organic farming to have healthy and nutritious food, which also avoids chronic disease like cancer in human beings .
There appears to be a large scale use of insecticides and pesticides in food production and there is a general perception among the people that the incidence of cancer is on the rise because the food that is consumed is no longer pure and healthy, an official release quoted the governor as saying.
Narasimhan said it is not the quantity of food produced that is important but it should also provide health security. He said organic farming should be taken up in a very big way as many of the states have already gone into it.
Farmers should also be sensitised about the advantages of micro irrigation, crop diversification, herbal plantation, harmful effects of use of excessive pesticides, crop colonies, value addition of crops for remunerative farming, he said.
The governor also emphasised on the need to take up herbal plantation in a big way as recent research into the ancient Indian herbal medicines showed that it can be an antidote to many serious ailments such as cancer.
He said agricultural scientists should focus on medicinal plantation also and not just paddy, wheat etc. As people are using them in a big way. He said diversification of crops will help in doubling the incomes of the farmers.
Costs of cultivation can be reduced by use of technology and micro irrigation etc, he said. The governor said plenty of water is available in the country and it is the utilisation that is to be taken care of.
He stressed the need for a national water policy for optimum utilisation of water that is available in the country which can avoid unnecessary water wars and water disputes, the release said.
Narasimhan further said that making agriculture a profitable proposition would address the issue of migration from rural areas to urban areas.
The governor also advised the agriculture scientists to provide guidance to the farmers on utilisation of land and forming of crop colonies with different crops and not just paddy alone by linking to the aid given by Central government.
Kazakhstan opens consulate in Gujarat to push business ties
Dec 11, 2018
Central Asia's biggest and resource rich Kazakhstan on Monday opened consulate in Gujarat, home state of PM Narendra Modi to further business partnership.
The Honorary consulate will be headed by businessman and managing director of the company Chandan Steel Limited, Dilip Chandan.
The opening ceremony of the Honorary Consulate was attended by Kazah Ambassador to India Bulat Sarsenbayev, Chief Minister of Gujarat, Vijay Rupani, State Minister of Public Development of Gujarat, Ramanbhai Patkar, Member of the Indian Parliament Devji Patel.
Sarsenbayev noted the symbolism of the event on the eve of the 27th Anniversary of the Independence Day of the Republic of Kazakhstan. He expressed confidence that the Honorary Consulate will contribute to the further development of mutually beneficial cooperation between Kazakhstan and India in the fields of IT industry, engineering, tourism and transport and logistics infrastructure, as well as agriculture.
Kazakhstan has plans to link Gujarat's Mundra Port via multimodal transport through Iran.
Rupani expressed confidence that the opening of the Consulate would make a significant contribution to the deepening of bilateral economic ties and increase the flow of mutual investments.
Export of raw sugar: Millers expect sweet deal from China
Dec 11, 2018
Sugar millers from the country are in hectic parleys with a visiting Chinese delegation that is interested in importing sugar from India. Indian millers are seeking to export at least 20 lakh tonne of raw sugar to China.
We expect to get long term access to the Chinese sugar market, while in the current year, we hope to export 20 lakh tonne sugar to China.
The delegation will visit some sugar mills from Uttar Pradesh on Monday while it will be in Maharashtra on December 12 to meet sugar millers from Maharashtra,” said Dilip Walse Patil, president, National Federation of Cooperative Sugar Factories (NFCSF).
A contract for exporting 15,000 tonne of raw sugar has been entered between the Indian Sugar Mills Association (Isma) and China’s COFCO.
Millers from Maharashtra are hoping to export at least 5 lakh tonne.
According to Sanjay Khatal, MD, Maharashtra State Cooperative Sugar Factories Federation, the delegation is slated to visit Rajaram Bapur Sahakari Sakhar Karkhana at Islampur and a meeting has been slated thereafter with the millers from the state. Maharashtra has received an export quota of 15.54 lakh tonne and initially we expect to sign deals for 5 lakh tonne. The millers are open for more, he said.
India has asked China to consider releasing its raw sugar export quota for the new year earlier than January.
This is because the domestic sugar mills would, by then, start making white sugar and switching over to raw sugar will be difficult.
Raw sugar is the second product that China agreed to import from India this year after starting shipments of non-basmati rice.
As per market reports, the Chinese government releases its sugar quota for the January-June period sometime in the middle of January.
Indian exporters say that since the crushing begins a month earlier, it would help them in planning better if the quotas are released early December.
Since the January-June quota is released mid-January, the Indian industry ends up missing half the crushing season.
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