Product Country
Increase Font Size Decrease Font Size
Menu
Market News
APEDA invites exporters’ participation in promotion of mangoes in China

May 20, 2019

APEDA has invited exporters for participation in the mango promotion programmes its plans to organise (in association with the Indian embassy in China) in the Chinese cities of Beijing, Shanghai and Guangzhou over a seven-day period between June 3 and 9, 2019 (as stated in a circular issued by it). The authority sees China as a potential untapped market for export of the fruit.
 
A two-day progamme would be organised in each place. The programme at all the locations will have buyer-seller meets and in-store promotions at reputed stores being tied up by doing wet sampling of mangoes. The mangoes to be used for wet sampling would be sent by participating exporters to the Indian embassy as per the quantity decided by APEDA, the notice read.
 
Mangoes to be sent to the Indian embassy would have a label of diplomatic bag with the required protocol and labels as mentioned in the India-China Protocol, it added, stating that the interested mango exporters had been requested to join the mango promotion programme and give their acceptance by May 22, 2019, with their full details and a copy of their passports.  
 
Meanwhile, earlier, APEDA also issued a trade notice with regards to exports to the US in the current mango season. It added that the exporters were informed that the quarantine inspectors shall now be available for processing at mango pack house facilities in India from April 8 to June 30, 2019. The facilities include Irradiation Facility Centre MSAMB, Navi Mumbai, and Krushak C/O BARC, Lasalgaon, Nasik.
    
Source: Fnb News



'India's high GDP growth has continued'

May 20, 2019

High GDP growth has continued over the medium term despite fluctuations, said the Finance Commission recently.
 
The Commission made these observations during its meeting with the Finance Ministry. 
 
The Commission observed that the GDP numbers have somewhat fluctuated within the overall global trend which suggests continued high growth trend over the medium term. The Commission also noted that the revenue projections on the Direct Taxes are healthy though on Indirect Taxes, there have been periodic fluctuations. 
 
On the expenditure trend, there were discussions in regard to the rationalisation of the Centrally Sponsored Schemes in sync with the new life cycle, they being co-terminus with the Finance Commissions, the Finance Ministry said. 
 
Detailed discussions have continued over the last few months with the Finance Ministry on the issues of the consequences of UDAY and the 7th Pay Commission, particularly in the context of the finances of the states. 
 
It presented before the Commission some preliminary views of the government on the Commission's Financial Terms of Reference. 
 
The economic development in the last five years were analysed in detail with specific focus on growth, investments, industrial production, banking and payments, inflation and monetary policy, the external sector, and the medium-term outlook. 
 
The Ministry made its projections for 2018-19 and 2019-20 to the Commission, along with its projections for the award period of the Commission (2020-21 to 2024-25). 
 
The ministry also gave some accounts and overviews of the receipt and expenditure forecast including a fiscal overview of the 14th and the 15th Commissions, both as percentage of the GDP and of the GRR (growth rate of return).
    
Source: Sme Times



GST Council may consider national bench of AAAR next month; move to give certainty to taxpayers

May 20, 2019

The GST Council is likely to consider next month a proposal for setting up a national bench of the Appellate Authority for Advance Ruling (AAAR) to reconcile the contradictory orders on similar issues passed by AARs in different states, a move aimed at providing certainty to taxpayers. 
 
Sources said the revenue department is mulling on the idea of a national bench of AAAR since it feels that the Authority for Advance Ruling (AAR) mechanism in its current form is not serving its objective of providing certainty to taxpayers under the Goods and Services Tax (GST) regime. 
 
There has been a view that a second Appellate Authority for Advance Ruling needs to be set up. It would be a national bench only to reconcile divergent verdicts passed by state AARs. We will present the proposal before the GST Council, which is expected to meet in June," an official told PTI. 
 
 
The AARs in different states have passed about 470 orders, while AAARs have disposed of around 69 cases till March 2019. 
 
 
Out of the orders passed by AARs, contradictory orders were passed in about 10 cases, a couple of which were later clarified by the Central Board of Indirect Taxes and Customs (CBIC). 
 
The official further said the GST law would have to be amended for setting up a second appellate authority since the Act in its present form does not provide for a centralised authority. 
    
Source: Economictimes.indiatimes



New industrial policy needed, aligned to trade policy.

May 20, 2019

Although India’s GDP growth rate since Independence has consistently increased, industry accounts for only 25% of GDP (in 1950, it was 8%). Manufacturing contributed in 2017 only about 16% to GDP, stagnating since the economic reforms began in 1991. By contrast, in east Asia, the industry’s share has exceeded 30-40% while that of manufacturing is 20-30%. 
Malaysia roughly tripled its share of manufacturing value-added in GDP from 1960 to 2014 to about 24%, while Thailand’s share increased from 13% to 33% over the same period; Vietnam, too, has seen a sharp recent increase. In India, manufacturing has never been the leading sector other than during the second and third Plan periods, and certainly not since 1991.
    
Source: financialexpress



Amid US-China trade war, India needs to trudge smartly

May 20, 2019

American imperialism is back, the old, Vietnam-war-era version, wielding its might in the pursuit of self-interest, regardless of norms and what damage it does to friend, foe or those not aligned as either. However, the context is vastly different, that of a more integrated, globalised world, and superiority in ordnance is even less likely to prevail than it did in Vietnam. 
 
Make no mistake, US President Donald Trump’s trade war with China is about a whole lot more than trade. It is an attempt to contain China’s rise and retain US pre-eminence in not just Asia and the Pacific but in the world. China has replaced the erstwhile Soviet Union as the rival superpower to the US. 
 
 
The American attempt to strip Iran of the capability to stay an autonomous regional power has more ambiguous motivation, in which strains of the ancient animosity that propelled the Crusades mingle with considerations of reinforcing the West’s current dominance in the region, by further increasing the power differential between its regional proxy, Israel, and its challengers. Iran, home to the Levant’s second largest population of Jews, is too evolved and complex a civilisation to be subjugated  by bullying.
 
The US raised tariffs from 10% to 25% on imports worth $200 billion from China in the midst of trade talks, accusing China of going back on agreed provisions. Then it banned US companies from trade with Huawei and its affiliates. This has stalled talks. China’s internal power equations will not allow a public perception of the government taking American bullying lying down. China is preparing a fiscal package to counter the negative impact on its economy of curtailed exports to the US, amidst calls for a people’s war against US aggression. 
 
Chinese countermeasures, such as diverting imports of soya and whiskey away from the US, will hurt small but influential segments of the American society. More expensive consumer goods, which would result from the US proceeding with its threat to raise tariffs on imports from China across the board, would erode the living standards of less affluent Americans, raise the cost of phones, laptops, gaming consoles and other tech stuff, irritating the youth. 
 
At the same time, American multinationals will be hit. If the trade war with China persists, they will have to rebuild their global supply chains, large parts of which are located in China. Their sales to Chinese companies and consumers would hurt. While global capital would cheer an end to the Chinese practice of insisting on technology transfer as a precondition for access to the vast Chinese market, they have little sympathy for the Trumpian vision of shifting manufacturing back to the US. 
 
Global production takes placed in enmeshed networks, in which development of intellectual property, say, for a new generation of chips, could be taking place in the US and India, while the chip’s fabrication could take place in Taiwan or Singapore and its integration into a gadget in China, along with other parts that are built in the elaborate supply chain nicknamed Factory Asia, in which bits and parts shuffle around East and Southeast Asia, adding value along the way, before ending up in China for final assembly.
    
Source: Economictimes.indiatimes



Indonesia invites investors to its annual trade expo

May 20, 2019

With a view to promoting India-Indonesia Economic and Cultural relations, the Consulate General of the Republic of Indonesia, Mumbai, in cooperation with the Vizagapatam Chamber of Commerce & Industry, has conducted an interactive session on enhancing trade and investment relations between the countries.
 
Representatives from trade and commerce in the city were enlightened about Indonesia’s trade, tourism and investment opportunities at the programme.
 
In his opening remarks, Ade Sukendar, Consul General of the Republic of Indonesia in Mumbai, stressed that Indonesia-India friendship and cooperation would intensify further in the years ahead with Indonesian business leaders extending their strong commitment and goodwill to explore new opportunities as well as continue working with the Indian business leaders.
 
VCCI president D.V. Raju spoke about the spirit of friendship between Indonesia and India, and about the strong will of both countries to increase and develop cooperation. In his address, Ferry S. Jabob, Trade Attache, Embassy of the Republic of Indonesia, New Delhi, urged the Indian companies to visit the forthcoming major annual trade Trade Expo Indonesia-2019 being held in Jakarta from October 16 to 20, to explore the trade and investment opportunities.
 
Director of Indonesian Investment Promotion Centre (IIPC), Abu Dhabi, D. Rizky Novihamzah elaborated on the scope for Indian investors looking forward to explore FDI opportunities in Indonesia. The Indonesian Government had eased the process of approvals for investors by introducing the online submission service (OSS) mechanism, he said.
    
Source: The Hindu



Hike productivity of pulses, says M Venkaiah Naidu

May 20, 2019

He asserted the need of improving crop production techniques and bringing additional fallow lands under pulse production.
 
 Vice President of India M. Venkaiah Naidu called for increasing the acreage and productivity of pulses for achieving self-sufficiency and urged agricultural universities to step up research on improving their yields. Speaking at the inaugural session of the All India Coordinated Research Group’s Annual Group Meet on MULLaRP & Arid Legumes workshop at Guntur on Sunday, Mr Venkaiah Naidu said there was a need to introduce high-yielding, disease and pest-resilient seed varieties. He asserted the need of improving crop production techniques and bringing additional fallow lands under pulse production.
 
Pointing out that pulses were an inexpensive source of plant-based proteins, vitamins and minerals for people, Mr Venkaiah Naidu said that pulses provide green, nutritious fodder for animals and also enrich the soil through biological nitrogen fixation. Some legumes are known to have medicinal and therapeutic properties also. Hence, they are rightly termed as “Unique Jewels of Indian crop husbandry,he added.
 
 
 
Observing that legumes were an essential component in the Indian cropping pattern, especially in dry land farming, Mr Venkaiah Naidu said India was the world’s largest producer, accounting for 34 per cent of the area and 24 per cent of production followed by Myanmar, Canada, China, Nigeria, Brazil and Australia. Referring to his recent visit to Vietnam, he mentioned the crop production differentials between India and Vietnam. He said that Vietnam produces 5 tons of rice per hectare and 1.5 tonne of soya bean per hectare, while India produces only 3 tons of rice per hectare and one ton of soya bean. He explained that while the average productivity of pulses has increased to 841 kg per hectare, it is well below the global average and in some states, the yield is much higher as compared to others. He asserted the need to learn from best practices from around the world and within the country to improve crop productivity.
    
Source: Deccanchronicle.com



India ropes in global institution to curb contamination in spice shipments

May 20, 2019

India has roped in an agency supported by the World Trade Organization to train its farmers of black pepper, cumin, fennel and coriander on food safety and hygiene, to tackle increasing rejection of its spice exports by the US, European Union, Australia and Japan. 
 
Starting July, Geneva-based Standards and Trade Development Facility (STDF) will train farmers on better use of agri inputs such as planting materials and regulated use of pesticides in line with international norms. 
 
 
Many exporters are unable to meet the requirements of the destination markets due to high levels of aflatoxin, salmonella and pesticide residues” in the shipments, said a WTO official on the issue. 
 
Between January 2018 and May 2019, there have been 37 notifications — a majority of those related to border rejections and total recall of products — over the absence of or improper health certificates accompanying spice shipments from India, aflatoxin and salmonella contamination. 
 
As per the agency, India produces more than 3 million tonnes of spices a year, but the volume of exports appears low at about 800,000 tonnes. 
 
Our exports of spices are very low because of high domestic demand. However, it is true that rejections have been increasing because of higher detection and scrutiny by developed countries, said a government official aware of the matter. 
 
    
Source: Economictimes.indiatimes



Now, AI to help government gauge crop yield

May 20, 2019

In order to speed up claim settlement of farmers under the existing crop insurance scheme, the agriculture ministry has decided to use specialised agencies to carry out pilot studies to estimate crop yield at village/gram panchayat level using innovative technology. The move will help in quickly arriving at an accurate yield estimation figure. 
 
The studies will be conducted during the upcoming ‘Kharif’ (summer sown crop) season and the findings will be submitted by mid-February 2020. 
 
The technological tools to be used in estimating crop yield include high spatio-temporal remote sensing data, Unmanned Aerial Vehicle machine learning , advanced intelligent crop simulation models and artificial intelligence According to the ‘Expression of Interest’ issued for inviting experienced agencies for pilot studies, the ministry has initially identified eight crops — paddy, soybean cotton, bajra, maize, sorghum, groundnut and guar. 
 
Once the agencies come out with yield estimation figures, it will be adopted in the ‘Pradhan Mantri Fasal Bima Yojana’ (PMFBY) for speedily settling claims insured farmers, said an official. 
 
Currently, the PMFBY uses ‘crop cutting experiments’ (CCEs) to determine the yield loss suffered by farmers due to natural calamities and adverse weather conditions. The CCEs are, however, a time-consuming method which results in delay in settlement of claims. 
 
Use of technology will speed up the entire process. The findings of the pilot projects will be assessed for taking a decision for accurate yield estimation at village/gram panchayat level, said the official. 
    
Source: Times of india



Archive