Product Country
Increase Font Size Decrease Font Size
Menu
Market News
PM Modi begins three-nation trip, says engagements will strengthen India's relations with time-tested friends

Aug 23, 2019

 A head of his visit to France, the UAE and Bahrain, Prime Minister Narendra Modi on Thursday said the engagements will strengthen India's relations with time-tested friends and help explore new areas of cooperation.
 
Prime Minister Modi will visit the three countries from August 22 to 26. He will reach France on Thursday.
 
In his departure statement, the prime minister said his visit to France reflects the strong strategic partnership which the two countries deeply value and share.
 
From August 22-23, he will have bilateral meetings in France, including a summit interaction with President Emmanuel Macron and a meeting with Prime Minister Edouard Philippe.
 
Modi will also interact with the Indian community and dedicate a memorial to the Indian victims of the two Air India crashes in France in the 1950s and 1960s.
 
Later, from August 25-26, he will participate in the G7 Summit meetings as Biarritz Partner at the invitation of President Macron in the sessions on Environment, Climate, Oceans and on Digital Transformation.
    
Source: indiatoday.in



A new foreign trade policy on the anvil: Official

Aug 23, 2019

The Commerce Ministry will soon come out with a new foreign trade policy, which provides guidelines and incentives for increasing exports for the next five financial years 2020-25, an official said.
 
The Ministry is giving final touches to the new policy as the validity for the old one will end on March 31, 2020.
 
We have taken views of all stakeholders. The new policy is likely to be announced by September-end or early-October, the official said. The Ministry’s arm Directorate General of Foreign Trade (DGFT) is formulating the policy.
 
Recasting incentives
The new policy would focus on simplifying procedures for exporters and importers, besides providing incentives to boost outbound shipments.
 
At present, tax benefits are provided under the ‘merchandise export from India’ scheme (MEIS) for goods and ‘services export from India’ scheme (SEIS).
 
 
In the new policy, changes are expected in the incentives given to goods as the current export promotion schemes are challenged by the US in the dispute resolution mechanism of the World Trade Organisation (WTO).
 
In this backdrop, the government is recasting the incentives to make them compliant with global trade rules.
    
Source: The Hindu Businessline



India-Peru: Fifth round of Trade Negotiations held in New Delhi

Aug 23, 2019

India and Peru on Thursday had another next round of negotiations for proposed free-trade agreement (FTA), aimed at boosting two-way commerce and investments. This is the fifth round of negotiations.
 
The previous round took place in the Lima, where the agenda for discussions included the market access for good, movement of professionals and procedures for customs.
 
Confirming that the fifth round of negotiations took place earlier today, sources said that the aim behind the special trade agreement is for liberalizing norms for trade in goods and services. Also, both countries are seeking to expand their trade basket and are looking at the agricultural products and important minerals including gold, zinc and now lithium.
 
The negotiations for this agreement had started in 2017 when officials from the Ministry of Commerce and Industry and Ministry of External affairs had visited the South American nation to identify the issues that needed to be addressed.
 
India and Peru are celebrating 56 years of diplomatic relations and Peru could be a gateway to the region for Indian investors who are keen on expanding their footprints.
 
Globally Peru is the sixth-largest producer of gold, second largest producer of silver. And is ranked third-largest producer of copper, tin, zinc, and lead.
 
According to sources, besides the table grapes- Red Globe variety, citrus fruits, avocado, grapes and quinoa are already in the Indian market.
    
Source: Financial Express



India can add 8% to its exports if it puts its last mile connect in the fast lane

Aug 23, 2019

The critical role played by India's logistics sector in the country's economic growth story could not be understated. Instrumental in moving goods across its huge length and breadth (about 3.287 million square km), Indian roads are the lifeline of the logistics sector. However, the logistics sector itself is highly unorganised, fragmented and currently mired in multiple challenges leading to operational inefficiency on several fronts. 
 
In India, the logistics cost as a percentage of its GDP stands at 14%. This cost is pretty high compared to the similar cost in the US (9.5%), Germany (8%) and Japan (11%). Nevertheless, the country aims to bring down this cost to less than 10% by 2022. 
 
Considering the critical role of logistics in propelling India's exports, Federation of Indian Export Organisations (FIEO) believes a reduction in logistics cost by 10% could increase the country's exports by about 5-8%. 
 
    
Source: Economictimes.indiatimes



Zambia President Chagwa Lungu visits food processing unit near Gurugram

Aug 23, 2019

The President of the Republic of Zambia, Edgar Chagwa Lungu, along with a 25-member delegation, including four his cabinet ministers and officials from the ministry of external affairs, visited the city on Thursday to gain the technical know-how of the operations of a food processing unit.
 
President Lungu visited the factory unit of Haldiram Food Ltd, located near Kherki Daula on the National Highway 8. Ishwar Singh Yadav, joint director, district industries centre, said this is the first time a foreign president visited a food processing unit in the city.
 
The reason for the visit, according to Yadav, is Zambia’s high wheat production and employment generation. He said, Other than that, Haryana is being ranked third in the country for the ease of doing business and Gurugram has an important role to play. Considering Gurugram’s proximity to the National Capital, the president visited here.
 
Currently, Haryana is among the top three states in the Ease of Doing Business (EODB) after Andhra Pradesh and Telangana, as per the ranking by the Union ministry of commerce and industry and the World Bank.
    
Source: Hindustan Times



WTO members must not take up reform in a piecemeal manner: Piyush Goyal

Aug 23, 2019

India has said that the World Trade Organisation (WTO) member countries must take up reforms of the multilateral system as a whole and not deal with issues in a piecemeal manner.
 
We cannot afford to walk away from the current system but all member countries of the WTO must re-engage to ensure that the rule-based, transparent, and non-discriminatory governance that free-trade requires is taken forward honestly and in a non-discriminatory manner and keeping in mind the interests of different member countries with disparate GDP, Commerce and Industry Minister Piyush Goyal said at an international dialogue on South-South and Triangular Cooperation organised by RIS and the United Nations Office for South-South Cooperation here on Thursday.
 
Goyal said that it was not right to say that countries with per capita GDP of $1,000-$3,000 per annum should be treated at par with countries that have per capita GDP of $60,000-$70,000 per annum as they were obviously at very different levels of development.
    
Source: The Hindu Businessline



IndusFood aiming for USD 1.5 bn business in 2020 edition: TPCI

Aug 23, 2019

IndusFood, a food and beverages sourcing show, is aiming at generating a business of USD 1.5 billion (about Rs 10,500 crore) in its forthcoming edition next year to be held at Greater Noida, TPCI said on Thursday.
 
The show will start from January 8, 2020 and would showcase food processing technologies, beverages and agri-products to global buyers, the Trade Promotion Council of India (TPCI) said.
 
IndusFood aims business of USD 1.5 billion in the 2020 edition. We have received good response from leading technology centres such as Denmark, Belgium, Singapore, Switzerland and Thailand, TPCI Chairman Mohit Singla said in a statement.
 
The last edition of the show, which was held this year, had attracted business worth USD 1.2 billion.
 
We can change the landscape of Indian food processing sector by integrating ultra-modern food processing technologies with applications based on big data computing, blockchain technologies, along with large scale virtual process management, which is extremely crucial for our country to manage post-harvest losses, he said.
    
Source: outlookindia.com



Farmers urged to use modern tech

Aug 23, 2019

 Experts have urged farmers to adopt latest technology such as drip irrigation and shed traditional ways of farming to increase the crop yield while also saving precious water. 
 
They were speaking at a ‘kharif mela’ organised by Krishi Vigyan Kendra (KVK), Aurangabad, at the Lakhegaon village in Paithan on Wednesday. 
 
In her introductory speech, KVK Aurangabad head and farming expert Dipti Patgaonkar said the programme is aimed at sensitising farmers about the advanced agriculture technology and its implementation. 
 
In the wake of the ongoing kharif sowing season, the farmers were guided on the overall management of cotton crop and the ways to deal with the boll armyworm affecting the maize crop. The farmers were also guided on appropriate ways to use weedicide. 
 
Agricultural Technology Management Agency (ATMA) Aurangabad project director Prakash Awhale advised the farmers to change their mindset while adopting new farming technology. He appealed to them to think scientifically and not traditionally while implementing modern technology in their farms. 
 
Paithan taluka agriculture officer PRH Bhute spoke about different government schemes for farmers such as drip irrigation, farm pond and micro-irrigation. If the farmers want to overcome water scarcity, they should benefit from government schemes available in their division, he said. 
 
Bhute said that the drip irrigation method not only facilitates less water usage for farming but also increases the yield by 20%. 
 
Lakhegaon’s deputy sarpanch Nageshwarrao Vasundikar, who inaugurated the workshop, exhorted farmers to move forward from traditional methods and use modern farming techniques. 
 
The programme also saw an agricultural exhibition designed for farmers. Posters and demonstration displaying information about hydroponic farming were put up to help farmers grow green fodder using less water. 
    
Source: Times of india



Kerala Agricultural University develops a new Vetiver variety for soil conservation

Aug 23, 2019

Kerala Agricultural University (KAU) has developed a new variety of Vetiver, which would be ideal for both oil yield and soil conservation.
 
Vetiver or Ramacham, in local parlance, is an aromatic medicinal plant and is being cultivated in Kerala for oil yield along the coastal regions of around 600 acres in Chavakkad and Ponnani areas in Thrissur.
 
The University has identified a new south Indian type Vetiver accession with profuse root growth for soil binding in sloppy lands and coastal areas.
 
According to experts, South Indian Vetiver variety is considered to be the best quality for oil production as it help produce around 20-25 kg oil from more than five tonnes of root.
 
The Aromatic Medicinal Plant Research Station under KAU has found a new Vetiver type which is suited for hedge planting in soil conservation because of its non flowering nature, good growth performance, high root penetration and drought tolerance, R Chandrababu, Vice Chancellor, KAU said.
    
Source: The Hindu Businessline



Archive