The government has granted permission to an additional ten companies to import 50 million eggs as part of ongoing efforts to tame egg prices.

 

With this recent approval, a total of 35 companies have been authorised to bring in 250 million eggs from foreign countries.

 

This decision comes at a time when the initial 25 companies, previously allowed to import 200 million eggs, are facing challenges in executing their imports. To date, only 62,000 eggs have entered the country from India.

 

The prices of widely consumed eggs have seen a reduction of Tk 1 to Tk 3 in the local market. Further price reductions are anticipated once the imported shipments are introduced to the domestic market.

 

As per the Trading Corporation of Bangladesh (TCB), the retail price of an egg is currently Tk 10-11.25, slightly below the government-fixed rate of Tk 12. The country's daily demand for eggs is estimated to be 40 million, according to the commerce ministry.

 

The newly authorised companies for egg imports include MA Engineering, Khairul Rice Agency, Hafsa Mart, M/S Tarafder (L) Enterprise, Save and Safety International, Patwary Enterprise, M/S Sheikh Enterprise, Hydroland Solution, M/S Mts Trading, and Rum Jum International.

 

On October 8, five companies were permitted to import 50 million eggs, and on September 17, four private companies were granted permission to import 40 million eggs. Subsequent permissions were given to additional companies, totalling 250 million eggs.

 

Speaking at a press conference on Monday, Senior Commerce Secretary Tapan Kanti Ghosh mentioned that although the government has allowed the import of 250 million eggs, only 62,000 have been imported thus far.

 

He attributed the delay to precautionary measures and emphasized that the government's objective is to reduce egg prices, and imports will continue until price stabilisation is achieved.

Commerce and Industry Minister Piyush Goyal met the US Trade Representative (USTR) Katherine Tai and discussed ways to further boost trade and investments between the two countries. Goyal is in the US for a four-day visit. He reached San Francisco on November 13.

 

He also met Dukgeun Ahn, Minister of Trade, Korea, and Gan Kim Yong, Minister of Trade and Industry, Singapore.

 

These ministers are in the US for the Indo-Pacific Economic Framework (IPEF) meeting.

 

'Wonderful meeting my friend Ambassador Katherine Tai, the US Trade Representative. We discussed ways to further deepen our trade & investment ties along with convergence on key WTO issues for a favourable outcome at MC13,' Goyal said on the social platform X.

 

The 164-member World Trade Organization (WTO) is holding its 13th ministerial conference (MC) at Abu Dhabi in February next year.

 

During the ministerial meetings in San Francisco, Goyal discussed potential collaboration under the Indo-Pacific Economic Framework (IPEF), ways and means of further enhancing bilateral trade and commerce linkages and matters related to the WTO.

 

During the interaction with his Singaporean and South Korean counterparts, he suggested expediting the conclusion of the review of free trade agreements, the commerce ministry said in a statement on Tuesday.

 

Goyal also attended an investors' round table, where different venture capitalists and entrepreneurs from sectors such as energy, manufacturing, logistics, and technology participated.

 

During the visit, Goyal will participate in the third in-person IPEF Ministerial meeting, and the engagements of the Asia-Pacific Economic Cooperation (APEC).

 

Exports to the US have come down to USD 38.28 billion during April-September 2023, from USD 41.49 billion a year ago. Imports have declined to USD 21.39 billion during the first six months of the current fiscal, compared to USD 25.79 billion in the same period of the previous financial year.

 

External affairs minister S Jaishankar, currently on a trip to the UK, has said that India and the UK are focusing on a free trade agreement (FTA) and hoped the two sides will find a 'landing point' that works for both.

 

'We are focusing on what is officially called an enhanced trade partnership. In common sense, it's called FTA and that is today very much the focus of what the Indian and British systems are negotiating and where we hope that we will find a landing point which will work for both of us,' Jaishankar said at an event in London on Monday.

 

India and the UK have been negotiating an FTA since January last year to enhance bilateral trading ties.

 

The talks have undergone 13 rounds of negotiations, with officials hopeful of clinching a deal ahead of general elections in both countries scheduled for 2024. There are reports that a deal could be announced in December after the assembly polls.

 

Speaking to the Indian community at the Diwali reception in London on Monday, Jaishankar talked about his meetings with foreign secretary David Cameron, defence secretary Grant Shapps and home secretary James Cleverly.

 

He said Cameron met him on the first day of his job and that his 'commitment and support for the relationship' was extremely satisfying. 'We spent a lot of time talking about how to take it forward. I also, of course, met the home secretary, recently appointed foreign secretary and he has been a pillar of strength for the relationship in his previous job. In his current job, we continue to count on him. Again, taking this relationship to a higher level,' he added.

Minister of Food Processing Industries (MoFPI), Pashupati Kumar Paras held a bilateral meeting with the Governor of the state of Mato Grosso of Brazil, Mauro Mendes Ferreira in New Delhi on Monday. The India-Brazil bilateral meeting was attended by the Additional Secretary, MoFPI, Minhaj Alam and senior officials from the ministry. From the Brazil side, the Governor was accompanied by Kenneth Nóbrega, Ambassador of Brazil to India and other senior officials of Brazil.

 

'Both sides discussed the historic relationship both countries enjoy which goes back to over 70 years. The recent high-level interactions and visits are testimony to both sides’ commitment to strengthening bilateral relations, and this momentum needs to be continued, sustained, and further strengthened,' MoFPI said. Pashupati Kumar Paras highlighted that the Prime Ministers of our respective nations had very productive meetings on the sidelines of G7 Summit as well as G20 Summit.

 

Governor Mauro Mendes Ferreira emphasised that India is a key strategic partner for Brazil and Brazil commends as well as congratulates the visionary steps taken by the Indian government to foster development in the country. Ferreira also applauded the recent success of Indian space missions and the strong performance of India’s food processing, pharma, and energy sectors.

 

At the India-Brazil bilateral meeting, Paras inquired about the status of agrifood production in Brazil in accordance with the agro-climatic in general and specific to the state of Mato Grosso. Brazil officials expressed their interest in expanding their export of soybean, corn, cotton, and poultry meat among other agricultural commodities to India in the near future.

 

Both sides acknowledged the strategic importance of each other in fostering food security. India as one of the largest producers of agrifood and Brazil as one the largest exporter of food can work towards ensuring food security for the world. The Brazilian side highlighted that the bilateral trade between the two countries has expanded by 32 per cent to US$15.2 billion in 2022.

 

The two countries discussed synergies and explored possibilities for further collaboration and coordination in the food processing sector particularly in terms of exchange of goods and human resources. Both sides agreed to continue to work in partnership with each other to facilitate an even greater exchange of goods and ideas.

Trade ministers from 14 countries are poised to announce a significant development in the Indo-Pacific Economic Framework (IPEF) as they finalize agreements on two additional pillars - clean energy & infrastructure and tax & anti-corruption. The signing of an agreement on resilient supply chains is also anticipated later this week. The move reflects a strategic alliance aimed at strengthening diplomatic and economic ties while reducing dependence on China in the post-COVID era.

 

This announcement will leave only the trade pillar open for further negotiations. India has remained cautious on the trade pillar, maintaining an observer status while keeping options open for the future. The decision regarding India's active participation in the trade negotiations will be considered at a later stage.

 

Commerce and Industry Minister Piyush Goyal is in the US to attend the ministerial engagements of the Indo-Pacific Economic Framework and the Asia-Pacific Economic Cooperation.

 

US Treasury Secretary Janet Yellen on Monday said there had been 'very substantial progress' on three of the four areas under discussion by the 14 member countries of the IPEF, but that trade needs 'further work.'

 

A key element of the Biden administration's strategy to strengthen economic connections with Asian countries and mitigate the increasing influence of China in the Pacific is the IPEF. This forum serves as a platform for engaging in multilateral discussions with the goal of reaching agreements across various domains, including trade.

 

'My understanding is that very substantial progress has been made on three of the four pillars' of the talks, Yellen said in a news conference in San Francisco, referring to talks on supply chains, the climate transition, and anti-corruption.

 

The trade pillar is perceived as the most challenging aspect, as it necessitates commitments from participating countries to ease rules in various areas, including labor, environment, agriculture, and inclusivity—areas that have traditionally been considered 'no-go areas.' India's approach is cautious, with negotiators participating in discussions but refraining from making commitments at this stage.

 

Clean energy and tax-related negotiations are seen as less challenging. India is considered to be ahead of the curve in clean energy, and discussions on tax and anti-corruption align with frameworks established by international bodies such as the OECD and the Financial Action Task Force.

 

While India has historically refrained from participating in US-led trade groupings, the IPEF has emerged as a platform for engagement. It aims to form a coalition that balances the economic influence of non-market economies, particularly China. India's involvement in these talks signals a strategic shift, leveraging stronger bilateral relations and exploring the potential benefits of the IPEF platform in the evolving global economic landscape.

The Minister of Food Processing Industries, Shri Pashupati Kumar Paras held a bilateral meeting with the Governor of the state of Mato Grosso of Brazil, Mauro Mendes Ferreira here today. The meeting was attended by Additional Secretary, Shri Minhaj Alam and senior officials from the Ministry. From the Brazil side, Governor was accompanied by H.E. Kenneth Nóbrega, Ambassador of Brazil to India and other senior government officials of Brazil.

 

Both the sides discussed about the historic relationship both the countries enjoy which goes back to over 70 years. The recent high-level interactions and visits are testimony to both side’s commitment to strengthening bilateral relations, and this momentum needs to be continued, sustained, and further strengthened. Shri Pashupati Kumar Paras highlighted that the Prime Ministers of our respective nations had very productive meetings on the sidelines of G7 Summit as well as G20 Summit.

 

Governor Mauro Mendes Ferreira emphasized that India is a key strategic partner for Brazil and Brazil commends as well as congratulates the visionary steps taken by the government to foster development in India. Governor Mauro Mendes Ferreira also applauded the recent success of Indian space missions and the strong performance of India’s food processing, pharma, and energy sectors.

 

Shri Paras inquired about the status of agri food production in Brazil in accordance with the Agro-climatic in general and in specific to the state of Mato Grosso. Brazil officials expressed their interest in expanding their export of Soybean, Corn, Cotton, poultry meat etc. to India in the near future.

 

Both sides acknowledged the strategic importance of each other to foster food security. India as one of the largest producer of Agri Food and Brazil as one the largest exporter of food can work towards ensuring food security for the world. Brazilian side highlighted that the bi-lateral trade between the two countries has expanded by 32% to US$15.2 billion in 2022.

 

The two sides discussed synergies and exploring possibilities in further collaboration and co-ordination in the food processing sector particularly in terms of exchange of goods and human resource. Both sides agreed to continue to work in partnership with each other to facilitate even greater exchange of goods and ideas.

Meat analyst Simon Quilty has spent this month visiting abattoirs across India, and has seen first-hand the nation's buffalo trade ramping up.

 

'India's buffalo industry is back on the march in terms of both capacity and their ability,' he said.

 

While the cow might be sacred in India, the buffalo is not. 

 

Around 39 million of them are slaughtered each year, mostly after they've spent years being used for their milk. 

 

'In the last three to four years, we've seen a number of major operators here consolidate and become larger, and a lot of the smaller players pushed out,' Mr Quilty said.

 

'So we've seen meatworks upgraded and they're truly competitive in all markets around the world.'

 

The buffalo export trade is estimated to be worth around $5 billion annually.

 

Mr Quilty said the Middle East and North Africa (MENA) is a major destination for Indian buffalo meat, but the three biggest customers in August this year were Vietnam, Malaysia and Indonesia — all of which are traditional customers of Australian live cattle.

 

'It's estimated [Indian buffalo meat] exports to Egypt will drop 30 per cent next year due to challenges in the Egyptian economy, so that buffalo meat has to go elsewhere and I think more volumes will get pushed into Indonesia, which will displace Australian cattle.'

 

Mr Quilty said Australian live cattle and boxed beef were being pushed into the premium end of the Indonesian market, whereas the Indian buffalo meat, at one-third the price, was taking over the manufacturing sector.

 

He said Australian boxed beef exports to Indonesia was up an incredible 75 per cent year on year, which had actually taken some market share from Indian buffalo, and potentially Australia's live cattle trade.

 

Live cattle exports in 2024

Mr Quilty said the grey-trade from Vietnam into China had reopened, after being closed in 2019, meaning Vietnam seemed ready to absorb increased amounts of buffalo meat and Australian live cattle in 2024.

 

He believed the cattle trade to Indonesia would again be challenging next year, but felt by 2025-26 Indonesia's economy would be getting back on track and its rising middle class meant Australia could return to shipping over 600,000 head a year to that market.

 

Executive director of live shipping company Wellard, John Klepec, is not so optimistic.

 

He said over the last two years cattle producers from northern Australia had sent big numbers of stock into the domestic market, chasing record high prices, and he argued it had been to the detriment of the long-term viability of the live export trade.

 

'Effectively, the option for Indonesia was to starve or find something else, and they've found something else.

 

'Frozen Indian buffalo meat has seized the opportunity and we have to get those Indonesian customers back, and the only mechanism to get them back is price.'

 

He said if cattle producers were holding onto stock now until the price went back over $3 a kilogram, 'it was madness'.

 

'Send them, don't bury them, and be happy with the invoice,' he said.

 

Agriculture Minister Amran Sulaiman said that Indonesia may need to import up to 5 million tonnes of rice by 2024, citing the impacts of the El Niño climate phenomenon on rice production.

 

'This year, Indonesia decided to import 3.5 million tonnes of rice and there’s a possibility that we could reach 5 million in 2024,' Amran said on Monday during a meeting with the House of Representatives Commission IV, which oversees agriculture, environment, fisheries and food security issues.

 

Amran said the 5 million tonnes was the total import from 3.5 million tonnes to be imported this year and an additional 2 million tonnes to be imported in 2024.   

The 'World Food India 2023' event, organised by the Ministry of Food Processing Industry, concluded on November 5, at Bharat Mandapam, Pragati Maidan, New Delhi, graced by the esteemed presence of the President of India, Droupadi Murmu. The valedictory session encapsulated the event's resounding success, with the President acknowledging its pivotal role in showcasing India's vibrant culinary heritage and fostering robust partnerships among various industries. She emphasised the country's potential as a global culinary hub and underscored the importance of enhancing food distribution to combat global hunger.

 

The event was inaugurated by the Prime Minister Narendra Modi on November 3, disbursing Seed Capital Assistance for over one lakh SHG members. He emphasised the event's role in presenting India as the 'food basket of the world' and commemorating 2023 as the International Year of Millets. Applauding the technology and startup pavilion and food street, the Prime Minister emphasised their role in shaping the future economy. Recognising the food processing sector as a 'sunrise sector,' he highlighted its attraction of over Rs 50,000 crore in foreign direct investment over nine years. He underscored the impact of the PLI scheme and ongoing projects under the Agri-Infra Fund, emphasising investments of thousands of crores in processing infrastructure for fisheries and animal husbandry.

 

The Mega Food Event, held with the support of ten Ministries/Departments of Government of India, six commodity boards, and 25 states, attracted significant attention from international and domestic stakeholders. The event featured a remarkable turnout of 1208 exhibitors, 14 country pavilions, and notable participation from 715 international buyers, 218 domestic buyers, and 97 corporate leaders. Spanning an expansive area of 50,000 square metres across seven exhibition halls, the event provided a comprehensive platform for showcasing the latest advancements in the food processing industry. 14 country delegations, including seven Ministerial delegations participated in the event. The event's global appeal was further reinforced by the distinguished participation of The Netherlands as the Partner Country and Japan as the Focus Country.

 

A distinguished CEO Roundtable marked the inaugural day of World Food India 2023, co-chaired by Union Minister Pashupati Kumar Paras of the Ministry of Food Processing Industries and Union Minister Piyush Goyal of the Ministry of Commerce and Industry, Consumer Affairs, Food and Public Distribution, and Textiles. This significant gathering brought together CEOs representing over 70 leading companies in the food processing and allied sectors. Key deliberations during the Roundtable encompassed facilitation of business operations, investment strategies, sourcing interests, and a comprehensive examination of the existing gaps within the value chain of the Indian Food Processing Sector.

 

During the event, Paras participated in six G2G meetings. He held discussions with Ministers of Fiji, Mauritius, focusing on global partnerships in the food processing sector. He also engaged in talks with dignitaries from Greece and Lebanon, highlighting the event's commitment to international cooperation. Discussions with the Minister of Agro-Industry and Food Security from Mauritius and a Member of Parliament from Australia emphasised the event's emphasis on knowledge sharing and international ties.

 

The three-day event comprised 48 sessions, featuring Thematic, State, Allied Ministries, and Country & Organization sessions. Notably, 16 Thematic Sessions delved into crucial subjects such as Financial Empowerment, Quality Assurance, Innovations in Machinery and Technology, e-Commerce, and Logistics in the food processing sector. Moreover, 12 State-focused panel discussions and 11 specialised sessions by Allied ministries, including DPIIT and FSSAI, addressed pertinent industry challenges. The sessions were graced by Ministers from Gujarat, Kerala, and Andhra Pradesh.

 

The event also hosted knowledge sessions by the Netherlands and Japan, promoting knowledge exchange and best practices. Additionally, successful focused meetings with The Netherlands, the US-India Strategic Partnership Forum, Brazil, and the UAE highlighted growth opportunities in India's food processing sector.

 

Among the event's highlights was the Technology and Sustainability Pavilion, which spotlighted cutting-edge innovations in the food industry, signalling a shift toward more eco-friendly and resilient food production practices. The experiential Food Street, curated by Celebrity Chef Ranveer Brar, proved to be a delightful attraction, offering an immersive experience of India's rich culinary heritage and diverse regional cuisines. 200 chefs, including prominent names like chef Sarah Todd and chef Kunal Kapur, participated, conducting cookery demonstrations. The event also featured ICC23, an international culinary competition, celebrating excellence with categories like pre-millet dishes and live pasta cooking, along with masterclasses and an awards ceremony.

 

The event concluded with a substantial surge of investment interest, resulting in the signing of Memorandums of Understanding (MoUs) worth Rs 33,129 crore underscoring the event's significant impact on propelling India's food processing sector. Companies such as Amul, ITC, Mondelez, Kellogg’s, AB InBev, IB Group, Balaji Wafers, Ananda Dairy, Fertis, and Bikanerwala were among the signatories. More than 15200 B2B and B2G meetings conducted during the event fostered meaningful dialogues and partnerships, creating an environment conducive to knowledge exchange and industry growth.

India is considering a plan to allow surpluses in Special Rupee Vostro Accounts (SRVAs) to be invested in corporate bonds in order to give a push to international trade settlement in rupees. Under existing regulations, investment from SRVAs is restricted to government securities and treasury bills.

 

'We have received some recommendations after deliberations with all stakeholders, including banks and trade bodies,' an official said. 'They are being examined.' It has been suggested that allowing investment in corporate bonds through SRVAs will attract more such bilateral agreements, he said. A vostro account is held at a bank on behalf of another lender that's typically located in a foreign country.

 

Earlier this year, Russian officials said that Moscow had accumulated billions of rupees in Indian banks that couldn't be used. Industry estimates peg this amount at $7-8 billion. Until July 2, the RBI had approved 34 applications from different Russian banks for opening SRVAs in 14 Indian commercial lenders.

 

Around 90% of the transactions with Russia are through Sberbank India. An industry executive said annual trade through the SRVA route is pegged at around Rs 8,300 crore, of which 70% is exports with mostly medium and small enterprises using the facility. 'There is an apprehension among Russian companies on the rupee-ruble exchange rate, especially when the money would be remitted back to Russia after being invested in government securities,' said the executive cited above. 'They may find it attractive to invest in corporate bonds in that case.'

 

Another executive said a review with banks and financial institutions will be held later this month on the challenges of promoting bilateral payments through the SRVA mechanism. Earlier, the finance ministry had advised banks to form a working group to look into the reasons impeding the widespread adoption of the mechanism and suggest ways to make it popular. 'The government is not satisfied with the progress made, and we will be soon submitting our report,' said the executive.