The government plans to increase the procurement of millets threefold to 2 million tonnes in this financial year, from 0.73 in 2022-23, to replace some quantities of wheat and rice from the public distribution system (PDS), said a senior official.

 

The purchase at the minimum support price will give a boost to the cultivation of coarse grains which are eco-friendly, climate resistant and powerhouse of nutrients, the official said, adding that the strategy will play a significant role in crop diversification and enhancing nutrition in dietary patterns.

 

The government also plans to procure six minor millets, such as kodo, kudki and kangni, in several states at the minimum support price of another pricier millet, ragi, to encourage cultivation of the minor millets.

 

'Procurement targets have been set for every state and, depending on the actual procurement, distribution through PDS will also be carried out,' said the official, who did not wish to be identified.

 

For increasing the procurement and consumption of millets, the government has revised the distribution period of millets, incorporated inter-state transportation of millets, added provision of advanced subsidy and also revised guidelines for facilitating procurement of six minor millets.

 

Despite the government's focus on increasing cultivation and consumption of millets, its procurement target of 1.3 million tonnes in 2022-23 could not be met.

The FSSAI has issued a list of Referral Laboratories for the testing of fortificants in Fortified Rice (FR), Fortified Rice Kernel (FRK) and Vitamin-Mineral Premix for the Fortified Rice Kernel. These labs will act as an appellate lab in case the samples failed in the primarily notified labs.

 

According to the food authority, 'In case when the samples fail in the approved primary food testing laboratories notified for testing FR, FRK and the Vitamin-Mineral Premix for FRK, such samples shall only be sent to the Referral Food Laboratories.'

 

The food authority recognises referral food laboratories for the purposes of carrying out analysis of appeal samples. And a total of 9 referral labs were approved by the food authority for the testing of Iron, Vitamin B9 (folic acid), and Vitamin B12 in Fortified Rice, Fortified Rice Kernel and Vitamin-Mineral Premix for FRK.

 

The commerce ministry on November 15 will do a soft launch of the revamped electronic bank realisation certificate for self-certification by exporters to promote ease of doing business for traders.

An electronic Bank Realisation Certificate (eBRC) is an important document for exporters and is issued by a bank as a confirmation that the exporter has received the payment from a foreign buyer against the export of goods or services.

 

This certificate validates repatriation of export proceeds to the country and ensure compliance with provisions of foreign exchange rules.

eBRCs can be generated for outbound shipments of goods, services and deemed exports.

 

According to a trade notice of the Directorate General of Foreign Trade (DGFT), the upgraded system is based on electronic inward remittance messages to be transmitted directly by banks to the DGFT.

Based on the messages received, the exporters would self-certify their eBRCs.

'The enhanced eBRC system shall enable exporters to reduce transaction time and costs. It would also ease the burden on bankers by simplifying the reconciliation of IRMs with shipping bills, SOFTEX, invoices, etc. and promote ease of doing business in general,' the notice said.

Software traders have to fill the SOFTEX form after exports.

'A soft launch of the revamped eBRC system is proposed with effect from November 15. Starting from given date, each bank will set its cut-off date based on their readiness after completing user acceptance testing,' the DGFT said.

 

It added that the revamped eBRC system's user guide and Frequently Asked Questions (FAQs) will be available on the DGFT website.

The directorate will also organise exporter outreach programmes to demonstrate and raise awareness about the revamped system.

Commenting on the development, Chairman, CII national committee on EXIM, and Managing Director of Patton Group, Sanjay Budhia, said it is a progressive step.

'This will help exporters and banks in optimising their resources and cutting costs. Over the years, DGFT has almost completely automated its processes and now with this new step, exporters can fully focus on enhancing exports and achieve our targeted goal of USD 2 trillion of exports by 2030,' Budhia said.

Union Commerce Minister Piyush Goyal, who is on a visit to the United States from November 13 to 16, arrived in San Francisco Monday morning to attend the Indo-Pacific Economic Framework (IPEF) ministerial meeting.

Goyal has also been invited to attend the Asia-Pacific Economic Cooperation Summit in San Francisco.

 

Just shortly upon arrival, Goyal met with Singapore's Gan Kim Yong, Minister for Trade and Industry, on the sidelines of IPEF in San Francisco. The two sides looked to advance trade and commerce between the two nations.

During the meeting, the leaders emphasised ways of enhancing cooperation between India and Singapore in emerging and futuristic areas.

 

India and Singapore have a close bilateral relationship based on the convergence of economic and political interests, and the economic reforms in India since the early 1990s have created a strong basis for cooperation with Singapore, opening up possibilities for a significant presence in each other's economies.

The close ties between the two Asian countries have a history rooted in strong commercial, cultural and people-to-people links across a millennium. The relations are based on shared values and approaches, economic opportunities and convergence of interests on key issues. There are more than 20 regular bilateral mechanisms, dialogues and exercises. There is great convergence on a broad range of international issues and both are members of a number of forums, including the East Asia Summit, G20, Commonwealth, IORA (Indian Ocean Rim Association) and IONS (Indian Ocean Naval Symposium).

 

The Indian minister will also interact with two top US officials, including US Secretary of Commerce Gina Raimando and US Trade Representative (USTR) Katherine Tai, to fortify the partnership between the two nations and strengthen trade and economic ties. The commerce minister will also interact with ministers from other IPEF partner countries on the sidelines of the IPEF ministerial.

As per a release from his Ministry of Commerce and Industry on Friday, Goyal will also interact with eminent businesspeople, prominent academics, US officials, and industry leaders during the visit to further strengthen the economic and commercial relations partnership between the two nations.

 

India has been invited to the 30th APEC Economic Leaders' Meeting 2023 as a 'Guest Economy'. These meetings will focus on addressing trade barriers, promoting investments, and fostering greater cooperation in areas such as technology and innovation.

One of the key focuses of the visit will be the joint event, co-chaired with US Commerce Secretary, Gina Raimondo on the 'India-USA Innovation Handshake Initiative', with the aim to lift up and connect the two sides' dynamic startup ecosystems, address specific regulatory hurdles to cooperation, and promote further innovation and job growth, particularly in emerging technologies.

The Commerce and Industry Minister will also participate in the investors' roundtable along with one-to-one meetings with CEOs. He will also interact with various stakeholders, such as students, entrepreneurs, venture capitalists and the Indian diaspora.

 

Minister Goyal is expected to interact with globally renowned technology, entrepreneurship, and academic communities in the Bay Area, specifically in the Silicon Valley, to undertake focused discussions with American companies looking to invest or expand in India across sectors: electronics (including semiconductors), technology, and FinTech.

APEC in San Francisco will see some of the most influential world leaders and business executives convene, discuss vital issues, and collectively shape the trajectory of a region that holds immense importance for global prosperity, stability, and sustainability. The summit programme will highlight the potential of collaboration and fresh thinking to build the future through a focus on Sustainability, Inclusion, Resilience, and Innovation.

 

This year's summit will also bring together 20+ leading CEO's representing companies such as Microsoft Pfizer, Uber, Citibank, Fedex, Exxon Mobil Corp to name a few, many of which, have deep economic interests in the Asia Pacific region and China in particular.

At this summit, Goyal will have a brief informal interaction with President Joe Biden and the former will also be a part of the APEC group photo. Biden will also welcome other APEC leaders, including from Canada's PM Trudeau and China's President Xi Jinping.

While in the Bay Area of San Francisco, Goyal will also interact with eminent businesspeople and industry leaders.

 

The IPEF, launched jointly by the US and other partner countries of the Indo-Pacific region, seeks to strengthen economic engagement among partner countries with the goal of advancing growth, peace, and prosperity in the region.

The meeting would focus on strengthening economic cooperation and enhancing resilience, sustainability, inclusiveness, economic growth, fairness, and competitiveness in the Indo-Pacific region.

India is committed to a free, open, and inclusive Indo-Pacific region and would work towards deepening economic cooperation among partners for the growth and prosperity of the region. The framework is inclusive and allows flexibility to partner countries to associate with pillars based on their respective priorities, the Ministry of Commerce and Industry said in a statement.

 

During the visit, the minister would interact with the CEOs of multinationals, the Indian diaspora, the startup community, including venture capitalists, and academia to propel existing trade and investment relations between the Indian and US business communities. The visit would focus on emphasising the attractiveness of India as the most preferred investment destination.

Goyal will hold discussions on the need and potential for closer industrial collaborations, further expand partnerships, and establish trade and investment linkages across priority areas.

External Affairs Minister S Jaishankar, who is on a five-day official visit to the United Kingdom to give 'new impetus to the friendly ties', Monday said India and Britain are currently focusing on a free trade agreement (FTA) and hoped that both the countries would find a 'landing point' workable for both of them.

 

The Indian foreign minister said the Agenda 2030 put greater emphasis on connectivity, trade, and working together when it comes to defence and security, health and all climate change.

 

'We are focusing on what is officially called an enhanced trade partnership. In common sense, it’s called FTA (a free trade agreement) 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.

 

Both countries have been negotiating a free trade agreement (FTA) since January 2022 with a target to significantly enhance the estimated GBP 36-billion bilateral trading partnership.

 

The FTA talks have undergone 13 rounds of negotiations, and the officials are hopeful of clinching a deal ahead of general elections in both countries scheduled for 2024.

 

Jaishankar also talked about his meetings with newly-appointed Foreign Secretary David Cameron, Defence Secretary Grant Shapps and Home Secretary James Cleverly.

 

He said the foreign Secretary on the first day of his job met him and it was extremely satisfying for him the 'commitment and support for the relationship'.

 

'We spent a lot of time talking about how to take it forward. I also, of course, met the Home Secretary, recently the 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,' Jaishankar added.

In a significant boost to the prospects of fresh fruit exports, the Agricultural and Processed Food Products Export Development Authority (APEDA), operating under the Ministry of Commerce and Industry, has facilitated the export of the first trial shipment of fresh bananas to the Netherlands, by InI Farms, via a sea route.

 

The first export consignment of one container of bananas to the Netherlands was flagged off yesterday (9th November, 2023) by APEDA Chairman Shri Abhishek Dev from Baramati, Maharashtra.

 

For the trial shipment of bananas, APEDA has enlisted the support of ICAR-Central Institute for Subtropical Horticulture (CISH), Lucknow for technical assistance while InI Farms has partnered with Del Monte for marketing and distribution in Europe, and Maersk for logistics.

 

The trial shipment of bananas to Europe was carried out by the APEDA-registered 'InI Farms,' a top exporter of fruits and vegetables from India and their produce being exported to over 35 countries worldwide. Over the past two years, the firm has made extensive efforts to enhance the quality and shelf life of bananas to meet the strict standards of the European market. As part of the Agrostar group InI Farms has also established a value chain for bananas by working directly with farmers.

 

During the event, the APEDA Chairman mentioned that the beginning of banana exports to the Netherlands would lead to higher prices and increased income for farmers. He also highlighted that this trial shipment would open up the significant export potential of the European market for Indian bananas.

 

The long-distance market and high costs were obstacles to starting commercial operations, and the export of the first trial shipment of bananas will help build capacities among Indian exporters and European Union (EU) importers by ensuring the export of quality fruits.

 

Despite being the world's largest banana producer, India's export share is currently just one percent in the global market, even though the country accounts for 26.45 percent of the world's banana production at 35.36 Million Metric Ton. In the fiscal year 2022-23, India exported bananas worth USD 176 million, equivalent to 0.36 MMT.

 

With the first trial shipment to the European market, it is estimated that India may be able to export bananas worth more than USD one billion in the next five years. This could also lead to an increase in the income of more than 25,000 farmers and create rural livelihoods directly for over 10,000 people in the supply chain and indirectly provide employment for over 50,000 people on farms.

 

The major export destinations for Indian bananas include Iran, Iraq, UAE, Oman, Uzbekistan, Saudi Arabia, Nepal, Qatar, Kuwait, Bahrain, Afghanistan, and the Maldives. Additionally, there are abundant export opportunities in countries such as the USA, Russia, Japan, Germany, China, the Netherlands, the UK, and France.

 

As India has been playing a larger role in banana trade with the Middle East for the last 15 years, it is estimated that exports will exceed USD 303 million in the fiscal year 2024.

 

Banana is a major horticultural crop grown in the states of Andhra Pradesh, Tamil Nadu, Maharashtra, Kerala, Maharashtra, Gujarat, Telangana, and Uttar Pradesh. Andhra Pradesh is the largest banana-producing state, followed by Maharashtra, Karnataka, Tamil Nadu, and Uttar Pradesh. These five states collectively contribute around 67 percent to India's banana production in the fiscal year 2022-23.

 

Other states that also produce bananas include Gujarat, Karnataka, Madhya Pradesh, Bihar, West Bengal, Assam, Chhattisgarh, Odisha, Mizoram, and Tripura.

 

The increase in the export of agricultural and processed food products is a result of various initiatives undertaken by APEDA to promote agricultural and processed food product exports, such as organizing B2B exhibitions in different countries and exploring new potential markets through product-specific and general marketing campaigns with the active involvement of Indian Embassies with a special focus on natural, organic, and Geographical Indication (GI) tagged agro-products.

 

APEDA is making continuous efforts in promoting exports of fresh fruits and vegetables and has initiated to develop sea protocols for other fruits which have significant export potential.

India's soymeal exports are likely to rise in coming months as concerns over soybean output in top producer Brazil lifts global prices to two-month highs, prompting buyers to turn to the south Asian country, industry officials said.

 

The revival in the exports of the animal feed could boost soybean crushing in India and the availability of soyoil, which could reduce imports of soyoil and palm oil by the world's biggest buyer in coming months.

 

Indian soymeal has become attractive because of the rally in U.S. soymeal prices, Hemant Jain, an exporter in Indore in the central state of Madhya Pradesh told Reuters.

 

'Until last month only Bangladesh, Iran and Nepal were making purchases. Now even Vietnam and other Asian countries have started making inquiries.'

US soymeal futures jumped 20% in five weeks as erratic weather has caused problems in the world's No. 1 exporter Brazil.

Indian traders have contracted to export around 300,000 metric tons of soymeal for shipments in November and December, mostly to Bangladesh, Iran, Nepal and Vietnam, traders said.

Anticipating export demand, soybean and soymeal prices in India surged in the last week, making exports less competitive, said Manoj Agrawal, managing director of Maharashtra Oil Extractions.

'There is an opportunity to export a good amount of soymeal in the next three months, but to make that happen, Indian prices need to remain on par with global prices,' Agrawal said.

 

While soymeal prices have improved, soyoil prices are under pressure because of record inventories of imported soyoil, effectively reducing soybean crushing margins, said a New-Delhi based dealer with a global trade house.

'Soybean crushing is on the rise, and there's a good demand for exports and from the local poultry industry. This will beef up our domestic soyoil supplies and put a cap on imports,' he said.

From a local brick-tea to textiles made from a Himalayan plant, over 15 products from Uttarakhand have been given the coveted GI tag by the Geographical Indications Registry.

 

Uttarakhand’s Berinag tea, highly sought-after by London tea houses and tea blenders, is made from the leaves of a plant that grows wild in the Himalayas, which are then compressed into a solid mass. Bichhu buti fabrics, made from Himalayan nettle fibres, was also on the list of products that bagged the GI tag. As the plant’s fibres are hollow, they have the unique ability to accumulate air inside, thus creating a natural insulation and making an ideal clothing material for both winters and summers.

 

The Uttarakhand mandua, a finger millet grown in Garhwal and Kumaon that is part of the staple diet in many parts of the State, was among the products granted GI tags. Similarly, jhangora, a home grown millet commonly cultivated in the rain-fed areas of the Himalayas in Uttarakhand, got a tag. Gahat is one of the most important pulses growing in the dry regions of the State, whose medicinal uses have been known to Ayurveda and traditional physicians for centuries. Uttarakhand lal chawal, a red rice organically grown in the Purola region, was also on the list.

 

Other products to receive GI tags included the Uttarakhand kala bhat (black soybean); malta fruit; chaulai (ramdana), a grain used on fasting days; buransh juice obtained from the red flowers of the Rhododendron arboreum; pahari toor dal; Uttarakhand likhai or wood carvings, Nainital mombatti (candles), the rangwali pichhoda of Kumaon, Ramnagar Nainital litchis, Ramgarh Nainital peaches, Chamoli wooden Ramman masks, and Almora Lakhori mirchis, a chilli variant.

India and Russia are planning a mega business meet on December 19 in Moscow amid unprecedented surge in trade volume and growing interests in investments.

 

The meet will focus on several tracks -- ‘Financial Cooperation’, ‘Cooperation in Pharmaceuticals and Healthcare’, ‘Support for Innovation and Entrepreneurship’, ‘Trade and Logistics’, ‘Tourism and Cultural Relations’, and ‘Digital Transformation and E-commerce’, ET has learnt.

 

In addition, forum will discuss ways to strengthen and develop business cooperation in key sectors, including energy, technology, manufacturing, and agriculture.

 

The dialogue will be attended by businessmen and the heads of federal ministries, agencies, and the regions of the Russian Federation, development institutions, and public organizations.

 

'Relations between Russia and India have deep historical roots and are based on mutual trust and respect. This is evidenced by the multi-format strategic partnership between the two countries. Today, it is crucial to emphasize the important role of business, which influences the stability and expansion of economic cooperation and bilateral trade. We see that the Russian and Indian business communities have mutual interest in each other, and we are observing an increase in the number of joint projects. I am confident that the platform of a business forum will once again become a place for the birth and implementation of new ideas,' Advisor to the Russian President Anton Kobyakov said.

 

Around 600 participants and 20–25 speakers are expected to attend the forum.

The Export-Import (Exim) Bank of India has forecast India’s total merchandise exports to touch $111.2 billion, a year-on-year growth of 6.3 per cent, during the October-December quarter (Q3) of FY2024.

 

Non-oil exports are forecast to amount to $88.1 billion, growing 7.7 per cent year-on-year, Exim Bank said.

 

The positive growth rates are expected after the negative growth seen during the first two quarters of the year. 'Positive growth in India’s exports could be as a result of improvement in India’s GDP growth outlook and expected global easing of monetary tightening spurring global demand,' it said.

 

'The outlook is, however, subject to risks of uncertain prospects for advanced economies, geopolitical shocks, and deepening geoeconomic fragmentation, among other factors,' Exim Bank said.

 

India’s total merchandise exports have consistently remained above $100 billion for nine consecutive quarters since Q2 FY2022, reflecting resilience amidst a challenging global economic situation, plagued by supply chain disruptions and geo-political tensions.

 

With these forecasts, India’s total merchandise exports for the first nine months of FY2024 are expected to amount to $323 billion, while non-oil exports could amount to $258 billion during the same period. Positive growth in exports is expected to continue in the last quarter of the financial year, it said.

 

As part of its continued research initiatives, Exim Bank has developed an in-house model to generate an Export Leading Index (ELI) for India to track and forecast the movement in India’s exports on a quarterly basis. The ELI gauges the outlook for the country’s exports and is essentially developed as a leading indicator to forecast growth in total merchandise and non-oil exports of the country, on a quarterly basis, based on several external and domestic factors that could impact exports of the country.