Union Minister of Commerce & Industry, Consumer Affairs, Food & Public Distribution and Textiles, Shri Piyush Goyal highlighted various reforms and schemes undertaken by the government to support the manufacturing ecosystem and welcomed the suggestions to catalyse the process for achieving economies of scale. While chairing the 'Chintan Shivir - Unleashing the power of India’s Manufacturing Industry' at Bharat Mandapam, New Delhi today, the Minister commended the attendees, recognizing their spirited engagement and unwavering dedication to propelling India's manufacturing sector to scale greater heights and to become globally competitive.

 

Shri Goyal also asked the industry to accelerate production activity and contribute in making India a global hub for manufacturing. The Minister emphasized the Government's steadfast commitment to providing consistent policies while acknowledging the pivotal role and the support from industry leaders. The presence of Union Minister of State for Commerce and Industry, Shri Som Prakash, further underscored the significance of the occasion, emphasizing the collaborative spirit driving India's industrial growth.

 

The Department for Promotion of Industry and Internal Trade (DPIIT), Ministry of Commerce and Industry in association with SCALE Committee and Invest India organized a 'Chintan Shivir - Unleashing the power of India’s manufacturing industry'. The event brought together industry leaders from across CII, FICCI, ASSOCHAM, ACMA, SIAM along with knowledge partners BCG and McKinsey. The event was successfully hosted at Bharat Mandapam, Pragati Maidan, New Delhi today. The conclave served as a crucial platform for discussing the challenges and opportunities within India’s manufacturing sector. The major focus was to understand and deliberate on increasing manufacturing capacities across various sectors and enhance contribution to GDP by 2030.

 

The event evoked enriching discussions on 12 sectors (Textiles, Capital Goods, Auto and EV, Defence, Aerospace & Space, Metals & Mining, Leather & Footwear, Energy, Food Processing, Chemicals, Medical Devices, ESDM Value Chains, Drones) from manufacturing industry on key topics such as creating manufacturing ecosystem, maintaining quality standards, promoting domestic value addition, government policies and support, fostering industry agility These discussions laid the foundation for innovative strategies, trade enhancement, integration with global supply chains and increased investments in the Indian Manufacturing Industry.

 

The presentations made by each sector encompassed a comprehensive industry snapshot, detailing the current and projected industry potential and export potential. The presentations delved into the critical enablers necessary for achieving these goals spanning the ecosystem, policy landscape, technological advancements, and skill development initiatives. Moreover, attendees experienced a detailed overview of the proposed collaborative plans between the government and the industry to drive these initiatives forward.

 

The discussions were the culmination to the sector-based brainstorming session of the working groups held with Industry Members and the SCALE Committee.

Finance Minister Nirmala Sitharaman on Thursday met Brazil's Minister of Economy Fernando Haddad and discussed various issues of mutual interest, including the strengthening of Multilateral Development Banks (MDBs). She also met UK Chancellor of Exchequer Jeremy Hunt and discussed Bilateral Investment Treaty among other issues.

 

'FM Smt. @nsitharaman thanked Mr. @Jeremy_Hunt for UK's strong and continued support to #G20India Presidency particularly in the Framework Working Group #FWG co-chair,' the finance ministry said in a post on X.

 

These meetings took place on the sidelines of the 4th G20 Finance Ministers and Central Bank Governors (FMCBG) and the IMF-WB annual meetings in Marrakech, Morocco.

 

Brazil will take over the G20 presidency from India on December 1 and will host the next G20 meeting in 2024.

 

Sitharaman wished Brazil success and assured full support.

 

'The two ministers discussed issues of mutual interest, including strengthening MDBs, mobilising finance for climate change, crypto assets, financing cities of tomorrow, advancing financial inclusion, managing global debt vulnerabilities, and BRICS expansion,' the finance ministry said in a statement.

 

With Brazil taking over the G20 chair in 2024 and India joining South Africa as part of the 2024 G20 Troika, she said, 'it is an excellent opportunity to provide positive momentum and elevation to the issues of the Global South, like the G20 Finance Track had done under the India Presidency to advance the interests of the Global South.'

In a convention of entrepreneurs held in Agra on Thursday under the aegis of the Laghu Udyog Bharati, Uttar Pradesh Chief Minister Yogi Adityanath extolled the success of his government, claiming that the state’s exports have increased by an unprecedented 250-fold in the last five years.

 

Addressing the 1,500 entrepreneurs from 60 districts of UP, the chief minister said that he had the privilege of associating with Laghu Udyog Bharati for the third time in three months. 'Earlier, Laghu Udyog Bharti was also a partner in the trade show in Greater Noida, in which 500 foreign industrialists were also present, and the whole world saw the potential of UP in the field of industry,' he added.

 

Adityanath pointed out that he got a chance to go to the International Expo in Bhadohi, where he realised that the entrepreneurs had been neglected in the state and were living in dismal conditions. 'India exports carpets worth Rs 17,000 crore every year, of which Rs 10,000 crore are exported from Bhadohi, Mirzapur, and Varanasi,' the UP CM added.

 

He further stated that small-scale industry is the backbone of the economy, meeting all the standards of low expenditure, less space and environment, and creating more employment. 'Providing employment and economic self-reliance to more families can be done only through small-scale industry.'

 

Highlighting the importance of small-scale enterprises, Adityanath said that with the blessings and inspiration of Prime Minister Modi, the work of reviving this sector was done through One District One Product (ODOP), in which efforts were made by the government to provide design, technology, packing, and market, which yielded good results.

 

Referring to the new MSME policy of UP, he said that today, when an entrepreneur opens a new industry, he does not have to take any NOC for 1,000 days; he can first prepare his product as the state government has provided good infrastructure and there has been significant development in this sector.

 

'Work is progressing rapidly; global investment has begun in Uttar Pradesh, and the state has received investment proposals worth Rs 38 lakh crore, which will create 1 crore 10 lakh jobs for the youth in the state. Together with the central government, the UP government will take the country’s most populous state on a forward journey for which all the facilities under Ease of Doing Business will be provided to entrepreneurs,' he added.

 

Speaking on the state government’s policy of zero tolerance towards crime, the chief minister said that the law and order system of UP has become an example, and his government will not allow anyone to play with the security of the state, 'no matter who it is.' 'If someone messes up, he will have to suffer the consequences. For the first time in the 2023 elections, law and order became an election issue, and the public was seen standing with the state government. We are getting immense support from the public on law and order,' Adityanath added.

 

He assured the entrepreneurs present that the state government has many such policies that solve the problems of industrialists at the local level. In all the districts, a problem-solving system has been created with the district magistrate and SP along with the commissioner at the divisional level. 'Industrialists can get all their problems solved there. No entrepreneur should be worried.'

 

He said that for the entrepreneurs who have registered in the GST, an insurance facility of Rs 5 lakh has been provided to industrialists; even if there is registration in MSME, there’s an insurance cover, and land banks have also been created.

 

Inspiring the small entrepreneurs, the UP chief minister said that if they move forward in business with clear intentions and better communication, no one can stop Uttar Pradesh from moving forward in the field of industry. 'The double-engine government is standing with the industrialists with full commitment to their safety and security.'

India and the UK are likely to sign a proposed free trade agreement (FTA) in the last week of this month. It will be New Delhi's first such comprehensive deal with an industrialised nation, seeking to spur bilateral annual business beyond the current $20 billion.

 

India has extended an invitation to UK Prime Minister Rishi Sunak to visit India on October 28 and ink the ambitious pact, people aware of details told ET.

 

Senior commerce and industry ministry officials on Monday made a presentation to the Prime Minister's Office on the agreement, the people cited said.

 

UK sees Customs as bureaucratic

Trade negotiators met in the UK last week to finalise the contours of the pact, they said. The two contentious issues of rules of origin and intellectual property rights are still being discussed.

 

'India has invited the UK Prime Minister to sign the pact on October 28. Both sides are keen to ink it,' said one of the persons cited above.

 

The UK will be the first developed country with which India is seeking to sign a comprehensive FTA.

 

The pact will have 26 chapters. Product-specific rules, value addition, change in the chapter heading, and certification are being discussed in the rules of origin chapter, where an in-principle agreement has been reached.

 

Work in progress

India has sought assurance that the UK will not be used to route goods from other countries, as New Delhi is keen to check its overall burgeoning trade deficit that hit $263 billion in FY23, up from $191 billion the year earlier.

 

On the UK side, there is a perception that the Indian Customs apparatus is too bureaucratic, requiring elaborate paperwork.

 

Also, the UK's life sciences and biotech sectors had suggested 37 changes to India's intellectual property rights laws.

 

Separately, the UK and the European Union (EU) have sought amendments in India's Patents Act to allow the 'evergreening' of patents, especially in pharma. Section 3(d) of the Patents Act prohibits the grant of 'evergreening' patents, which are additional patents for a drug with no therapeutic benefit, and are seen to increase the term of a patent monopoly - a red line for India.

 

Experts also said that as elections are due in both countries next year, a difference of views on some points couldn't be entirely ruled out.

Women and youth agri-preneurs still face challenges that prevent them from leading progress towards just and resilient agri-food systems, including lack of access to finance, limited land ownership, informal and unpaid work, and few opportunities to voice their needs. These were the lessons brought to the forefront by a panel of business leaders, model farmers, and scientists at the ongoing international gender conference at ICAR-NASC Pusa, here from 9-12 October 2023. 'From research to impact: Towards just and resilient agri-food systems', which is hosted by the CGIAR GENDER Impact Platform and the Indian Council of Agricultural Research (ICAR),and which was inaugurated by President of India Smt Droupadi Murmu on Monday.  

 

The second day of the four-day conference saw a total of 18 parallel sessions, including presentations of more than 80 scientific posters on topics such as remedies for reducing the drudgeries of women farmers in post-harvest processing of millets; assessments of gender gaps among women street vendors and hawkers; and gendered drivers of seed choice among farmers in Andhra Pradesh and Telangana.

 

Reiterating the significance of this conference, Dr Nicoline de Haan, Director of the CGIAR GENDER Impact Platform, said 'Globally, gender inequality in agri-food systems remains a very significant challenge – overall, women are often less food secure than men, and they are hit harder by external shocks, such as floods and droughts. We are combining research, evidence and practical understanding to guide policy-makers and investors towards best-bet solutions that can help us get on track to achieve Global Goals on gender equality and women’s empowerment.'

 

Speaking in a panel discussion on second day of conference were Smt. Anusha Jookuri,?Founder and Director of Bee Fresh Products, a honey producer company; Shri Dhruv Tomar, Founder and Managing Director of M Lense Research Private Limited, an outfit that produces single-use milk adulteration testing cards; Shri Jyotsna Kaur Habibullah, CEO of Lucknow Farmers Market, an online platform that links start-ups and consumers; and Dr. Akriti Sharma, CEO of Pusa Krishi, an ag-tech incubator, and Senior Scale Scientist at ICAR. The session, titled ‘Grounding the research: Experiences from the field’, was chaired by Dr. V. Geethalaxmi, Vice Chancellor, Tamil Nadu Agricultural University.

 

Shri Jyotsna Kaur Habibullah said when you go out in the fields, it is women that you see working on the fields, but those women neither own the land, nor get the proceeds from their hard work. Most of the time their works goes unnoticed and is unpaid. 

 

Smt. Anusha Jookuri, who grew her business from five to 1,500 beehives in four year, lamented the lack of access to finance, reporting that banks were reluctant to grant her loans when she first started, and are only willing now that she has already achieved business success.  

 

Shri Dhruv Tomar expressed that successful entrepreneurship takes persistence and patience, while Sharma added that capacity-building and technology assistance can support farmers to change their mindsets and become agri-preneurs.

 

The panelists’ experiences were complemented by a keynote presentation by Dr Soma K Parthasarathy, a policy analyst at MAKAAM (Mahila Kisan Adhikari Manch). She expressed how women and landless tenant farmers could redefine and drive resilience in agri-food systemsthrough a ‘basket of activities,’ including farming, gathering, and environmental care work.

 

Dr Parthasarathy proposed that a move towards circular economies—of solidarity, exchange, and co-ownership—could be achieved by granting women access to spaces in which they can make their voices heard, by making women count in data, and through exchanges of seeds. She added that women’s roles and voices in climate discourse as well as in the formulation of policies on land and forest conservation should be enhanced.

 

The session was closed by Shri Eleanor Dean, General Manager, Outreach & Capacity Building, at the Australian Centre for International Agricultural Research (ACIAR). Dean said that poverty and inequality are underpinned by unequal power relations that are not exclusive to gender, and this is one of the reasons why ACIAR has expanded its work to encompass not only gender equality but also social inclusion, as expressed in its recently published Gender Equity and Social Inclusion (GESI) Strategy and Action Plan.

The International Monetary Fund has raised India’s growth forecast by 20 basis points to 6.3 per cent FY24 and retained 6.3 per cent for FY25. IMF had predicted retail inflation to be at 5.5 per cent in FY24 before easing to 4.6 per cent in FY25.

 

'Growth in India is projected to remain strong, at 6.3 per cent in both 2023 (FY24) and 2024 (FY25), with an upward revision of 0.2 percentage point for 2023 (FY24), reflecting stronger-than-expected consumption during April-June,' said IMF in its World Economic Outlook.

 

In its July WEO, the IMF had projected a growth rate of 6.1 per cent for India for FY24, up 20 basis points from the April forecast on the back of strong domestic investment.

 

The World Bank too has predicted India’s FY24 growth to be 6.3 per cent, while the Asian Development Bank has projected 6.4 per cent for FY24 and 6.7 per cent for FY25. However, both the finance ministry and the Reserve Bank of India have retained their 6.5 per cent growth estimate for FY24.

 

IMF has retained its global growth forecast unchanged at 3 per cent for 2023 while paring down the 2024 projection by 10 basis points to 2.9 per cent.

 

IMF also has projected India’s consumer price-based inflation to be 5.5 in FY24 before easing to 4.6 per cent in FY25. India’s monetary policy projections are consistent with achieving the Reserve Bank of India’s inflation target over the medium term.

 

IMF finds that global price risks are exacerbated by the proliferation of food export restrictions. 'Food security concerns prompted recent export restrictions in India, the world’s largest rice exporter. Risks to prices are tilted to the upside, stemming mostly from the ramifications of the end of the Black Sea Grain Initiative and uncertain effects of El Niño, possibly exacerbated by the proliferation of food export restrictions,' it said. However, global inflation may decline to 6.9 per cent in 2023 and 5.8 per cent in 2024.

 

The global lender also expects the country's current account deficit to remain at 1.8 per cent of GDP in FY24 and FY25. The IMF said that after the invasion Russian oil shipments rose to countries, including India. About 35 to 40 per cent of India’s crude oil imports came from Russia during April–June 2023, a stark rise from less than 5 per cent before the war in Ukraine. While India’s oil exports (mostly petroleum products) are small relative to its oil imports (mostly crude oil), India increased its oil exports to the European Union substantially, IMF said.

After allowing procurement of 100 per cent of production in case of tur (pigeon pea), urad (black matpe) and masur (lentil) at minimum support prices this year, the Centre is considering allowing more pulses and some oilseeds under it. However, the official procurement will depend on prices at agriculture market yards (mandis) as currently prices of some of these crops are ruling higher or at par.

 

In the Central Zonal Council meeting recently, co-operation minister Amit Shah is believed to have indicated that agri co-operative Nafed will be asked to buy 100 per cent of farmers’ production this year at minimum support prices (MSPs).

 

On June 6, the Centre announced its decision removing quantitative limit on procurement of tur, urad and masur under Price Support Scheme (PSS) for 2023-24 following approval by the committee of secretaries, with the objective to encourage farmers expand the area and increase production.

 

Move to raise acreage

'In order to boost domestic production, the government removes ceiling for procurement of tur, urad and masur under PSS for 2023-24 and farmers are free to sell any amount of their produce this year,' the Consumer Affairs Ministry had said in a release. The decision expected to increase the sowing area of tur and urad during current kharif and of masur in rabi season, it said.

 

However, according to the Agriculture Ministry’s compilation of sowing data from States, the pulses acreage in kharif 2023 was lower by 4 per cent at 123.57 lakh hectares (lh), compared with 128.98 lh in the year-ago period. Arhar, urad, moong, kulthi and other pulses all ended with a lower coverage.

 

The Agriculture Ministry, which manages the PSS scheme, moved the proposal well in advance before the CoS, headed by the Cabinet Secretary as it was apprehensive about production of pulses.

 

Stock limited extended

Under PSS, the government buys maximum 25 per cent of production of pulses and oilseeds from farmers at their minimum support prices (MSPs) when mandi rates fall below these benchmark prices. However, if States request, the ceiling is enhanced to 40 per cent.

 

The Centre had also imposed stock limit in June which got extended until December 31 for tur dal and urad dal, specifying wholesalers, retailers, big chain retailers, millers, and importers not to keep these pulses more than the specified limit.

 

Currently, the all India average mandi prices of tur are around Rs.9,561/quintal against its MSP of Rs.7,000, while that of urad at Rs.6,931/quintal against Rs.6,950/quintal MSP and moong Rs.7,877 against Rs.8,558/quintal MSP.

The Ministry of Agriculture and Farmers Welfare, the Small Farmers Agri-Business Association (SFAC), and the Common Service Centre (CSC) organized a Farmer Producer Organization (FPO) Mela at INA Market, Delhi Haat. The event saw participation from major FPOs representing various regions and offered a glimpse of the diverse array of products from over 20 FPOs.

 

The FPO Mela was not just an exhibition but an opportunity for visitors to immerse themselves in the natural essence of farm-fresh products. The concept of Farmer Producer Organizations (FPOs) has been pivotal in transforming the agricultural landscape in India. These are essentially groups of farmers who engage in commercial activities related to farming and crop production within their respective regions.

 

They offer farmers substantial discounts on wholesale prices for essential agricultural inputs such as seeds, fertilizers, equipment, and manure. Additionally, they play a significant role in helping farmers bring their finished crops and produce to the market, thereby contributing to the overall rural economy.

 

To enhance accessibility to markets for farmers, the government has been actively establishing FPOs in every block across the country. Currently, more than 2,165 FPOs comprising 8 lakh farmers are engaged in business activities through the online platform, ONDC.

 

Sanjay Rakesh, Managing Director & CEO of CSC SPV, highlighted the organization's commitment to improving the lives of rural citizens. He emphasized that agriculture plays a central role in their initiatives and that CSCs have an extensive presence in remote areas, offering services such as tele-consultation, crop insurance, e-veterinary, Kisan Credit Card, and PM Kisan schemes to farmers. The organization is actively participating in the formation of FPOs across the country, with Village Level Entrepreneurs (VLEs) playing a significant role in empowering farmers.

 

CSCs have been instrumental in providing rural citizens with easy access to various government services, including caste, income, domicile, character certificates, and employment registration. Their reach, extending to over 5.5 lakh CSCs in remote areas, has brought about significant changes in the lives of people through e-governance.

 

In India, there are an estimated 12 crore small and marginal farmers, typically owning less than 1.1 hectares of land. These farmers require access to both production and post-production functions, including technology, quality inputs, seed production, farming machinery, value-added products, processing, credit, investment, and, most importantly, markets. The formation of FPOs is a critical step to address these challenges and increase farmers' income.

 

FPO Mela not only highlighted the benefits of joining FPOs but also educated farmers about accessing FPO services. The government's focus on promoting FPOs is a welcome step that promises to empower farmers and boost the rural economy, ensuring a brighter future for small and marginal farmers in India.

 

Aggressive marketing strategy including support from the government can help Indian businesses tap $112 billion export potential in ten countries like the US and UK in three years, according to a study by FIEO.

Federation of Indian Export Organisations (FIEO) said that to tap this potential, a proper strategy is required.

It suggested the government to formulate a scheme to support participation of domestic industry in exhibitions, buyers-sellers meet, and roadshows in important cities of these ten countries to showcase Indian goods.

Besides, Indian missions in these countries should identify market access issues so that those problems can be resolved to promote shipments of domestic goods in those destinations as non-tariff barriers impact exports.

 

The missions can also help industry organise meetings with leading importers, FIEO said, adding active print and electronic media campaigns can be considered to show the prowess of domestic manufacturing capabilities in these countries.

'The top 10 countries with the value of untapped exports potential of $ 112 billion are the US ($ 31 billion), China ($ 22 billion), UAE ($ 11 billion), Hong Kong ($ 8.5 billion), Germany (7.4 billion), Vietnam ($ 9.3 billion), Bangladesh ($ 5 billion), UK ($ 5.4 billion), Indonesia ($ 6 billion) and Malaysia $ (5.8 billion),' the organisation said.

It said that due to global slowdown, rising interest rate and high inflation, the demand has taken a hit affecting India's exports also and in this backdrop, it is important to focus on untapped exports potential.

 

According to the study, there is a potential to increase exports of domestic products to these ten destinations and those goods include diamonds, vehicles, jewellery, electronic items, auto components, marine products, apparel, insecticides, iron and steel, tea, and coffee.

In the US, huge potential is there for diamonds ($ 3.7 billion), motor vehicles ($ 2.2 billion), jewellery ($ 1.4 billion), telephone sets and other voice/image transmission apparatus ($ 1.3 billion).

Similarly, exports of items like motor vehicles, auto parts, jewellery, bovine meat, shrimp, human hair, pepper, granite, castor oil and aluminium hold huge potential in China.

In Germany, domestic exporters can explore areas such as aluminium, coffee, apparel, cashew nuts, motor vehicles, and jewellery.

 

In the UK, exports of diamonds, jewellery, shrimp, wooden furniture, rice, black tea, turbojets, auto components, sandstone and baby garments can be increased, the study said.

Indonesia and Malaysia, according to the study, hold potential for iron and steel items, raw cane sugar, auto components, insecticides, aluminium alloys, copper cathodes, shrimp and pharma products.

Increasing exports help in creating jobs, boost domestic manufacturing and earn foreign exchange for the country.

The government is taking steps to boost India's outbound shipments and it is targeting to increase the goods and services exports to $ 2 trillion by 2030. It was $ 776 billion in 2022-23.

Finance Minister AHM Mustafa Kamal presided over the meeting on Wednesday (11 October).

 

As per separate proposals of the Ministry of Industries, the Bangladesh Chemical Industries Corporation (BCIC) will import a total of 60,000 tonnes of fertiliser of which 30,000 bulk granular urea will be imported from SABIC Agrinutrients Company of Saudi Arabia under a state level agreement while remaining 30,000 tonnes of bagged granular urea will be procured from Karnaphuli Fertilizer Company Limited of Bangladesh.

 

Some 100,000 tonnes of different kinds of fertiliser will be imported by the Agriculture Development Corporation (BADC) under the Agriculture Ministry.

 

Of the total import, the BADC will import 40,000 tonnes of DAP fertiliser from Ma'aden of Saudi Arabia, 60,000 tonnes of TSP fertiliser from OCP, SA of Morocco in two separate lots under state level agreements. 

 

State marketing agency Trading Corporation of Bangladesh (TCB) will purchase a total of 18,500 tonnes of lentil from local and international suppliers.

 

Of this, 6,000 tonneswill be procured through open tender method (OTM) from local suppliers while remaining 12,500 tonnes will be imported from international suppliers under direct procurement method.

 

The TCB will import 5 million (50 lakh) litres of soybean oil from local suppliers through open tender method (OTM).  

 

The committee approved three separate proposals of Public Works Department (PWD) for awarding contracts under the titles: 'Supplying fitting & fixing of Furniture', 'Supplying fitting & fixing of Curtain Accessories' and 'Supplying fitting & fixing of Home Appliance' at 1500 sft at number 02 of 20 storeyed Buildings of 136 Units Under the project of Construction of Rooppur Green city Residential complex at Ishwardi in Pabna.

 

However, costs of the procurements were not known as no briefing was held for reporters.