Senior officials of India and the UK will start the 13th round of negotiations for the proposed free trade agreement from September 4, an official said on Thursday. The two sides concluded the 12th round of negotiations on August 31.

 

Commerce and Industry Minister Piyush Goyal has recently stated that the negotiations between India and the UK for the proposed agreement are progressing and both countries are committed to concluding the talks as early as possible.

 

UK Business and Trade Secretary Kemi Badenoch was here recently to review the progress of talks. She also held bilateral meetings with Goyal and Finance Minister Nirmala Sitharaman.

 

Before the 12th round, the sides had concluded talks on 19 of the total 26 chapters in the FTA.

 

Investment is being negotiated as a separate agreement (bilateral investment treaty) between India and the UK.

 

The bilateral trade between countries increased to USD 20.36 billion in 2022-23 from USD 17.5 billion in 2021-22.

Ministry of Agriculture and Farmers Welfare in partnership with FICCI, CII & PHDCCI organised a National Conclave 'Unleashing the Potential of AgriTech Startups for the Benefit of Farmers,' here today. Secretary, Shri Manoj Ahuja, Additional Secretary, Shri Faiz Ahmed Kidwai, Joint Secretary (RKVY), Shri Ashish Kumar Srivastav and Joint Secretary (Extn.), Samuel Praveen Kumar along with other senior officers from Ministry of Agriculture & Farmers Welfare and representatives of FICCI, CII and PHDCII attended the conclave.

 

The conclave aimed to discuss and identify comprehensive support systems for Agri Startups in India that will foster innovation, sustainability, and profitability and make their solutions accessible to farmers. The conclave also explored strategies to overcome challenges, leverage technology, and capitalize on market opportunities to empower Agri Startups and drive positive impact in the agriculture sector.

 

FICCI organized two breakout sessions. The theme for session 1 was 'The State Government’s Vital Role in Building enabling ecosystem for AgriTech in partnership with state governments'. Session 1 brought out the challenges faced by start-ups at the state level and recommendations on how the state governments can help in building an enabling ecosystem to overcome these. The major recommendations includes- creating an AgHub: An inclusive agri innovation ecosystem, Agri Data Management Framework (2023), Creating a nodal agency for start-ups within the state governments, developing a start-up portal with a repository of information, knowledge and schemes with a chatbot facility, Start-up India can include exclusive website with information on agriculture start-ups.

 

The theme for Session 2 was 'Enabling Digital Public Infrastructure in AgTech: Enabling access of data to agri startups through public digital goods'. A few recommendations from the session were- core data sharing by government where private sector can also contribute, farmer data & land records (geo referencing & farm boundaries), build mechanism for data dissemination, value chain approach like procurement data can be integrated to the guiding principles, participation of state government is key.

 

CII organized a breakout session under the theme 'Empowering the Start-up Incubation Ecosystem to Translate Innovative Concepts into Practical Solutions for Farmers.' The session extensively deliberated on a synchronized and synergistic approach between start-ups and incubators, emphasizing its potential to significantly enhance positive outcomes in agricultural economics and the feasibility of establishing a direct connection with farmers during the final stages of technology implementation.

 

PHDCCI organised a Session on 'Social Innovations to make AgriTech Solutions Accessible to Farmers'. The panelists felt that there is a need to place the farmer at the heart of innovation. Supply chain and commodity focused innovations have not considered the farmer's ease of adoption and ROI on tech investments. There is a need for a demand/need-led Innovation ecosystem.

 

Simultaneously, a technical session was also held under the theme 'Policy Support for Enhancing the Startup Ecosystem' by CII. This session concentrated on the array of enabling policies that have been put in place by both the Central and State Governments to support agri startups. These policies are designed to facilitate their smooth initiation, early growth, and successful operations.

 

A Technical Session on 'AgriTech Innovation and Role of Social Networks in Technology Adoption' was also organised by PHDCCI. The panelists felt that there were tremendous opportunities in the agriculture sector for Start-ups and FPOs who by innovating and having sustainable business models can transform the lives of small farmers.

 

An exhibition was also organized during the conclave where various start-ups showcased their innovative products and technology. On this occasion more than 250 participants attended the conclave.

India's economy expanded 7.8% in the June quarter from a year earlier, accelerating further from the 6.1% growth recorded in the preceding quarter.

 

A smart recovery in services drove the economy as the numbers released on Thursday provided evidence of an investment revival with gross fixed capital formation rising 8% in the quarter from a year earlier.

 

The data also indicated a pick-up in consumer demand with private final consumption expenditure (PFCE) rising 6% in the first quarter of FY24 compared with a tepid 2.8% rise in the March quarter.

 

'Rural demand is on a recovery mode and the government's sustained capital expenditure push is crowding in private investments,' chief economic advisor V Anantha Nageswaran said on Friday after the data release.

 

Growth is expected to moderate going ahead with a waning base effect adding to a below-par monsoon, high inflation, elevated interest rates and an adverse global environment likely to weigh down demand.

 

Election spending

However, election spending and festive demand may support growth.

 

'We are going to now be entering the run-up to elections, which leads to a sharp increase in consumption expenditure. That's the silver lining,' said Pronab Sen, former chief statistician of India. He noted that the government is preserving fiscal space for a big boom in spending starting at the end of the third quarter. 'The Centre seems to be reserving its expenditure for the latter part of the year.'

 

Economists expect the strong Q1 start should deliver over 6-6.5% growth in FY24, a moderation from 7.2% in FY23 but a good showing given global headwinds.

 

'Factors like sustained buoyancy in services momentum and policy thrust to increase trend growth could counter downward pressures,' said Madhavi Arora, lead economist, Emkay Global Financial Services.

 

An ET Poll of 22 economists conducted a fortnight ago had pegged median growth in FY24 at 6.2%, slower than 6.5% projected by the Reserve Bank of India (RBI).

 

'Our current forecast of 6% GDP growth for this fiscal would make India the fastest-growing G20 country this year,' said DK Joshi, chief economist, Crisil.

 

Private capex revival, economists said, was important to sustain growth in the coming quarters.

 

'Amid evolving conditions, private capex will have to match up the pace to sustain growth momentum,' said Rajani Sinha, chief economist, CareEdge.

 

Investment, demand

Experts said there are signs of a private spending recovery taking place.

 

'Early signs of a revival of private corporate sector capex are becoming visible. The Industrial Entrepreneur's Memorandum (IEM) and Business Expectation Index (BEI) data is indicating that the Indian economy is at the cusp of a new private corporate capex cycle,' said Ind-Ra economists Sunil K Sinha and Paras Jasrai.

 

Finance minister Nirmala Sitharama told ET in an interview on Wednesday that private corporates had started to invest.

 

'I think the Indian private sector has come into the game... Investors are coming forward, industry is coming forward,' she had said.

 

Economists noted that the 6% rise in private final consumption expenditure was also a positive.

 

'Consumption growth is likely to be led by urban demand, with strong real urban wage growth and nascent signs of recovery in rural demand,' said Gaura Sengupta, economist, IDFC First Bank.

 

PFCE revival is key to a sustained recovery.

 

'The road ahead is not going to be easy so long as PFCE does not recover fully and become broad-based,' Ind-Ra economists said.

 

Services boost

Sluggish exports pulled down manufacturing, which grew 4.7% in the quarter, compared with 6.1% in the year ago.

 

On the other hand, financial, real estate and professional services grew in double digits at 12.2% while trade hotels, transport, communication and services related to broadcasting expanded 9.2%.

 

'The strong growth in real estate was indicated by stamp duty collections and pick-up in financial services was expected on the back of strong credit and deposit growth,' Sengupta said.

 

The construction sector recorded a 7.9% rise in the first quarter compared with 10.4% growth in the March quarter, whereas agricultural growth slowed to 3.5% from 5.5%.

 

'The impact of El Nino on this year's monsoon could bring agricultural growth under pressure and the spillover effect of this would be felt on food inflation,' Ind-Ra said.

India's exports increased to 776 billion USD from 500 billion, two years ago, and this spectacular growth was achieved notwithstanding the recession, the Russia-Ukraine war, and the difficult pandemic times, Union Commerce and Industry Minister Piyush Goyal said on Thursday. This remarkable achievement in two years was due to the efforts of Prime Minister Narendra Modi, who felt that both the Centre and state governments should collectively work in the spirit of cooperative federalism for the better future of all the citizens, he said while addressing the Confederation of Indian Textile Industry (CITI's) 11th Asian Textile Conference, here.

 

'Last year was a difficult period. Everybody felt that exports could not be sustained. But after growing from 500 billion dollars to 675 billion dollars in 2021-22, our exports rose to 776 billion dollars from 675 in 2022-23,' he said and added that this was a record achievement registered in two years' time.

 

'The Covid has not yet gone and despite the Russia-Ukraine war, India was the fastest growing economy, the fifth largest in terms of the size of GDP. The country was able to maintain the lowest inflation,' he said.

 

Later, speaking to reporters the Minister said the world was going through challenging times with the US, Europe and all other developed nations facing depression and recession.

 

'Even China has seen a fall in their economic activity. In this situation, I am very proud that our textile industry continues to hold firm and continues to do good work. I have no doubt in my mind that in the future also we will regain the lost glory of India, the lost glory of textile sector of India and Tamil Nadu will be in the forefront of it,' Goyal said.

 

On a visit to Coimbatore, the Union Minister inaugurated the renovated Southern India Mills' Association (SIMA) building and unveiled a bust of its founder R K Shanmukham Chetty. 'With 90 glorious years of SIMA, urged stakeholders to strengthen India's position on the global textiles map,' he said in a post on social media platform X.

The Uttar Pradesh government led by Chief Minister Yogi Adityanath is all set to solidify the state’s presence as the ‘Food Basket of India’ on the global stage through the International Trade Show to be held in Greater Noida.

 

In this mega trade show, to be held at the India Expo Center and Mart of Greater Noida from September 21 to 25, the food, dairy, and agro sectors and the state companies having a wide presence will be provided a big and significant platform.

 

While companies from various sectors worldwide will participate in this trade show, those from Uttar Pradesh in the food, dairy, and agriculture domains will receive priority. This not only enhances the branding of these companies from Uttar Pradesh but will also pave the way for their products to reach a broader global market.

 

Several big companies to register presence at the Trade Show

At the International trade show, prominent companies from the agriculture, food, and dairy sectors will have a significant presence. These include Patanjali, Haldiram, Priya Gold, Bikanerwala, Vaidyanath, Ritual Foods, Fresh Foods, Augustia Foods, Indian Beekeeper Shri Girija, Paras, Amul, Prime Foods, Gyan Dairy, Creamy Food Fair Export, and others.

 

Additionally, priority will be given to rural, small-scale, and cottage industries associated with food, agriculture, and dairy products at the trade show. Furthermore, stalls related to food processing departments, logistics warehousing, animal husbandry, pisciculture, dairy, and other major sectors will also be extensively represented at the trade show.

Notably, many of these companies have already booked their stalls, while others are in the final stages of completing the relevant procedures. In addition to this, GI tagging products related to food processing, including ODOP, will also be showcased at the trade show on a large scale.

 

Trade show will also focus on food-oriented concepts

It is noteworthy that at this trade show, whether it’s about cuisine delights being served or management concepts being discussed, food will be at the center of it all. The dishes that will be served to the dignitaries at the trade show will showcase the rich heritage and flavorful essence of Uttar Pradesh. These delectable offerings from the state will be served to the attendees of the trade show, further establishing Uttar Pradesh’s recognition.

 

Additionally, one of the sessions held during the event will be exclusively dedicated to the success journey of Mumbai’s ‘Dabbawalas’. Dr. Pawan Agrawal from IEML will share insights from the success journey of Mumbai’s Dabbawalas, along with factors and case studies focusing on their principles of logistics supply management, supply chain, and time management. This session aims to impart crucial management insights through the examples of Dabbawalas, providing valuable learning opportunities for those participating in the session.

Constant pest attacks and multiple plant diseases had impacted the city’s growing interest in urban gardening or terrace cultivation of vegetable crops during the post-pandemic era. After investing thousands of rupees in setting up infrastructure for terrace gardening, many were forced to give up their hobby due to pest attacks and lack of information on attending to types of plant diseases.

In some good news for urban gardeners and farmers, Indian Institute of Horticulture Research at Hesaraghatta has set up a ‘plant health clinic’ on its premises.

The facility, said to be the first of its kind and conceptualised by scientists and plant pathologists of IIHR, was inaugurated on Wednesday. Gardeners can bring samples of plants infected with diseases to the clinic and scientists will diagnose them free of cost and prescribe suitable cures.

 

India has permitted some rice shipments to Mauritius, Bhutan and Singapore for food security purposes after the South Asian nation imposed sweeping export restrictions to control domestic prices.

 

The world’s top exporter agreed to sell 79,000 tons of non-basmati white rice to Bhutan, 50,000 tons to Singapore and 14,000 tons to Mauritius, according to a commerce ministry notification late Wednesday. India said last month it would allow for exports of the variety if asked to meet the security needs of other countries.

 

The permission highlights the plight of several nations, which have been relying on India for their rice needs. Guinea has sent its trade minister to New Delhi to convince Prime Minister Narendra Modi’s government to exempt the West African country from the restrictions. Top buyers of Indian rice include Benin, China, Senegal, Côte d’Ivoire and Togo.

 

Concerns about a global supply squeeze and higher world food prices have increased after the world’s second-biggest producer and consumer tightened its curbs on rice exports. Asian benchmark prices of the grain, a staple diet for billions of people across the world, rebounded this week to trade near a 15-year high reached earlier this month.

 

India has restrictions on shipments of all varieties of the grain. It has imposed a 20% tax on parboiled rice exports, set a minimum export price on aromatic basmati and banned shipments of non-basmati white. The country accounts for almost 40% of the global rice trade.

 

While India’s announcement to sell to Singapore and other countries is in line with its earlier pledge to meet the security needs of other nations, the focus of the government will continue to be on cooling domestic food prices ahead of major festivals in November and an election early next year.