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19 Jun, 2023 News Image

Find ways to make sustainable and inclusive food systems focused on marginal farmers Prime Minister Shri Narendra Modi.

The G20 Agriculture Ministers’ Meeting during 15-17 June 2023 adopted the agreed outcome document titled 'Outcome Document and Chair’s Summary' . This historical consensus was reached after deliberations on various issues centred around the agriculture sector wherein leadership of G-20 developing countries was envisaged.

The Ministerial meeting started on 16 June 2023, with a plenary session with the welcome address by Shri Manoj Ahuja, Union Agriculture Secretary. This was followed by a video message by Prime Minister Shri Narendra Modi who graciously welcomed the excellencies and distinguished delegates. Prime Minister Shri Narendra Modi highlighting that agriculture sector lay at the heart of human civilization, called upon the G-20 Agriculture Ministers to work collectively to further the future of humanity by addressing the challenges faced by this sector.

Prime Minister Shri Narendra Modi emphasised on the four priority areas for discussion during the G20 Agriculture Ministers’ Meeting: (a) Promotion of agricultural diversity and improvement of social security systems to enhance food security and nutrition (b) Financing climate-friendly technologies and adopting a climate-smart approach based on agricultural system models for sustainable agricultural production (c) Strengthen infrastructure for small and marginal farmers, women and youth and make use of growing economic opportunities to promote inclusive agriculture value chains and food systems to enhance the resilience and efficiency of the chains (d) Leverage digital technologies to improve digitization for the transformation of agriculture and focusing on standardization of agricultural data platform which are a part of digital public goods.

Prime Minister Shri Narendra Modi stated that 2023 is also the International Year of Millets. Millets/ Shree Anna/ superfoods are not only good for health but also help farmers achieve sustainable livelihoods by promoting income diversification and building climate resilience. India’s commitment to share best practices, research and technologies in ancient grains and cereals was reaffirmed.

In light of the present global supply chain disruptions due to the pandemic and worsened by the impact of geopolitical tensions and climate change, Prime Minister Shri Narendra Modi urged the G20 member nations to explore ways to adopt agricultural practices for better soil health, crop health and yield and empower our farmers with innovation and digital technology.

Union Agriculture and Farmers Welfare Minister Shri Narendra Singh Tomar welcomed the ministers and Heads of Delegations (HoDs) to the plenary session. Dr Ramesh Chand, Member, NITI Aayog made a presentation on 'Global Food Security and Nutrition' highlighting the present day challenges and possible solutions. Union Ministers of State for Agriculture Shri Kailash Choudhary and Ms. Shobha Karandlaje, Director General of ICAR and Secretary of DARE Dr. Himanshu Pathak, Secretary - Department of Fisheries Mr. J.N. Swain along with other senior officials and high-level officials of G-20 countries and heads of invited organizations were also present.

Agriculture Minister also shared with his colleagues that India hosted the Voice of Global South Summit 2023 virtually under the leadership of Prime Minister Shri Narendra Modi during 12-13th January 2023. Voice of Global South Summit 2023 was held under the theme 'Unity of Voice, Unity of Purpose'. India’s goal was to consult developing countries not represented in G20, on their developmental priorities and what they expected India to achieve through its presidency. The idea was to ensure that developing countries feel better engaged with the G20 process and, in turn, G20 could produce better results to promote 'human-centric development.'

Highlighting India's achievements in the agriculture sector, Agriculture Minister mentioned that India’s approach towards food security and nutrition was guided by the G-20 Indian Presidency spirit of 'One Earth, One Family, One Future'. The commitment to achieve SDG 2 - ending hunger, and attaining food and nutrition security was also reiterated. Agriculture Minister also shared the importance of the launch of the mission on 'LIFE (Lifestyle for Environment' on the occasion of the United Nations Framework Convention On Climate Change (UNFCCC COP-26) by Prime Minister Shri Narendra Modi as it would lead to more efficient use of natural resources and reduce emissions.

Agriculture Minister lauded the G20 Members for their notable contributions towards making the Agriculture Working Group proceedings successful and historic which resulted in the welcoming of two key outcomes in the 'Outcome Document and Chair’s Summary' during the Ministerial meeting: (a) Deccan High Level Principles and (b) International Millets and Other Ancient Grains Research Initiative.

India’s efforts to steward and enhance the agricultural agenda were appreciated by all the G20 Members and deep gratitude was expressed.

The Deccan High-Level Principles demonstrated the G20 collective responsibility in reinforcing and complementing efforts across geographies in response to global food security crises by means of facilitating humanitarian assistance to countries and populations in vulnerable situations; enhancing availability and access to nutritious food and strengthening food safety nets; strengthening policies and collaborative actions for climate resilient and sustainable agriculture and food systems; strengthening resilience and inclusivity in agriculture and food value chains; promoting the one health approach; accelerating innovation and the use of digital technology and scaling up responsible public and private investments in agriculture.

Prior to this, three other important meetings were held in Indore, Chandigarh and Varanasi. During the G20 MACS meeting in Varanasi, ' International Millets and Other Ancient Grains Research Initiative (MAHARISHI)' was launched.

India's G-20 priorities in agriculture are focused on healing our 'One Earth', developing harmony in our ‘One Family’ and providing hope for a brighter ‘One Future’.

Source: pib.gov.in

19 Jun, 2023 News Image

Govt likely to come out with logistics cost estimate by Sept: DPIIT Official.

The government is working on a framework to assess the logistics cost in the country and is expected to get a realistic estimate by September, a senior DPIIT official said on Friday. At present, the government is going by certain estimates, which suggest that India's logistics cost stands at about 13-14 per cent of the country's GDP (gross domestic product).

Special Secretary in the Department for Promotion of Industry and Internal Trade (DPIIT) Sumita Dawra said that the government is coming out with its logistics cost framework.

'So our framework is being done with the help of our technical partner and it's almost done. But then we have to calculate and I think by the month of September, we will have realistic logistics costs in the country. We will define what are the components and we will have our own estimates,' she said while speaking at CII's conclave on trade facilitation.

Logistics cost plays a key role in facilitating trade and enhancing the competitiveness of traders.

The department conducted a workshop in March on the logistics cost framework, and a task force was set up to formulate a framework to determine the cost in the country.

The task force members include representatives from Niti Aayog, the Ministry of Statistics and Programme Implementation (MOSPI), the National Council of Applied Economic Research (NCAER), academic experts, and other stakeholders.

The government has rolled out a national logistics policy and PM Gati Shakti initiative to boost the competitiveness of the industry and cut logistics costs.

Speaking at the conclave, Sanjay Budhia, Chairman of CII National Committee on EXIM and Managing Director of Patton Group, said that continued focus on creating a paperless trading ecosystem by measures like faceless assessment, risk management system, and direct port delivery have started showing results at the ground level.

Source: economictimes.indiatimes.com

19 Jun, 2023 News Image

India weighs barter trade with crisis-hit Egypt in credit line talks - sources.

India is weighing a proposal to begin barter trade in goods like fertiliser and gas with Egypt as part of a wider deal that could see New Delhi extending a credit line worth several billion dollars to Cairo, sources told Reuters.

An agreement is likely to be announced later this month during Indian Prime Minister Narendra Modi's first visit to Egypt, which faces a prolonged foreign currency shortage, a source with knowledge of the matter said.

'The agreement would allow Egypt to make purchases in rupees and bartering is being considered as a means to settle this debt through the sale of Egyptian products that might be of use for India,' the source said.

India's foreign ministry is consulting with departments on their appetite for fertiliser and gas from Cairo as part payment for the credit line, an Indian official said.

New Delhi is keen to diversify its fertiliser imports, especially after 2021, when some Indian states faced shortages due to Chinese export restrictions and a record price surge.

As part of the facility, Egypt is keen to take wheat supplies, among other items, but New Delhi is unlikely to ship the grain due to its wheat export ban, the Indian official added.

India, the world's second-largest wheat producer, banned wheat exports in May 2022 to help control rising domestic prices, rescinding a plan to export 3 million tons of wheat to Egypt in the year 2022/23. Egypt now depends mostly on Russia for the grain.

'It's a negotiation. Which companies will be involved and in which commodities? All of that is still in discussion,' Egypt's supply minister Ali Moselhy told Reuters.

'There are a lot of discussions but up until now the model is not defined,' said Moselhy, who did not specify the size of a possible credit line.

The other sources from India and Egypt did not wish to be identified as they are not authorised to speak to the press.

India's external affairs ministry, finance ministry, trade minister, and Egypt's foreign ministry and trade ministry did not immediately respond to requests for comment.

India exported $4.11 billion of goods to Egypt in the last fiscal year, while importing $1.95 billion.

Egypt has deferred payments for its large wheat purchases, in some cases by months, due to shortage of funds, Reuters reported last month.

Egypt is trying to stabilize an economy hit by the pandemic and high commodity prices, prompting foreign investors to pull about $20 billion out of its financial markets.

Source: economictimes.indiatimes.com

19 Jun, 2023 News Image

Basmati rice favoured by exporters to be replaced by improved variety.

PUSA1121, a popular variety of basmati rice known for its aroma and long grains, and favoured by exporters, will no longer be recommended by the Indian Agricultural Research Institute, a top official said. The unit of the Indian Council for Agricultural Research (ICAR) would instead promote a new and improved variety of the aromatic rice labelled PUSA1885.

'PUSA1885 is the new alternative to PUSA1121 as all its characteristics such as aroma, grain length, off white colour and best cooking results have been retained while adding resistance to the pest attacks,' IARI director A K Singh said.

The new variety will require much less agrochemicals and will save farmers as much as Rs.3,000 per acreon pesticides, while the yield will be four to seven quintals more, he added. The yield of PUSA1121, introduced in 2003, typically ranges between 18-20 quintals per acre.

India exports some Rs.40,000 crore worth of basmati every year to North America, Europe and the Middle East. PUSA1121 is also a household name among rice eaters in the north India. In Punjab, the premium grain is grown in over 12 lakh acres. Neighbouring Haryana grows it on another 13 lakh acres.

Farm scientists say the gene pool of PUSA-1121 has weakened and it has lost its resistance to pest attacks, particularly neck-blast, forcing growers to resort to heavy sprays of fungicide tricyclazole.

The IARI will conduct farmer awareness drives to promote the new variety in the basmati growing states of Punjab, Haryana, UP , Himachal Pradesh and J&K, Singh said. They will be given seed packets of 1kg for trial. 'One kilogram of trial seeds can be multiplied to 500-800 kg...,' Singh said. In the recent past, some shipments of basmati rice from India have been rejected when traces of tricyclazole were found in them. Importing nations have since tightened rules to check for harmful chemicals in the rice.

Two other basmati varieties, PUSA1401 and PUSA1509, have also been replaced by PUSA1847 and PUSA1886. 'All three new varieties are resistant to pests and give 20% more yield than their older versions,' said Singh.

Exporters were, however, apprehensive that a change in nomenclature would confuse buyers.

'In my opinion, the acronym for the new varieties should have been similar such as Super PUSA1121 so that there is no confusion among the buyers,' said Ashok Sethi, an official of the Basmati Exporters Association. A sudden change in name may impact sales, he said.

The new varieties could benefit farmers for their higher yields and resistance to pests, said Vijay Setia, another exporter. Marketing the new varieties can be done once the improvements are evident, he said.

The Punjab government hopes that PUSA1885 will be grown over at least 20% of the total area under the premium crop, said Gurvinder Singh, director at the state agriculture department.

Source: hindustantimes.com

19 Jun, 2023 News Image

Chief of UN farm fund lauds India for reviving global focus on millets, exporting wheat to 18 countries.

The United Nations fund for agricultural development has lauded India for reviving focus on millets and exporting 1.8 million tonnes of wheat to 18 countries that faced an acute shortage of food last year in the wake of the war in Ukraine. Alvaro Lario, the president of the International Fund of Agricultural Development (IFAD), also said that India's G20 presidency has the potential to 'transform' the global food systems as some of New Delhi's priority areas are in sync with that of the UN body.

In an exclusive interview to PTI, Lario, a noted development finance expert, said the Indian expertise could support the agricultural and rural development in other countries in the Global South.

'We also appreciate India's exports of wheat - 1.8 million tonnes - to 18 countries facing an acute shortage last year in the wake of the war in Ukraine,' he said.

Lario was in India to attend the G20 agriculture ministers meeting.

The IFAD is a specialised agency of the UN that has been focusing on financing projects in various poor and vulnerable countries to help them battle poverty, hunger and food insecurity.

'India has also shown thoughtful leadership in South-South cooperation. I very much appreciate, for instance, India's focus on the revival of millets,' he said.

'We've seen that millets are an important crop for farmers to adapt to climate change, given that they're drought resistant, and to ensure nutrition in some of the poorest and most remote parts of the world,' Lario added.

The IFAD president said India can play a global role in its capacity as the G20 president to transform global food systems.

'India's G20 presidency has the potential to transform food systems. A food system includes all the aspects of feeding and nourishing people: growing, harvesting, packaging, processing, transporting, marketing and consuming food,' he said.

'Food systems have been shaken to the core in the last few years --cumulative shocks have reversed years of progress and exposed their weaknesses,' he added.

The Covid-19 pandemic, war in Ukraine and climate change have severely impacted the global food security that has triggered a food crisis in the African countries.

India has been strongly flagging the consequences of the Ukraine conflict on food, energy and fertilisers which have impacted the Global South or the developing countries

'The war in Ukraine has led to a humanitarian crisis. It has led to increasing food and fuel prices globally, which in turn is impacting the world's most vulnerable people,' Lario said.

'In addition to limiting the provision of grains, it is limiting affordable access to energy and fertilisers. This has been catastrophic for the ability of small-scale farmers - who grow at least one-third of the world's food -to keep producing food and also their ability to access markets,' he said.

Ukraine has been a major global supplier of wheat and the Russian invasion of the country resulted in a global food crisis as the supplies were badly hit.

Lario said the 'ripple effects' of the war in Ukraine, compounded with other ongoing crises, are a reminder that there is a need to invest heavily in medium to long-term development to avoid being caught again in a similar 'costly crisis'.

'The key areas identified by the Indian G20 presidency for food systems transformation - ensuring global food security and nutrition; promoting climate-smart agriculture; building inclusive and pro-poor value chains; and using digital technology to create smart solutions -- are the same areas IFAD is concerned about,' he said.

Lario also complimented India's overall success in becoming a food surplus country from a food deficit one.

'India has long been an important partner for IFAD -- it is a founding member, and our largest borrower, and also one of our top 15 donors. The impressive progress India has made, going from a food deficit to a food surplus country, can clearly serve as an example for countries facing similar issues,' he said.

The IFAD president said at New Delhi's invitation, IFAD has supported India to strengthen its focus and share its experience on local production systems and building markets and resilience.

'It is estimated that we need between USD 300 billion to USD 350 billion per year to revamp food systems. This is not even 3 per cent of the money wasted through the inefficiencies of the current global food systems each year,' Lario said.

'It is less than 0.5 per cent of the global GDP. The IFAD's expertise and long-standing partnership with governments can help make public investment more efficient, and food systems more attractive to private investors,' he said.

The IFAD president also noted that small-scale farmers produce up to 70 per cent of the food consumed in low and middle-income countries and they often bear the brunt of climate change and other natural disasters.

'We need climate finance both to mitigate emissions and to help economies adapt to the change. The current pace of action is not enough to meet global commitments under the Paris Agreement.

'Between 2017 and 2018, small-scale producers received only USD 10 billion, or 1.7 per cent of climate finance.,' he added.

Source: economictimes.indiatimes.com

19 Jun, 2023 News Image

India, US authorities working to quickly conclude pact for faster customs clearances.

India and the US are working to ‘quickly conclude’ the mutual recognition agreement (MRA) for authorised economic operators of both countries to expedite customs clearances, CBIC Chief Vivek Johri said on Friday.

The two countries in September 2021 entered into anA to recognise the AEOs of both countries. The AEO programme enables Customs administration to identify safe and compliant exporters and importers and to provide them with better facilitation.

Talking to reporters on the sidelines of a CII event, Johri said the customs authorities of India and the US had discussions to recognise the AEOs of both countries and give reciprocal benefits.

As part of the agreement, customs authorities of one country visit the other and evaluate their AEO programme and make sure that the features that are there for accrediting an entity as an AEO are strong enough to make the entity risk-free.

'That evaluation has already been done, and the language and the text of the agreement have also been worked out. Now it is going through vetting so we will try and conclude it quickly,' Johri said.

Asked by when the AEOA would be implemented, Johri said there is no fixed timeframe for it.

'There is a process that we have to go through and it goes to Cabinet for approval because it’s an international agreement. So we are going through the process,' said the chief of the Central Board of Indirect Taxes and Customs (CBIC).

In 2022-23, the US was India’s biggest trading partner and bilateral trade between the two countries stood at USD 128.8 billion.

India’s exports to the US were USD 78.54 billion, while imports were USD 50.24 in 2022-23.

India already has implemented similar AEOA agreements with other countries, like Korea. 'We are talking to the US and some other countries also,' Johri added.

Source: indianexpress.com

19 Jun, 2023 News Image

Mango exports to US double, realisation high.

India’s exports of Alphonos, Kesar and Banganpalli mangoes to the high-value the United States market has more than doubled in the current season (April-June) compared to the year-ago period, because of a decline in air freight and a new irradiation facility in Ahmedabad.

Sources told FE that mango exports to the US have crossed 2,000 tonne in the current season, up from 891 tonne in the 2022-23 season. The exports of Banganpalli and Kesar varieties have commenced this season to South Korea, another high value market. Exports to the United Kingdom is currently being undertaken.

Exporters said that Alphonso and Kesar varieties have been sold in the US market at a premium of $ 9/a kg and $ 7/ a kg respectively.

Trade sources said that one of the factors behind the spike in mango exports to the US and the UK this year has been the low cost of air freight rates, which rose sharply in the last few years because of the pandemic, has ‘normalised’ since then.

'The price gap between an Indian mango and those sourced from South American countries has reduced and because Indian mangoes are sent through air freight, its aroma and freshness is preserved while mangoes from South America is transported through road to the USA,' Kaushal Khakhar, CEO, Kay Bee Exports, one of the leading mango exporter from Maharashtra, told FE.

Currently, mangoes exported to the US undergo an irradiation process, where fruit is exposed to gamma radiation, which kills insects or pesticides inside the fruit while countries such Japan and South Korea seek imports of fruits which have undergone vapour heat treatment and hot water treatment for eliminating presence of pests.

Officials said that the irradiation facility at Gujarat Agro Industries Corporation, Ahmedabad, along with similar facilities at Vashi (Navi Mumbai), Nasik and Bengaluru has helped expand mango exports to a high value market such as the United States.

The exports of mangoes were halted in 2020 and 2021 as inspectors from the United States department of agriculture (USDA) could not visit India for inspection of irradiation facilities due to travel restrictions because of Covid19.

The Agricultural and Processed Food Products Development Authority (APEDA) has assisted state government agencies in setting up vapour heat treatment facilities in Saharanpur (Uttar Pradesh), Vashi (Maharashtra), Nuzvid and Tirupati (Andhra Pradesh).

India is the world’s largest producer of mangoes, followed by China. However, it exports less than 1% mainly because of lack of sea container protocol and air freights are expensive. The uniqueness of Indian mangoes is its sweetness and smaller size.

For mangoes exports, APEDA has identified 15 clusters in Maharashtra (Ratnagiri and Sindhudurg), Gujarat (Junagarh, Valsad, Kutch and Navsari), Uttar Pradesh (Saharanpur, Meerut and Lucknow), Telangana (Rangareddy, Mehboobnagar and Warangal) and Andhra Pradesh (Krishna, Chittoor and Kurnool).

In 2022-23, the United Arab Emirates (46%), United Kingdom, US (9%), Qatar (8%) and Kuwait (6%), had 84% share in India’s value of fresh mango exports.

Source: financialexpress.com

19 Jun, 2023 News Image

Enabling clause. G2G demand for broken rice mostly from African nations, say officials.

The Directorate General of Foreign Trade (DGFT) put an enabling clause last month in its prohibition order for export of broken rice allowing exports on government to government (G2G) basis in order to meet requests from some African nations, official sources have said.

'There is only limited G2G demand for broken rice. It is mostly from African nations. When the DGFT came up with prohibition order on export of broken rice, the government had thought that there would be no demand from governments as there are sources other than India. But then the situation changed,' an official tracking the matter told businessline.

According to a notification issued by the DGFT on May 22, while the export policy of broken rice is prohibited, exports will be allowed on the basis of permission granted by the government to other countries to meet their food security needs and based on the request of their government.

'If you look at our previous export ban notifications for wheat and wheat flour banning, we kept a provision like this allowing exports on a G2G basis in the original notification itself. In the case of notification on export ban on broken rice, such a provision was not there. Hence, an amendment had to be done when requests for exports started coming in,' the official said.

The requests for exports have come in for small quantities which will not affect India’s domestic stocks or food grain availability, the official said.

'It is mostly African countries that put in requests for broken rice, at least till recently. The exports on a G2G basis are unlikely to make a any significant dent in India’s food grain stocks,' the official said.

Export ban impact

The Centre placed a ban on export of broken rice in September 2022 due to an increase in its price, a shortage in supply for domestic requirements, and a steep increase in exports.

India’s exports of broken rice fell 13.9 per cent in 2022-23 to $983.5 million from $1.13 billion the previous fiscal. Exports got heavily curbed after the export ban.

India’s wheat and rice stock in the Central Pool is comfortable at over 57.9 million tonnes (mt) and the country can meet its foodgrain requirements, the Food Ministry said in a statement earlier this month.

Source: thehindubusinessline.com

19 Jun, 2023 News Image

Revolutionising agriculture & FMCG: India s ambitious plan for world s largest grain storage capacity.

Agriculture remains a vital pillar of the Indian economy and plays a central role in the nation’s socio-economic development. It contributes approximately 19 per cent to the GDP and supports a significant majority of the population, with about two-thirds of people relying on it.

The performance of agriculture has far-reaching implications for the growth of other industries and the overall economy, as it is interconnected through backward and forward linkages. It not only serves as a source of livelihood and food security for a large portion of the Indian population but also holds special importance for many FMCG organisations.

According to the National Sample Survey, the average monthly income per agricultural household has witnessed a notable increase from Rs.6,426 in 2012-13 to Rs.10,218 in 2018-19. The government has implemented various measures in targeted areas to bolster farmers’ income. The PM KISAN Scheme ensures income support for farmers, while the Pradhan Mantri Fasal Bima Yojana provides crop insurance coverage. Additionally, the Pradhan Mantri Krishi Sinchai Yojana focuses on enhancing irrigation facilities.

Farmers also have access to institutional credit through initiatives such as the Kisan Credit Card and other channels. More recently, the Union cabinet approved a scheme that plans to allocate Rs.1 trillion towards expanding cooperative sector storage capacity by 70 million tonnes. This ambitious project, set to become the world’s largest grain storage plan within the cooperative sector, aims to address key challenges faced by farmers and strengthen the country’s food security.

Let us delve into the significant benefits that this ambitious plan holds for India.

Empowering farmers, expanding opportunities

The increase in grain storage capacity on such a monumental scale will empower farmers to think beyond traditional boundaries. With the ability to store their produce effectively, farmers can now explore large-scale production and tap into export markets. This newfound flexibility will enable them to maximise their outputs, leading to increased incomes and a brighter future for farming communities across the nation.

Price stability, reduced distress sales

Inadequate storage facilities often force farmers into distress sales, negatively impacting their income and perpetuating a cycle of losses. However, with a significant expansion in storage capacity, the risks associated with crop damage and distress sales can be minimised. The availability of proper storage infrastructure will ensure that farmers can store their produce efficiently, reducing wastage and stabilising prices. This stability will not only benefit the farmers but also provide consumers with a consistent supply of essential food grains at reasonable prices.

Economic impact, raw material availability

The scale of this storage capacity expansion will have a profound impact on the Indian economy as a whole. With a more stable agricultural sector, India can become a reliable source of raw materials throughout the year, bolstering various industries such as food processing, FMCG, and agribusinesses. This reliable availability of raw materials will enable these sectors to flourish, attracting investment, creating jobs, and boosting economic growth in both rural and urban areas.

Strengthening food security, meeting global commitments

Food security is a global concern, and India, as a member of the G20 and currently holding the G20 presidency, recognises the importance of addressing this issue. By significantly increasing grain storage capacity, India aims to enhance its food security measures, reducing its reliance on food grain imports. With a more robust storage infrastructure, the country can better manage its buffer stock and ensure a consistent supply of essential food grains to its citizens. This achievement aligns with the goals set by the G20 in achieving sustainable food security for all. Through this concerted effort, India aims to contribute to a more secure and resilient food system, ensuring a consistent supply of nutritious food for its citizens and beyond.

Job creation, rural development

The expansion of storage facilities in rural areas will create numerous employment opportunities. The construction, management, and maintenance of warehouses and storage units will generate jobs, boosting rural development and improving the standard of living for those residing in agricultural communities. The increased economic activity in these regions will lead to overall prosperity and contribute to the equitable growth of the nation.

Boosting FMCG sector, sustainable agriculture

The FMCG sector will experience a significant boost as a result of this ambitious storage capacity plan. With improved storage infrastructure, the sector can rely on a consistent and abundant supply of raw materials, enabling them to scale up production and meet growing consumer demands. This expansion will foster innovation, investment, and competition, resulting in a dynamic FMCG sector that contributes to the country’s economic growth. Additionally, sustainable agricultural practices can be encouraged through the efficient management of stored grains, reducing wastage and promoting resource conservation.

Conclusion

India’s ambitious plan to establish the world’s largest grain storage capacity in the cooperative sector is poised to revolutionise agriculture and the FMCG industry. By empowering farmers, stabilising prices, strengthening food security, creating jobs, and bolstering the FMCG sector, this visionary scheme promises to transform the agricultural landscape of the country. As India works towards achieving its global commitments and fostering sustainable agricultural practices, the storage capacity expansion plan stands as a shining example of India’s dedication to economic growth, food security, and rural development.

Source: thehindubusinessline.com

16 Jun, 2023 News Image

India s overall exports in May 2023 stands at US$ 60.29 Billion.

India’s overall exports (Merchandise and Services combined) in May 2023* is estimated to be USD 60.29 Billion, exhibiting a negative growth of (-) 5.99 per cent over May 2022. Overall imports in May 2023* is estimated to be USD 70.64 Billion, exhibiting a negative growth of (-) 7.45 per cent over May 2022.

Table 1: Trade during May 2023*

		May 2023 (USD Billion)	May 2022 (USD Billion)
Merchandise	Exports	34.98	39.00
Merchandise	Imports	57.10	61.13
Services*	Exports	25.30	25.13
Services*	Imports	13.53	15.20
Overall Trade (Merchandise +Services) *	Exports	60.29	64.13
	Imports	70.64	76.32
	Trade Balance	-10.35	-12.20

* Note: The latest data for services sector released by RBI is for April 2023. The data for May 2023 is an estimation, which will be revised based on RBI’s subsequent release. (ii) Data for April-May 2022 has been revised on pro-rata basis using quarterly balance of payments data

Fig 1: Overall Trade during May 2023*

India’s overall exports (Merchandise and Services combined) in April-May 2023 is estimated to exhibit a negative growth of (-) 5.48 per cent over April-May 2022. Overall imports in April-May 2023 is estimated to exhibit a negative growth of (-) 9.63 per cent over April-May 2022.

Table 2: Trade during April-May 2023*

		April-May 2023 (USD Billion)	April-May 2022 (USD Billion)
Merchandise	Exports	69.72	78.70
Merchandise	Imports	106.99	119.18
Services*	Exports	51.14	pib.gov.in
Services*	Back to First Prev … 377 378 379 380 381 382 383 384 385 386 … Next Go to Last