The J&K Department of Agriculture Production will apply for Geographical indications tag to 18 agricultural products from various regions of Jammu and Kashmir. Products that will be applied for this month are Ambri and Maharaji apples, Naak tang pears, Repora grapes, walnuts, red rice, shallots, Kashmiri long chilli, Lotus stem, water chestnut, Kashmiri haakh, Gushtaba, Tabakhmaaz, dried fish (Hogaad), Gurez Rajmash (kidney beans, pine nuts (Chilgoza), Phari (smoked fish) and Moth (Poonchi).

 

Additional Chief Secretary, J&K Government Atal Dulloo said that the department was taking proactive steps in increasing the production of indigenous crops as well as securing the identity of products that have a distinction from the region.

India and the EU have identified five areas including Carbon Border Adjustment Mechanism (CBAM) and foreign direct investment that would be discussed in their bilateral Trade and Technology Council.

 

Officials said that the two sides have established a work stream under the India-EU TTC wherein issues have been clubbed under five broad areas—market access, World Trade Organization, FDI, CBAM and global value chains. The work stream will address key issues in these areas.

 

'We have established a work stream under the TTC and issues have been clubbed under five broad areas to help address them in a focused manner,' said an official.

 

The TTC is a platform to address key trade, technology and security challenges of the two sides and its first meeting was held last month in Brussels. It is co-chaired on the Indian side by the ministers of external affairs, commerce and industry, and electronics and information technology.

 

On the EU side, the executive vice-presidents of the European Commission in charge of digital technology and trade co-chair it.

 

As per the official, one round of talks have happened on CBAM, which will kick in from October when domestic companies from seven carbon-intensive sectors including steel, cement, fertiliser, aluminium, and hydrocarbon products would have to seek certificates from the EU authorities to comply with the CBAM norms.

 

'Talks on CBAM are on with the EU,' the official said.

 

India has asked the EU to recognise its Carbon Credit Trading Scheme being finalised by the power ministry.

 

Though the EU has said that CBAM is a part of their climate action efforts, countries like India are of the view that it is a trade-related measure. India has told the WTO that carbon border measures are being selectively applied to 'trade-exposed industries' such as steel, aluminium, chemicals, plastics, polymers, chemicals and fertilisers, which reflects the underlying competitiveness concerns driving such measures.

The seventh edition of the Gitanjali Mango Festival began at the City Centre in Siliguri on Friday.

 

The three-day-long fest has been organised by Modella Caretaker Centre, in collaboration with the Association for Conservation and Tourism (ACT).

 

'Summer means the season of mangoes and it is rare to find a person who does not love the fruit. It is natural to have a fest for the national fruit of our country and hence, the event has been planned,' said Raj Basu, the convener of the ACT.

 

He said the fest couldn’t be held in the past couple of years because of the Covid-19 pandemic.

 

'We have participants from different parts of Bengal, other states and even the neighbouring countries of Nepal, Bhutan, and Bangladesh,' added Basu.

 

Altogether, 270 varieties of mangoes have been displayed at the festival.

 

'The special attraction of this year’s fests is the Kohitur variety. Nawab Murshid Quli Khan (the first Nawab of Bengal) brought the mango here and as of now, there are only 25 trees of the species left. Each Kohitur mango costs Rs 300,' said another organiser.

 

Japanese variety Miyazaki which costs around Rs 2.5 lakh per kilo is also on display, apart from Golapkhash, Lyangra and Suryapuri.

 

'Among the varieties, 20 species have been brought from Bangladesh. Around 80 mango growers from Malda, Murshidabad, Nadia, Burdwan, Purulia and North Dinajpur districts and from Bihar are participating in the fest. We also plan to promote rural tourism through the event,' said Basu.

 

At the fest, visitors will also have the option to check out different products made from mangoes. They include aam papad (mango wafers), aam guro (mango powder), aam ras (mango juice), pickles and items like mango pudding, mango shakes and custard.

 

Also, handicrafts and handloom items made in different parts of Bengal and in the neighbouring countries of Nepal, Bhutan and Bangladesh have been displayed at the event.

 

'There will be live music performances and even live demonstrations of handicrafts,' he added.

 

Among other events which would be held during thefestival are a mango eating contest, sit and draw, fashion walk, story writing, music, song and dance competition, screening of documentary films and cooking, sources said.

The Chief Economic Advisor to the Government of India, Dr V Anantha Nageswaran, on Monday said the real GDP growth for the year ending March 2023 was 7.2 per cent, which surpassed expectations, as the underlying momentum in the economy was quite strong. During an interaction with the Industry, organised by the Associated Chambers of Commerce and Industry of India (ASSOCHAM) here, Nageswaran explained the current state of the Indian economy and said the government was optimistic about its medium-term performance.

 

Addressing the gathering, he said while goods exports were on the weaker side in 2022-23 due to the war in Ukraine and oil price rise, services exports did very well for the country.

 

'We have a good story to share about the Indian economy. The real GDP growth for the year ending March 2023 was 7.2 per cent, surpassing expectations. The underlying momentum in the economy is quite strong. We expect the final number to be even higher than 7.2 per cent,' Nageswaran said.

 

He pointed out that the data shows that India's 4th quarter GDP of 6.1 per cent was actually much better than several other countries at this point.

 

Talking about the wholesale price index's deduction, he said it was not a drawback nor a drag on growth but 'it is actually going to lower input cost for our businesses as well'.

 

'The Wholesale price index is coming down because of the slowdown in oil prices and the slowdown in food prices and in fact it is now negative. So people think when the wholesale prices come down, it may lead to a slowdown in GDP growth. Yes. We are expecting 6.5 per cent GDP growth which is lower than last year's 7.2 per cent. But that is the trend growth that India will continue to achieve. In fact this number can be higher if the export sector also performs, but that is going to be a challenge,' he said.

 

The CEA acknowledged that merchandise export growth was something which needed continued efforts to maintain in order to keep our market share or gain the market share.

 

'That's where the industry has to invest in R&D, has to do better marketing etc and diversify our product range and focus on quality. It's going to be a hard grind for the rest of the decade because global growth is not going to be very strong in the rest of the decade but services sector growth is surprisingly doing well for us because many companies now rely on India not only for IT enabled services,' but others as well, he said.

 

Global companies rely on India even for accounting, risk management compliance, back office work and their dependence on India through global capability centres (GCC) have become much wider, he added.

 

He claimed that macroeconomic management in India has been prudent during pandemic when compared to other advanced nations.

 

'The overall macroeconomic management in India has been prudent and sensible, avoiding overstretching ourselves during the pandemic. This has contributed to our stable growth and inflation management,' he said.

 

Nageswaran said while the country has made significant strides, 'we must remain vigilant and continue our efforts' towards growth and development.

 

'While progress has been made, there is still work to be done,' he said.

 

He pointed out that there are nearly one lakh recognised Startups in India out of which over 43,000 are led by women.

In the first twelve months of the India-UAE Comprehensive Economic Partnership Agreement (CEPA), bilateral non-oil trade reached $50.5 billion, up 5.8% on year.

 

The two sides have more than doubled their non-petroleum trade target to $100 billion by 2030 from the earlier anticipated $48 billion, commerce and industry minister Piyush Goyal said on Monday after the first meeting of the joint committee of India-UAE CEPA. He also said that India is hopeful of an early outcome on the Rupee-Dirham trade with the UAE.

 

In the first three months of the year, total bilateral trade reached $13.2 billion, 16.3% higher than the previous quarter.

 

'There can be little question that our deal is having the desired impact,' said UAE’s Minister of State for Foreign Trade, Thani bin Ahmed Al Zeyoudi.

 

In the first three months of the year, total bilateral trade reached $13.2 billion, 16.3% higher than the previous quarter.

 

'For context, these figures came amid a sharp decline in global trade in the third and fourth quarters in 2022, proving that we have created a real nexus of growth,' Al Zeyoudi said.

 

The re-exports from India rose 24.5% in the first quarter, which as per Al Zeyoudi,

demonstrates the UAE’s role as a gateway to the world and an important bridge between Indian exporters and the markets of Middle East, Europe and Africa.

 

The CEPA was implemented on May 1 last year.

 

'Significant decision has been taken to iron out issues that the businesses had faced…We have a mutually agreed (for a) target of $100 billion bilateral trade by 2030,' Goyal said.

India is not considering allowing sugar exports until at least the first half of the next season, as the government is worried the El Nino weather pattern could reduce rainfall and dent production, government sources said on Monday.

 

India, the world's second biggest sugar exporter, usually decides the amount of the sweetener mills can export before the start of the new marketing year on Oct. 1. The delay in shipments from India could support global sugar prices trading near multi-year highs.

 

'The weather is a big negative factor. Last year, despite good monsoon rains, sugar production fell. This year, with El Nino, we can't take the risk of allowing exports early,' said a senior government official who did not want to be identified in line with official rules.

 

The El Nino weather pattern, which triggered most droughts that India faced during the past seven decades, could bring about extreme weather later this year.

 

'In any sugar season, it takes at least a few months to get a clear idea about production, and that's why we will wait until there's an absolutely clear picture about production,' said another government official, who also declined to be identified.

 

'As far as exports are concerned, we will not be in any hurry at all.'

 

A government spokesperson did not immediately respond to a request for comment.

 

At the start of the current sugar season to Sept. 30, 2023, the industry pegged this year's output at 36 million tonnes, which has been scaled down to 32.8 million tonnes.

 

Due to the lower output, India allowed exports of 6.1 million tonnes for this season. As the quota is exhausted, India is currently not exporting sugar.

 

Even if India agrees to allow exports later during the 2023-2024 season, New Delhi may not allow more than 4 million tonnes, the officials said. The government is keen to control food prices ahead of some state elections in 2023 and a general election in mid-2024.

 

The country exported more than 11 million tonnes in 2021/2022, an all-time high.

 

The world needs more Indian sugar and as early as possible since global prices are trading near 11-years high, said a Mumbai-based dealer with a global trade house.

 

'The delay in Indian exports will further lift prices, and will allow Brazilian sellers to demand even higher prices,' said a Mumbai-based dealer with a global trade house.

The delicious Ishad mango from Uttara Kannada has earned its much-awaited geological indicator (GI) tag and it is now being looked at as the beginning of its journey for international recognition like Alphonso mangoes.

 

Ishad mango, which is grown predominantly around Ankola, is tasty and contains a lot of pulp. 'The fruit was once canned and exported. We hope to revive its glory,' said Satish Kumar, Deputy Director, Department of Horticulture.

 

'The application for GI tag was made through Ankola-based Matha Totagars Farmers Producer Company (MTFPC) Ltd way back in March 2022. We had submitted the required documents to the Chennai-based Directorate, Geo Indicator species. They sought more documents and authenticity pertaining to heritage. Finally the status has been accorded,' he said.

 

Madhav Indra Gouda, Director, MTFPC, said that the mango variety has been cultivated for the last 400 years. After this tag, the MTFPC, which is an organisation of 300 farmers, has decided to propagate seedlings and encourage cultivation of this special mango.  'We have already ensured two products, pulp and squash, are ready for consumers,' he said.

Myanmar Commerce Minister U Aung Naing Oo on Monday expressed hope that a Rupee-Kyat trade arrangement between the two nations is finalised by June-end. Oo said trade volume between the two countries will double once the arrangement being worked out as Myanmar which has been hit by US sanctions is unable to earn sufficient foreign exchange to import goods from its trade partners.

 

'We are suffering from US sanctions since 2021 and it is becoming difficult to settle payment transactions with other countries in dollars', he said at an event organised by EEPC India here.

 

Under the special arrangement, Myanmar will accept Rupee payments for all its exports to India and use that rupee hoard to import from here.

 

To facilitate this, RBI has appointed Punjab National Bank (PNB) to open a special Vostro account for foreign trade with Myanmar. PNB in turn has approached two banks in Myanmar where these accounts will be opened.

 

The minister said 'negotiations between PNB and the central bank of Myanmar is going on and is expected to be completed by this month. Once this arrangement becomes operational, trade volume between the two countries will double'.

 

Oo said India is the eleventh largest investor in Myanmar with $ 775.11 million worth of investments.

 

He said India also was one of the main trading partners of Myanmar in the previous fiscal year. India had exported USD 820 million worth of goods to its eastern neighbor and imported goods worth USD 540 million.

 

Top exports from Myanmar to India include metal ore, natural rubber, plywood, fish, lentils and garments.

 

Myanmar's major imports from India include pharmaceuticals, petroleum products, chemicals, machinery, coffee and tea. India accounts for five per cent of Myanmar's international trade, he said.

 

Myanmar has already put in place similar trading arrangements with China and Thailand.

 

'We are going for this special arrangement with neighbouring countries to reduce our dependence on dollars,'Oo added.

 

The minister also said that Myanmar Central Bank and the RBI have mutually agreed in principle on a Rupee-Kyat payment system and standard operating procedures (SOP) to support this has been negotiated in lines with the foreign exchange policies of both the countries.

Union cabinet minister Piyush Goyal on Monday announced India and the United Arab Emirates (UAE) have agreed to raise non-petroleum bilateral trade worth $100 billion by 2030.

 

'We have agreed to look at non petroleum trade instead of just petroleum products in this bilateral trade. We have agreed to double non petroleum trade in next seven years by increasing imports to $100 billion,' said Goyal.

 

The remarks were made by the commerce minister in a joint press conference with UAE foreign trade minister Thani bin ahmed Al Zeyoudi which was held to discuss Comprehensive Economic Partnership Agreement (CEPA).

 

Major imported items by India from UAE include petroleum crude (US$ 12,756 million) followed by petroleum products (US$ 6,862 million).

 

CEPA which was signed between the two nations has earlier offered various benefits to the two nations. The agreement covers almost all the tariff lines dealt in by India (11,908 tariff lines) and the UAE (7581 tariff lines) respectively.

 

The UAE, with which India implemented a comprehensive free trade agreement in May last year, emerged as the fourth largest investor in India during 2022-23, according to a recent government data.

 

In the last fiscal, foreign direct investment (FDI) from the UAE to India jumped over three-fold to USD 3.35 billion from USD 1.03 billion in 2021-22, the data of the Department for Promotion of Industry and Internal Trade (DPIIT) showed.

 

UAE's investments in India are mainly in sectors like services, sea transport, power and construction activities. Major imported items by India from UAE include petroleum crude (US$ 12,756 million) followed by petroleum products (US$ 6,862 million), etc. during April-November 2022, as said by India Brand Equity Foundation (IBEF), started by Ministry of Commerce and Industry.

Wheat procurement during the ongoing Rabi Marketing Season (RMS) 2023-24 has progressed smoothly. The progressive procurement of wheat in the current season till 30.05.2023 is 262 lakh Metric Ton (LMT) which has already surpassed last year’s total procurement of 188 LMT by 74 LMT.

 

About 21.27 lakh farmers have already been benefitted from the ongoing wheat procurement operations with Minimum Support Price (MSP) outflow of about Rs 47,000 crore. Major contribution in the procurement has come from three procuring states of Punjab, Madhya Pradesh and Haryana with procurement of 121.27 LMT, 70.98 LMT and 63.17 LMT respectively.

 

The major contributing factors in healthy procurement this year has been the grant of relaxation by Government of India in quality specifications of wheat affected due to untimely rains; opening of procurement centres at village/ panchayat level; carrying out procurement through Co-operative Societies/ Gram Panchayats/ Arhatias, in addition to designated procurement centres for better outreach and permission to engage FPOs for procurement operations.

 

The rice procurement is also progressing smoothly. A quantity of 385 LMT of rice has been procured till 30.05.2023 during the Kharif crop of Kharif Marketing Season (KMS) 2022-23 with another 110 LMT yet to be procured. Further, a quantity of 106 LMT rice has been estimated to be procured during the Rabi crop of KMS 2022-23.

 

The combined stock position of wheat and rice in the Central Pool is over 579 LMT (Wheat 312 LMT and Rice 267 LMT) which has placed the country in a comfortable position to meet its requirements of food grains.