The closing ceremony of the four-day long Uttarakhand Shree Anna (Millets) Festival took place today in Dehradun under the chief hospitality of the Union Agriculture and Farmers’ Welfare Minister, Shri Narendra Singh Tomar. Shri Tomar said that Shree Anna has only benefits, especially our small farmers are greatly benefited by it. With the increase in their income from Shree Anna, the country's economy will get a boost.

 

Union Minister Shri Tomar said that consumption of Shree Anna is the means to stay healthy. Shree Anna is full of nutrition, which costs less to the farmers to grow, it does not require fertilizer, it can be cultivated easily even in low rainfall. In order to increase the income of small farmers, to keep people healthy and to give a respectable place to food grains in the country and the world, Prime Minister Shri Narendra Modi proposed it on the global stage through the United Nations, which was supported by 72 countries and the UN declared 2023 as the International Year of Millets. The importance of Shri Anna is being spread through this year's event under the guidance of Prime Minister Shri Modi. Agri-startups will increase with Shree Anna, employment opportunities will increase, production and productivity will increase, as well as processing and exports will also increase, which will boost the country's economy. Thus, Shree Anna has many dimensions.

 

Shri Tomar said that Prime Minister Shri. Modi has a vision to bring a radical change in the standard of living of the poor including making toilets in their homes, providing electricity, building Pradhanmantri Awas, progress of poor women through self-help groups. The country's economy should increase, development should increase, industries should increase, Make in India, Startup India, Skill India and our country should not only be powerful, but should become such a superpower that people are forced to accept India's iron in the whole world. This type of multidimensional thinking belongs to the Prime Minister. Shri Tomar said that as a result of Prime Minister's efficiency, vision and hard work, India's reputation is increasing in the whole world. Regardless of whether someone agrees with us or not, when it is discussed on any global platform, when it comes to the economy, then the economists of the world are forced to say that in the coming tomorrow, the world is going to move forward rapidly. If there is any economy, then it is India. It is a matter of great fortune and pride for us.

 

Shri Tomar said that the Prime Minister has left no stone unturned to make the specialty of India to the specialty of the world. Yoga is the ancient method of India, which was gradually becoming extinct, which Swami Ramdev campaigned to make it a place in every house, while Prime Minister Shri Modi propounded the characteristics of Yoga in the United Nations and urged the whole world to celebrate Yoga Day, through which the Indian Yoga style has resonated all over the world today. Yoga is necessary to stay healthy. Mr. Tomar said that ever since the formation of the government at the Center under the leadership of Mr. Modi, he has consistently given priority to the agriculture sector. In the year 2014, the budget of agriculture was about 21 thousand crore rupees, which has increased about 1.25 lakh crore rupees today. That is, there has been an increase of more than five times. For income support to small farmers, the Center has deposited Rs 2.40 lakh crore in the bank accounts of crores of farmers through the PM-Kisan scheme. Similarly, the Ministry of Agriculture has taken steps and increased the allocation of funds in every direction, including the protection cover for the farmers insured by the Pradhan Mantri Fasal Bima Yojana, increase in food grain productivity, emphasis on organic and natural farming. Shri Tomar said that the Devbhoomi of Uttarakhand covered with diverse climate is very favorable for agriculture. For the last five years, the Government of Uttarakhand is playing a leading role in the proper implementation of the schemes of the Ministry of Agriculture in Uttarakhand and in making their benefits available to the farmers. May Uttarakhand move forward in every field of agriculture, wherever the central government is needed, the Government of India including the Prime Minister will always stand shoulder to shoulder with the Devbhoomi.

 

Agriculture Minister of Uttarakhand Shri Ganesh Joshi, Finance Minister Shri Prem Aggarwal and other public representatives, Acharya Shri Balakrishna, senior officials of the state, farmers and representatives of startups were present in the function.

In the era of volatility and uncertainty, it's important to de-risk the global economy and yet to ensure that there is very responsible growth, External Affairs Minister S Jaishankar has said. His remarks came following the first meeting of the India-EU Trade and Technology Council (TTC) held here on Tuesday. The meeting, co-chaired on the Indian side by Jaishankar, Commerce and Industry Minister Piyush Goyal and Communications, Electronics and IT Minister Rajeev Chandrasekhar, covered key focus areas of strategic technologies, digital governance and green energy technologies.

 

Jaishankar described it as a 'very good meeting'.

 

'It's been a very strong start. And there is a context to what we are doing. In this era of volatility and uncertainty, it's important to de-risk the global economy and yet to ensure that there is very responsible growth,' Jaishankar told the media.

 

 

'So a lot of what we discussed related to resilient and reliable supply chains, to trust and transparency in the digital domain; in the fact that we today will have to focus on how to get the best out of a global talent pool in a knowledge economy,' he said.

 

He said during the course of the meeting one of his colleagues described this as a techade- a decade which is going to be shaped by technology.

 

'And our effort has been to create the trusted collaboration so that we ensure that in this era with all its challenges globalisation remains strong, that we remain open economies; that we are able to forge ahead in various areas,' he said.

 

'We have three working groups that met today. We had a stakeholders consultation. And I think what was most important-we had a clear plan for and calendar for how we are going to go ahead,' he added.

 

In his opening remarks at the meeting, Jaishankar said India-EU Trade and Technology Council (TTC) is a significant milestone in the strategic partnership between India and the European Union due to its focus on critical domains.

 

'We are obviously important partners for each other but what the TTC represents is a focus on key domains that are critical to both the global economy and global security,' he said.

 

'Today the challenge is to address simultaneously the dual requirements of responsible growth and de-risking global economy. This means promoting resilient and reliable supply chains and additional drivers of global production and growth. It means ensuring trust and transparency in the digital domain including cross-border flows. It means embracing low-carbon growth while ensuring that this does not create critical vulnerabilities,' he added.

 

In each of the focus areas of the TTC strategic technologies, digital governance and connectivity clean and green energy technologies and resilient value chains, India has experiences to share in terms of innovation, production and deployment, Jaishankar said.

 

The minister highlighted that India has a crucial role to play in all aspects and also with regard to its impact on the global talent pool.

 

'It is our expectation that TTC would become the crucial platform for the exchanges in this regard so that we arrive at both policy and business decisions in the relevant domains,' he said.

 

'Just concluded an extremely productive 1st India-EU Trade and Technology Council meeting. Thank European Commission VPs @vestager and @VDombrovskis for hosting the Indian Ministerial delegation,' Jaishankar tweeted after the meeting.

 

'On strategic technologies, digital governance and connectivity; clean and green energy technologies; resilient value chains, our discussions were truly meaningful. Exchanged perspectives on economic security; cooperation in third countries including connectivity and derisking the global economy. Confident that this mechanism will further energise our strategic partnership,' he tweeted.

 

The TTC was launched by Prime Minister Narendra Modi and the President of the European Commission, Ursula von der Leyen, during her visit to India in April last year. It led to the creation of three Working Groups under the TTC: the Working Group on Strategic Technologies, Digital Governance and Digital Connectivity; the Working Group on Green and Clean Energy Technologies; and the Working Group on Trade, Investment and Resilient Value Chains.

As part of the first Ministerial meeting of India-European Union Trade and Technology Council (TTC), a Stakeholders Event for Working Groups 1 & 2 was co-chaired by Sh. Piyush Goyal, Union Minister for Commerce & Industry, Textiles, Consumer Affairs, Food & Public Distribution is one of the co-chairs along with Dr. S Jaishankar, External Affairs Minister (EAM) and Sh. Rajeev Chandrashekar, Union Minister of State for Electronics and Information Technology (MEITY) on the Indian side and  Ms. Margrethe Vestager, Executive Vice President of European Commission, and Mr. Theirry Breton, European Commissioner, on the EU side.

 

The event was attended by 18 stakeholders, from various business sectors both India and EU presented their views and suggestions. From the Indian side, there were five stakeholders who represented the digital and technology sector (Working Group 1) while three represented clean and green energy technologies (Working Group 2).

 

The discussions included issues on digital technologies, innovations and disruptions; interoperability for cross border merchant payments; re-globalisation; enabling harmonised standards, regulations and policies to enhance digital trade and investment between India and the EU; digital transformation to scale, need to reskill and improve talent; certifications enabling new innovations and technologies; engagements on production of green hydrogen; battery systems and recycling; scaling up charging systems for better access; waste and water management, etc.

 

Sh. Piyush Goyal, in his address and subsequent interventions, underscored the importance of new digital technologies and their transformations helping to reskill and upskill existing talents. The Minister informed that mutual recognition of degrees/courses would enable joint skill development on both sides. He also suggested that in order to have deeper understanding based on mutual sensitivities, working groups need to engage periodically and identify separate tracks for skilling and talent, semiconductor ecosystem etc. to move towards clear and identifiable deliverables.

Commerce and industry minister Piyush Goyal on Tuesday said that the intention of the EU’s Carbon Border Adjustment Mechanism (CBAM) is not to create a barrier to trade and the two sides are engaged to 'find the right solutions' for it.

 

Addressing the media after the first India-EU Trade and Technology Council meeting in Brussels, he also said that India has to keep tariffs high on many products at times to compete with certain geographies which are 'very non-transparent' and the developed countries are the 'unintended consequence of the high tariffs'.

 

'The CBAM is a mechanism that the European Union has proposed and we remain engaged with the European Union. I'm sure that the intention is not to create a barrier to trade but to find a way forward,' Goyal said.

 

The mechanism, which is due to kick in from October, will impact India’s steel and aluminium exports.

 

'We have a long time ahead of us within which we'll be working together to find the right solutions to this,' he said.

 

On the issue of tariffs, Goyal said that

India's tariffs very often are misconstrued to be high on most items of raw materials or intermediates.

 

Emphasising on India’s ability to compete with certain geographies which are 'very non transparent', Goyal said: 'We need to keep our tariffs high on many products at times. Developed Countries are the unintended consequence of the high tariffs, and which is why we are engaged in free trade agreement negotiations with the European Union'.

 

The tariffs, he said, are generally very low on duty on many items of technology, many items which are helping the Indian economy grow and India has kept the duties very low, the actual applied rates are much lower than what was agreed to at the WTO as bound rates.

 

He said the FTA will also open the doors of the European Union marketplace for Indian goods of high quality at very competitive prices, which will be good for consumers in European Union.

 

A surge in the export of soyameal helped India to record 48.47 per cent growth in the overall export of oilmeals during April.

 

Data available with Solvent Extractors’ Association (SEA) of India showed that the country exported 4.93 lakh tonnes (lt) of oilmeals in April 2023 against 3.32 lt in the corresponding period of 2022.

 

Stating that the soyabean price has come down to about Rs.4,550 per quintal from the highest level of Rs.7,640 per quintal in April 2022, BV Mehta, Executive Director of SEA of India, said this decline has made export of soyabean meal attractive in the last seven months.

 

India exported 1.77 lt of soyabean meal in April 2023 against 24,937 tonnes in April 2022. On May 12, Argentina soyabean meal price (ex-Rotterdam) was quoted at $516 a tonne, while Indian soyabean meal price (ex-Kandla) was quoted at $570 a tonne.

 

Mentioning that South-East Asia is the major consumer for Indian soyabean meal, he said India has a logistic advantage to this destination and can supply in small lots also. Besides, the rupee depreciation is pushing the overall export.

 

Record rapemeal exports

Highlighting the upward trend in the export of rapeseed meal, Mehta said India exported 2.46 lt of rapeseed meal in April 2023-24 against 2.29 lt in the corresponding period of 2022-23.

 

India exported 22.96 lt of rapeseed meal in 2022-23, he said, adding it is a record export of rapeseed meal from India till now.

 

India is the most competitive supplier of rapeseed meal to South Korea, Vietnam, Thailand and other Far East Countries at $240 a tonne (FOB India). Rapeseed meal (ex-mill Hamburg) has been quoted at $299 a tonne.

 

He said mustard is being sold at Rs.5,100 a quintal, which is below the MSP of Rs.5,450 a quintal, due to the deteriorated price of edible oil both in international and domestic markets. The decline in the price of mustard is discouraging farmers to sell mustard for crushing. Now SEA has revised mustard crop estimate to 111.80 lt from the earlier estimate of 115.25 lt (made during March) due to unseasonal rain in March.

 

India exported 29,477 tonnes of castorseed meal in April 2023 against 25,758 tonnes in April 2022, recording a growth of 14.43 per cent.

 

However, there was 28.54 per cent decline in the export of ricebran extraction during April. India exported 37,479 tonnes of ricebran extraction in April 2023 against 52,450 tonnes in April 2022.

 

South Korea top destination

Indian oilmeals were exported to countries such as South Korea, Thailand, Vietnam and Bangladesh during April.

 

South Korea imported 86,230 tonnes of oilmeals from India in April 2023 (compared to 1.42 lt in April 2022). This included 78,787 tonnes of rapeseed meal, 4,445 tonnes of castorseed meal, and 2,998 tonnes of soyabean meal.

 

India exported 1 lt of oilmeals (62,979 tonnes) to Vietnam during April. This included 18,107 tonnes of ricebran extraction, 36,229 tonnes of rapeseed meal, 46,391 tonnes of soyabean meal, and 133 tonnes of groundnut meal.

 

Thailand imported 68,519 tonnes (41,992 tonnes) of oilmeals from India during April. This included 60,493 tonnes of rapeseed meal, 4,526 tonnes of soyabean meal, 2,907 tonnes of ricebran extraction, and 593 tonnes of castorseed meal.

 

India exported 1.07 lt (33,422 tonnes) of oilmeals to Bangladesh during April. This included 9,449 tonnes of ricebran extraction, 27,363 tonnes of rapeseed meal, and 70,596 tonnes of soyabean meal.

India’s agricultural exports have defied the odds, overcoming the challenges posed by the Covid-19 pandemic and the global economic slowdown. This success can be largely attributed to the Agricultural Processed Food Products Export Development Authority (APEDA).  How did the organisation boost sales?  

 

In this episode, M Angamuthu, Chairman, APEDA, talks about India’s agricultural export performance with businessline’s Subramani Ra Mancombu.

 

About the State Of The Economy podcast

 

India’s economy has been hailed as the bright spot amid the general gloom that seems to have enveloped the rest of the world. But several of its sectors still stutter about even while others seem set to fire on all cylinders. To help you make sense of the bundle of contradictions that the country is, businessline brings you podcasts with experts ranging from finance and marketing to technology and start-ups.

The US is resorting to purchases of European wheat after a drought upended crop markets, pushing local prices higher.

 

At least two cargoes of Polish grain have arrived in Florida this year, with more expected over the next few months, according to people familiar with the matter, who asked not to be identified because the deals are private. Crop handler Andersons Inc. supplied the wheat to Ardent Mills’s flour factory in Tampa, the people said.

 

The rare imports are a blow for the US, which has been losing its relevance in the global wheat market to top shipper Russia. Last year’s drought has hampered shipping through the Mississippi River, making it more expensive to haul crops by rail. The dismal weather also means American farmers are poised to abandon wheat crops at the highest rate in more than a century, making hte deals profitable.

 

'It’s an unusual trade route, but it makes sense because US wheat is expensive,' said Miroslaw Marciniak, a market analyst at InfoGrain in Warsaw. 'It’s cheaper for US processors on the East coast to ship grains from Europe than to haul them from Kansas.'

 

American hard red winter wheat — the variety used in all-purpose bread — has been trading at a wide premium to crops from other major global suppliers. Meanwhile, some eastern European nations are saddled with surpluses, which recently sparked restrictions on imports from war-torn Ukraine.

 

The wide price gap has allowed for deals to be struck for supplies of wheat from some European countries to be shipped to the US through at least October, one of the people said. The deals also allow for the grain to be delivered to another Ardent Mills facility in Albany, New York, the person said.

 

Andersons Chief Executive Officer Pat Bowe said imports from Europe make sense given the price difference, but declined to comment on whether the company had done any such deals. Ardent didn’t respond to a request for comment.

 

Trade data from the European Union shows Poland has shipped about 79,000 tons of wheat to the US so far in the 2022-23 season. More such cargoes from the Baltic to the US are likely given the price spread, Marciniak said.

 

Years of dry conditions on the US Plains have taken their toll on America’s famed wheat fields. Some plants this season were so stunted by a lack of moisture that they won’t produce so-called heads of grain, leaving little reason to harvest them.

 

US farmers may only harvest 67% of their winter wheat planted acres this year, the lowest ratio since 1917, the US Department of Agriculture estimates.

In order to build stronger trade relations between India and Ontario, Commerce and Industry Minister Piyush Goyal attended a roundtable hosted by Toronto Business Development Centre (TBDC) and expressed India’s unwavering commitment to quality and expressed optimism about increasing the presence of Ontario’s companies in India, contributing to the growth and prosperity of both economies. TBDC is a business incubator funded by the government of Ontario to help Indian startups expand to Canada.

 

The roundtable discussed deeper trade ties and collaboration opportunities between Ontario and India, focusing on sectors like battery manufacturing, diamond jewellery, food and agriculture to increase trade, investment, and tourism between India and Ontario.

 

It focused on a wide range of topics, from scope of expanding India’s unicorn startups in Ontario to growing the presence of Ontario’s businesses in India. The delegates discussed several key points of interest, including Ontario’s status as Canada’s food hub and shared valuable insights on how to enhance the quality of outputs and the importance of adapting quickly to consumer needs and enhancing efficiencies in the agriculture and food business. It also highlighted the immense potential for Ontario and India to forge deeper trade ties, promote entrepreneurship and innovation, and explore avenues for enhanced collaboration in various sectors. 

 

Victor Fedeli, Minister of Economic Development, Job Creation and Trade of Ontario, talked about the prospect of increasing India’s trade and investment with Ontario and increasing the rate of growth in trade and commerce.  He also expressed admiration for the accomplishments and aspirations of the Indian growth projections which make India an exciting market for Ontario’s companies.

 

Speaking about the discussions, TBDC Chair, Vikram Khurana, said, 'Such discussions play a vital role in strengthening the relationship between Ontario and India, facilitating the spirit of entrepreneurship and innovation, and promoting economic growth across borders.'

Northeast India is fast gaining attention for its rich economic resources and strategic location. It is positioned to serve India’s strategic vision encompassed in the Act East Policy. Economically, the region has large deposits of oil, natural gas, coal, and limestone, and a sizable proportion of land under cultivation for agro-horticulture products, bamboo, and rubber. Besides a wide range of natural, archaeological, and cultural tourist sites, this region also provides opportunities for medical tourism.

 

It shares international borders with Bangladesh, Bhutan, Nepal, and Myanmar. The region acts as a land bridge for India’s participation in institutional forums, including the Bay of Bengal Initiative for Multisectoral Technical and Economic Cooperation and the South Asia Subregional Economic Cooperation (SASEC) program.

 

Furthermore, access to Myanmar offers a great potential to integrate India with other Association of Southeast Asian Nations (ASEAN) countries. Nagaland is looking to forge a mutually beneficial investment relationship with Bangladesh, taking advantage of the country’s port facilities to explore new trade avenues.    

 

Nagaland eyes trade potentials with Bangladesh

A delegation led by Business Association of Nagas (BAN) president Mongkum Jamir visited Bangladesh to discuss the potential of bilateral trade at the invitation of Abdul Matlub Ahmad, president of the India-Bangladesh Chamber of Commerce and Industry (IBCCI) recently. The Nagaland businesses plan to export bamboo chips and coffee to Bangladesh, while Bangladesh would send garment products to Northeast India. Nagaland produces world-class coffee that could be processed and exported globally through Bangladesh.

 

The Nagaland businessmen are also interested in exporting fruits for juice and packaged food production. The India-Bangladesh Chamber of Commerce and Industry (IBCCI) and the Business Association of Nagas (BAN) signed a Memorandum of Understanding (MoU) to enhance trade relations at Niathu Resort in Dimapur on April 6, 2023. The MoU signed on the sidelines of the B20 Business Summit at Kohima will aim to facilitate the exchange of information, expertise and technology in the area of agriculture, food processing, bamboo, tourism, textiles, IT services, mineral and renewable energy.

 

The agreement will also promote bilateral trade and investment between Bangladesh and Nagaland, with both organisations providing the necessary assistance and support to their respective business communities, working together on joint projects and initiatives, reducing trade barriers and improving market access for each other’s goods and services. Bangladeshi government’s support for mutual import-export of agri-based and other resources and suggested a direct Sylhet-Dimapur flight.

 

The geopolitical importance of Bangladesh

Northeast India shares an 800-kilometre border with Bangladesh, offering ample investment opportunities for Nagaland businesses. Siliguri Corridor is one of the most geographical compulsions for India. This narrow corridor separated the whole North Eastern region from the Indian Mainland. Bangladesh creates a broader nexus between the Indian mainland and the North Eastern region. Because Agartala is 1,650km from Kolkata and 2,637km from New Delhi through Shillong and Guwahati.

 

The journey between Agartala and Kolkata via Bangladesh, on the other hand, is only about 550km. Furthermore, the average distance between Bangladesh’s major cities and northeast India is 20 km-300 km. As a result, Bangladesh is always considered crucial for the North-Eastern region’s connectivity with mainland India by rail, road, and river routes. So, the bilateral ties and engagements between India and Bangladesh help in exploring many new windows of possibilities for Nagaland, ranging from trade and commerce to culture and tourism.

 

Several initiatives already in place

The route through Assam is the shortest possible route for Bangladesh-Nagaland trade initiatives. That’s why the connectivity needs to be uninterrupted. India is planning to build a new road link via a four-lane bridge across the Kushiyara River to connect Bangladesh and Assam.

 

India has planned road connectivity with Bangladesh by constructing a 300-metre four-lane bridge over the Kushiyara River and an around 600-metre road in the Karimganj sector of the Indo-Bangla border connecting Karimganj in Assam and Jakiganj Upozila in the Sylhet district in Bangladesh. Nearly half of the 900-metre road project will be in Assam (Karinganj) and the other half in Bangladesh.

 

Once the road will be completed, the trade ties between Nagaland and Bangladesh will get a boost. Not only that but to boost bilateral trade, India and Bangladesh have launched 36 land ports, including five comprehensive depots.

 

The latest one is in Dawki of Meghalaya. The connectivity has been improved with the North East region. The region can contribute more to the strengthening of two neighbouring economies. The businessmen from Nagaland can also invest in developing economic zones in Bangladesh.

 

Moreover, Bangladesh and Nagaland have signed 34 agreements for mutual benefits, paving the way for a stronger economic partnership between the two regions. The collaborative efforts of these business communities will not only boost their respective economies but also foster a stronger bond between the neighbouring countries.

India’s red chilli production has rebounded during 2022-23 and the crop is seen higher by up to a third as farmers gained control over the invasive pest black thrips that had wrecked havoc in the key producing States of Andhra Pradesh, Telangana and Karnataka. As a result, cold storages are seen up to the brim in these States, according to the traders.

 

'The crop is very good this year, around 35 per cent more than last year,' said Sambasiva Rao, President, All India Chilli Exporters Association in Guntur. Rao estimates the crop size in Andhra and Telangana at about 2.7 crore bags of 40 kg each compared with 2 crore bags a year ago. 'This year, the incidence of black thrips is less. In the previous year it was problematic. Now farmers now know how to tackle it and the crop is good this year,' Rao said.

 

From late last week, the market yard in Guntur, the largest market has been closed for a month for the summer.

 

Higher output

Meanwhile, prices have eased by about 20 per cent from peak levels in March, said Ravipati Peraiah of Vijayakrishna Spices in Hyderabad. Prices which had moved to range of Rs.260-280 per kg during March, depending on the quality, have now eased to the levels of Rs.180-240, he said.

 

Peraiah estimates the total red chilli crop across all producing States to be about 10-15 per cent higher this year. 'Chilli crop, which was impacted by black thrips and excess rains last year, is seen better this year, as farmers have taken to spraying a lot of pesticides and delayed the sowing by about a month,' he said.

 

In Karnataka, the production of Byadgi chilli crop variety, known for less pungency and higher colour content, has rebounded. 'The market arrivals are about 700 per cent more this year on higher crop and the season is seen extending till May-end on delayed arrivals as compared to the normal of mid-March' said Basavaraj Hampali of Hampali Traders in Hubballi. Also the farm gate purchases by masala makers and the trade have been good this year.

 

A higher crop has resulted in cold storages filling up in these States. Karnataka, which has a cold storage capacity of about 60 lakh bags, has already shown an occupancy of 75 per cent, Hampali said. This is in contrast to the situation witnessed last year, when the entire market depended on the carry-forward stocks from the previous year.

 

Rao estimates the cold storages to be full by about 75 per in Telangana and by about 70-75 per cent in Andhra. Farmers are still holding the stocks at the drying yards, he added.

 

Further, Rao said the flare up in prices in the early part of the season led to the masala makers covering their positions. As a result, they are going slow on purchases of the variety of chillies such as 341, DD, Syngenta among others.