1. Home
  2. Market Intelligence
  3. Market News
Back
10 Jul, 2024 News Image Nigeria plans suspension of food import taxes.

Wheat and corn are among certain food items on which Nigeria plans to suspend import taxes as the country grapples with fast-rising food prices for its nearly 230 million people, Reuters reported, citing the agriculture minister.


 Source:  world-grain.com
10 Jul, 2024 News Image Maharashtra Sets Record with 3.24 Lakh Tonnes of Grape Exports to 50 Countries.

Maharashtra has achieved a record high in  grape exports this season, exporting a total of 324,441 tons of  grapes to 50 countries, including the USA, UK, and various European nations. This marks an increase of 72,000 tons compared to the previous year.


 Source:  thebridgechronicle.com
10 Jul, 2024 News Image Basmati exports up 13% in April-May at $1.03 billion on rising demand.
India’s basmati rice exports increased 13 per cent during the first two months of current fiscal on growing demand from traditional West Asian buyers such as Saudi Arabia and Iraq.
 

 Source:  thehindubusinessline.com
10 Jul, 2024 News Image India, Russia target $100 billion bilateral trade by 2030, FTA with EAEU.

India and Russia are looking to raise bilateral trade to $100 billion by 2030, balance the lopsided trade, eliminate non-tariff trade barriers, and explore the possibility of a Eurasian Economic Union (EAEU)-India Free Trade Area.


 Source:  business-standard.com
09 Jul, 2024 News Image SEZ units set to get refund of cess on imports
The Centre will refund compensation cess levied on imported goods under Goods and Services Tax (GST) to businesses operating in special economic zones and their developers effective 2017.
 
The Central Board of Indirect Tax and Customs also directed issuance of refunds of 5% GST collected on food packages intended for the public distribution system (PDS). These refunds could total about ?6,500 crore, people familiar with the matter said.

 Source:  economictimes.indiatimes.com
09 Jul, 2024 News Image Kharif crop sowing crosses 378 lakh hactare area

The Department of Agriculture & Farmers’ Welfare has released progress of area coverage under kharif crops as on 8th July 2024.


 Source:  pib.gov.in
09 Jul, 2024 News Image DGFT Amends Rice Export Inspection Rules for some European Countries Read Notification

The Directorate General of Foreign Trade ( DGFT ) has amended the inspection rules of export of Basmati and Non-Basmati rice to EU member states and other European Countries namely United Kingdom, Iceland, Liechtenstein, Norway and Switzerland only will require Certificate of Inspection from EIC/EIAS. Sl.No.Tariff item HS codeItem DescriptionPresent Policy ConditionRevised Policy Condition551006 2000


 Source:  taxscan.in
09 Jul, 2024 News Image Bangladesh delegation visits Vizag port to explore trade opportunities with India

The discussions with the 10-member team aim at identifying potential areas of collaboration and improvement to facilitate smoother trade operations between the two nations, says port Chairman Angamuthu


 Source:  thehindu.com
09 Jul, 2024 News Image FSSAI approves proposal to display nutritional information labelling of total sugar, salt and saturated fat

The Food Safety and Standards Authority of India (FSSAI), has approved a proposal to display nutritional information regarding total sugar, salt and saturated fat in bold letters and relatively increased font size on labels of packaged food items.


 Source:  fnbnews.com
09 Jul, 2024 News Image Nigerian Govt suspends tax, import duties for maize, wheat, brown rice
The Federal Government on Monday announced the suspension of duties, tariffs and taxes for the importation of some food items through land and sea borders.
 
The foods include maize, husked brown rice, wheat, and cowpeas.
 
Abubakar Kyari, the Minister of Agriculture and Food Security, disclosed this while announcing a 150-Day Duty-Free Import Window for food commodities.

 Source:  msn.com