03 Mar, 2023 News Image India-Australia trade deal to boost bilateral ties, says Tony Abbott.
Former Australian Prime Minister Tony Abbott on Thursday said the recently-implemented trade deal between India and Australia would boost economic and bilateral ties between both nations.
 
'The existing FTA is good... can it be further developed? Yes, it can (be) and my understanding is that the trade ministers (of both the countries) will start discussions in coming days (on expanding the scope of the existing trade deal),' he said at a media briefing, adding that businesses on both sides should formulate strategies to take advantage of the deal.
 
The interim trade deal between both nations was signed in April last year but kicked in from 29 December. Both sides have now started working towards a comprehensive trade deal.
 
Abbott is here in India for the multilateral conference Raisina Dialogue.
 
'I will make it my personal mission... to make India a much more important strategic partner of Australia than China,' he said. In recent times, he said it was observed that China is using trade as a weapon against Australia and India would never do anything like that.
 
With regard to a question on Adani group, and allegations by Hindenburg Research, Abbott said that he has not seen the details of the report and 'assume if there is anything in them, the relevant corporate regulators will do their job'.
 
'As far as I am concerned I regard Adani as a benefactor to Australia and I admire his success in building up a very large diverse business empire from scratch,' said.

 Source:  business-standard.com
02 Mar, 2023 News Image India scraps 2023/24 duty-free import quota on sunflower oil.
India has decided to scrap a duty-free imports quota of 2 million tonnes of crude sunflower oil for the next fiscal starting from April 1, the government said on Wednesday, as the world's biggest importer of vegetable oils tries to support local oilseed farmers.
 
The move could lead to higher imports of palm oil, which was earlier attracting taxes even as imports of sunflower oil and soyoil were allowed without any taxes under the quota.
 
New Delhi in May 2022 allowed duty free imports of 2 million tonnes of sunflower oil in 2022/23 and had initially planned to repeat that in 2023/24.
 
India sources sunflower oil from Russia and Ukraine.
 
In January, India decided to scrap duty free imports of crude soyoil for the new fiscal year.
 
India imports soyoil mainly from Argentina, Brazil and the United States.
 
'Crude palm oil imports would become attractive from April onwards,' said a Mumbai-based dealer with a global trade house.
 
India imports palm oil mainly from Indonesia, Malaysia and Thailand.

 Source:  economictimes.indiatimes.com
02 Mar, 2023 News Image Asian buyers step up Indian corn imports as drought cuts Argentine crop.
Feed millers in Asia are boosting corn purchases from India, as a severe drought has reduced production in traditional supplier Argentina, two traders said on Thursday.
 
Importers in Malaysia and Vietnam are booking around 200,000 tonnes of Indian corn a month, they said.
 
'The drought has reduced production in Argentina and we have the ongoing issue with supplies from Ukraine due to the war,' one Kuala Lumpur-based trader said on the sidelines of a grains conference in Singapore.
 
'India is offering competitive prices, so there is more interest in buying Indian corn.'
 
Argentina's 2022/23 corn production is estimated to drop to 41 million tonnes, compared with 44.5 million tonnes previously estimated, the Buenos Aires grains exchange said.
 
Early frosts could further hurt the country's already beleaguered soybean and corn crops.
 
Indian corn is quoted around $310-$315 a tonne, including cost and freight (C&F), to Southeast Asia, compared with South American corn being offered around $330 a tonne, traders said.
 
India is expected to continue corn shipments to Southeast Asia in the coming months amid ample supplies from crops in southern parts of the country, said one of the traders.
 
'We are getting good supplies from Karnataka, Tamil Nadu and Andhra Pradesh (states),' said one India-based trader.

 Source:  economictimes.indiatimes.com
02 Mar, 2023 News Image Malaysia: Govt grants six-month approval for eggs import from India to only one company

The approval to import eggs from India was granted to only one company so far, according to the Ministry of Agriculture and Food Security, in its bid to alleviate shortages in the domestic market

“The company was given permission to import eggs from India based on their track record in bringing eggs from India to Qatar to meet the needs of the 2022 FIFA World Cup in Qatar. 

“With the company's ability to deliver eggs in a short time, the ministry has agreed to grant special import approval for a period of six months commencing December 2022,” the ministry told Dewan Rakyat in a written reply dated Tuesday (Feb 28).

 

Nonetheless, the ministry did not reveal the name of the company that was granted this import approval.

The ministry was responding to Datuk Wan Saifulruddin bin Wan Jan [Bersatu-Tasek Gelugor ], who asked for the export volume of chicken eggs and the total production volume by local companies from 2018 until the end of February 2023.

Wan Saiful also asked the government to state the reason to import eggs from India, which are more expensive and the egg size is smaller; the list of the AP holders for egg imports, the way they were chosen, and the duration that this AP is in effect.

As a short-term intervention measure to ensure sufficient supply of eggs in the country, the ministry said it has allowed the importation of Fresh White Shell Egg type from India, weighing between 50-55 grams, which can be graded as grade D in Malaysia or medium in India.

“The issue of lack of eggs supply in the local market occurs when there is a decrease in production detected from October to December 2022, where the production cannot cover the needs in the country.

“So far, only one company has been given permission based on the application and proposal received from the company,” it said.

The ministry also said Malaysians on average consume 11.6 billion eggs a year, which translates to 968 million eggs every month, while production between 2018-2022 ranges from 10.9 billion to 13.6 billion eggs.

“Therefore, this production record clearly shows that egg production is sufficient for domestic needs every year, and there is a surplus that allows Malaysia to export eggs abroad.

“Malaysia is the fifth largest egg exporting country in the world, where(in) Malaysia’s main export destinations are Singapore and Hong Kong,” the ministry said.


 Source:  The Edge Market
02 Mar, 2023 News Image Indian govt plans to procure 34.1 mt wheat from farmers this year.
The Indian Government has plans to purchase 34.1 million tonnes (mt) of wheat in the oncoming rabi marketing season starting April after States informed it that the procurement may be met this year considering current crop conditions.
 
'It is not a target but based on what States have informed the Centre,' a Food Ministry official said, after a day-long meeting of States’ Food Ministers and secretaries on Wednesday. However, he clarified that the open-ended procurement policy will continue and the government will buy whatever quantity farmers want to sell during the procurement season, starting April 1.
 
The development this year assumes significance on the backdrop of last year’s experience when the government could buy only 18.79 mt against a target of 44.4 mt. The lower procurement led to a ban on wheat export in May 22 and it continues. Also, it reallocated grain distributions through ration shops by cutting wheat quota for the beneficiaries under the National Food Security Act (NFSA) and replacing it with rice.
 
Sources said the target has been set at a conservative level as the Food Ministry does not want to take any chance with the Agriculture Ministry’s production estimate. The Agriculture Ministry has forecast a record high of 112.18 million tonnes of wheat production during the current crop year to June.
 
UP, Punjab plans
Uttar Pradesh, the largest wheat-growing state, is confident of procuring 5.6 mt of the cereal this year out of an estimated output of 37 mt, official sources said. Punjab, the most significant contributor to Central Pool stock, is confident of buying 13.2 mt out of 16.5 mt estimated production. The procurement last year was 9.65 mt in Punjab and 0.34 mt in UP.
 
'We have told the Centre that exports need not be opened if procurement target is to be met,' said a State government official requesting anonymity. He also said the Centre has assured them that the ban is unlikely to be lifted before the end of procurement.
 
Before the inaugural address, Food Secretary Sanjeev Chopra, on the sidelines of the conference, said the procurement in Gujarat is scheduled to start from March 20 and in Madhya Pradesh from March 25 as the fresh crop has started arriving in mandis. Gujarat officials said the State will procure at least 0.15 mt this year out of 0.2 mt targetted and depending on the crop size, the procurement may exceed. State government has estimated wheat production at 2-2.2 mt in Gujarat.

 Source:  thehindubusinessline.com
02 Mar, 2023 News Image Two-day Millets Mahotsav organised at Bhojpur, Bihar

A two-day Millets Mahotsav was organized from 28th February to 1st March 2023 at Bhojpur, Bihar. The event was inaugurated by Union Minister of Food Processing Industries Shri Pashupati Kumar Paras and brought the stakeholders of the food-processing sector on a common platform with a special focus on millets.

During his inaugural address, Shri Pashupati Kumar Paras stated that due to the initiative of Prime Minister Shri Narendra Modi, the United Nations declared the year 2023 as the International Year of Millets. He added that the UN declaration has put India at the forefront of championing the initiative and building a strong name for Millets globally. Touching upon the importance of millet and the immense market potential for millet-based value-added products, Shri Paras talked about the opportunities in millet processing in the state of Bihar. The state is known for the production of Jowar, Bajra, Ragi and Small Millets. During the year 2021-22, Bihar has exported 21,187.60 MT Millets worth 5.92 Million US Dollars and Bhojpur is the hub of sourcing of Sorghum and Small Millet.

Shri Pashupati Kumar Paras appreciated the continuous efforts of the Ministry of Food Processing Industries for capacity-building activities in the food processing sector, benefitting the entrepreneurs to set up or upgrade the processing units in the region. He also elaborated on the various initiatives the Ministry of Food Processing Industries has undertaken to support the food processing sector. In addition, he cited the role of the PMFME Scheme in empowering micro food-processing enterprises by providing financial, technical, and business support across the value chain.

Shri Pashupati Kumar Paras also spoke about the efforts of the Government of India to augment trade across the global market through participation in events like GULFOOD-2023 held recently in UAE. The event, which witnessed participation from 125 countries, saw extensive participation from Indian exporters encompassing women entrepreneurs, start-ups, merchants and manufacturers showcasing agricultural, dairy, pulses and meat-based produce with a focus on Millets and their products.

The two-day event at Bhojpur, Bihar encompassed a wide range of activities like the exhibition and sale of various millet-based products, informative sessions on millet processing, interactive sessions between industry experts and micro food processing enterprises, SHGs, FPOs engaged in food processing. It witnessed an overwhelming response, with more than 1,000 participants attending the event, including micro food processing enterprises, self-help groups, farmer-producer organizations, producer cooperatives, etc.

The event was organised as part of a series of Millets Mahotsavs being celebrated across 20 States and 30 Districts in the country by the Ministry of Food Processing Industries in the wake of the United Nations General Assembly declaring 2023 as the International Year of Millets. The States that will be hosting the events include Madhya Pradesh, Bihar, Telangana, Tamil Nadu, Uttar Pradesh, Assam, Gujarat, Andhra Pradesh, Uttarakhand, Odisha, Punjab, Kerala, Rajasthan, Himachal Pradesh, Karnataka, Maharashtra, Chhattisgarh, Haryana, West Bengal, and Jharkhand.

In addition to the Millets Mahotsavs, a mega-food event - World Food India-2023 is being organized by the Ministry of Food Processing Industries from 3-5 November 2023 at Pragati Maidan, New Delhi. The event will provide a unique platform for all stakeholders, including producers, food processors, equipment manufacturers, logistics players, cold chain players, technology providers, academia, start-up & innovators, food retailers, etc. to interact and dialogue. Furthermore, the event, slated to be the biggest-ever congregation of dignitaries, global investors, and business leaders of major international and domestic food companies, will put India firmly on the global food landscape.

Being grown in more than 130 countries, Millets are considered traditional food for more than half a billion people across Asia and Africa. Millets are important by the virtue of their mammoth potential to generate livelihoods, increase farmers’ income and ensure food & nutritional security all over the world. India is one of the leading producers of millets in the world with an estimated share of around 41 percent in global production. Recognizing the enormous potential of Millets, which also aligns with several UN Sustainable Development Goals (SDGs), the Government of India (GoI) has prioritized Millets. Spearheaded by the Honourable Prime Minister, the Government of India’s proposal for International Year of Millets (IYoM) 2023 was accepted by the United Nations General Assembly (UNGA). The declaration has been instrumental for the Government of India to be at the forefront of celebrating IYoM.


 Source:  PIB
02 Mar, 2023 News Image Pursuing 'great' deal with India, says UK trade minister.
Britain is pursuing a 'great' trade deal with India to cut tariffs and open up opportunities for the country's services sector, UK Trade and Industry Secretary Kemi Badenoch has said. Highlighting her priorities since taking charge of the newly merged Department for Business and Trade, Badenoch said her ministry is keen to make it easier for British businesses to access the fast-growing Indian economy with the new trade agreement.
 
She also pointed to the ongoing negotiations for the UK's accession into the Comprehensive and Progressive Trans-Pacific Partnership (CPTPP) as reflective of a wider strategic shift towards the Indo-Pacific region.
 
'It's [CPTPP] not just about exporting goods or even services. The Trans-Pacific Partnership is also about the geostrategic shift to the Indo-Pacific as set out in the government's Integrated Review and this really matters for our long-term security,' Badenoch said in an address to the Legatum Institute think tank in London on Tuesday.
 
'It also matters for our long-term growth - this is where the global middle class of the future will come from and we need to be a player. That's also why we're pursuing a great trade deal with India. A deal to cut tariffs and open opportunities for UK services, making it easier for British businesses to sell to an economy set to be the world's third-largest by 2050,' she said.
 
The minister dubbed trade deals like 'motorways', which are useful if there are vehicles to drive on them - with vehicles representing exports and investments.
 
'That's what trade is really, and that's my main focus. So, we are not just the department for getting deals, taking pictures, and signing bits of paper. And that will become even more key as I flesh out our role as the Department for Business and International Trade,' added Badenoch.
 
India and the UK have concluded seven rounds of negotiations towards a free trade agreement (FTA), with the eighth round scheduled in New Delhi later this month.
 
UK Foreign Secretary James Cleverly, who is in India this week for the G20 Foreign Ministers' meeting, will also reaffirm the country's commitment to conclude the FTA.
 
According to official UK government statistics, the bilateral trading relationship was worth GBP 34 billion in 2022 - growing by GBP 10 billion in one year.
 
The Confederation of British Industry (CBI), the country's leading industry body, estimates an India-UK FTA could boost trade with India by GBP 28 billion a year by 2035 and increase wages across the UK by GBP 3 billion.

 Source:  economictimes.indiatimes.com
02 Mar, 2023 News Image The more the use of millets increases, the more the small farmers will benefit

Union Agriculture and Farmers Welfare Minister Shri Narendra Singh Tomar has said that Shree Anna (Millets) is the need of the day, as it is rich in nutrients. In the present environment, whether at home or outside, food is available to us, but it lacks nutrients as per requirement. Nutrients should be in sufficient quantity in the food, for this it is necessary to have Shree Anna in our food plate. Shri Tomar said this as the chief guest at the inauguration ceremony of the two-day National Millets Conference organized by Jawaharlal Nehru Agricultural University, Jabalpur as part of the International Year of Millets.

Shri Tomar said that we know that millets are being produced as a special product in the world. With the passage of time, the share of millets in the food plate decreased and millets lost its competitive edge. Efforts are being made to promote millets again and increase its use. Under the leadership of India, the whole world is celebrating the year 2023 as the International Year of Millets. It will be formally launched by the Prime Minister Shri Narendra Modi at an International Conference in New Delhi on 18th March. Apart from this, G-20 meetings are due to be held in about 50 cities across the country this year, in which about two lakh people from abroad will visit India. Under the directions of the Prime Minister, a plan has been prepared for the promotion of millets through G-20 meetings. In all the programs of G-20, priority is being given to millets in food, so that when these people return to their country, they take good taste of food from here and India’s Shree Anna gets new recognition in the world. Our farmers and the country will get the benefit of this.

Shri Tomar said that the millets crop is rain-fed, which can be grown with less expenditure and consumes less water. Poor farmers can produce it in barren land. The more the use of millets increases, the more nutrients will be available in the food, which will benefit people. If the use of millets increases in the world, processing will increase, exports will increase, which will benefit small farmers and it will eventually help improve their financial condition. This International Year of Millets is very important from this point of view. To increase research on this in the country, three National Centers of Excellence have been set up in Haryana, Hyderabad and Bengaluru, through which a lot of work is being done. There are about 2000 Startups working in the Agriculture sector, most of which are related to millets. Agricultural products worth more than Rs 4 lakh crore were exported from our country, most of which are organic and millets. Lauding the contribution of Jawaharlal Nehru Agricultural University in promoting agriculture in Madhya Pradesh and making it emerge as a soya growing state, said the University is also working on millets crops that are vanishing, an area which needs to be doubled up. In the program, Member of Parliament, Shri V.D. Sharma, State Agriculture Minister Shri Kamal Patel and Vice Chancellor Prof. Pramod Kumar Mishra were among dignitaries present.


 Source:  PIB
02 Mar, 2023 News Image Sustainability and inclusive growth are key to India's growth journey: Shri Piyush Goyal

Shri Piyush Goyal, the Union Minister of Commerce and Industry, Consumer Affairs, Food and Public Distribution and Textiles said that developed and developing countries must have different goals and timelines while being sensitive to each other's needs, potential goals and roadmap towards sustainability. He was addressing the gathering at Confederation of Indian Industry’s (CII) Special Plenary Session of India Europe Business and Sustainability Conclave in New Delhi today. 

Shri Goyal highlighted that India has been one of the top 5 performers when it comes to benchmarking our work and meeting the Nationally Determined Contributions (NDCs). ‘Technology, finance and sustainable lifestyles are going to play an important role in ensuring sustainable growth’, he opined. 

Shri Goyal urged world leaders to recognize that everyone must contribute their fair share in improving energy efficiency, in reducing waste, in boosting the circular economy and in achieving green goals by transitioning and helping other nations transition to green growth to make the world a better place to live in. India's partnership with the UK and the EU is significant in the global effort to make the planet safer and greener, he said. 

He reiterated India's commitment to ensuring that sustainability and inclusive growth defined India's growth story. The Minister urged all business leaders to focus on sustainability and ensure that all actions respect nature. 

Shri Goyal said that today’s businesses understood the value of sustainability and the complementarity of sustainability with business. He stressed that the long-term value proposition for any business came out of sustainability as it would make businesses safer for the stakeholders and prepares us for a better future. 

Speaking of Mahatma Gandhi’s vision of trusteeship, the Minister said that we must recognize the importance of inter-generational equity and added that we don’t inherit the earth from our ancestors but borrow it from our children. He also pointed out that to India, sustainability and respect for nature came traditionally and naturally

The Minister said that to a large extent the climate crisis was created by high levels of consumption and waste generation. He said that only a collective effort would help combat the climate crisis and achieve sustainable growth. He noted that the government would only be able to play the role of an enabler and that it would be business and people at large who would have to adopt practices that lead to sustainable development. ‘If we accept this as a global responsibility, a shared commitment for a better world, we can do wonders. We need speed and we need to scale up our efforts for a sustainable world’, he observed. 

The Minister referred to the jacket that was gifted to the Prime Minister during the Energy Week, that was made out of recycled plastic and said that the PM had worn it to the Parliament and it was a sign and an inspiration that we all needed to contribute to the Green Movement. He emphasized the importance of sustainability and inclusive growth in India's growth journey. He cited Prime Minister Narendra Modi's vision of Zero Defect & Zero Effect Manufacturing, in which quality and sustainability are two crucial elements of India's growth journey. 

The Minister said that inclusive growth had been another vision of the Prime Minister, who aimed at bringing prosperity to every single citizen of the country. He noted that the government had succeeded in meeting the basic requirements of life of the masses, thereby raising aspiration levels, especially of the youth, and empowering them to drive economic growth. Shri Goyal highlighted India's large consumer base of 1.4 billion recognizing sustainability as an important element of future growth.

The Special Plenary Session of India Europe Business and Sustainability Conclave saw participation from European Union (EU), The Netherlands, Malta and United Kingdom (UK). 


 Source:  PIB
02 Mar, 2023 News Image Directorate General of Foreign Trade (DGFT) further Simplifies the process of levying Composition Fee for Export Obligation Extension to include more cases under Advance Authorization Scheme

The Directorate General of Foreign Trade (DGFT) has notified amended rules for implementing all PRC (Policy Relaxation Committee) decisions regarding the levy of Composition Fee. DGFT is extending the benefit of reduced Composition Fee for cases where it has allowed an extension in EOP (Export Obligation Period) and/or regularization of exports already made. This was notified vide Public Notice No. 59/2015-20 on February 28, 2023 by amending Para 4.42 of Handbook of Procedures (2015-20).

The rationalization of Composition Fee calculations aids in automation and accelerated delivery of services by attempting to make the procedure simpler and more understandable. The revised Composition Fee model, which is based on a specific rate for different levels of the 'CIF value of Authorisation,' is less complicated and simpler to calculate. This will assist in streamlining the compliance process with minimal human intervention, reducing the risk of discrepancies and confusions. 

Automating the process will result in faster service delivery by reducing the need for manual calculations and paperwork. This initiative aims to integrate a uniform and transparent system for implementing all PRC decisions, including past decisions related to levying Composition Fee in the case of extending Export Obligation Period (EOP) and/or regularization of exports made under the Advance Authorization Scheme. The goal is to make doing business easier and reduce transaction costs.

Calculation simplification also contributes to the "Ease of Doing Business" mission by reducing complexity and making the procedures relatively easy for exporters. 

DGFT is working towards this goal by making the Composition Fee calculation procedure smoother and easier to understand for exporters. This initiate started with Public Notice No. 52 dated 18.01.2023 and continues with this PN issued today. These initiatives will eventually result in stronger trade facilitation and ease of doing business.


 Source:  PIB