The Agricultural & Processed Food Products Export Development Authority (APEDA), a statutory organization under the administrative control of the Department of Commerce, has the mandate to promote export of agricultural products, including millets, from India. APEDA provides assistance to its registered exporters, including those of millets, under Agriculture & Processed Food Export Promotion Scheme of APEDA.

 

The assistance is provided under various components of the schemes viz. Infrastructure Development, Quality Development and Market Development. Buyer-Seller Meets (BSMs) are organized in the clusters to provide export-market linkages. Regular interactions, through video conferences, are held with the Indian Missions abroad, to assess and tap export opportunities. Country specific BSMs, through Indian Missions, are also organized.

The Reserve Bank of India (RBI) has said the economy will expand at 7% in FY25, at world-leading rates for the second straight year running, as corporate investments follow state-led capital expenditure in boosting demand across sectors in the world's most populous country.

 

The optimism also led the central bank to revise the quarterly GDP projections upward. 'The momentum of economic activity witnessed during 2023-24 is expected to continue in the next year,' RBI governor Shaktikanta Das said Thursday after announcing a status quo on policy rates.

 

The real GDP is expected to climb 7.3% in FY24, as per the first advance estimates by the national statistics office. On inflation, RBI projected the consumer price index at 5.4% for FY24 and a fall to 4.5% in FY25, assuming a normal monsoon next year.

 

However, large and repetitive food price shocks are interrupting the pace of moderation in the consumer price index (CPI), forcing the central bank to continue with the withdrawal of accommodation, puncturing market expectations of a 'neutral' stance.

 

Geopolitical tensions, volatility in international financial markets and geo-economic fragmentation will also pose risks to the growth and inflation outlook.

 

'Monetary policy, in the midst of these lingering uncertainties, has to remain vigilant to ensure that we successfully navigate the last mile of disinflation. Stable and low inflation at 4% will provide the necessary bedrock for sustainable economic growth,' Das said. He also observed that the transmission of the 250-basis-point rate since May 2022 is still not complete. One basis point is a hundredth of a percentage point.

 

'One feels that the case for a change in policy stance to 'neutral' from the current 'withdrawal of accommodation' is stronger now. While that did not take place in February, the expectations of a change in the policy stance will likely be strong in the coming meetings,' said Siddhartha Sanyal, chief economist at Bandhan Bank. 'If the RBI's CPI forecasts come true, clarity about headline CPI inflation softening to a 4%-handle should emerge by Q2 of FY25 - it should offer the MPC the flexibility to cut the repo rate and maintain a real interest rate that is better aligned with their long term policy objective,' he said.

 

As far as the quarterly GDP projections go, the RBI expects a 7.2% print in the first quarter of the next fiscal, revised upwards from earlier projection of 6.7%, second quarter growth at 6.8% against 6.5%, third quarter growth at 7% from 6.4%. The fourth quarter growth is projected for the first time at 6.9%.

India continues to be a preferred destination for foreign direct investment (FDI) despite soaring global interest rates, commerce and industry minister Piyush Goyal said Friday.

 

The hardening of interest rates had led to capital flowing back to developed nations.

 

'That was a period where one would have imagined a much deeper impact on the developing economies than what India witnessed, but the strength of demand in India, the strength of opportunities that people saw in India, ensured that we did not see the drastic fall that many of our other peer countries (witnessed),' Goyal said at the Global Business Summit on Friday.

 

India remains an attractive destination for investments.

 

'We continue to have significant FDI (foreign direct investment) coming in... a lot of reinvestment of earnings happened even during this period when ideally I would have thought global balance sheets were very stressed,' he said.

 

FDI equity inflows fell 24% in the first half of FY24 to $20.4 billion from the year earlier with Singapore being the top source followed by Mauritius.

 

Goyal said it wasn't 'material' that India hadn't matched the $71.35 billion of overseas inflows in FY23. 'The material factor is that it (FDI) continues to come in. Very often when you see a very rapid growth on any statistic, you need some time for it to cool down also,' he said.

 

Goyal said continuous and rapid growth of money flow sometimes is 'very harmful' for an economy, 'so I think India has been able to create a very fine balance in our control of inflation.'

 

He said India has seen 40-year lows of inflation at a time when countries have witnessed 40-year highs. The country's average decadal inflation over the last 10 years of the Narendra Modi government has been the lowest India has ever seen in its history and that it has been a period of 'tremendous fiscal stability, and today's fundamentals of the economy will hold us in good stead'.

 

In August 2013, the rupee depreciated to nearly 68 to the dollar and the then government came out with a Foreign Currency Non-Resident Bank (B) or FCNRB policy to attract non-resident Indians (NRIs) to invest in the country.

 

'We give them almost 1.75-2% more than the market. We allowed NRIs to play the game of putting in 5-10% money of their own, borrow the rest from international banks... and artificially improved the rupee strength to make it about 56-57 to a dollar,' he said, adding that it may look as if the rupee depreciated from 57 to say 83 during the past 10 years, but the reality is that depreciation is from 68 to 83.

 

Empowerment

India took care of the basic needs of every single Indian, be it food, shelter, clean drinking water, or electricity in the past 10 years.

 

'These needs for years looked like a distant dream. I think this has been a period where the common man has been empowered,' he said.

 

Goyal said Uttar Pradesh is a classic example of transformation, from a BIMARU state to a most-favoured state. Through honest governance, UP has seen unprecedented growth, boasting decisive leadership, a skilled workforce, unmatched infrastructure, and developments in electricity, industrial parks, and tourism.

 

The fight against corruption is a principal focus, with notable successes in curbing graft in states like Telangana and Andhra Pradesh, he stated.

 

Modi's innovative thinking has fueled various missions, leveraging criticism as a catalyst for improvement, he said, adding that over the next five years, the government looks at building an inclusive society by empowering the less privileged and giving them a rightful place in society.

 

According to Goyal, the government is characterised by an insatiable hunger for progress and an unwavering commitment to serve the 1.4 billion population and embracing new ideas and the administration encourages a culture of continuous improvement.

According to the World Bank's 'Logistics Performance Index Report (2023): Connecting to Compete 2023', India ranks 38 out of 139countries. India’s rank has improved by six places from 44 in 2018 andsixteenplacesfrom54in2014.

 

An Inter-Ministerial dedicated team comprising of Stakeholder Ministries/Departments has been formed. These stakeholder Ministries/Departments focus on targeted action  plans with interventions needed to improve logistics performance across all six LPI parameters i.e. Customs, Infrastructure, Ease of arranging shipments, Quality of logistics services, Tracking and Tracing, and Timeliness. In addition, National Committee for Trade Facilitation (NCTF) has a three-tiered structure, constituting of a National Committee on Trade Facilitation, a Steering Committee, and Focused Working Groups (Outreach, Legislative Issues, Time Release Study, Infrastructure Up-gradation, PGA regulation and procedure). Concerning NTFAP 2020-23, 27 action points have been identi?ed under the working group on infrastructure up gradation.

 

The Hon’ble Prime Minister launched the PM GatiShakti National Master Plan for multimodal connectivity on 13 October 2021 and National Logistics Policy on 17th Sept. 2022, for improving logistics e?iciency and reducing logistics costs. Digital reforms such as Unified Logistics Interface Platform (ULIP) for ease of doing business and Logistics Data Bank which has digitized track and trace of 100% containerized EXIM cargo, are presently operational. In addition, the line Ministries are taking various measures, which include:

 

Expansion of electrification of railway tracks by MoR;

Land Ports Authority of India (LPAI) has reduced the average exportandimportreleasetimethroughinterventions;

NLP Marine, which is a single window interface platform for port-related logistics operations, has been launched by MoPSW. In addition, the automation of weighbridges is being undertaken; to name a few key initiatives.

This information has been provided by the Union Minister of State for Commerce and Industry, Shri Som Parkash in a written reply in the Lok Sabha today.

In order to manage the overall food security and to prevent hoarding and unscrupulous speculation, the Government of India imposed stock limits on Wheat applicable to Traders/Wholesalers, Retailers, Big Chain Retailers and Processors in all States and Union Territories. The Removal of Licensing Requirements, Stock Limits and Movement Restrictions on Specified Foodstuffs (Amendment) Order, 2023 was issued on 12 June 2023 and is applicable until 31st March 2024 for all States and Union Territories.

 

As part of continued efforts to moderate prices of wheat, Central Government has decided to revise the Wheat Stock limit as under:

Entities	Existing Wheat Stock Limit	Revised Wheat Stock Limit
Traders/ Wholesalers	1000 MT	500 MT
Retailers	5 MT for each Retail outlet.	5 MT for each Retail outlet.
Big Chain Retailers	5 MT for each outlet and 1000 MT at all their depot.	5 MT for each outlet and 500 MT at all their depot.
Processors	70% of monthly installed capacity multiplied by remaining months of 2023-24.	60% of monthly installed capacity multiplied by remaining months till April 2024.

The Directorate General of Foreign Trade (DGFT) has reported that Saudi Arabia, the United Arab Emirates, and other Middle Eastern countries were the leading importers of agriculture and agro-processed products from Madhya Pradesh.

 

Additionally, Bangladesh emerged as the primary purchaser for textiles from the region.

 

The agro and textile products of Madhya Pradesh, identified under the One District One Product (ODOP) scheme, have witnessed a significant expansion of their reach into Middle Eastern countries and Bangladesh.

 

'This has prompted the government to explore untapped markets for exports from the state,' said Suvidh Shah, Joint Director, DGFT.

 

Suvidh Shah, State Joint director, DGFT, stated, 'The reach of ODOP products mainly agriculture and textiles from the state has expanded to multiple countries and this may grow further as the setting up of rice mills in the Eastern part of MP is expected to give a boost to manufacturing and exports of agricultural products,' as reported by TOI.

 

Shah also mentioned that rice stands out as a top exportable item from Madhya Pradesh in the agriculture segment.

 

Currently, 38 ODOP items are exported from the state, with the potential for more products to be added with the inclusion of new districts.

 

In the fiscal year 2022-23, exports from Madhya Pradesh included bananas (fresh and dried), chili powder, coriander seeds, potatoes, and other products, as per official data from DGFT.

 

Home textile products, such as floor coverings, carpets, towels, and bed sheets, manufactured in Madhya Pradesh, have witnessed significant growth in markets like Europe, Japan, and Australia, according to exporters and the Handloom Department.

 

Total exports from Madhya Pradesh in FY 2022-23 amounted to Rs 65,878 crore, marking a 13 percent increase from the previous year.

 

With over 5000 items exported from Madhya Pradesh, including pharmaceuticals, cereals, machinery, cotton, textiles, plastic articles, automobiles, and edible vegetables, the state's export potential continues to soar.

The first joint working group meeting on agriculture took place between Iran and India on Tuesday.

During the meeting, the officials of the ministries of agriculture of both countries emphasised increasing cooperation in the field.

 

'In this meeting, officials of the ministries of agriculture of two countries emphasised increasing cooperation in the field of balancing the import and export of agricultural products between the two countries,' Iran's Embassy in New Delhi wrote in a post on X.

Notably, the joint working group meeting between Iran and India was organised by the Ministry of Agriculture & Farmers' Welfare.

It took place at NASC Complex, Pusa, New Delhi on February 6.

'Pramod Kumar Meherda, Additional Secretary, MoA&FW, GoI felicitated the Iranian Delegates at the conclusion of 1st INDO-IRAN Joint Agricultural Working Group Meeting at NASC Complex, Pusa, New Delhi on 6th Feb'24,' the Department of Agriculture & Farmers Welfare wrote on X.

 

India-Iran relations span centuries marked by meaningful interactions. The two countries shared a border till 1947 and share several common features in their language, culture and traditions, as per the Ministry of External Affairs (MEA).

Both South Asia and the Persian Gulf have strong commercial, energy, cultural and people-to-people links, according to the MEA.

Recently, Iranian Foreign Minister Hossein Amir-Abdollahian hosted External Affairs Minister S Jaishankar in Tehran.

The two leaders discussed expanding bilateral and multilateral ties within the Shanghai Cooperation Organisation (SCO) and BRICS.

In a post on X, the Iranian Foreign Ministry stated, 'Iran's FM: 'Today, I hosted Indian FM @DrSJaishankar, we held talks over the latest regional and int'l developments, especially the Zionist regime's #genocide& crimes against Palestinians. We discussed the expanding bilateral & multilateral ties within the #Shanghai Org. & #BRICS.'

The Iranian Foreign Minister said he and Jaishankar discussed the latest international and regional developments, including the Israel-Hamas war. During the meeting, Hossein Amir Abdollahian highlighted the importance of providing security in international waterways near Iran.

The Union Health Ministry has disclosed a plan to make FSSAI a single regulator to regulate the food industry and trade in India.

 

In a meeting chaired by the Union Health Secretary here, several crucial amendments to streamline food safety and standards regulations were also approved.

 

These amendments related to both horizontal and vertical aspects of the FSS Act that will replace the Bureau of Indian Standards (BIS) or AGMARK certification for food products.

 

'After the amendments are finalised, food businesses would not have to go to different authorities for mandatory certification with only FSSAI certification being made mandatory for food products,' reads a statement by the Union Health Ministry.

 

Other approvals include standards of Mead (Honey wine) and Alcoholic Ready-to-drink (RTD) beverages, revision of standards of milk fat products, standards for Haleem and so on.

 

The food authority also approved a first-of-its-kind and comprehensive manuals of methods of analysis for ensuring regulatory compliance of the food products.

 

The amendments across different Food Safety and Standards Regulations were approved in the meeting for draft notification to invite stakeholder comments before finalisation.

 

These regulations included the revision of standards of Milk Fat Products, as part of which the fatty acid requirements for ghee will also be applicable for other milk fat products.

 

The food authority is also going to set standards for ‘Haleem’ as part of standards for meat products. Haleem is a dish made of meat, pulses, grains and other ingredients, which currently does not have any set standards.

 

The meeting was also attended by FSSAI officials.

The Ministry of Food Processing Industries (MoFPI) has been implementing a Central Sector Scheme - 'Operation Greens (OG)'– A scheme for development of Tomato, Onion and Potato (TOP) value chain since 2018-19. The coverage of the scheme has since been expanded from 3 crops (Tomato, Onion & Potato) to 22 perishables crops which include 10 fruits, 11 vegetables (including TOP) and 1 marine i.e., shrimp as per the Union Budget 2021. The scheme has two pronged strategy of Price Stabilization Measures (short term measure) and Integrated Value Chain Development Projects (long term measure). Under the short term interventions of the scheme, MoFPI provides transportation (including air)/storage subsidy for eligible crop @ 50% of eligible cost. In case of export, subsidy towards transportation charges is payable only upto Indian borders.

 

MoFPI through implementation of the Central Sector Scheme, namely, Pradhan Mantri Kisan Sampada Yojana (PMKSY), interalia, helps in creation of modern infrastructure with efficient supply chain management from farm gate to retail outlet across the country. The scheme not only provide a boost to the growth of food processing sector in the country but also helps in, interalia, reducing wastage of agricultural produce, increasing the processing level and enhancing the export of the processed foods.

 

MoFPI is also implementing a Centrally Sponsored Scheme- PM Formalisation of Micro Food Processing Enterprises Scheme (PMFME) for providing technical, financial and business support for setting up/upgradation of 2 lakh Micro Food Processing Enterprises. Production Linked Incentive (PLI) scheme also launched by MoFPI for the period 2021-22 to 2026-27 to create global food champions and improving the visibility of Indian food brands abroad.

 

No State/UT-wise allocation and release of funds is made specifically for promotion of exports, under any of the above three schemes implemented by MoFPI.

 

This information was given by Minister of State for Food Processing Industries Shobha Karandlaje in a written reply in the Rajya Sabha recently.

Russia has pivoted its banana import reliance from Ecuador to India. The move comes amidst a diplomatic dispute between Russia and Ecuador, traditionally Russia's primary banana supplier, over arms trade arrangements.

 

Russia Banana Diplomacy: India Steps In

Russia's decision to diversify its banana imports arose when Ecuador opted to exchange high-tech American weaponry for Russian-made military equipment, drawing Moscow's ire. Consequently, Russia welcomed its inaugural shipment of Indian bananas in January, with another expected by the end of February. Rosselkhoznadzor, Russia's agricultural watchdog, forecasts a surge in Indian banana imports, signaling a shift in trade dynamics.

 

Expanding Fruit Horizons: Indian Offerings

Beyond bananas, India eyes broader fruit export opportunities to Russia, including papayas, guavas, mangoes, and pineapples. This move underscores India's endeavor to capitalise on Russia's evolving import preferences amidst geopolitical tensions.

 

Pest Predicament: Ecuador's Response

Rosselkhoznadzor's decision to halt banana imports from five Ecuadorian firms due to pest concerns sparked controversy. Ecuador's food safety authority refuted the claim, citing minimal risk, intensifying the rift amid the diplomatic fallout.

 

Geopolitical Chess: Russia's Strategic Maneuvers

While Russia refrains from directly linking the shift to the Ecuador-US spat, it aligns with Moscow's broader strategy of diversifying trade partnerships amid Western sanctions. The discord stems from Ecuador's agreement to supply Russian military gear to the US, perceived by Russia as bolstering Ukraine against its interests.

 

Strengthening Russian-Indian Trade Bonds

Since 2022, Russia has fostered closer ties with India to counter Western sanctions, marking a paradigm shift in trade dynamics. The rift with Ecuador disrupts Russia's fruit import strategy, previously reliant on Ecuador as a key supplier.