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10 Jan, 2024 News Image Hanumangarhi ladoos of Ayodhya to get GI tag
A GI tag is a name or sign that certifies that a product has specific properties that make it different from others. To get a GI tag on any product, an association or organisation making the products can apply
 
A GI tag is a name or sign that certifies that a product has specific properties that make it different from others.
 
A devotee, Manish Singh, expressed his happiness over the Hanumangarhi ‘ladoo’ being registered for the GI tag.
 
'I have been coming to the Hanumangarhi temple for 10 years every Tuesday. Today, I came to know that the Hanumangarhi ‘ladoos’ have been registered for the GI tag. It is a matter of great pride for all of us.'
 
The ‘ladoo’ makers thanked the government for the initiative. 'It is a matter of great joy for not only the residents of Ayodhya, but also for Modak Samaj. I want to thank the government for this great initiative.' 'The ‘ladoos’ have been famous for ages. People buy and take these to distant places with them,' a ‘ladoo’ maker said.
 
The world-famous temple of Bajrangbali Hanumangarhi is situated in Ayodhya. Lord Hanuman is considered the Kotwal of Ayodhya. It is said no one can have the darshan of Lord Ram without his permission.

 Source:  tribuneindia.com
10 Jan, 2024 News Image India, UK next round of talks for free trade agreement from Wed

The next round of talks for the proposed Free Trade Agreement (FTA) between India and the UK will start here from Wednesday to resolve remaining issues and conclude the negotiations, an official said. The 13th round of negotiations for the proposed pact was held between September 18 and December 15.

 
'The UK and India will continue to negotiate towards a comprehensive and ambitious FTA. The 14th round of negotiations will take place here from Wednesday,' the official said.
 
These negotiations would focus on complex issues in the areas of goods, services, and investment.
 
Issues that are pending include duty cuts on electric vehicles, whiskey, and the movement of professionals.
 
Talks are also progressing on the proposed Bilateral Investment Treaty (BIT).
 
India and the UK launched the talks for an FTA in January 2022 with a view to boost economic ties between the two nations.
 
There are 26 chapters in the agreement, which include goods, services, investments and intellectual property rights.
 
The Indian industry is demanding greater access for its skilled professionals from sectors like IT, and healthcare in the UK market, besides market access for several goods at zero customs duties.
 
The bilateral trade between India and the UK increased to USD 20.36 billion in 2022-23 from USD 17.5 billion in 2021-22.

 Source:  economictimes.indiatimes.com
10 Jan, 2024 News Image Next round of India-Oman FTA talks from Jan 16; negotiations progressing well: Official
The next round of talks for the proposed free trade agreement (FTA) between India and Oman will start from January 16 and the negotiations for the pact are progressing well, a senior official said on Tuesday. The talks on the text of most of the chapters have been concluded by both sides for the pact, officially dubbed the Comprehensive Economic Partnership Agreement (CEPA).
 
'The negotiations are progressing well. Two rounds of in-person negotiations and many inter-sessional meetings have already been held. Good progress has been made on all the chapters covered under the CEPA,' the official said.
 
On certain media reports that the talks may get delayed, the official said that any talk of hindrances or bottlenecks is 'speculative and presumptuous' as the negotiating process is currently underway.
 
Currently, both sides are working towards conclusion of the negotiations with an objective of delivering a mutually beneficial agreement contributing to the welfare and development of the people of the two countries, the official, who does not wish to be named, said.
 
For India, Oman is the third largest export destination among the Gulf Cooperation Council (GCC) countries.
 
The bilateral trade was USD 12.39 billion in 2022-23 as against USD 5 billion in 2018-19. India's exports have increased from USD 2.25 billion in 2018-19 to USD 4.48 billion in 2022-23.
 
According to a report of think tank GTRI (Global Trade Research Institute), Indian goods worth USD 3.7 billion such as gasoline, iron and steel, electronics, and machinery will get a significant boost in Oman, once both sides reach a comprehensive free trade agreement.
 
India's imports from Oman stood at about USD 8 billion in 2022-23. Key products included petroleum products (USD 4.6 billion), urea (USD 1.2 billion); propylene and ethylene polymers (USD 383 million).
 
Currently, over 80 per cent of India's goods enter Oman at an average of 5 per cent import duties, the GTRI report has said, adding Oman's import duty ranges from 0 to 100 per cent along with the existence of specific duties.
 
In a CEPA, two countries could significantly reduce or eliminate customs duties on the maximum number of goods traded between them besides easing norms for promoting trade in services and increasing investments.
 
The report has said that Oman's higher per capita income (USD 25,060) compared to India's (USD 2,370) could mean a demand for more diversified and possibly higher-value goods and services in Oman, which India could aim to supply.
 
The agreement also holds considerable strategic importance for India. It serves as a gateway for India to strengthen its footprint in Middle Eastern economies. This partnership with Oman can act as a catalyst, enhancing India's geopolitical presence and fostering deeper ties with other Middle Eastern countries.
 
Commenting on the proposed pact, international trade expert and Hi-Tech Gears Chairman Deep Kapuria said this agreement would also help in boosting trade ties of India with the Middle East countries, which is a growing market for domestic products.
 
The agreement holds importance in view of India's USD 1 trillion exports target of merchandise products by 2030, Kapuria said.

 Source:  economictimes.indiatimes.com
10 Jan, 2024 News Image Scientists told to focus on breeding flower varieties that have international acceptance
Experts urged scientists to focus on breeding varieties that have international acceptance at the national conference on floriculture in Bengaluru that began on Tuesday.
 
The three-day ‘National Conference on Recent Trends and Future Prospects of Floriculture in India’ is organised by the Indian Institute of Horticultural Research (IIHR) in collaboration with the Society for Promotion of Horticulture and ICAR, New Delhi.
 
The national confernece aims to bring together experts, researchers and stakeholders to deliberate on the recent trends, share knowledge and discuss the future prospects of floriculture in India.
 
SWOT analysis
 
Sudhakar Pandey, ADG (Hort), ICAR, New Delhi presented a SWOT analysis and roadmap, emphasising the imperative for fostering a vibrant and sustainable future for Indian floriculture and mentioned that climatic conditions in the country wer congenial for growing variety of ornamental crops. The rich biodiversity can help in identifying the indigenous flower crops and their further popularisation for commercial cultivation, he said.
 
Ramesh D S, Horticulture director, Karnataka, underscored a crucial message for the researchers urging them to concentrate on breeding varieties attaining international acceptance. Aligning research efforts with global standards is deemed indispensable for nurturing innovation in the field. He also urged the farmers to consult experts and scientists before venturing into new crop cultivation.
 
T Janakiraman, Vice-Chancellor, YSR Horticulturual University, Andhra Pradesh, in his address emphasising the seminar’s significance in advancing horticultural research, highlighted the journey marked by innovation in breeding, the integration of artificial intelligence and the global impact on the exports.
 
Recalling the growth of floriculture industry in India, Janakiraman said that flower have moved from backyards of the farm houses to the global markets.
 
SP Das, Director, National Research Centre on Orchids, Sikkim, emphasised the need for breeding varieties of flower crops resistant to biotic and abiotic stresses.

 Source:  thehindubusinessline.com
10 Jan, 2024 News Image Foreign investors eager to invest in India s food industry at Indus Food Fair
In a remarkable display of global interest, the 7th edition of Indus Food, India’s largest B2B trade fair, attracted investors from over 30 countries keen on exploring opportunities within India’s thriving food industry.
 
The event, inaugurated by Minister of Commerce and Industry Piyush Goyal on Monday, provided a dynamic platform for leading F&B companies to interact with international buyers.
 
Among the enthusiastic investors was Debbie from South Africa, who expressed keen interest in India’s diverse culinary offerings. Exploring avenues for collaboration, she focused on products like peanuts and millets, aiming to facilitate value addition in her business.
 
'We are here to explore and try to find suppliers of peanuts, millet, anything that can be available that is your roasting, so mainly value addition in that line. We also deal with almond butters, cashew butters and macadamia butters,' she told The New Indian.
 
'Those are some of the things that we are also looking at and learning about the Indian markets. How it can easily relate or correlate with the South African market and how best we can get products from India and supply South Africa. Also make products from South Africa and supply India so that there is a mutually beneficial relationship between the two countries,' she added.
 
Speaking about their presence at the event, Debbie credited the Trade Promotion Coordinating Committee (TPCC) for funding their visit, emphasising the committee’s role in fostering a mutually beneficial relationship between the two countries. With a market boasting a staggering 1.4 billion people, India’s growing food industry presents lucrative opportunities for international investors.
 
Recognising the significance of millets, Debbie acknowledged their nutritional benefits, aligning with the United Nations General Assembly’s declaration of 2023 as the International Year of Millets. She stated, 'I have a rough idea of millets. They are good in terms of dietary fibre and it’s good for our guts.'
 
Meanwhile, exhibitors at the fair shared their positive experiences, highlighting the platform’s ability to showcase their products to investors from diverse countries such as Oman, Kuwait, China, Tanzania, Europe, Vietnam, Nepal, the UK, Turkey, and more.
 
Anil Jalgaonkar, Sales Executive at Fillpack, a packaging specialist, highlighted the significance of international interactions, saying, 'We interact with new people here; many foreigners come here. We acquire numerous clients under one roof. We have clients from Egypt, Sri Lanka, and Nepal.'
 
Fillpack, known for supplying packaging machines to prominent Indian businesses like Amul, Mother Dairy, and Haldiram, underscores the fair’s role in fostering global business connections.
 
Amit Kumar, Founder of Nutglow, specialising in Makhana (Foxnut) and value-added products, shared receiving offers from Hong Kong, Iraq, Oman, and Kuwait. Hailing from the lesser-known city of Darbhanga in Bihar, Nutglow stands out as an entrepreneurial success story, employing around 30 people.
 
The Indus Food fair continues to serve as a pivotal platform, bridging gaps and fostering international collaboration within the vibrant landscape of India’s food industry.

 Source:  newindian.in
10 Jan, 2024 News Image UAE and India develop economic and political ties, target $100bn trade by 2027
UAE President Sheikh Mohamed bin Zayed Al Nahyan and Narendra Modi, Prime Minister of India discuss ties
 
The UAE and India are developing closer economic and political ties as the two countries work towards a trade relationship expected to reach $100bn by 2027.
 
This week President Sheikh Mohamed bin Zayed Al Nahyan and Narendra Modi, Prime Minister of India, met to discuss the strong, historic ties between the UAE and India.
 
The two leaders explored ways to further these relations to advance the progress and prosperity of both nations and their people, within the framework of their comprehensive strategic and economic partnership.
 
UAE-India trade
 
During the talks, both sides emphasised their mutual commitment to expanding the scope of bilateral relations, particularly in the areas of the economy, energy, technology, climate action, and sustainable development.
 
They also agreed to leverage all available opportunities to achieve the objectives of their developmental partnerships.
 
Sheikh Mohamed noted that the relationship between the UAE and India is not only historic and well-established, but also serves as a model for evolving relations based on mutual interests and strategic partnership.
 
He pointed out that both countries are on the right path to achieving the goals of their comprehensive economic partnership.
 
Narendra Modi expressed his thanks to Sheikh Mohamed for his support in strengthening UAE-India relations. He confirmed his country’s dedication to further develop and expand these ties, capitalising on the numerous opportunities to foster and elevate them in the future.
 
Following the meeting, the UAE Ministry of Investment signed three Memorandums of Understanding (MoUs) with India, setting out frameworks for the expansion of bilateral investment cooperation in the renewable energy, food processing and healthcare sectors.
 
The agreements were signed by the respective Indian ministries, underscoring the UAE’s strong commitment to supporting the continued development of India’s prospering economy, which is estimated to grow by 7.3 per cent during the current fiscal year.
 
Economic engagement between the UAE and India is multidimensional and rapidly growing, underpinned by a Comprehensive Economic Partnership Agreement (CEPA) between the two nations which came into effect in May 2022.
 
Bilateral trade between the UAE and India amounted to $84.5bn between April 2022 and March 2023 and is expected to increase to $100bn by 2027.
 
The UAE is also the seventh-largest investor in India, with an estimated investment of $18bn in 2023.
 
The three MoUs are between the Ministry of Investment of the UAE and:
 
  • The Ministry of New and Renewable Energy of the India on investment cooperation in the renewable energy sector
  • The Ministry of Food Processing Industries of India on investment cooperation in food park development
  • Ministry of Health and Family Welfare of India on investment cooperation in innovative healthcare projects
 
MoU on investment cooperation in the renewable energy sector
 
Investment cooperation in renewable energy projects to be implemented in India under the agreement can reach up to 60 gigawatts.
 
In support of global efforts to tackle climate change, a transition to clean energy is a priority for India.
 
The country aims to achieve net-zero emissions by 2070 and meet 50 per cent of its electricity requirements from renewable energy sources by 2030.
 
As a result, there are plans to increase India’s renewable energy capacity to 500 gigawatts, reduce the emissions intensity of its economy by 45 per cent and reduce one billion tons of carbon dioxide.
 
The Indian government estimates that the country’s shift onto a low-carbon path will require more than $10tn of new investments by 2070.
 
The MoU between the UAE and India focuses on forging effective collaboration by building relationships between public and private organisations.
 
The agreement additionally proposes the implementation of incentives to support pertinent initiatives and aims to facilitate the exchange of knowledge.
 
MoU on investment cooperation in food park development
 
Under the agreement, the parties are committed to developing food park projects and driving other initiatives in the food processing sector that contribute to global food security.
 
The investment cooperation aims to harness cutting-edge agritech, clean tech, and renewable energy solutions, symbolising a significant partnership between the UAE and India.
 
The MoU centres on establishing robust and efficient collaboration through the development of bilateral relationships between public and private organisations.
 
The agreement also proposes introducing incentives to bolster relevant initiatives and seeks to facilitate the exchange of knowledge.
 
Food processing is considered a “sunrise sector” in India, which is boosted by the Mega Food Park Scheme, a key government initiative launched in 2008 aimed at providing modern infrastructure facilities for food processing along the value chain.
 
The Scheme provides financial support to public and private entities in setting up clusters of food processing units, known as “food parks”, which bring farmers, processors, and retailers together and utilise advanced climate technology to minimise waste, conserve water and maximise crop yields. India currently has 24 operational mega food parks, with numerous others at various stages of implementation.
 
India’s food processing sector is one of the largest in the world, developing at an average annual growth rate of 8.3 per cent in the past five years.
 
The output of the sector is expected to reach $535bn by 2025-2026.
 
The industry is expected to play a vital role in the overall growth of the country’s economy.
 
MoU on investment cooperation in innovative healthcare projects
 
The MoU lays special emphasis on precision health, i.e., personalised healthcare based on a person’s unique genetic, genomic, or biological composition to help achieve well-being and optimal health.
 
The development of a genomic centre of excellence is being evaluated as one of the possible projects under the MoU.
 
The healthcare sector in India is estimated to be around $372bn. Factors such as affordable treatment, advanced technology, a wide range of specialties as well as access to international markets have accelerated the growth of this industry.
 
As the most populous country in the world, India has made affordable, accessible and increasingly innovative healthcare a priority, facilitated by increased public health expenditure year-on-year.

 Source:  arabianbusiness.com
10 Jan, 2024 News Image Agricultural exports to rise despite curbs: Piyush Goyal
India's focus should be on export of large-scale food processing rather than exporting only raw materials, commerce and industry minister Piyush Goyal said on Monday. ??He remained optimistic about agriculture exports during the current fiscal topping last year's $53 billion, despite restrictions on shipments of certain key commodities, including rice, wheat and sugar. ??With special mention of social media influencers for promoting Indian culinary and cuisines, he stated that the diverse food culture has given India a global recognition
 
India's focus should be on export of large-scale food processing rather than exporting only raw materials, commerce and industry minister Piyush Goyal said on Monday.
 
He remained optimistic about agriculture exports during the current fiscal topping last year's $53 billion, despite restrictions on shipments of certain key commodities, including rice, wheat and sugar.
 
'Food exports from India hold an immense potential. This is the time for India for a fusion of technology and taste,' said Goyal.
 
Goyal highlighted India's strengths as the fastest-growing large economy, attributing the success to solid macroeconomic foundations and a youthful demographic dividend. He further emphasised on street foods and the indigenous food culture of India.
 
With special mention of social media influencers for promoting Indian culinary and cuisines, he stated that the diverse food culture has given India a global recognition. 'When I go to different parts of the country, and they offer their local delicacies, it is truly mouth watering... each of these products is unique in itself. The social media influencers have also helped people to recognise these products,' he added.

 Source:  timesofindia.indiatimes.com
10 Jan, 2024 News Image Processed food exports up 150% in 9 years: Piyush Goyal
Indian exports of processed food grew 150% in the last nine years, said Piyush Goyal, minister for commerce & industry, consumer affairs, food & public distribution and textiles, adding that the country's agricultural exports stood at an aggregate of about $53 billion during this time.
 
Praising India's diverse food industry and the burgeoning demand for Indian foods globally, the minister emphasised on the need for large-scale food processing, product branding and export focus to provide better value to farmers, generate employment and enhance the country's earnings.
 
India has 158 food and agri Geographical Indications (GIs) and the identification of 708 unique food items across districts under the One District One Product (ODOP) initiative, the minister said, while inaugurating the 'Indus Food 2024', an exhibition to showcase India's vibrant and diverse food ecosystem at the India Exposition Mart, Greater Noida. The minister also highlighted India's economic strengths as the fastest-growing large economy, attributing the success to solid macroeconomic foundations and a youthful demographic dividend.

 Source:  economictimes.indiatimes.com
10 Jan, 2024 News Image India s exports in this year will exceed FY23 achievement, says Piyush Goyal
India’s exports in 2023-24 will be more than that achievement of last year’s $776 billion, despite fall in commodity prices and loss of exports worth about $20 billion due to restrictions on exports of certain commodities, the Union Minister for Commerce and Industry, Piyush Goyal, said here today. 
 
In an interaction with the media, Goyal observed that India’s exports had grown 55 per cent in two years, from around $500 billion to $776 billion. He disagreed that the 55 per cent growth was due to the base effect caused by depressed exports during the Covid-19 years, pointing out that in the previous ten years or so, India’s exports were around $400-500 billion. 
 
He said that 'such scorching growth' cannot be sustained, especially when the domestic demand was 'so huge'. You can only export when you have an export surplus, the minister said. To illustrate, he made that point that the Indian steel industry had told him that they had no exportable surplus because there was such a big demand in India. 
 
'In terms of foreign trade, we are doing very well,' he said. 
 
On the Carbon Border Adjustment Mechanism (CBAM), Goyal said that it would hurt the European economy, making all goods expensive. Prices of commodities such as cement, steel and aluminium would go up, and therefore, infrastructure costs would go up, he observed. Asked if the Europeans were not aware of this, the minister said that the EU was aware of the consequences of CBAM, but was under 'political pressure from some States'.
 
Asked if he thought EU would not bring in CBAM, Goyal said, 'if they are smart, they will not bring it in, but if they get stuck in political compulsions, they will hurt their economy.' 
 
He said that India would not be affected much because 'we don’t export cement; our local demand for steel is so much that our steel exports to Europe are not that significant; we do not export aluminium, we only import fertilizers.'
 
Asked if India’s engineering goods exports to Europe would be affected, he said that in engineering goods,' the element of CBAM is very miniscule.' He said that India’s engineering goods exports were less worried about CBAM and more about the 'headache of paperwork.' 
 
He, however, said that India, like many other countries, would retaliate (impose higher duties on goods imported from Europe.) 
 
The minister said that while negotiations with EU and the UK for Free Trade Agreements were going on, more countries (including Russia) were expressing interest in having free trade agreements with India. 

 Source:  thehindubusinessline.com
09 Jan, 2024 News Image Kochi to host Plantation Expo from Jan 20 to 22.
The second edition of the Kerala Plantation Expo will be held in Kochi for three days from January 20, invigorating the State government’s measures towards the growth of Kerala’s plantation sector by showcasing its brand potential to tap the global and domestic demand for a wide range of products and services.
 
An array of special B2B meets showcasing the products and services in the plantation sector will be a highlight of the expo. The State Industries Minister P Rajeeve will inaugurate the expo.
 
Organised by the Plantation Directorate of the State Industries Department, the expo strives to reinstate the glory of Kerala’s storied plantation sector by featuring its history, diverse products including spices and industrial raw materials like rubber and more recent diversification into tourism and hospitality activities, a press release said.
 
The event will feature stalls by Kerala-registered plantations, distributors of tools and equipment related to the sector, service providers and plantation institutions under the State and Central governments. The first edition of the Plantation Expo was held in Thiruvananthapuram in February last year.

 Source:  thehindubusinessline.com