The Maharashtra government may absorb half the import duty impact levied by Bangladesh on oranges from India, said deputy chief minister Devendra Fadnavis on Monday. The duty hike had drastically brought down the consignment of Nagpur oranges to the eastern neighbour, which is the mainstay export market for growers here.

 

Bangladesh began imposing duty on oranges from 2019. Another round of hike this year has taken customs duty to 388 a kg for oranges. The hike makes the orange too costly for the Bangladeshi consumers.

As many as 18 products of Uttarakhand were awarded a geographical indication (GI) certificate by Chennai-based Geographical Indication Registry.

Some of the 18 GI tag products include candles of Nainital, litchi of Ramnagar, Buransh juice and millets of Almora. Notably, Uttarakhand became the only state in the country to have GI-tagged millets.

Managing director of Uttarakhand Organic Commodity Board, Vinay Kumar, said on Thursday, “Uttarakhand is the only state in the country that has GI certified millets.

Owing to our rich biodiversity due to the Himalayas we are sure to get more GI tags. We've already applied for more.'

The state now has 27 indigenous products GI-tagged. In 2016, the state got its first GI tag for its popular spice 'tejpatta' (Cinnamomum tamala).

 

Farmers, social organisations and women self-help groups involved in the production and promotion of these 18 products would be felicitated by the state government on Saturday, for their contribution in keeping these products in running condition.

 

Giriraj Singh urges CM to ban halal products in state

Union minister Giriraj Singh requests Bihar CM Nitish Kumar to ban 'halal'-certified products immediately, citing connection with anti-national and terror activities. Singh's request comes after UP government's ban on 'halal certification' trade and initiation of crackdown. Singh emphasizes the need for a thorough investigation into this trade practice. Deputy CM Tejashwi Yadav responds by focusing on jobs and development. Singh reminds Nitish of his association with BJP and highlights the deterioration of the rule of law. Singh argues that 'halal karobar' is unconstitutional and anti-national. He also highlights the significance of FSSAI certification and the emergence of institutions giving 'halal certification' in exchange for money.

ISB Executive Educations Product Management Programme: Augment your career as an efficient product manager

ISB Executive Education launches Product Management programme in collaboration with Emeritus. The programme focuses on honing the skillsets required for aspiring product managers. McKinsey & Company's report highlights that 80% of product managers are involved in design activities, and 60% have analytical skills. Product managers require strategic thinking, superior communication skills, market research capabilities, analytical skills, time management, negotiation skills, and networking capabilities. The 12-week programme covers product development, market analysis, competitive positioning, and more. ISB is accredited by EQUIS, AACSB, and AMBA, and offers a strong curriculum, live masterclasses, hands-on projects, and industry-relevant tools. The programme provides access to Emeritus Career Services and a strong alumni network.

The United Nations Food & Agriculture Organization (FAO) is set to unveil a groundbreaking global food systems' roadmap at the upcoming COP28 climate summit in Dubai, scheduled to commence this Thursday and extend for almost two weeks until mid-December, reported Fox News. The report is anticipated to urge Western nations, including the United States, to significantly curb meat consumption as part of a broader initiative to combat greenhouse gas emissions, according to reports from Bloomberg.

 

Jeremy Coller, the chair and founder of the FAIRR Initiative, emphasized the need for increased policy focus on the food and agriculture sector, noting the failure of leading meat and dairy companies to reduce emissions. Coller stated, 'Food system emissions deserve a place at the top of the table, alongside energy and transport, as they represent an estimated third of greenhouse gas emissions and 40% of methane.'

The FAO's unprecedented roadmap is expected to address not only meat consumption but also provide guidelines for farmers to adapt to erratic weather conditions and address emissions related to food waste and fertilizer use. While the recommendations may not be binding, the U.S. COP28 delegation is reportedly considering their endorsement.

The comprehensive roadmap aims to guide policy decisions on mitigating the climate impact of the global agriculture industry, a sector that has historically received less attention in past UN climate conferences. Previous COP summits primarily focused on emissions from the power, transportation, and manufacturing sectors.

 

Kaveh Zahedi, the director of the FAO Office of Climate Change, highlighted existing solutions such as agroforestry, soil restoration, sustainable livestock, and fisheries management. These solutions, Zahedi emphasized, offer multiple benefits, including support for biodiversity and food security.

According to a March 2021 study published in the Nature Food journal, the global food system, including land-use change, agricultural production, packaging, and waste management, contributes approximately 34% of total worldwide emissions, equivalent to 18 billion tons of carbon dioxide per year. Livestock alone is responsible for around 14.5% of global greenhouse gas emissions, according to FAO data.

 

The UN has long advocated for a shift away from animal-based diets, citing their high impact on the planet. Choosing plant-based foods, the UN suggests, can reduce an individual's annual carbon footprint by up to 2.1 tons. However, in the U.S., agriculture alone generates about 10% of total greenhouse gas emissions, according to federal data. The American agriculture sector, responsible for 1.4% of global emissions, has implemented various solutions, positioning it as the nation's lowest-emitting economic sector.

House Agriculture Committee Chairman Glenn Thompson, R-Pa., defended American farmers, stating, 'America's farmers and ranchers are climate heroes, reducing emissions while providing abundant and affordable food, fiber, and fuel.' He cautioned against regulating producers out of business, emphasizing the essential role of American farmers in addressing global climate change.

The American Farm Bureau Federation reports that U.S. farmers achieve more than three times the production compared to their inputs, with significant emissions reductions in pork and beef production. In May, Chairman Thompson and a group of House Republicans criticized President Biden's special climate envoy John Kerry for singling out food emissions, calling on the administration to disavow the comments made at the Department of Agriculture's AIM for Climate Summit.

Kerry had remarked, 'Food systems themselves contribute a significant amount of emissions just in the way in which we do the things we've been doing.' He emphasized the importance of agriculture in achieving net-zero emissions and suggested that emissions from the food system alone could cause an additional half a degree of warming by mid-century.

The government has permitted exports of specified quantities of wheat, wheat flour and broken rice to five countries, including Bhutan, Mali and Indonesia, a notification said on Thursday. The quantity notified for Bhutan includes 14,184 tonnes of wheat grain, 5,326 tonnes of atta, 15.226 tonnes of maida/semoline, and 48,804 tonnes of broken rice.

 

Broken rice shipments are also permitted to Mali (1 lakh tonnes), Senegal (5 lakh tonnes in six months), Gambia (50,000 tonnes in six months), and Indonesia (2 lakh tonnes).

 

The export is permitted through National Cooperative Exports Limited (NCEL), the Directorate General of Foreign Trade (DGFT) said in a notification.

 

NCEL is a company set up with cooperative societies as its promoters.

 

Though exports of wheat and broken rice were banned to boost domestic supply, outbound shipments are allowed on the basis of permission granted by the government to certain countries to meet their food security needs and on request.

 

'Export of (wheat grain, atta, maida/semolina, and broken rice) food commodities are permitted through National Cooperative Exports Ltd (NCEL),' it said.

 

India's economy expanded 7.6% in the September quarter from a year earlier, exceeding expectations as manufacturing posted strong growth and investments gathered pace. Private consumption was tepid while a patchy monsoon dented farm growth, according to government data released on Thursday.

 

Economists had, in an ET poll, estimated a median 6.7% rise in gross domestic product (GDP) in the quarter.

 

The second-quarter GDP growth is just shy of 7.8% clocked in the June quarter and significantly higher than the 6.2% recorded in the September quarter last year. Growth in the first half of FY24 was 7.7% compared with 9.5% a year earlier.

 

'Manufacturing sustained expansion, endorsed by IIP (Index of Industrial Production) and core infra sector growth,' said chief economic advisor V Anantha Nageswaran.

 

The higher-than-expected growth triggered a raft of upgrades in full FY24 growth estimates.

 

'The latest numbers indicate that the economic recovery is on track despite the adverse geopolitical situation,' said Sunil Kumar Sinha, principal economist, India Ratings.

 

Manufacturing, which has a nearly 19% weight in the economy, posted a nine-quarter high 13.9% growth, as company profits improved on the back of strong demand and drop in input costs. The mining and construction sectors also posted strong growth, expanding 10% and 13.3%, respectively. Services growth was muted with financial services rising 6%, less than half the 12.2% growth in June quarter. Utilities grew 10.1% while trade, hotels, transport and communications grew 4.3%.

 

The demand-side data showed gross fixed capital formation, a measure of investment, rose 11% from a year earlier compared with 8% in the first quarter, lifting it to 35.3% of GDP.

 

Private consumption

The investment rate at 30%, measured in nominal terms, was the highest for the second quarter since FY15.

 

'Investment is showing strong growth trend,' said Rajani Sinha, chief economist, CareEdge. 'There could be some moderation in H2 as both government and private sector may restrain their capital spending ahead of the general elections.'

 

Private consumption grew a muted 3.1%, halving from 6% in the preceding quarter.

 

There was some moderation in consumption demand possibly due to the delayed festive season this year and weak rural demand, said Sinha.

 

The farm sector grew a modest 1.2% in the quarter, decelerating further from 3.5% in the preceding quarter.

 

The GDP growth number may persuade the Reserve Bank of India (RBI) to hold the policy rate at 6.5% for the fifth time in a row at the Monetary Policy Committee (MPC) meeting on December 6-8, continuing to prioritise inflation control.

 

FY24 boost

Economists lifted their FY24 estimates after the strong September quarter and resilient economic indicators in the current quarter.

 

'Given the higher than forecast outcome for Q2, we are revising our FY24 growth forecast to 6.2% from 6%,' said Aditi Nayar, chief economist, ICRA.

 

This is still shy of the RBI's 6.5% growth forecast for FY24.

 

'GDP growth for Q2 has been very buoyant coming in at 7.6%. This was far beyond expectations,' said Madan Sabnavis, chief economist, Bank of Baroda. 'This will tend to push up estimates for the full year by 0.1-0.2 percentage point.'

 

Rahul Bajoria of Barclays revised the growth forecast for FY24 to 6.7%.

 

Earlier this week, S&P Global Ratings revised India's FY24 economic growth forecast to 6.4%, predicting robust domestic momentum.

 

The government is yet to revise its growth forecast from 6.5%.

 

'Will keep the FY24 growth forecast at 6.5% for now, will have to work out any upside to the projection, based on Q2 data,' CEA Nageswaran said.

 

'Monthly indicators show that Q3FY24 is off to a strong start with broad-based pick-up in consumption-oriented sectors, industrial activity and freight transportation services,' said Gaura Sengupta, economist, IDFC First Bank, projecting an upside to the FY24 number.

India has told a WTO grouping with a major interest in farm trade that it will not discuss any new issue in the agriculture segment like imposition of export restrictions before a permanent solution is found with regard to public stockholding of food grains, an official said. This position was cleared during a mini-ministerial virtual meeting of about 28 WTO (World Trade Organisation) member countries on agriculture issues on November 28.

 

In the meeting, Commerce and Industry Minister Piyush Goyal put forward New Delhi's approach to the issue saying that public procurement and stockholding of food grains serve the twin objectives of food security and income support to marginal farmers.

 

The 19-member Cairns group, which includes agri-exporting nations, lobbies for agricultural trade liberalisation. It was formed in 1986 in Cairns, Australia. Its members include Argentina, Australia, Brazil, Canada, Chile, Colombia, Costa Rica, Guatemala, Indonesia, Malaysia, New Zealand, Pakistan, Paraguay, and Peru.

 

Group members want the WTO to discuss comprehensive agriculture trade reforms such as not imposing export restrictions.

 

The group's representative was present in the virtual meeting.

 

'India has made it clear that no new issue in the agri sector can be discussed in the WTO before finding a permanent solution to a mandated issue of the public stockholding,' the government official, who did not wish to be named, said.

 

India recently criticised Cairns member countries during a WTO meeting on public stockholding of foodgrain for food security purposes in Geneva, stating that members are monopolising time to discuss their submission on domestic support.

 

On the public stockholding issue, India is pushing the World Trade Organisation (WTO) members to find a permanent solution as the issue is important for the country which has to support its marginal farmers and feed the poor people.

 

Developed countries that are major agri exporters allege that foodgrain bought at MSP if offloaded in the global market can distort prices so there should be a cap on support measures. It is strongly opposed by India.

 

In India, the government procures rice at a Minimum Support Price (MSP) and provides it to the poor through a public distribution system.

 

About 80 developing members, including the African Group, G33 Group, and Africa, Caribbean, and Pacific Group, have been assertive, emphasising that this is a high-stakes issue because an outcome on public stockholding must be at the core of any potential agriculture package at MC13.

 

The 13th ministerial conference (MC13), the highest decision-making body of the WTO, is scheduled in Abu Dhabi in February next year.

 

To break the long-lasting stalemate in agriculture negotiations, the WHO chief has called for a mini-ministerial meeting on November 28.

Rice prices are on track for a new 15-year high, threatening to spark more angst in Asia and Africa where the grain is the staple for billions.

 

Thai white rice 5% broken — an Asian benchmark — has jumped by $57 over the past two weeks to $640 a ton following a period of relative calm, putting prices just short of the highest level since October 2008. That milestone was reached in early August in the wake of sweeping export curbs from top shipper India.

 

Increased demand for Thai rice from unexpected buyers such as Brazil and the Philippines has contributed to the rise, said Chookiat Ophaswongse, an honorary president of the Thai Rice Exporters Association. Higher domestic prices and a strengthening of the baht have helped to underpin the surge, he added.

 

'We’re selling well now because Vietnam is low on stocks,' said Chookiat, whose group sets the price for 5% broken and other varieties each week.

 

India ramped up export curbs in late July and is expected to keep them in place into next year as Prime Minister Narendra Modi seeks to contain domestic prices ahead of an election. The measures led to a raft of supply deals and diplomacy as major consumers worried about supply.

 

Rice is vital to the diets of billions and contributes as much as 60% of the total calorie intake for people in parts of Southeast Asia and Africa. Rising prices have fueled higher inflation in major buyers Indonesia and the Philippines.

 

The onset of El Niño, which typically brings drier conditions to growing areas in Asia, is poised to crimp supply even further. Thailand’s production is set to decline 6% in 2023-24 due to the climate phenomenon, while Vietnam directed some farmers to plant their new crop early warning of drought risks.

India’s imports of almonds, beans, oranges, wines, lentils, pulses, several processed agro foods, sheep meat etc. from the state of South Australia (SA) have risen significantly since the Australia-India Economic Cooperation and Trade Agreement (ECTA) came into effect a year ago, said Nick Champion, Minister for Trade & Investment – South Australia.

 

The minister who was on a six-day India tour spoke to The Hindu in Bengaluru: 'South Australia has been witnessing growing import demand for lentils, pulses and certain other food items following the zero-tariff rate India introduced last year, resulting in food, wine and agribusiness sector exports to India growing more than 200% in the 12 months until September 2023.'

 

He said his state was also seeing significant opportunities to grow its exports to India especially products such as food and wine, and premium food products building upon the eliminated tariffs on over 85% of Australian goods–which will rise to 90% by January 2026.

 

'Above all these, India is a fast-growing market for premium agri products, food items and high-value wines with consumers’ disposable incomes on the rise,' the minister observed.

 

India is South Australia’s fifth-largest export market, with exports worth AUD 1.1 billion of goods over the last 12 months–a figure that has risen by 11% in the previous year.

 

Beyond dine and wines

 

According to the minister, India and South Australia share common goals, particularly in the demand for clean, green premium produce, renewable energy, health, international education, critical technologies and space industries.

 

'As India seeks to grow its 3.5 trillion economy by underpinning it with digi-tech and innovation, energy transition and manufacturing, South Australia is poised to become a ‘partner of choice’ in areas such as e-commerce, renewable energy, critical technologies including IT, defence and space and international education,' Mr. Champion said.

 

During the exploratory tour, the minister met with his counterpart in Karnataka, Mr. M.B Patil and had engagements and roundtable meeting with with TCS, Wipro, Tata Electronics, Infosys, HCLTech, TechMahindra, and various start-ups focused on defence and aerospace sectors. He also met BigBasket to gauge possibilities of exporting more pulses, grains, and lentils from South Australia to India.. The minister also facilitated a special partnership between South Australian space-tech start up, HEX20 and Indian space-tech start-up AstroGate Labs.. The collaboration involves integrating HEX 20’s currently satellite bus platform with AstroGate’s laser communication solutions.

 

He said companies in South Australia’s innovation regions, Lot Fourteen and Tonsley, would be able to collaborate with Indian tech firms in AI, machine learning and innovation to accelerate development of IT products, services, applications, platforms and critical technologies for space, defence and renewables industries.

 

In order to create more avenues for South Australian and Indian businesses to connect, the state is currently in the process of hiring a Country Director to be based in Mumbai.

 

On Friday, the minister inaugurated Pro-Wine Mumbai, where some 10 South Australian wineries are participating.

 

'As a newly-formed state government, we want to reiterate the high value our state places on its relationship with India. We are keen to work more collaboratively and closely with India, in ways that will see mutual benefits for both regions,' he added.

 

Some 43,598 Indians reside in South Australia. Also, India is its largest source of international students, with the student cohort growing 36% over the last year to over 14,000 enrolments.

Indian coffee exporters are beginning to see a pick-up in demand as buyers in key markets of Europe and West Asia among others have started placing orders for the new arabica coffee crop that’s currently being harvested.

 

'Demand is now picking up. People are accepting the war and there’s a feeling that arabica prices are lower than earlier and it’s better to buy,' said Ramesh Rajah, President, Coffee Exporters Association.

 

'The new coffee (arabicas) has started arriving. Many of the exporters are taking smaller orders but not getting into larger contracts as people are having contradictory reports on the upcoming crop size,' Rajah said.

 

This year, the harvest of arabicas has been advanced by a month due to the erratic rainfall pattern. The harvest of arabicas had began towards the end of October, but there’s a break now and suddenly the arrivals have slowed down, Rajah said. 'We expect better buying from next month,' he said.

 

The shipments of new arabicas for the crop year 2023-24 are expected to start from January. The exporters see coffee prices recovering from the current level. 'The robusta prices are good. We think it should retain at these levels, while arabica prices should recover from current levels,' he said.

 

Rajah expects the Indian green coffee shipments for the current financial year 2023-24 to remain at last year’s levels. The fourth quarter or Q1 of calendar 2024 should be on par at last year’s levels, he added.

 

Exports down

In the current financial year from April 1 till Nov 28, India’s total coffee shipments stood 6.5 per cent lower in volumes at over 2.44 lakh tonnes over same period last year’s 2.61 lakh tonnes. However, in value terms, the coffee shipments have been higher by around 6 per cent at $775 million over same period last year’s $733 million on higher prices. India had exported 3.96 lakh tonnes of coffee valued at $1.12 billion during fiscal 2022-23.

 

EUDR norms

Meanwhile, a section of exporters said they have started receiving enquiries from buyers for Indian coffees that are compliant to the proposed European Union regulation on deforestation free products (EUDR). From January 1, 2025, EUDR requires the EU based companies to ensure that the products they import are de-forestation free. 

 

The state-run Coffee Board held stakeholder consultations on Wednesday to put up a system to comply with the proposed EUDR norms. Panels comprising of faculty at the Indian Institute of Plantation Management and representative of growers and exporters have been formed to evolve a compliance mechanism for the EUDR norms that will come into effect from January 2025.

The Maharashtra government may absorb half the import duty impact levied by Bangladesh on oranges from India, said deputy chief minister Devendra Fadnavis on Monday. The duty hike had drastically brought down the consignment of Nagpur oranges to the eastern neighbour, which is the mainstay export market for growers here.

'A decision on subsidizing 50% of the import duty component borne by farmers will be taken soon,' said Fadnavis while addressing the closing ceremony of Agrovision, a farmers’ expo patronized by Union minister Nitin Gadkari.

 

Bangladesh began imposing duty on oranges from 2019. Another round of hike this year has taken customs duty to ?88 a kg for oranges. The hike makes the orange too costly for the Bangladeshi consumers.

 

CIL unveils roadmap to stop heavy-duty gear imports in 6 years

Coal India Ltd (CIL) plans to phase out import of heavy-duty mining equipment in six years, saving Rs 1,000 crore on customs duty annually. The roadmap proposed by an inter-disciplinary committee includes tender clauses to promote indigenous equipment and incentivize manufacturers to design, develop, and manufacture equipment in India. Standardization of equipment and emphasis on manufacturing aggregates will improve supply of spares, reducing repair time and improving machinery availability. The committee expects high demand for mining equipment in the next 10 years as coal remains the predominant energy source.

Exempt KU non-teaching staff from poll duty

Congress leaders urge DC and district election officer not to appoint non-teaching staff of Karnatak University for election duty as BLOs, citing staff shortage and inconvenience to students and teachers during semester exams. HDMC election officials are being criticized for harassment of a non-teaching staff member who attempted suicide. Ahinda leader demands state government accept caste census during winter session to ensure justice for Ahinda community. Caste census report will help determine conditions of caste population for welfare purposes. Sri Siddhalingeshwar Seva Sangha to organize idol installation ceremony at Sri Siddhalingeshwara temple, with participation from political and religious figures.

Adani Group to bid for duty-free shops at Macau international airport

Indian airport major Adani Group has set up a company in Macau, MTRPL Macau Ltd, to bid for the tender of duty-free liquor & tobacco shops at Macau International Airport. Adani Enterprises' subsidiary, Mumbai Travel Retail Pvt Ltd, has completed the incorporation process of MTRPL Macau Ltd with an authorised share capital of 25,000 Macanese pataca (MOP), the official currency of Macau.