Archive News

Back

From Date

To Date

Keyword

16 Nov, 2023 News Image

MoU between India and USA to Enhance Innovation Ecosystems through an Innovation Handshake under the framework of India U.S. Commercial Dialogue.

A Memorandum of Understanding (MoU) on 'Enhancing Innovation Ecosystems through an Innovation Handshake' under the framework of India – U.S. Commercial Dialogue was signed between the two countries on the 14th of November 2023 in San Francisco. The leaders’ Joint Statement during the historic official State Visit of Prime Minister in June 2023 announced the establishment of the 'Innovation Handshake'.

The MoU was signed at the kick-off industry roundtable titled, 'Decoding the 'Innovation Handshake': U.S. – India Entrepreneurship Partnership' in San Francisco. At the event, co-hosted by the U.S.-India Business Council (USIBC) and the Confederation of Indian Industry (CII) and supported by National Association of Software and Service Companies (NASSCOM) and Startup India, CEOs from major ICT companies, executives from venture capital firms, and founders of startups in the critical and emerging technology space discussed how to enhance U.S.-India technology collaboration.

The MoU is signed with the objective to connect the two sides’ dynamic startup ecosystems, address specific regulatory hurdles to cooperation, share information and best practices for startup fundraising and promote innovation and job growth, particularly in critical and emerging technologies (CET) as identified under India -U.S. initiative for Critical and Emerging Technology (iCET).

The MoU signals a joint commitment to strengthen the startup ecosystem in deep tech sectors and promote cooperation in Critical and Emerging Technologies (CET). It is poised to positively impact economic activity, attract investment, and generate employment, especially in start-ups working in CET areas. The scope of cooperation would include a series of India- U.S. Innovation Handshake events, including hackathon and 'Open Innovation' programs, information sharing and other activities.

The announcement laid the groundwork for two future Innovation Handshake events scheduled to take place in India and the United States in early 2024, which include an investment forum aimed toward helping U.S. and Indian startup companies take their innovative ideas and products to market and a 'hackathon' in Silicon Valley where U.S. and Indian startups will pitch ideas and technologies to help address global economic challenges.

This momentous step signifies the commitment of both nations towards fostering innovation, creating opportunities, and promoting mutual growth in the dynamic field of emerging technologies. The "Innovation Handshake" sets the stage for a new era of collaboration between the United States and India.

The Commercial Dialogue (CD) is a cooperative undertaking at Ministerial level between India and the U.S. to facilitate regular discussion to deepen ties between business communities, encompassing regular government-to-government meetings to be held in conjunction with private sector meetings, with an aim to facilitate trade, and maximize investment opportunities across a broad range of economic sectors.

The 5th India-U.S. Commercial Dialogue was held on 10th March 2023 during the visit of U.S. Secretary of Commerce Gina Raimondo between 8-10 March. At the meeting the Commercial Dialogue was re-launched with strategic focus on supply chain resiliency, climate and clean technology cooperation, advancing inclusive digital economy, and facilitating post-pandemic economic recovery especially for SMEs and startups.

It included launch of a new Working Group on Talent, Innovation and Inclusive Growth (TIIG) under the Commercial Dialogue. It was noted that this Working Group would also support efforts of Startups working towards goals of iCET, particularly in identifying specific regulatory hurdles to cooperation and fostering greater connectivity between our innovation ecosystems with focus on start-ups through specific ideas for joint activities.

Source: pib.gov.in

16 Nov, 2023 News Image

Nigeria to import 2.1 million metric tons of rice, become top buyer globally in 2024 USDA.

Nigeria is projected to import 2.1 million metric tons of rice in 2024, which may make the country the top rice buyer globally.

This is according to the latest Rice Outlook report by the Economic Research Service of the U.S. Department of Agriculture (USDA).

The report notes that global rice trade will hit about 52.85 million tons (milled basis) by 2024, with more exports expected from Brazil and South Korea, and more imports expected from Burkina Faso, Indonesia, and Nigeria.

It read:

'Global rice trade in the calendar year 2024 is projected at 52.85 million tons (milled basis), up 345,000 tons from the previous forecast but 460,000 tons smaller than the year-earlier revised forecast of 53.3 million tons. Export forecasts for 2024 are raised for Brazil and South Korea, while import forecasts are raised for Burkina Faso, Indonesia, and Nigeria, with Indonesia’s import forecast raised 600,000 tons to 2.0 million tons.'

Weaker Crops in Nigeria

According to the report, weaker rice production is expected in Nigeria and seven other countries.

The report noted:

'Rice production is projected to continue to decline in Japan and South Korea due to diet diversification and declining and aging populations. Weaker crops are also projected in 2023/24 for Costa Rica, Ecuador, Mali, Nigeria, Turkey, and Uzbekistan.'

It added that global rice production in 2023/24 is projected at a record 517.8 million tons (milled basis), which is a decrease of 340,000 tons from last month’s forecast but 4.4 million tons larger than a year earlier.

Out of the projected rice production figure, Nigeria is expected to produce about 5.23 million tons.

Top rice importer

Data from the report also showed that Nigeria will likely be the leading importer of rice in 2024.

The country will be followed by Indonesia with an import projection of 2 million metric tons and Brazil with a projection of 900,000 metric tons.

It noted that the import forecast for Nigeria was raised by 100,000 metric tons from the earlier projection in October.

On the reason for the increase, the report noted: 'Import forecast is raised based on stronger-than-expected demand for imported rice due to both high prices for domestic rice and quality concerns.'

More insight

The Central Bank of Nigeria (CBN) recently lifted the foreign exchange restrictions it placed on importers of rice and 42 other items eight years ago.

This will likely encourage the importation of more rice, among other items, into the country.

There have been mixed reactions following the removal of the restrictions, with some farmers recently showing support for the lifting of the foreign exchange ban on rice importation.

According to this group of farmers, the lifting of the forex ban breaks the monopoly of the processing and marketing of grain by local millers.

Prior to the bank, there appeared to be a decrease in rice import, with data from the Thai Rice Exporters Association (TREA), showing a decrease of 98.4% between the first seven months of 2022, and that of 2021.

However, there is also a likelihood that foreign rice is likely smuggled more than it is officially imported into the country.

About a week ago, the Nigeria Customs Service said it seized 13 trailer loads of foreign parboiled rice, among other items.

Source: nairametrics.com

16 Nov, 2023 News Image

Indonesia to import about 5 mln tonnes of rice by 2024.

Indonesian Agriculture Minister Amran Sulaiman on November 13 said that the country will need to import up to 5 million tonnes of rice by 2024, citing the impact of the El Niño climate phenomenon on rice production.

Speaking during a meeting with the House of Representatives Commission IV, which oversees agriculture, environment, fisheries and food security issues, Amran said that this year, Indonesia decided to import 3.5 million tonnes of rice and there’s a possibility that the country can reach 5 million in 2024.

The minister shared that Indonesia's rice output is estimated to decrease to 30 million tonnes in 2023 from 31 million tonnes in 2022. In addition, the 2024 rice harvest may be delayed by about two months, causing further supply shortages and hike in prices.

To cope with a downward trend in rice production, the Indonesian Ministry of Agriculture has saved 1,000 billion IDR (63.7 million USD) from this year's total budget of 15,000 billion IDR to provide additional finance to the General Department of Food Crops.

In addition, the ministry also proposed that the House of Representatives and the Government add an additional 5.830 trillion IDR to next year's budget, to promote cultivation and increase rice and corn production.

Source: en.vietnamplus.vn

16 Nov, 2023 News Image

More than 200 unique Geographical Indications (GIs) products exhibited in Geographical Indication (GI) Pavilion in the India International Trade Fair.

The Department for Promotion of Industry & Internal Trade, Ministry of Commerce & Industry is hosting the largest Geographical Indication (GI) Pavilion in the India International Trade Fair at ITPO, Pragati Maidan from 14 to 27 November, 2023. The Pavilion was inaugurated by the Hon’ble Union Minister of State for Commerce and Industry, Shri Som Parkash on here today, the Janjatiya Gaurav Diwas, and laid the red carpet for public viewing.

The GI Pavilion is witnessing participation from more than 600 artisans from 28 States and Union Territories with more than 200 unique Geographical Indications (GIs) products from Agriculture to Food to Handicarfts and Handloom to cater the interests of every age group. GI products carry specific characteristics and possess qualities attributed to geographical origin.

Artisans from different tribes and women entrepreneurs have been given the centre stage for the presentation of their craft. Enthusiastic participation from artisans is making the GI Pavilion a confluence of cultural exchange and business opportunities.

In the Pavilion, live demonstration and portrayal of traditional artworks like Gond Painting, Warli painting, Pithora painting, Shamphee Lanphee, Sandur Lambani Embroidery, Odisha Pattachitra, etc. by Padma Shri and National awardees give visitors a firsthand experience of India’s rich traditional and cultural soul.

To explore the day for young participants, pavilion has also placed Kids Play Zone with combination of physical and digital activity.

Source: pib.gov.in

16 Nov, 2023 News Image

Comm min expects to issue 20,000 status holder certificates to exporters this year: DGFT.

The Commerce Ministry, which automated the process for issuance of exporter status certificates, is expected to issue about 20,000 such documents by the end of this year, a senior official said on Wednesday. Director General of Foreign Trade (DGFT) Santosh Kumar Sarangi said this would be a big jump in the issuance of these certificates, and so far, they have issued over 40,200 status-holder certificates.

'There are another 2,000 applications, which are under scrutiny because of their prior history. But ultimately, those will also get issued, and by the end of this year, we expect about 20,000 status holders to be recognised through this automated process,' he told reporters here.

Last month, DGFT said that an exporter status certificate will now be issued based on the available electronic data, and traders will not have to apply to get the recognition.

These certificates provide certain privileges, including simplified procedures under foreign trade policy (FTP), priority custom clearances on a self-declaration basis, and exemption from compulsory negotiation of documents through banks and filing bank guarantees for FTP schemes.

Upon achieving prescribed export performance, status recognition as one, two, three, four and five-star export houses is accorded to the eligible applicants as per their export performance.

Sarangi said applications of exporters in the 'risk' category will be subjected to larger scrutiny.

Exporters who default in fulfilling their export obligations are categorised as 'risky'.

Now, the exporters are not required to apply to the office of the Directorate General of Foreign Trade (DGFT) for a Status Certificate, and the export recognition will be provided by the IT system based on available Directorate General of Commercial Intelligence and Statistics (DGCIS) merchandise export electronic data and other risk parameters.

Earlier, the exporters had to file an online application along with an export certificate from a chartered accountant for a grant of status.

The DGFT Regional Offices are supposed to issue the certificate in three days.

Under the new arrangement, no applications are invited from exporters, and the certification is granted every year in August based on annual export figures available with the partner government agency - DGCIS.

Exporters, who are eligible for a higher status based on additional export data relating to services export, deemed exports or double weightage to some entities like MSME, which is not getting captured in disaggregated form presently, can apply online for a status modification also at a later date.

The biggest increase in status certification is seen in the 1 Star category, which is the lowest category and requires an export performance of at least USD 3 million in the last three preceding financial years plus the three months of the current financial year.

Source: economictimes.indiatimes.com

16 Nov, 2023 News Image

India signs deals to export 500,000 tons of new season basmati rice.

India has signed contracts to export about 500,000 metric tons of new season basmati rice to cash in on robust demand from top buyers in Europe and the Middle East, traders said on Wednesday.

India annually exports more than 4 million tons of basmati - a premium long-grain variety famed for its aroma - to Iran, Iraq, Yemen, Saudi Arabia, the United Arab Emirates and the United States, among others.

Europe is another big market for the rice.

After imposing a ban on non-basmati white rice exports in June to stabilize domestic prices, India set a floor price, or minimum export price (MEP), of $1,200 a ton for overseas sales of basmati in August.

However, as the floor price hampered exports of the premium variety and saddled farmers with large stocks of new-season rice, the government last month cut the floor price for basmati exports to $950 per ton.

Trade came to a standstill after the August decision, but the lowering of the floor price has breathed new life into basmati rice trade, the traders said.

'There's been a great deal of interest in India's new basmati rice crop and so far we have signed export contracts for around 500,000 tonnes,' said Prem Garg, president of the Indian Rice Exporters Federation.

'Normally we start getting orders for the new crop in September and October but the MEP of $1,200 a metric ton made it difficult for us to sign any deals,' he said.

Indian traders have signed basmati export deals between $1,000 and $1,500 a metric ton, two exporters including Garg said.

Turkey, Iraq and Saudi Arabia are top buyers of the rice so far this year, aid Vijay Setia, a leading exporter from Haryana, a top basmati rice producing state in the north.

'Despite the MEP of $950 a metric ton, it looks like we'll be able to export our usual annual volume of around 4 million metric tons,' Garg said.

Source: economictimes.indiatimes.com

16 Nov, 2023 News Image

India s overall exports in October 2023 estimated at USD 62.26 Billion; an increase of 9.43 percent over USD 56.90 Billion in October 2022.

India’s overall exports (Merchandise and Services combined) in October 2023* is estimated to be USD 62.26 Billion, exhibiting a positive growth of 9.43 per cent over October 2022. Overall imports in October 2023* is estimated to be USD 79.35 Billion, exhibiting a positive growth of 11.10 per cent over October 2022.

Table 1: Trade during October 2023*

		October 2023 (USD Billion)	October 2022 (USD Billion)
Merchandise	Exports	33.57	31.60
Merchandise	Imports	65.03	57.91
Services*	Exports	28.70	25.30
Services*	Imports	14.32	13.51
Overall Trade (Merchandise +Services) *	Exports	62.26	56.90
	Imports	79.35	71.42
	Trade Balance	-17.08	-14.52

* Note: The latest data for services sector released by RBI is for September 2023. The data for October 2023 is an estimation, which will be revised based on RBI’s subsequent release. (ii) Data for April-October 2022 and April-June 2023 has been revised on pro-rata basis using quarterly balance of payments data.

Fig 1: Overall Trade during October 2023*

India’s overall exports (Merchandise and Services combined) in April-October 2023* are estimated to be USD 437.54 Billion, exhibiting a negative growth of (-) 1.61 per cent over April-October 2022. Overall imports in April-October 2023* are estimated to be USD 495.17 Billion, exhibiting a negative growth of (-) 7.37 per cent over April-October 2022.

Table 2: Trade during April-October 2023*

pib.gov.in

		April-October 2023 (USD Billion)	April-October 2022 (USD Billion)
Merchandise	Exports	244.89	263.33
Merchandise	Imports	391.96	430.47
16 Nov, 2023 Shri Piyush Goyal participates in the 3rd in-person Ministerial meeting of the Indo-Pacific Economic Framework (IPEF). Union Minister of Commerce and Industry, Consumer Affairs, Food and Public Distribution and Textiles, Shri Piyush Goyal, participated in the third in-person IPEF Ministerial meeting on 14th November, 2023. During this Ministerial meeting, the first-of-its-kind IPEF Supply Chain Resilience Agreement was signed by the Minister along with the Ministers from other IPEF partner countries. The Agreement is expected to make IPEF supply chains more resilient, robust, and well-integrated, and contribute towards economic development and progress of the region as a whole. Speaking at the event, the Shri Goyal emphasized enhanced collaboration to realize collective aims of the IPEF, particularly on the need for mobilizing affordable financing for clean economy transition and for enhancing technology cooperation. He also urged early implementation of the envisaged cooperative work under IPEF, including on bio-fuels alliance suggested by India. Further, the Ministers from IPEF partner countries also had productive discussions on the substantial progress made by the IPEF partners on Pillar-III (Clean Economy) and Pillar-IV (Fair Economy). Speaking at the Ministerial meeting, the Minister suggestedenhanced collaboration among IPEF partners. Also, on the sidelines of the IPEF Ministerial, the Minister held bilateral meetings with Her Excellency Ms. Gina Raimondo, United States Secretary of Commerce, His Excellency Mr. Tengku Zafrul Aziz, Minister of International Trade & Industry, Ministry of International Trade & Industry, Malaysia, and His Excellency Dr. (HC) IR. Airlangga Hartarto, Coordinating Minister for Economic Affairs Republic of Indonesia. During these Ministerial meetings, the Minister, inter-alia, discussedbilateral collaboration on trade, commerce and investment, enhanced business engagements, WTO matters, and other issues of mutual interest. During the interaction with his counterparts from ASEAN countries, the Minister suggested expedited conclusion of the AITIGA review. The Minister and the US Secretary of Commerce co-chaireda kick-off industry roundtable titled, 'Decoding the 'Innovation Handshake': U.S. – India Entrepreneurship Partnership', which was co-hosted by the U.S.-India Business Council (USIBC) and the Confederation of Indian Industry (CII) and supported by National Association of Software and Service Companies (NASSCOM) and Startup India, CEOs from major ICT companies, executives from venture capital firms, and founders of startups in the critical and emerging technology space. Capping off the day’s engagements, the Minister held an interaction with Indian entrepreneurs in the Western United States. The interaction was organized by the Consulate General of India in San Francisco in collaboration with IIT Alumni & TIE Global. Addressing the gathering, the Minister spoke about the immense potential that exists in India and the role that Indian diaspora, particularly the entrepreneurs, could play in accelerating India’s economic growth and development. He also exhorted them to support Hon’ble Prime Minister’s call for being vocal for local, and then turning local into global. Source: pib.gov.in
16 Nov, 2023 No deadline for conclusion of India-UK trade pact talks: Commerce Secretary. India and the UK are not working under any deadline for the conclusion of negotiations for a free trade agreement as both sides are discussing issues that are 'slightly' complex in nature, a senior government official said on Wednesday. Commerce Secretary Sunil Barthwal said that the two countries are working to finalise the issues as early as possible. 'We are not working (under) any deadlines...because there are issues which are of slightly complex in nature and which have economic significance for both the countries,' he told reporters here. 'So we are looking at those issues much more carefully...so there is no deadline as such, we are working under timelines,' he added. Joint Secretary in the commerce ministry and India's chief negotiator for the pact, Nidhi Mani Tripathi, said that the two sides continue to discuss the 'outstanding issues' which remained unresolved. 'At all levels, there have been continuous exchanges to iron out differences and we intend to close as many as issues quickly,' she said. So far 13 rounds of talks have been completed. Issues which are under negotiation include social security pact, automobiles, medical devices, movement of professionals; rules of origin; intellectual property rights (IPRs); duty concessions on electric vehicles, scotch whiskey, lamb meat, chocolates; and liberalisation of norms in services sectors like banking and insurance. India wants a social security agreement (SSA) under the FTA. The agreement would ensure that employers are saved from making double social security contributions for the same set of employees (posted in other countries). Besides, the employees would also be saved from making double social security contributions. Talks are also progressing on the proposed bilateral investment treaty (BIT). The investment treaty is being negotiated as a separate agreement between India and the UK. These investment treaties help in promoting and protecting investments in each other's country. The main point of contention involved in this pact is about the mechanism for the settlement of disputes. India and the UK launched the talks for free-trade agreement (FTA) in January 2022, with an aim to conclude talks by Diwali (October 24, 2022), but the deadline was missed due to political developments in the UK. 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 nil customs duties. On the other hand, the UK is seeking a significant cut in import duties on goods such as scotch whiskey, automobiles, lamb meat, chocolates and certain confectionary items. Britain is also looking for more opportunities for UK services in Indian markets in segments like telecommunications, legal and financial services (banking and insurance). 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. The 'rules of origin' provision prescribes minimal processing that should happen in the FTA country so that the final manufactured product may be called originating goods in that country. Under this provision, a country that has inked an FTA with India cannot dump goods from some third country in the Indian market by just putting a label on it. It has to undertake a prescribed value addition in that product to export to India. Rules of origin norms help contain the dumping of goods. On broad-basing the existing free trade agreement with Australia, Joint Secretary in the ministry, Darpan Jain said that the eighth round of talks is expected in the first week of December. 'Negotiations are going at a fast pace ... we are also having exploratory discussions on 14 new areas such as competition, MSME, and gender...and we have reached a convergence on many of these areas like sports, labour environment, MSME, and traditional knowledge,' he said. He added that both countries are intended to convert them into formal tracks as soon as possible. On trade pact with Latin American nation Peru, the ministry said that the sixth round of talks is expected in December. Similarly, with Sri Lanka, the next round of negotiations on a free trade agreement is scheduled early January next year. Source: economictimes.indiatimes.com
16 Nov, 2023 East UP's marigold to spread fragrance in the Gulf market. After mango, fresh green vegetables and other agricultural products, now Purvanchal's marigold flower will spread its fragrance in the Gulf market. The first consignment of 400 kg of marigold flowers from east UP left for UAE from Lal Bahadur Shastri International Airport on Wednesday. The consignment was flagged off virtually by chairman, Agricultural and Processed Food Products Export Development Authority (APEDA) Abhishek Dev. The APEDA's deputy general manager CB Singh told TOI, that, 'Working in close collaboration with the ministry of commerce & industry, Government of India APEDA's initiatives had resulted in landlocked Purvanchal region as a new destination of agri-export activities. Farm Producer Organisers promoted in the region had started exporting green chilly and other fresh vegetables, Banarasi Langda Mango, banana plant products and others.' 'Now, marigold of Purvanchal was exported on Wednesday to the UAE market', said Singh explaining how APEDA's regional wing in Varanasi coordinated with the FPO and linked them with exporters for grounding the shipment smoothly to UAE. This consignment of marigold was exported by a Varanasi-based FPO. Packed in 200 boxes, only 400 kg of marigold flower occupied the entire cargo space in which three-four tonnes of green vegetable are exported to Gulf market from Varanasi airport, said Singh adding, the marigold cultivators of region are currently getting Rs 40-Rs 50 per kg of this product in local market while the consignment had been export at the rate of Rs 60 per kg. The Purvanchal region with Varanasi in its centre had negligible agri-exports due to lack of basic infrastructure, recalled Singh adding that after establishing an office in Varanasi in 2020 with support from the UP government APEDA, apart from mobilising farmers and forming FPOs, also made sustained efforts to boost export oriented farm production in east UP region. 'Now, the region is abuzz with activities which have given a boost to exports', he added. Source: timesofindia.indiatimes.com
Back to First Prev … 578 579 580 581 582 583 584 585 586 587 … Next Go to Last