India's G20 Presidency has opened doors for global investment and sustainable economic growth, Minister of State for Finance Pankaj Chaudhary said on Saturday. Under the able leadership of Prime Minister Narendra Modi, significant developments were made with world leaders, he said at an event organised by PHD Chamber of Commerce and Industry.

 

'India's G20 presidency has opened doors for global investment. We know that the G20 will support the financial sector in ensuring sustainable economic growth and the stability of financial markets,' he said.

 

Speaking on digitisation, he said, the development of digital infrastructure is an important step in enhancing trade and commerce in the country.

 

The adoption of digitalization in our capital markets have increased efficiency, transparency and accessibility, he said.

 

Further, he said, by reducing intervention and embracing technology, we can improve the integrity and security of our capital markets.

 

Over the past few years, especially after the pandemic, the capital markets and investment services industry have experienced significant growth, he said.

 

Retail participation with new individual investors joining the stock market have increased, he said.

 

In a bid to give further boost to bilateral trade ties between India and Saudi Arabia, Ambassador Dr. Suhel Khan officially opened the India Pavilion at the B2B Food Exhibition, held under the banner of InFlavourExpo in Riyadh today. With the event being organized with the facilitation of the Federation of Indian Export Organizations  

 

The India Pavilion at the InFlavourExpo showcased the participation of more than 20 Indian exhibitors, each keen to explore the vast opportunities presented by the burgeoning Saudi Arabian food market. For many of these exhibitors, this marks their inaugural foray into the Saudi market, highlighting the growing interest in expanding India’s footprint in the Kingdom’s food industry.

 

The decision by several first-time exhibitors to participate in the exhibition reflects their eagerness to leverage the increasing demand for Indian food products in Saudi Arabia. The Kingdom has long considered India as one of its most reliable and robust partners in ensuring food security, given India’s diverse and rich agricultural resources.

 

The India Pavilion at InFlavourExpo is anticipated to serve as a key platform for fostering greater trade collaboration between Indian and Saudi businesses. As both countries continue to explore new avenues for cooperation and investment, this initiative signifies a promising future for the food industry within the bilateral relationship. With the ongoing growth of the Saudi Arabian market, the exhibition provides a timely opportunity for Indian businesses to establish a robust presence in the Kingdom, ultimately contributing to the food security goals of both nations.

 

InFlavour Expo is a global food and beverage (F&B) event that is being  held in Riyadh, Saudi Arabia from October 29-31, 2023. It is the first government-backed F&B event in Saudi Arabia, and is expected to attract over 40,000 visitors, 200 speakers, 600 exhibitors, and 200 international investors and VCs.

India and Bangladesh customs officials have extended time for border trade via Changrabandha in Cooch Behar district by two hours in the morning.

 

From now, exporters and importers of both countries get a 12-hour window from 6am to 6pm.

 

The decision was made at a high-level meeting held in Changrabandha on Monday between senior Customs officials of India and Bangladesh, and senior officials of the Border Security Force and the Border Guard Bangladesh.

 

A number of officials from Bangladesh including Abdul Alim, a deputy commissioner of Bangladesh Customs, Abdul Latif, the superintendent of Customs posted in Burumari as well as the officials of the BSF and the BGB were present at the meeting.

 

The transit route, through which goods from India and Bhutan are sent to Bangladesh by road and vice-versa, connects Burimari on the other side of the border in Bangladesh.

 

'So far, the movement of trucks through the border was allowed from 8am to 6pm. In today's (Monday's) meeting, it has been decided that trucks can cross the border on both sides from 6am to 6pm. The decision, we feel, will boost bilateral trade among the countries through this border,' said Nima Lhamu Sherpa, the assistant commissioner of Customs posted in Changrabandha.

 

Every day, around 300 trucks from India carry various goods to Bangladesh using this route. Also, another 100 trucks from Bangladesh use the same route to bring goods to India.

The government has made the EPP draft public to elicit views and suggestions from stakeholders and the public has seen making a strong case for adopting targeted strategies and initiatives for enabling exporters to make a mark on the global stage by tapping into the immense demand for world-class products and services from the state.

 

The draft policy is drawn up by the state’s investment promotion agency Kerala State Industrial Development Corporation (KSIDC) on behalf of the Department of Industries and Commerce (DI&C).

 

After obtaining the views and suggestions, the draft policy will be submitted to the government for approval.

 

The EPP proposes a range of supportive measures including a district-oriented approach to tap the outside markets for products from different regions.

 

The focus sectors identified by the draft EPP include spices, horticulture and agriculture products, seafood, processed food products, engineering goods, petrochemical products, organic and inorganic chemicals, textiles and garments, defence and aerospace, electronics and ancillary engineering and technology, ayurveda and pharmaceuticals and healthcare among others.

 

Besides proposing a comprehensive framework to provide financial incentives and institutional backups for exporters, the draft EPP also calls for the efficacy of funding, performance management, and import substitution to bolster the value chain.

 

Pointing out that Kerala was ranked 16th among Indian states in the Export Preparedness Index-2021 of NITI Aayog, the EPP notes that the absence of an enabling state export policy, inadequate district-wise export plans, and excessive reliance on a few commodities and select countries are the reasons for the state to lag in the export segment.

 

It also suggests streamlining procedures and fostering innovation and skill development, strengthening the collaboration among the stakeholders, government, and academia to enhance productivity and create sustainable and inclusive growth.

Dutch greenhouse experts see numerous opportunities to improve local food systems in India. Recently, it became clear that Indian vegetables and fruits contain alarmingly high levels of pesticides and chemicals due to outdated agricultural practices. The Netherlands, known for its expertise in food safety solutions, holds the key to producing healthy food in India. This week, the Dutch partnership of leading horticultural companies, 'NLHortiRoad2India,' is embarking on its third journey to India. During World Food India, the Dutch delegation eagerly looks forward to connecting with Indian retailers, growers, and investors interested in investing in a healthier, more sustainable, high-quality, and profitable food system.

 

The trade mission to India begins with participation in World Food India, taking place from Friday, November 3, to Sunday, November 5, at Pragati Maidan, Delhi. At this promising event, the Dutch horticulture sector will showcase its solutions for profitable food systems inside a captivating demo greenhouse. This greenhouse is not just an exhibit; it's designed to provide visitors with a firsthand experience of the advantages of high-tech horticulture. Visitors will have the opportunity to walk through the high-tech greenhouse, observe the cutting-edge technology up close, and truly immerse themselves in the innovative world of Dutch horticulture.

 

The cluster is also represented at The Netherlands Pavilion on the exhibition, where they are keen to engage in discussions with pioneers, early adopters, influencers, and potential partners regarding the implementation of innovative technologies to meet the growing market demand for high-quality fresh food.

 

Desh Ramnath, Director of Dutch Greenhouse Delta and Coordinator of NLHortiRoad2India, explains, 'The Netherlands collaborates with countries around the world to improve local food systems. Combining India's local expertise with our global knowledge and expertise, we can assist India in achieving greater self-sufficiency in food production. Profitably upscaling Indian horticulture with high-tech solutions is the primary focus of our consortium, NLHortiRoad2India, in collaboration with the Indian industry.'

 

Invitation to the Knowledge & Ideation Session on November 4

In collaboration with the Dutch Embassy in India, a session on Indo-Dutch cooperation in Indian Horticulture will be held on Saturday, November 4, between 2:00 PM and 4:00 PM. This event will take place at World Food India and has limited seats. It is tailored for retailers interested in making a positive impact on health, sustainability, quality, taste, and profitability, growers prepared to invest in advanced systems for cleaner, safer, and more profitable crops, and investors enthusiastic about supporting the future of Indian horticulture. Interested individuals can register here.

 

Trade Mission to Uttar Pradesh and Goa

The trade mission proceeds to Uttar Pradesh, where the local government is investing in new economies, knowledge, and collaboration to accelerate economic growth and prosperity. NLHortiRoad2India has been invited to explore how Indo-Dutch cooperation can enhance the economy in this state. Finally, the delegation will visit Goa to assess the opportunities presented by the robust infrastructure of this prosperous state. Discussions with the hospitality industry will focus on sustainability and improvements in the food supply chain to make a positive impact and enhance food quality in line with market demands. The significant tourism in this region also offers substantial economic opportunities.

The Codex Alimentarius Commission (CAC) is an international organisation set jointly by FAO and WHO in 1963, to protect consumer health and promote fair practices in the food trade. The Food Safety and Standards Authority of India (FSSAI), under the Ministry of Health and Family Welfare is the National Codex Contact Point for India.

 

This year Codex marks its 60th anniversary and to commemorate this milestone, a collection of international food standards to ensure safety and quality in the food trade, FSSAI in association with FICCI organised a seminar on ‘India celebrates 60 years of Codex’ on October 27, 2023, in Delhi.

 

The event witnessed the presence of some of the eminent names which included Sudhansh Pant, secretary, Ministry of Health and Family Welfare (MoHFW), and chairperson, FSSAI; G Kamala Vardhana Rao, CEO, FSSAI and Raj Rajasekar, vice chairperson, CAC. During the opening remarks, these esteemed individuals emphasised Codex's pivotal role in fortifying food safety policies on a global scale, fostering trade through the harmonisation of international food standards.

 

Pant congratulated Codex for its exemplary contributions in the last six decades and stressed upon the need for a science-based framework and that active participation from developing nations cannot be overlooked. He urged for a science-based framework and active involvement from developing nations. He stressed the necessity of adapting to new challenges and technologies, saying, 'Collaboration and ongoing participation in Codex activities are essential to ensure food safety remains at the forefront. Indian Government is fully cognisant of the need to bring food regulations in line with modern times, and a new Food Safety Bill (amendment to the Food Safety and Standards Act, 2006), is almost ready. Efforts are underway to table it in the upcoming Parliament session.'

 

Rao addressed the pressing issues surrounding changing food habits and the emerging challenges associated with cutting-edge food innovations. He underscored the importance of establishing real standards and ensuring the delivery of safe food to the public, stating that it is imperative for the scientific community. He further emphasised the importance of CAC in assuring the same.

 

In alignment with the commitment to global food safety, Rajasekar highlighted the remarkable expansion of Codex, from its origins as a small group of developed countries to a robust organisation with 188 member countries and one-member organisation. He emphasised that food safety is integrated into every organisation and government, emphasising its paramount significance.

The Food Authority has issued an order listing the notified laboratories for testing of fortificants in fortified rice, fortified rice kernel and premix for fortified rice kernel.

 

A total of 66 labs were notified across the country in which 42 labs were for testing fortificants including iron, vitamin B12, and vitamin B9 in fortified rice, 17 for testing fortificants in fortified rice kernels, and seven labs were notified for testing fortificants in premix for fortified rice kernels.

 

FSSAI has recently re-operationalised the regulations related to standards of fortified rice kernel proposed under the draft FSS (Food Products and Food Additives) Amendment Regulations.

 

The standards were formed under the national level fortification programme and its implementation wherein the provisions for Fortified Rice Kernel, Vitamin and Mineral Premixes for fortified rice kernel and rice flour were re-operationalised.

 

The draft was notified in May 2022 and the draft standards were made operational through a direction in June ’22 and subsequently re-operationalised  through notification in December ’22, and April ’23.

The government has decided to import potatoes to control surging market prices.

 

'The decision has been taken to increase the supply of the product in the market and to keep the price stable considering the current situation,' the commerce ministry said in a statement on Monday.

 

'Interested importers of the product are requested to submit applications to the ministry.'

 

Good quality potatoes are currently being sold at Tk 60 per kg which is the highest in the country’s recent records. The highest potato price in the past decade was Tk 35 per kg.

 

The government previously approved the import of eggs in September to stabilise the market. The import process has started, but the measure has had little impact on the market.

Government of India’s decision to impose Minimum Export Price of USD 800/ton on Onion with effect from 29th October 2023 till 31st December 2023 to discourage exports and maintain availability in domestic markets has shown an immediate impact of price correction in Maharashtra markets, where prices recorded a decline of 5% to 9% from the highest price registered during last week. The weighted average price of Onion in Maharashtra across all the markets has declined by 4.5% and similar decline was observed in consumption centers as well.

 

The Department of Consumer Affairs is monitoring Onion exports and prices on daily basis to ensure stable domestic prices and availability to consumers. In view of increasing demand in the month of November, Department has started releasing Onion Buffer stock into the market both through mandi sale and discounted sale to retail consumers at centers of high prices. This includes retail sale through 685 Mobile retail outlets covering over 170 cities. NAFED and NCCF have also started procuring additional 2 LMT onion of kharif harvest to be distributed in high price centers to keep the onion prices under control and consumers interest is protected.