Finance Minister AHM Mustafa Kamal presided over the meeting on Wednesday (11 October).

 

As per separate proposals of the Ministry of Industries, the Bangladesh Chemical Industries Corporation (BCIC) will import a total of 60,000 tonnes of fertiliser of which 30,000 bulk granular urea will be imported from SABIC Agrinutrients Company of Saudi Arabia under a state level agreement while remaining 30,000 tonnes of bagged granular urea will be procured from Karnaphuli Fertilizer Company Limited of Bangladesh.

 

Some 100,000 tonnes of different kinds of fertiliser will be imported by the Agriculture Development Corporation (BADC) under the Agriculture Ministry.

 

Of the total import, the BADC will import 40,000 tonnes of DAP fertiliser from Ma'aden of Saudi Arabia, 60,000 tonnes of TSP fertiliser from OCP, SA of Morocco in two separate lots under state level agreements. 

 

State marketing agency Trading Corporation of Bangladesh (TCB) will purchase a total of 18,500 tonnes of lentil from local and international suppliers.

 

Of this, 6,000 tonneswill be procured through open tender method (OTM) from local suppliers while remaining 12,500 tonnes will be imported from international suppliers under direct procurement method.

 

The TCB will import 5 million (50 lakh) litres of soybean oil from local suppliers through open tender method (OTM).  

 

The committee approved three separate proposals of Public Works Department (PWD) for awarding contracts under the titles: 'Supplying fitting & fixing of Furniture', 'Supplying fitting & fixing of Curtain Accessories' and 'Supplying fitting & fixing of Home Appliance' at 1500 sft at number 02 of 20 storeyed Buildings of 136 Units Under the project of Construction of Rooppur Green city Residential complex at Ishwardi in Pabna.

 

However, costs of the procurements were not known as no briefing was held for reporters.

India and the UK are likely to sign a proposed free trade agreement (FTA) in the last week of this month. It will be New Delhi's first such comprehensive deal with an industrialised nation, seeking to spur bilateral annual business beyond the current $20 billion.

 

India has extended an invitation to UK Prime Minister Rishi Sunak to visit India on October 28 and ink the ambitious pact, people aware of details told ET.

 

Senior commerce and industry ministry officials on Monday made a presentation to the Prime Minister's Office on the agreement, the people cited said.

 

UK sees Customs as bureaucratic

Trade negotiators met in the UK last week to finalise the contours of the pact, they said. The two contentious issues of rules of origin and intellectual property rights are still being discussed.

 

'India has invited the UK Prime Minister to sign the pact on October 28. Both sides are keen to ink it,' said one of the persons cited above.

 

The UK will be the first developed country with which India is seeking to sign a comprehensive FTA.

 

The pact will have 26 chapters. Product-specific rules, value addition, change in the chapter heading, and certification are being discussed in the rules of origin chapter, where an in-principle agreement has been reached.

 

Work in progress

India has sought assurance that the UK will not be used to route goods from other countries, as New Delhi is keen to check its overall burgeoning trade deficit that hit $263 billion in FY23, up from $191 billion the year earlier.

 

On the UK side, there is a perception that the Indian Customs apparatus is too bureaucratic, requiring elaborate paperwork.

 

Also, the UK's life sciences and biotech sectors had suggested 37 changes to India's intellectual property rights laws.

 

Separately, the UK and the European Union (EU) have sought amendments in India's Patents Act to allow the 'evergreening' of patents, especially in pharma. Section 3(d) of the Patents Act prohibits the grant of 'evergreening' patents, which are additional patents for a drug with no therapeutic benefit, and are seen to increase the term of a patent monopoly - a red line for India.

 

Experts also said that as elections are due in both countries next year, a difference of views on some points couldn't be entirely ruled out.

After allowing procurement of 100 per cent of production in case of tur (pigeon pea), urad (black matpe) and masur (lentil) at minimum support prices this year, the Centre is considering allowing more pulses and some oilseeds under it. However, the official procurement will depend on prices at agriculture market yards (mandis) as currently prices of some of these crops are ruling higher or at par.

 

In the Central Zonal Council meeting recently, co-operation minister Amit Shah is believed to have indicated that agri co-operative Nafed will be asked to buy 100 per cent of farmers’ production this year at minimum support prices (MSPs).

 

On June 6, the Centre announced its decision removing quantitative limit on procurement of tur, urad and masur under Price Support Scheme (PSS) for 2023-24 following approval by the committee of secretaries, with the objective to encourage farmers expand the area and increase production.

 

Move to raise acreage

'In order to boost domestic production, the government removes ceiling for procurement of tur, urad and masur under PSS for 2023-24 and farmers are free to sell any amount of their produce this year,' the Consumer Affairs Ministry had said in a release. The decision expected to increase the sowing area of tur and urad during current kharif and of masur in rabi season, it said.

 

However, according to the Agriculture Ministry’s compilation of sowing data from States, the pulses acreage in kharif 2023 was lower by 4 per cent at 123.57 lakh hectares (lh), compared with 128.98 lh in the year-ago period. Arhar, urad, moong, kulthi and other pulses all ended with a lower coverage.

 

The Agriculture Ministry, which manages the PSS scheme, moved the proposal well in advance before the CoS, headed by the Cabinet Secretary as it was apprehensive about production of pulses.

 

Stock limited extended

Under PSS, the government buys maximum 25 per cent of production of pulses and oilseeds from farmers at their minimum support prices (MSPs) when mandi rates fall below these benchmark prices. However, if States request, the ceiling is enhanced to 40 per cent.

 

The Centre had also imposed stock limit in June which got extended until December 31 for tur dal and urad dal, specifying wholesalers, retailers, big chain retailers, millers, and importers not to keep these pulses more than the specified limit.

 

Currently, the all India average mandi prices of tur are around Rs.9,561/quintal against its MSP of Rs.7,000, while that of urad at Rs.6,931/quintal against Rs.6,950/quintal MSP and moong Rs.7,877 against Rs.8,558/quintal MSP.

A series of Value-Chain Financing Conclaves is set to kick off in Assam from October 12 to November 2, with the ambitious goal of bringing about a transformation in the agricultural sector.

 

This innovative initiative, known as the Agri Value-Chain Financing Conclave, aims to bridge the knowledge gap and introduce effective financing tools to ensure seamless financial services in agriculture.

 

Organized by the Assam Rural Infrastructure and Agricultural Services Society (ARIAS) as part of the state-run Assam Agribusiness and Rural Transformation Project, these conclaves will be conducted in four key zones: Silchar, Jorhat, Morigaon, and Lakhimpur. The target audience includes farmers, farmer interest groups (FIGs), farmer producer companies (FPCs), self-help groups (SHGs), and traders hailing from 12 different districts of Assam.

 

The primary objectives of these conclaves are to promote value-chain financing models that benefit various stakeholders within the agricultural ecosystem.

 

This event will also serve as a platform for collaboration and knowledge exchange among participants from diverse sectors. Innovative financial products, digital financial literacy, financial inclusion, Kisan credit cards, and funding for agricultural infrastructure projects will be showcased to enhance access to agricultural finance for all involved in the value chain.

 

These conclaves are not just limited to district officials; they will also feature representatives from institutions such as the National Bank for Agriculture and Rural Development (NABARD) and other financial entities. Currently, despite a high demand for credit and financial services, there exists a significant knowledge gap and a dearth of suitable financial instruments, which have hindered the widespread provision of these services. Financial institutions often grapple with managing risks and costs associated with agricultural financing, resulting in a substantial gap in meeting the financing needs of the agricultural sector.

 

The Agri Value-Chain Financing Conclave seeks to address these challenges and usher in a new era of financial empowerment for the agricultural community in Assam.

 

The International Monetary Fund has raised India’s growth forecast by 20 basis points to 6.3 per cent FY24 and retained 6.3 per cent for FY25. IMF had predicted retail inflation to be at 5.5 per cent in FY24 before easing to 4.6 per cent in FY25.

 

'Growth in India is projected to remain strong, at 6.3 per cent in both 2023 (FY24) and 2024 (FY25), with an upward revision of 0.2 percentage point for 2023 (FY24), reflecting stronger-than-expected consumption during April-June,' said IMF in its World Economic Outlook.

 

In its July WEO, the IMF had projected a growth rate of 6.1 per cent for India for FY24, up 20 basis points from the April forecast on the back of strong domestic investment.

 

The World Bank too has predicted India’s FY24 growth to be 6.3 per cent, while the Asian Development Bank has projected 6.4 per cent for FY24 and 6.7 per cent for FY25. However, both the finance ministry and the Reserve Bank of India have retained their 6.5 per cent growth estimate for FY24.

 

IMF has retained its global growth forecast unchanged at 3 per cent for 2023 while paring down the 2024 projection by 10 basis points to 2.9 per cent.

 

IMF also has projected India’s consumer price-based inflation to be 5.5 in FY24 before easing to 4.6 per cent in FY25. India’s monetary policy projections are consistent with achieving the Reserve Bank of India’s inflation target over the medium term.

 

IMF finds that global price risks are exacerbated by the proliferation of food export restrictions. 'Food security concerns prompted recent export restrictions in India, the world’s largest rice exporter. Risks to prices are tilted to the upside, stemming mostly from the ramifications of the end of the Black Sea Grain Initiative and uncertain effects of El Niño, possibly exacerbated by the proliferation of food export restrictions,' it said. However, global inflation may decline to 6.9 per cent in 2023 and 5.8 per cent in 2024.

 

The global lender also expects the country's current account deficit to remain at 1.8 per cent of GDP in FY24 and FY25. The IMF said that after the invasion Russian oil shipments rose to countries, including India. About 35 to 40 per cent of India’s crude oil imports came from Russia during April–June 2023, a stark rise from less than 5 per cent before the war in Ukraine. While India’s oil exports (mostly petroleum products) are small relative to its oil imports (mostly crude oil), India increased its oil exports to the European Union substantially, IMF said.

The Ministry of Agriculture and Farmers Welfare, the Small Farmers Agri-Business Association (SFAC), and the Common Service Centre (CSC) organized a Farmer Producer Organization (FPO) Mela at INA Market, Delhi Haat. The event saw participation from major FPOs representing various regions and offered a glimpse of the diverse array of products from over 20 FPOs.

 

The FPO Mela was not just an exhibition but an opportunity for visitors to immerse themselves in the natural essence of farm-fresh products. The concept of Farmer Producer Organizations (FPOs) has been pivotal in transforming the agricultural landscape in India. These are essentially groups of farmers who engage in commercial activities related to farming and crop production within their respective regions.

 

They offer farmers substantial discounts on wholesale prices for essential agricultural inputs such as seeds, fertilizers, equipment, and manure. Additionally, they play a significant role in helping farmers bring their finished crops and produce to the market, thereby contributing to the overall rural economy.

 

To enhance accessibility to markets for farmers, the government has been actively establishing FPOs in every block across the country. Currently, more than 2,165 FPOs comprising 8 lakh farmers are engaged in business activities through the online platform, ONDC.

 

Sanjay Rakesh, Managing Director & CEO of CSC SPV, highlighted the organization's commitment to improving the lives of rural citizens. He emphasized that agriculture plays a central role in their initiatives and that CSCs have an extensive presence in remote areas, offering services such as tele-consultation, crop insurance, e-veterinary, Kisan Credit Card, and PM Kisan schemes to farmers. The organization is actively participating in the formation of FPOs across the country, with Village Level Entrepreneurs (VLEs) playing a significant role in empowering farmers.

 

CSCs have been instrumental in providing rural citizens with easy access to various government services, including caste, income, domicile, character certificates, and employment registration. Their reach, extending to over 5.5 lakh CSCs in remote areas, has brought about significant changes in the lives of people through e-governance.

 

In India, there are an estimated 12 crore small and marginal farmers, typically owning less than 1.1 hectares of land. These farmers require access to both production and post-production functions, including technology, quality inputs, seed production, farming machinery, value-added products, processing, credit, investment, and, most importantly, markets. The formation of FPOs is a critical step to address these challenges and increase farmers' income.

 

FPO Mela not only highlighted the benefits of joining FPOs but also educated farmers about accessing FPO services. The government's focus on promoting FPOs is a welcome step that promises to empower farmers and boost the rural economy, ensuring a brighter future for small and marginal farmers in India.

 

In view of the increasing demand for food, environmental degradation and challenges posed by climate change, there is an urgent need to transform agri-food systems into sustainable enterprises through scientific innovations, said Union Minister of Fisheries, Animal Husbandry and Dairying Parshottam Rupala.

 

He was speaking after inaugurating the 16th Agricultural Science Congress (ASC) here on Tuesday.

 

Rupala said agricultural scientists should strive to infuse greater mechanisation in the agriculture production process, and develop and popularise specialised farm implements for women in agriculture.

 

The Minister made the observation, during the Sagar Parkirama,drive that marine and inland water pollution has seriously affected aquatic life and coastal ecology. He exhorted scientists to find lasting and sustainable solutions to address this perilous threat.

 

The Union Minister highlighted that traditional farm produce such as pokkali rice need to be promoted and measures be taken to ensure profitability for farmers cultivating the GI tagged rice. He said minimising post-harvest losses is equivalent to boosting production and this can be achieved by focusing attention on advanced technological interventions.

 

The future of India’s agriculture depends a lot on how the accumulated scientific knowledge can be translated to commercial success, he said.

 

The Minister inaugurated the Agri Expo being held on the sidelines of the event which showcases innovative agricultural technologies of public and private sector research institutes, universities, agro-industries, extension agencies and NGOs.

 

Research on genomics

Himanshu Pathak, Secretary to the Department of Agricultural Research and Education (DARE) and Director General of the Indian Council of Agricultural Research (ICAR), said India’s foodgrain demand will rise to 340-355 tonnes by 2033. Research on genomics and genome editing would be the core focus for technological breakthroughs in agriculture and commodities where traditional breeding cannot yield the desired results.

 

Kerala Agriculture Minister P Prasad stressed on ensuring food and nutritional security for all the citizen of the country, while maintaining the health of the ecosystem and environment intact. He was emphatic that the ‘Poshaka Samrudhi’ scheme recently launched by the Kerala government will contribute towards this goal.

 

It is the time to turn to carbon neutral development pathways, and focus on newer technologies to augment production, he said adding that post-harvest sector also needs urgent attention.

Indonesia to import additional 1.5 million tonnes of rice for 2023: minister.

 

Indonesia will import an additional 1.5 million metric tonnes of rice in 2023, its agriculture minister said on Monday (Oct 9), amid rising prices of the staple as drought affects harvests in many production centres countrywide.

 

The additional quota comes on top of a 2 million tonne rice import quota for 2023 and an additional 300,000 tonnes carryover from last year's import plan.

 

'We will do our best for the 1.5 million,' Arief Prasetyo Adi, who is acting agriculture minister, told Reuters.

 

He also said realistically Indonesia may only be able to procure 600,000 tonnes of the new import plan up to year-end.

 

Indonesian officials have previously said the country was looking to import 1 million tonnes from China to bolster stockpiles.

 

It was unclear where the rest of the imports would be sourced.

 

Indonesia typically buys rice from major shippers Thailand, Vietnam and India. Authorities have said talks of potential imports had also been held with Cambodia and Pakistan.

After allowing procurement of 100 per cent of production in case of tur (pigeon pea), urad (black matpe) and masur (lentil) at minimum support prices this year, the Centre is considering allowing more pulses and some oilseeds under it. However, the official procurement will depend on prices at agriculture market yards (mandis) as currently prices of some of these crops are ruling higher or at par.

 

In the Central Zonal Council meeting recently, co-operation minister Amit Shah is believed to have indicated that agri co-operative Nafed will be asked to buy 100 per cent of farmers’ production this year at minimum support prices (MSPs).

 

On June 6, the Centre announced its decision removing quantitative limit on procurement of tur, urad and masur under Price Support Scheme (PSS) for 2023-24 following approval by the committee of secretaries, with the objective to encourage farmers expand the area and increase production.

 

Move to raise acreage

'In order to boost domestic production, the government removes ceiling for procurement of tur, urad and masur under PSS for 2023-24 and farmers are free to sell any amount of their produce this year,' the Consumer Affairs Ministry had said in a release. The decision expected to increase the sowing area of tur and urad during current kharif and of masur in rabi season, it said.

 

However, according to the Agriculture Ministry’s compilation of sowing data from States, the pulses acreage in kharif 2023 was lower by 4 per cent at 123.57 lakh hectares (lh), compared with 128.98 lh in the year-ago period. Arhar, urad, moong, kulthi and other pulses all ended with a lower coverage.

 

The Agriculture Ministry, which manages the PSS scheme, moved the proposal well in advance before the CoS, headed by the Cabinet Secretary as it was apprehensive about production of pulses.

 

Stock limited extended

Under PSS, the government buys maximum 25 per cent of production of pulses and oilseeds from farmers at their minimum support prices (MSPs) when mandi rates fall below these benchmark prices. However, if States request, the ceiling is enhanced to 40 per cent.

 

The Centre had also imposed stock limit in June which got extended until December 31 for tur dal and urad dal, specifying wholesalers, retailers, big chain retailers, millers, and importers not to keep these pulses more than the specified limit.

 

Currently, the all India average mandi prices of tur are around Rs.9,561/quintal against its MSP of Rs.7,000, while that of urad at Rs.6,931/quintal against Rs.6,950/quintal MSP and moong Rs.7,877 against Rs.8,558/quintal MSP.

UK envoys are due in New Delhi this week as the two countries seek to bring almost two years of trade negotiations to a conclusion, people familiar with the matter said.

 

A team of 30 UK officials including Director General for trade negotiations Amanda Brooks will head to the Indian capital to thrash out remaining issues as part of their 13th round of talks, officials from the UK and India said, requesting anonymity because a deal isn’t yet sealed.

 

At stake is a commercial agreement between two of the world’s largest economies that would represent a landmark for both. British Prime Minister Rishi Sunak would be able to hold the deal up as a benefit of Brexit, and for India, it would be a boost for Prime Minister Narendra Modi as he gears up for an election next year.

 

Earlier in the year, the two nations softened positions on most of their points of contention. Indian officials said that they had agreed to slash tariffs on British cars and scotch whisky, with Britain prepared to relax some visa rules for Indian professionals.

 

Sunak and Modi must now make a political call on pending issues, one person said.

 

With almost all outstanding sensitive issues resolved, Modi was due Monday to meet his own team to take a call on concluding a deal, the person said. The Indian premier will decide the position on a handful of critical issues for the South Asian nation, they said without providing further details.

 

The window of opportunity for finalizing the trade deal — India’s biggest and most ambitious to date — is small given next year’s national polls.

 

Two UK officials said significant progress has been made, with the majority of chapters closed, but that some issues are still being resolved. Sunak is regularly taking stock of progress, and he’s preparing to visit India to announce the deal before the end of the year, one of them said.

 

An India trade ministry spokesperson did not respond to an email outside business hours. The UK Department for Business and Trade said in a statement that it wouldn’t comment on the details of live negotiations, but added that the government continues to 'actively engage' with India.

 

'We will only sign a deal that is fair, balanced and ultimately in the best interests of the British people and the economy,' the department said.

 

Modi and Sunak are pushing to double bilateral trade by 2030 through a pact that slashes tariffs and increases market access. The deal would bolster India’s ambition to become a manufacturing powerhouse while helping the UK to highlight the benefits of Brexit.

 

It is also expected to act as a springboard for India to clinch similar deals with other developed nations including the European Union.