Describing the MoUs signed with UAE on Saturday as an important aspect of cooperation between the two nations, PM Narendra Modi said, 'It paves the way for enhanced economic collaboration and will make international financial interactions simpler. Our bilateral trade has grown by 20%. '

The first of these MoUs, signed by RBI governor Shaktikanta Das with his UAE counterpart Khaled Mohamed Balama, is seen as aimed at shielding traders from both sides from fluctuations in exchange rate, while creating a window for Emirati companies to invest in India given that the UAE has a trade surplus with India. The UAE is among India’s top three trading partners and is home to many Indian workers, besides being a major destination for Indian tourists.

The steps come amid a move towards de-dollarisation in the wake of the Russia-Ukraine conflict, which has forced countries to look at alternative payment channels to keep trade lines flowing. According to industry sources, a large part of India’s trade with Russia is being settled in dirhams. Separately, the government and RBI are also trying to internationalise the rupee and had, on last count, allowed 60 banks from 18 countries to settle transactions in rupee through a special account. The MoU with the UAE takes the initiative a step further.

'Creation of the Local Currency Settlement System (LCSS)… would enable the development of an INR-AED [UAE dirham] foreign exchange market. This arrangement would also promote investments and remittances between the two countries. Use of local currencies would optimise transaction costs and settlement time for transactions, including for remittances fromIndians residing in the UAE,' the RBI said.

 

The agreement covers all current account transactions and permitted capital account transactions. 'This arrangement would also promote investments and remittances between the two countries,' RBI added.

Typically, under such deals, a swap arrangement is worked out and the two central banks periodically settle the surplus at a fixed exchange rate, helping cushion traders from exchange rate risks. China had used over three dozen bilateral agreements to internationalise the yuan, industry sources said.

 

'By dealing in local currencies, risk of exchange rates can be avoided. Trading in local currencies also expedites the settlement process besides boosting two-way trade with the partner country with stability and transparency. This will be an icing on the cake for exploiting the opportunities offered by the India-UAE Comprehensive Economic Cooperation Agreement,' said Ajay Sahai, DG & CEO at industry body Federation of Indian Export Organisations.

The second MoU dealt with ‘Payments and Messaging Systems’ and includes linking the Fast Payment Systems (FPSs) — Unified Payments Interface (UPI) of India with the Instant Payment Platform (IPP) of the UAE. It also envisages linking the respective payment card switches — RuPayswitch and UAESWITCH.

'RBI has developed the SFMS messaging network and the UAE has one of their own. The idea is that for all transaction settlement between bank to bank, the messaging will be done through this and there is no need to go through SWIFT,' the RBI governor said.

This is seen as a foundation to creating an alternative to SWIFT as the two central banks have also agreed to explore the linking of payments messaging systems — the Structured Financial Messaging System (SFMS) of India with the messaging system in the UAE.

Following the sanctions, Russia has been relying on an alternative switching arrangement to undertake overseas transactions, prompting other governments and central banks to also think of similar arrangements.

The UPI-IPP linkage will enable users in either country to make fast, convenient, safe and cost-effective crossborder funds transfers. Similarly, linking the respective card switches will facilitate the mutual acceptance of domestic cards and the processing of card transactions.

 

The Global Food Regulators Summit 2023 is set to be organised in Delhi for the first time, as a G-20 event.

 

The summit is being organised by the Food Safety and Standards Authority of India (FSSAI) on  20-21 July 2023 here at Manekshaw Auditorium.

 

Food Regulators from over 40 countries will participate along with representatives from 30 International Organisations and 25 International Research Institutes/Universities.

 

Mansukh Mandaviya, Union Minister of Health and Family Welfare (MoHFW) unveiled the logo of the Summit today in the presence of Minister of State for Health and Family Welfare, Prof SP Singh Baghel.

 

'This is the first time the summit is being held outside Rome, Italy. The Global Food Regulators Summit will focus on the crucial aspect of food safety, which needs as much attention as food security', he stated.

 

The Union Minister further expressed his confidence that through collective efforts, the summit would lead to the harmonisation of global food safety standards, improved regulatory frameworks, and the provision of safe and high-quality food for consumers worldwide.

 

Prof SP Singh Baghel, Union Minister of State for Health and Family Welfare calling the Global Food Regulators Summit both important and relevant said, 'This summit aligns with the theme of India’s G20 Presidency- One Earth, One Family, One Future. Indian tradition has always been about Sarve Bhavantu Sukhinah, and this summit is a step in that direction.'

 

The Summit will witness the launch of a Common Digital Dashboard—a unified IT portal providing comprehensive information on standards, regulations, notifications, advisories, guidelines, contamination limits, and the latest developments by Food Regulators in India.

 

The Summit will witness the launch of several groundbreaking initiatives that will revolutionize the accessibility and sharing of food safety information. Among these initiatives is the release of Food-o-Copoeia, a comprehensive collection of food category-wise monographs, serving as a single-point reference for all applicable standards for specific product categories.

 

Another remarkable initiative is the common regulator's platform 'SaNGRAH' (Safe Food for Nations: Global Food Regulatory Authorities Handbook).

 

It is a comprehensive database of Food Regulatory Authorities from 76 countries worldwide, presenting their mandates, food safety ecosystems, food testing facilities, contact details for food authorities, and information related to SPS/TBT/Codex/ WAHO. SaNGRAH is available not only in Hindi and English but also in six Indian languages—Gujarati, Marathi, Tamil, Telugu, Kannada, and Malayalam.

 

Additionally, the Summit will witness the launch of a Common Digital Dashboard—a unified IT portal providing comprehensive information on standards, regulations, notifications, advisories, guidelines, contamination limits, and the latest developments by Food Regulators in India.

 

G Kamala Vardhana Rao, CEO, of FSSAI, said, 'Over the course of two days, the summit will feature a diverse range of activities, including keynote addresses by international organizations and scientists, technical and plenary sessions with food regulators, interactive sessions with national and international stakeholders, and bilateral and multilateral meetings to address current and emerging challenges.' 

The Tamil Nadu State Agriculture Marketing Board and NABARD Madurai Agribusiness Incubation Forum have awarded a Geographical Indication (GI) certificate to the Authoor betel leaves from Thoothukudi district in Tamil Nadu. The certificate is granted in the name of Authoor Vattara Vetrilai Vivasayigal Sangam. This GI recognition opens up new avenues for marketing the Authoor betel leaves, enabling their reach in both domestic and international markets, tapping into their marketing potential.

 

The Unique Authoor Betel Leaf: A Spicy and Pungent Delight for Special Occasions

 

The Authoor betel leaf, predominantly utilized during special occasions such as temple festivals, housewarmings, and weddings, possesses a distinctively spicy and pungent flavor.

This exceptional leaf is exclusively found in the village of Authoor, situated in the Thoothukudi district of Tamil Nadu, owing to the utilization of Thamirabarani River water for irrigation purposes in the local fields.

Cultivated across an extensive area spanning approximately 500 acres of land, encompassing regions like Mukkani, Authoor, Korkai, Suganthalai, Vellakoil, and other Mukkani villages, the Authoor betel leaf showcases elongated stalks and is available in three distinct varieties. These three varieties include nattukodi, karpoori, and pachaikodi.

The significance of Authoor betel leaves in Tamil culture is highlighted by their mention in the 13th-Century book ‘The Travels of Marco Polo (The Venetian)’. Additionally, the rich historical value and importance of Authoor betel leaves are further evidenced by various ancient stone inscriptions.

 

Geographical Indication (GI) Tag

 

The Geographical Indication (GI) tag, recognized as the Geographical Indication Certification, is a form of intellectual property right awarded to a product to signify its origin from a specific geographic region.

This certification is granted to products that possess unique qualities or a reputation closely associated with that particular region.

To qualify as a GI, the product must feature a distinctive sign indicating its origin from a specific geographical area.

In India, the Geographical Indication Registry in Chennai is responsible for granting the GI tag. There are over 400 GI tag products from India. Tamil Nadu is one of the states with the most GI-tagged products to its credit.

Key takeaways for competitive examinations

 

Chief Minister of Tamil Nadu: M. K. Stalin

Tamil Nadu has toppled Gujarat as the top exporting state of India at the Export Preparedness Index 2022 with Gujarat at number four behind Maharashtra and Karnataka.

 

Gujarat had been the top performing state in the first two editions of the index. The report, prepared by NITI Aayog in collaboration with the Institute for Competitiveness, suggests timely intervention to remove export preparedness disparities among states to ensure sustainable export growth as India aims to achieve exports of $1 trillion by 2030.

 

As per the index, released on Monday, the top 10 exporting states of India in the order of their ranking are Tamil Nadu, Maharashtra, Karnataka, Gujarat, Haryana, Telangana, Uttar Pradesh, Andhra Pradesh, Uttarakhand and Punjab.

 

Top performers among coastal states are Tamil Nadu, Maharashtra, Karnataka, Gujarat and Andhra Pradesh while Uttarakhand, Himachal Pradesh, Manipur, Tripura and Sikkim are the top five states in the Himalayan category.

 

Further, in the category of landlocked countries, Haryana, Telangana, Uttar Pradesh, Punjab and Madhya Pradesh are the top five exporting states while Goa, Jammu and Kashmir, Delhi, Andaman and Nicobar Islands and Ladkah emerged as the top exporting states among union territories and small states category.

 

Ranking the export performance of districts, the index shows Jamnagar, Surat, Mumbai suburban, Mumbai and Pune as the top five exporting districts of the country.

 

According to the index, out of the 680 districts which engage in exports, the top hundred districts contribute around 87% of the total exports from India. '66 of the hundred districts are present in seven states, which are coincidentally the top performing states, in terms of exports in the country,' it said.

 

Certain measures suggested to boost exports include location-specific strategies for exports, diversification of export markets, focus on high growth sectors and manufacturing competitiveness, leveraging foreign markets using free tarde agreements (FTAs) and improving data availability of exports

 

EPI assesses the performance of the states and UTs across four pillars, namely, policy, business ecosystem, export ecosystem and export performance. Each pillar is composed of sub-pillars, which in turn capture a state’s performance using relevant indicators.

 

According to the Aayog, developing the methodology for the index is an evolving process which constantly incorporates stakeholder feedback. 'Thus, the results and rankings published in this edition are not directly comparable to the previous editions,' the Aayog said.

In order to protect the heritage and pride of Tamil Nadu and make it known to the world, the state government would apply for Geographical Indication tag for 15 types of unique agricultural products.

 

'The state has decided to get GI tags for another 15 products. It will apply soon. Already, the government has got GI tags for 16 products and has applied for another 16 products. We hope that we will get more GI tags to save our future and identity,' said a senior agricultural official preferring anonymity.

 

In the new move, Arasampatti Thennai (coconut tree), Aandarkulam Kaththiri (eggplant), Karuppugauni arisi (black brown rice), Krishnagiri panneer roja (panneer rose), Kottimulai kaththiri (eggplant), Sathur Vellari (cucumber), Sengal thuvarai (thur dal), Vilathikulam Milagai (chilli), Javvadhumalai saamai (type of lentil), Veeramangudi achuvellam (raw jaggery), Virudhunagar adhalaikkaai (type of vegetable), Moolanur Murungai (drumstick), Madurai Sengarumbu (red cane), Peravoorani Thennai (coconut tree) and Tindivanam panippayaru (type of lentil) are to get GI tags in the future.

 

Welcoming the move, EV Elankeeran, president of the Federation of Cauvery Delta Farmers’ Association said that getting Geographical Index tags for our own unique products will benefit the farmers.

 

'GI tag is very important for the farmers. Tamil Nadu government’s move will benefit the farmers and develop their business worldwide. Already the government got GI tags for 16 various products, including Madurai Malli (jasmine). This creates a little trust among the farmers. But, we need GI tag for millets too. Especially for Neem tree and its products. Government has to consider this,' he added.

Having recently closed a deal with the United Arab Emirates to promote local currencies, India has reportedly struck a similar deal with Indonesia, with both countries working on a real-time payment mechanism and local currency trade.

 

A TOI report says that the governments are also looking to expand the scope of digital payments between the countries, bringing the use of UPI and similar tools to the forefront.

 

'Both countries would discuss the possibility of cooperation in digital technology, payments systems under central banks and using local currency,' Indonesian finance minister Sri Mulyani Indrawati said on Sunday.

 

The issue came up for discussion during Finance Minister Nirmala Sitharaman’s meeting with her Indonesian counterpart Indrawati as the two countries announced the launch of ‘Economic and Financial Dialogue’, focused on intensifying trade and investment relationship.

 

According to officials, the currency arrangement is likely similar to the one with the UAE, which would mean Indian exporters could settle their trade in Indonesian rupiah, while the other party could earn in Indian rupees.

 

Indonesia is one of India's regular trading partners, with the two countries seeing trade of around $39 billion last year. Indonesia was India’s sixth largest trading partner in 2022 and enjoyed a trade surplus of $19 billion, thanks to large shipments of palm oil and petroleum. The island nation is also the subcontinent's largest trading partner in the ASEAN region and is among the largest economies in Asia.

 

According to the TOI report, an Indian official said there was interest from Indonesia and other countries regarding India’s digital public infrastructure and after Singapore, the UAE and France, Indonesia could be among those that 'take one of the bricks from the India stack'.

The Department of Consumer Affairs (DoCA) organized Chintan Shivir here today with an objective to review work and to evolve an action plan to implement Prime Minister Shri Narendra Modi’s 'Vision 2047'. On this occasion, Union Minister for Consumer Affairs, Food and Public Distribution, Textiles and Commerce and Industry, Shri Piyush Goyal launched ‘Bharat Dal Sale Campaign’ along with the ‘Channa Promotion Campaign’ which promotes not only the health benefits of Channa consumption but also supports the initiative of Aatmanirbhar Bharat.

 

Shri Goyal appreciated apt intervention of the department towards Price Stabilization of Tomato in which procurement of tomatoes was done from producing states and thereafter, supplied in the high-price markets at a discounted rate.

 

The Union Minister mentioned that consumer complaints are being resolved through National Consumer Helpline which is working 24*7 and in 17 languages across India. He also encouraged for the use of data analytics and artificial intelligence for the consumer grievance redressal. He appreciated the working of the BIS for the outstanding work done for hallmarking of Gold and Standard promotion for the Consumer Welfare.

 

He appreciated the hard-working officials of the department who have served in the department over a decade also welcomed the new official who will bring the new ideas on the table. The Hon’ble Minister also pointed out that DoCA is the only department that have direct interaction with the 140 crore of Indian citizens. He also suggested to promote innovative ways and out of box thinking to do the task.

 

Shri Goyal suggested that we should work as a team and bring forward looking progressive thinking, in the department by organising such Chintan Shivirs at a regular intervals.

 

Shri Rohit Kumar Singh, Secretary, DoCA delivered welcome address where he inspired the attendees to focus on the innovation and learning new things. This was followed by the session on 'Yoga at Workplace' led by Ms. Arunima Sinha, Sr. Faculty, Art of Living. She delivered the importance of yoga in maintaining the healthy environment at the workplace. She taught the officials of the department some simple desk yoga exercises which will help in keeping calm and composure while office working.

 

The discussions were held in four interactive sessions where presentations were delivered on Consumer protection and Speedy Disposal of Consumer Complaints, Quality Assurance for the Consumer, Testing in Emerging Fields and New Technologies, and, Quality Assurance for Consumers. An interactive session ensured, enabling the staff members to express their opinions, offer suggestions and pose questions.

 

The guest speaker, Mr. Sonu Sharma, captivated the audience and inspired them to move out of their comfort zones and break down barriers.

India and the US have informed the World Trade Organization (WTO) that they have reached a mutually agreed solution to the dispute on retaliatory duties on certain products imported from Washington.

 

The two sides, had last month, agreed to end six disputes at the WTO after a meeting between Prime Minister Narendra Modi and US President Joe Biden.

 

The US, in 2018, had imposed 25% and 10% import duty on certain steel and aluminium products, respectively, on grounds of national security. India retaliated by imposing customs duties on 28 American products, including chickpeas, lentils, almonds, walnuts, apples, boric acid, and diagnostic reagents in 2019.

 

Last week, India and the US notified the Dispute Settlement Body of the decision.

 

As part of the mutual settlement, the US has given India an assurance that at least 70% of all such requests of steel, and 80% of all such requests for aluminium applications for products originating in India will be excluded from the additional process of Section 232 of the US law that allows it to restrict imports.

 

India’s retaliatory tariffs are also expected to be done away for seven products under the solution.

The government has procoured 3 lakh tonnes of onion, a 20 per cent increase from last year's buffer stock, and is also testing the irradiation of onion with the Bhabha Atomic Research Centre (BARC) to extend shelf life, said Consumer Affairs Secretary Rohit Kumar Singh on Sunday.

 

In the 2022-23 fiscal, the government had maintained 2.51 lakh tonnes of onion as buffer stock.

 

The buffer stock is maintained under the Price Stabilisation Fund (PSF) to meet any exigencies, if rates go up significantly during the lean supply season.

 

Currently, Onion is being procured from the just completed rabi season. The sowing of Kharif onion is underway and its arrival will start in October.

 

The Secretary said, 'Usually, onion prices in the retail markets come under pressure for 20 days or so till the fresh kharif crop hits the market. But this time, there won't be a problem.'

 

Together with the Department of Atomic Energy and the Bhabha Atomic Research Centre, the Consumer Affairs Ministry is testing a technology for storing onions in the meantime.

 

'On a pilot basis, we are experimenting with onion irradiation of 150 tonnes with gamma radiation from Cobalt-60 at Lasalgaon in Maharashtra. This will increase the shelf life of onions,' Singh said.

 

In 2022-23, the government had procured a record 2.51 lakh metric tonnes of onions from Rabi-2022 crop under the PSF and released it in major consumption centres during September 2022 and January 2023.

 

65 per cent of India's onion production comes from Rabi onion harvested during April-June. It meets the consumers' demand till the Kharif crop is harvested in October-November.

 

According to government data, the average onion retail price across the country was Rs 26.79 per kg on July 15; the maximum price was Rs 65 per kg, and the lowest price was Rs 10 per kg.

 

Cooperation Minister Amit Shah on Friday said the contribution of agriculture and allied sectors to the country's GDP can be further enhanced by strengthening marketing, for which Farmer Producer Organisations (FPOs) are the key. Addressing a conclave here, the minister said agriculture can become a profitable business if modern technology and marketing methods are adopted. Primary Agricultural Credit Societies (PACS) and FPOs can help in this endeavour.

 

Shah said FPOs formed by PACS are more capable to provide benefits to farmers compared to FPOs set up by individuals, companies and partnerships.

 

He also asked existing FPOs to have an agreement with PACS.

 

Shah noted that agriculture, animal husbandry and fisheries sectors are the backbone of the Indian economy. The growth in these sectors will not only help in increasing GDP but also create job opportunities.

 

Shah highlighted the initiatives taken by the Narendra Modi government in the last nine years in the agriculture sector to boost farmers' income.

 

He said the budget for the agriculture sector in 2023-24 is Rs 1.15 lakh crore against around Rs 22,000 crore in 2013-14.

 

Shah said the MSP has been increased significantly and strengthened procurement operations.

 

Agriculture Minister Narendra Singh Tomar and Minister of State for Cooperation BL Verma also attended the event.