After scaling a new high in fiscal 2023, India’s groundnut exports are off to a good start in the current financial year on robust demand from South Asian countries, the major buyers. A lower crop in Argentina is seen helping Indian exporters gain markets overseas, supported by a growing domestic production.

 

Groundnut shipments have registered a 54 per cent growth in dollar terms at $163 million during April-May of current fiscal, over same period last fiscal’s $106 million. In rupee terms, the shipments are up 65 per cent at ?1,338 crore (?813 crore), while the volumes are up 46 per cent at 1.22 lakh tonnes (84,114 tonnes), as per latest data from APEDA.

 

The US Department of Agriculture in its latest oilseeds July outlook has projected India’s peanut exports for the 2022-23 marketing year ending September at 8.5 lakh tonnes, up from the previous year’s 7.5 lakh tonnes. For Argentina, it has pared the outlook for peanut exports at 7 lakh tonnes from the previous year’s 8.25 lakh tonnes on lower crop in the South American producer.

 

As per the APEDA data, during FY23, Indian groundnut exports touched a new high at $831.6 million, up 32 per cent over previous fiscal’s $629.27 million. In rupee terms the exports were up 43 per cent at ?6735 crore (?4697 crore). Volumes during FY23 were up 30 per cent at 6.68 lakh tonnes (5.14 lakh tonnes).

 

Indonesia was the largest buyer of Indian groundnuts during FY23 accounting for over a third of the shipments, followed by Vietnam, Phillippines, Malaysia and Thailand among others. Other large buyers include UAE, Bangladesh, Iran, China, Afghanistan, Russia and Nepal.

 

'Indian groundnuts, which are primarily consumed as table nuts are in great demand overseas. Over the years the exports are rising and so also, the domestic consumption' said B V Mehta, Executive Director, Solvent Extractors Association of India, the apex body for edible oils. The demand for Indian ground nuts goes up when the crop is low in other exporting countries such as Argentina and Senegal, Mehta added.

 

From a low of $473 million in 2018-19, Indian groundnut exports have rebounded to touch a new high in 2022-23. The previous high in dollar value terms was in 2016-17, when shipments had touched $811 million, when volumes had peaked to 7.25 lakh tonnes. India’s groundnut production for the 2022-23 is seen at a record 102.82 lakh tonnes, as per the third advance estimates, over the previous year’s 101.35 lakh tonnes.

India's G20 presidency intends to preserve the grouping's identity and ethos as a forum for growth that brings together developed and emerging economies on a common platform. This is stated in an official statement released on Sunday at the end of a three-day Sherpas' meeting that was chaired by India's G20 Sherpa Amitabh Kant in the historic city of Hampi.

 

The deliberations at the meeting focused on a draft communique that is set to take the shape of the leaders' joint declaration to be adopted at the G20 Summit on September 9 and 10 in New Delhi.

 

The draft text covers the six priorities including the Sustainable Development Goals (SDGs), green development, reform of multilateral development banks (MDBs), digital public infrastructure and gender equality, and incorporates the outcomes from the various working groups.

 

The G20 members engaged in hard negotiations with the aim to foster transformative, action-oriented initiatives, that is holistic and imbibes the spirit of one world, one family, the statement said.

 

'During these three days, Sherpas and head of delegations collaboratively worked on the draft of the leaders declaration that reflects the collective resolve of G20 nations to drive progress on critical global issues, and commitment to prioritise sustainable development and tackle pressing challenges,' it said.

 

'By ensuring an emphasis on developmental goals, Indian Presidency intends to preserve the G20's identity and ethos as a development forum that bring together developed and emerging economies on a common platform,' it said.

 

With no consensus emerging on the text relating to the Ukraine crisis, Indian negotiators have been maintaining that the G20 must not take away its focus from developmental issues because of divergent views on the geopolitical crisis.

 

'The sessions witnessed active engagement of members, invited countries and international organisations, with the clear intent of drafting an inclusive, ambitious, decisive, and action-oriented New Delhi Leaders' Declaration to be endorsed at the Summit in September,' the statement added.

 

The Indian presidency also proposed the African Union's membership to the G20.

 

The African Union, comprising 55 nations, if admitted, would further amplify the voices from emerging countries and the global south in G20 forum.

 

'This G20 Sherpas meeting saw a record participation, and all engaged in positive, effective and constructive discussions to co-create the draft Leaders Declaration,' Kant said.

 

'We are in the 'era of diplomacy and dialogues' and we must strive to achieve the outcomes that the presidency has prioritised,' he noted.

 

The G20 Sherpas also engaged in informal setting at the sofa talks to take forward the agenda of G20 and deepen cooperation and understanding on 'shared concerns', according to the statement.

 

India also held 'productive' bilateral discussions with several delegations over the course of three days, it said.

 

'The G20 reaffirmed their commitment to continue to work together to address the global challenges, with a focus on development and growth, climate change, lifestyles for sustainable Development, amongst others and take strong collective action,' the statement said.

 

It said a number of inter-sessional meetings will be held in the run-up to the fourth Sherpa meeting scheduled in early September.

 

The delegates visited the historical sites and monuments of Hampi such as the Vijaya Vithala temple, Yeduru Basvanna complex and the Virupaksha temple, the Rayas, Hampi museum and experienced the handicrafts skilfully crafted by local artisans.

India and Indonesia are soon going to have real-time settlement and trading in local currencies, senior government officials said on Sunday on the sideline of G20 Finance Minister Central Bank Governors’ (FMCBG) meeting under India’s presidency. Once this happens, it will be the second country after UAE to have this kind of arrangement.

 

Another important development is that a synthesis paper on crypto regulation is likely to be taken up during the G20 Leadership Summit under India’s Presidency, scheduled to take place this September in New Delhi.

 

On Indonesia, the official said talks are currently on for trading and real time settlement in local currencies. 'It will get done soon,' the official said. Earlier in the day, India and Indonesia launched the 'Economic and Financial Dialogue' (EFD Dialogue).

 

Embarrassing digital tech

On this occasion, Indonesia Finance Minister Sri Mulyani Indrawati said that both countries would discuss the possibility of co-operation in digital technology, payment systems under central banks and using more local currency.

 

On Saturday, the Reserve Bank of India and the Central Bank of UAE (CBUAE) signed two memorandum of understandings (MoUs) for establishing a framework to promote the use of local currencies viz. the Indian rupee and the UAE Dirham for cross-border transactions and cooperation for interlinking their payment and messaging systems. 

 

Issues for FMCBG meeting

The official also informed that that G20 meetings under India’s presidency is trying to evolve a framework for crypto regulation through inputs from one and all. Earlier after Bengaluru meeting, it was decided that Financial Stability Board (FSB) will finalise its high-level recommendations on the regulation, supervision and oversight of global stablecoins, crypto-asset markets and activities. International Monetary Fund (IMF) has already come out with a discussion paper. Now 'a synthesis paper will be circulated among member countries before leadership summit. The paper will be combination of reports by IMF and FSBs along with note from the Presidency,' the official said.

 

Crypto is one of four key issues of G20 meetings under India’s presidency. Other three includes Multilateral Development Bank (MDB) reforms, Debt & Sustainability Framework and Digital Public Infrastructure. All these four will be deliberated during FMCBG meeting starting on Monday.

 

Talking about MDB reforms, the official clarified that the effort is not to disturb the present arrangement of MDB such as the World Bank and IMF but to see if 'they are ready for the 21st century.' Keeping this in mind, an expert group under the chairmanship of former Indian bureaucrat N K Singh and Professor Emeritus of Harvard University, Lawrence Summers was formed and it has submitted the report which will be taken up for discussion here.

 

On debt and sustainability framework, the official said that agreement has been reached for settling debt distress of Zambia but same mechanism cannot be applied for all. 'One size cannot fit for middle income countries or low-income countries,' the official added. Further, India’s role in creating digital public infrastructure has widely been appreciated on G20 platform and this is likely to get further push.

 

When asked about the issuance of a communique post-FMCBG meeting here, the official was non-committal. The expression on the Russia-Ukraine war could not bring consensus on the communique at the Bengaluru edition of FMCBG which finally ended with the issuance of just chair summary.

The Prime Minister, Shri Narendra Modi has shared an article titled 'Will India be the breakout emerging market this decade?' by Capital Group. 

 

The Prime Minister  tweeted:

 

'Youngsters and entrepreneurs will find these 9 points interesting. And yes, India is a global bright spot with a strong desire to grow even more!'

The Indian Council of Agricultural Research (ICAR) celebrated its 95th Foundation Day today at National Agriculture Science Complex, Pusa, New Delhi.

 

 Shri Narendra Singh Tomar, Union Minister of Agriculture and Farmers’ Welfare and President of ICAR Society was the Chief Guest of the program. Shri Parshottam Rupala, Union Minister for Fisheries, Animal Husbandry - Dairying and Shri Kailash Choudhary, Union Minister of State for Agriculture and Farmers’ Welfare also graced the occasion.

 

 Shri Tomar appreciated the historic journey of ICAR and its overall achievements during the last 94 years. He exhorted that India is a surplus nation in terms of food grains and providing food to 80 crore people of the country. With the encouragement of Prime Minister, new technology in agriculture has been promoted through various new mission programs for the benefit of farmers. Agricultural products from India are being preferred globally and millets are getting significance in the International Year of Millets, he added. This is happening because of sincere efforts of farmers and scientists. The Minister said exports earning from agricultural and horticultural product have crossed 50 billion US dollar. He informed that Government is giving emphasis on organic farming and natural farming and a separate mission has been initiated with budget provision of Rs.1500 crore for promotion of eco-friendly agriculture. Further, he lauded the scientists and farmers for their great service to the nation in making the country not only self-sufficient in many commodities but also becoming exporter of food items.

 

Shri Rupala acclaimed ICAR for several remarkable achievements which have revolutionized the dairy and fisheries sector. He further mentioned that the time has come to earn carbon credits from agriculture which can be explored for additional income. He also inaugurated an exhibition showcasing innovative technologies developed by 113 ICAR research institute.

 

Shri Choudhary shared his views on the occasion and appreciated ICAR. He further mentioned that after 5 years ICAR will complete 100 years and this is the right time to strategize to set milestones for advancement in agriculture to be achieved in centenary year.

 

Dr. Himanshu Pathak, Secretary (DARE) and Director General (ICAR) said that unprecedented growth in the agriculture sector has been recorded. He emphasised that India is not only self-sufficient in the production of food grains, but are also exporting agriculture and agricultural products in large quantities.  In his presentation, he highlighted about the achievement made by ICAR such as development of 346 varieties of food grains, 99 varieties of horticulture crops, mapping of efficient cropping system zones, fertigation schedule for 24 crops, 28 new equipment’s and machineries, corona virus and lumpi disease vaccines, new diagnostics, breeding protocol of new fish breeds, conduction of 47088 on farm trials and 2.99 lakh front line demonstration on new technologies. He also mentioned that 58 patents and 711 technology licencing agreements were signed by agriculture scientist from different industries. In order to promote agriculture innovations for commercialization, Scientist-Industry interface meetings are also organized as side event.

 

Earlier Shri Sanjay Garg, Additional Secretary (DARE) & Secretary ICAR delivered welcome address.

 

Members of the ICAR Governing Body, Senior Officials of ICAR Head Quarters, Directors of ICAR Institutes, Scientists and Vice-Chancellors of State Agricultural Universities, farmers, agri-preneurs participated in the event.

 

This is first time, the Foundation day is celebrated as Technology day, therefore, an exhibition has been organized to show case ICAR technologies for the benefit of farmers, students and agri-industry. This exhibition has been opened for public from 16-18 July, 2023 for awareness to the people about the innovations made by ICAR.

Finance Minister Nirmala Sitharaman and Canadian Deputy Prime Minister Chrystia Freeland on Sunday discussed the progress being made on ongoing bilateral trade negotiations. The two ministers met on the sidelines of the 3rd Finance Ministers and central bank governors meeting in Gandhinagar, Gujarat.

 

Freeland, who is also the finance minister of Canada, said Canadian Pension Funds would be keen to explore investing in Indian Infrastructure Funds as India offers a stable investment climate.

 

'The two ministers also discussed the progress being made on the ongoing various trade-related negotiations between India and Canada,' the Indian finance ministry tweeted.

 

The ministers discussed continued constructive participation in building consensus on the G20 Finance Track work streams, it added. PTI JD Sent from my iPhone= MR