Commerce and Industry Minister Piyush Goyal will be leading a business delegation to Australia this week to deepen economic ties, increase bilateral trade and investment and forge greater unity among Quad members, an official said. The Quad members are Japan, India, Australia and the United States.

 

During the three-day official visit, starting from April 6, the commerce minister will hold discussions with top Australian authorities and businesses.

 

'The visit aims at further deepening economic ties with Australia,' the official said.

 

The minister would reach out to businesses of both sides so that they can take full advantage of the trade pact, signed on April 2. He will be visiting Melbourne, Sydney and Perth.

 

India and Australia on April 2 signed an economic cooperation and trade agreement.

 

Goyal has said the agreement would help in taking bilateral trade from USD 27.5 billion at present to USD 45-50 billion in the next five years.

 

Australia is the 17th largest trading partner of India, while New Delhi is Canberra's 9th largest partner. India's goods exports were worth USD 6.9 billion and imports aggregated to USD 15.1 billion in 2021.

Prime Minister, Shri Narendra Modi says the signing of India -Australia Economic Cooperation and Trade Agreement (ECTA) in a short time span reflects the depth of the mutual confidence between the two countries.

 

The India-Australia Economic Cooperation and Trade Agreement ('IndAus ECTA') was signed by Shri Piyush Goyal, Union Minister of Commerce and Industry, Consumer Affairs, Food and Public Distribution and Textiles, Government of India and Mr. Dan Tehan, the Minister for Trade, Tourism and Investment, Government of Australia in a virtual ceremony, in the presence of Prime Minister of India, Shri. Narendra Modi and the Prime Minister of Australia, Mr. Scott Morrison today.

 

Speaking after the signing, the Prime Minister, Shri Narendra Modi said that signing of IndAus ECTA in such a short span of time reflects the depth of the mutual confidence between the two countries. Shri Modi underlined the huge potential that exists in the two economies to fulfil the needs of each other and this agreement will enable the two countries to fully leverage these opportunities. 'This is a watershed moment for our bilateral relations', he emphasized. The Prime Minister said 'On the basis of this agreement, together, we will be able to increase the resilience of supply chains, and also contribute to the stability of the Indo-Pacific region.'

 

Terming ‘people to people’ relations as the key pillar of the relationship between India and Australia, the Prime Minister said 'This agreement will facilitate the exchange of students, professionals, and tourists between us, which will further strengthen these relations.'

 

In his Opening remarks during the Joint Press Conference with Mr. Dan Tehan after the signing  in ceremony, Shri Goyal said the Australia – India ECTA truly symbolises our Ekta (Unity) & the spirit of cooperation. Terming it a historic day for India, as it is a 1st agreement with a Developed country after a Decade, Shri Goyal said our relationship rests on the pillars of trust & reliability, aptly reflected in our deepening geo-strategic engagement through the Quad & Supply Chain Resilience Initiative.

 

Stating that India and Australia are natural partners, connected by shared values of democracy, rule of law & transparency apart from our shared love for Cricket, Food & Movies, Shri Goyal said Ind-Aus ECTA is expected to almost double bilateral trade to about $ 50 Billion in five years. He said there is great potential for Indian exports in sectors like textiles & apparels, leather, hospitality, gems & jewellery, engg. goods & pharma, IT, Startups etc. Australia has committed key areas of India’s interest in Services like Education, IT, Business, Professional Services, Health & Audio-visual while Australia will also provide Post-study work visas for students, quota for Chefs & Yoga instructors and Work & Holiday visa for young professionals.

 

Shri Goyal said the Agreement provides adequate safeguards to prevent circumvention, fuse to protect against sudden surge in import of goods; for the 1st time, mechanism included for compulsory review after 15 years. Underlining that the Ind-Aus ECTA will not only herald a new era of trade & commercial ties, but also take the relationship between our nations to greater heights, Shri Goyal said he will be visiting Australia in the coming days, to take the ECTA to people.

 

Following is the full text of Shri Goyal’s statement:

 

'My friend Dan Tehan, Hon’ble Minister of Trade, Tourism & Investment for Australia, Ladies & gentlemen, Namaskar!

My best wishes to everyone on this auspicious occasion of Gudi Padwa. I hope the coming year marks the fulfilment of all your dreams & aspirations. 

 

Delighted to share that today, under the esteemed presence of Hon’ble PM of Australia Scott Morrison & Hon’ble PM Shri Narendra Modi, India & Australia signed the Economic Cooperation and Trade Agreement (ECTA). ECTA truly symbolises our Ekta (Unity) & the spirit of cooperation. Historic day for India, as it is a 1st agreement with a Developed country after a Decade. Grateful to our leaders who guided & motivated us to complete the agreement in a truly cooperative spirit, understanding each other’s sensitivities. 

 

Special thanks to my friend Minister Tehan for the whole-hearted support. My deep sense of appreciation for both the teams for their outstanding work & round-the-clock effort. 

 

India & Australia are natural partners, connected by shared values of democracy, rule of law & transparency apart from our shared love for Cricket, Food & Movies. Like true brothers, both nations supported each other during COVID-19. Our relationship rests on the pillars of trust & reliability, aptly reflected in our deepening geo-strategic engagement through the Quad & Supply Chain Resilience Initiative. 

 

Ind-Aus ECTA covers the entire gamut of the trade & commercial relations, removing trade barriers & opening a plethora of opportunities in both goods & services. Expected that with ECTA, the present bilateral trade for merchandise & services of $ 27.5 bn (2021), may reach a level of about $ 45 to $ 50 Billion in next 5 years.

 

Great potential for Indian exports in sectors like textiles & apparels, leather, hospitality, gems & jewellery, engg. goods & pharma, IT, Startups etc. It is expected to create new employment opportunities, raise living standards & enhance the overall welfare of the peoples of both the countries. Additional employment generation is expected to be 10 lakhs within the next 5 years.

 

In services, Australia has offered 135 sub-sectors to India, while India offered 103 sub-sectors to Australia. Key areas of India’s interest like Education, IT, Business, Professional Services, Health, Audio-visual have been committed by Australia under ECTA. Australia will also be providing Post-study work visas for students, quota for Chefs & Yoga instructors and Work & Holiday visa for young professionals. 

 

Adequate safeguards have been provided to prevent circumvention or diversion of goods from any non-party. Provision for bilateral safeguard measures to protect against sudden surge in import of goods. For the 1st time, a clause is introduced for a special review mechanism which provides for compulsory review after 15 years in a time-bound manner. 

 

In the end, I would say that our work doesn’t end here, we need contribution of all stakeholders to realise the full potential of this agreement. I will myself will be visiting Australia in the coming days, to take the ECTA to people. Interactions have been planned with Business leaders, Indian students, diaspora, etc. I am confident that Ind-Aus ECTA will not only herald a new era of trade & commercial ties, but also take the relationship between our nations to greater heights.'

Connectivity with the Central Asian countries remains a key priority for India, said the President of India, Shri Ram Nath Kovind.  He was addressing the young diplomats of Turkmenistan at the Institute of International Relations in Ashgabat today (April 3, 2022). The President said that India is a member of both the International North-South Transport Corridor, and the Ashgabat Agreement. We have taken steps to operationalize the Chabahar port in Iran which can provide a secure, viable and unhindered access to the sea for the Central Asian countries. He said that while expanding connectivity, it is important to ensure that connectivity initiatives are consultative, transparent and participatory, with respect for the sovereignty and territorial integrity of all countries. India stands ready to cooperate, invest and build connectivity in the region.

 

The President said that India’s foreign policy has been constantly evolving since its independence. India’s emergence as one of the major economies of the world and the relevance of India’s technological capabilities has shaped key global negotiations. India’s partnerships with countries of the Global South have grown substantially while its relations with major powers have deepened further.

 

The President said that one of the key pillars of India’s foreign policy in recent years has been the 'Neighbourhood First' policy. The overarching philosophy of India’s engagement with its neighbours is to ensure that they also benefit from our economic development and growth. Thus, the focus of our Neighbourhood First policy is to enhance connectivity, augment trade and investment, and build a secure and stable neighbourhood. He said that while ‘Indo-Pacific’ is a recent addition to the geopolitical lexicon, India’s engagement with the Indo-Pacific region goes back several centuries. The dynamism and vitality of the region makes it a global economic centre. We stand for an open, balanced, rules-based and stable international trade regime in the Indo-Pacific.

 

The President said that one of the focus areas of Indian foreign policy in the last few years has been the revitalization of our historical ties with the Central Asian countries, which are a part of our ‘extended neighbourhood’. As developing countries, India and Central Asian countries share common perspectives and similar approaches. We face common challenges such as terrorism, extremism, radicalization, drug trafficking etc. India has also strategic relations with most of the Central Asian countries.

 

Speaking about ongoing conflict in Ukraine, the President said that India’s position on this issue has been steadfast and consistent. We have emphasized that the current global order is anchored in international law, UN Charter, and respect for territorial integrity and sovereignty of states. We are deeply concerned about the worsening humanitarian situation. We have called for immediate cessation of violence and hostilities and return to the path of dialogue and diplomacy. We have also provided humanitarian assistance to Ukraine.

 

The President said that the United Nations remains the most universal and representative international organization. At the core of India’s call for reformed multilateralism lies the reform of the UN Security Council, to reflect the contemporary realities. In this context, India values the support of Turkmenistan for our permanent membership in a reformed and expanded UN Security Council.

 

The President said that as Turkmenistan marches ahead in the ‘Era of people with Arkadag’, India, as a longstanding friend, stands ready to partner with it to realize the collective dreams of our people.   He expressed hope that his visit to Turkmenistan would impart a new momentum to further promote partnership between the two countries.

 

The President also inaugurated an ‘India Corner’ at the Institute of International Relations on the occasion. The ‘India Corner’ is envisioned to create interest in India amongst the students of the Institute in organizing India related activities. The Government of India has provided computers, books on India and musical instruments and other materials to equip the ‘India Corner’.

 

Earlier in the day, the President visited People’s Memorial Complex in Ashgabat and laid a wreath at the Monument of Eternal Glory. He also visited the Bagtyyarlyk Sports Complex where he offered floral tributes in front of the bust of Mahatma Gandhi and witnessed the Yoga demonstration by Turkmen people under the supervision of Indian instructor.

 

In the tomorrow morning (April 4, 2022), the President will leave for the Netherlands -the final leg of his state visit to Turkmenistan and the Netherlands.

1. The Minister of Commerce and Industry, Minster of Consumer Affairs, Food and Public Distribution, and Minister of Textiles, Government of India, Shri Piyush Goyal, and Minister for Trade, Tourism and Investment, Government of Australia, Mr. Dan Tehan, MP, signed the India-Australia Economic Cooperation and Trade Agreement today, in a Virtual ceremony in presence of the Prime Minister of India, Shri Narendra Modi and Prime Minister of Australia, Mr. Scott Morrison.

 

The salient features of India-Australia ECTA are as follows:

 

2. The India-Australia ECTA is the first trade agreement of India with a developed country after more than a decade. The Agreement encompasses cooperation across the entire gamut of bilateral economic and commercial relations between the two friendly countries, and covers areas like Trade in Goods, Rules of Origin, Trade in Services, Technical Barriers to Trade (TBT), Sanitary and Phytosanitary (SPS) measures, Dispute Settlement, Movement of Natural Persons, Telecom, Customs Procedures, Pharmaceutical products, and Cooperation in other Areas. Eight subject specific side letters covering various aspects of bilateral economic cooperation were also concluded as part of the Agreement.

 

Impact or benefits:

 

3. ECTA provides for an institutional mechanism to encourage and improve trade between the two countries. The ECTA between India and Australia covers almost all the tariff lines dealt in by India and Australia respectively. India will benefit from preferential market access provided by Australia on 100% of its tariff lines. This includes all the labour-intensive sectors of export interest to India such as Gems and Jewellery, Textiles, leather, footwear, furniture, food, and agricultural products, engineering products, medical devices, and Automobiles. On the other hand, India will be offering preferential access to Australia on over 70% of its tariff lines, including lines of export interest to Australia which are primarily raw materials and intermediaries such as coal, mineral ores and wines etc.

 

4. As regards trade in services, Australia has offered wide ranging commitments in around 135 sub sectors and Most Favoured Nation (MFN) in 120 sub sectors which cover key areas of India’s interest like IT, ITES, Business services, Health, Education, and Audio visual. Some of the key offers from Australia in the services space include: Quota for chefs and yoga teachers; Post study work visa of 2-4 years for Indian students on reciprocal basis; mutual recognition of Professional Services and Other licensed/regulated Occupations; and Work & Holiday visa arrangement for young professionals. On the other hand, India has offered market access to Australia in around 103 sub-sectors and Most Favoured Nation in 31 sub-sectors from the 11 broad service sectors such as ‘business services’, ‘communication services’, ‘construction and related engineering services’, and so on. Both sides have also agreed to a separate Annex on Pharmaceutical products under this agreement, which will enable fast track approval for patented, generic and biosimilar medicines.

 

Timelines:

 

5. The negotiations for India-Australia ECTA were formally re-launched on 30 September 2021 and concluded on a fast-track basis by the end of March 2022.

 

Background:

 

6. India and Australia enjoy excellent bilateral relations that have undergone transformative evolution in recent years, developing along a positive track, into a friendly partnership. This is a special partnership characterized by shared values of a pluralistic, parliamentary democracies, Commonwealth traditions, expanding economic engagement, long standing people-to-people ties and increasing high level interaction. The India-Australia Comprehensive Strategic Partnership initiated during the India-Australia Leaders’ Virtual Summit held between Hon'ble Prime Minister of India His Excellency Shri Narendra Modi and Hon’ble Prime Minister of Australia His Excellency Mr. Scott Morrison MP, on 04 June 2020 is the cornerstone of our multi-faceted bilateral relations.

 

7. Growing India-Australia economic and commercial relations contribute to the stability and strength of a rapidly diversifying and deepening bilateral relationship between the two countries. India and Australia have been each other’s important trading partners. These excellent bilateral economic and commercial relations have continued to enhance and deepen over time. Australia is the 17th largest trading partner of India and India is Australia’s 9th largest trading partner. India-Australia bilateral trade for both merchandise and services is valued at US$ 27.5 billion in 2021. India’s merchandise exports to Australia grew 135% between 2019 and 2021. India’s exports consist primarily of a broad-based basket largely of finished products and were US$ 6.9 billion in 2021. India’s merchandise imports from Australia were US$ 15.1 billion in 2021, consisting largely of raw materials, minerals and intermediate goods.

 

8. India and Australia are partners in the trilateral Supply Chain Resilience Initiative (SCRI) arrangement along with Japan which seeks to enhance the resilience of supply chains in the Indo-Pacific Region. Further, India and Australia are also members of the recently formed Quad, also comprising US, and Japan, to further enhance cooperation and develop partnership across several issues of common concerns.

 

9. The India-Australia ECTA will further cement the already deep, close and strategic relations between the two countries and will significantly enhance bilateral trade in goods and services, create new employment opportunities, raise living standards, and improve the general welfare of the peoples of the two countries.

The adoption of modern machines and equipments by the farmers depends on various factors such as socioeconomic conditions, geographical conditions, crop grown, irrigation facilities etc. However, the Government of India supports and facilitates the State Governments through various Centrally Sponsored and Central Sector Schemes to promote agriculture throughout the country and infusing modern technologies into the agriculture sector. For promotion of agricultural mechanization in the country, a Centrally Sponsored Scheme ‘Sub-Mission on Agricultural Mechanization’ (SMAM) is being implemented through the State Governments w.e.f. 2014-15, with the major objectives of increasing the reach of farm mechanization to small and marginal farmers and to the regions where availability of farm power is low and promoting ‘Custom Hiring Centres’ to offset the adverse economies of scale arising due to small landholding and high cost of individual ownership.

 

In order to make machines and equipments affordable to the farmers, financial assistance @ 40% to 50% of the cost depending on the categories of farmers, is provided under SMAM for purchase of agricultural machines.  Financial assistance @ 40% of the project cost is also provided to rural youth & farmer as an entrepreneur, Cooperative Societies of Farmers, Registered Farmers Societies, Farmer Producer Organizations (FPOs) and Panchayats for establishment of Custom Hiring Centres (CHCs) and Hi-tech hubs of high value agricultural machines. Financial assistance @ 80% of the project cost for the projects costing up to Rs. 10 Lakhs is provided to the Cooperative Societies, Registered Farmer Societies, FPOs and Panchayats for setting up of village level Farm Machinery Banks (FMBs). The rate of financial assistance for the North Eastern States for establishment of FMBs is @95% of the project cost for the projects costing up to Rs. 10 lakhs.

 

This information was given by the Union Minister of Agriculture and Farmers Welfare Shri Narendra Singh Tomar in a written reply in Rajya Sabha today.

According to the data provided by the state agriculture department, before the conflict started, over 15,000 metric tonne (MT) grapes were exported to Russia and Ukraine. The total export from Nashik to European nations last season was 1.26 lakh MT, including over 17,600 MT to these two countries.

The overall trend of Nashik grape export this season continues to be robust as over 98,000 MT have been exported so far to other European nations, including 48,000 MT to the Netherlands, 9,000 MT to the United Kingdom, 8,000 MT to Germany.

 

Kailas Shirsat, deputy director of the district agriculture department, said that the grape export to Russia has been affected by around 2,500 MT so far due to the war.

 

'The exports to the other European Nations have picked up. We are expecting the grape export to cross last year’s figures,' said Shirsat.

 

Manik Patil, director, Grape Exporters’ Association of India, said grape exports have speeded up and there is no impact of war between Russia and Ukraine. In fact, the grape export to European countries has now gathered momentum.

 

'Exports will be on in full swing for the next eight days and will continue till April 15. Around 3,000 containers with 36,000 MT grapes are expected to be exported in three weeks. Grape exporters are fetching comparatively better rates between Rs 55 and Rs 75 per kg,' he added.

 

In the 2021 grape season, Nashik district had exported 1.26 lakh metric tonne.

Dhaka looking to buy the grain to make up for disrupted Russian supplies 

 

Indian and multinational trading firms sourcing agricultural produce from here are enjoying an edge in the latest tender floated by Bangladesh to import 50,000 tonnes of wheat on March 30. This is the fourth tender floated by Dhaka for wheat imports.

 

The earlier ones too were for buying 50,000 tonnes each. 'Bangladesh plans to import at least one million tonnes (mt) of wheat over the next few months and will float tenders regularly,' said Delhi-based exporter Rajesh Paharia Jain.

 

Why Indian cereal

 

Until now, Bangladesh had been buying Russian wheat. But with its conflict with Ukraine disrupting supplies, Dhaka is looking to New Delhi. 'The regional relations are good between both countries. India has ample stock to help Bangladesh meet the disruption in Russian supplies,' said trade analyst S Chandrasekaran. 

 

India needs to have 4.46 mt of operational stock and 3 mt of strategic reserves of wheat as of April 1 every year. Against this, the Food Corporation of India had 23.4 mt of wheat as of March 1. It is likely to be around 20 mt as of April 1.  

 

'There are two reasons why Bangladesh has begun to accept India-origin wheat. Earlier, it had been buying wheat from the Black Sea region. One, wheat prices are currently ruling higher in the global market. Two, India has begun cleaning and grading its wheat,' said Jain. 

 

Prices up 57% y-o-y

 

According to International Grains Council data, the wheat sub-index is 57 per cent higher year-on-year. While wheat from Argentina is quoted at $396 a tonne free-on-board (f.o.b), US Hard Red Winter wheat is ruling at $457 and Soft Red Winter wheat at $424. Europe France grade wheat is offered at $412. 

 

On the Chicago Board of Trade, benchmark wheat futures ended at $10.22 a bushel ($402 a tonne). The high prices have helped India garner good orders for wheat abroad with over 1 mt deal being signed in the first two weeks of Russian troops entering Ukraine on February 24.

 

In the local agricultural produce marketing committee mandis, wheat prices are ruling at over ?2,200 a quintal against the minimum support price of ?2,015 even as arrivals of the new crop have begun.

 

The government told the Lok Sabha on Wednesday that over 7 mt of wheat — a record — had been exported till March 22 in the current fiscal. During the April-January period of the current fiscal, Bangladesh bought 3.48 mt of wheat compared with 1.15 mt the whole of last fiscal.

 

Bids in third tender

 

In its tender that ends on April 11, Bangladesh said 60 per cent of the consignment should be delivered at Chattogram port and the rest at Mongla port. Dhaka had floated three tenders earlier. 

 

The third tender saw the lowest bid at $409.97 a tonne cost, insurance and freight plus unloading costs by trading house Swiss Singapore Overseas. The next best bids were $424.77 and  $442.38. According to Jain, most of these shipments are going from Kandla port in Gujarat.

 

Farm workers thresh newly harvested wheat crop at a village on the outskirts of Ajmer, Rajasthan, Tuesday, March 29, 2022.

In the second tender, Bangladesh, which requires the consignments 40 days after the contract is signed, got the best sale bid at $390.92 a tonne but that was finalised just before the Russia-Ukraine conflict intensified.

 

'Indian wheat prices are lucrative and Bangladesh has no other place to go,' he said. Indian prices are likely to be lucrative in view of the stocks in the country and the projection of a record 111.32 mt of wheat production this year. 

 

Other buyers

 

Chandrasekaran said Sri Lanka and Indonesia are other buyers of Russian wheat who could turn to India. 'Sri Lanka is facing a foreign exchange crisis. Indonesia faces the same situation as Bangladesh,' he said. 

 

Though bids are likely to be higher for this Bangladesh tender, the Delhi-based exporter said there will likely be limited competition among multinational trading houses for this. 

 

Wheat prices have surged nearly six per cent since last month after the Russian-Ukraine conflict intensified. The market is high mainly in view of shipments from the Black Sea coming to a halt. Also, Russia and Ukraine contribute about 30 per cent of the global exports. 

 

Traders fear that covering 30 per cent of the Russian and Ukraine supplies could be an issue and rising fuel costs have added to the supply woes. This has opened up a window of opportunities for India since it has ample stocks and is nearer to destinations such as Bangladesh, South-East and West Asia.

 

Egypt interest

 

Egypt is another country showing interest in India and a delegation from Cairo will be in New Delhi on Friday. But given the tough conditions that Egypt imposes for wheat import, it will take time before any export deal can be struck, said Jain. 

 

Trade sources said some Russian traders are trying to operate in the wheat market through third countries and opening escrow accounts. In particular, the Russian traders are eyeing Africa through the sea route but the conflict has disrupted supplies in their own backyard.

Chief Minister Jai Ram Thakur has thanked the Central Government for approving Rs 108 crore for the Integrated Digital Agriculture Platform, a proposal of which was submitted to the Ministry of Agriculture and Farmers’ Welfare, Government of India, by the State Agriculture Department.

 

He said the project titled 'Transformation in Agriculture Using Emerging Technologies' would develop in-house competency in providing Information and Communication Technologies (ICT)-based services to farmers, thereby reducing the administrative process and increasing efficiency. This would ensure on-demand delivery of agriculture services, with an aim to improve quality of produce.

The Ministry of Agriculture and Farmers Welfare, Government of India is focused on promoting the area and production of sunflower in the country. In this regard, the Union Minister for Agriculture and Farmers Welfare, Shri Narendra Singh Tomar held detailed discussions with the State Governments and concerned experts in a meeting. Shri Tomar said that under the guidance of Prime Minister Shri Narendra Modi, the way pulses-oilseeds and National Oil Palm Mission have been started in the country, sunflower will also be promoted in a planned manner. After studying the suggestions of the states and experts, a detailed action plan will be prepared in this regard. He announced that a sub-committee consisting of all the major state governments and stakeholders like industry, seed unions etc. and the Agriculture Commissioner and other concerned officials would work out the roadmap. Urging the states to increase the production of sunflower, he also assured the support to the state governments for seeds, micro-irrigation assistance to industries etc.

 

Under the chairmanship of Union Agriculture Minister Shri Tomar, senior officials of Uttar Pradesh, Karnataka, Andhra Pradesh, Maharashtra, Haryana, Punjab, Tamil Nadu and other states participated in this high-level meeting held at Krishi Bhawan, New Delhi. Union Minister Shri Tomar also interacted with various important stakeholders of the oilseeds sector like the National Dairy Development Board, National Seeds Association of India, Federation of Seed Industry of India and private sector entrepreneurs etc. Union Ministers of State for Agriculture and Farmers Welfare Shri Kailash Chaudhary and Ms. Shobha Karandlaje and Agriculture Secretary Shri Sanjay Agarwal were also present in the meeting. Joint Secretary Smt. Shubha Thakur threw light on the area and production of sunflower. Sunflower is one of the important oilseed crops, which is grown mainly in Karnataka, Maharashtra, Andhra Pradesh, Punjab, Haryana. The scope of sunflower area is also in other states like Bihar, Uttar Pradesh, West Bengal, Odisha, Chhattisgarh etc.

 

In the meeting, showing interest in sunflower area expansion with the support of micro-irrigation U.P. Government said that the success model of mustard needs to be replicated for sunflower. Karnataka is set to continue the area expansion program in marginal lands, especially in the Rabi season, with assured irrigation facilities to enhance the income of farmers. The Government of Karnataka also advocated the cultivation of soybean with intercropping of major crops like tur, soybean, maize in the Western Ghats region of the state and showed interest in expanding sunflower area on the pattern of the Bajra programme. Andhra Pradesh has shown interest in sunflower cultivation through the expansion of TRFA land in the paddy area, especially where borewells are installed. At the same time, Punjab is ready for area expansion by diversion of paddy area. Haryana has planned to expand the area in potato fallow area of ??about 30000 acres. Important stakeholders of the oilseeds sector have requested separate mini-mission, seed availability, disease-pest control, market support and insurance support for sunflower.

Top exporter India’s 5% broken parboiled variety was quoted at $367 to $370 per tonne this week, unchanged from the last week.

 

'Since the government has extended subsidised food grain distribution by six months, local supplies will rise and prices will remain under pressure,' said an exporter based at Kakinada in southern state of Andhra Pradesh.

 

Vietnam’s 5% broken rice was offered at $400-$415 per tonne on Thursday, down from $415-$420 per tonne a week ago. 'Domestic supplies are rising thanks to output from the winter-spring harvest,' a trader based in Ho Chi Minh City said, adding that quality has been affected due to prolonged rain during the harvest time.

 

Preliminary shipping data showed 72,000 tonnes of rice were scheduled to be loaded at Ho Chi Minh City port during the first week of April, with most of the grains were heading to the Philippines and Africa. Vietnam’s rice exports in the first quarter are estimated to have increased 24% from a year earlier to 1.475 million tonnes, raising revenue by 10.5% to $715 million.

 

Thailand’s 5% broken rice prices narrowed to $408-$410 per tonne this week, from $408-$412 quoted a week ago.

 

Overseas demand for Thai rice has been muted due to insufficient ships and high freight rates, traders said.

 

Prices, however, remained high on domestic demand for broken rice used for animal feed due to logistic problems with imports, a Bangkok-based rice trader said.

 

The supply situation remains unchanged with the new harvest entering the market this week, traders said. In Bangladesh, domestic prices of rice rose for the week, despite good crop and reserves, as inflation in February hit the highest since October 2020.