Union Minister of Commerce and Industry, Consumer Affairs, Food & Public Distribution and Textiles, Shri Piyush Goyal said that PM GatiShakti must be effectively leveraged using the Area Development Approach to extend benefits to the nation beyond the infrastructure sector. Shri Goyal chaired a meeting to review the progress of PM GatiShakti with DPIIT and eight concerned ministries in New Delhi last evening. The Minister emphasized upon the participating Ministries/Departments to harness the full potential of the integrated platform to further accelerate India's infrastructure and economic growth.

 

Shri Goyal said that the Agriculture sector can be supported by setting up common facilities on agricultural lands by cooperatives and start-ups using the integrated framework of PM GatiShakti and data from the National Master Plan (NMP). The Minister highlighted that the Area Development Approach under PM GatiShakti can be used for engaging with aspirational districts of NITI Aayog.

 

Besides senior officials from the Department for Promotion of Industry and Internal Trade (DPIIT), the meeting saw representation from M/o Road Transport and Highways, M/o Railways, M/o Ports, Shipping and Waterways, M/o Civil Aviation, M/o Power, M/o Petroleum and Natural Gas, Department of Telecommunication (DoT), M/o New and Renewable Energy, Bhaskaracharya National Institute for Space Applications and Geo-informatics (BISAG-N) and National Industrial Corridor Development Corporation (NICDC).

 

Union Minister of Commerce and Industry, Consumer Affairs, Food and Public Distribution and Textiles, Shri Piyush Goyal said that India and Africa are natural partners with historical and cultural ties. While delivering the Keynote Address at the 18th CII-EXIM Bank Conclave on 'India-Africa Growth Partnership' in New Delhi today, the Minister recounted that Mahatma Gandhi first practised principles of Satya and Ahimsa in South Africa and Mr. Nelson Mandela took forward this invaluable legacy. 

 

The Minister mentioned his recent interaction with 15 Ambassadors from the African region which was a step towards strengthening this relationship. He said that the bilateral trade of India with Africa grew by 9.26% in FY 2022-23 reaching almost $100 Billion. Shri Goyal said that the exports and imports were approximately balanced with exports being US$ 51.2 Billion and imports being US$ 46.65 Billion in FY 2022-23. He expressed confidence in achieving the goal of doubling the trade volume to US$ 200 Billion by 2030. The Minister said that the young aspirational population can help achieve this goal.

 

Shri Piyush Goyal said that 27 Least Developed Countries (LDCs) of Africa benefit from the Duty-Free Tariff Preference on non-reciprocal basis already and Free Trade Agreements (FTAs) and Comprehensive Economic Partnership Agreement (CEPA) can be explored with other African countries as well. 

 

The Minister stated that the spirit articulated by the Prime Minister Shri Narendra Modi over the last 9 years of developing together as equal partners guides the India-Africa relationship. Shri Goyal said that this spirit has solidified the foundation of this partnership and established brotherhood. He quoted the Prime Minister and said that 'Africa will be at the top of our priorities. We will continue to intensify and deepen our engagement with Africa. As we have shown, it will be sustained and regular'.

 

Shri Piyush Goyal said that the India-Africa relationship has the potential to help fulfil dreams and aspirations of around 1/3rd of the world’s population. He said that both India and Africa are blessed with demographic dividend and with skill development and education of youth, this partnership can drive the global progress in this century.

 

The Minister highlighted how India can be the voice of the Global South and take the voice of the Global South at multilateral forums. Shri Goyal stressed upon creation of a powerful voice of the Global South to influence the geopolitics of the world ensuring equitable and inclusive growth. Shri Piyush Goyal mentioned that India is a friend in need and friend in deed for Africa. He said that during COVID-19 pandemic, India provided support for her African brothers and sisters in the form of medicines, vaccines and other equipment in the spirit of Vasudhaiva Kutumbakam. 

 

Shri Goyal stressed upon collaboration between India and Africa in the field of renewable energy to make the dream of 'One World, One Grid” come true. He said that India and Africa are uniquely poised to become the leaders in production of renewable energy especially solar energy with interconnected grids through overland and underwater transmission lines. The Minister said that this potential of affordable energy for all throughout the day must be leveraged effectively and praised the participation of more than 20 African countries in the International Solar Alliance (ISA). 

 

The Minister said that India strongly believes that Africa’s rise globally is an absolute necessity in present times and is working together in a fast-track manner to achieve this ambition. He said that India’s Startup Revolution and Digital Public Infrastrcuture like Unified Payment Interface (UPI), CoWIN, One Nation One Ration Card (ONORC), Open Network for Digital Commerce (ONDC) have been helpful in enhancing Ease of Doing Business and ease of living and can be replicated successfully for the benefit of Africa. Shri Goyal also suggested exploring further cooperation in the field of logistics like roadways, railways and ports and a diverse, robust and resilient supply chain between Africa and India. 

 

Shri Goyal said that both India and Africa shared the values of Equality and Liberty. He said that the seed of the Conclave was sown in 2005 which has since blossomed and strengthened the relations between India and Africa. The Minister noted the vital role played by the Conclave in bringing together business leaders and policymakers from India and Africa at one platform for further enhancing the partnership.

In order to ensure availability of edible oil to consumers at affordable prices, the Central Government has reduced the Basic Import Duty on Edible Oils. An order to this effect was issued by the Department of Food and Public Distribution vide Notification No. 39/2023 - Customs, dated 14th June, 2023 wherein the Basic Import Duty on Refined Soyabean Oil (HS Code 15079010) and Refined Sunflower Oil (HS Code 15121910) has been reduced from 17.5% to 12.5% with effect from today. This will remain in force till 31st March, 2024.

 

The decision is expected to augment the earlier measures taken by the Government to reduce the prices of Edible Oils in the domestic market. The Basic Import Duty is an important factor which impacts the landed cost of Edible Oils which in turn affects the domestic prices. Reduction in Import Duty on Refined Sunflower Oil and Refined Soyabean Oil will benefit the consumers, as it will help in easing the domestic retail prices.

 

The Import Duties on Refined Soyabean Oil and Refined Sunflower Oil were last reduced from 32.5% to 17.5% in October, 2021. This was done as during the year 2021, the international prices were very high, which was getting reflected in the domestic prices as well.

 

The Department of Food and Public Distribution, Ministry of Consumer Affairs, Food and Public Distribution is closely monitoring the prices of Edible Oil in the country and ensuring its adequate availability to consumers.

International Crops Research Institute for the Semi-Arid Tropics (ICRISAT) and the Indian Oilseeds & Produce Export Promotion Council (IOPEPC) signed a memorandum of understanding (MoU) on March 8, 2023, to enhance India’s oilseed production, improve quality and boost exports.

 

The MoU was signed by ICRISAT’s Director General, Dr Jacqueline Hughes, and IOPEPC’s Chairman, Nilesh Vira, with the aim of strengthening long-term cooperation to increase the quantum and quality of oilseeds grown in India.

 

In order to boost oilseed production, the collaboration will focus on expanding cultivated areas, deploying scientific technologies, and collaborating at all levels, including providing farmers with better quality certified seeds and strengthening the supply chain of oilseeds.

 

In addition, the partnership will promote food safety principles, recommend policies and programmes to the Government of India and support the growth of the Indian oilseed sector.

 

During the discussions, Vira stressed the importance of developing climate-resilient oilseed crops, given the unpredictable weather patterns affecting India’s agriculture. He cited the challenge faced by farmers in growing aflatoxin-free groundnuts, a crop that is increasingly in demand in the export market.

 

'Farmers want oilseed crops that can withstand climate vagaries. Changing monsoon patterns are affecting oilseed crops that usually take 110-120 days to mature. Farmers do not want to grow oilseeds due to unpredictable weather and we need to find solutions,' said Vira.

 

Emphasising the need to increase India’s oilseed production, Kishore Tanna, Director-Groundnut Panel Convenor, IOPEPC said that India is importing 15 million tonnes of edible oil and that’s because farmers do not want to grow oilseeds, especially groundnuts.

 

Tanna also drew attention to the fact that groundnut exports to the European Union had dropped to around 6000-7500 tonnes due to stringent import rules on aflatoxin that call for levels of not more than 2 – 4 PPB for various grades of groundnut.

 

ICRISAT’s Director General, Dr Hughes, highlighted the need to eliminate intermediaries in the export value chain, thereby increasing the profits for smallholder farmers. She also emphasised ICRISAT’s commitment to finding solutions to eliminate aflatoxin in groundnuts, which has detrimental effects on all consumers.

 

'Aflatoxin elimination is a doable challenge for ICRISAT, and partnership with IOPEPC will help ICRISAT focus on key areas of intervention applicable for the peanut sector in India,' said Dr Hughes.

 

The visiting team shared several avenues to shorten the export value chain and establish direct connections between farmers and exporters. One successful example they cited was the short value chain for soybeans in Rajasthan and Gujarat, which has the potential for replication in other crops. They also mentioned the growing popularity of e-markets as another potential avenue for connecting farmers and exporters.

 

The MoU signing was attended by ICRISAT staff Dr Sean Mayes, Stefan De Greling, and Dr Janila Pasupuleti, and convened by ICRISAT’s Product Placement Lead Dr Ashok Kumar and Ramesh P Kolath, Deputy CEO, IOPEPC.

 

IOPEPC is recognised by the Ministry of Commerce, Government of India, and serves as the common forum for Indian oilseeds and vegetable oils exporters, foreign buyers, the Indian government, R&D agencies for oilseeds and vegetable oils in India, international agencies, and many other official bodies and authorities globally.

Suriname is moving to attract Indian agro-processing firms in a bid to develop its agricultural sector, one of its major earners.

 

The country’s president, Chandrikapersad Santokhi, and its agriculture minister Parmanand Prahlad Sewdien have visited India this year pitching the country’s agricultural sector to Indian firms.

 

Officials from Bajaj Processpack Ltd, a leading food processing and packaging firm, have made two visits to the South American country and the company is mulling making investments there. Agricultural cooperation has long been a mainstay of India’s bilateral relationship with Suriname, which is home to a large Indian diaspora.

 

India and Suriname established a joint working group on agriculture in 2003, which has met twice — in 2014 and 2022.

The UAE’s Minister of State for Foreign Trade, Dr Thani bin Ahmed Al Zeyoudi, held a bilateral meeting with Piyush Goyal, India’s Minister of Commerce and Industry in New Delhi on June 12. The UAE minister was in the Indian capital to mark the first year of the Comprehensive Economic Partnership Agreement (CEPA) between the two countries.

 

Initial figures from the UAE Ministry of Economy indicate that in the first 12 months of the CEPA (from May 2022 to April 2023), bilateral non-oil trade reached $50.5bn, an increase of 5.8 per cent compared to the same period last year, as per state news agency WAM.

 

According to India’s Ministry of Commerce and Industry, bilateral trade between the two countries touched historic highs during the first year of CEPA’s implementation. Overall trade increased from $72.9bn in 2022 to $84.5bn in 2023. The trade saw a year-on-year increase of 16 per cent. During the CEPA implementation period (from May 22 to March 23), bilateral trade increased from $67.5bon (May 21-Mar 2022) to $76.9bn (May 22-Mar 2023) – an annual increase of 14 per cent.

 

Exports from India to the UAE also registered a multiyear high. During April-March period, Indian exports to the UAE increased from $28bn to $31.3bn; an increase of around $3.3bn; or 11.8 per cent year-on-year growth.

 

CEPA impact

Dr Thani Al Zeyoudi underscored the progress in bilateral relations and trade over the last year. 'Since the implementation of the Comprehensive Economic Partnership Agreement between the UAE and India, we have witnessed real momentum in bilateral non-oil trade, which is keeping us on course to reach our target of $100bn by 2030.'

 

'But this was always more than just a trade deal, and the increased investment flows, joint ventures and deeper market penetration emphasise the real potential of the agreement. Our visit this week was both a celebration of the achievements to date and an opportunity to strengthen what is becoming a genuine partnership for growth,' he added.

 

The two ministers commended the effectiveness of the CEPA in promoting trade and investment, and restated their shared commitment to building a mutually beneficial partnership that delivers long-term prosperity.

 

The ministers witnessed the signing of the minutes of the meeting by the chief negotiators, which will help the development of the CEPA over the next two years.

 

Abdulla Al Shamsi, assistant under-secretary in the Industrial Development Sector, Ministry of Industry and Advanced Technology, emphasised the critical role of the Joint Committee to guarantee a mutually beneficial partnership that delivers long-term impact.

 

He said, 'The UAE-India CEPA was designed to be a flexible document, able to continually adapt to the changing economic climate and evolving needs of each side. The Joint Committee is crucial to understanding not only the economic impact of the deal, but each side’s experiences of implementation and utilisation – and ensuring both nations are able to derive maximum benefits from it. This week’s meeting demonstrates the same trust and transparency that existed throughout the negotiations and will enable us to unlock new opportunities for our respective business communities.'

 

Piyush Goyal, Union Minister of Commerce and Industry of India affirmed that the UAE-India CEPA played a prominent role in consolidating economic and trade relations, driving further growth and prosperity and creating new opportunities and enablers for the private sector. He pointed out the agreement resulted in the growth of bilateral trade and enhanced the historic relations between the two countries.

 

The Indian minister also reviewed a number of economic initiatives, which will enhance the prospects for investment cooperation between India and the UAE by taking advantage of the promising investment opportunities in the markets of the two countries.

 

Following the UAE-India Joint Committee meet, Al Zeyoudi and Piyush Goyal addressed a meeting of business leaders from both the UAE and India, during which they gained insights into the private sector’s utilisation of the CEPA to date.

 

The UAE-India CEPA came into effect on May 1, 2022, and was the UAE’s first-ever bilateral trade deal. The agreement eliminated or reduced tariffs on more than 80 per cent of product lines, created new platforms for SME collaboration and promoted mutual investment flows.

 

The CEPA deal with India has been followed with similar bilateral agreements between the UAE and Israel, Indonesia, Türkiye and Cambodia, respectively.

The Central government has reduced the import duty on refined sunflower oil and refined soyabean oil from 17.5 per cent to 12.5 per cent. In a late evening Customs notification on Wednesday, the Government said the new duty structure will be effective from June 15.

 

BV Mehta, Executive Director of Solvent Extractors’ Association (SEA) of India, said now all crude edible oils – crude palm oil, crude sunflower oil and crude soyabean oil -- attract import duty of 5 per cent. Their refined oils attract import duty of 12.5 per cent plus cess at 10 per cent on import duty.

 

Stating that the Government wanted to keep prices of edible oil in check, he said shipment of refined soyabean or refined sunflower oil was not commercially viable, even with a lower duty difference between crude and refined soyabean and sunflower oils. However, it may have some temporary sentimental impact on the market, he added.

 

President of the Indian Vegetable Oil Producers’ Association (IVPA), Sudhakar Desai, told businessline there is nothing much in the short-term. Eventually, it would become a problem for the Indian refining industry, similar to what was happening in the case of palm oil. The industry has been seeking an increase in the differential to support the struggling Indian refining industry, he said. 

 

During the first six months of the oil year 2022-23 (November-October), India imported 13.67 lakh tonnes (lt) of crude sunflower oil, as against 11.10 lt in the corresponding period of the previous oil year, and 17.25 lt of crude soyabean degummed oil, against 22.06 lt in the corresponding period of 2021-22.

 

According to SEA data, there was no import of refined sunflower oil and refined soyabean oil in the first six months of the oil year 2022-23.

 

During November-April of 2022-23, India imported 9.53 lt of crude soyabean degummed oil from Argentina, followed by 7.02 lt from Brazil. Russia exported 3.73 lt crude sunflower oil, followed by Ukraine at 3.40 lt, and Argentina at 1.06 lt during the period.

Kenya's rice imports forecast has been raised by 42% this year from an earlier estimate last month, the U.S. Agriculture Department said Friday.

 

Imports are expected to be 850,000 metric tons this year, compared with an earlier estimate in May of 600, 000 tons, due to large purchases of India rice since import duties were waived for up to 600,000 tons from February until August 6 this year, the USDA said in its grain world markets and trade report.

 

Import projections for 2024 were also revised upwardly to 800,000 tons compared with 625,000 tons estimated last month as consumption growth far outstrips production, it said.

 

Kenya imports rice mainly from Pakistan, India, Tanzania, South Korea, and Thailand.

 

Kenya's rice production is forecast to rise by 37% to 130,000 tons in the marketing year beginning October 2023 through September 2024 from 95,000 tons in the current marketing year, largely due to expansion in area planted following the commissioning of the Thiba Dam in October 2022, the USDA said in its annual Kenya grain and feed report

State agriculture minister Badal Patralekh on Monday formally rolled out Gaudhan Nyaya Yojana which will initially be implemented in five districts in the state on a pilot basis and will be fanned out gradually depending on its outcome.

 

Under this scheme, the state government will procure cow dung from farmers and convert it into vermi-compost, which will again be sold back to the cultivators at subsidised rates to reduce their dependency on chemical fertilisers. Also, the scheme is aimed at aiding farmers’ income.

 

While launching the scheme, the minister said that the government aims to set up 572 vermi-compost units in the five districts for production of organic fertilizers. Organic Farming Authority of Jharkhand (OFAJ) will be the nodal agency for implementation of this scheme.

 

Addressing the farmers and milk producers at the formal launch ceremony-cum-workshop, Patralekh said, 'The government wants to promote organic cultivation in the state for overall uplift of the farmers. Under this scheme, farmers of the state will be able to get vermi-compost at Rs.8 per kg. The government will procure cow dung at Rs.2 per kg from cow owners/khatals and gaushalas to process vermi-compost. The government has earmarked Rs 100 crore for this project.'

 

India has urged Myanmar's administration to speed up the process of trade settlements through mutual currencies, a mechanism that was earlier agreed, an exporters' body official said on Monday.

 

A delegation of Indian exporters met Myanmar's trade minister U.Aung Naign Oo, who is on a visit to India, in the eastern city of Kolkata and raised the issue.

 

'Myanmar's minister has assured the new mechanism would soon be operational,' P.K. Shah, former chairman of the Engineering Export Promotion Council, told Reuters after the meeting.

 

Myanmar, which is facing shortages of foreign exchange reserves, announced last year that it would soon start accepting Indian rupees, along with Thai baht and China's renminbi as an official settlement currency to cut its dependence on the U.S. dollar.

 

The arrangement would help the export of pharmaceutical and manufacturing items from India as well as higher imports like pulses, timber and other products from Myanmar, exporters said.

 

Shah said trade between the two countries would significantly rise from current level of $1.8 billion once the new trade mechanism through local currencies was activated.

 

Reserve Bank of India, the central bank, had earlier authorised the state-run Punjab National Bank to open a special rupee vostro account (SRVA) for foreign trade settlements with Myanmar.

 

Under the mechanism, Myanmar would accept payments for all its exports to India in Indian rupee and the same export earnings could be used to make payments for goods and services imported from India, EEPC said.

 

It said PNB approached Myanmar's CB Bank and UAB Bank of Myanmar to open a vostro account for trade settlements in Indian rupees and Kyat, Myanmar's local currency under the special arrangement.

 

But the Myanmar government wanted to involve other banks in the new mechanism.

 

'A decision could soon be announced to activate the agreed mechanism,' Shah said.