Union Minister for Commerce and Industry, Piyush Goyal, delivered the inaugural address at the 'India Calling Conference 2023' organized by the Indian Merchants Chamber in Mumbai. During his address, he highlighted the contribution of companies from small countries, such as the Czech Republic and Poland, to the supply chain of big companies around the globe.

 

Minister Goyal appealed to all to aim for a 47 trillion dollar economy when India reaches the year 2047. He added that India has tried to formalize the economy and has met with great success. The spirit of team, competitiveness, and positivity are necessary for success, and that kind of spirit can be seen in Mumbai, which is not only the financial capital but also the fun capital of India, he added.

 

Minister Goyal said that every single geography in the world has a lot of hope and expectation from India, and though it can be sometimes daunting, it shows the confidence of the world in India's future. He said, 'India reflects the vision of the world as one Economy. While Commerce Industry teams are negotiating Free Trade Agreements with a deep focus on protecting India's interest, India believes that true prosperity happens when the whole world prospers. India believes in Vaccine Maitri under which it delivered 278 million doses to poorer countries mostly free because India feels safe when the world is safe.'

 

The Minister further added that the 'Panch Pran' given by the Prime Minister can be realized only if it becomes the commitment of the entire nation. He emphasized that the vision of a developed India will not be possible without the 'Nari Shakti' of India and a corruption-free nation. He applauded the commitment of the industry to social causes and said that all of us are determined for a better future for India.

 

During the conference, Dinesh Joshi, Chairman, IMC International Business Committee, highlighted the success story of 'Make in India' initiative, where India has turned out to be one of the most favored manufacturing hubs. He mentioned that India's smart phone exports have increased from zero to 90,000 crores, and centers of excellence are being set up for the manufacture of electronics, pharma, textiles, and solar manufacturing. He also noted that India has made considerable progress in sectors such as defense, space, hydrogen energy, and fintech.

 

Anant Singhania, President, IMC, in his welcome address, said that India is now the 5th largest nation by GDP, up from 10th place since 2014. He highlighted the government's initiatives to link ordinary Indians to their electronic identity through a set of digital services, which has caused the cost of technology to drop. This and the conducive ecosystem created by the Government of India have transformed the startup scene in India, making India the world's third-largest startup hub, he observed. He also noted how India has gone from creating 1 Unicorn/year to 42 Unicorns in 2021 and in a span of 10 years emerged as the number 1 mobile data consuming nation.

 

Union Minister Piyush Goyal also extended an invitation to those present to join him in listening to the 100th episode of Mann Ki baat on April 30.

Union Agriculture Minister Narendra Singh Tomar on Friday said the government is making efforts to boost the production and consumption of millets. He was speaking after inaugurating the 'Millets Experience Centre (MEC)' at Dilli Haat, INA, in the national capital.

 

Co-operative NAFED in collaboration with the agriculture ministry established this centre to create awareness about the benefits of millet and encourage its adoption among the general public.

 

Agriculture Secretary Manoj Ahuja and Nafed MD Rajbir Singh were present at the event.

 

'We are making efforts to enhance production, yield, processing and consumption of millers in the country,' Tomar said.

 

The minister highlighted that there are multiple health benefits of consuming millet as it is nutritious.

 

Tomar said millets are climate resilient and can be grown in less water and with minimal use of fertilisers and pesticides.

 

He said an increase in the production of millet will also boost the income of farmers, especially small and marginal ones.

 

Tomar noted that a large number of startups are doing a commendable job in the field of millet.

 

He rued that importance of millet in a plate of food got reduced over the years.

 

Acting upon India's proposal supported by 72 countries, the United Nations General Assembly declared the year 2023 as the International Year of Millets (IYM 2023). The declaration positioned India at the forefront of the celebrations.

 

The government has been working on 'mission mode' to champion millet as a crop good for farmers, the environment and consumers.

 

Tomar highlighted that the year-long celebrations for millets (Shree Anna) will entail myriad activities aimed at creating awareness around the environmental, health and economic benefits of millet farming.

 

The ministry-led initiative of establishing a consumer-oriented 'Millets Experience Centre' would not only promote the dietary benefits of the ancient grain but also popularise millets or Shree Anna as a nutritional powerhouse fit for cooking a variety of dishes like Millets dosa, Millets pasta etc.

 

In addition to a unique dining experience, customers can also purchase a variety of ready-to-eat and ready-to-cook products from local millet startups at the experience centre.

 

Ahuja highlighted the government-led initiatives for mainstreaming millets.

 

Speaking about the collaboration of NAFED and the ministry, he said that ventures like the Millets Experience Centre would help widen the horizon for consumers, who are actively looking for healthier alternatives and bring visibility to India's robust millet-based startup community.

 

Nafed MD Rajbir Singh said the centre is a unique concept that will help in the recognition of the immense potential of millets (Shree Anna) as a versatile and healthy grain.

 

He added that this centre will enable the consumers to enjoy an expansive Millet menu and an 'in-store' shopping experience featuring a wide variety of millet-based products developed by homegrown startups - all under one roof.

 

Singh further said that the millets-based products will also be instrumental in promoting healthy snacking among customers, encouraging them towards adopting healthier millets-centric diets.

 

India produces more than 170 lakh tonne of millet. Jowar, Bajra, Ragi, Sawan, Kangni, Cheena, Kodo, Kutki and Kuttu are some of the major millets.

The new regional office of agricultural and processed food products export development authority (APEDA), a premier body of export promotion of fresh vegetables and fruits under the ministry of commerce and industry, Government of India, was inaugurated at Pt Deen Dayal Upadhyay Trade Facilitation Centre, Varanasi on Friday.

 

To make the activities convenient in Uttar Pradesh, Bihar and Uttarakhand, APEDA has opened its new office at the trade facilitation centre in Varanasi, said Dr CB Singh, regional in-charge of APEDA UP Bihar.

 

The new regional office was inaugurated by Farmer producer organisation (FPO) exporters in the presence of Dr M Angamuthu, chairman and other senior officials of APEDA.

 

APEDA has offices in almost all agro-potential states of India and has been providing services to the agri-export community through its head office in New Delhi and 15 Regional offices pan India.

 

On the occasion, Dr M Angamuthu emphasised the efforts of FPOs and thanked them for their contribution to taking Purvanchal towards an agri-export hub.

 

The new APEDA office has amenities supporting international meetings, conferences, and other activities, etc for FPOs.

The commerce ministry has asked export promotion councils to work on export targets for current fiscal year and chalk out a detailed road map to achieve that. According to exporters, issues related to the country's outbound shipments were discussed during a meeting chaired by Commerce and Industry Minister Piyush Goyal on April 24.

 

India's goods and services exports together touched an all-time high of USD 770 billion last fiscal year.While merchandise exports touched USD 447 billion, services exports are estimated at about USD 322 billion.

 

'The ministry has asked us to work on new exports target for this fiscal and explain ways to achieve,' an exporter said.

 

He said it was emphasised that states and Indian missions abroad be involved in achieving the new target.

 

There was also a discussion on organising a major buyer-seller meet to showcase India's prowess in exports.

 

Latin America and African countries hold huge potential to boost exports.

 

Apparel Export Promotion Council Chairman Narendra Goenka, who participated in the April 24 meeting, said though there are global economic uncertainties, the sector is likely to grow by 5-10 per cent this fiscal.

 

The country's merchandise exports are likely to cross USD 500 billion this fiscal due to healthy demand for domestic goods in key global markets, including the US, and benefits from trade pacts, according to exporters.

 

'Together with goods and services, we are targeting exports of USD 900 billion this fiscal,' FIEO Director General Ajay Sahai said.

 

Free trade agreements with the UAE and Australia would provide a huge platform to boost exports in those markets.

 

Ludhiana-based engineering exporter and Hand Tools Association President SC Ralhan said there are healthy signs of economic growth in the US, which accounts for about 18 per cent of India's total outbound shipments.

 

Mumbai-based exporter and Chairman of Technocraft Industries Sharda Kumar Saraf too said that this fiscal would be better than last year for India's exports.

India's free trade agreements with developed countries will greatly facilitate its entry into the supply chains of multinational companies and significantly push up exports, Arvind Virmani, member, NITI Aayog, said in an interview to ET.

 

Outlining the challenges and opportunities before India as it strives to become a developed nation by 2047, Virmani said global inflation and oil prices are expected to cool over the next one year and that will have a positive impact on the Indian economy with an expected enhanced capex from the private sector.

 

'The big export boom, whether in Asia, Malaysia, Thailand or South Korea since the 1980s has all been led by MNCs. Since supply chains of MNCs now constitute something like 50% of the world exports, FTAs with developed countries will greatly facilitate the entry of India into their MNC supply chains, push labour intensive manufacturing and increase exports,' he said.

 

According to Virmani, it is very important to diversify supply chains out of China because of the recent supply shocks and the direct threat that India faces from its neighbour. 'The main reason is that we are already too enmeshed in the Chinese supply chain,' he said.

 

'Further, due to the geo economic coercion and a direct security threat, it's too dangerous for us in the future and hence we want to reduce dependence on at least critical inputs from China,' Virmani said, hence the decision not to join the Regional Comprehensive Economic Partnership and instead go for FTAs with developed nations.

 

Speaking on the revival of the private sector investment to match the government's enhanced capex in 2023-24, Virmani said the multiple waves of the pandemic, and each happening at different times in different parts of the world, has messed up the whole demand supply global equation much more than anticipated, leaving businesses confused on the future of their investments.

 

'So, assuming the current condition persists and there are no fresh major shocks, I expect global inflation will come down and this will soften the interest rates. So, everything will reverse, and things should look better, but the exact timing is very hard to predict,' he said.

 

Commenting on the impact of high oil prices on India, Virmani said the Ukraine war and geopolitical movements have pushed up oil prices which has negatively impacted our GDP growth. 'However, now Russia's supply chain is shifting from Europe to China and Asia. So, in that sense, prices should moderate over time,' he said.

 

However, Virmani cautioned that the change in objectives, goals and methodology of OPEC nations has left it unclear as to how it will benefit India. 'It is unclear that even when global output falls, oil prices will fall as much as they used to. And that is very critical for us. So, this is a new risk to India,' he said.

 

In his candid conversation, Virmani outlined several opportunities that can drive India's economic growth over the next 25 years.

The Union Minister of Agriculture and Farmers Welfare Shri Narendra Singh Tomar inaugurated the Summit on Farm Machinery Technology, organized by Confederation of Indian Industry (CII) and Tractor and Mechanization Association (TMA). Shri Tomar said that there are about 85 percent small farmers in the country, who should get the benefit of technology & machinery. Under the leadership of Prime Minister Shri Narendra Modi, the government is continuously working in this direction at its level. An amount of Rs.6120.85 crore has been released to the states from 2014-15 to 2022-23 for various activities like training, testing, setting up of CHCs, hi-tech hubs and Farm Machinery Banks (FMBs) under the Sub-Mission on Agricultural Mechanization (SMAM). Besides 15.24 lakh farm machinery and equipment have been distributed at subsidized rates through state governments, including tractors, power tillers and automated machinery.

 

Chief Guest Union Minister Shri Tomar said that by implementing the new system at the Central Farm Machinery Training and Testing Institute (CFMTTI), Budni (M.P.), the Government of India has reduced the time taken for completing the testing of tractors to a maximum of 75 working days. Also, from the year 2014-15 to 2022-23, 1.64 lakh workers have been trained by the Central Government through its four FMTTI designated authorized test centers. The introduction of the Rupees One lakh crore Agricultural Infrastructure Fund is also an important step in this direction, in which projects worth Rs. 14,000 crore have been approved which are benefitting the farmers. Kisan drones are being promoted, for which along with introducing the drone policy, subsidies are being given to various sections including farmers, SC-ST category, women farmers while crop specific SOP has also been issued for application of pesticides with drones.

 

Shri Tomar said that agriculture is a priority of the country, no one could destroy the fabric of our agriculture-based rural economy even in adverse circumstances. In terms of agricultural products, India stands at Number One or Second rank in the world today, which is a result of the hard work of the farmers, the contribution of scientists and industry, and the farmer friendly policies of the government with the support of technology. But we do not have to rest on our laurels, rather we have to prepare a roadmap keeping in view the requirement of the population that will increase by 2050 and in the changing political scenario, according to the growing importance of India in the world, we are concerned about meeting the needs of our country as well as other countries. While doing so, we have to play an important role. After 2014, a different type of work culture has taken roots in the country under the leadership of Prime Minister Shri Modi. The changes that have come in these years have spread hope across the country and the world. If the resolution of the government is strong and the intent of the leader is noble, then the initiative is good and the ability to accept it also increases. Today, India is ahead of America, Japan and Germany in cashless transactions.

 

The Union Minister said that when we are in the competition of production, we should increase it by comparing it with the production of foreign countries instead of the figures of previous years of our own country. We have to keep on increasing the production of food grains even if the land is less. Agricultural scientists have crucial role in this, as well as the importance of technology including machines has also increased in the present circumstances. The waste lands should also be made cultivable and according to the demand of the time, there is a need to attract the new generation towards agriculture. The government is working in this direction under the leadership of Prime Minister Shri Modi. Farmers' access to the market has also been increased through e-NAM mandis and the gaps in the agriculture sector are being filled up, for which more than Rs 1.5 lakh crore packages have been earmarked for Agriculture and Allied sectors. He emphasized on taking technology like micro-irrigation to maximum number of farmers while saving water.

 

Shri Bhartendu Kapoor, Shri Mukul Varshney, Shri Krishna Kant Tiwari, Shri Antony Cherukara and other office bearers and members were present in the program. The conference was attended by stakeholders including Original Equipment Manufacturers, policy planners, suppliers, product development and design firms.

Panama is well positioned to serve as India’s gateway to the Latin American region, offering unique logistical capabilities as a maritime hub and business- and investment-friendly economic environment, its foreign minister, Janaina Tewaney, told ET.

 

Tewaney had hosted external affairs minister S Jaishankar on Monday on his arrival from Guyana. Jaishankar is on a nine-day official trip to the Latin American countries and the Caribbean.

 

Panama is India’s largest trade partner in Central America, with bilateral trade reaching $610 million in 2022, according to Tewaney. She played a key role in organising two regional meets for Jaishankar during his stay in Panama City where the leaders brainstormed ideas to enhance India's business footprints across Central America and Latin America.

 

'One characteristic of Panama can enable the country to position itself as the entry point for India to the Latin American region: stability,' Tewaney said. 'We had the lowest level of inflation in the region at only 2.1% in 2022, and currently have the highest GDP per capita (measured in purchasing power parity terms) in the region, according to the latest figures from the IMF.'

 

Panama sees the pharmaceuticals sector as a priority area for cooperation with India. 'Panama is working with the UNIDO to develop its capacity as a pharmaceutical hub, both boosting domestic pharmaceutical production and leveraging the Panama Canal and the country’s unique market access advantages to get medicines to those who need them,' she said.

 

Tewaney said Jaishankar had meetings with ministers and officials from six different ministries and departments.

 

'This week, Panama was the convener for two larger regional groupings: first as the host of the Latin America-India Forum, a business forum that brought together executives from India and the broader Latin American region, and the next day as the meeting point for the SICA-India Ministerial meeting,' she said. 'Both meetings were underscored by a sense of optimism and shared interests to deepen cooperation, specifically in four areas: green energy and sustainability, healthcare, digitalisation and industries 4.0, and gender equality.'

 

The Panama Canal handles an estimated 6% of the world’s maritime commerce and is obligated under international law to be neutral, positioning Panama as a unique partner for any country seeking to build stable global supply chains and exports, including India, the minister said, adding, 'I was delighted to take Minister Jaishankar to visit the canal. Already, some Indian companies have begun to realize the importance of Panama as a business hub for the Americas. As a result of the increased momentum in the political and economic relationship, we may see more such investments soon.'

While Ukraine, a major grain exporter, has had to seek alternative shipping routes through neighboring countries due to its own Black Sea ports being blocked and later limited by Russia's invasion, Romania has refrained from implementing a ban.

 

However, Poland, Hungary, Bulgaria, and Slovakia have taken individual measures to safeguard their local markets from a surge of Ukrainian agricultural goods.

 

Millions of tonnes of grains and oilseeds, cheaper than those produced in the European Union and duty-free, ended up in Central and Eastern Europe, with local farmers complaining about distorted demand and pricing for local products. The European Commission announced earlier this month that it would take emergency 'preventive measures' for wheat, maize, sunflower seeds, and rapeseed, compensating local farmers and only allowing grain to enter the five countries from Ukraine if it was intended for export to other EU members or the rest of the world.

 

Daea stated that the Commission's actions were contingent on nations lifting their unilateral bans. If a deal cannot be reached, Daea stated that the Commission will take action to prohibit exports to Romania in particular.

 

'Negotiations with the states are still ongoing,' Daea said to reporters following discussions in Brussels and Luxembourg.'Romania will be protected by a European Commission decision, and farmers will be compensated.' 

 

On Tuesday, the European Union's agriculture head voiced confidence that surrounding countries will soon ratify an agreement allowing Ukrainian grain to enter their country for export elsewhere.

 

Surpassing the target of $23.56 billion, exports of major agriculture and processed products (broadly divided under 27 categories) promoted by nodal agency Agricultural and Processed Food Products Export Development Authority (APEDA) jumped 8.74 per cent to $26.72 billion during the last fiscal from $24.57 billion in 2021-22.

 

Pulses, Basmati rice, guar gum, groundnut and poultry products were the top performers which registered over 32 per cent growth rate. However, wheat, floriculture and meat (other than buffalo, sheep and goat meat) exports declined.

 

Due to thesudden ban imposed by the Centre on wheat exports last May, which still continues, the volume dropped to 4.69 million tonnes(mt) worth $1.5 billion from 7.24 mt a year ago.

 

India’s agricultural exports, including marine products and spices, surged about 20 per cent to $50.21 billion during 2021-22, in which APEDA-promoted products had over 50 per cent share. The government is yet to release the total agri export performance.

 

Top earners

In the APEDA basket, rice (both basmati and non-basmati) remained the top forex earner at $11.14 billion during 2022-23 against $9.67 billion in 2021-22. Data show that though Basmati rice had an impressive performance, the low rise in the non-Basmati segment dragged the overall growth in the rice sector to 15.2 per cent.

 

Exports of non-Basmati rice were 3.62 per cent up at $6.36 billion, while that of Basmati were up 35.3 per cent at record $4.79 billion last fiscal from year before.

 

APEDA’s major exporting destinations were Bangladesh, UAE, Vietnam, USA, Nepal, Malaysia, Saudi Arabia, Indonesia, Iran, and Egypt last year. 'The rise is significant in agri-exports amid the geopolitical tensions and we are committed to perform better with the focus on several key products identified already,' said M Angamuthu, Chairman, APEDA. The emphasis on Shri Anna (millets) and their promotion via G20 meetings will be booster for its exports, both of raw grains and valued-added products, he added.

 

Export of pulses grew to $662 million in 2022-23, up 84 per cent from $359 million a year before. Shipments of poultry products grew by 89 per cent to $134 million from $71 million, while that of guar gum increased by 38 per cent to $617 million. Export of groundnuts rose 32 per cent to $832 million, that of processed vegetables by 24 per cent to $509 million($412 million).

 

Fresh fruits and vegetables exports were up by 5.7 per cent to nearly $1.79 billion from $1.69 billion, while processed fruits and vegetables exports were up by 19 per cent to reach $1.42 billion ($1.19 billion). Exports of alcoholic beverages grew by 18.5 per cent to $325 million from $274 million.

 

Indian non-basmati white (raw) rice prices for exports have increased by over $25 a tonne during the past fortnight on tight domestic supplies and demand from markets abroad, traders and exporters said. 

 

However, parboiled (boiled) rice prices have dropped by $5 a tonne and Indian white rice continues to be competitive by $20-30 over the nearest competitor in the global market. In the case of parboiled rice, the Indian cereal is at least $100 a tonne competitive.

 

'We are facing problems in getting white rice supplies in the domestic market as the Centre is procuring it for the central pool stocks. On the other hand, parboiled rice availability has increased, pulling down its prices,' said VR Vidya Sagar, Director, Bulk Logix. 

 

New crop arrivals begin

'Though our prices have increased, we are still competitive in the global market. Arrivals of new rabi paddy crop have begun in Odisha, Telangana and Andhra Pradesh. Exporters are paying farmers prices closer to the minimum support price (MSP),' said BV Krishna Rao, President, The Rice Exporters Association (TREA). 

 

The MSP for paddy this year is ?2,040 a quintal. India is quoting $453-57 a tonne for 5 per cent broken white rice against $432-36 two weeks ago. The 25 per cent broken white rice is offered at $438-442 compared with $417-22. India’s nearest competitor Vietnam is quoting at least $25 higher for both these varieties.

 

'There is good demand for 5 per cent broken white rice from Vietnam. We are getting enquiries from East Malaysia and Timor too,' said M Madan Prakash, President, Agricultural Commodities Exporters Association (ACEA).

 

'It is all down to demand-supply. The next crop in Thailand will arrive only in September. Vietnam may have to fulfill demand from China in case El Nino strikes and affects the Indian monsoon,' said a New Delhi-based trade analyst.

 

Enquiries from Africa

Sagar said parboiled rice was available even at $370 a tonne from India. 'Now that Ramzan is over, we expect some movement in rice to Africa and West Asia,' he said. 

 

'This year, our exports are likely to match last year’s volume. We will be meeting all requirements,' said Rao. 

 

'We are getting enquiries from Africa, while demand for South-East Asia is in small volume,' said Prakash.

 

The analyst said China has maintained silence over its stock situation. 'Vietnam and Thailand are expecting a bigger crop. There is no cause for worry with regard to India,' he said. 

 

Data from Agricultural and Processed Food Products Development Authority (APEDA) show that non-basmati rice exports during the April-February period of 2022-23 fiscal were marginally higher at 16.09 million tonnes (mt) compared with 15.64 mt a year ago. 

 

Export curbs

The rise was despite India imposing a 20 per cent export duty on non-basmati white rice from September and banning shipments of fully broken rice. The Government took these measures to curb exports as it feared rice production could be hit by deficient rain during the south-west monsoon. 

 

Though kharif rice production dropped to 108 mt against 111 mt a year ago, overall production of the cereal has been estimated higher at a record high of 130.83 mt during the current crop year to June against 129.47 mt last crop year.

 

As regards rice, India’s central pool stocks are comfortable as the government has procured a good volume, said the analyst.

 

According to the Food Corporation of India, rice stocks as of April 1 were 24.86 mt compared with 32.32 mt a year ago. In addition, it has 27.64 mt of paddy (19.35 mt of rice). 

 

'There might be a sharp uptrend in rice prices after June,' the analyst said.