India kicks off wheat procurement with buy of 18,000 tonnes, targets 30.3 million tonnes.
The Indian government has started wheat procurement in the new season from Wednesday, with 17,883 tonnes of the grain being bought for buffer stocks. This comes after the government permitted early purchase of the grain in some States. As the target is to buy 30.336 million tonnes (mt) by June 30, the market prices and weather will be crucial two factors to decide if it can be met.
Source: thehindubusinessline.com
Uttar Pradesh sugar output down 13% in March but India’s output up 9% for the season.
India’s sugar production, which was 10 per cent higher until a fortnight ago, reached 271.20 lakh tonnes (lt) as of March 31. This was against 248.65 lt a year ago, up by 9 per cent, according to the National Federation of Cooperative Sugar Factories Ltd (NFCSF). The latest data show a fall in production in Uttar Pradesh, for the first time this season, as it was higher until March 15.
Source: thehindubusinessline.com
India introduces voluntary ‘Tea Mark’ quality certification scheme.
In a move aimed at implementing traceability in supply chain and promote quality consumption and marketing of teas, the state-run Tea Board is introducing the 'Tea Mark’ quality certification scheme. The scheme will be rolled out sometime in May this year, sources said.
Source: thehindubusinessline.com
Courier export cap removed to boost ecomm shipments, cut logistics delays.
The government on Tuesday removed the long-standing cap on courier export consignments and introduced a faster return mechanism for cross-border parcels to boost e-commerce shipments and reduce logistics delays. The Central Board of Indirect Taxes and Customs (CBIC) notified amendments to courier import-export rules, scrapping the Rs. 10-lakh per shipment ceiling with effect from April 1.
Source: economictimes.indiatimes.com
Govt extends RoDTEP benefits for exporters till September 30.
The government has extended fiscal benefits under the RoDTEP scheme for exporters by six months, until September 30, amid disruptions to global trade caused by the ongoing West Asia crisis. The Remission of Duties and Taxes on Exported Products (RoDTEP) Scheme, launched in 2021, provides for a refund of taxes, duties and levies that are incurred by exporters in the process of manufacturing and distribution of goods, and not being reimbursed under any other mechanism at the Centre, state or local level.
Source: economictimes.indiatimes.com
India has adequate seed stock available amid the Israel-Iran war, says govt official.
India has adequate seed stock available for the upcoming sowing season, a government official said on Wednesday, as war in the Middle East continues to disrupt global supply chain. 'India has enough seed stock available for the upcoming sowing season,' Additional Secretary, Agriculture and Farmer Welfare, Maninder Kaur Dwivedi said during the government's inter-ministerial briefing on recent developments in West Asia.
Source: economictimes.indiatimes.com
Centre plans sweeping reforms as West Asia war jolts supply chains.
The government is drawing up a comprehensive reform road map amid the West Asia conflict, seeking to build on measures already under way, people familiar with the matter told ET. In a communication earlier this month, the Prime Minister's Office asked various ministries and departments to submit reform plans, with an emphasis on actionable measures and low-hanging fruit, they said.
Source: economictimes.indiatimes.com
'India's economy will double every 7-8 years,' says Union Minister Gajendra Singh Shekhawat.
Union Minister Gajendra Singh Shekhawat has stated that India's economy is projected to reach nearly 30 trillion dollars by the year 2047, marking its transformation into a developed nation. Union Minister Gajendra Singh Shekhawat, while speaking to ANI, said, '...The path India is on, the speed at which India is advancing, the foundation that PM Modi has laid for a developed India--the entire world is acknowledging that in the coming times, India's economy will double every 7-8 years. By 2047, when India becomes developed, its economy will have advanced to nearly 30 trillion dollars.'
Source: economictimes.indiatimes.com
Pulses import duties likely to stay unchanged.
The government is expected to keep the current import duties on pulses and extend the duty-free period for tur and urad to prevent price increases, especially with an expected El Nino affecting monsoon rainfall, according to officials. The current duty structure expires on March 31. The production of tur and urad are expected to decline, as per the government's second advance estimate. A decline could mean higher prices and higher food inflation.
Source: economictimes.indiatimes.com
WTO faces new reality of global trade.
The WTO's failure to reach significant agreements during high-level talks in Yaounde demonstrates its inability to adapt to a new reality of fragmented global trade, jeopardising a return to multilateralism, experts warn. The World Trade Organization's 14th ministerial conference wrapped up in the wee hours Monday with no results on the key issues of agriculture and much-needed reform of the organisation.
Source: economictimes.indiatimes.com