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GDP likely expanded 6.8% in Q4; FY24 print may hit 7.8%.

May 22, 2024

The Indian economy likely grew a better-than-expected 6.8% in the last quarter of FY24, according to the median forecast of a poll of 15 economists, propelled by strong growth momentum and strengthening demand.
The strong March quarter print could lift overall gross domestic product (GDP) growth for the full fiscal year to 7.8% against 7.6% assessed in the government's first advance estimates released in February.
    
Source: economictimes.indiatimes.com



Commerce ministry's draft strategy to negotiate future FTAs to be circulated among key departments soon.

May 22, 2024

The commerce ministry has prepared a draft comprehensive strategy for negotiating future Free Trade Agreements (FTAs) and it will be circulated to certain key departments soon to get their feedback, an official said. The draft strategy in the form of a Standard Operating Procedure (SOP) was recently discussed in a meeting involving former commerce secretaries, senior officers from different ministries and international trade experts.

    
Source: economictimes.indiatimes.com



EU giving GI tag to India for basmati can hit Pakistan exports badly, says IPRI policy brief.

May 22, 2024

If the European Union (EU) gives the Geographical Indication (GI) for Indian basmati rice, Pakistan exports can considerably be hampered, says a policy brief prepared by the Islamabad Policy Research Institute (IPRI).

    
Source: thehindubusinessline.com



Maharashtra alone accounts for 60 percent of mango exports.

May 22, 2024

In 1987-88, mangoes worth Rs.23 crore were exported. This figure has reached to 411 crores in 2023-24. This shows the popularity of mangoes in the global market. The government has also started providing necessary facilities to encourage mango exports.

    
Source: lokmat.com



EU imported €359.3 million worth of honey in 2023.

May 22, 2024

In 2023,  EU members imported 163 700 tonnes of natural honey from extra-EU countries, worth €359.3 million. At the same time, just 24 900 tonnes were exported by the EU members outside the EU, valued at €146.0 million.
Compared with 2013, honey imports from outside the EU increased by 20% (from 136 300 to 163 700 tonnes) and exports to extra-EU countries rose by 14% (from 21 700 to 24 900 tonnes).
    
Source: ec.europa.eu



Brazil drops rice tariffs after flooding hits key farming region.

May 22, 2024

Some rice farms have been left covered in water by three weeks of deadly flooding in the region, which produces 70 percent of the rice grown in agricultural powerhouse Brazil.
President Luiz Inacio Lula da Silva's government said the tariff exemption, which will be in effect through December 31, aims to ensure consumers do not face soaring prices for the staple food.
    
Source: france24.com



Pulses imports from more countries likely.

May 22, 2024

India is aiming to import pulses from several countries including Brazil, Argentina, Australia and African countries to augment domestic supplies aimed at curbing inflation in pulses.
The government has removed import duties on several varieties of pulses – tur, urad (black matpe), masoor (lentils), yellow peas and bengal gram (desi chana).
    
Source: financialexpress.com



Saudi Food Show returns with record-breaking second edition, doubling in scale.

May 22, 2024

The second Saudi Food Show, the largest global F&B sourcing event in the Kingdom, gets underway today 21 May 2024 at Riyadh Front, with the Saudi F&B industry on the cusp of huge growth. This year’s show, which runs until 23 May, will take place once again under the patronage of Saudi Arabia’s Minister of Industry and Mineral Resources, His Excellency Bandar bin Ibrahim AlKhorayef, with the Saudi Authority for Industrial Cities and Technology Zones (MODON) as Strategic Partner.

    
Source: foodtechbiz.com



SEA asks Govt not to extend ban on de-oiled ricebran beyond July 31.

May 22, 2024

The Solvent Extractors’ Association of India (SEA), has appealed to the Government, not to extend ban on the export of de-oiled ricebran beyond July, 31.
 
    
Source: thehindubusinessline.com



Growing the Future- PBFIA's 3rd Plant-Based Food Summit Focuses on Connecting for Change.

May 22, 2024

Presented by Ministry of Agriculture & Farmers Welfare (MoAFW), Ministry of Food Processing Industry (MoFPI), Agricultural and Processed Food Products Development Authority (APEDA), Food Safety And Standards Authority Of India (FSSAI), and Indian Chamber of Commerce, 3rd Plant-Based Foods Summit held on 21st May 2024 at Le Meridien, New Delhi. 

    
Source: krishijagran.com



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