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Corn traders expect import duty to be slashed to 10%

March 13, 2019 12:16 pm / Leave a comment

The government is likely to reduce import duty on corn to 10-15 per cent from the current 60 per cent due to lower domestic production this year, industry insiders told ET. They also expect the commerce ministry to allow state-owned Metals and Minerals Trading Corporation of India  to announce e-tender for half a million tonnes of corn in a week’s time.
State Trading Corporation of India too is trying to be a canalising agency for corn imports, trade sources said.
Corn, or maize, is the third largest cereal crop in the country after rice and wheat. As per the second advance estimates of kharif production released by the government in February, production of maize is expected to be 27.80 million tonnes in 2018-19, down from the previous year’s 28.72 million tonnes.
The industry expects the production figure to be even lower because of deficit rainfall and worm attack. Hence the move to increase imports and cut customs duty. MMTC has already got data on the domestic requirement and it has asked for zero duty import of over half a million tonne of corn, a trader from Delhi told ET. It will take another 7-10 days for the commerce ministry to clear the proposal.
The trader who requested anonymity said the trade expects the ministry to reduce import duty on corn to 10 per cent to 15 per cent, because allowing zero duty imports will impact India farmers. The rabi harvesting will soon begin in Bihar, Uttar Pradesh and Punjab, followed by coastal region of Andhra Pradhesh and Karnataka.

Australian Foreign Minister visits India to widen Indo-Pacific partnership

January 9, 2019 6:41 am / Leave a comment

Australia’s Minister for Foreign Affairs Marise Payne, will visit India on 8 and 9 January to widen bilateral Indo-Pacific partnership across strategic and economic spheres.
Australia’s High Commissioner to India Harinder Sidhu, alluding to the trip said the visit is an opportunity to reinforce Australia’s commitment to strengthening the partnership.
Minister Payne is visiting at a time when our relationship has grown to become a significant partnership. Our shared interests range widely across political, security, cultural and economic fields, Ms Sidhu said.
This is the strongest the Australia-India relationship has been, and the Minister’s visit presents an important opportunity to deepen our ties.
Payne will address the Raisina Dialogue on how Australia and India can work together and with regional partners to deliver a stable and prosperous Indo-Pacific. General Angus Campbell, Chief of the Australian Defence Force, will also participate at Raisina.
The Minister will meet with External Affairs Minister Sushma Swaraj and Defence Minister Nirmala Sitharaman to discuss deepening regional engagement and the practical steps Australia is taking in response to the India Economic Strategy

India, Japan reiterate cooperation in Indo-Pacific

January 9, 2019 6:39 am / Leave a comment

India and Japan on Monday reiterated that they would continue to work for peace and stability in the Indo-Pacific region during a meeting between External Affairs Minister Sushma Swaraj and Japanese Foreign Minister Taro Kono here.

Stating that the two leaders exchanged views on regional and global issues of common interest, the External Affairs Ministry said: They reaffirmed that based on shared values and interests, the India-Japan Special Strategic and Global Partnership has acquired a broader significance in the current global context and has become a factor of prosperity and stability in the Indo-Pacific region.
India, along with Japan, the US and Australia, in 2017 revived a quad that seeks to work for peace and prosperity in the Indo-Pacific, a region that stretches from the east coast of Japan to the east coast of Africa.
It was a strategically important move given China’s growing footprint in the region and Beijing’s aggressive behaviour in the South China Sea.
During Monday’s talks, Sushma Swaraj and Kono held discussions on follow-up actions taken on decisions taken during the visit of Prime Minister Narendra Modi to Japan for the 13th India-Japan Annual Summit in October last year which opened new vistas of bilateral cooperation in areas such as regional connectivity, economic partnership, new and digital technologies, healthcare, renewable energy, defence cooperation, maritime security etc., the Ministry statement said.

Riding on agriculture, manufacturing sectors, India to grow at 7.2% in 2018-19: CSO

January 9, 2019 6:38 am / Leave a comment

A robust performance of the agriculture and manufacturing sectors will drive India’s economic growth at 7.2 per cent in 2018-19, the Central Statistics Office said on Monday. This is higher than the 6.7 per cent growth witnessed in the previous fiscal, which slumped due to twin effects of demonetisation and introduction of Goods and Services Tax (GST).
The growth in GDP during 2018-19 is estimated at 7.2 per cent as compared to the growth rate of 6.7 per cent in 2017-18. Real GVA (Gross Value Added) is anticipated to grow at 7 per cent in the current fiscal as against 6.5 per cent in 2017-18, the CSO said while releasing the first advance estimates of National Income for 2018-19.
India’s annual economic growth surged to a more than two-year high of 8.2 per cent in the three months through June, powered by a sharp jump in growth in manufacturing, agriculture, construction sectors.
According to the CSO data, the expansion in activities in ‘agriculture, forestry and fishing’ is likely to increase to 3.8 per cent in the current fiscal from 3.4 per cent in the preceding year.

Pulses made free for export without any quantitative ceiling

January 8, 2019 6:44 am / Leave a comment

All varieties of pulses including organic pulses have been made ‘free’ for export without any quantitative ceiling.
This information was given by the Minister of State of Commerce and Industry, C. R. Chaudhary, in a written reply in the Rajya Sabha.
The export has been allowed through Customs EDI ports.
However, export through the non-EDI Land Custom Stations (LCS) on Indo-Bangladesh and Indo-Nepal border has also been allowed subject to registration of quantity with DGFT.
Under the Merchandise Exports from India Scheme (MEIS) of the Foreign Trade Policy 2015-2020, Bengal Gram with HS Code 07132020 was provided rewards at the rate of 7% for exports made between, March 20th 2018 to September 9th 2018.
The Government has restricted import of pulses like tur, moong and urad since August, 2017 with annual Quota Restriction of 5 lakh MT (2 lak MT for tur, 1.5 lakh MT each for urad and moong) in order to stabilize the prices and protect the interest of the farmers

ORGANICS AND MILLETS-2019′ International Trade Fair to take place in Bengaluru

January 8, 2019 6:44 am / Leave a comment

The much sought after Organics and Millets-2019 International Trade Fair, organized by the Government of Karnataka’s Department of Agriculture, will be held from 18th to 20th January 2019 in Bengaluru’s Palace Grounds.
The flagship event will revolve around the theme: K-Source, celebrating the State of Karnataka as the source for Next Gen Smart Foods. International Competence Centre for Organic Agriculture (ICCOA) is the knowledge partner and co-organizer for the event.
The Organics and Millets International Trade Fair 2019 will comprise of four aspects. The first and most important one being the B2B meetings in which the farmers will get to interact with the international buyers. The following three aspects includes exhibition, conference and food court.
The event, which is for all organic stakeholders, including farmers, buyers, sellers and exporters of organic produces and millets, will have participation of over 200 exhibitors occupying an exhibition space of 10,000 square meters including stalls from other states, countries, Farmer Producer Organizations (FPOs) and several farmer federations from Karnataka.
The second edition of the Organics and Millets International Trade Fair 2019 will be the largest congregation of India’s Organic and Millets community.
Coinciding with the run-up event of a National roadshow to this International event, ICCOA (International Competence Centre for Organic Agriculture) organized the ‘Jaivik India Awards’, 2nd edition, in recognition of the efforts of the Organic Stakeholders across India. Department of Agriculture, Government of Karnataka in the host and support to this event also.
The event was inaugurated by the Union Minister of Commerce & Industries, Mr. Suresh Prabhu. Speaking on the occasion, he said -The organic movement is catching up fast and more and more people are now accessing organic foods for health and overall wellbeing. We are witnessing more and more companies doing organic businesses – in exports as well as in local markets. With increasing demand and innovative supply chain, today we can get organic foods even delivered at our doorstep.

Potato acreage rises due to higher farmer’s remuneration, cheaper seed

January 8, 2019 6:40 am / Leave a comment

Potato cultivation is set to gain acreage by 7-8 per cent in India, second largest producer in the world, as better remuneration in the previous season has exhorted farmers to grow more tubers this Rabi season. Prevailing low price of seed potato and price assistance schemes launched by various states to check distress sale have also driven farmers to increase tuber cultivation in the country.
Potato cultivation is likely to increase by 6-8 per cent in Uttar Pradesh as farmers had earned higher income in potato in 2018 than in the previous year, president, Federation of Cold Storage Association of India (FCSAI) Mahendra Swarup told ET. He said most farmers have earned more in 2018 than in the previous two seasons.

MSC Bank clears way for export of 7 lakh tonnes of sugar

January 8, 2019 6:38 am / Leave a comment

The Maharashtra State Cooperative Bank has agreed to extend a loan to sugar mills in the state, enabling them to immediately export about 700,000 tonnes of sugar.
The sugar produced by these mills is pledged with MSC Bank, the main lender to the state’s cooperative sugar factories. The bank had refused to let them export sugar without paying up the difference between domestic and overseas prices.
The bank agreed to extend the loan to mills in Maharashtra, India’s second-largest sugar-producing state, to help them bridge the gap between domestic prices and export prices, which are lower by about 50%.
The way for export of about 7 lakh tonnes of sugar has been cleared with this decision of the bank, said Sanjay Khatal, managing director of the Maharashtra State Federation of Cooperative Sugar Mills (Sakharsangh).
The move of MSC Bank will directly help 51 sugar mills. Another 51 mills that have borrowed from district cooperative banks will also be eligible for similar loans from MSC Bank to export sugar.
 The total export quota of Maharashtra mills is about 1.5 million tonnes, of which more than 200,000 tonnes have already been contracted. Of the total state quota, the collective quota of 102 cooperative banks is about 900,000 tonnes.
Hence, our conservative estimate is that a minimum of 7 lakh tonnes of sugar will be immediately available for export, said Khatal.

Indian economy on track to maintain high growth rate: Finance Ministry

January 4, 2019 7:16 am / Leave a comment

The Indian economy is projected to be the fastest-growing major economy in the current and upcoming fiscal 2019-20, the finance ministry said Wednesday while emphasising that the government has taken several steps to boost investors’ confidence.
According to a recent World Bank report, India has improved its ranking in the Ease of Doing Business to 77th in 2018.
The average growth of the Indian economy between 2014-15 and 2017-18 was 7.3 per cent, fastest among the major economies in the world, the ministry said in Year End Review 2018.
Indian economy is projected to be the fastest-growing major economy in 2018-19 and 2019-20 (International Monetary Fund October 2018 database). This is borne by GDP growth of 7.6 per cent in the first half of 2018-19, it said.
The Indian economy is on track to maintain a high growth rate in the current global environment, it added.
Highlighting various initiatives taken to improve the confidence and boost the growth of the Indian economy, it said there were measures to boost manufacturing, comprehensive reforms in the foreign direct investment policy, special package for the textile industry, push to infrastructure development by giving infrastructure status to affordable housing and focus on coastal connectivity.

India’s retaliatory tariffs to adversely impact US exports worth $900 mn

January 4, 2019 7:14 am / Leave a comment

India’s proposed retaliatory tariffs against US agricultural products including apples, almonds and lentils will have an adverse impact on American exports worth nearly USD 900 million, according to the latest Congressional report.
India last year announced higher import duties on many US products like apples, almonds, walnuts, chickpeas and lentils in retaliation to President Donald Trump’s decision to impose heavy tariffs on imported steel and aluminium items, a move that sparked fears of a global trade war.
However, India is the only major country which has been continuously postponing the implementation of the retaliatory tariffs despite announcing it more than six months ago.
In October last year, Trump described India as a tariff king as he reiterated his allegations that New Delhi has a high tariff rate on various American products.

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