The 'One District One Product' initiative is a transformative step towards achieving the goal of Aatmanirbhar Bharat, by driving economic growth, creating employment and rural entrepreneurship opportunities. India is a home to a variety of products that are specific to each region and provide people with sources of income. These include both agricultural and non-agricultural products, such as manufacturing, which are unique to each district. From ancient, nutritional crops and their by-products to rare and exquisite crafts, renowned embroidery work, sophisticated horn and bone art, and environmentally friendly alternatives to ivory, India offers something for everyone.

 

CAPITALIZING THE RICH CULTURE OF INDIA

The goal of the ODOP scheme is to make these products more accessible, providing employment opportunities for those who have dedicated themselves to preserving them. The scheme has been integrated with the 'Districts as Export Hub (DEH)' program of the Directorate General of Foreign Trade (DGFT) and Department of Commerce, with the Department for Promotion of Industry and Internal Trade (DPIIT) as the primary stakeholder.

The aim is to turn each district into a manufacturing and export hub by identifying products with export potential within them. For this purpose, institutional mechanisms in the form of State Export Promotion Committees (SEPCs) and District Export Promotion Committees (DEPCs) have been set up in 36 states/union territories to support export promotion and address any obstacles that stand in the way of export growth in the districts.

 

EXPORTS JUMP THREE TIMES WITH ODOP

In the past few years, various indigenous crafts and products made at a district level in different states under the 'One District One Product' (ODOP) scheme have gained great popularity both domestically and internationally. According to the data released by SBI Research, exports of almost 16 states have trebled due to this initiative. These states include Andhra Pradesh, Bihar, Chhattisgarh, Gujarat, Haryana, Himachal Pradesh, Jharkhand, Karnataka, Madhya Pradesh, Maharashtra, Punjab, Rajasthan, Sikkim, Telangana, Uttar Pradesh, and West Bengal.

In the fiscal year 2021-22, Gujarat led the exports tally with $126,805 million, up from $27,159 million in FY19. Maharashtra was second in line with $73,120 million exports during FY22, compared to $22,986 million in the previous financial year.

The Uttar Pradesh government’s data revealed that the total worth of ODOP exports from the state went up from Rs 58,000 crore in FY17-18 to Rs 96,000 crore in FY21-22. It is estimated that ODOP products make up approximately 62% of Uttar Pradesh’s total exports. Through the ODOP-DEH program, export potential products and services have been identified in 733 districts across the country, including agricultural and toy clusters and Geographical Indication (GI) products. Toy manufacturing clusters have been identified in almost 12 districts in India.

The ODOP initiative has tremendous potential due to its objective of achieving a district’s true potential through economies of scale, product specialization via identification and promotion via marketing, MSME growth, and job creation. The ODOP initiative is attempting to raise awareness of its products and the advantages of buying them in domestic and international markets. This offers a chance to reinforce local products with health, environmental, or other beneficial characteristics. This will assist India in becoming a stronger economy and fulfilling the Prime Minister’s vision of becoming truly Aatmanirbhar. Open Network for Digital Commerce (ONDC) is a network based on open protocol which will enable local commerce across segments by network-enabled application. It will create new opportunities, curb digital monopolies. Hence, looking holistically, the small businesses of India have a bright future ahead such as small and medium enterprises.

Bangladesh's participation in the ongoing India-Myanmar-Thailand Trilateral Highway (IMTTH) project, one of India's flagship projects under its Act East Policy, is much-awaited and hoped for.

 

Even during Sheikh Hasina's recent four-day visit to India from September 5 to 8 in 2022, Bangladesh's unabated interest on the matter was visible in the ministerial-level discussions that were held.

 

This is because India's proposal to extend the IMTTH project, so as to establish connectivity with other ASEAN powers like Lao PDR, Cambodia and Vietnam would result in an approximately 3,200 km route known as the East-West Economic Corridor (EWEC).

 

And, given how ASEAN connectivity remains a priority concern for both India and Bangladesh, a possible eastwards extension of the IMTTH as a division of the EWEC — that further links itself with the Greater Mekong Subregion (GMS) — is crucial if the South Asian economies want to play a more meaningful role in the post-Covid world.

 

Initially, when a road belt connecting India, Thailand and Myanmar was under construction, India had approached the-then Khaleda Zia-government to be a part of the project. However, it was refused back then.

 

The Sheikh Hasina-government, on the other hand, expressed its interest to join the IMTTH project during a virtual summit between Prime Minister Sheikh Hasina and her counterpart Narendra Modi in 2020. The matter was again brought up in discussions held during Modi's Bangladesh visit in 2021, to commemorate 50 years of bilateral ties between the South Asian neighbors.

 

In 2018, the Economic Research Institute for ASEAN and East Asia (ERIA) was commissioned by the Indian government to conduct a study on the feasibility of the IMTTH'S extension to the EWEC.

 

According to ERIA, developing a potential southern route for extension stands more feasible than a northern route.

 

The potential northern route passes through Myanmar's Shan state, the Myanmar–Lao PDR Friendship Bridge at Xieng Kok in Laos till Pang Hok, a primary border crossing between Laos and Vietnam. Entering Vietnam through Tay Trang, the route then connects with the cities of Dien Bien Phu Phong, Hanoi and Hai Phong.

 

The development of a northern route faces many challenges in the form of unresolved security issues like restrictions on foreigners entering parts of Myanmar's Shan state, and issues of poor infrastructure as noticeable in Laos, where many of its sections would require expansion for accommodating large trucks.

 

The potential southern route passes through the Thai cities of Mae Sot and Bangkok till Aranyaprathet at the Thailand-Cambodia border. Thereafter, the route passes through important Cambodian cities like Phnom Penh till Bavet, Cambodia's international border gate with Vietnam. After entering Vietnam, the route passes through the Go Dau port and the cities of Ho Chi Minh and Vung Tau.

 

The prescribed southern route has better developed roads in Thailand since it overlaps with GMS economic corridors– something that the northern route lacks. The economic returns are also to be higher in the southern route's case since the better quality of road infrastructure would result in a lower completion cost.

 

Extension of the IMTTH ensures economic integration and greater connectivity of India's landlocked North Eastern Region (NER) with Bangladesh and the Southeast Asian nations of Cambodia, Laos and Vietnam as Bangladesh's involvement adds additional routes for the project by both, land and sea.

 

Bangladeshi products are also known to be in heavy demand in the states of Meghalaya, Mizoram, Assam and Tripura that fall under the NER. These states share a border with Bangladesh and provide a big market for its fast-growing economy– and the IMTTH project would simply catalyse this opportunity further.

 

The eastward extension will also reduce time and transportation costs to Myanmar and Thailand, simultaneously opening wide opportunities for exporters in Bangladesh and the NER to the unexplored regions of Cambodia and Laos.

 

Likewise, the corridor will ensure Cambodia, Myanmar, Laos, Thailand and Vietnam greater access to the NER and Bangladesh's vast markets, reducing their heavy reliance on Chinese markets.

 

With regard to geographic proximity, Bangladesh and India have stronger trade ties with their Middle East neighbors like the United Arab Emirates, but their trade linkages with Southeast Asian countries like Laos and Cambodia are minimal– this is also something that could be addressed.

 

The Covid-19 pandemic has taught us that one cannot be overdependent on supply chains given how supply chains, movement of people and goods got disrupted during the pandemic.

 

Preparation of alternate routes, in addition to the existing regular route for trade and connectivity, shall be a game-changer for manufacturers and traders in Bangladesh and the NER in the post-Covid scenario.

 

The eastern extension of the IMTTH to Vietnam provides for such an opportunity since it establishes new/alternate sources of supply and larger markets.

The first Expo on Organic North East is set to take place from February 3rd to 5th, 2023; an immersive experience into the world of organic fruits and vegetables hosted by the Department of Agriculture in Assam and organized by the Sikkim State Cooperative Supply and Marketing Federation Ltd (SIMFED), with Krishi Jagran as the expo's media partner.

 

India has seen significant growth in organic product exports and is Asia's second-largest exporter of organic products. The most popular organic products in India are oilseeds, sugarcane, cereals and millets, cotton, pulses, medicinal plants, tea, fruits, and spices. In recent years, India's total exports have totaled 4,60,320.40 MT, valued at more than Rs 5,000 crore (US$ 770 million).

 

A high-quality exhibition from leading companies in naturals, organics, and exports, as well as agribusinesses, B2B meetings, B2C events, international and domestic buyer delegations, an International Conference, Farmers' Workshop, and government/department pavilions, will be included.

 

Key Highlights of NE's 1st Expo:

Exhibition: Over 160 organic and natural brand booths will showcase a variety of organic food and non-food products. Exporters, retailers, farmer groups, organic input manufacturers, government agencies, and others are among the exhibitors.

 

Pavilions of States: The Central and State Government pavilions will offer farmer groups various government schemes and marketing assistance.

 

Pavilions of Certification Agencies: Third-party or PGS certification, fair trade, and sustainability standards will be assisted by certification agency pavilions.

 

Pavilion of Industries: Businesses can be promoted by companies involved in food processing, packaging, testing laboratories, equipment, new technologies, and startups.

 

International Conference on: Associations across the world will also be invited to participate.

 

Buyer-Seller Meets: Buyer-seller meetings, an essential component of the Fair, bring together international and domestic buyers (including exporters, wholesalers, and retailers) with suppliers and farmer groups/FPOs to conduct actual business. B2B meetings are scheduled to meet the needs of both buyers and sellers. A dedicated Buyer Seller lounge is created at the venue.

 

International Conference: There will be a two-day knowledge-sharing conference. Top exporters from India and around the world will be invited. More than 200 delegates from various sectors attended, including farmers, traders/exporters, researchers, non-governmental organisations, and state and federal governments.

 

Farmers' Workshop: Farmers from across the state and country are attending special workshop sessions. These classes will be held in Assamese, English, and Hindi. These sessions will be led by experts in organic production and value chains. Participants will gain an understanding of market trends, demand, the organic certification process, export potential, and other aspects of organic products and natural agribusiness.

According to a study conducted by PHDCCI, India’s exports to UAE are projected at US$50 billion by 2027 as there is an untapped potential between the two countries which is being explored by the trade and Industry to enhance the trade volumes, said Industry body PHDCCI.

 

Revealed comparative advantage (RCA) and Bilateral Revealed comparative advantage (BRCA) also indicate large unexplored trade potential between the two countries, said the analysis conducted by the Industry body.

 

The Comprehensive Economic Partnership Agreement (CEPA) was signed between India and the United Arab Emirates (UAE) on 18 February, 2022.

 

Bilateral trade between India and UAE has increased from US$60 billion in 2014 to US$69 billion in 2021.UAE share in India’s exports has registered very small increase from 5.9% in 2014 to 6.4% in 2021, said PHDCCI.

 

Further, the steady share of UAE in India’s exports and imports demonstrates the mutual importance for both countries to increase their bilateral trade and investment, Industry body PHDCCI stated.

 

India had trade surplus with UAE from 2014 to 2017 but the gap between exports and imports widened after that, resulting in a trade deficit for India from 2018 onwards till now. The trade deficit of India with UAE stands at US$18 billion in 2021, as per PHDCCI.

 

Under the India- UAE trade agreement, UAE offered duty elimination on more than 97 per cent of its products which accounts for 99 per cent of India’s exports to UAE. This will create new avenues for India and open doors for the rest of the Middle East, parts of Africa and Europe, said Saket Dalmia, president, PHDCCI in a statement.

 

India’s eight major export sectors to UAE i.e. Stone and Glass, Fuels, machinery and electrical, Textile and Clothing, Metals, Chemicals, transport and Vegetables contributed around 90% in India’s total exports to UAE, Dalmia added.

 

Majority of India’s exports to UAE are in those product categories in which India has comparative advantage. In 2014, there were five product categories in which India had Revealed Comparative Advantage (RCA), but recently, the number increased to eight product categories, he said.

 

Detailed analysis of bilateral revealed comparative advantage(BRCA) carried out at HS-6 digit level (around 3479 tariff lines) reveal that India has bilateral revealed comparative advantage in 276 tariff lines which account for 5.4% of UAE’s total imports(US$15.26 billion/US$275 billion) in 2020, said the Industry body, PHDCCI.

 

Going ahead, there is India’s large trade potential yet to be fully realized with UAE, he said.

 

In light of India’s large untapped potential with UAE, and considering its futuristic growth prospects, India’s exports to UAE are expected to touch US$50 billion by 2027 along with trade surplus, Dalmia stated.

The total area under all rabi crops increased by 3.5 per cent at 682.02 lakh hectares (lh) while the sowing of wheat increased by 1.40 per cent from last year to 332.52 lh, the Ministry of Agriculture’s weekly update said.

 

The ongoing rabi season of the 2022-23 crop year (July-June) will determine many policy decisions as the Centre has been keeping a close watch on wheat production. While the lifting of the export ban has a direct linkage to the cereal’s production, there are curbs on rice exports with shipments of fully broken rice being banned and non-basmati white rice attracting 20 per cent export duty. In addition, the Centre will decide the restoration of entitlements of beneficiaries under the food security law as per their choice of food.

 

Wheat acreage has increased in Uttar Pradesh (by 2.92 lh), Rajasthan (2.52 lh), Maharashtra (1.01 lh), Bihar (0.81 lh), Chhattisgarh (0.65 lh), Gujarat (0.54 lh), West Bengal (0.09 lh), Jammu & Kashmir (0.07 lh) and Assam (0.03 lh). But there has been a drop in area in Madhya Pradesh (3.05 lh), Jharkhand (0.31 lh), Punjab (0.20 lh) and Haryana (0.19 lh).

 

Progress in paddy

Winter-sown paddy has been transplanted on 6.60 lh more area at 26.22 lh until Friday, which is 33.6 per cent higher from the year-ago period. This is likely to partially offset some losses seen in the kharif season after drought-affected yield in eastern parts of the country.

 

Pulses acreage has increased marginally to 161.09 lh against 159.44 lh in the year-ago period. The acreage of major winter-grown pulse chana (gram) is marginally down at 109.56 lh but masur (lentil) is up 6 per cent at 18.38 lh.

 

In the case of oilseeds, the acreage has increased to 107.52 lh as of January 13 against 99.65 lh in the year-ago period. Mustard and taramira area remains higher at 96.85 lh, up by 8 per cent.

 

The area under nutri-cum-coarse cereals has increased to 50.02 lh against 47.71 lh in the year-ago period. The acreage of maize is up by 21.1 per cent at 19.95 lh from 16.47 lh. The coverage of barley, which is mainly used by the distilleries for beer manufacturing, has jumped 9.7 per cent to 7.4 lh from 6.74 lh.

Plant-based food products are finished food products composed from components derived from plants, such as fruits, vegetables, whole grains, nuts, seeds and legumes. A growing section of the population is opting for plant-based food products, especially plant-based 'meat', to lead better and healthier lifestyles. According to a research conducted in 2020, 62.8% Indians are extremely likely to buy plant-based products, while 48.7% of the Indian population would still choose to eat meat from conventional sources.

 

The recent episode of the global Covid-19 pandemic helped accelerate the push towards plant-based products like never before. The pandemic made people realise the value of life, thus compelling many to switch to healthier lifestyles in that phase. The transition towards plant-based foods is growing as people are consciously cutting down on consumption of traditional meat sources.

 

Plant-based foods offer a lower fat content, higher fibre content, better control over weight management, equivalent amounts of nutrition through cleaner and leaner foods and easier digestion as compared to the conventional sources of meat.

 

Not just India, the global market is also experiencing a growth trend in the demand for plant-based foods. Analysts predict the growth of the plant-based market in India at a CAGR of 19.75% by 2025 and estimate its value at Rs 81,000 crore. The colossal increase in the demand proves that people are eager to switch to better control over their health and are well aware of the benefits of these products.

 

Opting for plant-based products also carry major environmental and moral benefits. Studies have proven that the meat industry is responsible for almost 60% of all greenhouse emissions from food production. Apart from the environmental advantage, dependency on vulnerable livestock animals is also reduced, thereby making such foods cruelty-free.

 

Apart from the plant-based meat industry, the market for plant-based milk alternatives is also on the rise. With easy access to the informational content and a higher awareness of self, many people possess knowledge about lactose intolerance and conditions resulting from dairy products. Hence, the demand for plant-based dairy products is rising.

 

Additionally, plant-based dairy products also come with a certain level of fortification as they don’t have nutritional content present in them naturally when compared with dairy products. Fortification increases their nutritional value to be either equivalent or higher than the dairy products.

 

The benefits of adopting a plant-based diet include improved health and reduced risk of obesity, diabetes and cancer. It also reduces carbon footprint and helps conserve natural resources. A study conducted in 2021 showed that use of animals for food is responsible for 57% of all food production emissions. Large areas of additional land are needed to grow the feed that grazing animals need, and this additional land is frequently cleared by cutting down trees in forests. According to the study's calculations, most of the cropland in the world is utilised to feed cattle rather than people. Additionally, livestock emit a significant amount of methane, a potent greenhouse gas.

 

Extensive promotion and marketing of these products by famous personalities have led to a monumental impact on the consumers, which justifies the surge in sales. As the plant-based products market is just picking up steam in India, consumers are at advantage due to the competitiveness between multiple manufacturers. To stay buoyant, manufacturers will have to rely heavily on technology to ensure that they are ahead of their competitors.

 

In addition to technology, manufacturers must introduce innovation in terms of product variants and their taste to be relevant in the Indian market, as Indian food offers diversity in taste and cuisine. It is an uphill task for the manufacturers to strike a chord with the consumers in that regard.

 

Another huge challenge for the plant-based food manufacturers, specifically the plant-based meat manufacturers, is replicating the exact taste, texture, taste, feel and appearance of the traditional meats. Further, plant-based foods lack in essential nutrients like Vitamin B12 and calcium. Nutrient deficiency is a common problem faced by people who have adopted vegan diet.

 

Although plant-based foods are more nutritious given their low fat and cholesterol contents, people following veganism are prone to nutrient deficiency. Hence, fortification is a must for such products. Along with fortification, research is required to find more sources of high quality protein and other nutrients.

 

In the current market, plant-based food products are more expensive than conventional meat sources. This could prove to be a deal-breaker for the consumers looking for cost-effective plant-based food products. Apart from the mentioned issues, the plant-based food products stare at a logistical supply chain problem.

 

As most of the plant-based foods require cold storage facilities even while transportation, manufacturers fail to find a proper channel for supply and distribution of their products. Resultantly, it affects the availability of those products scarce in the local market. Consumers have to rely on a limited number of channels, most likely the manufacturers’ websites, for buying their products. In addition to these challenges, the regulatory struggles for the plant-based food industry are higher than other food tech industries.

 

Although the plant-based food industry is still in its formative years, its demand is only growing. With the right approach, pricing and strategy, manufacturers of plant-based food products could be a hit with the consumers.

 

Undoubtedly, the category is revolutionary and is certainly aimed at creating a healthy wave amongst the consumers. It provides a higher quality and cleaner source of protein than its traditional meat counterparts. An increasing number of health-conscious consumers are driving this sector towards success. A lot of confusion still exists in consumers’ minds regarding plant-based substitutes, but the market is performing good, thanks to the influence of celebrities and prominent personalities through advertisements and marketing.

 

A larger section of consumers is already aware of the benefits of plant-based food products. The boom in the plant-based food industry is not far away from being the daily preference in Indian homes.

India’s 12 major ports have seen a 9 per cent increase in traffic handled, y-o-y, for the April – December period. Total cargo handled include 576.63 million tonnes for the period under review.

 

Cargo handling in the year ago period stood at 529 mt, data from the Indian Ports Association showed.

 

Increase in traffic came on the back of a 35 per cent rise in thermal coal handling, which stood at 98 mt as against 72 mt in the year-ago period. This was followed by an increase in coking coal handling, which increased by over 16 per cent y-o-y to 43.25 mt (against 37.2 mt).

 

The twelve major ports include Kolkata and Haldia Dock Systems (together known as Syama Prasad Mookherjee Port), Paradip, Vishakhapatnam, Kamarajar (or Ennore), Chennai, VO Chidambaranar, Cochin, New Mangalore, Mormugao, Mumbai, Jawaharlal Nehru Port Authority and Deendayal.

 

Petroleum and other crude products like LPG/LNG was the largest item handled, in terms of volume, across the 12 ports. Around 176 mt of POL (petroleum, oil and lubricants) was handled during the period under review, up 8 per cent y-o-y when 163 mt was handled.

 

Interestingly, data from the association shows that iron-ore (including pellet) handling saw an over 20 per cent decline for the nine-month-period (9MFY23), to 29.7 mt. Iron ore shipments handled during the same period last year was 37.2 mt.

 

The other item which saw a fall in cargo handling was raw fertilisers; down by 5 per cent-odd to 6.3 mt (apprx).

 

Paradip Port

Of the major ports, traffic handled by Paradip was the highest at 96.7 mt, up 16 per cent y-o-y . Pradip accounted for 17 per cent of the total traffic. Nearly, 12.6 mt was thorough-put for December only — the highest ever for the year.

 

Thermal coal handling at the port increased by 15 mt, or by 71 per cent y-o-y, to 36 mt. Coking coal handling, however, declined by 4 per cent to 10.2 mt, data from Indian Ports Association showed.

 

Syama Prasad Mookherjee (SMP Kolkata), Vishakhapatnam, Chennai, New Mangalore and Chidambarabar were among the ports that saw significant increase in coking coal handling. In fact, SMP- Kolkata reported the highest coking coal handling at 17.2 mt, up 58 per cent, y-o-y.

 

Chennai, Cochin, SMP-Kolkata and JNPA did not see any thermal or steam coal handling during the period, while others like Vishakhapatnam, Ennore, Deendayal were amongst those that saw an increase in coal cargo.

India hosted a special virtual Summit - 'Voice of Global South Summit' under the theme 'Unity of Voice, Unity of Purpose' on 12-13 January 2023. The Summit encompassed inaugural and concluding sessions at Head of State / Government level, and hosted by the Prime Minister, and 8 Ministerial sessions hosted by respective Cabinet Ministers of India.

 

Union Minister of Commerce and Industry, Consumer Affairs, Food and Public Distribution and Textiles, Shri Piyush Goyal, hosted the Commerce and Trade Ministers’ Session, today, on the theme - ‘Developing Synergies in the South: Trade, Technology, Tourism, Resources’. Hon’ble Ministers from 13 countries, namely, Benin, Bosnia and Herzegovina, Burundi, Central African Republic, Côte d'Ivoire, Democratic Republic of Congo, Gabon, Haiti, Malaysia, Myanmar, South Sudan, Timor Leste, and Zimbabwe, participated in the Session.

 

Delivering his opening remarks, the Minister called upon countries of Global South to forge new partnerships and mechanisms so that the voice of the Global South is reflected on the decision-making table. The Minister said the objective of the Summit is to pay attention to the issues pertaining to the Global South and those issues before key global forums like G20, the UN and other multilateral settings. Touching upon the theme of the Session, Shri Goyal said these are the key pillars for development of the countries of the South.

 

Highlighting the impact of COVID-19 on global trade and particularly on developing countries, he stressed upon the need to work together to build resilient supply chains. He also emphasised upon the need for de-politicization of the global supply of essential medicines. He said, “At the WTO Ministerial Conference held in Geneva in June 2022, India, South Africa, and other developing countries worked together to obtain the TRIPS waiver decision providing equitable and affordable access to vaccines. We shall redouble our efforts at the WTO to get the TRIPS waiver extended to COVID-19 diagnostics and therapeutics.'

 

Shri Goyal highlighted that the countries of the Global South are now contributing more than half of the world’s economic growth with South-South trade touching $5.3 trillion in 2021. In this regard, he urged for enhanced trade linkages for the mutual benefit of all our countries.

 

Mentioning that India is providing unilateral duty-free market access to the least-developed countries (LDCs) since 2008 through the duty-free tariff preference (DFTP) scheme of India, he said that India is also open to enter into Preferential Trade Agreements (PTAs) with interested countries in the South.

 

Calling Connectivity as a defining factor for success in the developing world, Shri Goyal spoke of India’s National Logistic policy (NLP) and the PM-Gati Shakti as the steps in this direction. He said countries of the Global South can work together to exchange best practices in models of connectivity that we employ in our countries.

 

Shri Goyal said southern countries are also helping to drive world investment. Indian companies are also investing abroad in a big way, including in the Southern countries. Financial cooperation between developing countries is also enabling developing countries to engage more in the global policy debates and shape the international agenda.

 

Emphasising on the use of technology for development, Shri Goyal shared India's experience that an inclusive digital architecture can bring about socio-economic transformation. He cited examples of UPI which has transformed India's Digital Payment Landscape, CoWIN platform which played a key role in the success of India’s COVID-19 vaccination programme.

 

On tourism, Shri Goyal noted developing countries are now fast emerging from the impact of covid, and the tourism sector has picked up in the last one year. He called for working together with the countries of the Global south to promote tourism. Shri Goyal noted that many countries of the South have huge deposits of these resources and emphasised that we should work closely to use such resources for the benefit of the South.

 

Shri Goyal concluded by stating that India is ready to share its development experience with the global South, and are eager to learn from other fellow countries and bring forth the matters of our common concern for further discussion and cooperation towards our joint sustainable and inclusive growth.

 

Russian VTB bank, Russia’s second largest bank, launches direct payments in rupees in what would boost bilateral trade and investments in a big way.

 

Russian SME clients can now make transfers without double conversion, which simplifies the work on foreign trade contracts with India.

 

The mechanism of direct settlements allows to fix the price of a product and the payment in the national currency, and to receive individual quotes on market terms.

 

It also eliminates preliminary coordination of the transactions, according to the VTB’s press service.

 

Nine Russian banks, including VTB, opened special vostro accounts in India to facilitate Russian-Indian trade in November 2022. Certain Indian banks opened special Vostro accounts for trade with Russia.

 

VTB Bank and its subsidiaries form a leading Russian financial group – VTB Group uniting VTB banks located in different countries and offering a wide range of corporate banking services and products.

Union minister for industry and commerce Piyush Goyal has said that India and the United States (US) have decided to use the Trade Policy Forum (TPF) ministerial meetings to focus on the big picture of the trade relationship, and not get bogged down by squaring off item-by-item market access related details.

 

The big focus in the relationship now includes deepening partnerships on semiconductor manufacturing and defence production, where Goyal said that India, unlike other countries, 'did not steal technology', in what appeared to be a reference to China. He added that given the political decision in the US not to sign any free trade pacts with any country, an India-US FTA was not a part of the discussions.

 

Responding to a question from HT on whether, even as the intent and nature of discussions were positive, the TPF outcomes had been incremental and therefore disappointing, Goyal said that the two countries now envisioned the forum in a different framework.

 

'There are market access issues which don’t come into the TPF in terms of the detailing. Both (US Trade Representative) Katherine Tai and I decided that we should leave those details to the officials to work on and continuously expand,' Goyal said.

 

He added that they had decided 'to move on' from the 'one is to one, we will open table grapes for you, you open mangoes for me...level of the discussion' that was in the mini-trade deal once envisaged between the two countries or in earlier discussions.

 

'Katherine Tai and I decided that this is not the age and day to look at I give you one item, you give me one item, and we square off issues. We both agreed we should look at the big picture, what’s good for both countries, and at the ministerial level, we set the context in which the officials then find the day-to day solutions. We did not believe that at the ministerial level, we should be putting down on paper, going forward, that on mangoes, I do this, on grapes, you do this, on pork, you do this. Those are for officials to work out.'

 

Goyal said that on specific issues, progress has happened on many of these items and there was ongoing work between different agencies and departments.

 

'We focus on the big picture. Let’s respect each other’s sensitivities, and while respecting those sensitivities, let’s move forward and fast-track our on-the-ground outcomes. Let’s move out of this one is to one ratio-based outcomes.'

 

Giving examples of what he termed the big picture, Goyal cited semiconductor manufacturing and defence and contrasted India’s credentials with others.

 

'We are looking at much deeper engagement with the US on semiconductor manufacturing. Several American companies are looking at the big Indian opportunity on defence production, making it competitive, giving an opportunity to tap into the large Indian market where we are encouraging make in India products. They feel comfortable working with India because unlike other countries, we don’t steal technology.'

 

The minister said India respected the sanctity of technology, allowed companies to keep technology, didn’t demand technology transfer and pointed out that while India allowed 74% ownership in the automatic route in defence production, it even allowed 100% ownership on a case-by-case basis in an expedited manner.

 

'Our effort in both meetings — with both Tai and commerce secretary Gina Raimondo — has been on the big picture. And, therefore, I would disagree that it is more about intent and less about substantive outcomes. I think there is a greater substantive outcome this time around than the last because we have set the principles on which this engagement can go on a fast-track.'

 

Responding to a separate question on the fate of a mini trade deal — which was a subject of discussion with the earlier Trump administration — Goyal said that it was 'too mini' to merit any great effort on both sides. 'We have even forgotten most of these issues and are looking at much bigger ambitions in our trade with the US.'

 

The minister pointed out that India has recently signed a set of free trade deals but the US is not looking at any free trade deals with any country 'as a matter of their political policy'. 'So that’s not on the table. We are focusing on greater market access, ease of doing business and looking at much larger footprint for trade, investment and business and small mini trade deals have lost relevance today.'