India decided on Tuesday to lift the ban on exports of organic non-basmati rice, including broken rice after the easing of domestic supplies moderated prices.

 

The government had, in early September, banned the export of broken rice with an aim to increase domestic availability.

 

This followed a 20 per cent duty on the export of non-basmati rice aimed at shoring up domestic supplies after prices surged in retail markets.

 

In a notification, the Directorate General of Foreign Trade said the export of organic non-basmati rice, including organic non-basmati broken rice, will now be governed by rules that prevailed before the September ban.

The Finance Ministry has called a meeting of CEOs of banks, including top six private sector lenders, on December 5 to discuss ways to promote cross-border trade in the rupee instead of the US dollar. Besides, sources said the meeting to be attended by other stakeholders, including senior officials of external affairs and commerce ministries, will review the progress made on this front so far.

 

Financial Services Secretary Vivek Joshi will be chairing the meeting and is also likely to see attendance from representatives of the Reserve Bank of India and Indian Banks' Association (IBA), sources said.

 

Following detailed guidelines from the Reserve Bank of India (RBI) on cross-border trade transactions in domestic currency in July, about nine special vostro accounts have been opened with two Indian banks to facilitate overseas trade in the rupee.

 

Sberbank and VTB Bank -- the largest and second-largest banks of Russia, respectively -- are the first foreign lenders to receive the approval after the RBI announced the guidelines.

 

RBI as per the guidelines decided to put in place an additional arrangement for invoicing, payment, and settlement of exports/imports in INR.

 

Another Russian bank Gazprom, which does not have its bank in India, has also opened this account with Kolkata-based UCO Bank.

 

The move to open the special vostro account clears the deck for settlement of payments in the rupee for trade between India and Russia, enabling cross-border trade in the Indian currency, which the RBI is keen to promote.

 

The RBI has allowed the special vostro accounts to invest the surplus balance in Indian government securities to help popularise the new arrangement.

 

UCO Bank already has a vostro account-based facility in Iran. Gazprombank, or GPB, is a privately-owned Russian lender and the third-largest bank in the country by assets.

 

'Indian importers undertaking imports through this mechanism shall make payment in INR, which shall be credited into the special vostro account of the correspondent bank of the partner country, against the invoices for the supply of goods or services from the overseas seller/supplier,' RBI had said earlier.

Telangana chief minister K Chandrashekar Rao said that the state government would further encourage the export of paddy to other states by processing the raw material into rice. He said that the state would protect the interests of farmers and rice millers.

 

By Abdul Basheer: Telangana Chief Minister K Chandrashekhar Rao made it clear that Telangana will further encourage paddy export to other states by processing it into rice. KCR also announced that 2 per cent CST (Central Sales Tax) dues would be waived. The CM reiterated that the Telangana government will protect the interests of Telangana rice millers and farmers by encouraging rice exports.

 

Earlier, in the case of rice export from Telangana to other states, there was a policy of providing a 2 per cent concession on CST dues if Form C was filed.

 

The rice millers' representatives have stated they were suffering financial loss due to not providing a 2 per cent tax concession. They complained to the government several times that the purpose of the C form was to verify whether the rice has been exported or not, and if it is not there, how will their right be cancelled.

 

They requested the government to look into other methods to verify their exports instead of Form C. They said that they would submit any proof like loading, releasing, certificates, lorries, railway permits, waybills, etc.

 

During KCR’s visit to Damaracharla, Telangana Rice millers association representatives, accompanied by Minister Jagdish Reddy, Miryalagudem MLA Bhaskar Rao along with Rythubandhu Samiti President, Palla Rajeshwar Reddy, met him and requested that justice be done to them.

 

After examining their request, the CM realized that it was not only in the interest of the Telangana rice millers but also in the interest of the Telangana farmers. The CM directed chief secretary Somesh Kumar to look into their issue and take immediate action to assist them.

 

On behalf of the Telangana rice millers and farmers, MLA Nalamotu Bhaskar Rao and Rythu Bandhu president Palla Rajeshwar Reddy thanked KCR for accepting the millers’ request and issuing the GO immediately.

Onion prices have remained stable in the last two years thanks to the rise in onion production and an improvement in storage facilities at the farmers’ level.

 

The usual seasonal spike in prices of onion, a political hot potato, especially during October-November, has not been witnessed in the past two years as there have been adequate supplies.

 

'Storage of rabi onion at the farm level has improved in the last couple of years and production has increased too,' Balasaheb Misal, former director, Manmard (Maharashtra) mandi board and an onion farmer, told FE.

 

Currently, mandi prices in Lasalgaon, Nasik, Maharashtra, the hub of onion trade, is ruling around Rs 12-14/kg against Rs 22-23/kg a year ago.

 

According to the department of consumer affairs, the modal retail price of onion is currently around Rs 28/kg against Rs 40/kg a year ago.

 

Onion price inflation was down 20.5% on year in October 2022.

 

As per the seasonality pattern, rabi onion is harvested during April-June, which accounts for around 65% of the country’s onion production and meets the consumers’ demand till the kharif crop is harvested in October-November. Kharif onions are not stored because of a higher moisture content, thus entering the market directly.

 

According to the third advance estimates of horticultural crops production for the 2021-22 crop year (July-June) released last month, the production of onion rose by 17% to 31.2 million tonne (MT) in 2021-22 against 26.6 MT reported in the previous year.

 

According to rating agency Crisil, the rabi onion harvest was 20 MT for 2021-22 season, which was an increase of 17% from the previous year. The agency has predicted a moderate price rise of 4-5% in onion prices till December 2022.

 

In December 2019, retail onion prices touched Rs 100 a kg in many cities, resulting in the government’s ban on onion exports. An official said since January 2021, there has not been any ban on onion exports as used to be a few years back.

 

India exported 1.5 MT of onion valued at $468 million in 2021-22. Bangladesh and Malaysia had 46% and 12% share, respectively, in total onion exports in the last fiscal.

 

Close to a million tonne of onion worth of $208 million has been exported during April-August of the current fiscal (2022-23).

 

'Besides focussing on traditional countries such as Bangladesh, Malaysia and the UAE, we are aiming at expanding onion exports to non-traditional markets such as Indonesia,' M Angamuthu, chairman, Agricultural and Processed Food Products Exports Development Authority (APEDA), said.

 

He said the financial assistance is being provided to onion exporters for building required infrastructure for boosting exports. Also, APEDA has formed the Onion Export Promotion Forum, which has representatives from concerned ministries, exporters, state agriculture department, Research Institute, etc.

 

Maharashtra, Madhya Pradesh, Karnataka and Gujarat contribute 75% of the country’s onion production.

 

To curb any possibility of spike in prices, the farmers’ cooperative Nafed had procured 0.25 MT of rabi onion in the 2021-22 season (July-June) for creating a buffer stock which was currently released in the market.

CAIRO, Nov 28 (Reuters) - Egypt's state grains buyer will be able to make international wheat purchases through a newly-launched exchange that is also aimed at eliminating local price distortions, its chairman said.

 

With grain markets disrupted this year by fluctuating prices and the war in Ukraine, Egypt's General Authority for Supply Commodities (GASC) has been diversifying its purchasing methods.

 

State-run GASC recently opted to buy directly from global suppliers, instead of through its traditional tender system, as it looks for more competitive offers.

 

GASC can also procure local wheat from farmers via the exchange, Ibrahim Ashmawy, deputy supply minister and chairman of the exchange, told Reuters on Sunday.

 

'If today GASC is a seller (on the exchange), tomorrow it can be a buyer,' Ashmawy said. 'It'll have different channels.'

 

GASC had asked global suppliers to register at the bourse by November, but traders said there was confusion over whether the suppliers or their local agents were required to do so.

 

Egypt, typically the world's largest importer of wheat, launched the new commodities exchange on Sunday, the supply ministry said in a statement, with GASC offering 12,000 tonnes of Russian wheat from its reserves to private sector mills.

 

The new exchange is designed to operate as a spot market with prices determined by supply and demand. For now, it is operating on a 'closed bidding' system, where bidders submit offers in a sealed envelope and GASC selects the best one.

 

The move follows complaints by private importers and mills in Egypt struggling to pay for hundreds of thousands tonnes of wheat stuck at ports because of a dollar shortage that has curtailed imports, causing a spike in bread and flour prices.

 

'We are in dire need for the exchange in order to regulate the market. The market is not in its best shape and there's a lot of price distortions,' Ashmawy said.

 

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On the first day of trading on Sunday, wheat was sold at 9,750 Egyptian pounds ($397) per tonne in 18 transactions, the supply ministry said on Monday.

 

Two hundred companies, including 36 mills, have so far registered on the exchange in Cairo, where the Egyptian government is studying the possibility of trading 10 more commodities, including rice, gold and steel.

British Prime Minister Rishi Sunak has reiterated the UK's commitment to a Free Trade Agreement (FTA) with India as part of the country's wider focus on enhancing ties with the Indo-Pacific region.

 

Delivering a talk Monday night at the Lord Mayor of London's Banquet -- his first major foreign policy speech since taking charge at 10 Downing Street last month -- the British-Indian leader reflected upon his heritage and committed to promoting British values of 'freedom and openness' around the world.

 

He also pledged to 'do things differently' when it came to China, which he said poses a 'systemic challenge' to British values and interests.

 

'Before I came into politics, I invested in businesses around the world. And the opportunity in the Indo-Pacific is compelling,' said Sunak.

 

'By 2050, the Indo-Pacific will deliver over half of global growth compared with just a quarter from Europe and North America combined. That's why we're joining the Trans-Pacific trade deal, the CPTPP, delivering a new FTA with India and pursuing one with Indonesia,' he said.

 

'Like many others, my grandparents came to the UK, via East Africa and the Indian subcontinent and made their lives here. In recent years, we've welcomed thousands of people from Hong Kong, Afghanistan, and Ukraine. We're a country that stands up for our values, that defends democracy by actions not just words,' he noted.

 

On China, Sunak said he wants to 'evolve' the UK's approach as he distanced his government from a slogan used by the previous Conservative Party led government to describe UK-China bilateral relations just over seven years ago.

 

'Let's be clear, the so-called 'golden era' is over, along with the naive idea that trade would lead to social and political reform. But nor should we rely on simplistic Cold War rhetoric. We recognise China poses a systemic challenge to our values and interests, a challenge that grows more acute as it moves towards even greater authoritarianism,' he cautioned.

 

The 42-year-old former chancellor admitted that the UK cannot simply ignore China's 'significance' in world affairs, something he pointed out that other leading economies such as the US, Canada, Australia and Japan also acknowledge.

 

'So together we'll manage this sharpening competition, including with diplomacy and engagement. Much of this is about dramatically improving our resilience, particularly our economic security,' said Sunak.

 

Reiterating his pro-Brexit vision, Sunak ruled out any alignment with European Union (EU) law in favour of cooperation on shared issues such as illegal migration. He also committed the UK to standing by Ukraine in its conflict with Russia as part of Europe's 'collective resolve' to protect democratic values.

 

'After years of pushing at the boundaries, Russia is challenging the fundamental principles of the UN Charter. China is consciously competing for global influence using all the levers of state power. In the face of these challenges, short-termism or wishful thinking will not suffice. We can't depend on Cold War arguments or approaches, or mere sentimentality about the past. So, we will make an evolutionary leap in our approach,' he declared.

 

Sunak confirmed that further detail on the UK's foreign policy outlook will be laid out in an updated 'Integrated Review' in the new year, which will also cover closer collaboration with the Commonwealth.

 

'Under my leadership, we won't choose the status quo. We will do things differently. We will evolve, anchored always by our enduring belief in freedom, openness and the rule of law and confident that in this moment of challenge and competition our interests will be protected... and our values will prevail,' he concluded.

 

The Lord Mayor's Banquet at Guildhall in the financial heart of London is an annual event where the UK prime minister addresses business leaders, international dignitaries and foreign policy experts on the subject of foreign policy.

The Afghan Ministry of Industry and Commerce (MoIC) said that it has signed a new Air Corridor Agreement with India to enable air trade between the two countries.

 

Trade between the two South Asian neighbours had come to a standstill after the Taliban fighters took over Afghanistan in August 2021 following withdrawal by the American and NATO troops.

 

Afghan news agency Ariana News quoted MoIC spokesperson Abdul Salam Jawad as saying that export of “Afghanistan’s commercial commodities to India continues through Wagah port and that in the past year, the country has exported more than 14 billion afghanis via the port”. India is a big importer of saffron, dry fruits and asafoetida.

 

Jawad added that cargo flights between Afghanistan and India will increase exports of fresh and dry fruits, handicrafts and other commercial items, giving a boost to the Afghan economy.

 

Before the Taliban takeover, the two countries carried out trade through two air routes – Kabul-Delhi and also Kabul-Mumbai. The second route had been opened only in December 2017 for India to import fresh fruits and medicinal plants from Afghanistan. This was started after observing the success of the Kabul-Delhi route inaugurated by then Afghan president Ashraf Ghani in June-2017.

 

The cash-strapped Taliban government remains a pariah with international governments due to its resistance to include minorities and women in governance.

 

India has not accorded recognition to the Taliban government but has been providing humanitarian assistance in the form of food, vaccines and medicines. India has been routing its wheat through Pakistan and has also sent aid during natural calamities.

India and its strategic importance found a special mention as Canada launched its Indo-Pacific strategy with an aim to balance China.

 

India’s strategic importance and leadership—both across the region and globally—will only increase as India—the world’s biggest democracy—becomes the most populous country in the world and continues to grow its economy, the strategy paper pointed out.

 

“India’s growing strategic, economic and demographic importance in the Indo-Pacific makes it a critical partner in Canada’s pursuit of its objectives under this strategy. Canada and India have a shared tradition of democracy and pluralism, a common commitment to a rules-based international system and multilateralism, mutual interest in expanding our commercial relationship and extensive and growing people-to-people connections,” according to the strategy paper released by the Canadian Foreign Minister.

 

In its engagement with India, Canada will grow economic ties, including through deeper trade and investment, as well as cooperate on building resilient supply chains. Ottawa will further seek to expand market access by concluding an Early Progress Trade Agreement (EPTA) as a step toward a Comprehensive Economic Partnership Agreement, the strategy paper hoped.

 

The strategy paper also announced to create a Canada-India desk within the Trade Commissioner Service to promote implementation of the EPTA for businesses and investors looking to enter the Indian market, or for those partnering with Indian businesses.

 

It further announced to invest in and connect people, including by bolstering Canada’s visa-processing capacity in New Delhi and Chandigarh and support academic, educational, cultural, youth and research exchange.

 

The paper also suggested to accelerate cooperation in the fight against climate change, in protecting the environment and in deploying green technologies and send enhanced Team Canada trade missions in priority sectors of mutual interest, such as renewable energy and clean technology.

Dambuk valley is called the ‘Orange Bowl of Arunachal Pradesh’, and the sweet juicy oranges produced in the valley in the Roing district are known as Dambuk Orange.

 

Itanagar: After Pineapple and Pumpkins, the Oranges of the Northeast are all set to reach the International market. The first consignment of the famous Oranges from Dambuk in Arunachal Pradesh is likely to reach Dubai by December 30. Dambuk valley is called the ‘Orange Bowl of Arunachal Pradesh’, and the sweet juicy oranges produced in the valley in the Roing district are known as Dambuk Orange.

 

Chief Minister Pema Khandu flagged off the 6 MT consignment from Roing on Saturday. CM Khandu termed the move as a remarkable feat and said that the state administration is placing unwavering efforts to transform Arunachal Pradesh into the ‘fruit bowl of India’.

 

An initiative undertaken by the Arunachal Pradesh Agriculture Marketing Board (APAMB) in collaboration with Agricultural and Processed Food Products Export Development Authority (APEDA) and Lulu Group International, the effort is supported by the Mission Organic Value Chain Development for North East Region (MOVCD-NER).

 

Taking to Twitter, the Arunachal CM wrote “How happy and proud I am to see our oranges from Dambuk being exported to Dubai. With government support and our farmers’ continued effort, Arunachal Pradesh is surely on its way to becoming the fruit bowl of India. Truly a remarkable feat!”

 

Dambuk is located 30 km towards west from District headquarters Roing. It is 268 km from State capital Itanagar towards the West. It is one of the 60 constituencies of Legislative Assembly of Arunachal Pradesh.

 

Every year the Dambuk  Orange and Music Festival, known to be India’s first adventure and music festival, is organised to celebrate the juicy fruit and has a great lineup of shows this year too after the gap of two years for the pandemic.

 

Scheduled to be held from December 15 to 18 2022, the festival will host national and international music stars as a part of the celebration.

The ‘food animal’ tag will become official once it is notified in the gazette after approval by competent authority.

 

Yak farmers of Himalayan highlands have a reason to cheer as the scientific panel of the Food Safety and Standard Authority of India has approved the recommendation of the Department of Animal Husbandry & Dairying to declare Himalayan yak as a food animal. 

 

The ‘food animal’ tag will become official once it is notified in the gazette after approval by a competent authority. “The reason why the yak population is decreasing is yak farming is less remunerative. The animal’s milk and meat are not part of the conventional meat and dairy industry and are consumed only locally. Also, there is no big market,” Mihir Sarkar, director of ICAR-National Research Centre on Yak, Department of Agricultural Research and Education, Ministry of Agriculture, told this newspaper. He said if yak is declared a  food animal, the economic benefits it could bring may encourage more people to take up yak farming.

 

Yak milk is highly nutritious. It is rich in fat and protein and contains many essential minerals. It is also deemed to have medicinal value. As per the nutritional analysis, yak milk contains 78-82% water, 7.5-8.5% fat, 4.9-5.3% protein, 4.5-5.0% lactose and 12.3-13.4% fat and solids-not-fat. Traditional yak milk products are central to the cuisine of the highlanders. 

 

Yak meat is considered lean and better than beef. India has around 58,000 yaks, found on the heights of Arunachal, Sikkim, Himachal and Ladakh. In Arunachal, their population is estimated at 24,000, found in Tawang, West Kameng and Shi Yomi districts. Though the animal has intense socio-cultural significance to the pastoral rearing communities, the past few decades witnessed a decline in its population. The decline is partly blamed on a lack of interest on the part of today’s youngsters to engage in yak rearing as it is a demanding job that offers very less in return.