The government has formulated a strategy to boost export of nutri-cereals — millets and valued-added products — to major markets like the US, the United Kingdom, Belgium, Netherlands, Japan, the United Arab Emirates and Saudi Arabia. From $64 million in 2021-22, the shipment of nutri-cereals could cross $100 million by 2023-24, according to an official source.

 

The Agricultural and Processed Food Products Development Authority, in collaboration with Indian missions, would organise a series of events abroad to promote millet products through hyper markets, retailers and corporates commencing next month. Stating that the government is working on mission mode on increasing millet production, agriculture minister Narendra Singh Tomar said on Thursday that the focus of the public distribution system will shift from providing basic calories to people to a more diverse food basket that includes millets to improve the nutritional status of people, especially pre-school children and women of reproductive age.

 

External affairs minister S Jaishankar called for increasing global production for millets for dealing with three critical challenges — climate change, Covid19 and (geopolitical) conflict — which have adversely impacted global food security. 'Each of three Cs have impacted food security, putting the global economy at risk due to the concentration of production centres and trade disruption,' Jaishankar said while addressing the high commissioners and ambassadors based here at a pre-launch event. The year 2023 would be celebrated by the United Nation General Assembly as the International Year of Millets.

 

The conflict in Ukraine, a major wheat exporter, led to an escalation in global food prices, speculation and shortages. 'There are also growing concerns of climate change that can lower production but also disrupt trade,' Jaishankar said.Millets are grown in 130 countries, including India, and a concentrated push by these countries for nutri-cereals would enhance food security, increase self-reliance and global availability, he noted.

 

India, the world’s largest millet-producing nation, with around 41% share in global output, raised domestic production from 13.17 million tonne (mt) in the 2018-19 crop year (July-June) to a record 16 mt in the 2021-22 crop year. According to the agriculture ministry, India has more than 500 startups in the millet value addition food chain. The Indian Institute of Millets Research has incubated 250 startups.

 

Millets were notified as nutri-cereals by the government in April 2018 and these cereals were included under the POSHAN mission, as they are a rich source of protein, fibre, minerals, iron and calcium, and have a low glycemic index. Rajasthan, Maharashtra, Karnataka, Gujarat and Madhya Pradesh have a share of more than 60% in the total millet production.

India hosted Iran’s deputy foreign minister on Wednesday amid a bid to boost connectivity and political ties days after external affairs minister S Jaishankar hosted his counterparts from the United Arab Emirates (UAE) and Syria.

 

'Pleased to receive Iranian deputy foreign minister for political affairs@Bagheri_Kani. Discussed our bilateral cooperation, regional issues and JCPOA,' Jaishankar tweeted following his meeting with Kani.

 

India’s Connectivity to Eurasia via INSTC and Chabahar Port figured high on the agenda of the meeting, said people aware of the matter. Southeast Asian countries including Vietnam are also keen to use the Chabahar Port to push trade ties in the region. INSTC is a key tool that has pushed India-Russia trade since last March.

 

Iran has strong ties with Syria and its ties with the UAE have improved.

 

Kani’s visit comes within months of Prime Minister Narendra Modi’s maiden summit with Iranian president Ebrahim Raisi on the sidelines of the Shanghai Cooperation Organisation (SCO) summit in Samarkand. India is also keen to revive energy imports from Iran.

 

Iran’s entry into the SCO will boost India’s Eurasian outreach, ensuring seamless coordination between India and Iran and Eurasian states besides Russia, said the people. Iran will be present at the SCO summit hosted by India in mid 2023.

 

India has also said that entry of Iranian oil in the market will address global energy security to some extent.

 

There has been a flurry of engagements between India and Iran this year, with a focus on strengthening connectivity mechanisms, especially INSTC and Chabahar Port.

 

Iran is central to India’s plan to increase engagement with Russia and Central Asia, besides the rest of Eurasia. Russia, Iran and Azerbaijan are reportedly entering into a trilateral arrangement to smoothen functioning of the INSTC.

 

Iran’s exports to India increased 35% year-on-year to $361 million in the first seven months of 2022, bulk of which were food items.

 

In the January-July period, India’s exports to Iran surged 54% year-on-year to $1.243 billion.

 

In late May, the then Iranian ambassador to India said the two countries are trying to diversify the channels of payments to expand bilateral trade.

 

India is expanding its maritime partnership with Iran alongside the recent moves to boosting infrastructure in the strategically located Chabahar Port. The two sides have signed a memorandum of understanding (MoU) on Mutual Recognition of Seafarer’s Code of Conduct for Unlimited Voyages coinciding with a visit of ports, shipping and waterways and Ayush minister Sarbananda Sonowal to Iran. This will result in training exercises of Iranian seafarers in India.

 

The MoU will open new vistas of cooperation in the Western Indian Ocean Region (IOR) as both India and Iran are IOR states, said people aware of the matter. India is eyeing a trilateral maritime cooperation involving Oman and Iran in the long run.

 

The Iranian government is also ready to conclude a long-term contract with India, prioritising the development of transit of goods through the Chabahar port. This contract will also aim at ramping up activities of the INSTC.

 

Sonowal had visited the Shahid Beheshti terminal at the Chabahar Port to hand over six mobile harbour cranes to the Indian Ports Global Chabahar Free Trade Zone at the port. During the visit, the two countries decided to form a joint technical committee for the smooth functioning of the port.

 

The Chabahar Port is likely to act as a catalyst for unlocking the huge trade potential in the region. India has pitched to link the port with the INSTC for optimum use by the Central Asian states and other Eurasian states. The corridors are expected to provide an option parallel to China’s Belt and Road Initiative. There are also plans to link the INSTC with the Northern Sea route via the resource-rich Russian Arctic. India is also pitching to connect Chabahar Port with Southeast Asia and East Asia.

The Organisation for Economic Cooperation and Development (OECD) in its latest report projected India as one of the few growing economies in Asia amid a global slowdown triggered by a massive energy shock owing to the ongoing Russia-Ukraine conflict.

 

The Paris-based intergovernmental body that focuses on economic policy reports said that India is set to be the second-fastest growing economy in the G20 in FY 2022-23 after Saudi Arabia. The statement comes despite decelerating global demand and the tightening of monetary policy to manage inflationary pressures.

 

The GDP growth in the country will slow to 5.7 per cent in FY 2023-24 as exports and domestic demand growth moderate, but it would mean it would still be growing more than many other G20 economies including China and Saudi Arabia.

 

'After hitting 6.6 per cent in FY 2022-23, GDP growth is expected to slow in coming quarters, to 5.7 per cent in FY 2023-24, before reverting to around 7 per cent in FY 2024-25,' the report said.

 

'CPI inflation will remain above the central bank's upper limit target of 6 per cent at least until early 2023 and then gradually recede as higher interest rates take effect. Offsetting these forces, at least partially, some improvements can be expected as more contact-intensive services sectors normalise, including international tourism once borders are fully open and restrictions lifted,' reported PTI citing the Economic Outlook report.

 

The OECD highlights India's 'impressive progress' in recent years in extending access to financial services to a larger portion of the population, including disadvantaged socio-economic groups by leveraging the country's 'competitive strength in ICT, the Unified Payments Interface (UPI) and other tools', which are easing the transition towards a cashless economy.

 

'There still remain considerable margins to improve efficiency, accountability, and transparency of public spending, devoting more resources to health and education and building fiscal space to enhance resilience,' it said.

 

At a global level, the OECD projects that if the global economy avoids a recession, it would be thanks to some of Asia's biggest economies such as India.

 

Global GDP is projected to grow by 3.1 per cent this year, and by just 2.2 per cent in 2023.

 

The UK is projected to be among the worst hit of all G20 nations, with only war-hit Russia registering a worse outcome.

 

'We are currently facing a very difficult economic outlook. Our central scenario is not a global recession, but a significant growth slowdown for the world economy in 2023, as well as still high, albeit declining, inflation in many countries,' said Alvaro Santos Pereira, OECD Chief Economist, in his analysis.

 

'Risks remain significant. In these difficult and uncertain times, the policy has once again a crucial role to play: further tightening of monetary policy is essential to fight inflation, and fiscal policy support should become more targeted and temporary. Accelerating investment in the adoption and development of clean energy sources and technologies will be crucial to diversifying energy supplies and ensuring energy security,' he said.

 

The OECD believes a renewed focus on structural policies is the need of the hour to allow policymakers to foster employment and productivity.

The Government on Wednesday said the stock position of wheat and rice is at comfortable levels. The level will be above the buffer stock limits in April. However, wholesale prices of wheat and rice are marginally higher this month compared with last month.

 

Speaking to media persons, Union Food Secretary Sanjeev Chopra said about 201 lakh tonnes (lt) of wheat and 140 lt of rice are available in the Central pool as of November 15. The projected stock position of wheat on April 1, 2023, is 113 lt against the buffer norms of 75 lt . In the case of rice, the stock position is projected at 237 lt ( on April 1) against a buffer norm of 136 lt.

 

Even after meeting additional allocation of the Prime Minister Garib Kalyan Anna Yojana (PMGKAY), National Food Security Act (NFSA) and other welfare schemes requirements, sufficient stocks will be available under the Central Pool over and above the buffer norms, the Ministry said.

 

Kharif procurement

Chopra said about 277.37 lt of paddy has been procured till November 21 (during the kharif marketing season (KMS) 2022-23) — about 14 lt more than the same period a year ago. The procurement target for the Kharif crop of current KMS 2022-23, is about 775.73 lt of paddy, the Ministry said.

 

Responding to a query on price trends of wheat, Chopra said, 'Wheat prices have gone up by 7 per cent in retail outlets after the imposition of the wheat export regulation in May and if one factors in the Minimum Support price (MSP), the price rise is estimated at about 4-5 per cent.'

 

On May 13, the Government banned exports of wheat to boost domestic supplies and control prices followed by curbs on rice exports, including a ban on shipments of broken and 20 per cent export duty on white rice in September.

 

On whether the Ministry was considering any additional steps such as stockholding limits and the open market sale scheme (OMSS) to check the rise in wheat prices, Chopra said: 'The position right now does not warrant any kind of action other than the measures already taken. We are watching the situation and if we see any abnormal rise in prices, obviously we will step in with measures at our command. ' He said the inter-ministerial committee monitors the prices of essential commodities on a weekly basis.

 

Officials said the retail prices of edible oils have been on a downward trend and further softening of prices is expected.

For the last ten years, Babytai Wagh, a farmer from Malegaon village in the Washim district of drought-prone Vidarbha region has survived all the agrarian crises and faced life with courage, thanks to her 'ATM'. 

 

Her husband Mukund ended his life in 2012 as he was unable to pay the debt after consisted crop failures. Babytai shouldered the responsibility of the family and educated her kids and settled them in their lives.

 

'This is because of ATM. We call our cattle an ATM. In my case, goat rearing and dairy has helped me face all the crisis. My goats are my ATM' she says.  

 

Dairy is a supplementary activity to agriculture but has the potential to generate additional income and employment opportunities for the rural households. It has helped to curb farmer suicides say experts.   

 

Srav, the solar fishing vessel bags global award 

Srav can host up to six fishermen with a 50-km range, and is ideal for small fishers

 

'The number of farmers suicides in western Maharashtra is comparatively less because of the dairy sector. Almost all districts in the western parts have well-established dairy businesses. In the case of crop failure or unseasonal rains and droughts, farmers can sustain on dairy income' says farmer Vishwas Patil from Kolhapur.  He said cattle work as farmers’ ATMs as not only farmers can earn from milk but can sell the animals during any financial emergency. This is seen as a better alternative than farmers going to private money lenders during financial crisis.

 

Denmark support

Taking the cue from dairy farmers, the State government now plans to expand the dairy sector with support from the Denmark government. Ambassador of the Royal Danish Embassy in India Freddy Svane has said Denmark will be setting up a Centre of Excellence in Dairy in Maharashtra. He said he has discussed this with Maharashtra’s Minister of Animal Husbandry Radhakrishna Vikhe Patil. The ambassador spoke to Maharashtra Governor Bhagat Singh Koshyari at Raj Bhavan on Tuesday. The State has over 13,235 co-operative dairy societies and 79 co-operative dairy unions.

 

'Denmark is a leading country when it comes to the milk industry. State’s dairy business will get help and farmers would be able to earn more income if experts from Denmark guide them,' said Vikhe Patil while talking to the Copenhagen delegation.  

 

Araku Valley tribal coffee farmers reap rich dividends from Walmart-TechnoServe tieup

Organic brew from AP’s remote area now fetches premium; growers also cultivate pepper, turmeric 

 

Strengthening the 'ATM'

The State government has already started a special project in collaboration with the National Dairy Development Board (NDDB) to increase milk production in 11 districts of Vidarbha and Marathawada regions known for agrarian distress. This project includes a fodder development programme, supply of quality cattle feed, supply of cattle feed supplements (mineral mixture) and veterinary services such as AI service at doorsteps, vaccination, eradication of ticks and flies and infertility.

 

India’s fertiliser imports from Russia surge in H1 of current fiscal

Shipments total $1.6 billion, up 8 times from $185 million a year ago

 

The average daily collection of milk by the government and co-operative dairies was 0.50 lakh litre and 40.43 lakh litre respectively during 2020-21 in the State and 0.39 lakh litre and 41.74 lakh litre respectively during 2021-22 up to November.

 

Jammu and Kashmir Trade Promotion Organization (JKTPO), in association with Agricultural and Processed Food Products Export Development Authority (APEDA), Directorate General of Foreign Trade (DGFT), Federation of Indian Export Organisations (FIEO), Export Credit Guarantee Corporation of India Ltd (ECGC) and State Bank of India (SBI) organised an export awareness workshop in Rajouri.

 

IT was the sixth district level export workshop organized by JKTPO in continuation of the planned events to be held across the UT to promote exports from all districts of Jammu & Kashmir under the District as Export Hub Scheme/ODOP initiative.

 

The Export Awareness Workshops at district level aims to boost and support exports from UT of J&K with focus on developing each district as export hub under District as Export Hub/ODOP initiatives.  The workshop  also focused on potential of ODOP products and other focus products of Rajouri district including Honey, Walnut, Chikri woods etc.

 

The workshop included detailed sessions on Benefits of exports, process of getting IEC code, awareness regarding India Business Portal and India Trade portal, credit linkages for exports and credit risk insurance facilities and potential of products of region in international market.

 

Vikas Kundal, Deputy Commissioner, Rajouri, who was the Chief Guest on the occasion, inaugurated the workshop.Addressing the participants, he listed the major export potential products of Rajouri viz Dairy Products, Banana, Apple, Maize, Walnut, Pecan Nut, Chikri Woods, Lavender, Silk and Wool etc. 

 

He further added that Rajouri is renowned for its Dairy products such as 'Kalari', Paneer and cheese throughout the Union Territory. He mentioned that the export awareness workshop organized by JKTPO was the first step to provide market linkage to farmers, entrepreneurs from the district to fully utilize the potential of Rajouri District.

 

Ashwani Kumar, General Manager, District Industries Centre, Rajouri, highlighted the importance of the export awareness workshop as it covers all the major aspects for exports, right from documents required to get IEC Code, market linkages including e-commerce linkages, financial and insurance assistance. 

 

He further added that more such workshops should be organized at district level on a continuous basis.Earlier, Kausar Fatima, Business Development Manager, APEDA, Jammu started the session with a brief introduction about APEDA and discussed scope for taking agricultural and allied products of Rajouri to global market. Special focus was on Honey, Walnut, Citrus Fruits and other local products of the district which has a huge export potential and were currently in huge demand in the international market.

 

A.K. Bhushan, Deputy DGFT, Jammu apprised the participants about the role of DGFT in international trade.He reflected upon the kind of documentation and procedures necessary for entering into international business and other related issues.   

 

Interacting with the participants, he highlighted the relevance of bridging the information gap. He provided the necessary guidance to the participants to update their knowledge by explaining to them about various Government of India Export related schemes like MEIS.

 

The participants were informed about Credit Facilities, Hedging Benefits and Trading by the customer on the FX-Retail Platform by Mr Chirag, Manager (Regional Treasury Marketing Unit), State Bank of India, Delhi. 

 

He explained about various competitive loan products on offer from SBI for exporters.Debi Prasad, Executive Officer, ECGC Srinagar gave details about Credit Risk Insurance and related services for exports.

 

Earlier, Aditya Chuni, Manager, Jammu and Kashmir Trade Promotion Organization (JKTPO) briefed the participants about mandate and various trade and export promotion initiatives undertaken by Jammu and Kashmir Trade Promotion Organization. 

 

For participation in these events, Startups Exporter/ Entrepreneurs/FPOs/other Sellers from can register themselves on JKTPO’s website - www.jktpo.in.All District Officers of Agriculture, Horticulture, State Rural Livelihood Mission, Handicraft and Handloom, Industries and commerce, Agriculture Marketing Officer who are also members of District Level Export Promotion Committees and Industry associations, Industrialists, Self Help Group members, Artisans, Farmers, FPOs , attended the workshop.

 

An exhibition was also set up in the workshop and unique/ ODOP Products of Rajouri like Kalari, Honey, Walnut, Wool & Handloom Products and Chikri wood products were also displayed.

Dr. Abhilaksh Likhi, Additional Secretary, Ministry of Agriculture & Farmers Welfare, (Department of Agriculture & Farmers Welfare) interacted with farmers at the Precision Farming Development Centre created under National Committee on Precision Agriculture & Horticulture (NCPAH). He also visited the RKVY- RAFTAAR Agri-start up Agribusiness Incubator (R-ABI) and the Integrated Beekeeping Development Centre (IBDC) at the Tamil Nadu Agriculture University (TNAU), Coimbatore.

 

Government of India has setup 22 Precision Farming Development Centres (PFDCs) in all the agro climatic zones of the country with an aim to develop and disseminate regionally differentiated technologies on Precision Farming such as Micro Irrigation and hi-tech agriculture (vertical farming, hydroponics aeroponics, protected cultivation, plasticulture) and to maximize production and productivity per unit area to enhance the socio-economic conditions of farmers and end users. These 22 PFDCs are located in State/Central Agricultural Universities (SAUs), ICAR Institutes and IITs in the States of Karnataka, Madhya Pradesh, Odisha, Rajasthan, Tamil Nadu, Haryana, Telangana, West Bengal, Ladakh, Uttar Pradesh, Punjab, Gujarat, Uttrakhand, Maharashtra, Chhattisgarh, Jharkhand, Bihar, Himachal Pradesh, Kerala, Manipur, Assam.

 

Dr. Likhi visited the Precision Farming Development Centre (PFDC) at the TNAU, Coimbatore. The major achievements of PFDC Coimbatore are that it has conducted researches on thrust areas like Drip Irrigation, Plastic mulching, Pond lining, green house, cladding material, sprinkler irrigation. Researches have also been conducted on technologies like Drip Irrigation, Fertigation, Plastic mulching, Polyhouse, Drip automation, GIS and Soil less media. Researches in these technologies have been conducted in crops namely Amaranthus, banana, bhendi, bitter gourd, brinjal, cabbage, capsicum, castor, redgram, cauliflower, chilli, coconut cotton, cucumber, flower crops, papayas, paprika, tomato, turmeric and groundnut.

 

Dr. Likhi also visited the RKVY-RAFTAAR Agribusiness Incubator (R-ABI) at the TNAU. This incubation facility promotes agri-startups. DA&FW has appointed 5 knowledge Partners (KPs) as Centre of Excellence and 24 RKVY-RAFTAAR Agribusiness Incubators (R-ABIs) across the country of which Technology Business Incubator (TBI), TNAU, Coimbatore is one. These 5 Knowledge partners have been appointed for implementation assistance and advise on smooth and efficient execution of the scheme, handholding of R-ABIs and implement a Centre of Excellence to demonstrate best practices to agri-startup eco system, etc. Five Knowledge partners across the country are (a) National Institute of Agricultural Extension Management (MANAGE), Hyderabad, (b) National Institute of Agricultural Marketing (NIAM), Jaipur, (c) Indian Agricultural Research institute (IARI), Pusa, New Delhi, (d) University of Agriculture Science, Dharwad, Karnataka, (e) Assam Agriculture University, Jorhat, Assam.

 

So far, 1055 agri-startups during FY-2019-22 to 2022-23 has been finally selected by different knowledge partners and agribusiness incubators of DA&FW and Rs. 10932.24 lakhs as grants in aid has been recommended. Recently an Agri-startup Conclave in the PM Kisan Samman Sammelan was inaugurated by Hon’ble Prime Minister of India at IARI, PUSA,New Delhi where 300 agri-startup displayed/showcased their innovations.

 

Under TBI, TNAU, Coimbatore, three Cohorts of Agriprenuership Orientation Programme (AOP) & Start-up Incubation Programme (SAIP) has been completed successfully and 300 Star-ups have been trained. 41 Startups have been provided with grant of Rs. 3.87 crore.

 

Finally, he visited the Integrated Beekeeping Development Centre (IDBC) in TNAU which was established in the year 2017-18. TNAU is conducting training to farmers using the facilities created under IBDC.   About 3000 farmers were trained in the last 4 years. The disease diagnostic laboratory is functioning with PCR, Centrifuge, gel documentation and other equipments. Honey processing unit is functioning and they process their honey as well as honey from farmers. TNAU is having more than 150 hives of Indian honey bee (Apis cerana indica), about 20 hives of Apis mellifera and about 40 hives of stingless bees in their apiary and university campus. Rs. 138.28 lakhs have been sanctioned to Tamil Nadu Agricultural University (TNAU), Coimbatore for setting up of Integrated Beekeeping Development Center (IBDC) during 2017-18.

 

Dr. Likhi while interacting with farmers, beekeepers, agri-entrepreneurs and students emphasised that extensive extension efforts must be initiated by all stakeholders to ensure maximum outreach of agricultural technologies and related innovations amongst small and marginal farmers.

The FSSAI has issued a draft specifying the standards for tarragon, a herb used in food preparation. The standards were prescribed for dehydrated tarragon and its powder and added a sub regulation 2.9.43 in the regulation 2.9 related to herbs in the FSS (Food Products Standards and Food Additives) Regulations, 2011.

 

Dehydrated tarragon (Vilayti Damnak), whole means the dried leaves obtained from perennial plant Artemisia dracunculus Linnaeus, belonging to the family Asteraceae. The colour of the dried leaves ranges from pale green to grey-green.

 

And it should conform with the parameters including Moisture content, per cent by mass (m/m) (Maximum) 10, total Ash, per cent by mass (m/m) on dry basis,(Maximum) 12, acid-insoluble ash, per cent by mass on dry basis, (Maximum) 1.5, volatile oil content, ml/100g, on dry basis (Minimum) 0.6, extraneous matter, per cent m/m, (Maximum) 1,

and no foreign matter with yellow or brown leaves, per cent m/m, (Maximum) 15.

 

The draft specifies Chromatographic requirements.

 

'The volatile oil obtained by hydro/steam distillation of the dried leaves of tarragon, and analysed by using gas chromatography shall comprise the following main constituents: cisß-ocimene, trans-ß-ocimene, transanethole, methylchavicol (estragole), and methyleugenol. The  volatile oil  shall not contain significant amounts of either sabinene or elemicin', reads the draft.

The Indian Sugar Mills Association (ISMA) on Wednesday said India is likely to extend the limit of sugar exports by 2-4 million tonnes in the 2022-23 season. The move will leave total exports at 8-10 million tonnes and below last year's level.

 

India, which is the world's biggest sugar producer and the second biggest exporter after Brazil, exported over 11 million tonnes of sugar in the October-September season of 2021-22.

 

The government earlier this month approved a first tranche of exports for 2022/23 at 6 million tonnes in a move that helped cap recent upward pressure on benchmark ICE sugar prices.

 

'Definitely there will be a second tranche ... between 2-4 million tonnes, depending on production,' Reuters quoted Aditya Jhunjhunwala, president of ISMA, as saying on the sidelines of the International Sugar Organisation seminar in London.

 

He said India would likely produce 36 million tonnes of sugar and 5 million tonnes of ethanol.

 

Indian consumption is at around 27-27.5 million tonnes, so that leaves 8.5-9 million tonnes for export, he said, adding mills have already signed contracts to export 4 million tonnes of sugar.

 

India is in advanced talks with the UK for the free trade agreement (FTA); which couldn’t meet the Diwali deadline due to political instability, economic turmoil and the death of Queen Elizabeth II, according to a top government source. 

 

The Centre may conclude the trade pact by March 31 next year. 'We are waiting to get into a kind of agreement that provides a win-win situation for both countries. The UK FTA is likely to conclude this fiscal year, though we have not set any deadline for it,' the source said. Besides the UK FTA, talks with Gulf Cooperation Council (GCC) countries will also resume this week. As per sources, discussions are on with Canada and European Union also for FTAs.

 

'Currently, we are getting the UK FTA fast-tracked. Once this FTA is done then we can hope FTA with Canada and GCC countries to finalise by the year-end,' the source further stated. Meanwhile, as per sources, the UK authorities are not rushing to seal the trade deal as they don’t want to sacrifice quality for pace. India had total trade of $17.5 billion with the UK in 2021-22. India’s exports to the UK in 2021-22 were worth $10.5 billion, while imports from the country were at $7 billion.

 

'It seems difficult this year, as there are 27 countries in the European Union (EU) with big markets like France, Italy and Germany,  among others. We will take a considerable time to arrive at a fair deal,' the source further stated. 'Also, if things get complicated with the UK, then we will not have enough bandwidth to complete other FTAs this year. So the success of the other FTAs depends upon the completion of the UK FTA,' he added. 

 

In addition, commerce minister Piyush Goyal on Tuesday while replying to TNIE's question on global slowdown said, in the short run, the trade deal with the other countries may get impacted but in the long haul, these pacts will benefit the country.

 

'The global slowdown may impact the FTA for a few months or few years but these trade deals are meant for long run. And these agreements will only benefit India in the long term,' said Goyal.