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28 Oct, 2022 News Image Russia's VTB Bank opens 'vostro' account in India for rupee-based trade.
Russia's No.2 lender VTB on Wednesday said it had opened a special 'vostro' account at its Indian branch that would allow for the more active use of Indian rupees in payments under import and export contracts between Russia and India.
 
It follows a similar move by Russia's dominant lender Sberbank, which on Monday said it was offering clients 'vostro' accounts in rupees, aiming to facilitate clients in carrying out rupee-denominated trade transactions which are increasing due to western sanctions.
 
Both state-run banks have obtained permission to open vostro accounts - which a local correspondent bank holds on behalf of a foreign bank - from the Reserve Bank of India (RBI), which earlier this year to put in place a mechanism to facilitate international trade in rupees.
 
The measure was seen as aiding business ties with Russia in case of more stringent Western sanctions against Moscow.
 
Following sanctions by the United States and allies after Russia sent tens of thousands of troops into Ukraine in February, Moscow has requested some buyers of its commodities pay using roubles or other currencies rather than the dollar and euro, in which its contracts are typically priced.
 
'Today, one of the most important state tasks is the development of direct settlements in national currencies with the aim of strengthening trade and economic ties,' Valeriy Lukyanenko, deputy president of VTB's management board, said in a statement.

 Source:  business-standard.com
28 Oct, 2022 News Image Chhattisgarh is Eyeing 11 million MT Paddy Procurement in 2022-23.
According to a government official, farmers in Chhattisgarh are expected to sell almost 110 lakh metric tonnes (MT) of paddy during the current Kharif selling season at the minimum support price (MSP).
 
About 98 lakh MT of paddy were bought from state farmers last year. The drive to purchase paddy will start on November 1—Chhattisgarh's statehood day—and end on January 31 of the following year.
 
According to him, all preparations are in full swing for the start of the paddy buy. To date, more than 25 lakh farmers have registered, 95,000 of them as fresh registrations, to sell their goods at designated centers.
 
The official stated that farmers who were registered last year should continue to register this year. This Kharif marketing season is expected to see the purchase of about 110 lakh metric tonnes of paddy, for which 5.50 lakh bundles of jute gunny bags will be needed, he said.
 
Before the official purchase process begins, a test run of the drive will be held from October 26 to October 28 at all cooperative societies, he noted. To stop the illegal flow of paddy from neighboring states, teams from the revenue, food, cooperative, and forest departments have been established at the district level, the official continued.
 
The Center increased the minimum support price for paddy by Rs 100 to Rs 2,040 per quintal for the crop year 2022–2023 in June of this year.

 Source:  krishijagran.com
28 Oct, 2022 News Image India, US to hold key trade forum talks early next yr.
India and the United States (US) have decided to reschedule the 13th Trade Policy Forum (TPF) ministerial meeting tentatively slated for November 8 in Washington DC for the first quarter of next year, with both countries entering a busy domestic political cycle, people familiar with the development said.
 
India and the United States (US) have decided to reschedule the 13th Trade Policy Forum (TPF) ministerial meeting tentatively slated for November 8 in Washington DC for the first quarter of next year, with both countries entering a busy domestic political cycle, people familiar with the development said.
 
Minister for industry and commerce Piyush Goyal was expected to travel to Washington DC to participate in the primary bilateral mechanism on trade with his counterpart, US Trade Representative Katherine Tai.
 
But while the ministerial has been rescheduled, there have been a range of engagements in the domains of trade, commerce and technology between the two countries in recent weeks, and these will continue.
 
In September, during his visit to Los Angeles for the first Indo-Pacific Economic Framework (IPEF) ministerial, Goyal said that the two countries will hold the next TPF soon and officials had been tasked to come up with 'more deliverables and newer areas of engagement'.
 
While the dates had not been officially announced by either side, the forum was widely expected to be held in November. The Hindu reported that talks were tentatively scheduled for November 8.
 
It is understood that the busy political cycle was a key factor in rescheduling talks. The US has critical midterm elections on November 8 and India is heading for two state elections and the winter session of Parliament in December. Having TPF early next year will lend more political clarity, especially on the American side, and help lead to more substantive outcomes building on both the current momentum in ties and meet expectations set by progress in the last TPF, said people familiar with the development. This will also give the two countries time to engage with domestic stakeholders and implement existing commitments.
 
India and the US don’t have a free trade pact. With the US domestic political environment marked by anti-trade mood, and the administration focused on what it calls a 'worker-centric' trade policy, Washington DC has displayed little appetite for free trade negotiations that involves market access, even as New Delhi has been more open than the past on trade issues as seen in a spate of recent free trade pacts. Negotiations with the US, unlike with the UK, are about a set of specific issues rather than an umbrella pact.
 
Over the years, India and the US have been engaged in discussions on a range of issues spanning the domains of agriculture and market access, digital and data localisation, intellectual property, medical devices and pharma, testing requirements, services, social security totalisation (which deals with contributions made by temporary Indian workers in the US of which they get no corresponding benefits), labour and environment. Resolving the differences on totalisation is a key Indian priority.
 
But this has also been a period which has witnessed rapid progress in trade ties and engagement.
 
Goyal hosted the 12th TPF in New Delhi in November 2021, reviving the mechanism after a gap of four years. The two countries had then achieved a minor breakthrough: the US allowed the import of mangoes and pomegranates from India, and India allowed the import of cherries and alfalfa hay – and subsequently pork – from the US. They also issued a detailed joint statement laying out a pathway to resolve issues for the future.
 
2021 was also a record trade year, with India-US trade in goods and services hitting the mark of $160 billion. Despite the Donald Trump administration’s withdrawal of generalised system of preferences (GSP) benefits to India in June 2019, India’s exports have grown as different sectors have tapped additional markets in the US.
 
There has also been constant political engagement between the two sides. Minister Goyal met Tai on the sidelines of the G20 ministerial in Bali in the third week of September. In early September, he met Tai and commerce secretary Gina Raimondo in Los Angeles. Tai was also the chief guest at the Independence Day celebrations at India House on August 15 this year where she discussed her exchanges with Goyal; this was possibly the first time a cabinet member attended an Indian Independence Day event at the residence of the ambassador.
 
India, in LA, joined three pillars of the US-led IPEF, deepening partnership on supply chains, energy and decarbonisation and anti-corruption and taxation. It stayed out of the trade pillar but has expressed its openness to joining it in the future.
 
In the next few weeks, senior officials of the department of commerce are expected to visit India. US treasury secretary Janet Yellen will make her first official visit to Delhi for a bilateral economic meeting in November, and Raimondo is expected to travel early next year for the commercial dialogue and CEO forum.
 
In the domain of digital and tech, the two sides are meeting under the Quad umbrella on 5G and ORAN. India will participate in the counter-ransomware conference hosted by the US. And there is going to be substantial Indian and American official presence at the Carnegie Global Tech Summit in New Delhi, co-organised by the ministry of external affairs at the end of November.

 Source:  hindustantimes.com
28 Oct, 2022 News Image UK pushes for sharp tariff cuts on Scotch whisky under FTA.
While negotiations for the India-UK free trade accord are set to gather pace with Rishi Sunak as the British prime minister, consensus over Scotch whisky tariff appears elusive, with the UK seeking a sharp cut in tariff to 30% over three years in the proposed deal and 75% when the pact comes into effect.
 
New Delhi has proposed a tariff reduction to 100% in the first year and then cut to 50% in 10 years. India has also likely proposed a minimum threshold of $5 per 750ml on cost, insurance and freight (cif) basis on UK whisky to qualify for concessions under the proposed FTA, sources aware of the matter said.
 
The Indian industry is also seeking easier entry of Indian whisky into the UK market through the removal of conditions related to the three-year minimum maturation period for all liquor, including whisky that is exported from India. Indian whisky is sold in the UK market as ‘spirits’. 
 
Besides, the UK is also seeking relaxation in the rules of origin for alcoholic beverages while India insists on 40% value addition norms to avail concessional tariff.
 
While Scotch Whisky will be able to meet the condition, other liquor items may not be able to meet the criteria. 
 
'We have had several rounds of consultations with the industry on various sectors, including alcoholic beverage and are ensuring in the negotiations that the pact benefits them. We are taking into account their views…talks may gather pace with a stable government in the UK,' said a government official. 
 
Indian alcoholic beverage industry is of the view that a 'fair tariff rate' must remain in the range of 100-75% in the near term and 75-50% in the long term, as any rate below this would create a distorted field in favour of imports where the cost advantages would adversely affect Indian industry. 
 
The 150% tariffs on alcoholic beverages by India comprises a 50% basic customs duty and 100% agriculture infrastructure development cess. 
 
The two sides have provisionally closed 16 of the 26 chapters so far. Agreement on subject issues, including tariffs on Scotch whisky and visas, is still awaited. 
 
The new India-origin British prime minister has been vocal about the India-UK trade pact and has supported further easing the British visa regime for Indians.  
 
'As far as we are aware, the British side is seeking a reduction in customs duty on Scotch whisky and other alcoholic beverages from current 150% to 75% immediately and then to 30% in three years’ time,' said Vinod Giri, director general, Confederation of Indian Alcoholic Beverage Companies.
 
He added that the association has suggested that the duty may be reduced to 100% now and then down to 50% over a 10-year period, all subject to a minimum import price of $5 per 750 ml (at cif) to prevent dumping.
 
'We are also agreeable with more concessions on whisky imported in bulk and bottled here since that supports some local economic activity in India. But for the deal to work for both sides, we believe that the UK must remove its condition that spirit must be matured for a minimum of three years to be called a whisky because that effectively rules out the bulk of exports from India and is neither supported by Indian laws nor suitable for Indian climate conditions,' Giri said.
 
Queries emailed to India’s department of commerce remained unanswered till press time.
 
India and the UK formally launched talks for a free trade agreement in January this year and have so far concluded five rounds of negotiations.

 Source:  livemint.com
28 Oct, 2022 News Image E-certificate of origin valid paper for claiming duty concessions under India-UAE trade pact: CBIC.
The Central Board of Indirect Taxes and Customs (CBIC) on Thursday clarified that electronically generated certificate of origin (CoO) issued by the UAE authority is a valid document for claiming customs duty benefits under India-UAE free trade agreement. However, it said that the certificate has to be issued in a prescribed format bearing electronically printed seal and signatures of the authorised signatory of the issuing authority.
 
The trade agreement between India and the UAE came into force from May 1 this year. Under this, domestic exporters of over 6,000 goods from sectors like textiles, agriculture, dry fruits, gem and jewellery get duty-free access to the UAE market. On the other hand, India gives duty-free access to 7,694 goods coming from the UAE.
 
A trader has to submit a 'certificate of origin' at the landing port of the importing country to claim duty concessions under free-trade agreements. This certificate is essential to prove where their goods come from.
 
In a communication to its field formations, the CBIC said that representations have been received with regard to India-UAE trade deal stating that the importers are facing difficulties in availing preferential tariff benefit on the basis of e-CoO issued by the issuing authority of AUE.
 
The agreement already has provisions for the same.
 
'In this regard, it is hereby clarified that an e-CoO, issued electronically by the issuing authority of UAE, is a valid document for the purpose of claiming preferential benefit under India-UAE CEPA (comprehensive economic partnership agreement)...,' CBIC said.
 
It added that the specimen seals and signatures, circulated in advance, will continue to be used to verify the genuineness/authenticity of the e-certificate.

 Source:  economictimes.indiatimes.com
28 Oct, 2022 News Image Now APEDA will decide on export of cashew nuts, DGFT issued notification

Cashew Export: The Agricultural and Processed Food Products Export Development Authority (APEDA) will now decide on the export of cashew and related products. The Director General of Foreign Trade (DGFT) has issued a notification. According to the notification, APEDA has been given all the powers of the Cashew Export Promotion Council of India. In the notification of DGFT, it has been said that APEDA will now issue RCM certificate.

CEPCI established in 1955

The Cashew Export Promotion Council of India (CEPCI) was established by the Government of India in 1955 with the objective of promoting the export of Cashew Kernels and Cashew Shell Liquid from India with the active support of the cashew industry.

The Council provided the necessary institutional framework for carrying out various functions that would accelerate and promote the export of Cashew Kernels and Cashew Shell Liquid.

Products under the jurisdiction of APEDA-

These products will now come under the jurisdiction of APEDA.

  • Fruits, vegetables and their products
  • Meat and meat products
  • Poultry and poultry products
  • dairy products
  • Confectionery, Biscuit and Bakery Products
  • Honey, Jaggery and Sugar Products
  • Cocoa and its products, Chocolates of all kinds
  • Alcoholic and non-alcoholic beverages
  • Cereals and cereal products
  • groundnuts, peanuts and walnuts
  • Pickles, Chutneys and Papads
  • guar gum
  • Floriculture and Floriculture Products
  • Herbal and medicinal plants
  • Cashew Kernels
  • Cashewnut Shell Liquid
  • Kardanol

 


 Source:  https://www.zeebiz.com/hindi/economy/agriculture/now-apeda-will-decide-on-the-export-of-cashew-and-r
28 Oct, 2022 News Image Agriculture minister urges ASEAN to support India s efforts to increase production and consumption of millets.
Ahead of the International year of millets in 2023, Union Minister for Agriculture and Farmer Welfare, Narendra Singh Tomar on Wednesday urged the ASEAN member countries to support India’s efforts to increase the production, processing, value addition and consumption of millets. 
 
Addressing the 7th ASEAN-India Ministerial Meeting (AIMMAF) on Agriculture and Forestry, the minister said that India is promoting nutritious cereal products for the health and nutrition of the people. 'Nutritious cereals help in the creation of nutritious, with low resource requirement and more efficient agri-food systems.' 
 
Tomar also emphasized on the mutually close regional cooperation with ASEAN to ensure sustainable and inclusive growth for agricultural development in the region. The minister committed to enhancing India’s cooperation with ASEAN in food security, nutrition, climate change adaptation, digital farming, nature-friendly agriculture, food processing, value chain, agricultural marketing and capacity building. 
 
During the meeting, the member countries reviewed the progress made by the implementation of various programmes and activities under the medium-term action plan of ASEAN-India Cooperation (Year 2021-25). 
 
The commitment to ASEAN-India cooperation in agriculture and forestry was also reaffirmed in the meeting. 'It was said that in order to mitigate the unprecedented impact of the COVID-19 pandemic by ensuring a seamless flow of safe and nutritious agricultural products to ASEAN and India, It is necessary to take continuous measures under ASEAN-India cooperation for the implementation of post-pandemic recovery,' the ministry of Agriculture & Farmers Welfare said in a press release. 

 Source:  livemint.com
28 Oct, 2022 News Image India gives environmental approval for gene-modified mustard.
India has granted environmental clearance for indigenously developed genetically modified (GM) mustard seeds, experts said on Thursday, paving the way for commercial use of its first GM food crop.
 
The world's biggest importer of edible oils, on which it spends tens of billions of dollars a year, India fills more than 70% of its demand from Argentina, Brazil, Indonesia, Malaysia, Russia and Ukraine.
 
'I can call it a landmark development,' said Deepak Pental, a geneticist and former vice-chancellor of Delhi University, who developed the seeds along with his team, in an effort stretching more than a decade.
 
Commercial use of GM mustard seeds would take a couple of years, however, he added.
 
In a notice, the government confirmed the highest level of clearance yet for the transgenic mustard crop, also known as rapeseed.
 
India is streamlining regulations for development of genome edited plants, the science and technology ministry said on Thursday, calling the technology promising, as it offers huge economic potential.
 
'The decision of GEAC recognises the potential of biotechnology to address the issue of India's growing edible oil imports,' said Bhagirath Choudhary, director of the non-profit South Asia Biotech Centre.
 
He was referring to the panel responsible for the clearance, formally known as the Genetic Engineering Appraisal Committee (GEAC), which is part of India's environment ministry.
 
The move follows lengthy reviews and political indecision.
 
In 2017, Pental's team came close to getting government approval to grow GM mustard seeds commercially, following years of field trials and the analysis of crop data.
 
But India sat on the fence, prompted by resistance from activists opposing use of transgenic technology in farming.
 
Prime Minister Narendra Modi has repeatedly urged farmers to boost domestic oilseed production so as to achieve self-reliance, a theme he has pursued since coming to power in New Delhi in 2014.
 
Modi's western home state of Gujarat was at the forefront of efforts to adopt GM cotton seeds during his time as its chief minister.
 
Since first allowing GM cultivation with genetically modified cotton in 2002, India has not approved any transgenic crop.
 
But that move helped transform it into the world's No. 1 producer of cotton and its second-largest exporter, as output jumped fourfold.
 
Many scientists and agricultural experts have called for faster clearance of GM crops as India's farming acreage shrinks because of rapid urbanisation and erratic weather that threatens output of staple foodgrains such as rice and wheat.
 
But conservative politicians and advocacy groups have opposed lab-altered crops, in the belief that GM crops could compromise food safety and biodiversity and pose a health hazard.

 Source:  economictimes.indiatimes.com
28 Oct, 2022 News Image 3rd Advance Estimates of area and production of horticultural crops for the year 2021-22 released.
Ministry of Agriculture and Farmers Welfare, Government of India has released the 3rd Advance Estimates of the area and production of various horticultural crops for the year 2021-22. According to this estimate, a record 342.33 million tonnes are estimated to be produced in an area of ??28.08 million hectares. The Union Minister for Agriculture and Farmers Welfare, Shri Narendra Singh Tomar has congratulated the farmers, scientists and officers of horticulture for this achievement.
 
The third advance estimates of the area and production of various horticultural crops for the year 2021-22, compiled on the basis of information received from States/UTs and other government source agencies, are as follows-
 

Total Horticulture

 

2020-21 (Final)

2021-22

(Second Advance Estimate)

2021-22

(3rd Advance Estimate)

 

Area (in million hectares)

27.48

27.74

28.08

 

Production (in Million Tonnes)

334.60

341.63

342.33

 
 
Year 2021-22 (3rd Advance Estimate)
 
• The total horticulture production is estimated to be 342.33 million tonnes in the year 2021-22, showing an increase of about 7.73 million tonnes (an increase of 2.3%) over the year 2020-21 (final).
 
• Production of fruits is estimated to be 107.24 million tonnes as against 102.48 million tonnes in 2020-21.
 
• Production of vegetables is estimated to be 204.84 million tonnes as against 200.45 million tonnes in 2020-21.
 
• Production of Onion is estimated to be 31.27 Million Tonnes as against 26.64 Million Tonnes in the year 2020-21.
 
• Production of Potatoes is estimated to be 53.39 million tonnes as against 56.17 million tonnes in 2020-21.
 
• Tomato production is estimated to be 20.33 million tonnes as against 21.18 million tonnes in 2020-21.

 


 Source:  pib.gov.in
27 Oct, 2022 News Image FSSAI notifies norms for labelling of bread; declaration on pan masala.
The FSSAI has notified the Food Safety and Standards (Labelling and Display) Second Amendment Regulations, 2022. These regulations shall come into force on May 1, 2023, and will be applicable on labelling of various types of bread.
 
The notification prescribes that the food businesses need to mention speciality ingredients and minimum amount of speciality ingredients as % of flour on the packages.
 
In case of whole wheat bread, the minimum amount of speciality ingredient i.e., wheat flour should be at least 75%, for wheat bread or brown bread the wheat flour should be 50%, and for multigrain bread minimum 20% should be grains other than wheat.
 
For speciality bread, the food business needs to mention speciality ingredients that must be present in case a prefix is added to the term 'bread' on the label.
 
Similarly the notification prescribes labelling requirements for other breads including milk bread for which milk solids is a speciality ingredient with minimum 6% part, for honey bread minimum 5% honey is prescribed while for cheese bread minimum 10% cheese was prescribed under the notified regulations.
 
Further, minimum 15% oats, 15% cracked wheat/dahlia, 2% wheat germ, 1.5% edible whole egg solids, 10% candied fruits, 20% triticale fruit, 20% rye flour, 10% raisins, 5% bran bread, 15% protein, 2% garlic, and 5% flax seeds, sesame seeds, pumpkin seeds were prescribed for the breads made with these speciality ingredients.  
 
The notification also lays labelling requirements for pan masala.
 
According to the notification, for pan masala, the manufacturers need to make a declaration ‘CHEWING OF PAN MASALA IS INJURIOUS TO HEALTH’ wherein the warning statement must cover 50% of the front-of-pack of the label.
 

 Source:  fnbnews.com