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25 Oct, 2022 News Image In boost to rupee trade mechanism, two Russian lenders open special vostro accounts
 
 
In what will come as a boost for trade between India and Russia, two Russian lenders have opened special vostro accounts in their respective branches in Delhi, PTI quoted sources as saying.
 
 
Russia's two largest banks - Sberbank and VTB Banks - opened the accounts after receiving the nod from the RBI.
 
Last month, state-owned UCO Bank received the RBI's approval to open a special vostro account with Gazprombank of Russia.
 
The Kolkata-based lender, among the first banks to receive the regulator's approval following the RBI's decision to promote rupee settlement, opened the account during this month.
 
The move to open the special vostro account clears the deck for settlement of payments in 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.
 
According to reports, Gazprombank is only facing sectoral sanctions, and is not under the Specially Designated Nationals, or SDN, sanctions.
 
UCO Bank already has a vostro account-based facility with Iran.
 
Gazprombank, or GPB, is a privately-owned Russian lender and the third largest bank in the country by assets.
 
Last month, the RBI and the finance ministry had asked the top management of banks and representatives of trade bodies to push export and import transactions in rupee.
 
They wanted the banks in India to connect with their foreign counterparts for opening special rupee vostro accounts to facilitate cross-border trade in the Indian currency rather than the popular mode of the US dollar.
 
"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.
 

 Source:  The Economic Times
25 Oct, 2022 News Image Assam stands out in floriculture among NE states, with 250% growth in 9 years
The declining value of floriculture in the north-eastern states, barring Assam, could compensate farmers as the Centre has decided to promote oil palm in that region. The gross value of output (GVO) from floriculture in this region has declined by 5-100 per cent between 2011-12 and 2019-20. But Assam is the only state with a 251 per cent growth.
 
According to the GVO on agriculture and allied sector report, the country’s value of floriculture has increased by 55 per cent to ?26,987.41 crore in 2019-20 from ?17,365.38 crore in 2011-12. Though the export increased by a similar proportion during the nine years period under review, its share in the value remains around 2 per cent.
 
“Floriculture is something much more than subsidy while many of the projects could not be sustained as the objective was different. There has to be some re-orientation in subsidy so that the farmers/entrepreneurs who get into this sector also are able to access right information,”said Praveen Sharma, president of the Indian Society of Floriculture Professionals.
 
According to the National Statistical Office data, the total value of floriculture in -- Arunachal Pradesh, Mizoram, Sikkim, Nagaland and Manipur – declined 31 per cent from ?277.19 crore in 2011-12 to ?191.13 crore in 2019-20. Sikkim has witnessed a fall of 34 per cent to ?157.25 crore in the nine years.
 
The data for Meghalaya and Tripura have not been available, whereas Assam has seen the GVO jumping from ?128.89 crore to ?452.43 crore.
 
 
“There have been a lot of measures taken by the state government, including to promote floriculture under the Centre’s Mission for Integrated Development of Horticulture (MIDH) scheme. This along with increased demand due to urbanisation and economic and social activities in Assam have helped in the growth of the sector,” said Pradip Mahanta of Assam Agricultural University.
 
India’s floriculture exports increased 48 per cent to ?541.61 crore in 2019-20 from ?365.32 crore in 2011-12. But the increase was 34 per cent in 2021-22 at ?771.41 crore from ?575.98 crore in the previous year, promising a brighter future for the flower trade in India.
 
“As only serious players are left in floriculture, there may be 15 per cent annualised growth for next five years,” Sharma said.
 

 Source:  Business Line
25 Oct, 2022 News Image Food Corporation of India to Construct 111.125 LMT Modern Steel Silos at 249 Locations in India

Food Corporation of India (FCI) has planned to construct 111.125 Lakh Metric Tonnes (LMT) modern steel silos at 249 locations spread across 12 states under the Hub & Spoke model under Public Private Partnership with a total investment of approx. 9236 crores.

These silos would be constructed in three phases over the next three-four years, the Ministry of Consumer Affairs, Food & Public Distribution said in a statement.

In the first phase of the Hub & Spoke model, silos of 34.875 LMT capacity at 80 locations would be constructed by FCI. Out of this, 10.125 LMT at 14 locations would be under DBFOT mode and 24.75 LMT at 66 locations under DBFOO mode.

The tender under DBFOO mode is due to be opened on 31.10.2022 whereas the tender for DBFOT mode already been has opened on 10 August 2022 & one project was awarded to a developer and for other projects, the process is underway. These modern Silos with bulk handling facilities are a scientific way of storage of foodgrains and ensuring better preservation of foodgrains.

In the already awarded and ongoing Silo Projects, a capacity of 17.75 LMT at 31 locations (Including Circuit Model) has been completed/put to use and 15.50 LMT at 31 locations are under various stages of implementation.

The proposed model of development is DBFOT (Design, Build, Finance, Operate, and Transfer) and DBFOO (Design, Build, Finance, Own, and Operate) wherein the private entities shall be responsible for the construction and operation of these modern Silos for a pre-defined period. Through this Public Private Partnership (PPP) mode of DBFOT, the land is to be provided by FCI while under the DBFOO mode, the land is to be acquired by private entities.

These Silos at 80 locations shall be spread across 9 states and 1 UT i.e. Punjab, Haryana, Uttar Pradesh, Madhya Pradesh, Gujarat, Rajasthan, Maharashtra, Bihar, West Bengal, and Jammu & Kashmir, and are expected to be built with an investment of more than Rs. 2,800 crores. These projects are conceived in consultation with state governments, Niti Aayog, the Ministry of Finance, the Ministry of Railways, Ministry of Steel

These modern Silos near farms would act as purchase centers (mandies) and are expected to reduce the distance for farmers and further reduce operational difficulties and complexities. Mechanized operations make silos operational round the clock and also reduce turn-around time for intake and off-take of agri-produce and would improve overall efficiency. Further, these modern steel silos require approximately 1/3rd of land as compared to conventional storage warehouses


 Source:  Krishi Jagran
25 Oct, 2022 News Image Department of Commerce kick-starts Special Campaign 2.0 for disposal of pending matters

In accordance with the vision of Swachh Bharat of Prime Minister Shri Narendra Modi, a Special Campaign for Disposal of Pending Matters is under way in the Department of Commerce from 2nd to 31st October, 2022. The Campaign is being implemented in the Department of Commerce as well as in the attached/Subordinate/field offices. The main focus areas of the Campaign include effective disposal of public grievances, references from the Members of Parliament, Parliament Assurances, Cleanliness drive, disposal of scrap and weeding out of files.

During the first phase of the Campaign (15.09.2022 to 30.09.2022), the pendency was identified. For this purpose, as well as to sensitize the organizations, meeting with all nodal officers of the organizations were held on 14.09.2022 and 30.09.2022.

During the Campaign Phase (2nd - 31st Oct., 2022), all out efforts are being made by the Department and its Subordinate Office/autonomous organisations to dispose of all references identified during the Preparatory Phase. Progress is being uploaded on SCDPM Portal on daily basis.

O/o Chief Licensing Authority, DGFT Delhi has converted a hall into exhibition of various Promotional articles of the region, by removing scrap material.

Till 20th October, 2022 the Department of Commerce and its organisations have organised 73 swachhata campaign. Scraps have been auctioned generating revenue of Rs. 21,53,277/-. Out of 64249 electronic files, 29,170 have been reviewed and 14,560 stand closed. 1000 files have been transferred to National Archive for preservation.


 Source:  PIB News
25 Oct, 2022 News Image Chhattisgarh eyes 110 lakh MT paddy procurement in 2022-23
About 110 lakh metric tonnes (MT) of paddy is estimated to be procured at the minimum support price (MSP) in  the ongoing kharif marketing season from farmers in Chhattisgarh, a government official said on Monday
 
Last year, around 98 lakh MT of paddy was purchased from cultivators in the state. The paddy procurement drive will begin on November 1, Chhattisgarh's statehood day, and conclude on January 31 next year.
 
All preparations are in full swing to start purchase of paddy and so far over 25 lakh farmers  have registered, 95,000 of them new registrations, themselves to sell their produce at designated centres, he said.
 
Registrations of farmers who were enrolled last year were to carry forward this year, the official added. About 110 lakh metric tonnes of paddy is estimated to be procured in this kharif marketing season for which 5.50 lakh bundles of jute gunny bags will be required, he said.
 
A trial run of the drive will be held from October 26 to 28 at all cooperative societies before actual procurement starts, he added. Teams of revenue, food, cooperative and forest departments have been constitute  at the district level to check illegal flow of paddy from neighbouring states, the official added.
 
In June this year, the Centre had hiked the minimum support price of paddy by Rs 100 to Rs 2,040 per quintal for the 2022-23 crop year.

 Source:  The Economic Times
25 Oct, 2022 News Image Algeria issues tender to buy soft wheat for shipment to two ports only - traders

Algeria's state grains agency OAIC has issued an international tender to buy soft milling wheat for shipment to two ports only, European traders said on Sunday.

The tender sought a nominal 50,000 tonnes but the shipment to two ports generally indicates a small purchase is planned, traders said.

The deadline for submission of price offers in the tender is Tuesday, Oct. 25, with offers having to remain valid until Wednesday, Oct. 26.

The wheat is sought for shipment in several periods from the main supply regions including Europe: Nov. 16-30, Dec. 1-15 and Dec. 16-31. If sourced from South America or Australia, shipment is one month earlier.

The wheat should be unloaded in the ports of Mostaganem and/or Tenes. Algeria is a vital customer for wheat from the European Union, especially France.


 Source:  Nasdaq
25 Oct, 2022 News Image Agriculture experts see a shift to mustard, lentils
Farmers will prefer to grow wheat, mustard and lentils (masur) for the 2023-24 rabi marketing season as prices of these crops were higher than their minimum support price (MSP) last year, said agriculture experts.
 
"In Punjab and Haryana, farmers in the irrigated belt will choose to sow wheat while those that fall in the rainfed area will go for mustard," said Rahul Chauhan, director of agri research firm IGrain India.
 
While farmers in the eastern areas of Uttar Pradesh may opt for mustard, the western region of the state will likely choose wheat. Madhya Pradesh farmers may also prefer to sow mustard and wheat.
 
The government has increased the MSP of these crops - ?110 per quintal for wheat, ?500 per quintal for lentils and ?400 for mustard seeds - incentivising farmers to grow these. The maximum rate of return at the current MSP is 104% for rapeseed and mustard, followed by 100% for wheat and 85% for lentils, a government statement said Tuesday.
 
The larger increase in the MSP of mustard and rapeseed could also help in the diversion of some wheat to these oilseeds, said experts. "The governmen gave handsome increases for mustard and rapeseed and masoor. We can expect some wheat area to be diverted to these crops," former agriculture secretary Siraj Hussain said, adding that the government should ensure that the landed cost of imported masoor and substitute edible oil was not less than MSP-derived prices.
 
Chana (gram) is expected to be the crop of choice in Gujarat, although the area covered could be less than last year as chana prices have been low. The government also has a huge stock of chana which it has sold to several states at discounted prices.
 
In Maharashtra, farmers are expected to plant chana. The area under cotton and maize may also increase. In Karnataka, urad and moong are expected to be the crops of choice. Sowing of rabi (winter) crops begins in October, immediately after the harvest of kharif (summer) crops.
 
Around 4,32,000 hectares have already been planted with oilseeds like rapeseed, mustard and taramira in Rajasthan, data from the Ministry of Agriculture showed.
 

 Source:  The Economic Times
25 Oct, 2022 News Image Five new varieties to expand India s Basmati platter
Five new varieties of seeds of Basmati rice, developed by a group of scientists led by the Indian Agriculture Research Institute (IARI) Director Dr. Ashok Kumar Singh in 2020 and 2021, are all set to bring revolutionary changes in the way Basmati rice is cultivated in the country.
 
Three of the five varieties can resist two common diseases of paddy (one bacterial and one fungal). The other two varieties can save 35% of water as the method of Direct Sowing of Rice (DSR) can be used to raise them. These two seeds are resistant to herbicides too, helping the farmers control weeds more efficiently.
 
In the next three years, all of the five seeds will have the combined qualities of disease and herbicide resistance, says Dr. Singh.
 
“This is a landmark achievement. We started the research in 2008. This is 100% indigenous revolution using indigenous breeding programmes,” Dr. Singh tells The Hindu. “This will help in increasing farmers’ income by reducing the cost of cultivation, by improving production and by realising price of their labour and input cost. The cost of cultivation will be reduced. It will reduce the use of pesticides and water. If the production is free from residue, it will get better prices,” he explained.
 
Export in mind
India is known for its Basmati rice, with seven States — Jammu and Kashmir, Himachal Pradesh, Punjab, Haryana, Delhi, Uttar Pradesh and Uttarakhand — earmarked for geographical indication. Basmati, known for its mouthfeel, aroma, length of the grain when cooked and taste, has a market abroad and brings about ?30,000 crore foreign exchange every year. While 75% of the export is to West Asian countries, European Union countries also import Indian Basmati. However, recently, the export to EU countries faced certain hurdles due to the increase in the pesticide residue levels in the rice from India.
 
Dr. Singh says that over a period of time, as the area of cultivation increased, traditional varieties become susceptible to two major diseases — bacterial leaf blight (BLB) and blast (leaf and collar) diseases caused by the fungus Magnaporthe oryzae. Pesticides and fungicides used against these diseases increased the residue levels permitted in developed countries.
 
“Achieving the permitted levels is very difficult if we are using pesticides for controlling pests. The only way was that we bring in genetic resistance so that we do not have to spray pesticides and fungicides. So, from Pusa Basmati 1121, we developed Pusa Basmati 1885; from Pusa Basmati 1509, we developed Pusa Basmati 1847; Pusa Basmati 1401 was improved to develop Pusa Basmati 1886. All these varieties have two genes to resist BLB and two genes to resist blast disease. Farmers need not use pesticides and it will decrease the cost of farming by ?3,000 per acre. Because of effective disease control, production will increase and most importantly, there is no question of pesticide residue and our consignments will not be rejected,” Dr. Singh says.
 
The IARI provided one kilogram each to about 10,000 farmers in these seven States in 2021. “They had grown these crops during this kharif season. In the last week of September, I travelled 1,500 kilometres to see for myself how the crop is doing and to hear the feedback from farmers. I stayed at the residences of farmers. There is phenomenal response for these varieties. I am hoping that from next year, these varieties will change the scenario of Basmati cultivation and it will directly help in terms of addressing the problem of pesticides residue,” Dr. Singh says, sharing hopes of an increased coverage area in the next crop year. “I have asked farmers to keep this year’s produce for next year as seeds,” he adds.
 
The IARI developed Pusa Basmati 1979 and Pusa Basmati 1985 as herbicide tolerant rice by improving the Pusa Basmati 1121 and Pusa Basmati 1509, respectively. The traditional way of paddy cultivation relied on transplanting the plants into a water-filled field midway through the cycle. “Around 3,000 litres of water is required for one kilogram of Basmati rice. This has impacted the groundwater table of States like Punjab and Haryana. We have to change the practice of cultivating transplanted variety of paddy to direct sowing of rice (DSR). Water saving is 35% in DSR and the requirement will be 2,000 litres of water for a kilogram of rice. The second advantage is that the green house gas emission is reduced by 35% as water is not stagnating in this process. Labour cost of transplantation, which is about ?3,000, is also saved. Overall, saving will be at least ?4,000 per acre. Just do the sowing in the field and let the crop grow there,” he says.
 
However, one of the major problem in the DSR is weeds. Without the water acting as a herbicide, the DSR method allows for lot of weeds to crop up in the field. “So, we transferred a gene that is resistant to a herbicide. So, when farmers spray herbicide, weeds will be killed, not paddy,” he says.
 
Process in place
The first process in developing these two varieties was to do a mutation breeding using a chemical called Ethyl Methanesulfonate (EMS) to identify a variant in the plant that survives the application of herbicide.
 
“Last year, we released the seed to farmers on an experimental process. This is a non-genetically modified herbicide-tolerant seed. GM is a good technology but many markets such as European Union doesn’t accept GM rice. We get about ?8,000 crore from exporting Basmati rice to EU countries. A minor step is incomplete, which is making an application to the Central Insecticide Board’s registration committee to allow us to expand its label claim to this variety. The process may take some time. We have to submit dossiers about the efficacy of the seed. The data has been submitted. We hope that all formalities will be cleared by next crop season. This year, we have done trialling under control. Everything is fine. It provides effective weed control. The cooking quality is also excellent. There is no residue of any kind of herbicides,” Dr. Singh says.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 Source:  The Hindu
21 Oct, 2022 News Image India-UK trade pact talks moving in right direction: Commerce Secretary.
Commerce Secretary Sunil Barthwal on Thursday said that negotiations for the proposed trade pact between India and the UK are moving in the right direction, and both sides are expected to reach an agreement soon. At an event organised by the Confederation of Indian Industry, he said that negotiators have finalised many things and many aspects are yet to be finalised.
 
'We are moving in the right direction...Negotiations are on. We are on track,' he said at the sidelines of the CII National Exports Summit.
 
India and the UK are negotiating the pact to boost trade and investments between the countries. While the aim was to conclude the talks by Diwali, the deadline is unlikely to be met.
 
When asked about the fresh target, the secretary said that it depends on the movement of negotiation.
 
'We are moving forward very well and expect that soon we will be able to reach an agreement,' he said.
 
In January, the two sides formally launched the talks for a free trade agreement to boost bilateral trade and investments.
 
Barthwal also said that there is a huge scope for India to move in the global value chain systems and have high-value addition in global exports.
 
Noting that India’s share in global exports is less than 2%, he said there is a huge potential is there to boost the shipments despite global headwinds and low trade growth predictions.
 
'We can easily aim for doubling our exports and increasing our exports (share) to 10 per cent over a period of time and these opportunities exist even if somebody is saying that global trade scenario is looking bleak,' he said and asked the domestic exporters to not be pessimistic about this scenario.

 Source:  economictimes.indiatimes.com
21 Oct, 2022 News Image At present 43.82 Lakhs Tonne of buffer stock of various pulses available with Government of India.
Government of India’s continuous monitoring and policy decisions has led to the stability in the prices of pulses and onion. The Centre keeps a close watch on the production, imports, exports and availability of essential commodities through frequent interaction with importers, research agencies, trade associations, etc, said Shri Rohit Kumar Singh, Secretary Department of Consumer Affairs during a media interaction here today.
 
Centre keeping close watch on production, imports, exports and availability of essential commodities
Centre starts procurement of 1.00 Lakh tons of imported Tur and 50,000 tons of imported urad
Import of Tur and Urad has been kept under 'Free Category' till 31.03.2023
The basic import duty on Masur has been reduced to zero w.e.f. 27.07.2021 and the zero Agriculture Infrastructure and Development Cess w.e.f 13.02.2022 till 30.09.2022 has been extended till 31.03.2023
Centre has built buffer stock of 2.50 LMT (Lakh Metric Tons) of onion during the Rabi 2022 harvesting period
In order to augment the buffer stock, the government has started procurement of 1.00 Lakh tons of imported Tur and 50,000 tons of imported Urad. At present, the Government of India has 43.82 Lakhs Tonne of buffer stock of various pulses under PSF and PSS. The Chana is allocated from this available Stock to the States at discounted price of Rs 8 per Kg over the issue prices for its distribution by the States/UT under various welfare Schemes. Till date, based on the Indent received from Uttar Pradesh, Gujarat, Himachal Pradesh and Tamil Nadu, 88,600 MT of Chana has been allocated to these States.
 
In order to ensure smooth and seamless import of pulses to augment domestic availability, import of Tur and Urad has been kept under 'Free Category' till 31.03.2023. In respect of Masur, the basic import duty has been reduced to zero w.e.f. 27.07.2021 and the zero Agriculture Infrastructure and Development Cess w.e.f 13.02.2022 till 30.09.2022 has been extended till 31.03.2023.
 
The Department of Consumer Affairs on 12th August, 2022, issued a directive to all the states and UTs to enforce stock disclosure by stockholders of Tur under Section 3(2)(h) and 3(2)(i) of the Essential Commodities Act, 1955 and also to monitor and verify the stocks. The states/UTs have also been asked to direct stockholder entities to upload the data of stocks held by them on the online monitoring portal of the Department of Consumer Affairs on weekly basis. Further, states have been requested to nominate the nodal officers to monitor the disclosure of tur stock by stockholders.
 
The Centre has built buffer stock of 2.50 LMT (Lakh Metric Tons) of onion during the Rabi 2022 harvesting period in a view to keep onion retail prices stable even during the lean arrival season. The release of Onion buffer is initiated to check the price rise and a quantity of 54,000 tons of Onion has been released to various Markets across 14 States/UTs from the National Onion Buffer Stock. This has resulted in stable onion prices all through the year. Further, to keep the onion retail prices stable, Government of India has offered onion to all the States/UTs and Mother Dairy, Safal, NCCF and Kendriya Bhandar to lift onion from Central Buffer Stock at the rate of Rs 800 per quintal.
 
Due to continuous monitoring and policy decisions of Central Govt., all India average retail prices of major pulses have been fairly stable since starting of the year, except for normal seasonal price increases. All India average prices of Gram dal and Masoor dal have slightly declined over last month, whereas all India average price of Tur dal, Urad dal and Moong dal have been stable with marginal increase over same period. The all-India average retail price of onion has witnessed a significant decline of 28% compared to last year. 
 
Regular reviews by the Inter-Ministerial Committee (IMC) and Committee of Secretaries (CoS) to review the situation of essential commodities, their price trends and suggest measures to enhance availability by way of various policy interventions to keep prices stable by way of imports, increasing production, imposing stock limits, import export regulations, etc.
 
The Govt. of India has set up The Price Stabilization Fund (PSF) to tackle price volatility of essential commodities such as Pulses, onion and potato to protecting consumers’ interest while promoting direct purchase from farmers/farmers’ associations at farm gate/mandi. The Buffer stock of onion and pulses is maintained under PSF with the objective to moderate prices during the lean arrival season to ensure price stability. These interventions while protecting consumer interest would also help in sending the appropriate signals to market and regulate speculative and hoarding activities.
 
The Department of Consumer Affairs, Government of India, monitors prices of 22 essential commodities (Cereals, Pulses, Edible Oils, Vegetables and Others). To improve the quality of price data and analytical output thereof, the department has expanded the geographical coverage by increasing the number of price collection centres from 179 as on 1st January 2022 to 311 centres as on date. To improve the robustness of the price monitoring process, the department uses scientific models for predictive analytics and Scenario building models to develop information-based scenario.
 
Hon’ble Prime Minister Shri Narendra Modi during PM-KISAN Samman Sammelan 2022 (on17th October 2022), expressed delight at the 70% increase in pulse production and thanked the farmers, recalling his clarion call in 2015 regarding the production of pulses. 'We will make agriculture attractive and prosperous in the Azadi Ka Amrit Mahotsav', the Prime Minister said and concluded his address by wishing the best to all the farmers and startups.
 
Earlier this week, in a pro-farmer initiative, the Cabinet Committee on Economic Affairs chaired by Hon’ble Prime Minister Shri Narendra Modi had approved the increase in the Minimum Support Prices (MSP) for all mandated Rabi Crops for Marketing Season 2023-24. Government has increased the MSP of Rabi Crops for Marketing Season 2023-24, to ensure remunerative prices to the growers for their produce.  The absolute highest increase in MSP has been approved for lentil (Masur) at Rs.500/- per quintal.

 Source:  pib.gov.in