The Economic Advisory Council to Prime Minister (EAC-PM) will release the Competitiveness Roadmap for India@100 on August 30.

 

It is to be released in the presence of Council Chairman Bibek Debroy, G-20 Sherpa Amitabh Kant, and Council member Sanjeev Sanyal.

 

'The roadmap stands to inform and guide the way for India to become a higher-income country by 2047. It proposes policy goals, principles and approaches to further drive India’s economy in the direction of sustainability and resilience, embedded in social progress and shared prosperity,' a press release issued by the govt read.

 

'The roadmap presents an integrated agenda of prioritised initiatives based on a thorough examination of India’s present economic state and competitive advantages. Building on the many reforms your government has enacted over recent years, it addresses both what actions India needs to prioritize now and how it needs to organize itself to deliver these actions effectively.'

 

The release event takes place at Indira Gandhi National Center for the Arts (IGNCA), Janpath, New Delhi at 11:00 AM. The event is open to press and will be live streamed on YouTube at www.YouTube.com/arthsastra.

 

The strong buffers in the form of a robust foreign exchange reserve and limited external debt will help India ride out any challenge emerging on the external front, S&P said. It expects India's forex kitty to grow back to $600 billion by the end of this year. Forex reserve stood at USD 570.74 billion as of August 12.

 

'The country has built up buffers against cyclical difficulties like those, which we are experiencing right now,' S&P Sovereign & International Public Finance Ratings Director Andrew Wood said.

 

He said India's credit worthiness doesn't face any threat from near-term pressures. The US-based agency has a 'BBB-' rating on India with a stable outlook.

 

'We are expecting a strong level of GDP growth of 7.3 per cent this fiscal,' he said, adding the rupee exchange rate movement against the US dollar has been moderate.

 

he rupee has depreciated about 7 per cent against the US currency this year but has performed better than its emerging market peers.

 

S&P Global Ratings Economist Asia Pacific Vishrut Rana said economic activity and consumer confidence have been improving.

 

After a 7.3 per cent GDP growth this fiscal, the economic growth is expected to moderate to 6.5-6.7 per cent over the next fiscal year.

 

Indian economy expanded 8.7 per cent in the last fiscal (2021-22).

 

'Inflation is going to be a key concern for the economy for this year. We expect a 6.8 per cent inflation rate this year with risk to upside,' Rana noted.

 

He said although food inflation is easing, core or manufactured product inflation still remains sticky.

 

A good monsoon will have a favourable impact on food inflation but elevated energy prices will put pressure on overall inflation, he added.

 

S&P said it expects the Reserve Bank of India to raise interest rates further to 5.65 per cent to tame inflation.

 

Retail inflation remained above the RBI's comfort level for the seventh month in a row and was 6.71 per cent in July.

 

Wholesale price-based inflation remained in double-digits for the 16th month in July at 13.93 per cent.

 

To tame stubbornly high inflation, the RBI has hiked the key interest rate three times this year to 5.40 per cent.

 

The central bank had projected retail inflation to average 6.7 per cent in 2022-23.

 

Organic farming is a method of farming system which primarily aimed at cultivating the land and raising crops in such a way, so as to keep the soil in good health by the use of organic wastes and other biological materials along with beneficial microbes. Nutrients are provided to crops for increased sustainable production in an eco-friendly and pollution free environment. The aim is to create integrated, human, environmentally and economically sustainable production system which maximize reliance on farm derived renewable resources and management of ecological and biological processes and interactions so as to provide acceptable level of crop, livestock and human nutrition, protection from pests and diseases and appropriate return to the human and other resources. Organic farming is gaining momentum across the globe because of increasing concern of people on health and environment. In organic farming non-toxic methods are applied to manage the insect-pests, diseases and weeds and thus improve the natural resources in the soil including soil and water quality. Organic farming reduces the risk of yield failure, stabilizes the crops production and improves the quality of lives of the people. Organic farming respects the environment by friendly practice of weeds, insect-pests and diseases control. The term ‘Organic Farming’ was coined by Northbourne (1940). Organic farming means holistic production systems which refer earth friendly methods for cultivation and food processing. It differs from other systems by the certification procedures, specific standards and a specific labeling scheme. Insecticides, pesticides, chemical fertilizers, growth hormones and antibiotics are not used in organic farming. Eco-friendly techniques are employed to increase the production. Organic farming is based on the integral relationship and we need to understand the relationship between different entities of a farm. The organic farming is based on organic relationship. Organic farming can be perceived as a system which should always be in search of natural alternatives suitable to the local specificity. The organic manures supply the nutrients in the soil, promote microbial activities and improve physical, biological and chemical properties of soils.

 

Agriculture is the backbone of Union Territory of Jammu and Kashmir. This sector provides employment directly or indirectly to around 70 per cent population of J&K. Agriculture contributes about 65 per cent of J&K revenue which signifies the overdependence of the J&K on agriculture. The Environment Sustainability Index of J&K is worsening and is a matter of grave concern for the scientists and policy makers. There are various factors which are responsible for the environmental catastrophe in J&K. The use of fertilizers and other agrochemicals can deteriorate the soil health of J&K. Organic farming is a method of farming in which we largely exclude the use of chemical fertilizers, pesticides, herbicides, growth hormones and we maintain the soil fertility by the organic manures, green manures, crop rotation etc. It is a unique system of farming which sustains the agro-ecosystem including biodiversity and soil biological activities. Organic farming can prove as a major tool for the second green revolution especially in the hilly areas of J&K. Over the years, the farmers of the Union Territory of Jammu and Kashmir have adopted new agricultural technologies but still J&K is having low productivity of almost all the crops. There is need to develop systematic approach and plan for the development in organic farming in the Union Territory of Jammu and Kashmir as there is an immense potential for organic farming in J&K. Demand for organic crops is also increasing. Several steps have been taken by the government in order to highlight the importance of organic agriculture in the growth of J&K economy. There is need to make strenuous efforts to promote organic farming in J&K. Soil health is also deteriorating day- by- day in some regions of J&K due to indiscriminate use of chemical fertilizers in the soil. In order to sustain the health of soil organic farming is the best option. Because of Government efforts, organic farming is picking up pace in J&K. There is need of capacity building of farmers for promotion of organic farming in the region. Union Territory of J&K has huge potential for organic farming as a large area in J&K is already under semi-organic cultivation in hilly districts of J&K due to the lack of availability of chemical fertilizers in these areas and the farmers of these areas hardly apply the chemical fertilizers. Organic vegetables, ginger and turmeric of Reasi district, Basmati rice of R S Pura, Rajmah of Bhadarwah, potato of Gurez and Machil and red rice of Tangdar, Kupwara are major organic products in J&K and have the potential to fetch more returns in the market. There is need to explore markets in the country and abroad for saffron, basmati rice, vegetables, Rajmah, spices and various other agricultural produce from J&K. Union Territory of Jammu & Kashmir farmers can tap the opportunity of growing demand of organic products. Organic agriculture is generally environment friendly maintains soil health and enhance biodiversity. Already large numbers of farmers of J&K are organically growing vegetables, spices, basmati rice, walnuts, herbs etc organically. There is need to introduce organic farming commercially, scientifically and in a systematized way in J&K so that the farmers can get rich dividends and farming can become sustainable source of income of farmers. Keeping the importance of organic products there is need to shift from chemical to organic farming so that more and more area can be covered under organic farming in the region. Organic farming system is not new in J&K and it is being followed from ancient times. It is a method of farming system which primarily aimed at cultivating the land in such a way so that the soil health can be maintained. There is tremendous scope for organic Basmati rice in J&K which is grown on more than 35,000 hectares of land in J&K and has a production of over 88,000 metric tonnes, besides rajmah, spices, saffron, pulses and potato. There is need to provide logistic support for organic farming to the farmers of J&K so that they can get maximum benefits from it. The indiscriminate use of agro-chemicals in soil and on plants is not only damaging the soil bacteria, fungi, actinomycetes etc. but has given rise to phenomenon like pest resistance and pest resurgence. Modern crop farming has increased the food grain production but it has caused many problems to the environment and human health. Besides, it has contributed to global warming causing different kinds of ailments to the human beings and animals. Dependence on the external inputs like fertilizers, pesticides, machines etc. have increased rural indebtedness and created dependencies. Our farmers have indulged in indiscriminate use of chemical fertilizers and pesticides and their numbering is increasing. In order to increase the agricultural production and control of insect-pests and diseases, our farmers are increasingly depending on agro-chemicals. Now the people are questioning the impact of modern agriculture on environment, economic and social aspects. Many farmers are seeking the alternative practices that would make agriculture more sustainable and productive. Organic farming is the only alternative taking care of all ecological aspects. A natural balance needs to be maintained for sustainability of crop production system. Therefore, recycling of resources through organic farming approach is of paramount importance. It can reduce the cost of cultivation and farmers can fetch more money. Good market demand for organic products will have a positive impact on the socio-economic status of the farmers of J&K. Organic farming can lead prosperity among the farmers of J&K.A proper strategy is needed to promote organic farming in J&K. An integrated approach from government and non-government organizations is needed to encourage the organic farming in J&K to mitigate the problem of climate change, health and sustainability. Organic farming can create livelihood sources for the small and marginal farmers.

Reliance Retail has won a bid to buy 40,000 tonnes of wheat from Haryana State Cooperative Supply and Marketing Federation (Hafed) at Rs.24,200 a tonne, officials at the cooperative body said on Wednesday.

 

Hafed, which used to procure wheat only for Food Corporation of India at the minimum support price, had for the first time purchased the grain at market rate this year for the sole purpose of exports. It had procured 1,80,000 tonnes of wheat, paying more than the MSP for exports. However, after the Centre put a break on wheat exports in May, the cooperative body started offering wheat to domestic buyers.

 

Hafed is known to work for profit. It had bought this export-quality wheat at market rate from Haryana and Madhya Pradesh, competing with the private sector. The total tendered quantity was 1,04,268 tonnes, of which more than 60,000 tonnes were from Madhya Pradesh and 40,000 tonnes from Haryana. Hafed officials said they were most likely to accept the Reliance Retail bid for the entire 40,000 tonnes of Haryana-origin wheat.

 

According to traders, the Hafed sale has given a strong signal that there is a shortage of wheat in the market and that prices will remain firm.

 

For the remaining more than 60,000 tonnes of wheat of MP origin on offer, Hafed has decided to go for re-tendering. 'Our objective is to stabilise market prices,' said Hafed managing director A Srinivas.

 

'Our cost of wheat purchase is higher in Madhya Pradesh than that in Haryana as we had to compete with big exporters,' said RP Sahni, chief general manager, Hafed.

 

As FCI is not likely to sell wheat under the open market sales scheme, apart from the private trade, the only agency having wheat for open market sale is Hafed.

According to Union Finance Minister Nirmala Sitharaman Organic vegetables and fruits grown in Nagaland are in high demand, but assembling, storing, and locating markets is a difficult challenge.

 

The finance minister underlined the importance of identifying one product in each district of the state with shared amenities and digital marketing while addressing the 'Nagaland Corporate Social Responsibility (CSR) and Investment Conclave 2022' on Monday. She emphasised on the value of branding and said, 'Once you associate it with an image, the world is waiting, but efforts must be made to brand it.'

 

The Atal Tinkering Lab, a prize initiative of the NITI Aayog's Atal Innovation Mission, was another suggestion made by the finance minister. She saw homestays in Nagaland as a huge potential where many domestic tourists could experience the locals' natural way of life. On compulsory CSR investments, the Minister said that the CSR board takes the decision and funds are provided depending on social activity, and CSR occurs when investments are made.

 

The finance minister must participate in healthcare and logistics as it has good growth potential. She also emphasised the need for Confederation of Indian Industries (CII) training facilities for youth to get skilled along with certificates and assume leadership roles in those industries.

 

Nagaland Chief Minister Neiphiu Rio said during his speech that the meeting would be a game changer for the state.

 

He said that Sitharaman gave the Central Government her full support and gratitude for taking great focus on the development of the northeastern region.

 

According to the Chief Minister, the state government is expecting industries to explore the unused investment potential of the state in various sectors, including tourism, agriculture, education, and forestry.

 

On the banking front, the minister hoped that the conclave's banking track will lead to increased and hassle-free bank credit offtake, as well as contribute to development efforts and promote aspiring entrepreneurs.

India may give incentives to exporters settling trades using rupees to boost the acceptability of the currency and increase the sales of goods to Russia, which has fallen because of western sanctions, according to government and industry sources.

 

The move is designed to boost Russian trade after the Reserve Bank of India (RBI) put in place a mechanism for international trade settlements using the rupee last month. Indian companies are already swapping out the dollar and euro for Asian currencies to settle trades to avoid Western sanctions imposed on Russia after their invasion of Ukraine.

 

The most likely incentive that will be granted would apply a current program for trades using fully convertible currencies such as the dollar and the euro to the rupee, which is only partially convertible, according to the three sources.

 

Under the existing programme, Indian exporters receive rebates on a portion of the taxes and customs duties accumulated during the entire process of manufacturing a good. The new incentive would apply those rebates to goods exported using the rupee as a currency, the sources said.

 

'The department of commerce is working with the central bank and the revenue department to ensure facilitation of rupee-related transactions as foreign exchange realization in accordance with RBI's notification last month,' said one of the sources, a senior government official who did not want to be identified as the discussions are private.

 

'Steps will be taken to extend foreign trade policy benefits for such realization,' he added.

 

India's commerce ministry, finance ministry and the RBI did not immediately respond to requests seeking comment on the incentives.

 

So far bankers and traders have not increased their use of the rupee for settlements as they are awaiting more details from the central bank and the government on the incentives to use the rupee, the sources said.

 

Guidelines are expected 'soon' and will help boost trade with Russia, the sources said without elaborating on the timeline.

 

Another one of the sources, also a government official, said India is aiming to add trade worth $6 billion to $7 billion with Russia in the next two months.

 

India's imports from Russia, mainly crude oil, increased five times to more than $15 billion from Feb. 24, when Russia invaded Ukraine and the end of July, compared to the previous year, Reuters reported earlier this month.

 

However, exports fell to $852.22 million from $1.34 billion in the same period.

 

The centre has prioritized swift development of modern Multi Modal Logistics Parks (MMLPs) through a tripartite agreement signed between roads, shipping, and railway ministries arms on Wednesday.

 

An official statement said this agreement has been signed by National Highways Logistics Management Limited (NHLML), Inland Waterways Authority of India (IWAI), and Rail Vikas Nigam Limited (RVNL). The three will jointly develop MMLPs under Bharatmala Pariyojna across the country with an objective to centralize freight consolidation and reduce logistics cost from 14% to less than 10% of Gross Domestic Product (GDP), at par with International Standards.

 

Road Transport Minister Nitin Gadkari said that this agreement will facilitate seamless modal shift. 'MMLPs will ensure that cargo is swapped or shifted from and to Waterways, Dedicated Freight Corridors and Road Transport,' he noted.

 

Speaking at the event, Shipping Minister Sarbananda Sonowal said that the agreement proposes to put the letter and spirit of Bharatmala Pariyojana into effect. 'MMLPs are designed to untie the cobweb of logistics movement and enliven the logistics sector to put the economy into the fast lane of growth,' he added.

 

An official statement noted that a MMLP will be a freight handling facility with rail and road accessibility. It will also comprise of container terminals, cargo terminals (bulk, break-bulk), warehouses, cold storage, and facilities for mechanised material handling.

 

Value-added services such as customs clearance with bonded storage yards, quarantine zones, testing facilities and warehousing management services among others will feature along with other associated facilities.

 

The MMLPs are developed under a ‘Hub & Spoke’ model and will integrate multiple modes of freight transport through highways, railways and inland waterways.

 

'Many value added services like packaging, repackaging and labelling will be available in these projects,' the statement added.

A mega Geographical Indications (GI) fair is being organised from August 26 to 28 in Greater Noida. India's finest GI-tagged products will be on display at the event which will allow people to get a glimpse of products that have become pride of regions of their origin. GI is basically a sign. It is used on products that have a specific geographical origin. Such products are invaluable treasures of the region and build confidence to buy them. Recently, Bihar’s Mithila Makhana was awarded the GI tag by the Central government. Makhana is fifth product from Bihar which has been awarded the GI tag. The four others are - Jardalu Mango; Katarni Dhaan; Magahi Paan and Shahi Litchi.

 

The GI fair's aim is to connect invaluable native products to connoisseurs and clientele of the global market. The event will showcase the collective intellectual heritage and ethos of GI-tagged products.

 

What is GI?

 

A Geographical Indication (GI) is a sign used on products that have a specific geographical origin and possess qualities or a reputation that are due to that origin.

 

What is a GI Product?

 

The Geographical Indication indicates that the item is uniquely from its particular place of origin 390+ famed Indian products have been recognised and are tagged with the global geographical indication.

 

Citizens may register for India GI Fair 2022 online by visiting the official website- https://www.gifairindia.in/home

 

India GI Fair 2022 is being organised at India Expo Centre & Mart in Greater Noida.

 

Step 1: Visit the official website - https://www.gifairindia.in/home

 

Step 2:  Option- 'Visitor Registration' appears on the homepage, at the top.

 

Step 3: Select the type of Trade visitor among the 4 options available. Visitors may select option 4.

 

Step 4: General domestic visitors will need to fill in required details-- Name, Age, State, City, Email, Mobile no., Type of visitor category and whatsapp no with country code.

 

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Step 5: Click on Register.

 

Step 6: A mail will be sent to the registered email address. In case of query, one may write to - visitors@gifairindia.in.

High temperatures during the months of May and June might be one of the reasons behind the stunting of early-sown varieties of paddy plants in Punjab and Haryana, according to a preliminary assessment by a central team constituted by the agriculture ministry.

 

Farmers in these two states and in Uttarakhand have reported a disease in paddy plants that leads to stunting or dwarfing.

 

Two per cent of the total paddy area in the two states has been affected, according to a preliminary analysis by the Indian Agricultural Research Institute (IARI).

 

On fields where the disease is reported, the occurrence is between 5-14 per cent in non-basmati plants and 4-5 per cent in basmati plants. 

 

Early-sown plants have been affected more than timely or late-sown plants, Rajbir Singh, director, Indian Council of Agricultural Research (ICAR)-Agricultural Technology Application Research Institute, told Down To Earth.

 

'Stunting or dwarfing is more prominent in early-sown varieties. The preliminary assessment suggests that high temperatures experienced by the states during the months of May and June may have contributed to the virus growth in paddy plants,' he said. 

 

There is a prevalence of insects like brown plant hopper, white back plant hopper and green leaf hopper, but these are carriers of the virus. The exact reasons can only be stated after the investigation is completed, he added.

 

Paddy sowing through the traditional transplantation method began in Punjab June 18 and June 15 in Haryana. And farmers who take up the direct seeding of rice method in the two states usually complete crop sowing by June 10. 

 

The months of May and June saw extended dry spells and high temperatures in north, northwest and central India. Dry spells are sequences of days without precipitation.

 

The summer of 2022 has been the second hottest since 2010, according to an analysis by non-profit Centre for Science and Environment, New Delhi.

 

The plants transplanted late by mid-July have seen low or no incidences, confirmed AK Singh, director of IARI. 

 

The usual transplanting starts by June 10 and is completed by June 25 and that period coincided with high temperatures and dryness. Incidences of dwarfing are not there in the fields where transplanted happened later in July. However, we can only say with certainty if the virus or bacteria has multiplied because of the high temperatures once the analysis is complete.

 

The disease causes damage to the roots of the plants, making them black and stunting their growth as the plants cannot pull the nutrients from the soil.

 

Scientists are looking at four to five possible causes behind the recent disease. These are rice dwarf virus, grassy stunt virus, rice streak dwarf virus, mycoplasma bacteria and an attack of a fungus called fusarium — all associated with dwarfing symptoms.  

 

 The field assessments have currently been completed in around ten to 15 districts in the two states. These districts include — Panipat, Sonipat, Karnal, Yamunanagar and Ambala in Haryana and Ropar, Hoshiarpur, Fatehgarh Sahib and Mohali in Punjab. 

 

The dwarfing of paddy plants has happened on this scale for the first time and the team is looking at various reasons behind this, said Subhash Chander, director, ICAR-National Research Centre for Integrated Pest Management, New Delhi.

 

It will take around 10 days to conclude the causes and submit their report to the ministry, Rajbir Singh added.

 

Another important observation made by the team was that more damages were being seen in hybrid varieties of paddy.

 

'Especially in Haryana, where hybrid varieties form 25 to 30 per cent of the total paddy sown, we have seen prime facie the problem occurring more prominently,' he said.

 

In areas like Yamunanagar, Ambala and some parts of Karnal in the Haryana and Kandi region of Punjab, hybrid varieties are prominent and more disease prevalence has been found. One of the possibilities could be an infection already present in the hybrid seeds, which has spread further, he added.

 

Rice is grown in around 3.1 million hectares (mha) in Punjab and 1.4 mha in Haryana. The reports of the disease come at a time of a fall in paddy acreage by 3.1 mha in this Kharif season, compared to last year.