1. Home
  2. Market Intelligence
  3. Market News
Back
12 Aug, 2022 News Image Haryana s HAFED to sell 1.04 lt of wheat in open market, invites bids.
The Haryana State Cooperative Supply and Marketing Federation (HAFED) has invited bids for the sale of 1.04 lakh tonnes(lt) of wheat, procured by it commercially from Haryana and Madhya Pradesh during the harvesting season in April-June this year.
 
The last date for the submission of bids is August 22 and the tender will be opened the next day.
 
Out of the total quantity to be sold, 42,075 tonnes are available at different locations in Sirsa district of Haryana, while the remaining 62,193 tonnes will be sold in Madhya Pradesh, where the stocks are kept in Ujjain, Indore, Dewas, Vidisha, Guna, Ashoknagar and Bhopal.
 
 
Minimum bid
'The buyer shall complete the lifting of stocks within the free lifting period of 40 days (inclusive gazetted holidays) from the next date of issue of the acceptance letter by HAFED irrespective of the quantity allotted,' the notice said.
 
Each bid shall be for a minimum quantity of 5,000 tonnes or the complete quantity as per the lot size, whichever is less. In case the complete quantity stored at a particular godown is allotted to a single bidder, he/she shall be required to lift the complete quantity including over and above quantity than the allotted quantity, if any, after depositing the due payment calculated at the accepted tender rate for that location.
 
In case the quantity stored at a godown is more than 5,000 tonnes and the entire quantity stored at the godown is allotted to more than one bidder, whether in one tender or in different tenders, then the bidder who will lift the last consignment will be required to lift the balance quantity over and above the allotted quantity, if any, after depositing the due payment calculated at the accepted tender rate.
 
Unusual development
'It is very clear that HAFED has purchased the wheat commercially, but it is unusual for a State government agency to buy and store in another State, sensing a business opportunity,' said an expert who also questioned the timing of the sale when there is speculation in the market that the government is likely to impose a stock limit. The availability will definitely increase in the market when wheat stored by non-traditional players start releasing the stock, the expert said.
 
Taking a serious view of the 10 per cent surge in wheat prices since June-end, the Centre is considering various measures to bring down the prices—from releasing the cereal under the open market sale scheme (OMSS) for user industries to lowering the import duty to zero. In a meeting with representatives of the Roller Flour Mills Federation of India (RFMFI) last week, Food Ministry officials said the Centre is closely monitoring the availability of wheat for consumers and user industries, besides keeping an eye on its price movements.
 
The national weighted average modal price (the rate at which most trades take place) across the agricultural produce marketing committee yards in the country has increased by 11.1 per cent since July 1 to Rs. 2,302 a quintal from  Rs. 2,072. Since the beginning of this month, prices are up three per cent. This is against the minimum support price of  Rs. 2,015 this year.
 
According to the Consumer Affairs Ministry, retail wheat prices have increased over three per cent and atta prices by about 3.5 per cent in the past month.

 Source:  thehindubusinessline.com
12 Aug, 2022 News Image India, Kiribati hails longstanding ties, discuss close cooperation.
Minister of State for External Affairs and Education Rajkumar Ranjan recently met with visiting Minister for Commerce, Industry and Cooperatives Booti Nauan of Kiribati as the leaders discussed strengthening bilateral ties between the two nations.
 
The productive discussion between the two ministers focussed on deepening the longstanding ties between India and Kiribati, MoS Ranjan said on his social media handle.
 
'Delighted to meet with visiting @Kiribati_Govt Minister for Commerce, Industry and Cooperatives Hon. Booti Nauan,' he tweeted, adding that the Productive discussion underlined how the bilateral relations between the nations can become long-standing and India remain in close cooperation with Kiribati.
 
Earlier in April, the External Affairs Ministry (EAM) announced Palaniswamy Subramanyan Karthigeyan as India's new High Commissioner to Kiribati, a country made up of 33 islands located in the Central Pacific Ocean.
 
As per MEA, Palaniswamy Subramanyan Karthigeyan (IFS:2004), presently High Commissioner of India to the Republic of Fiji, has been concurrently accredited as the next High Commissioner of India to the Republic of Kiribati, with residence in Suva.
 
India also sent a consignment of medical supplies containing PPEs and medications to Kiribati after the Pacific island nation appealed for help to deal with the first outbreak of COVID-19 in February.
 
The relief supplies included Pulse Oximeters, Swabs with VTM, Specimen bags for swabs, PPE kits (Surgical masks, Gloves, N95 masks, Shoe covers, Hair caps) and emergency Covid-19 medication supplies.

 Source:  aninews.in
12 Aug, 2022 News Image Demand from US, Japan, new markets revives mango exports.
Resumption of orders from the US and Japan, new markets such as Argentina, and at least 50% higher per unit realisation have helped revive India's mango exports. Exports of the fresh fruit to Japan have doubled to 50 tonne in the current season from 24.52 tonne exported in 2021-21 while around 1,000 tonne mangoes have been exported to the US.
 
Similarly, mangoes are being sent to South Korea after a two-year gap due to the Covid-19 pandemic, and Malaysia has assured imports of Alphonso, Kesar and Banganpalli varieties of mango, officials said.
 
'There is a 10-15% rise in mango exports in this season as compared to last. Exports have recovered,' said an official.
 
India exported fresh mangoes worth $44.07 million in FY22, lower than $56.11 million in 2019-20 as the US stopped mango imports for lack of physical inspections during the pandemic period.
 
Mangoes headed to the US have to be irradiated before they are exported.
 
'This year also marked a breakthrough in penetration of Japanese market. Mangoes are also being sent to Korea and it is expected that few containers as test marketing will be made available there,' the official said.
 
The Agricultural and Processed Food Products Export Development Authority has promoted Langda and GI-tagged Zardalu in Bahrain and organic mangoes to Russia this year. The king of fruits is also being promoted in Riyadh, Brussels, Thimpu, Kuwait, Dubai, Denmark and Berlin.
 
Sources said Malaysia has assured imports of Alphonso, Kesar and Banganpalli varieties of mango.
 
'Market access was also gained in Argentina,' the official said.
 
In April-June 2021, exports of fresh fruits and vegetables, including mangoes, were $642 million and that increased to $697 million in corresponding months of current fiscal.

 Source:  economictimes.indiatimes.com
12 Aug, 2022 News Image Tripura export pineapples worth Rs 14 crore to Dubai, Qatar and Bangladesh.
Tripura on Thursday exported nearly 9,909 tonnes of pineapples worth Rs 14 crore to Dubai, Qatar and Bangladesh.
 
Tripura’s Agriculture and Farmers Welfare Minister Pranajit Singha Roy said besides pineapples, Tripura also exported various other fruits and horticultural products to England, Germany and many other countries.
 
The state annually produces 1.28 lakh tonnes of two major varieties -- Kew and Queen -- of pineapples in 8,800 hectares.
 
 
Former President Ram Nath Kovind, at a function in Agartala in 2018, announced the 'Queen' variety of pineapple as Tripura's state fruit.
 
The minister said that the Kishan Rail and Kishan Udaan schemes is immensely benefiting the producers and farmers, especially of the northeast region of India by connecting them to the national and international markets.

 Source:  economictimes.indiatimes.com
12 Aug, 2022 News Image Jaishankar meets Switzerland Federal Councillor Ueli Maurer, reviews bilateral ties.
External Affairs Minister S Jaishankar on Wednesday met with Ueli Maurer, head of the Federal Department of Finance of Switzerland and discussed fintech and digital domains.
 
The two leaders also exchanged views on global economic challenges.
 
'A good conversation with Ueli Maurer, Head of Federal Department of Finance of Switzerland. Reviewed our bilateral relations and discussed fintech and digital domains. Also exchanged views on global economic challenges,' Jaishankar said in a tweet.
 
Ealier this month, India and Switzerland held the 11th round of India-Switzerland Foreign Office Consultations in New Delhi.
 
During the consultations, both sides undertook a comprehensive review of bilateral relations. They referred to their long-standing dynamic partnership and agreed to make it future-oriented, read the Ministry of External Affairs press release.
 
Both sides appreciated that the annual bilateral trade had exceeded USD 30 billion and agreed on the importance of diversifying their trade, added the release.
 
Over 330 Swiss companies are present in India in sectors such as engineering, services, precision instruments, chemicals and pharmaceuticals while Indian companies are present in Switzerland in sectors such as IT, pharmaceuticals, and machinery.
 
The two sides took note of the progress made in the negotiations on India-Switzerland Bilateral Investment Treaty and India-EFTA Trade and Economic Partnership Agreement (TEPA) and agreed on the need for their early conclusion.
 
They agreed to further cultural and people-to-people relations and looked forward to commemorating 75 years of bilateral diplomatic relations next year in a befitting manner.
 
Both sides agreed to continue high-level exchanges and regular meetings of the institutional mechanisms such as the Joint Economic Commission, Joint Working Groups on Railways and Environment and Financial Dialogue to keep up the momentum in bilateral relations, added the release.

 Source:  aninews.in
12 Aug, 2022 News Image India and UK conclude fifth round of talks for India-UK Free Trade Agreement.

On 29 July 2022, the Republic of India and the United Kingdom concluded the fifth round of talks for an India-UK Free Trade Agreement (FTA). Negotiation officials undertook these technical talks in a hybrid fashion – with some of the teams meeting in New Delhi, India, and the majority of officials joining virtually.   For this round of negotiations, technical experts from both sides came together for detailed draft treaty text discussions in 85 separate sessions covering 15 policy areas. Indian and UK officials will continue to work intensively throughout the summer towards our target to conclude the majority of talks on a comprehensive and balanced Free Trade Agreement by the end of October 2022.


 Source:  pib.gov.in
12 Aug, 2022 News Image Uttarakhand to export local mangoes to Dubai.
For the first time, high-quality mangoes produced by Uttarakhand growers are being exported to Dubai. This is being done to promote local products and boost the economy of small farmers. Last week, Chief Minister Pushkar Singh Dhami flagged off the first consignment of these mangoes as well as honey and kidney beans (rajma) produced in Uttarakhand for Dubai and the US.
 
Dhami said, 'The state’s products being sent for the international market in collaboration with Agricultural and Processed Food Products Export Development Authority (APEDA) is a commendable initiative. In the coming time, there will be a qualitative increase for international marketing of local products of Uttarakhand.'

 Source:  freshplaza.com
12 Aug, 2022 News Image Hon ble PM on the 75th Independence Day announced the supply of Fortified Rice in every scheme of Government of India.
A total of 151 Districts (in 24 States) have already lifted fortified rice under Targeted Public Distribution System (TPDS) in Phase II of Rice Fortification Programme. Nearly 6.83 LMT have been distributed by the States/UTs under the phase which started from April 1, 2022. And under ICDS and PM POSHAN, nearly 7.36 LMT have been lifted by the States/UTs so far. Around 52% of the districts have lifted the foodgrains in the Phase II.
 
The Hon’ble PM in his address on the 75th Independence Day (15th August, 2021), announced the supply of Fortified Rice in every scheme of Government of India throughout the country by 2024 in a phased manner. Since then, the initiative has made good progress during the last one year.
 
Phase-I covering ICDS and PM POSHAN had been implemented during 2021-22 and nearly 17.51 LMT had been distributed in the States/UTs.
 
Meanwhile, the number of rice mills having blending infrastructure was 2690 with cumulative blending capacity of around 13.67 LMT as on 15th August 2021, has now increased to more than 9000 rice mills in the country which have installed blending infrastructure for production of fortified rice. The present cumulative monthly production capacity is around 60 LMT i.e. an increase of more than 4 times since last year.
 
Pertinently, Phase-II includes Phase I above plus all Aspirational Districts and High Burden districts (total 291 districts) under Targeted Public Distribution System and Other Welfare Schemes in all the States/UTs by March, 2023 with a total quantity of about 175 LMT of fortified rice has to be distributed.
 
Cumulative annual Fortified Rice Kernel (FRK) manufacturing capacity which was at 0.9 LMT (34 FRK Manufacturing) in August last year has gone upto 3.5 LMT (153 FRK manufacturer) which is increased by four times.
 
NABL accredited Labs for testing of fortificants have been increased to 30 from 20 in August, 2021.
 
FCI and State agencies of DCP states have been procuring fortified rice since KMS 2020-21 and nearly 145.93 LMT of fortified rice have been procured so far.
 
The Department has also developed Standard Operating Procedure (SoP) for adherence of Quality Assurance (QA) & Quality Control (QC) protocols on production and distribution of fortified rice/ FRKs.
 
FSSAI the regulatory/licensing authority for food fortification, has drafted Standards for FRK, Pre-mix and provided the direction to all the stakeholders for operationalization of draft standards with immediate effect.  Bureau of Indian Standards (BIS) has also notified the standards for FRK, Pre-Mix (vitamins and minerals), Machineries (Blenders, Extruders and other allied machineries etc.) 
 
NITI Aayog is also working with ICMR, NIN, MoHFW and other stakeholders for concurrent evaluation on impact of rice fortification initiative.
 
Efforts are being made to educate the public about the nutritional benefits of fortified rice through IEC campaigns, involving FSSAI, experts and Development Partners.
 
Fortification is the process of adding Fortified Rice Kernels (FRK), containing FSSAI prescribed micronutrients (Iron, Folic Acid, Vitamin B12) to normal Rice (Custom Milled Rice) in the ratio of 1:100 (Mixing 1 Kg of FRK with 100 Kg custom milled rice). Fortified rice is nearly identical to traditional rice in aroma, taste, and texture. This process is done in the rice mills at the time of milling of rice.
 
Rice fortification ecosystem has been enhanced significantly on boarding rice millers, FRK manufacturers, industries and other stakeholders for production and supply of fortified rice to meet the target requirement. As on date, there are more than 9000 rice mills in the country which have installed blending infrastructure for production of fortified rice and their cumulative monthly production capacity is around 60 LMT which is increased by more than 4 times since last year.  Last year up to 15th August 2021 the number of rice mills having blending infrastructure was 2690 with cumulative blending capacity around 13.67 LMT.
 
Fortification of rice is found to be a cost-effective and complementary strategy to increase vitamin and mineral content in diets with low turnaround time (TAT) and a step towards nutritional security and helps in fighting anaemia and malnutrition in the country. This strategy is implemented in many geographies in the world.

 Source:  pib.gov.in
11 Aug, 2022 News Image India-Canada talks on Early Progress Trade Agreement speed up.
Negotiations between India and Canada to secure an Early Progress Trade Agreement, or EPTA, have accelerated with a delegation from New Delhi in Ottawa for discussions through this week, according to people aware of the matter.
 
The 14-member team from India, lead by Rachna Shah, additional secretary in the commerce ministry, is interfacing with counterparts from Global Affairs Canada, the country’s foreign ministry, lead by Jay Allen, director-general – trade negotiations.
 
A senior Indian official associated with the discussions told Hindustan Times that there is optimism over securing a 'workable text' for the agreement by October this year. Pointing to the momentum, the official underlined the fact this is already the third round of discussions on EPTA.
 
India has been discussing key trade agreements with several countries and blocs, including the UK and EU, with the focus on digital trade, data protection, and sustainable development. New Delhi has already forged pacts with the United Arab Emirates and Australia with an aim to boost bilateral trade and investment.
 
India and Canada decided to consider the interim agreement when Canadian minister of international trade, export promotion, small business and economic development, Marg Ng, visited New Delhi in March and held a ministerial dialogue on trade and investment with commerce and industry minister Piyush Goyal on March 11. EPTA, if concluded, will be a transitional step towards a Comprehensive Economic Partnership Agreement, or CEPA.
 
The governments have decided on the 'two-tier' approach and 'bank the low-hanging fruit' of the areas of close convergence under EPTA before progressing to the more complex CEPA.
 
According to the Canadian government data for 2020, the country’s imports from India were pegged at CA$ 4.97 billion while its exports stood at CA$ 3.71 billion. Major trade between the two sides covered exports of metal ores, non-metallic products and energy products from Canada, and imports of textiles and consumer goods from India. The country’s stated trade goal is to cross the CA$ 10-billion mark.
 
The Indian delegation arrived in Ottawa on Sunday, negotiations commenced on Monday, and discussions on EPTA are scheduled to continue till the end of the week, the people cited in the first instance said.
 
There is also broader support for the deal, including from Canada’s finance ministry — headed by deputy prime minister Chrystia Freeland — which wants the country to be far more economically engaged in the Indo-Pacific.
 
Unlike the previous series of negotiations over CEPA, 11 rounds in all, which finally didn’t bear fruit, this time around, the Indian official cited above said, both sides have 'established a greater degree of understanding of sensitivities' of the other.
 
EPTA is being looked upon as the 'first deliverable' towards strengthening the economic and trade relationship between the two countries, the official added.
 
Corporate groups in Canada have also sought progress on the matter in recent days.
 
Last week, a report from the Business Council of Canada and the Canada-India Business Council noted, 'India represents a vital door to the future in global trade.' The two major groups called for an India-specific strategy and said that 'will be an important first step in enhancing the relationship, but Canada should not stop there. A comprehensive trade and investment agreement that reduces tariffs and other barriers, increases labour mobility and improves investor confidence would generate significant economic gains for both countries.'
 
'Global markets are experiencing volatality on many fronts. It is a wonderful opportunity for India and Canada to diversify and actively seek out more trading opportunities together,' said Victor Thomas, president and CEO of Canada-India Business Council.

 Source:  hindustantimes.com
11 Aug, 2022 News Image Indian organic produce find more takers globally.
Between 2019-20 and 2021-22, a total of 1,978,460.38 million tonnes (mt) of organic products valued at $2,480.24 million were exported. About 50 per cent of these exports went to the US while 37 per cent went to the European Union (EU).
 
Canada and the Great Britain were the next largest export destinations for Indian organic produce. The US and EU together comprise 87 per cent (in value) of the market. Interestingly, India exported 1,062.15 mt organic produce to China at the value of $2.37 million during these three years.
 
Covid impact
According to the Ministry of Agriculture, with increased awareness of organic foods, people are inclining more towards these products. The demand has been especially good since the advent of Covid-19, in the domestic and overseas markets. Value of exports of these products registered a 51 per cent increase in 2020-21, though it moderated in 2021-22.
 
Organic products are grown under a system of agriculture without the use of chemical fertilisers and pesticides with an environmentally and socially responsible approach. Among the top 10 organic produces that India exported in the last three years are processed food, oil seeds, cereals and millets, sugar, spices and condiments, pulses, tea, fodder and coffee.
 
On an average, India’s organic product export is valued at $827 million every year, show data by the Ministry of Agriculture.
 
Currently, 59.12 lakh hectares area has already been brought under organic farming in India as certified by the National Programme for Organic Production (NPOP) and Participatory Guarantee System (PGS). India ranks fourth in terms of certified area globally, according to a report published by the Research Institute of Organic Agriculture (FiBL) and the International Federation of Organic Agriculture Movements (IFOAM) Statistics 2022.
 
Global demand 
The World of Organic Agriculture – Stastics and Emerging Trends 2021, published by FiBL and IFOAM – Organics International, states that organic foods were first introduced on a large scale in early 1990. It took over 15 years for global organic product sales to reach $50 billion in 2008. Ten years later, they surpassed the $100 billion-mark. “With Covid-19 changing the way we shop and eat, the next leap to $150 billion could possibly be within the next few years,” said the report.
 
According to the Food and Agriculture Organization (FAO), organic agriculture is a holistic production management system which promotes and enhances agro-ecosystem health, including biodiversity, biological cycles and soil biological activity. It emphasises the use of management practices in preference to the use of off-farm inputs, taking into account that regional conditions require locally adapted systems. This is accomplished by using, where possible, agronomic, biological and mechanical methods, as opposed to using synthetic materials, to fulfill any specific function within the system.

 Source:  thehindubusinessline.com