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| Jan 01, 1970 | Daily Report |
| RISING BHARAT | News Count (102140) | |
23231. APEDA is supporting farmers to explore new markets for natural honey exports: Govt
- Government has said that Agricultural and Processed Food Products Export Development Authority, APEDA is supporting farmers to explore new markets for natural honey exports.
- the authority has been giving thrust on boosting exports through ensuring quality production and market expansion to newer countries. At present, India’s natural honey exports are majorly dependent on one market - the United States, which accounts for more than 80 per cent of the exports.
- APEDA has been facilitating honey producers in accessing export markets besides availing government assistance under different schemes, quality certification and lab testing.
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23232. Budget 2022: Here's what Indian pharma and medical devices sector expects
- Crediting government's AatmaNirbhar Bharat initiative for the sector's significant momentum, the expert predicted that Finance Minister Nirmala Sitharaman's budget will build upon the Production Linked Incentive (PLI) schemes and enable expansion of sensitive APIs, among other things.
- “The pharma and medical devices sector has gained significant momentum owing to the government’s AatmaNirbhar Bharat initiative. The budget is expected to build on the Production Linked Incentive (PLI) schemes and encourage continued investments in capacity expansion of sensitive APIs, complex excipients, drug intermediates, biopharmaceuticals and medical devices," he noted.
- Listing out more expectations from Budget 2022 he said: interest subsidies, lower GST on clinical trials and research activities, and restoration of weighted tax deduction u/s 35(2AB) can be considered by the government to encourage innovation and R&D.
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23233. India Looks To Attract Investors With New Steel Scheme
- the Government of India (GoI) recently invited applications from investors looking to invest under the production-linked incentive (PLI) scheme for specialty steel. The incentive payout could well be over U.S. $840 million over five years for those companies participating in the scheme.
- As per the National Steel Policy 2017, the government has set a target to ramp up the country’s crude steel production output to 300 million tons (MT) by 2030. The policy also seeks to increase domestic per capita steel consumption to 160 kg by 2030.
- At present, India’s per capita steel consumption is about 72.3 kg, while the capacity is at 143.9 MTPA.
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23234. After Rafales, AUKUS-snubbed France likely to offer its Leclerc Main Battle Tanks to India
- The Indian Army had floated a Request for Information last year related to the supply of about 1,770 new tanks under the Future Ready Combat Vehicle programme
- Last year, the Indian Army announced that it would procure over 1,700 Future Ready Combat Vehicles (FRCVs) in a phased manner under a strategic partnership route, with the induction of the next generation Main Battle Tank from 2030.
- According to a Request for Information (RFI) floated by the army, the 1,770 FRCVs will be procured along with transfer of technology, performance-based logistics, engineering support package, and other maintenance and training requirements. The Indian government had issued RFIs to 12 companies including Russia, Israel, Europe, Turkey, the United States, and France in June of last year.
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23235. Indian Economy To Grow More Than 9% In FY2023, Predicts Report
- Higher exports and more consumption, investment and capex on technology are expected to be growth drivers of the Indian economy in FY2023, says a report by Aditya Birla Sun Life Mutual Fund.
- India may achieve a growth of more than 9 per cent in FY2023, the fund house predicts. This projection is higher than the 4.9 per cent for 2022 (5.9 per cent for 2021) projection for global growth by the International Monetary Fund (IMF).
- GST collections of above Rs 1.3 lakh crore for the sixth consecutive month and falling unemployment rate are signs of India’s recovering economy, says the report. India’s economy is expected to grow 9.25 per cent on the back of faster normalisation of growth.
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23236. India’s exports cross $300 billion in the first 9 months of 2021-22
- India’s exports crossed $300 billion in the first 9 months of the financial year 2021-22, for the first time. December 2021 also saw an all-time high of $37 billion in monthly outbound trade. Exports in December 2021 witnessed a growth of 37 per cent over December 2020 and 37.5 per cent over December 2019.
- Exports reached $299.74 billion in April-December of the financial year 2022, an increase of 48.8 per cent over the April-December period of the financial year 2021 and 25.8 per cent over the financial year 2020.
- Sector-wise, engineering goods exports grew by 37 per cent, readymade garments by 22 per cent, gems and jewellery by 16 per cent and electronics by 33 per cent.
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23237. India's 2021 oil product exports rise on robust cracks
- India's oil product exports edged up on the year in 2021, even as domestic demand rose, with product cracks widening on the back of an economic recovery in the Asia-Pacific region.
- Preliminary data from Vortexa show product shipments of 1.4mn b/d last year, compared with 1.3mn b/d in 2020. Exports were 1.6mn b/d in December, up from 1.4mn b/d in November. India is a net exporter of oil products.
- Exports of clean petroleum products — including gasoil, gasoline, naphtha and jet fuel — were 1.33mn b/d in 2021, up from 1.26mn in 2020. Shipments rose in December to 1.56mn from the preceding month's 1.36mn.
- Shipments of dirty products such as bitumen and fuel oil rose to 55,000 b/d in 2021 from 47,000 b/d in 2020, and to 25,000 b/d last month from 21,000 b/d in November.
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23238. Indian textile industry impacted by high cotton prices: CITI
- domestic cotton prices are ruling at a higher price compared to global markets. India’s benchmark Shankar-6 cotton variety was traded at average price of ₹70,000 per candy (356 kg each) or ₹197 per kg in December, according to Fibre2Fashion’s market analysis tool TexPro.
- The cotton price that prevailed at ₹35,000 per candy of 356 kg during September 2020, increased to ₹60,000 per candy in October 2021. In November 2021, the price varied between ₹64,500 per candy and ₹67,000 per candy, according to TexPro. The price of Gujarat Shankar-6 kapas (unginned cotton) is now ruling at ₹10,062 per quintal as against the Minimum Support Price (MSP) of ₹5,975/- per quintal.
- In comparison, New York cotton was at US cent 113.63 per lb (₹187 per kg). However, the Cotlook A Index stood at US cent 125.85 per lb (₹207 per kg.)
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23239. 30 dists account for $120bn of India’s exports in 2 quarters
- The top 30 export districts in India exported merchandise valued at more than $120 billion in the first two quarters of the fiscal — April to September 2021 — with petroleum and gem-and-jewellery trade leading the table. And, three districts from Karnataka — Bengaluru, Dakshina Kannada and Ballari — accounted for more than $7.8 billion of this.
- According to data from the Union ministry of commerce and industry, while Karnataka has three districts in the top 30, Gujarat with eight has the most, followed by seven in Maharashtra and four in Tamil Nadu. The remaining districts are from Andhra Pradesh, Haryana, Odisha, Rajasthan, West Bengal and one Union territory — Daman & Nagar Haveli.
- The top five products exported from Bengaluru are: engineering goods ($1.1 billion), electronic goods ($900.3 million), textiles ($607.8 million), drugs and pharmaceuticals ($445.9 million) and organic and inorganic chemicals ($208.5 million). Together they account for 87% of all exports in terms of value from Bengaluru.
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23240. Agri trade is booming this fiscal, but April-Oct basmati exports fell 23% since last year
- non-basmati rice, which was the top performing agri product in 2020-21 with a 23.22 per cent export share, saw a 48 per cent surge to $3.45 billion (Rs 26,000 crore) in April-October 2021 from $2.33 billion (Rs 17,000 crore) in the year-ago period.
- Basmati rice shipments fell approximately 23 per cent to $1.85 billion (Rs 14,000 crore) between April and October 2021 from $2.43 billion (Rs 18,000 crore) in the year-ago period, according to data from Agricultural and Processed Food Products Export Development Authority (APEDA), an arm of the commerce ministry.
- Nepal, Bangladesh and African nations like Benin, Senegal and Togo were top importers for India’s non-basmati rice.
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