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| Jan 01, 1970 | Daily Report |
| RISING BHARAT | News Count (101984) | |
23211. Tripura begins rubber export to Nepal
- The trade of natural rubber between Tripura and Nepal was launched yesterday here with the movement of first consignment of rubber to Eastern Nepal. According to officials, usually, Nepal imports raw rubber from Vietnam and Malaysia but Rubber Board of India (RBI) owned marketing company Manimalayar Rubbers Pvt Ltd in collaboration with a Nepali company based in Biratnagar of bordering Bihar has imported 18 MT rubbers in the maiden consignment from Tripura.
- Tripura produces the best quality latex after Kerala over the past two decades because of it’s climate and RBI has been promoting rubber cultivation on a large scale that boosts the rural economy of the state.
- “This is the first time, Nepal has shown interest in importing rubber from Tripura, which can be proved a game-changer for the rubber sector”, said Joint Rubber Production Commissioner of RBI, Girijamony K A adding that within a week the consignment would be delivered and if they satisfied with the product, the supply would be continued.
- According to a report, Nepali companies have imported rubber for utilization in manufacturing footwear. At present Tripura has been supplying raw rubber to the manufacturing industries of Punjab and Maharashtra besides, catering to small manufacturers in the industrial estates of Tripura.
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23212. India's merchandise exports expected to grow at 4.9 per cent in Q4: Report
- Accordingly, the report cited that total merchandise exports can amount to $78.6 billion, growing at 4.9 per cent. Similarly, the non-oil exports are expected to grow. They might reach $73.9 billion, growing at 12 per cent during the fourth quarter of 2020-21. However, aggregate exports for 2020-21 are forecast to amount to $279.4 billion, witnessing a contraction of 10.8 per cent over 2019-20.
- Besides, non-oil exports are forecast to amount to $256.8 billion, witnessing a contraction of 5.6 per cent over 2019-20. "The fall in India's exports of petroleum products could be attributed largely to the global slump in demand and especially in the transportation and logistics sectors," the bank said in a statement.
- "Considering the global contraction in trade due to pandemic, non-oil exports from India has been resilient. Despite serious disruptions and logistical constraints exports from India have remained upbeat." The forecast is based on India Exim Bank's Export Leading Index (ELI) model, which has shown an upward movement during the same quarter.
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23213. Arms imports by India falls: Sipri
- India's import of arms decreased by 33% between 2011–15 and 2016–20 and Russia was the most affected supplier, according to a report released on Monday by Stockholm-based defence think-tank SIPRI(Stockholm International Peace Research Institute) .
- The drop in Indian arms imports seems to have been mainly due to its complex procurement processes, combined with an attempt to reduce its dependence on Russian arms. India is planning large-scale arms imports in the coming years from several suppliers, the SIPRI report said
- The government has been majorly focusing on boosting domestic defence production and set a target of ₹1.75 lakh crore (USD 25 billion) turnover in defence manufacturing by 2025.
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23214. Buy weapons from us, India says as it pushes exports to compete with China in neighbourhood
- New Delhi has set out to join the bandwagon – of countries that seek to expand their reach and influence by offering arms and military equipment on sale to smaller nations that depend on imports to meet their needs. India is increasingly reaching out to countries in the neighbourhood, the Indian Ocean Region (IOR) and ASEAN that mostly depend on China for defence procurements, and is positioning itself as a more “reliable security partner” under the overarching Indo-Pacific strategic initiative
- As part of its intention to emerge as the preferred military partner for IOR and Africa, India has come out with a list of 152 defence items that are available to friendly nations. This includes the Tejas fighter aircraft, Dhruv and Rudra choppers, besides the Light Combat Helicopter, the BrahMos supersonic cruise missiles, and the Akash air defence systems.
- India is currently engaged in developing a military base on the Agalega Island in Mauritius and a naval base at Seychelles’ Assumption Island, to boost its maritime presence. The Philippines could eventually emerge as the first export destination for the BrahMos cruise missiles. While India has increased the range and is working on enhancing it further, the export variant will have a 290-km range.
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23215. Indian sugar mills rush to sign export contracts as prices rally
- Indian mills have contracted to export 4.3 million tonnes of sugar so far in the 2020/21 season ending on Sept. 30, a trade body said on Wednesday, as a rally in global prices to a four-year high and an export subsidy makes overseas sales lucrative. Indian mills have produced 25.87 million tonnes of sugar in the current marketing year, nearly 20% more than a year ago as output jumped in Maharashtra and Karnataka, the ISMA said
- The exports will help India reduce stockpiles and support local prices of the sweetener, crucial in ensuring millions of cane farmers get government-mandated prices. Around 4.3 million tonnes of export contracts have already been signed," the Indian Sugar Mills Association (ISMA) said in a statement. Out of the total contracts, nearly 2.2 million tonnes of sugar has already been shipped, the ISMA said.
- The South Asian country has approved a subsidy of ₹5,833 ($80.38) a tonne for exports of 6 million tonnes in the current year. India has been selling sugar mainly to Indonesia, Dubai, Afghanistan, Sri Lanka and African countries, said a Mumbai-based dealer with a global trading firm.
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23216. Bharat Dynamics aims to export Akash missile systems; says in talks for FDI
- We are looking to export Akash missile systems in many countries, said Siddharth Mishra, CMD of Bharat Dynamics, on Wednesday. Mishra also said that the company is working on the 'Akash' systems over the last six months “In next two-years, I am expecting around Rs 15,000 crore of order because of our projects that are 'Akash' third and fourth regiment. We are working on this for the last 6 months and which is in the final stages. Also, we are sincerely working on export orders.
- He also said that the company is working with 2-3 companies for foreign direct investment (FDI).
- “We are working with 2-3 companies for FDI in different sectors. In fact, we have already signed a memorandum of understanding (MoU) with 2 companies during Aero India,” he said
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23217. India plans to cut Saudi oil import as Riyadh ignores calls from New Delhi
- Indian state refiners are planning to cut oil imports from Saudi Arabia by about a quarter in May In an escalating stand-off with Riyadh following OPEC's decision to ignore calls from New Delhi to help the global economy with higher supply. Two sources familiar with the discussions said the move was part of the government's drive to cut dependence on crude from the Middle East.
- Indian Oil Corp, Bharat Petroleum Corp, Hindustan Petroleum Corp and Mangalore Refinery and Petrochemicals Ltd are preparing to lift about 10.8 million barrels in May State refiners, which control about 60% of India's 5 million barrels per day (bpd) refining capacity, together import an average 14.7-14.8 million barrels of Saudi oil in a month, the sources said. India, the world's third-biggest oil importer and consumer, imports more than 80% of its oil needs and relies heavily on the Middle East.
- Oil minister Dharmendra Pradhan has repeatedly called on the Opec and its allies, known as Opec+, to ease supply curbs.He has blamed Saudi's voluntary cuts for contributing to a spike in global oil prices. In February, the United States emerged as the second biggest supplier to India after Iraq, while Saudi Arabia, which has consistently been one of India's top two suppliers, slipped to No. 4 for the first time since at least January 2006. Two Indian refiners -IOC and MRPL - have also issued tenders seeking oil for delivery in May.
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23218. PHD Chamber projects exports at 545 billion dollars in 2021-22 with a whopping growth rate of 12 per cent
- Indian PHD Chamber of Commerce and Industry has projected 545 billion dollars exports with a double-digit exports growth rate of 12 per cent in 2021-22.
- ''Relief measures provided by the Government have significantly benefited the exporters to resume a normal exports growth trajectory and
- project USD 545 billion exports with a double-digit exports growth rate of 12 per cent in 2021-22,'' said Sanjay Aggarwal, President, PHD Chamber in a statement issued.
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23219. Makhana Export will increase by 25-40 percent in the next three years
- Indian Food Processing Minister Narendra Singh Tomar informed that demand for value-added products of Makhana is likely to grow by 25-40% in the next three years. Makhana products are in great demand worldwide, like India, China, Japan, and Thailand.
- There is no separate HS code of makhana and its product for export and import; this is why there is no figure available for the exports and imports of such products as of now.
- To promote the Makhana and its product export, the government has identified six districts of Bihar, he added – Araria, Darbhanga, Katihar, Madhubani, Saharsa, and Supaul – scheme named as One District One Product for makhana.
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23220. Centre fixes 2021-22 import quota for tur, moong
- The Centre has permitted imports of 4 lakh tonnes of tur and 1.5 lakh tonnes of moong for the financial year 2021-22, to meet the shortfall in domestic supplies. “Import shall be allowed to the Millers/Refiners/Traders and will be allocated equally to pre-determined numbers of applicant through an algorithm based lottery system, as per procedure to be notified by DGFT,” the notification said.
- Centre has extended the date for the import of 1.5 lakh tonnes of urad for the current financial year from March 31 to April 30, based on the trade request considering the difficulty in importing from Myanmar traders are happy about the Centre’s latest move, the dal millers have opposed
- Jitu Bheda, chairman, IPGA said “This will not only control the rising prices but also improve the overall sentiments giving a major boost to the trade. Total imports of 5.5 lakh tonnes will be sufficient for the current situation. This will be over and above the tur import of 2 lakh tonnes from Mozambique as per the MoU between the two governments. Total tur imports would be 6 lakh tonnes,” Bheda added Agriculture Minstry’s second advance estimates, pulses production is seen at 24.42 million tonnes for 2020-21 crop year, higher than previous year’s 23.03 million tonnes
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