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India to host southeast Asia connectivity summit

December 11th, 2017 | Esther Parimala | Tags:

Dec 11, 2017 Keeping with Indias initiative of connectivity with southeast Asia under its Act East Policy, New Delhi will host an Asean-India Connectivity Summit (AICS) on December 11-12 on the theme Powering Digital and Physical Linkages for Asia in the 21st Century, the External Affairs Ministry said on Saturday. The event comes ahead of the visit of the leaders of the 10 member states of the Association of Southeast Asian Nations (Asean) here next month for the commemorative summit of 25 years of the India-Asean dialogue partnership. In a […]

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Oilmeal export in Nov ’17 up by 93% due to jump in soybean meal export

December 11th, 2017 | Esther Parimala | Tags:

Dec 11, 2017 The export of oilmeals during November 2017 was provisionally reported at 3,28,091 ton vis-a-vis 1,70,189 ton in November 2016 (i e a 93 per cent increase) due to the jump in export of soybean meal. This was stated by the Solvent Extractors’ Association (SEA) of India, which compiled the data for export of oilmeals for the month of November 2017. The overall export of oilmeals between April and November 2017 was provisionally reported at 18,13,037 ton vis-a-vis 8,68,358 ton during the same period of last year. On […]

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India wants status quo in food procurement to change for better

December 11th, 2017 | Esther Parimala | Tags:

Dec 11, 2017 India is eyeing a permanent solution on the issue of official grain procurement and food security at the World Trade Organization`s (WTO`s) next ministerial in Buenos Aires starting Sunday. But the country won`t accept a solution that is inferior to the permanent peace clause it has already secured, Indian officials said on Saturday. On the eve of the 11th WTO ministerial, the officials said India is serious about the permanent solution to public stock holding, as was first agreed on in the Bali ministerial and endorsed later […]

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To boost Make in India, framework for SEZs set for a complete makeover

December 11th, 2017 | Esther Parimala | Tags:

Dec 11, 2017 India is eyeing a revamp of its framework for special economic zones (SEZs) to boost manufacturing, including the exemption of factories located in them from minimum alternate tax (MAT), seen as a key factor that has stunted the zones. Other ideas include slashing the category of deemed exports besides reducing minimum area requirement for smaller and special category states. The proposals are likely to be considered during budget talks, but a final call will be taken keeping in view revenue considerations and government’s intent to cut corporate […]

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India’s GDP growth to rise to 7.5 pc in 2018: Morgan Stanley

December 8th, 2017 | Esther Parimala | Tags:

Dec 08, 2017 The Indian economy is expected to witness cyclical growth recovery, with real GDP growth likely to accelerate from 6.4 per cent this year to 7.5 per cent in 2018 and further to 7.7 per cent in 2019, says a report. According to global financial services major Morgan Stanley, corporate return expectations and balance sheet fundamentals are improving, and a strengthening financial system should be able to meet investment credit demand. This sets the stage for a fully fledged recovery in 2018, and we expect real GDP growth […]

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‘The mega food park at Una will be inaugurated next year’

December 8th, 2017 | Esther Parimala | Tags:

Dec 08, 2017 The first mega food park at Una, Himachal Pradesh, is to be inaugurated early next year, said the directors of project management consultants, NAPL. NAPL, which is helping Cremica establish the food park in Una, said that the total project cost has worked out to Rs. 99.70 crore. An investment of another Rs. 150 to 200 crore can be expected from the 3–4 companies that have evinced interest in setting up their food processing units in the park, Ritwik Bahuguna and A P Sinha, Directors, NAPL told […]

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FTA strategy: India may well give up hope to become global manufacturing hub and exporter; here is why

December 8th, 2017 | Esther Parimala | Tags:

Dec 08, 2017 Indian policy on free trade agreements (FTAs) and, more generally, over the country’s external trade policy remains confused with India out of sync in various trade negotiations. It is unable to generate interest among members at the Regional Comprehensive Economic Partnership (RCEP) on its demand for greater market access in services. It is unable to decide on how to proceed on pending FTAs with the European Union, Australia and Canada. And at the World Trade Organisation (WTO), it continues to block other proposals (for example, multilateral rules […]

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Labour-intensive exports need a policy push

December 8th, 2017 | Esther Parimala | Tags:

Dec 08, 2017 The government of India has taken several measures to boost exports in its midterm review of foreign trade policy 2015-20. Apart from incentives for specific sectors such as ready-made garments and footwear, it also allowed duty-free procurement of the inputs needed for exports on a self-assessment basis. Further, a new logistics division has been established in the department of commerce to coordinate development in the logistics space. These measures, along with recent changes in the goods and services tax, are likely to help the export sector. However, […]

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FSSAI issues gazette notification specifying stds for canned tomatoes

December 5th, 2017 | Esther Parimala | Tags:

Dec 05, 2017 The Food Safety and Standards Authority of India (FSSAI) has issued gazette notification further amending the Food Safety and Standards (Food Products Standards and Food Additives) Regulations, 2011. With this amendment, the authority has specified new standards for canned tomatoes, as well as revised the standards related to thermally-processed tomato juice, jams, fruit jellies and marmalades. The said regulations may be called the Food Safety and Standards (Food Products Standards and Food Additives) Sixteenth Amendment Regulations, 2017, and the food business operators (FBOs) are instructed to comply […]

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India’s interest in EU increased post-Brexit, says EU ambassador

December 5th, 2017 | Esther Parimala | Tags:

Dec 05, 2017 Tomasz Kozlowski, the ambassador of the European Union, has said that post-Brexit the interest in India to strengthen relationship with EU has increased and EU is now perceived as a much more relevant partner.  He said Britain’s exit will not affect EU, it will only present different type of challenges and difficulties. He added the European integration is a political project and the strong will among member states to continue is strong. There is a new positive mood about our future, Kozlowski said. The EU ambassador was […]

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