Monthly Archives: October 2017

India, UAE compliment each other in areas of business growth

October 29th, 2017 | Esther Parimala | Tags:

Oct 27, 2017 India and the UAE compliment each other in areas of business growth and the private sectors are ready to support the two governments, a top company executive has said here. The UAE is the 10th largest FDI source market for India with cumulative FDI reaching USD 4.76 billion in the last 17 years from April 2000 till March 2017. India’s National Investment and Infrastructure Fund (NIIF) signed an investment agreement worth USD 1 billion with a wholly-owned subsidiary of the Abu Dhabi Investment Authority (ADIA). As part […]

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Keen on expanding bilateral trade with India: Minister

October 29th, 2017 | Esther Parimala | Tags:

Oct 27, 2017 Britain is keen on expanding its trade with India, a minister said today, asserting that there is scope to further strengthen the thriving bilateral economic relationship. Minister of State for Asia and the Pacific in the Foreign and Commonwealth Office Mark Field, who recently returned from a visit to India, said “during my visit I saw for myself the strength of the India-UK partnership. Our economic relationship is thriving and we want to expand our 16 billion pound bilateral trade, generating jobs and developing skills, Field told […]

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Uttar Pradesh raises 2017/18 cane price by 3.3%

October 29th, 2017 | Esther Parimala | Tags:

Oct 27, 2017 Indias biggest sugar producing State has raised the price mills must pay for the new crop by 3.3 per cent, a state government source said on Friday. Uttar Pradesh raised the cane price to Rs. 315 ($4.85) a 100 kg for the crop year that began this month, up from Rs. 305 in the previous year, the state official, who declined to be named because he isnt authorised to speak with media, told Reuters by telephone. The central government has kept the 2017/18 cane floor price at […]

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FSSAI to set up national reference laboratories for method development

October 29th, 2017 | Esther Parimala | Tags:

Oct 27, 2017 The Food Safety and Standards Authority of India (FSSAI) has decided to set up national reference laboratories which will work towards method development, method validation, proficiency testing and training by national or international accreditation bodies that are signatories to the International Laboratory Accreditation Cooperation (ILAC), the Asia Pacific Laboratory Accreditation Cooperation (APLAC) or an equivalent accreditation body. These labs will be notified by the country’s apex food regulator after the regulations – which are called the Food Safety and Standards (Recognition and Notification of Laboratories) Regulations, 2017 […]

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Chile favours India’s candidature to APEC: former President Eduardo Frei

October 29th, 2017 | Esther Parimala | Tags:

Oct 27, 2017 Chile is open to support the candidature for membership of India in APEC but all the resolutions for the entry of a new country its decided by all the members of the group, pointed out former Chilean President Eduardo Frei ahead of APEC Summit in Vietnam next month Chile has an open economy and a stable institutional and political system, who installs a healthy business environment. With the 10 trade agreements signed between Chile and Latin-American countries, the possibilities to export and make business in the region […]

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Extractors’ body seeks hike in import duty on edible oils

October 28th, 2017 | Esther Parimala | Tags:

Oct 27, 2017 Amid lower oilseed prices and the subsequent financial loss to farmers, the Solvent Extractors’ Association of India (SEA) has once again requested the Centre to increase the import duty on edible oils. The demand for a hike in import duty comes in the backdrop of the Gujarat government’s groundnut procurement at ?900 per 20 kg, which started on Wednesday. Oilseeds rule below MSP The prices of several oilseeds, including groundnut and soyabean, had tumbled below Minimum Support Price (MSP) levels owing to cheaper imports of edible oils. […]

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Spices industry to see good growth by 2020

October 28th, 2017 | Esther Parimala | Tags:

Oct 27, 2017 Spices will emerge as $18 billion industry by 2020, according to K Nirmal Babu, Director of the Kozhikode-based Indian Institute of Spices Research (IISR). Speaking at the inauguration of the three-day science special lecture series programme on ‘Recent trends in botanical sciences’, jointly organised by the Department of Applied Botany of Mangalore University and the Karnataka Science and Technology Academy in Mangaluru on Thursday, he said the estimated annual growth rate for spices demand in the world is around 3.19 per cent. Of the $18 billion spices […]

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Rupee to get boost from govt’s PSU bank recap: Report

October 28th, 2017 | Esther Parimala | Tags:

Oct 27, 2017 The rupee is likely to get a boost from the government’s PSU bank recapitalisation programme, which is expected to support private capex recovery and increase foreign investor interest in domestic equity markets, says a report. According to the global financial services major, stronger growth and INR correlations with equities are supportive of further currency gains. Besides reviving credit growth after a period of weakness post-demonetisation, the recap plan will help banks wind down their non-performing assets (NPAs) or bad loans and take up fresh credit, which should […]

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100,000 tons of parboiled rice to come from India in January

October 28th, 2017 | Esther Parimala | Tags:

Oct 27, 2017 The government has decided to import 100,000 tons of parboiled rice from India to meet the growing domestic demand created by crop losses in recent floods. The cabinet committee on public purchase approved the purchase on Wednesday A Food Ministry official said Bangladesh will buy that total amount of rice at a cost of Tk 377.65 crore – each ton costing $455 or Tk37,487. The rice will be imported under government-to-government (G2G) basis. The rice will be supplied by Project and Equipment Corporation of India Ltd, under […]

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With bumper crop and polls ahead, Gujarat begins groundnut procurement

October 26th, 2017 | Esther Parimala | Tags:

Oct 25, 2017   Amid record groundnut production estimates, State agencies are set to begin groundnut procurement from Wednesday at about 110 procurement centres across Gujarat, the largest producer of the oilseed. This comes ahead of the polls and a day after the State announced a bonus of Rs.500 a quintal over and above the MSP for cotton farmers. Jump in output The State government has estimated a bumper crop of the oilseed this kharif season at about 32 lakh tonnes (lt) against last year’s 29 lt. The crop estimate […]

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