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World Bank forecasts 7.3 per cent growth for India; making it fastest growing economy

The World Bank has forecast a growth rate of 7.3 per cent for India this year and 7.5 per cent for the next two years, making it the fastest growing country among major emerging economies. A top World Bank official said India’s economy is robust, resilient and has potential to deliver sustained growth Growth in India is projected to advance 7.3 per cent in Fiscal Year (FY) 2018/19 (April 1, 2018-March 31, 2019) and 7.5 per cent in FY 2019/20, reflecting robust private consumption and strengthening investment, the bank said […]

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India’s first cargo policy on anvil

India will soon have a policy on cargo, or the carriage of goods, that is being finalised by the new department of logistics, the government said on Friday. Addressing the fourth Supply Chain Management and Logistics Summit organised by Economic Times, Commerce Minister Suresh Prabhu said his ministry is putting the final touches on a policy for the logistics sector as part of a comprehensive plan to boost business and exports. It will include a new industrial policy, one for agriculture exports and developing parameters for the country’s districts on […]

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No GST on support services to farmers: Finance Ministry

The finance ministry today clarified that renting or leasing of land by farmers for agriculture, forestry, fishing or animal husbandry is exempt from the GST. Clarifying on the applicability of GST on farmers, the ministry said support services to agriculture, forestry, fishing or animal husbandry are exempt from the Goods and Services Tax (GST). Exempted support services to agriculture include renting or leasing of vacant land with or without a structure incidental to its use Thus, renting or leasing of land by farmers for agriculture, forestry, fishing or animal husbandry […]

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Philippins Approves 805,200 T Rice Imports Under Quota Scheme

The Philippines’ state grains procurement agency on Tuesday gave the go-ahead for local traders to import up to 805,200 tonnes of rice under an annual quota scheme, which should boost domestic supply and keep rising prices in check. The imports, which should be shipped in starting July, wouldbring total rice purchases approved this year to 1.3 million tonnes, including half-a-million tonnes that the National Food Authority (NFA) has bought to replenish its depleted buffer stock. The Southeast Asian country, a frequent rice buyer, is seeking to stabilise retail prices of […]

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Arunachal CM for legalising harvest, trade of medicinal plants

May 27th, 2018 | APTSO EXPORTS™ | Tags:

Arunachal Pradesh Chief Minister Pema Khandu today stressed the need to legalise harvesting and trade of medicinal plants in the state to save the crops from over-exploitation, an official release said. Chairing a review meeting of the state forest department here, Khandu said, Hundreds of medicinal plants face threats of extinction because of over-harvesting and destructive collection techniques. A mechanism should be devised to facilitate farmers to grow endangered medicinal plants for sustainable income, the chief minister said. Source: Money Control

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India keen to renew proposed trade deal with European Union

May 26th, 2018 | APTSO EXPORTS™ | Tags:

India has agreed to a renewed push for the proposed trade deal with the European Union (EU) that has been stuck over key issues. The decision to find a way forward before the 15th India-EU summit, set to be held later this year, came on Thursday, as Prime Minister of the Netherlands, Mark Rutte began his 2-day trip to India. Beginning in 2013, the proposed trade deal had completed 16 rounds of talks but negotiations had broken down in 2016 over India’s position on a separate bilateral investment pact. This […]

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Demand for ‘healthy food’ increases organic product exports from India

May 25th, 2018 | APTSO EXPORTS™ | Tags:

Exports of organic products from India have risen over 20 per cent in the fiscal just ended owing to the growing global appetite for healthy food that is free from chemicals and pesticides residues. This is also a leg-up for the government’s plans to expand the area under eco-friendly and sustainable farming, stakeholders say. As per the Agricultural and Processed Food Products Export Development Authority (APEDA), India exported organic products worth Rs 30 billion (over $440 million) in 2017-18, from Rs 24.77 billion in 2016-17. The major demand under organic […]

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Lesser produce of mangoes, but exporters eye newer destinations, more varieties

May 20th, 2018 | APTSO EXPORTS™ | Tags: ,

In a bid to boost export of mangoes by around 25 per cent, traders are exploring options of exporting varieties other than Alphonsoes to newer markets. Italy and Philippines are emerging as new destinations for exported mangoes, though the domestic price of the fruit remains high due to lesser produce this year. Sunil Pawar, managing director of the Maharashtra State Agricultural Produce Marketing Board (MSAMB), said many farmers’ organisations have started exploring export options for varieties like Kesar, which grows abundantly in Nashik and in parts of Marathwada. We are […]

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Need to recognize traditional skills for economic growth

Skill Development & Entrepreneurship Minister Dharmendra Pradhan on Monday emphasised on recognising the traditional skill for economic development of the country. Addressing the inaugural session, of the ‘Odisha Skill Conclave, Dharmendra Pradhan said that all traditional skills need to be formally recognized under Skill Development and proper training needs to be imparted in these work-of-art translating into the further economic growth. Skill development is a national dialogue and there have been isolated efforts to promote skill development in the State thus far; but it is our endeavour now to join […]

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Merchant exporters may receive Govt incentives

Slow growth in India’s exports has prompted the government to promote merchant exporters, who contribute almost a third of India’s exports in value terms but can’t avail of some incentives meant for manufacturer exporters. Merchant exporters do not own manufacturing facilities but buy goods from manufacturers here and sell to overseas customers. They have the flexibility to procure goods from many sellers and sell them after negotiating the best prices to foreign buyers They are usually able to negotiate prices with buyers, sellers and shipping lines which are better than […]

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