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08 Feb, 2022
APEDA to undertake basmati rice survey, agency to be selected by March.
Basmati Export Development Foundation (BEDF) of government’s agri export promotion body APEDA has invited bids by February 18 for crop survey to estimate acreage and assess crop health and expected yield of Basmati rice during 2022 and 2023.
However, it has kept out those firms who have experience only in yield estimation through crop cutting experiments, even as several agri tech companies have been enrolled by the government, some even without prior experience due to new areas opening up for the private sector in the crop insurance segment.
Detailed model
It has asked agencies to submit with detailed model and techniques to be used for the crop survey. Both the ‘Technical Bid’ and ‘Financial Bid’ should be submitted separately, it said.
The conditions for the bidding has terms including that a firm shall have minimum of five years of experience in carrying out crop surveys with satellite imageries and field based surveys for a trade body or government organization in India. 'Experience of crop cutting experiments will not be considered for this purpose,' it said.
The satellite imageries and field-based survey shall have to cover acreage estimation of all basmati rice crop varieties differentiated in traditional and evolved varieties of Basmati rice and Sharbati and Sugandha varieties of non-Basmati. Reports will have to be submitted on district level basis for each State.
Concerns raised
However, experts have questioned the legitimacy being given to non-notified varieties of Basmati since Sharbati and Suganda as they are considered to be mainly used for mixing in pure Basmati. 'It could be also projected that non-notified varieties are in the process of notification,' said an expert, adding 'why should adulterants be surveyed'. By providing quantity of such non-basmati crops, the survey will unwittingly facilitate in depressing actual Basmati paddy prices or distort market sentiments, he said.
APEDA said variety-wise crop health monitoring and analysis will also have to be done by the selected agency besides advance prediction of yield through climate-based yield modeling using 10 years of historical yield and climate data.
Reports will have to be submitted in July, August, September, October, November and December by end of each month. In case of unusual weather conditions and pests/diseases attack, affecting yields, fortnightly report will also have to be submitted particularly at crop maturity period.
The bidders who secure minimum 70 per cent marks (49 out of 70 marks) in technical presentations will be shortlisted and their financial bids shall then be opened. Financial bid will carry a maximum of 30 marks.
Source:
thehindubusinessline
08 Feb, 2022
GI tag sought for three products from U.P.
Three applications from Uttar Pradesh have been filed with the Geographical Indications Registry here, seeking a Geographical Indication (GI) tag for the Bundelkhand Kathiya Gehu (Wheat), Banarasi Tabla and Sitapur Durrie.
The filing for the Bundelkhand Kathiya Gehu has been made by the Khatiya Wheat Bangra Producer Company Ltd., Jhansi, Uttar Pradesh, under the agriculture category. According to details provided by the firm, this particular wheat has high nutritional value and a high fibre content. It is usually sown in the last week of October or first week of November and is harvested between March and April. The applicant has claimed that this wheat has several medicinal values.
The Export Promotion Bureau, Lucknow, Uttar Pradesh, has filed an application for the Sitapur Durrie under the handicrafts category. A durrie is a thick flat woven rug/carpet traditionally used as floor coverings. Though durries are made in various parts of India, the applicants have indicated that the Sitapur Durrie is unique and is different from a carpet. The motifs and colour combinations are unique from what is made in rest of country.
While carpets are produced by knotting pile yarn to warp, durries are made by inter weaving weft and warp. These durries are made of cotton, wool, jute and silk b weavers who work in cottage industries, kharkhanas or privately run factories spread across villages in Sitapur town, Biswan, Laharpur among others.
The application for Banarasi Tabla (musical instrument) was filed by Subah-E-Banaras Anand Kanan, Varanasi, Uttar Pradesh. Among the percussion instruments, Tabla is one of the most important musical instruments in Banaras and it is made of different kinds of wood like sheesham, neem, mahogany and babla wood. There is a huge demand for these tabla’s in the local market as well as the international markets. Foreigners who have a taste for classical music and who visit Varanasi for the music festivals purchase these tablas and the applicant in his filing mentioned that many of these foreigners even stay back and learn this instrument. They even perform at the music festivals that happen on the banks of the Ganga river. AGItagis a sign used on products that have a specific geographical origin and possess qualities or a reputation by virtue of their geographical association. The owner of theGItaghas exclusive rights over the product.
Source:
thehindu
08 Feb, 2022
Australian trade minister to visit India on February 10 for FTA talks.
Australian trade minister Dan Tehan will visit India on February 10 to hold talks with commerce & industry minister Piyush Goyal for an interim trade deal that is at an advanced stage of fruition, sources told FE.
In December, both the countries decided to expedite the pace of negotiations for the early-harvest deal, which will be followed up with a broader free trade agreement (FTA).
The FTA will cover a broad range of areas, including goods, services, investments, government procurement, logistics, standards and rules of origin. Goyal has been striving to get duty concession for Indian products in critical sectors, including agriculture and textiles, and greater market access in pharmaceuticals.
India had a merchandise trade deficit of $4.2 billion with Australia in FY21, as it shipped out goods worth over only $4 billion, while bilateral trade stood at $12.3 billion. Major traded items include mineral fuels, pharmaceutical products, organic chemicals and gems & jewellery.
The negotiations with Australia are a part of India’s broader strategy to forge 'fair and balanced' trade agreements with key economies and revamp existing pacts to boost trade.
The move gained traction after India pulled out of the China-dominated RCEP (Regional Comprehensive Economic Partnership) talks in November 2019.
Goyal had last held talks with Tehan on February 4. 'Had a productive discussion with Australian Trade Minister as part of the ongoing deliberations on the India-Australia CECA,' Goyal had tweeted. 'Significant progress on ways to increase trade & investments have been made to further enhance our bilateral relationship.'
Balanced FTAs are expected to also enable the country to take advantage of a resurgence of industrial demand in advanced economies and achieve sustained growth rates in exports in the coming years. Already, India has set an ambitious merchandise export target of $1 trillion by FY28.
In the current fiscal, it’s on course to realise the lofty export target of $400 billion, against $291 billion in FY21.
Although talks for an FTA with Australia have been going on since 2011, the reluctance of Indian industry to offer greater access in farm and dairy products and Australia’s unwillingness to further open up its services sector for free movement of skilled Indian professionals have delayed the outcome of the negotiations.
Source:
financialexpress
07 Feb, 2022
One District One Product (ODOP) mission of Centre takes a giant technology boost..
West Jaintia Hills today witnessed the first-of-its-kind Fly-Off Event to demonstrate the use of novel and innovative Drone/UAV technology for payload delivery, that could serve as a model of solving the 1st mile connectivity issues for Lakadong Turmeric farmers from the hinterland.
Lakadong Turmeric has been identified under The One District, One Product (ODOP) Initiative under the Department for Promotion of Industry and Internal Trade (DPIIT), Ministry of Commerce & Industry, Ministry of Commerce & Industry, as a product with excellent potential for growth and export for West Jaintia Hills.
ODOP partnered with AGNIi Mission, one of the nine technology missions under the Prime Minister's Science, Technology and Innovation Advisory Council to identify Indian innovative technologies that can play a transformative role in the end-to-end processing of Lakadong Turmeric, starting with leveraging payload drones (UAVs) to transport the turmeric in large quantities.
Addressing the gathering at the event, Ms. Sumita Dawra, Additional Secretary, DPIIT said that this event was a first step towards showcasing the innovative solutions that can propel 1st mile connectivity while ushering in Industrial Revolution 4.0.
It may be noted that the Lakadong Turmeric from West Jaintia Hills, Meghalaya, one of the world’s finest turmeric varieties with the highest curcumin content of 7-9% (in comparison to 3% or less in other varieties), is fast becoming a game changer in the economy of the district. The State of Meghalaya has applied for a Geographical Indication tag for Lakadong turmeric.
The percentage of curcumin and oleoresin content in turmeric determines the demand by the industry along with the price. India is the largest producer and exporter of turmeric (APEDA, 2019). India exported US$ 236.5 million worth of turmeric in 2018 from US$ 182.53 million in 2017. Turmeric is a positive crop; it improves health and is not water guzzling.
Highlighting the fact that despite India being the world’s largest turmeric producer and exporter, turmeric imports had also been increasing, the Additional Secretary said that the major importers were the extraction and processing industries that require high curcumin and oleo resin.
Inspite of the highest curcumin content and excellent potential for domestic sales and export, Lakadong turmeric faces severe market access issues due to the remoteness of the location, topography and terrain. Thus, buyers have to incur additional costs to transport the goods from the villages via local pick-up trucks till the major transporters’ loading point. Additional costs of transportation and delays in the same act as barriers / disincentives for the buyer in the process of procurement.
The flyoff event would not only to give a fillip to the mandate of the ODOP initiative but also leverage modern technology as a fundamental solution to overcome the bottleneck of transportation that acts as a barrier in realizing the optimal potential of this exceptional spice from Meghalaya, Ms. Dawra said.
In consonance with its mandate in April last year, the ODOP Team successfully facilitated the trade of 13,136 kgs of sliced and dried Lakadong Turmeric to a large food processing industry in Ernakulam, Kerala in 2021. It may also be noted that under ODOP initiative, the price of Lakadong Turmeric has increased by Rs. 20, from Rs. 150 per Kg in the Year 2021 to Rs. 170 per Kg in 2022.
ODOP is a transformational step forward towards realizing the true potential of a district, fuelling economic growth and advancing the goal of Vocal for Local. Lauding the success of the ODOP team in pitching the highest curcumin content of Lakadong Turmeric as its Unique Selling Proposition, Ms. Dawra said that the team had succeeded in the creation of market linkages for 500+ plus farmers from Self-Help Groups and Co-operative Societies from 4 villages in West Jaintia Hills District.
Ms. Sumita Dawra said that under ‘Lakadong Turmeric 2.0’, new efforts were being planned to scale up procurements for sustainable sales for the harvest season of 2022 and the years to come. For the same, the ODOP team led buyer visits to Meghalaya in December 2021 wherein direct interactions at the farm level and buyer-seller meets were organized for representatives of interested buyers. These have ended in the finalization of procurement orders for over 25,000 kgs already with a plan to increase the same even further, subject to final negotiations this year, she added.
India produces 78 per cent of the world’s turmeric, as per a reply given by the Union Minister of Agriculture & Farmers Welfare Narendra Singh Tomar in the Rajya Sabha on March 12, 2021. In the year 2018-19, turmeric production was 389 thousand tonnes, with area and productivity 246 thousand hectares and 5646.34 kg per hectare respectively.
Source:
pib.gov.in
07 Feb, 2022
Govt sanctions Rs 6,540 cr via Agri Infra Fund so far: Narendra Singh Tomar.
The Centre has approved over 9,000 applications and sanctioned Rs 6,540 crore so far, for the development of agri-infra projects, Agriculture Minister Narendra Singh Tomar said on Friday in Rajya Sabha. Tomar, in his written reply to the Rajya Sabha, said: 'As on date, 16,026 applications for an amount of Rs 10,627 crore have been received on the AIF portal. Out of these, 9,019 applications for Rs 6,540 crore have been sanctioned.'
This amount has been sanctioned under the Agriculture Agriculture Infra Fund (AIF), under which financing facility is provided for investment in viable projects for post-harvest management Infrastructure and community farming assets through interest subvention and support through credit guarantee facility.
Source:
economictimes
07 Feb, 2022
Government takes several steps to boost Indian exports.
The Government has taken the following measures since 2014 to boost the India’s export:
1. A new Foreign Trade Policy (FTP) 2015-20 was launched on 1st April 2015. The policy, inter alia, rationalised the earlier export promotion schemes and introduced two new schemes, namely Merchandise Exports from India Scheme (MEIS) for improving export of goods and ‘Services Exports from India Scheme (SEIS)’ for increasing exports of services. Duty credit scrips issued under these schemes were made fully transferable.
2. The mid-term review (2017) of the Foreign Trade Policy (2015-20) was carried out and corrective measures were undertaken.
3. Foreign Trade Policy (2015-20) extended by one year i.e. upto 31-3-2022 due to the COVID-19 pandemic situation.
4. A new Logistics Division was created in the Department of Commerce for integrated development of the logistics sector.
5. Interest Equalization Scheme on pre and post shipment rupee export credit was introduced from 1.4.2015 to provide cheaper credit to exporters.
6. The Government started implementing a NiryatBandhu Scheme with an objective to reach out to the new and potential exporters including exporters from Micro, Small & Medium Enterprises (MSMEs) and mentor them through orientation programmes, counselling sessions, individual facilitation, etc., on various aspects of foreign trade for enabling them to get into international trade and boost exports from India.
7. Assistance provided through several schemes to promote exports, namely, Trade Infrastructure for Export Scheme (TIES) and Market Access Initiatives (MAI) Scheme.
8. A comprehensive “Agriculture Export Policy” was launched on 6th December, 2018 to provide an impetus to agricultural exports.
9. A Central Sector Scheme, ‘Transport and Marketing Assistance for Specified Agriculture Products’ was launched for providing assistance for the international component of freight to mitigate the freight disadvantage for the export of agriculture products.
10. Remission of Duties and Taxes on Exported Products (RoDTEP) scheme and Rebate of State and Central Levies and Taxes (RoSCTL) Scheme have been implemented with effect from 01.01.2021.
11. Common Digital Platform for Certificate of Origin has been launched to facilitate trade and increase Free Trade Agreement (FTA) utilization by exporters.
12. 12 Champion Services Sectors have been identified for promoting and diversifying services exports by pursuing specific action plans.
13. Districts as Export Hubs has been launched by identifying products with export potential in each district, addressing bottlenecks for exporting these products and supporting local exporters/manufacturers to generate employment in the district.
14. Active role of Indian missions abroad towards promoting India’s trade, tourism, technology and investment goals has been enhanced.
15. Package has been announced in light of the COVID pandemic to support domestic industry through various banking and financial sector relief measures, especially for MSMEs, which constitute a major share in exports.
This information was given by the Minister of State in the Ministry of Commerce and Industry, Smt. Anupriya Patel, in a written reply in the Rajya Sabha today.
Source:
pib.gov.in
07 Feb, 2022
Continuation of EPCG scheme under review.
The government is reviewing the continuation of a key export scheme, Export Promotion Capital Goods (EPCG), launched in the 1990s, that allows exporters to import certain capital goods used in manufacturing without paying duty.
The commerce department is examining whether the scheme found to be inconsistent with the rules of the World Trade Organization is still needed or can be discontinued.
Source:
economictimes
07 Feb, 2022
Pilot movement of food grains on vessel from Patna (Bihar) to Pandu (Guwahati) will open a new gate to the Gateway of North East , says Shri Piyush Goyal.
Union Minister Shri Piyush Goyal, Minister for Consumer Affairs, Food and Public Distribution, Textiles and Commerce & Industry has said that Pilot movement of food grains on vessel from Patna (Bihar) to Pandu (Guwahati) will open a new gate to the ‘Gateway of North East’. Addressing virtually on the occasion of 'Flagging off of vessel' MV Lal Bahadur Shastri carrying food grains from Patna to Pandu and Unveiling of foundation stone for terminal at Kalughat (Bihar) today, Shri Piyush Goyal said that this 2,350 km voyage will open a new gate to the ‘Gateway of North East’ (Assam) and ensure seamless waterways connectivity to NE Region through Ganga & Brahmaputra rivers. He said that flagging of the vessel named ‘MV Lal Bahadur Shastri’ reminds me of Shastriji’s slogan "Jai Jawan Jai Kisan". 'This will make our farmers Aatmanirbhar by expanding their reach & providing them better prices and better living. This event is a perfect demonstration of PM’s combined vision for ‘Act East’ policy & the inclusive development of Bihar & NE Region', he added.
The minister stated that the planned intermodal terminal at Kalughat, Bihar with Rs.78 cr will provide boost to region’s socio-economic development & create multiple job opportunities. This will also help decongest the roads of North Bihar and provide an alternative route for transportation of cargo in this area. He further said that this route from Patna can prove to be a viable alternative to the conventional mode of movement of foodgrains & goods for NE region. It will provide a fillip to NE region’s development. The Minister informed that for seamless navigation to NE region, 2 stretches of Indo-Bangladesh Protocol (IBP) route are being developed with Bangladesh having the budget of Rs. 305 cr. New scheme in budget with Rs. 1,500 cr for North East- PM-DevINE to fund infrastructure and & social development projects, will enable livelihood activities for youth & women, he added.
Enumerating the four major steps taken by Govt. for holistic devp. of waterways infra & ecosystem, to increase share of inland water transport in overall cargo transport Shri Goyal said that under PM GatiShakti, waterways is one of the 7 engines that is driving transformative approach for economic growth & sustainable development. He said Prime Minister Narendra Modi’s vision is to use 7 engines to achieve efficiency to reduce transport cost & remove distance barriers especially for Farmers & MSMEs. He informed that govt. has undertaken Jal Marg Vikas Project with Rs. 4,600 cr for capacity augmentation of NW-1 (Ganga) for safe movement of vessels upto 2,000 tn. He also mentioned that this Project includes construction/setting up of multi-modal terminals at Varanasi, Sahibganj and Haldia, Ro-Ro terminals, jetties, vessel repair & maintenance facilities, etc. Eighty connectivity projects are in progress under Sagarmala to connect commercial hubs with ports. Shri Goyal also stated that 106 new waterways in 24 States have been declared as National Waterways, taking the total no. to 111. He said development of these rivers would include maintenance of infra for river shipping & navigation & warehouse facilities.
The Minister mentioned that India-Bangladesh friendship is reaching new heights under Prime Minister Narendra Modi & H.E. Sheikh Hasina. He said that our friendship has evolved into a strategic partnership with multifaceted & deep collaboration in trade, investment, food security & technology. This event is another milestone and a testament to ever-growing friendship between India and Bangladesh, he said. This first food grain movement will be an integrated IWT movement via National Waterway-1 (river Ganga), NW-97 (Sunderbans), Indo-Bangladesh Protocol (IBP) route and NW-2 (river Brahmaputra).
Appreciating the efforts of FCI in carrying out world’s largest food supply system in Covid, the Minister said that FCI has been the lifeline of the nation. He stated that Food security to 80 cr beneficiaries have been extended under PMGKAY and government has allocated 758 LMT foodgrain under PMGKAY I to PMGKAY V during Covid pandemic. He informed that 97 % of population has been connected with One Nation One Ration Card Scheme. He also said that FCI is serving far flung areas like Ladakh, Arunachal Pradesh, A&N Islands, Lakshadweep, etc. Earlier in 2014-15 to 2016-17, FCI moved ~22k MT foodgrains to Agartala through IBP waterway route during Gauge conversion in NFR. The Minister also invited on suggestions how FCI can improve compatibility with riverine movement of foodgrains – upgrading warehouses, improving packing to reduce pilferage, increase shelf life, using tech to improve efficiency, etc.
Referring to the Prime Minister’s quote 'India is emerging as a leading Blue Economy of the world. Govt is investing in waterways in a way that was never seen before' Shri Goyal said that FCI in association with Ministry of Shipping & Inland Waterways Authority of India (IWAI) will continue to explore & increase the riverine movement, which is most eco-friendly, clean and economical mode of transportation.
Shri Sarbanand Sonowal, Union Minister of Ports, Shipping& Waterways and AYUSH, Shri Ashwini Kumar Chaubey, MoS for CAFPD and Environment, Forest and Climate Change, Shri Shripad Naik, MoS for Ports, Shipping& Waterways and Tourism, Shantanu Thakur, MoS for Ports, Shipping& Waterways and both the Deputy CM’s of Bihar, Members of Parliament Shri Ravi Shankar Prasad, Shri Sushil Kumar Modi, Shri Rajeev Pratap Rudy, Shri Nand Kishore yadav, MLA Patna Sahib and President of IWAI flagged off vessel ‘MV Lal Bahadur Shastri’ and unveiled the plaque of foundation stone for terminal at Kalughat (Bihar). The dignitaries also released the training documents for Personnel on Inland Vessels. Shri Piyush Goyal virtually joined the event. Shri Khalid Mohd. Chaudhary,Minister of Shipping, Bangladesh also attended the event virtually. The event was organised by the Inland Waterways Authority of India (IWAI) under the Ministry of Ports, Shipping& Waterways.
Background Information
'Flagging off of vessel' MV Lal Bahadur Shastri carrying food grains from Patna to Pandu.
Inland vessel MV Lal Bahadur Shastri carrying 200 Metric Ton of food grains belonging to Food Corporation of India was flagged off from Inland Water Terminal Gaighat Patna today. This is the first food grain movement on this Inland Water Transport (IWT) route. The 25-30 days voyage will be an integrated IWT movement via National Waterway-1 (river Ganga), NW-97 (Sunderbans), Indo-Bangladesh Protocol (IBP) route and NW-2 (river Brahmaputra). While on the voyage from Patna to Pandu (Guwahati), the vessel Lal Bahadur Shastri will traverse through Bhagalpur, Manihari, Sahibganj, Farakka, Tribeni, Kolkata, Haldia, Hemnagar, Khulna, NarayanganjSirajganj, Chilmari, Dhubri and Jogighopa. The 2350 km long route will movement is expected to establish the technical and commercial viability of IWT mode using these multiple waterways. The IWT movement is also aimed at providing a fillip to North East Region’s industrial development by opening up an alternate route for transportation of goods.
Unveiling the Foundation Stone Plaque of IWAI Terminal at Kalughat in Saran District of Bihar: The site is located on river Ganga at Saran Distrcit in Bihar (~25 km by Road from Patna main city) and the terminal is directly connected to NH 19. This terminal will be constructed at a cost of Rs. 78.28 crores. The capacity of the terminal with one berth will be 77,000 TEU per annum and the terminal has been designed to handle container traffic. The berth will be connected by approach trestles for movement of trucks, vehicles, operating and maintenance equipment. On shore facilities such as roads, drainage, sewerage, water supply, communication system will be developed as part of terminal development.
The construction of this terminal will help decongesting the jam-packed roads of North Bihar and provide an alternative route for transportation of cargo in this area specially to Nepal.
Source:
pib.gov.in
07 Feb, 2022
Thirty-Nine (39) Towns have been recognized as Towns of Export Excellence (TEE) under the Foreign Trade Policy.
Thirty-Nine (39) Towns have been recognized as Towns of Export Excellence (TEE) under the Foreign Trade Policy 2015-20 (extended up to 31.03.2022). The list of Towns of Export Excellence (TEE) and their details are at Annexure I.
Towns of Export Excellence (TEE) can avail benefits under Para 1.35 (b) of Foreign Trade Policy i.e.,
(i) Recognized associations of units in Towns of Export Excellence can avail financial assistance under Market Access Initiative (MAI) scheme, on priority basis, for export promotion projects for marketing, capacity building and technological services.
(ii) Common Service Providers in the Towns of Export Excellence are entitled for Authorisation under Export Promotion Capital Goods (EPCG) Scheme.
Details of benefits extended to the Towns of Export Excellence (TEE) by DGFT Regional offices is at Annexure II.
Towns producing goods of Rs. 750 Crore or more can be recognised as Towns of Export Excellence (TEE) based on potential for growth in exports. However, for Town of Export Excellence (TEE) in Handloom, Handicraft, Agriculture and Fisheries sector, the threshold limit is Rs.150 Crore. The notification of Towns of Export Excellence (TEE) is done in Appendix 1B of Foreign Trade Policy based on the proposals received from the Industry Association and in consultation with other stakeholders.
Source:
pib.gov.in
07 Feb, 2022
Union Budget 2022-23 is a direction setting budget aimed at making India future ready Shri Piyush Goyal.
Union Minister for Commerce and Industry, Textiles and Consumer Affairs, Food and Public Distribution, Shri Piyush Goyal today termed the Union Budget 2022-23 as a direction setting budget, addressing both macro-economic and micro-econimic concerns, looking at inclusive development.
Speaking at a Public Function to explain the nuances of the Union Budget in Mumbai today, the Minister said 'the Budget should be seen as an exercise in continuity to make India future ready'. Recalling Prime Minister Narendra Modi’s vision of converting crisis into opportunity, Shri Goyal said, the Government has been pro-actively announcing new projects and schemes through the year, and Union Budget has attempted to show the way ahead for the next 25 years.
Shri Goyal said the budget has laid a big thrust on infrastructure development and highlighted the importance of the PM Gati Shakti National Plan. He said the plan will leverage data and inter-connected national maps to better align infrastructure projects.
Explaining how the nation adopted to the Covid 19 pandemic by swiftly moving to remote working mode, Shri Goyal asserted that India did not let down a single international obligation, thanks to Digital India and thrust given on expansion of broadband connectivity. He said despite the pandemic, India’s services export remained robust and would achieve $240 bn target.
Shri Goyal said that India produces second highest number of STEM (Science, Technology, Engineering, Mathematics) graduates and this should encourage us to become not only the Start-up Capital but also the R&D and innovation hub.
The Commerce & Industry Minister further added that India has been working on a number of Free Trade Agreements (FTAs). Citing the India-UAE FTA, Shri Goyal said the entire process was completed in just 88 days. He informed that India-Australia FTA is also in advanced stage of finalization. FTAs with UK, Canada are also in the pipeline, even as GCC also wants to sign an FTA with India 'The world wants to work with us, we have to seize the initiative' the Minister added.
The Minister also spoke about the enhanced capital spending of Rs 10.5 lakh crores provided by the Budget 2022-23 to have a multiplier effect of 3-4 times, leading to enhanced demand and increased job opportunities benefitting all people.
Source:
pib.gov.in
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