Go-getter, ambitious, dynamic, workaholic are some of the adjectives that officials who worked closely with B V R Subrahmanyam use to describe him.
The Gross Value Added (GVA) in agriculture and allied activities is projected to clock its best growth in FY23 during the October-to-December quarter, at 3.7 per cent, on the back of a strong kharif harvest, according to the second advance estimates of national income. In the third quarter of FY22, GVA in the sector was 2.3 per cent at constant prices. At current prices, the growth in the third quarter of this financial year is projected at 8.6 per cent, which is almost at the same level in the corresponding quarter of FY22.
In the coming few weeks, agriculture markets in North and Central India will be full of wheat, mustard, and chana - the three main rabi crops grown in these parts. Not only will the price trajectory of these determine the course of food inflation in the months to come, but it could also have a wider impact on the rural economy in the main growing states for these crops. Wheat and chana are largely grown in Madhya Pradesh (MP).
India has put curbs on wheat exports through the government route, starting November last year. This comes amid a surge in domestic prices of the cereal. In December, India exported 391 tonnes of wheat to Bangladesh and Bhutan. In November 2022, it had exported 375 tonnes of wheat only to Bhutan.
A decline in demand from six of India's top 10 import partners -- China, Saudi Arabia, Iraq, South Korea, Australia, and Singapore -- resulted in India's imports hitting a 17-month low of $50.6 billion in January, showed the data compiled by the department of commerce. Shipments from South Korea, Australia, and Singapore declined by 14.1 per cent, 26.7 per cent, and 9.8 per cent, respectively. Among the 10, growth in inbound shipment was seen only in the case of the United Arab Emirates (12.1 per cent), the US (27.4 per cent), Russia (297.4 per cent), and Indonesia (22.9 per cent).
Temperatures in March will be critical to determining the impact of any unusual heatwave conditions on this year's wheat crop in North India. It is that time of the year when the crop enters its vital grain-filling stage, say meteorologists and crop experts. So far, the high day temperatures in the North are not believed to have any significant impact on the final yields since the crop hasn't entered a stage where heat affects yields.
'The corruption charges in FCI are not the first and won't be the last.'
Several global models are predicting El Nio to appear around the second half of the year, which are the crucial rain-bearing months.
The US is taking several measures, such as increasing the number of staffers, to further facilitate the issuance of business visas in India, a senior US government official said on Tuesday. "We have also made significant progress by issuing more H1B and L visas in 2022 than we did even in 2019 before the pandemic. "This is a significant improvement. We are in the process of raising our staff," Arun Venkataraman, US Assistant Secretary of Commerce for global markets, said.
It may plan a significant hike in budgetary support aimed at completing the balance 8.4 million dwellings by March 2024.
The importance of China as India's top trading partner cannot be understated.
As sanctions-hit Russia increasingly relies on consumer products from India, outbound shipments to Russia have started picking up for the second consecutive month in October. This comes after it witnessed contraction for six consecutive months starting March, commerce and industry ministry data showed. During October, India exported goods worth $280 million, up 3.7 per cent as compared to a year ago. It was led by demand for items such as vegetables, tea, coffee, chemicals as well as iron and steel products.
The central government and the Reserve Bank of India have devised a country-specific plan towards implementation of overseas trade in rupee, people aware of the matter said. To start with, a small number of banks will be allowed to manage cross-border transactions in domestic currency with a particular country. "Small countries that are dollar-deficient have shown interest in doing trade in rupee.
The department of commerce has urged the agriculture ministry as well as the diplomatic mission in Tehran to apprise it of details as to why Iranian buyers have stopped import of rice and tea from India, a senior government official said. Exporters said that exports of items such as high quality tea and rice have stopped since last week. As of now, there has been no confirmation from the authorities and the response from the embassy in Tehran is also taking time, they said.
Shipments of sunflower oil to India have started normalising after imports from war-torn Ukraine resumed beginning September after a gap of four months, leading to further normalisation of supplies. Ukraine has been the largest supplier of sunflower oil to India. However, after the Russia-Ukraine war broke out in February, supplies from Ukraine dwindled as Russia denied it access to the Black Sea ports.
Brace for some warmth this winter as the India Meteorological Department (IMD) in its December-February forecast on Thursday said that the minimum and maximum temperatures could remain 'normal' to 'above normal' over most parts of Northwest and Northeast India. Both the minimum and maximum will remain below normal in Southern Peninsular and Central India in these winter months. While this could give some respite from the intense cold of North India, it could have a negative impact on the standing rabi crops if the temperature rise is unusual and abnormal.
The Reserve Bank of India (RBI) has allowed the opening of nine special vostro accounts with two Indian lenders - Uco and IndusInd Bank - to facilitate overseas trade in rupee, Commerce Secretary Sunil Barthwal said on Tuesday. Apart from the domestic lenders, Russia's two largest banks - Sberbank and VTB Bank - are the first foreign lenders to have received approval from the central bank for settling international trade transactions in rupee. "Nine accounts have been opened. One each in Uco Bank, Sberbank, and VTB and six with IndusInd Bank. There are six different Russian banks who have opened special vostro account in IndusInd," Barthwal said.
Negotiations for a trade deal between India and the UK have run into fresh controversy, after the proposals under a leaked chapter of the deal on intellectual property (IP) are believed to put access to affordable, lifesaving generic medicines from India at risk. According to the draft IP chapter put out by an international trade portal bilaterals.org, the UK is seeking continuous extension of patent period and rights through small tweaks in the drug, known as evergreening. This may prevent patents from expiring, impacting cheaper drug availability and its production by Indian generic drug manufacturers.
The Genetic Engineering Appraisal Committee (GEAC) has recommended the environmental release of the genetically modified (GM) mustard variety DMH (Dhara Mustard Hybrid)-11, paving the way for the commercialisation of the country's first GM food crop. The GEAC said the recommendation was valid for four years from the date the approval letter was issued. Further studies and coordinated trials will have to be conducted jointly with the Indian Council of Agriculture Research (ICAR) within two years, according to the minutes of the GEAC meeting held on October 18, which was released on Wednesday.
The government is targeting export of goods and services worth $2 trillion by 2030.
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