Search Result for : Agriculture Sector

Aamir H Kaki Industry players have welcomed and appreciated the Union Budget 2018-19 and called it a balancing act aimed at inclusive growth for boosting the country’s economy. Focused on strengthening agriculture, rural economy, infrastructure, MSME and exports, the Budget for fiscal 2018-19 was presented by Finance Minister Arun Jaitley on Thursday. Welcoming the Budget, Federation of Indian Export Organisation (FIEO) said that it’s a balanced Budget for the country aiming at inclusive growth and transforming rural India.  FIEO President Ganesh Kumar Gupta said that the target to take agri-exports from $30 billion to $100 billion is very encouraging as agri-exports would be instrumental in doubling farmers’ income. A stable Agri Export Policy based on digitalised current stock position, scientific forecasting of ...

The Dollar Business Bureau Guided by mission to strengthen agriculture, employment, rural development, health, education, MSMEs and infrastructure sectors, Finance Minister Arun Jaitley presented the Union Budget 2018-19 in Parliament on Thursday. Reiterating the pledge given by the Government to the people of the country four years ago to give an honest, clean and transparent Government, Jaitley said that the Government under Prime Minister Narendra Modi has successfully implemented a series of fundamental structural reforms to propel India among the fastest growing economies of the world. Jaitley said that India’s agri-exports potential is as high as $100 billion against current exports of $30 billion and to realise this potential, export of agri-commodities will be liberalised. While presenting the Budget, he said, “Indian society, polity ...

The Dollar Business Bureau India’s economy grew in line with the expectations in the second quarter of the current fiscal, supported by growth in manufacturing, electricity, gas, trade, transport & communication. India’s gross domestic product rose 6.3% during the period July-September, according to the estimates released by Central Statistics Office (CSO) on Thursday. The growth in the second quarter was predicted by the economists to be little better compared to 5.7% in the previous quarter, will factor in the disruptions caused by the rollout of GST from July 1. “GDP at constant (2011-12) prices in Q2 of 2017-18 is estimated at Rs.31.66 lakh crore, as against Rs.29.79 lakh crore in Q2 of 2016-17, showing a growth rate of 6.3%,” said a statement issued by the Ministry of Statistics & ...

The Dollar Business Bureau The Commerce and Industry Ministry will soon bring in a policy framework for facilitating access to global markets for the Indian agriculture produce, Union minister Suresh Prabhu said while addressing an agri summit. Prabhu, who took charge as Commerce and Industry Minister recently, said that his ministry will work on developing global supply chain for the agriculture sector.  Addressing the agri summit the minister said that multilaterally there is also need to work on removing trade restrictions with an aim to boost Indias agri exports. "If they (farmers) produce something, they (should) get an access to global market and get better prices for that, and for that we will put in place a good policy framework very soon," Prabhu said. "We have ...

The Dollar Business Bureau  Noted industrialist and Chairman of the Godrej Group Adi Godrej said on Wednesday that the Goods and Services Tax (GST) will lead to significant growth in the gross domestic product (GDP) in the coming six months, while acknowledging that there are some specific teething issues under the new indirect tax regime.  “This (GST) could add tremendously to our GDP growth. There are some teething problems here and there, I think they are being resolved. The government is taking a very refreshing approach to the GST introduction. I think it would be a great success and in the next six months or so, our GDP growth rate will rise quite considerably,” Godrej said at an event organised by the ...

The Dollar Business Bureau Diesel imports of India have increased with state-run oil refiner Hindustan Petroleum Corp (HPCL) on Tuesday entering the crude spot market for seeking its seventh consignment of the fuel for the month of July, according to trade sources. However, imports of the fuel could be slowed down as monsoon season begins in India, the sources told a leading international news agency. The state-owned refiner is seeking delivery of 60,000 tonnes of 40 ppm sulphur gasoil into Vizag during July 20-25 in a tender which ends on July 5. This is HPCL’s seventh consignment requirement for the month of July, however, it was not clear if all the earlier tenders have been given. HPCL-Mittal Energy Ltd (HMEL) was likely to begin its 230,000 barrels a day ...

Sourced from Press Information Bureau The Department of Agriculture, Cooperation and Farmers Welfare has released the Second Advance Estimates of Area and Production of Horticulture Crops for 2016-17. These estimates are based on the information received from different State/UTs in the country. The production of horticulture crops in the country during 2016-17 is estimated to be more than 295 million tonnes which 3.2 % higher as compared to the previous year’s 2015-16 estimates. The area under horticulture crops has increased from 245 lakh ha to 249 lakh ha in 2016-17 recording an increase of 1.9% over previous year.  Fruits production during the current year is estimated to be 93 million tonnes which  2.9% higher than the previous year.  Production of vegetables is estimated to be around 175 million tonnes which  3.5% higher than the ...

The Dollar Business Bureau  The International Monetary Fund (IMF) said on Tuesday that the economic growth of India is likely to rebound to 7.2% in the current fiscal of 2017-18 and 7.7% in the next fiscal of 2018-19 after the disruptions caused due to demonetisation, whereas it recommends the elimination of long-standing structural bottlenecks to increase market efficiency. The disruptions (majorly to consumption in private sector) caused due to shortage of cash post demonetisation, accompanying the initiative on currency exchange are likely to slowly dissipate this year as shortage of cash would ease, the IMF said in its report on regional economic outlook. Such type of disruptions would also be dissipated on account of a good monsoon season and sustained progress in resolving ...