Search Result for : Food Products

The Dollar Business Bureau India’s food consumption is expected to reach $1 trillion by 2025 and the entire food value chain in the country offers immense opportunities for domestic as well as foreign investors, said President Ram Nath Kovind on Sunday. This is a sector having ‘huge business appetite’ and has potential for generating employment for the huge young population and women of India, the President said, while speaking at the World Food India 2017. He further said that by putting focus on food processing will not only help in cutting down ‘unacceptable level’ of wastage of food in the country but also help in doubling the income of farmers. “Food is culture but food is also commerce. ...

The Dollar Business Bureau Senior officials of the Ministry of Commerce will discuss and deliberate upon several major issues with regards to World Trade Organisation (WTO) in New Delhi this week. Indian officials posted at the WTO headquarter in Geneva (Switzerland), including JS Deepak - Permanent Representative of India to WTO, will take part in the deliberations, according to an official. The key issues that would be discussed include the matters related to the upcoming WTO ministerial conference in December in Argentina, subsidies on fisheries and permanent resolution on government’s stock-holding of foodgrains for the purpose of food security. The WTO ministerial conference is the topmost body for decision making. The issue pertaining to food security concerns various developing countries which offer foodgrain at subsidised ...

The Dollar Business Bureau Inflation based on Wholesale price index (WPI) fell to 0.90% in June, lowest in eight months as the prices of food commodities and manufactured goods declined. Inflation was 2.17% in May 2017 and (-) 0.09% in June last year, according to the official data released by the Commerce Ministry on Friday. “Build up inflation rate in the financial year so far was -0.44% compared to 3.71% in the corresponding period of the previous year, it said. The prices of major food items such as vegetables, potatoes and pulses witnessed a sharp decline in the month. The prices of potato, pulses and vegetables dropped by 47.32%, 25.47% and 21.16%, respectively. The sharp decline in food items prices last month could be due to the agitation by ...

The Dollar Business Bureau In a move to attract major foreign investment, the Government on Monday approved an investment of around $500 million proposed by e-commerce giant Amazon for opening retail food stores in India. This is the first proposal for foreign direct investment (FDI) in food retail that got the government’s approval. This is also the first FDI case that gets an in-principle approval after the recent shut down of the Foreign Investment Promotion Board (FIPB). This proposal was pending with the FIPB. Therefore, the Department of Industrial Policy and Promotion (DIPP) has given its nod to the proposal. According to the proposal, the American ecommerce major will open a fully-owned arm in India for carrying out the business of storing food products and sell them online. Presently, the Government allows 100% ...

The Dollar Business Bureau Traders' body Confederation of All India Traders (CAIT) on Tuesday urged the Government for exempting branded as well as non-branded food commodities with registered trade mark, from the Goods and Services Tax (GST).  The traders' body reasoned that the differentiation made by the GST Council for levying 5% tax on branded food items with a registered trademark will promote adulteration and result in lower remunerative prices for farmers even for high quality produce. In a letter to Finance Minister Arun Jaitley, CAIT said, “Under the pretext of 'branded' products, these items have been made taxable at 5% which will prove to be detrimental and in contradiction of the intention of the government.”  CAIT further said that small firms who are manufacturing food grains, pulses and other ...

The Dollar Business Bureau  The country’s retail inflation declined sharply to 2.99% in April against the 3.89% in March, on account of lower prices of food items such as vegetables and pulses that recorded a deflationary trend.  In April 2016, the consumer price index (CPI) inflation was at 5.47%.  Pulses and products prices witnessed a sharp decline in April, with a deflation of 15.94%, whereas prices of vegetables fell by 8.59%. In March, the two items recorded a deflation of 12.42 and 7.24%.  The fuel and light segment recorded an inflation of 6.13% in April, higher as compared to 5.56% in March.  Fruit prices grew at 3.78% in April, lower than 9.35% in the previous month, according to the Ministry of Statistics and Programme Implementation ...

The Dollar Business Bureau India has urged US companies to invest in the food processing sector in the country and asked the US firms to take benefit of the country’s liberalised foreign direct investment (FDI) rules, improving business atmosphere and readymade infrastructure. A team of high-profile officials from India led by Special Secretary in the Ministry of Food Processing Industries Jagdish Prasad Meena on Wednesday reached the US. They are on a two-day visit of the US touring Midwest from Chicago conducting meetings with several companies of Chicago metropolitan area from logistics, food services to restaurant firms. “During the meeting, Meena urged them to take advantage of India’s liberalised foreign investment rules, readymade infrastructure and improving ease-of-doing-business climate,” revealed the Indian Consulate in ...

The Dollar Business Bureau The Directorate General of Foreign Trade (DGFT) from time to time issues notifications for fixation or addition of SION for different export products. The DGFT via  notification no.,41/2015-2020 dtd 2nd Nov 2016  made the following ammendments in Standard Input Output Norms (SION) in food products. As per the notification the following SION have been deleted from the Handbook of Procedures: E7, E21, E22, E23, E24, E25, E26, E44, E50, E64, E65, E66 and E72. The following SIONs have been suspended from the Handbook of Procedures E45, E80, E94 and E105 while ammendments have been made in SION E1, E5, E17, E69, E79, E104, E106, E108, E119, E120, 123, 126, 127, 128, 129, 130, 131 and 132.