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Washington, The United States has welcomed the recent Indian move to reduce tariffs on several American agricultural products. Last week, India agreed to reduce tariffs on certain US products, including <keyword id="18744222" type="General" weightage="20" keywordseo="frozen-turkey" source="Orion">frozen turkey</keyword>, <keyword id="18744223" type="General" weightage="20" keywordseo="frozen-duck" source="Orion">frozen duck</keyword>, fresh <keyword id="109334" type="General" weightage="20" keywordseo="blueberries" source="Orion">blueberries</keyword> and <keyword id="33807" type="General" weightage="20" keywordseo="cranberries" source="Orion">cranberries</keyword>, frozen blueberries and cranberries, dried blueberries and cranberries, as well as processed blueberries and cranberries. These tariff cuts will expand economic opportunities for US agricultural producers in the critical market and help bring more products from the United States to customers in India, US officials said. Welcoming the announcement, US Agriculture Secretary Tom Vilsack said the move will create new market opportunities for US producers and exporters. "Under the Biden-Harris Administration, USDA (US Department of Agriculture) and USTR (United States Trade Representative) have focused on rebuilding trust and strengthening relationships with our global trading partners, including India, and working through the World Trade Organization and other venues to ensure that those partners live up to their obligations so that US agriculture has full and fair access to key export markets," Vilsack said. The recent move follows the lifting of India's retaliatory tariffs on US apples, chickpeas, lentils, almonds and walnuts, a development that was announced earlier this summer and took effect this week. "While important progress has been made, significant tariff and non-tariff barriers to American agricultural products accessing the Indian market remain," Vilsack said. Senator Amy Klobuchar in a statement welcomed the agreement to lower tariffs on US turkey exports to India. The agreement will lower tariffs on frozen turkey products exports to India from 30 per cent to 5 per cent, she said. "For too long, high tariffs have prevented American turkey farmers from exporting their products to India," Klobuchar said. "That's why I pushed for a resolution to create an even playing field and reduce trade barriers for American turkey farmers and producers, and I'm glad to see this agreement has been reached," Klobuchar said. In a separate statement, Senators Mark Warner and Tim Kaine said this move will help strengthen the strong partnership between India and the US while generating increased demand for Virginia poultry and supporting economic activity in the Valley. In 2021, Virginia was the sixth largest turkey source in America after producing 14.5 million birds. Turkey production plays a key role in Virginia's poultry industry, which provides a direct economic impact of USD 5.8 billion and contributes USD 13.6 billion in economic activity in the State. "The National Turkey Federation applauds the efforts by the US and Indian governments to significantly reduce the tariffs. This move creates an important new market for US turkey producers and will give Indians more affordable access to a nutritious, delicious protein," said Joel Brandenberger, president and CEO of the National Turkey Federation. "NTF congratulates the Office of the US Trade Representative and the leadership of USDA on this accomplishment, and we thank Senators Mark R. Warner and Thom Tillis for spearheading congressional efforts to ensure US turkey growers are able to effectively compete in this fast-growing marketplace," he said.

US welcomes India's move of reduce tariffs on agri products like blueberries, frozen turkey

Bengaluru, Drone manufacturer <keyword id="4610420" type="General" weightage="20" keywordseo="Garuda-Aerospace" source="Orion">Garuda Aerospace</keyword> said on Tuesday it has secured an order of 400 Agri Kisan Drones from Indian Farmers Fertilizer Cooperative Limited (<keyword id="74204" type="General" weightage="20" keywordseo="iffco" source="Orion">IFFCO</keyword>). This takes Garuda <keyword id="84758" type="General" weightage="20" keywordseo="aerospace" source="Orion">Aerospace</keyword>'s order book tally to 10,000 drones for this year within the first three months, it said in a statement. "The collaboration between Garuda Aerospace and IFFCO aims to revolutionise the agricultural sector by introducing the Garuda Kisan Drone at the 'IFFCO Drone Yatra' in Karnataka. These state-of-the-art drones will enable farmers to utilise Nano Urea spraying through Precision Agriculture Drones, maximising their efficiency and productivity," it said. According to the statement, IFFCO has launched a nationwide campaign to procure 2,500 'Kisan Drones' as spray solutions for their products -- Nano Urea and Nano DAP. This initiative not only supports the development of around 5,000 rural entrepreneurs trained in drone spraying but also promotes sustainable agriculture and holistic cooperative development, it said.

Garuda Aerospace bags 400 Agri Kisan drone orders from IFFCO

ITC stock scales 52-week high as brokerages hike target price

<ul><li><keyword id="6357073" type="General" weightage="20" keywordseo="itc" source="Orion">ITC</keyword> believes that the Indian agriculture sector is “seriously threatened” by climate change and it needs attention.</li><li>It adopted a multi-pronged strategy to overcome the challenges, while increasing its profitability.</li><li>The company’s advisory app for farmers called Maars has a big role to play.</li></ul>The Indian agriculture sector is ‘seriously’ threatened by climate change and population explosion, and this calls for a higher level of production, ITC’s chairperson and MD Sanjiv Puri said. With that being said, ITC adopted a multi-pronged strategy to overcome the challenges put forth by the Indian agriculture sector. ITC believes that a strategic focus on value-added crops, its advisory app for farmers <keyword id="14508487" type="General" weightage="20" keywordseo="itc-maars" source="Orion">ITC MAARS</keyword> and climate smart agriculture will drive new vectors to sustain growth and profitability in this area. Notably, ITC’s agri-business sources over 40 lakh tonnes of agri-commodities from 22 Indian states and 20 agri-value chains. It also exports to over 95 countries across the globe. In an annual general meeting held on Wednesday morning, Puri emphasized that agriculture productivity and incomes today are seriously threatened by climate change and depleting natural resources. The rising populations have been making the issue worse as the demand for food is increasing. “ITC is committed to make a meaningful contribution to this new era of agricultural transformation,” Puri added during the AGM. ITC believes that the current situation calls for higher levels of production, building of competitive agri value chains, crop diversification to value-added products and scaling up of food processing to serve emerging consumer needs. <cmsannotation type="cmsannotation" annotationid="ITC’s MAARS app for farmers has a big role to play in it" comment="subhead" text="ITC’s MAARS app for farmers has a big role to play in it">ITC’s MAARS app for farmers has a big role to play in it</cmsannotation> To meet the target, the company will be focusing on accelerating adoption of advanced technologies through ITC MAARS. This will enable ITC to create a new and scalable revenue stream while benefiting farmers, Puri emphasised. ITC launched the MAARS app a few months back to offer artificial intelligence/machine learning (AI/ML)-driven personalised and hyperlocal crop advisories to farmers. It also provides access to quality inputs and market linkages as well as allied services like pre-approved loans. Puri added that the app has the potential to become a “considerable segment” of ITC’s agri-business, and is currently accessible by 40,000 farmers grouped into over 200 Farmers Producer Organizations (FPO) across seven states. “At the core, is your company's endeavour to restructure the backend into a robust network of vibrant FPOs to aggregate farmer effort and enhance efficiencies,” he said. ITC aims to engage and empower 4,000 FPOs, consisting of a crore farmers, over time. Puri emphasised that although nearly half of the country's workforce is dependent on the agriculture sector, it contributes to less than 19% of the country's gross value added (GVA). This reflects the challenges of low productivity, investments and incomes. “The opportunities arising out of India's growth story have also encouraged us to invest in five new manufacturing facilities that will be commissioned in the near term in areas such as agri and food processing, as well as packaging, among others. These assets are deeply aligned to the country's 'Make in India' and 'Digital India' vision as well as to the endeavours to 'Double Farmers' Income',” Puri said. SEE ALSO <a class="tout-title-link" href="https://www.businessinsider.in/stock-market/news/fpi-selling-intensity-abates-in-july-as-global-macros-improve-commodity-prices-cool/articleshow/93003529.cms">FPI selling intensity abates in July, as global macros improve &amp; commodity prices cool</a> <a href="https://www.businessinsider.in/business/corporates/news/wipros-net-profit-drops-12-drop-in-q1-as-recession-fears-grip-its-non-us-clients/articleshow/93006573.cms">Wipro’s net profit drops 12% drop in Q1 as recession fears grip its non-US clients</a> <a href="https://www.businessinsider.in/business/corporates/news/hindustan-unilevers-resurgent-quarter-signals-demand-recovery-later-this-year/articleshow/93004051.cms">Hindustan Unilever’s resurgent quarter signals demand recovery later this year – brokerages bullish</a>

ITC is relying on its advisory app for farmers, valued-added crops to grow its agri-business

Energy, metals and agriculture prices have all tumbled from their March peak on inflationary recession fears amid a slew of economic warning signs, but a commodity bust is far from inevitable, S&amp;P Global Commodity Insights said in a report. The commodity market boom is over, the report said. Since early 2020, more and more analysts have been championing the idea of a new commodity supercycle, with an economic recovery turbo-charged by low interest and pandemic-led fiscal stimulus measures, and as investment into decarbonization projects accelerated to meet net-zero targets. Global manufacturing is creaking, with the July <keyword id="104215" type="General" weightage="80" keywordseo="pmi" source="Orion">PMI</keyword> data, a leading barometer of economic health, at its lowest in two years. The <keyword id="6356435" type="General" weightage="80" keywordseo="us-federal-reserve" source="Orion">US Federal Reserve</keyword> has raised interest rates by 75 basis points for the second month in a row in a bid to thwart runaway inflation at over 9 per cent in June. And it's a similar pattern of inflation risks and monetary tightening seen across Europe. S&amp;P <keyword id="9589724" type="General" weightage="80" keywordseo="global-platts" source="Orion">Global Platts</keyword> Analytics sees global GDP growth below 3 per cent in 2022 and "the balance of risks is clearly on the downside with recession probabilities rising" amid "very concerning" inflation trends, after 2021's booming GDP growth of 6 per cent, <keyword id="12991687" type="General" weightage="80" keywordseo="paul-hickin" source="Orion">Paul Hickin</keyword>, Associate editorial director, S&amp;P Global Commodity Insights said. Oil and agriculture prices have also come off March highs, with the key <keyword id="4942453" type="General" weightage="80" keywordseo="dated-brent" source="Orion">Dated Brent</keyword> crude benchmark and the <keyword id="6358826" type="General" weightage="20" keywordseo="russia" source="Orion">Russia</keyword>n wheat price falling by close to 20 per cent. Energy and agriculture have not fallen at the same rate as metals given tighter supply balances, with Russia a crucial energy and crops supplier, amid uncertainties that these crucial commodities will continue to be exported at the same rate. The key debate is how high prices are leading to demand destruction amid fears of an inflationary recession and how much commodities are trading off their own fundamentals and still tight supply and demand balances. If oil and wheat stay high despite the economic weakness, even more damage could be inflicted on the global economy and, ultimately, commodity demand, pointing to the urgency of OPEC+ to bring on extra barrels and the US to keep strategic petroleum reserves flowing, the report said. Dated Brent remains in triple digits after peaking at close to $140/b in March and well above the $80/b at the start of 2022, while Russian wheat 12.5 per cent FOB Black Sea is also still comfortably above levels seen at the start of the year. SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/covid-19-monkeypox-tomato-fever-zika-virus-india-has-its-hands-full-with-these-outbreaks-and-more/slidelist/93296406.cms">Covid-19, Monkeypox, tomato fever – India has its hands full with these outbreaks and more</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/psu-banks-near-all-time-high-as-analysts-expect-a-rerun-of-2004-05-corporate-capex-cycle/articleshow/93296508.cms">PSU banks near all time high as analysts expect a rerun of 2004-05 corporate capex cycle</a>

The commodity boom is over across energy, metals and agri products: S&P

<ul><li>The current round of funding also saw participation from existing investor Omnivore. </li><li><keyword id="11940625" type="General" weightage="100" keywordseo="bioprime" source="Orion">Bioprime</keyword> develops affordable agri-biologicals that improve crop resistance to insects/pests. </li><li>It aims to utilise the funds for its <keyword id="15213500" type="General" weightage="50" keywordseo="snipr-biologicals" source="Orion">SNIPR Biologicals</keyword> registrations, advancing the discovery platform, building a strong IP portfolio and increasing production capabilities. </li></ul>Tech-focused venture capital (VC) fund <keyword id="9902884" type="General" weightage="50" keywordseo="inflexor-ventures" source="Orion">Inflexor Ventures</keyword> led a pre-series A funding of ₹9-crore in <keyword id="6355165" type="General" weightage="20" keywordseo="agriculture" source="Orion">agriculture</keyword> <keyword id="45082" type="General" weightage="20" keywordseo="biotech" source="Orion">biotech</keyword> startup BioPrime Agrisolutions. The funding round also saw participation from BioPrime’s existing investor, Omnivore. BioPrime aims to utilise the funds for SNIPR Biologicals registrations, advancing the discovery platform, building a strong IP portfolio and increasing production capabilities. BioPrime – founded by <keyword id="15213499" type="General" weightage="50" keywordseo="renuka-karandikar" source="Orion">Renuka Karandikar</keyword>, Amit Shinde and Shekhar Bhosle in 2016 – develops affordable agri-biologicals that improve crop resistance to insects/pests and help crops manage abiotic stress such as high temperature, excessive water, drought, etc. These products are non-chemical based, residue-free, organic, and are less expensive than chemical-based fertilisers and pesticides – thereby reducing the overall farm input expenses, claims Pune-based BioPrime. “BioPrime works to transform the way we grow crops, making food more nutritious and residue-free while restoring soil health using cutting-edge technologies and approaches, always keeping sustainability at our core,” Karandikar, CEO of BioPrime Agrisolutions, said. The company was focusing on discovering fundamental aspects of plant communication, developing novel biologicals based on trait-modifying microbes and physiology-modulating molecules, she added. “We believe that the stellar founding team of BioPrime is well equipped to solve the complex food security problem brought to the forefront by climate change. The IP-led, high-throughput biomolecule discovery platform will facilitate faster market access. Such a technology platform fits well with Inflexor’s investing thesis of backing impactful, pure science companies from the Indian deep tech ecosystem,” said Pratip Mazumdar, Partner at Inflexor Ventures. Inflexor has invested in 10 companies so far since November 2020 including Atomberg, <keyword id="9291914" type="General" weightage="50" keywordseo="gramcover" source="Orion">GramCover</keyword> and <keyword id="3456849" type="General" weightage="50" keywordseo="kale-logistics" source="Orion">Kale Logistics</keyword>. “BioPrime is an excellent example of an invention designed to improve human and planetary health alongside farmer incomes and we are delighted to back them," Jinesh Shah, Partner at Omnivore Partners said. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/science/environment/news/mumbai-international-airport-switches-to-green-sources/articleshow/94761659.cms">Mumbai International Airport switches to Green sources</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/thelife/personalities/news/mulayam-singh-yadav-journey-of-samajwadi-party-founder-netaji/slidelist/94755024.cms">From wrestler to veteran politician – Life and times of ‘Netaji’ Mulayam Singh Yadav</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/science/health/news/heres-how-you-can-cope-with-burnout-at-work/articleshow/94761472.cms">World Mental Health Day: Here’s how you can cope with burnout at work</a>

Agri-bio startup BioPrime Agrisolutions raises ₹9 crore in funding round led by Inflexor Ventures

New Delhi, <keyword id="1564214" type="COMPANY" weightage="20" keywordseo="the-Enforcement-Directorate">The Enforcement Directorate</keyword> (ED) on Wednesday said it has arrested three promoters of the <keyword id="4334121" type="PERSON" weightage="20" keywordseo="agri-gold-group">Agri Gold Group</keyword> of Companies in a Ponzi Scheme Fraud Case worth ₹6,380 crore. Those arrested have been identified as Avva Venkata Rama Rao, <keyword id="10482453" type="COMPANY" weightage="20" keywordseo="avva-venkata-seshu-narayana-rao">Avva Venkata Seshu Narayana Rao</keyword>, Avva Hema Sundara Vara Prasad, who are the main accused under the sections of the prevention of money laundering act (PMLA). The accused were produced before <keyword id="10482454" type="COMPANY" weightage="20" keywordseo="the-ed-pmla-court">the ED PMLA Court</keyword>, Hyderabad, which granted them 14-day judicial custody. The ED had filed a case on the basis of multiple FIRs lodged in the Andhra Pradesh, Telangana and Karnataka. The scam was perpetrated by Avva Venkata Rama Rao through Agri Gold Group of Companies. Avva Venkata Rama Rao had earlier worked in the Golden Forest CIS Fraud scheme. The ED claimed that having learnt the tricks of the trade in that scheme, he hatched a well-planned conspiracy and along with his seven brothers and other associates set up more than 150 companies and started collecting deposits from general public with a promise of providing developed plots/farm lands or withdrawal at a high rate of return on maturity/pre-term. It said that thousands of commission agents were engaged to lure people with various schemes for hefty commission and managed to collect ₹6,380 crore from 32,02,628 such investors. In the end, the gullible investors neither got plots nor could recover their deposits. The group collected the deposits illegally from across the country. According to ED officials, the company duped lakhs of investors from Andhra Pradesh, Telangana, Karnataka, Odisha, Tamil Nadu, Maharashtra, Chhattisgarh and Andaman and Nicobar islands. The ED claimed that the modus operandi involved encouraging the gullible investors to pay the desired deposits either directly or through the agents under the pretext of real estate deal. "These companies did not mention either the actual market value of the land or its location or its boundaries or survey numbers or the permissions required to be obtained for the layouts from the concerned authorities. "They tried to color it as a real estate business, but in reality it was an unregulated unlicensed collective investment scheme," it said. The ED further stated that the Agri Gold Group of Companies did not obtain permission from RBI to collect such deposits. Even SEBI has reported that the business of <keyword id="10482452" type="COMPANY" weightage="20" keywordseo="the-agri-gold-farm-estates">the Agri Gold Farm Estates</keyword> India Private Limited was nothing but a Collective Investment Scheme and ordered the company to stop taking further deposits and return the money to the depositors. "Instead of complying with the directions of the SEBI in letter and spirit, accused Avva Venkata Rama Rao opened new Companies and started collecting deposits in the names of new companies on the pretext of real estate business with the help of an army of commission agents, thus, turning this into a ponzi scam," the ED said. Although the accused collected deposits from 32 lakh investors, they never developed lands sufficient to give plots to all the investors. Even by their unverified claims, at the end they had only 5.5 lakh plots available with them. "Considering the huge discrepancy in the amount of land available, the group should have used all their resources in identifying, buying and developing more land parcels. Instead, Avva Venkata Rama Rao and his family went on a siphoning spree and illegally diverted the public deposits and invested in myriad verticals and in private companies which were directly owned by their family," the ED said. During probe it was revealed that the accused also set up companies abroad and diverted large amounts of funds to off-shore entities. "Their names also figured in the Paradise Leaks and they had incorporated companies with the help of the infamous Mossack Fonsenca in Cayman Islands," the ED said. Earlier, searches were conducted at the residences of Avva Venkata Rama Rao and other directors including the residences of auditors at Vijayawada and Hyderabad. Various property related documents, cash amount of ₹22 lakh, digital devices and other documents were recovered and seized. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/top-stocks-to-watch-infosys-wipro-jubilant-foodworks-bajaj-auto-majesco-and-others/articleshow/79909712.cms">Top stocks to watch – Infosys, Wipro, Jubilant FoodWorks, Bajaj Auto, Majesco, and others</a> <a href="https://www.businessinsider.in/stock-market/news/there-are-one-of-only-17-indian-companies-out-of-500-that-aced-the-du-pont-test/articleshow/79911627.cms">There are one of only 17 Indian companies out of 500 that aced the Du Pont test</a> <a href="https://www.businessinsider.in/business/corporates/news/wipro-buyback-offer-details-and-700-million-metro-ag-deal-drives-share-price/articleshow/79911875.cms">Wipro offers 10% more to buy back shares and signs a $700 million deal with Metro AG – everything that’s driving the IT services stock higher today</a>

You Searched For "Agri" and got 7 results

US welcomes India's move of reduce tariffs on agri products like blueberries, frozen turkey

PTI

Garuda Aerospace bags 400 Agri Kisan drone orders from IFFCO

PTI

ITC stock scales 52-week high as brokerages hike target price

Bhakti Makwana

ITC is relying on its advisory app for farmers, valued-added crops to grow its agri-business

Kritti Bhalla

The commodity boom is over across energy, metals and agri products: S&P

IANS

Agri-bio startup BioPrime Agrisolutions raises ₹9 crore in funding round led by Inflexor Ventures

Eetika Kapoor

Three promoters of Agri Gold Group arrested for Ponzi Scheme Fraud Case worth ₹6,380

IANS

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