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China's Covid-related lockdowns in 2022 crippled the flow of important pharmaceutical products around the world. The events are prompting a reconsideration of the structure of international supply networks, along with geopolitical competitiveness and macroeconomic pressures. <keyword id="3658" type="General" weightage="100" keywordseo="india" source="Orion">India</keyword> may become a destination in the US's new "friend-shoring" policy for the pharmaceutical industry, reported <keyword id="7667981" type="General" weightage="80" keywordseo="hinrich-foundation" source="Orion">Hinrich Foundation</keyword>. The term friend-shoring is used for the act of moving supply networks to nations with little chance of political unrest disrupting them. Notably, the Hinrich Foundation is an organisation that works to advance mutually beneficial and sustainable global trade through research and education programs that build understanding and leadership in global trade. National leaders no longer seem to believe in the logic of free trade as the world economy recovers from the Covid-19 pandemic, especially when it causes the concentration of essential supply chains of crucial businesses in certain geopolitically hazardous geographies. Supporting the growth of supply chains in friendly countries is known as "friend-shoring," and among US authorities it has emerged as a strategic shift away from the costs and alleged drawbacks of both uncontrolled foreign investment and the "onshoring" industries, read a paper jointly authored by <keyword id="16717305" type="General" weightage="80" keywordseo="akhil-ramesh" source="Orion">Akhil Ramesh</keyword> and <keyword id="14532427" type="General" weightage="80" keywordseo="rob-york" source="Orion">Rob York</keyword> for Hinrich Foundation. Given the recent economic liberalisation measures in India, the expanding alliance between New Delhi and Washington, and India's position as the "pharmacy of the world," the pharmaceuticals sector, whose significance was increased by the pandemic, is a good possibility. However, the indigenous industry in India confronts difficulties because of inadequate regulatory monitoring, reliance on China for component supplies, and problems emerging from environmental damage related to their manufacturing. China has provided considerable economic support to the pharmaceutical industry over the past two decades, while the US has brought a knife to a gunfight by not applying industrial policy planning to its pharmaceutical and API businesses to a comparable amount. Since then, the US has intensified its shift towards such industrial policies. America continues to have a strategic edge as the biggest buyer of medications in the world. To change the supply chain, the US might use its market for pharmaceutical consumption as a weapon. The US might increase its edge in supply chain diversification if it can convince Japan and France to join the friend-shoring movement, the paper in Hinrich Foundation further read. The <keyword id="14429529" type="General" weightage="50" keywordseo="mineral-security-partnership" source="Orion">Mineral Security Partnership</keyword> (<keyword id="133827" type="General" weightage="50" keywordseo="msp" source="Orion">MSP</keyword>) and the CHIP4Alliance for semiconductors are two comparable partnerships that the US has previously started. In order to achieve this, the US could first use the "panopticon effect"41 to collect crucial strategic information from the Indian government and pharmaceutical sector. Second, it might promote the security establishment's participation. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/for-many-years-after-independence-there-was-no-long-term-vision-in-health-sector-pm/articleshow/98444722.cms">For many years after Independence, there was no long term vision in health sector: PM</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/will-reliance-capital-lenders-get-their-dues-fast-or-will-there-be-legal-delays/articleshow/98445213.cms">Will Reliance Capital lenders get their dues fast or will there be legal delays</a>

India emerges as US's new destination for "friend-shoring" pharmaceutical supply chains

The government on Tuesday hiked the minimum support price for wheat by Rs 110 to Rs 2,125 per quintal and mustard by Rs 400 to Rs 5,450 per quintal for the current crop year with an aim to boost production and income of the farmers. The decision to increase the MSPs (minimum support prices) was taken at a meeting of the Cabinet Committee on Economic Affairs (<keyword id="56977" type="General" weightage="80" keywordseo="ccea" source="Orion">CCEA</keyword>) chaired by Prime Minister <keyword id="6354477" type="General" weightage="80" keywordseo="narendra-modi" source="Orion">Narendra Modi</keyword>. <keyword id="133827" type="General" weightage="80" keywordseo="msp" source="Orion">MSP</keyword> is the rate at which the government buys grain from farmers. Currently, the government fixes MSPs for 23 crops grown in both <keyword id="50318" type="General" weightage="80" keywordseo="kharif" source="Orion">Kharif</keyword> and rabi seasons. Sowing of rabi (winter) crops begins in October, immediately after the harvest of kharif (summer) crops. Wheat and mustard are major rabi crops. According to an official release, the CCEA has approved an increase in MSPs for six rabi crops for the 2022-23 crop year (July-June) and the 2023-24 marketing season. <keyword id="625304" type="General" weightage="80" keywordseo="wheat-msp" source="Orion">Wheat MSP</keyword> has been increased by Rs 110 to Rs 2,125 per quintal for this crop year from Rs 2,015 per quintal in the 2021-22 crop year. The cost of production of wheat is estimated at Rs 1,065 per quintal, the release said. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/rupee-rises-22-paise-to-82-08/usd-tracking-positive-domestic-equities/articleshow/94935889.cms">Rupee rises 22 paise to 82.08/USD tracking positive domestic equities</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/two-in-three-ceos-in-india-expect-a-recession-in-12-months-says-survey/articleshow/94934951.cms">Two in three CEOs in India expect a recession in 12 months says survey</a>

Government hikes the minimum support price of wheat and mustard

New Delhi, Mar 13 () The government on Friday approved an increase in the minimum support price (MSP) of milling copra by Rs 439 per quintal and ball copra by Rs 380 per quintal as part of its effort to boost farmers income. The new MSP for milling copra for 2020 season will be Rs 9,960 per quintal and that of ball copra Rs 10,300 per quintal. The Cabinet Committee on Economic Affairs, chaired by Prime Minister Narendra Modi, has given its approval for the MSP for copra for 2020 season. Information &amp; Broadcasting Minister Prakash Javadekar said India is number one in production and productivity of copra in the World. The production of copra is around 15 million tonnes. It is grown by 30 lakh farmers in 20 lakh hectares area. The MSP for Fair Average Quality (FAQ) of milling copra has been increased to Rs 9,960 per quintal for 2020 season from Rs 9,521 per quintal in 2019. The MSP for ball copra has been increased to Rs 10,300 per quintal for 2020 season from Rs 9,920 per quintal in 2019. This will accrue a benefit of Rs 439/- per quintal in the milling copra and Rs 380/- increase in the ball copra. "This is to ensure a return of 50 per cent for milling copra and 55 per cent for ball copra over the all India weighted average cost of production," an official statement said. The approval is based on recommendations of the Commission for Agricultural Costs and Prices (CACP). The increase in MSP for copra is in line with the principle of fixing the MSP at a level of at least 1.5 times the all India weighted average cost of production. The National Agricultural Cooperative Marketing Federation of India Ltd (NAFED) and National Cooperative Consumer Federation of India Limited (NCCF) will continue to act as central nodal agencies to undertake price support operations at the MSP in the coconut growing states. "Last year when there was crash in prices in Tamil Nadu, the timely intervention by Govt of India through purchase at MSP, this pushed the market sentiment upward benefitting the copra farmers," the statement said. MJH MRMR

Govt hikes milling copra MSP by Rs 439/qtl; ball copra MSP by Rs 380/qtl

New Delhi, Nov 19 () Chhattisgarh Chief Minister Bhupesh Baghel has written to Prime Minister Narendra Modi to hike minimum support price of paddy to Rs 2,500 per quintal, and procure 32 lakh metric tonnes of rice from the state for central pool.
"If under any circumstances, government of India does not increase the support price, then conditions of procurement MoU (Memorandum of Understanding) should be slackened, as it was done in year 2017 and 2018, so that state government may provide proper value of farmers' yield at its own expense," the chief minister said in the letter.
Baghel said he has requested the prime minister to give appointment to meet him to address this extremely important financial issue of national interest.
"Every year, a large quantity of paddy is procured under Decentralized Procurement Scheme in Chhattisgarh for state's requirement and central pool. I have written letters to you dated July 05, 2019, October 25, 2019 and October 30, 2019, requesting hike in minimum support price of paddy to Rs 2,500 quintal and procurement of 32 lakh metric tons of rice from Chhattisgarh for central pool," as per the letter.
The Centre, in July this year, hiked the minimum support price (MSP) for paddy by Rs 65/quintal to Rs 1,815 for the 2019-20 crop year.
The chief minister said the process of paddy procurement is about to begin to financially empower the farmers of Chhattisgarh.
Union food ministry on October 24, 2019, said the Centre would not procure rice/paddy for central pool from the states that provide bonus on minimum support price fixed by the central government.
"I would like to draw your attention towards the fact that payment of proper value of their yield has resulted in prosperity and accelerated development in rural areas. Chhattisgarh remained untouched by the recession across the state in the fields of construction, automobiles etc. This also indicates that hike in minimum support price has positive effects on financial condition of farmers and also boosts overall economy," Baghel said.
The chief minister said he made several attempts to meet the prime minister "but I couldn't get an appointment till date".
"Following the suggestions received from your office, I met Union Agriculture Minister on November 14, 2019. Besides, I met Union Food Minister again on the same day and made aforementioned request. But till date, government of India has not reconsidered its decision regarding procurement," Baghel said in the letter.
He also said "Chhattisgarh is known as 'rice bowl' and the government of India's decision may have adverse effects on procurement along with other long-term negative impacts".
The chief minister said he had a detailed discussion with the MPs, the political parties and various farmers organisations on November 5, 2019 and during the interaction, individuals, political parties and farmers organizations had unanimously supported procurement of paddy at Rs 2,500 per quintal.
He requested the prime minister to issue necessary directive/instructions for procurement of paddy at Rs 2,500 per quintal in Chhattisgarh and to accept 32 lakh metric tonnes of paddy from Chhattisgarh for central pool. AKV BAL

Chh'garh CM urges PM Modi to hike MSP for paddy

New Delhi, Jul 15 () A group of ministers, headed by Home Minister Amit Shah, on Wednesday recommended increasing the minimum selling price (MSP) of sugar by Rs 2 to 33 per kg to ensure mills clear the pending cane arrears of around Rs 20,000 crore at the earliest, sources said. Finance Minister Nirmala Sitharaman, Food Minister Ram Vilas Paswan, Agriculture Minister Narendra Singh Tomar and Commerce Minister Piyush Goyal were present in the meeting. Sources said the GoM took stock of the pending sugarcane dues to be paid by sugar mills which stand at around Rs 20,000 crore so far in the current 2019-20 season (October-September) and ways to ensure mills clear this at the earliest. One of the proposals discussed was to increase the minimum selling price (MSP) of sugar. The GoM directed the Food Ministry to move a Cabinet note with a proposal to hike the MSP of sugar as recommended by the Niti Aayog, the sources said. The government will consider other options if an increase in MSP of sugar does not help in reducing substantial cane arrears to farmers, the sources added. A task force constituted by Niti Aayog on sugarcane and sugar industry had also recommended a one-time increase of Rs 2 per kg in MSP of sugar. Last year, the government had increased the price at which mills sell sugar to bulk buyers by Rs 2/kg to Rs 31/kg. The minimum selling price of sugar is fixed taking into account the components of FRP and minimum conversion cost of the most efficient mills. According to the official data, mills have purchased sugarcane of around Rs 72,000 crore from farmers during 2019-20 season (October-September). Of that, around Rs 20,000 crore of arrears are yet to be paid to farmers. Arrears comprise payments to be made on the basis of Fair and Remunerative Price (FRP) fixed by the Centre, and State Advisory Price (SAP) determined by the states. LUX MR MR

GoM recommends hike in sugar MSP to Rs 33/kg; asks Food Min to move cabinet note

Kolkata, Apr 16 () Betel leaf or 'paan' farmershave urged the West Bengal government to fix a minimum supportprice for their produce, as the ongoing lockdown has resultedin "huge losses", an official said on Thursday.Betel leaves are mostly cultivated in South 24Parganas district, which accounts for over 50 per cent of theoutput, besides Nadia and Midnapore districts."We seek immediate government support to fix a minimumprice, as our realisation is far below our costs. The crisishas hit one lakh families associated with the trade," AllBengal Betel Leaf Farmers Samity Secretary Kartik Das told.'Paan' is widely consumed in India in differentfillings as an after-food mouth freshener.Das said 1,500 pieces of betel leaf are being sold atRs 200, which is "significantly lower" than normal prices."We also demand that the commission should be at parwith government-controlled markets -- 5 per cent. In theKakdip market in South 24 Parganas, we have to pay 9 per centcommission," Das claimed.He said middlemen were taking advantage of thecoronavirus-induced lockdown, leaving farmers in the lurch. CORR BSMRBT RBT

West Bengal betel leaf farmers urge govt to fix MSP due to 'huge losses' amid lockdown

<ul><li>Total rainfall in India came in at 91% of the 50-year average between June to September, according to the Indian Meteorological Department, as opposed to predictions of 97%. </li><li>This was largely due to the fact that the northeastern parts of India, which usually receive higher rainfall than the rest of the country, experienced a shortage in rainfall. </li><li>However, despite the weak <keyword id="6358301" type="DEFINITION" weightage="20" keywordseo="monsoon">monsoon</keyword>, India’s crop production this kharif season is expected to reach a record level of 141.6 million tonnes. </li></ul>India’s rainfall this monsoon season fell short of forecasts for the second consecutive year, according to the Indian Meteorological Department (IMD). Total rains came in at 91% of the 50-year average between June to September, as opposed to predictions of 97%. This was largely due to the fact that the northeastern parts of India, which usually receive higher rainfall than the rest of the country, experienced a shortage in rainfall. Infact, 69% of the country received a normal or excessive rainfall this monsoon season, with the flood-ravaged <keyword id="28504" type="LOCATION" weightage="20" keywordseo="Kerala">Kerala</keyword> receiving 23% higher rainfall than normal. Gujarat had an uncharacteristically dry season, receiving 24% less rain than normal, while UP and Bihar had the most rain-deficient districts. It bears mentioning that the 97% forecast for this year was reaffirmed despite a dry spell in the first half of the season. A normal monsoon involves rainfall in the range of 96%-104% of the 50-year or long-term average. A drought season occurs when rainfall is 90% of the long-term average or less. A record <keyword id="6417335" type="UNKNOWN" weightage="20" keywordseo="harvest">harvest</keyword> The June-September period is particularly crucial for India’s agriculture industry as this season provides 70% of the country’s annual precipitation. However, despite the weak monsoon, India’s crop production this kharif season is expected to reach record levels. As per government forecasts, production of summer <keyword id="18620" type="ORGANIZATION" weightage="20" keywordseo="crops">crops</keyword> should reach 141.6 million tonnes in 2018-19, a slight jump from last year’s record bounty of 140.7 million tonnes, owing to a 2% jump in the output of <keyword id="13726" type="PERSON" weightage="20" keywordseo="rice">rice</keyword> to nearly 100 million tonnes - which bodes well for exports. This is even more significant as there has been a slight shrinkage in the total acreage occupied by kharif crops this year. The record harvest this year is largely due to the fact that farmers are prioritising crops that don’t require excessive rainfall. They’re choosing crops based on the existing moisture level in the soil, thereby making their harvest less dependent on the monsoon. According to research by the IMD, soil moisture was found to be adequate in most districts that received a rainfall of 20% less than the average. In addition, farmers are also planting crops that will fetch them better prices - for example, choosing soybeans over pulses - and factoring the monsoon less in their decisions. A double-edged sword However, despite the obvious cause for celebration, a record harvest can prove to be a drag on farmer incomes. A high level of food grain production translates into lower prices - which is great for households - but hurts farmers. If wholesale prices remain below the government’s minimum support prices, then it will have to step in and procure more grains from farmers than budgeted.

Despite a second consecutive deficient monsoon, India is poised for a record harvest

<ul><li>The <keyword id="26362" type="ORGANIZATION" weightage="20" keywordseo="Government">government</keyword> is reportedly set to announce an increase of ₹200 per quintal in the minimum support price (<keyword id="133827" type="COMPANY" weightage="20" keywordseo="MSP">MSP</keyword>) for paddy. </li><li>This is the single highest increase in the MSP for paddy in a given year in India, besting the ₹155 hike by the Congress in 2008-09. </li><li>The scheme could cost the government around ₹120 billion at a time when its finances are already stretched. </li></ul>With one year to go till the national elections, the profligate spending to appease certain vote banks are in full swing. <keyword id="45092" type="COMPANY" weightage="20" keywordseo="farmers">Farmers</keyword>, notably, are being courted with loan waivers and price support schemes from the government. The Modi administration is all set to outdo itself this time around if <a href="https://indianexpress.com/article/india/government-set-to-announce-highest-increase-in-msp-for-paddy-crop-5243308/">a report</a> from the Indian Express is to be believed. It is about to announce an increase of ₹200 per quintal in the minimum support price (MSP) for paddy, bringing the overall MSP to ₹1,750. This is the single highest increase in the MSP for paddy in a given year in India, besting the ₹155 hike in 2008-09 by the Congress ahead of national elections. The move doesn’t come as a total surprise, given that the government declared in the Union <keyword id="6358021" type="ORGANIZATION" weightage="20" keywordseo="budget">Budget</keyword> for 2018-19 that the MSP for crops would be 1.5 times their production cost. This was apart of the central government’s pledge to “double farmers’ incomes”. Under a minimum support price scheme, the government pays a fixed amount to purchase crops from farmers, thereby ensuring they can earn a livelihood, and maintaining a buffer stock of that given crop. It is meant to protect farmers from a fall in prices during a season of high production. India’s MSP scheme for rice paddy and wheat has actually been a source of contention with the US, which says that the scheme <a href="https://www.businessinsider.in/america-doesnt-like-indias-farmer-subsidies-and-thats-unlikely-to-change-anytime-soon/articleshow/64123715.cms">violates WTO rules</a>. Unaffordable and potentially ineffective The MSP scheme for paddy will be a significant burden on the government’s finances. Around 50% of the total amount of land allocated to crops during kharif season is used for paddy. Initial estimates peg the total cost of the scheme at ₹120 billion. The government is already dealing with a widening current account deficit as a result of higher oil prices and a rock-bottom rupee. With foreign portfolio investors exiting and banks constrained by weak balance sheets, the demand for government securities has declined. As a result, the central government doesn’t have the funds to implement any extravagant public schemes. And it can’t do so without taking on an unprecedented level of public debt. The scheme is also ill-advised for another reason. It will distort the market for paddy, potentially pushing prices for the crop well above global prices. Also, price support does not equal to livelihood support. A far better way to spend the money would be to help farmers improve their irrigation practices or in plugging leakages in the farm-to-table value chain or in providing farmers with crop insurance. Anyhow, farmers will celebrate the move in all probability, and pledge their allegiance to the ruling party in next year’s elections. But the scheme will steer away government funds from more vital causes and can also have an inflationary effect, raising prices of rice and other food items.

Indian government is planning a price support scheme for paddy that it can’t afford

<ul><li>The US has said that India’s p<keyword id="13726" type="PERSON" weightage="20" keywordseo="rice">rice</keyword> support schemes for rice and <keyword id="47374" type="COMPANY" weightage="20" keywordseo="Wheat">wheat</keyword> violate the <keyword id="6357761" type="ORGANIZATION" weightage="20" keywordseo="WTO">WTO</keyword>’s 10% cap on <keyword id="113746" type="COMPANY" weightage="20" keywordseo="subsidies">subsidies</keyword> for agricultural products. </li><li>India has refuted the claims and will challenge the notification at a WTO meeting in June 2018. </li><li>However, the situation is unlikely to be resolved in the foreseeable future due to India’s domestic policies with respect to food security as well as the fundamental flaws of the WTO’s agriculture agreement. </li></ul>Earlier this week, the Office of the US <keyword id="44844" type="ORGANIZATION" weightage="20" keywordseo="Trade">Trade</keyword> Representative, Robert Lighthizer, said that it had issued <a href="https://ustr.gov/about-us/policy-offices/press-office/press-releases/2018/may/united-states-issues-first-ever-wto">a counter-notification</a> - the first ever of its kind - against India for violating the WTO’s Agreement on Agriculture. The US government alleged that India underreported its subsidies and that its scheme of minimum price support (<keyword id="133827" type="COMPANY" weightage="20" keywordseo="MSP">MSP</keyword>) for wheat and rice was against the rules of the agreement. The US explained that India’s price support for wheat and rice constituted more than 60% and 70%, respectively, of the value of total production between 2010 and 2013 - the years that India provided data for. The WTO’s agriculture agreement stipulates a 10% cap on market price support as a proportion of total production. In response, India’s trade envoy J.S Deepak debunked the claims, explaining that the US had used <a href="https://www.livemint.com/Politics/fbwI9rXUmaGWFRoUr1tiJO/India-rejects-US-charge-on-price-support-steps-breaching-WTO.html">“flawed assumptions and erroneous methodologies”</a> in its calculations. Limited scope for resolution The Indian government is expected to challenge the notification at the next meeting of the WTO’s Committee on Agriculture, which is scheduled for June 2018. While it remains to be seen what its argument will be, it can seek to differentiate the support given by the central government and state government (the WTO rules only cover central support) or even point to discrepancies in <a href="https://economictimes.indiatimes.com/news/economy/foreign-trade/india-prepares-to-counter-us-charges-on-farm-subsidy/articleshow/64118140.cms">currency conversions. </a> Despite India’s justifications, however, the situation is unlikely to be resolved in the foreseeable future. Not only does this have to do with India’s domestic policies with respect to its farmers and food security, but also due to the fundamental flaws of the WTO’s Agreement on Agriculture. Domestic policies vs international trade commitments The Indian government is faced with a choice of either keeping its citizens and farmers happy or abiding by the WTO’s rules. It is obvious that it will side with its electorate. The government spends a lot of money on food subsidies and price support schemes. It has allocated <a href="https://www.indiabudget.gov.in/ub2018-19/bag/bag6.pdf">nearly ₹1.7 trillion</a>, or 7% of its total budgeted expenditure, in its Union Budget for 2018-19 to food subsidies. These subsidies are an important component of the country’s National Food Security Act of 2013, which is aimed at providing essential grains at subsidised prices. Rice and wheat constitute the bulk of government procurement and are hence, given the most price support. Under the act, rice and wheat are priced at <a href="https://www.financialexpress.com/economy/wheat-at-rs-2kg-rice-at-rs-3kg-know-all-about-modi-govts-food-security-act-implemented-across-states-from-november-1/437392/">₹2/kg and ₹3/kg</a>, respectively. Even though the price support schemes are for domestic purposes and not for trade, India has consistently drawn the ire of the US and other developed members of the WTO. Due to India’s status <a href="https://in.reuters.com/article/usa-trade-india-grains/india-giving-rice-and-wheat-production-vast-support-u-s-tells-wto-idINKBN1IA2Q4">as one of the world’s top exporters of rice</a>, these countries are concerned that its domestic policies have led to excessive production and consequently, a spill into global markets. Given India’s emphasis on food security for its people, it does not look like the country will curb its support for rice and wheat production anytime soon. In fact, in February, the BJP government also announced a universal minimum price support scheme for all kharif and rabi crops at <a href="http://pib.nic.in/newsite/PrintRelease.aspx?relid=176062">1.5 times their total production cost</a> as part of a plan to double farmer’s incomes by 2022. An outdated and unfair WTO agreement Despite being drawn up in 1995, the WTO’s <a href="https://www.wto.org/english/docs_e/legal_e/14-ag.pdf">Agreement on Agriculture</a> is still enforceable today. And it does not take into account current market prices when measuring subsidies. Rather oddly, the agreement measures a country’s minimum support price scheme in comparison to prices of agricultural products between 1986 to 1988. Simply put, under the agreement, if the minimum support price of a product is more than what its price was 30 years ago, the difference is calculated as a subsidy. Furthermore, this subsidy should not exceed 10% of the crop’s production value. Additionally, the agreement separates agricultural subsidies <a href="https://www.wto.org/english/tratop_e/agric_e/agboxes_e.htm">into three categories-</a> green box, comprising non-trade distorting schemes; blue box, comprising subsidies that are slightly trade-distorting; and amber box, which comprises subsidies that are significantly trade-distorting and need to be phased out. This system <a href="https://www.theguardian.com/global-development/poverty-matters/2013/nov/27/farming-subsidies-distort-advantages-food-insecurity">fails to take the needs of developing countries fully into account.</a> While the subsidies that rich countries mostly provide, like direct income support to farmers, come under the green box category, minimum price support schemes, which are used by many developing countries for food security and public stockpiling, go under the amber box. The unfair nature of the Agreement on Agriculture was a key talking point at the WTO meeting in Bali in 2013. Following the passage of its National Food Security Act that year, India realised <a href="https://economictimes.indiatimes.com/news/economy/foreign-trade/india-softens-stand-on-food-subsidies-at-wto-bali-meet-prospects-rise/articleshow/26059578.cms">that its food subsidies would exceed the 10% cap</a>. Hence, a <a href="https://www.wto.org/english/thewto_e/minist_e/mc9_e/desci38_e.htm">“peace clause” </a>was implemented wherein developing countries like India were given an additional four years to comply with the norms. In December 2014, the time period for the peace clause <a href="http://indianexpress.com/article/india/india-others/understanding-the-permanent-solution-at-wto/">was made indefinite </a>until a permanent solution was reached. Which leads us to now It does not look like India will compromise on its domestic policies. A possible solution could be the revision of the Agreement on Agriculture. And what would this entail? Subsidies should be calculated in accordance with current prices and the public stockpiling programmes of developing countries should be excluded from consideration or given lesser weightage. But it is unlikely that this will happen anytime soon. There doesn’t seem to be any danger of a trade war as it would be significantly worse for all parties involved than the current state of affairs - an indefinite stalemate. So the US and India will keep squabbling in the hope that one of them relents.

America doesn’t like India’s farmer subsidies and that’s unlikely to change anytime soon

As expected, leaders from the Bharatiya Janata Party (<keyword id="19894848" type="General" weightage="20" keywordseo="BJP" source="keywords">BJP</keyword>) cannot stop singing praises of the Union Budget 2024-2025 presented by Finiance Minister <keyword id="19916618" type="General" weightage="20" keywordseo="Nirmala-Sitharaman" source="keywords">Nirmala Sitharaman</keyword> earlier today. However, moments after <keyword id="20385790" type="General" weightage="20" keywordseo="Union-Finance-Minister" source="keywords" meta.keywordsubtype="org" meta.entityname="Union Finance Minister" meta.hostid="261" meta.entityid="Union Finance Minister">Union Finance Minister</keyword> Nirmala Sitharaman presented the <keyword id="19955368" type="General" weightage="100" keywordseo="Budget-2024" source="keywords">Budget 2024</keyword> in Parliament, the <keyword id="19895371" type="General" weightage="20" keywordseo="Congress" source="keywords" meta.keywordsubtype="org" meta.entityname="Congress" meta.hostid="261" meta.entityid="Congress">Congress</keyword> party launched a critical attack on the ruling Centre. They claimed that portions of the fiscal document had been lifted directly from their <keyword id="19977669" type="General" weightage="20" keywordseo="Manifesto" source="keywords">manifesto</keyword> for the Lok Sabha elections held earlier this year. <h2><keyword id="19895780" type="General" weightage="20" keywordseo="Rahul-Gandhi" source="keywords">Rahul Gandhi</keyword>'s "Kursi Bachao" Budget comment</h2>Leader of Opposition Rahul Gandhi criticised the Budget, describing it as the "Kursi Bachao" (Save the Seat) Budget, aimed at appeasing the BJP's allies and cronies. He alleged that the document was copied from the Congress party's Lok Sabha polls manifesto. "Kursi Bachao Budget. Appease Allies: Hollow promises to them at the cost of other states. Appease Cronies: Benefits to AA with no relief for the common Indian. Copy and Paste: Congress manifesto and previous budgets," Gandhi said in a post on X (formerly Twitter). <div type="twitter" handle="RahulGandhi" handlename="RahulGandhi" favoritecount="0" retweetcount="0" id="1815672226584166514"></div><h2><keyword id="19934649" type="General" weightage="20" keywordseo="P-Chidambaram" source="keywords">P Chidambaram</keyword> takes dig at the Nirmala Sitharaman</h2>Former Finance Minister and senior Congress leader P Chidambaram expressed his satisfaction over what he perceived as the government's adoption of ideas originally proposed by the Congress. "I am happy the Union Finance Minister has virtually adopted the Employment-linked Incentive (ELI) outlined on page 30 of the Congress Manifesto," tweeted Chidambaram. He further noted his approval of the introduction of an apprenticeship scheme with allowances for apprentices, a concept detailed on page 11 of the Congress Manifesto. <div type="twitter" handle="PChidambaram_IN" handlename="PChidambaram_IN" favoritecount="0" retweetcount="0" id="1815638125168783772"></div> <div type="twitter" handle="PChidambaram_IN" handlename="PChidambaram_IN" favoritecount="0" retweetcount="0" id="1815641688922063221"></div><h2><keyword id="19897159" type="General" weightage="20" keywordseo="Mallikarjun-Kharge" source="keywords">Mallikarjun Kharge</keyword> highlights 10 areas the Budget 2024 went wrong</h2>The President of the Indian National Congress Karge called the <keyword id="19916814" type="General" weightage="20" keywordseo="Modi-Government" source="keywords">Modi Government</keyword> a "copycat" while going on to suggest that they could not even copy Congress' justice agenda properly. Here’s an English translation of his tweet: “The Modi Government's budget is distributing half-hearted "rewadis" to dupe its coalition partners so that the NDA survives. This is not a budget for "progress of the country", it is a "save Modi government" budget! 1. After 10 years, limited announcements have been made for the youth who are bearing the brunt of the slogan of two crore jobs per year. 2. Only superficial talks have been held for farmers, one and a half times MSP and doubling of income - all turned out to be electoral fraud! This government has no intention of increasing rural wages. 3. There is no revolutionary scheme for Dalits, Adivasis, backward classes, minorities, middle class and rural poor people like the one implemented by Congress-UPA. The word "poor" has become just a means of self-branding, there is nothing concrete! 4. There is nothing in this budget for women that would enhance their economic capacity and enable them to participate more and more in the workforce. 5. On the contrary, the government is patting its back on the back for rising inflation; it is robbing people of their hard-earned money and distributing it among its capitalist friends! 6. Less money has been spent on agriculture, health, education, public welfare and tribals than the budget allocation because these are not the priorities of the BJP. Similarly, Rs 1 lakh crore less has been spent on Capital Expenditure, so how will jobs increase? 7. Urban Development, Rural Development, Infrastructure, Manufacturing, MSME, Investment, EV scheme - only Document, Policy, Vision, Review etc. have been discussed, but no major announcement has been made. 8. Railway accidents are happening every day, trains have been stopped, the number of coaches has been reduced, ordinary passengers are troubled, but nothing has been said about the railways in the budget, there is no accountability. 9. Nothing has been said about Census and caste census, whereas this is the fifth budget which is being presented without Census! This is a shocking and unprecedented failure - which is against democracy and the Constitution! 10. On 20 May 2024, i.e. during the elections, Modi ji claimed in an interview that "We already have a 100-day action plan "... When the Action Plan was there two months ago, they should have at least told it in the budget! There is no plan in the budget and BJP is only busy in the action of cheating the public.” <div type="twitter" handle="kharge" handlename="kharge" favoritecount="0" retweetcount="0" id="1815669463284416605"></div> <div type="Article" hostid="261" msid="111917247" title="Budget 2024: Can Lakhpati Didi Yojana’s reality inspire better focus on women?" mstype="2" mssubtype="0"></div><h2>Jairam Ramesh accuses Centre of stealing ideas from the Congress</h2>In her Budget address, Sitharaman announced that the government would provide a month's wage to all first-time employees in formal sectors. This direct benefit transfer, disbursed in three installments, will cover employees registered with the Employees’ Provident Fund Organisation (EPFO) and amount up to ₹15,000 per individual. The eligibility limit is set at ₹1 lakh per month, potentially benefiting 2.1 crore youth across the country. Congress MP and communications in charge Jairam Ramesh also accused the Finance Minister of taking ideas from the Congress's "Nyay Patra 2024." He claimed the internship program announced in the budget was a clear adaptation of the Congress's proposed Apprenticeship Program called "Pehli Naukri Pakki." He also insinuated that this particular scheme seemed to have been come up with in haste. <div type="twitter" handle="jairam_ramesh" handlename="jairam_ramesh" favoritecount="0" retweetcount="0" id="1815714388340568111"></div>Ramesh critiqued the government's approach, describing it as a "festive offer" designed to capture headlines with arbitrary targets, such as the promise of one crore internships. He argued that the Congress's vision offered a programmatic guarantee for all diploma holders and graduates, rather than the broad and unfocused targets announced by the government. <div type="Article" hostid="261" msid="111944393" title="Here&amp;#39;s a quick overview of PM Modi 3.0 government&amp;#39;s first budget, to be presented by FM Nirmala Sitharaman today" mstype="2" mssubtype="0"></div>Ramesh also pointedly criticised the government over a special package for Andhra Pradesh, highlighting a ₹15,000 crore allocation aimed at developing Amaravati, the state's capital city and a significant project for Chief Minister Chandrababu Naidu. "Why has it taken 10 years to announce that what was already committed to in the Andhra Pradesh Reorganisation Act, 2014 will be implemented?" questioned Ramesh in a post on X.

From ‘Copycat’ to ‘Kursi Bachao Budget' — Here’s what Rahul and other Congress leaders had to say about Budget 2024

<ul><li>India's real GDP grew at around 8.2% in real terms in Fy24: Economic Survey </li><li>Retail inflation dipped to 5.4% in FY24, notes Economic Survey</li><li>Unemployment dipped to 3.2% in FY24</li></ul><keyword id="19912360" type="General" weightage="20" keywordseo="Finance-Minister-Nirmala-Sitharaman" source="keywords">Finance Minister Nirmala Sitharaman</keyword> is set to present the union budget on 23rd July, at 11 am. The budget session is scheduled to last between 22nd July and 12th August. This will be <keyword id="19956941" type="General" weightage="20" keywordseo="FM-Sitharaman" source="keywords">FM Sitharaman</keyword>'s seventh consecutive budget presentation under the third term of <keyword id="20205025" type="General" weightage="20" keywordseo="Bhartiya-Janata-Party" source="keywords" meta.keywordsubtype="org" meta.entityname="Bhartiya Janata Party" meta.hostid="261" meta.entityid="Bhartiya Janata Party">Bhartiya Janata Party</keyword> (BJP). All budget-related documents will be available at indiabudget.gov.in. You can watch the presentation live on Doordarshan, Sansad TV, and also on various official government YouTube channels. With this budget, Sitharaman will only precede former PM <keyword id="20342248" type="General" weightage="20" keywordseo="Morarji-Desai" source="keywords">Morarji Desai</keyword>, who has presented the highest number of budget (10) till date, followed by <keyword id="22330828" type="General" weightage="20" keywordseo="P-Chidambaram" source="keywords">P. Chidambaram</keyword> with 9 budgets, and Pranab Mukherjee, who has 8 budgets to his credit. In her recent address in parliament, Sitharaman noted that significant social and economic decisions will be a highlight of this budget. Notably, she concluded <keyword id="901788" type="General" weightage="20" keywordseo="pre-budget-consultations" source="Orion">pre-budget consultations</keyword>, which began on June 19th, on July 5th, where she met 20 invitees across 10 groups, including representatives from agriculture, skill development, finance and banking, energy, <keyword id="17408" type="General" weightage="20" keywordseo="Infrastructure" source="Orion">infrastructure</keyword> sector and more. <h2>Key expectations from Budget 2024</h2>Experts note that this budget will mainly focus on improving consumption, and boosting <keyword id="174143" type="General" weightage="20" keywordseo="infrastructure-development" source="Orion">infrastructure development</keyword>. Per reports, the government is also mulling raising the threshold of standard deduction under income tax regimes from the present Rs 50,000 to Rs 1 lakh. Additionally, to boost healthcare accessibility for the underserved in the country, the government is also contemplating to double the annual coverage offered under the <keyword id="20097876" type="General" weightage="20" keywordseo="Ayushman-Bharat-health-insurance-scheme" source="keywords">Ayushman Bharat health insurance scheme</keyword> from the present Rs 5 lakh to Rs 10 lakh over the next 3 years, along with also covering individuals aged over 70. Mr. Tashwinder Singh, CEO &amp; MD, Niyogin Fintech Limited, which offers credit to MSMEs, noted that upcoming regulatory changes should focus on simplifying compliance, taxation policies that encourage entrepreneurship, and incentivise innovations that drive R&amp;D investments. "We hope that the government takes measures to support the lending industry through access to capital and affordable interest rates, enabling entrepreneurs to realize their vision. Furthermore, we look forward to relaxed norms for NBFCs, allowing them to contribute more substantially to the economy. These measures will collectively propel India's economic growth, boost job creation, and position the Indian fintech industry as a strong contender in innovation and entrepreneurship", he continues. As for bolstering green infrastructure and clean energy production, Ms Aditi Balbir, Co-founder, EcoRatings notes that the 2024 union budget should prioritize investments in sustainable infrastructure projects and clean energy solutions, as 70% of greenhouse gas emissions stem from energy, industry, and buildings. "This will create a future-proof foundation for economic growth and help in achieving net-zero targets. Infrastructure is crucial in addressing climate change and meeting diverse societal needs. A transformative overhaul of our current and future infrastructure assets is essential. The budget should introduce financial incentives, such as lower interest rates on loans and dedicated grants, for companies committed to ESG compliance. This will create a clear link between sustainability efforts and economic benefits", she continued. <h2>Focus on Agri-credit, Real Estate in Budget 2024</h2>The government could also raise the target for agricultural loans disbursed during the year by up to 25%, setting the target at Rs 25 lakh crore. The government will also have to revamp the MSP (minimum support price) system in this space, focusing on challenges such as narrow coverage, dipping export competitiveness, discouraging private investment in this space and more. Another area that demands significant attention is real estate. Shubhi Jain, Principal Partner &amp; Head of CRM, Square Yards anticipates significant reforms in the upcoming budget under the new government. Securing industry status will unlock a plethora of legal and administrative benefits, along with much-needed tax incentives. "Also, while government’s focus on affordable housing under PMAY is commendable, recalibrating strategies in light of escalating construction costs is imperative for sustained inclusiveness and effectiveness. Moreover, enhanced tax reliefs and increased deductions on home loans, currently capped at INR 2 lakhs, are pivotal in stimulating demand and supporting prospective buyers", she says. <div type="Article" hostid="261" msid="111946291" title="Union Budget 2024-25 key highlights: Assistance for Nalanda's development as a tourist center" mstype="2" mssubtype="0"></div><h2>Short-term outlook positive, notes Economic Survey </h2>FM Sitharaman presented the Economic Survey 2023-24 in the parliament today, ahead of the budget. The survey noted that the Indian economy had managed to recover and expand in an orderly fashion post the pandemic, with the real GDP growing by 8.2% in FY24. Going ahead, prospects for continued strong growth in FY25 remain robust. India also managed to bring down its current account deficit (0.7% of GDP in FY24), while projecting a 7%+ growth rate in the medium term. On the employment front, the survey noted that AI might moderate India's services export growth by as much as 0.3 to 0.4 percentage points annually over the course of the next decade. As such, greater emphasis and focus is needed on areas like blockchain, artificial intelligence (AI), machine learning, Internet of Things, cybersecurity, cloud computing, big data analytics, augmented reality, virtual reality, 3D printing, and web and mobile development. The Indian labour market indicators have significantly improved over the past 6 years, with unemployment rates dipping to 3.2% in 2022-23. However, even as net payroll additions to EPFO have doubled over the last 5 years, signaling a healthy formal employment market, job creation and increasing women participation in workforce remain key areas of concern. For all updates and latest information related to the budget, don't forget to follow <a href="https://www.businessinsider.in/budget" data-type="tilCustomLink" target="_blank">Budget Insider</a>! SEE ALSO: <a href="https://www.businessinsider.in/budget/news/union-budget-2024-live-updates-finance-minister-nirmala-sitharaman-key-announcements-23-july/liveblog/111942008.cms" data-type="tilCustomLink" target="_blank">Union Budget 2024 Live Updates: FM Sitharaman announces internships for 10 million youth in 500 top companies</a> <a href="https://www.businessinsider.in/budget/news/loan-limit-under-mudra-scheme-to-be-doubled-to-20-lakh-sitharaman/articleshow/111950024.cms" data-type="tilCustomLink" target="_blank">Loan limit under MUDRA scheme to be doubled to ₹20 lakh: Sitharaman</a>

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