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Budget announcements for the <keyword id="22541837" type="General" weightage="20" keywordseo="marine-sector" source="keywords">marine sector</keyword> such as rationalisation of customs duties and financing facilities will help boost the country's India's <keyword id="20765822" type="General" weightage="20" keywordseo="aquaculture" source="keywords">aquaculture</keyword> and <keyword id="20765821" type="General" weightage="100" keywordseo="seafood-exports" source="keywords">seafood exports</keyword>, <keyword id="22541838" type="General" weightage="20" keywordseo="MPEDA" source="keywords">MPEDA</keyword> said on Thursday. The <keyword id="181386" type="General" weightage="20" keywordseo="Marine-Products-Export-Development-Authority" source="Orion">Marine Products Export Development Authority</keyword> (MPEDA) also said the Budget includes a range of strategic measures aimed at bolstering the competitiveness of marine products, with a particular focus on <keyword id="22541839" type="General" weightage="20" keywordseo="shrimp-production" source="keywords">shrimp production</keyword> and export. Various inputs used in the manufacture of shrimp and <keyword id="22526510" type="General" weightage="20" keywordseo="fish-feed" source="keywords">fish feed</keyword> will now enjoy customs duty exemptions, it said adding a number of feed inputs such as mineral and vitamin pre-mixes, krill meal, fish lipid oil, crude fish oil, algal prime, algal oil are fully exempted from any import duty. Artemia and Artemia cysts which are key nutritional inputs in aqua hatchery were also fully exempted from any import duty. The Basic Customs Duty (BCD) on essential aquafarm/ hatchery inputs such as Vannamei and black tiger broodstock, polychaete worms, and fish/shrimp feed has been reduced to 5 per cent. Import duty for insect meal and single-cell protein has been cut down to 5 per cent. "These announcements made in the Union Budget 2024-25 are set to significantly enhance aquaculture and seafood export sectors," the authority said. It also said that the government has committed to providing substantial financial support to establish a network of <keyword id="22541840" type="General" weightage="20" keywordseo="Nucleus-Breeding-Centres" source="keywords">Nucleus Breeding Centres</keyword> (NBCs) for shrimp broodstocks. "This initiative is anticipated to drastically reduce India's reliance on imported broodstock, potentially saving the industry up to Rs 150 crore annually," it said adding hatchery operators are expected to benefit significantly, with projected savings of 50 per cent on broodstock costs. About one lakh farmers will benefit from a 30 per cent reduction in shrimp seed costs. Further, it said the National Bank for Agriculture and Rural Development (NABARD) will play a crucial role in facilitating financing for <keyword id="20342132" type="General" weightage="20" keywordseo="shrimp-farming" source="keywords">shrimp farming</keyword>, processing, and export. "This intervention is designed to cover 80 per cent of project costs for farmers, accompanied by an interest subvention of up to 3 per cent," MPEDA said. It added that a total of 639 export processing units are expected to benefit from enhanced access to infrastructure development funds, enabling them to improve and expand their facilities through assistance from NABARD. DV Swamy, Chairman of MPEDA, said that the proposed measures will substantially lower production costs, elevate quality, and enhance the international competitiveness of Indian marine products. The marine products sector has been a vital contributor to India's export earnings, with seafood exports reaching an all-time high of over Rs 60,000 crore in the last financial year. The authority was established in 1972 under the Ministry of Commerce and it is responsible for the development of the marine products industry with a special focus on exports.

Budget proposals for marine sector to boost India's seafood exports, aquaculture: MPEDA

The Budget 2024-2025 announcement by Union Finance Minister <keyword id="19916618" type="General" weightage="20" keywordseo="Nirmala-Sitharaman" source="keywords">Nirmala Sitharaman</keyword> saw productivity and resilience in <keyword id="19931887" type="General" weightage="20" keywordseo="agriculture" source="keywords">agriculture</keyword> being prioritised above all else. With a desire to turn focus on <keyword id="19934969" type="General" weightage="20" keywordseo="farmers" source="keywords">farmers</keyword>, or Annadatas, ₹1.52 lakh crore has been allocated for agriculture and its allied sectors. This is quite an increase from the Interim Budget announcement of ₹1.27 lakh crore in February 2024. It is being speculated that this substantial focus on the agricultural sector stems from the BJP's vote share dipping in semi-urban and rural areas during the recent Lok Sabha elections. In fact, when Prime Minister <keyword id="19895781" type="General" weightage="20" keywordseo="narendra-modi" source="keywords">Narendra Modi</keyword> returned for a third term in office, the first file he signed was for the release of the 17th instalment of the PM <keyword id="22000840" type="General" weightage="20" keywordseo="kisan-nidhi" source="keywords">Kisan Nidhi</keyword> scheme, ET reported. However, the government's commitment to transforming agriculture and potentially the lives of Indian farmers could lead to the agricultural sector growing at 3.7% in the current fiscal, compared to 1.4% last year, as per the CII. <h2>Key initiatives in agriculture</h2>Transforming Agriculture Research The government is set to conduct a comprehensive review of the agricultural research framework, with an emphasis on enhancing productivity and developing climate-resilient crop varieties. Funding will be allocated on a challenge basis, including to private sector initiatives. This research will be overseen by domain experts from both governmental and non-governmental organizations. Release of New Varieties A total of 109 new high-yielding and climate-resilient varieties of 32 field and horticulture crops will be introduced for farmers to cultivate. Promoting Natural Farming In the next two years, the government plans to transition one crore farmers to natural farming practices, supported by certification and branding efforts. This initiative will be carried out through scientific institutions and willing <keyword id="20030597" type="General" weightage="20" keywordseo="gram-panchayats" source="keywords">gram panchayats</keyword>, with 10,000 bio-input resource centers to be established based on need. Missions for Pulses and Oilseeds To achieve self-sufficiency in pulses and oilseeds, the government will strengthen their production, storage, and marketing. As outlined in the interim budget, a strategy is being implemented to attain 'atmanirbharta' (self-reliance) for oilseeds like mustard, groundnut, sesame, soybean, and sunflower. <div type="Article" hostid="261" msid="111930255" title="Economic Survey calls for urgent agricultural reforms; cites growth hurdles" mstype="2" mssubtype="0"></div>Vegetable Production &amp; Supply Chains Large-scale clusters for vegetable production will be developed near major consumption centers. The government will support Farmer-Producer Organizations, cooperatives, and startups to streamline the vegetable supply chain, including collection, storage, and marketing. Digital Public Infrastructure for Agriculture Building on the success of a pilot project, the government, in partnership with states, will facilitate the implementation of Digital Public Infrastructure (DPI) for agriculture over the next three years. This year, a digital crop survey for Kharif crops will be conducted in 400 districts, integrating details of six crore farmers and their lands into registries. Additionally, Jan Samarth-based Kisan Credit Cards will be issued in five states. Shrimp Production &amp; Export Financial support will be provided to establish a network of Nucleus Breeding Centres for shrimp broodstocks. NABARD will facilitate financing for shrimp farming, processing, and export. National Cooperation Policy A new National Cooperation Policy will be introduced to promote systematic and comprehensive development of the cooperative sector. This policy aims to fast-track rural economic growth and create large-scale employment opportunities. <h2>Budget allocation highlights</h2><ul><li>PM-Kisan Samman Nidhi: Will be retaining its allocation of ₹60,000 crore to provide direct financial assistance to 11.8 crore small and marginal farmers.</li><li>Pradhan Mantri Fasal Bima Yojana: Allocated funds to provide crop insurance to four crore farmers, protecting them from adverse weather conditions.</li><li>e-NAM Expansion: Integration of 1,361 mandis into the e-NAM platform to enhance market efficiency and transparency, benefiting 1.8 crore farmers with an expected trading volume of ₹3 lakh crore.</li></ul><h2>Government committed to Polavaram irrigation project in Andhra Pradesh</h2>The Finance Minister said that the government is fully committed to financing and expeditiously completing the Polavaram irrigation project, which is considered a lifeline for Andhra Pradesh and its farmers. <h2>Future directions</h2>The government aims to increase public and private investment in post-harvest infrastructure and supply chains, promoting aggregation, modern storage, and efficient processing to reduce losses and improve food security. Additionally, the dairy and fisheries sectors will see significant development, with initiatives to boost productivity and exports, contributing to a sustainable and prosperous agricultural ecosystem. <div type="Article" hostid="261" msid="111951205" title="Budget 2024-25: Changes to tax slabs, increased standard deduction and other changes to direct taxation" mstype="2" mssubtype="0"></div>

What does Union Budget 2024-2025 have in store for farmers and the agricultural sector?

India has exported more than 45,000 tonnes of <keyword id="50894" type="General" weightage="20" keywordseo="onion" source="Orion">onion</keyword> since the ban on outbound shipments was lifted early this month, a top government official said on Wednesday. These exports provided relief to farmers after curbs were imposed to keep domestic supplies steady ahead of general elections. The world's biggest vegetable exporter banned exports of the bulb last December and then extended it in March, after a rise in prices triggered by sluggish production. "Since the ban was lifted, more than 45,000 tonnes of onions have been exported, mostly to the Middle East and Bangladesh," Nidhi Khare, Secretary of the Consumer Affairs Ministry, told PTI. To keep <keyword id="20035406" type="General" weightage="20" keywordseo="onion-prices" source="keywords">onion prices</keyword> affordable during the election period, the government on May 4 lifted the ban but imposed a minimum export price (MEP) of USD 550 per tonne. Khare said the forecast of a good monsoon this year will ensure better sowing of kharif (summer) crops, including onion from June onwards. State-owned agencies have started procuring onions from the recent rabi (winter) harvest to build a targeted 5,00,000-tonne buffer stock for the current year, she added. The country's onion production is expected to fall 16 per cent from a year earlier to 25.47 million tonnes in the 2023-24 crop year due to lower output in key growing regions like Maharashtra, Karnataka and Andhra Pradesh, according to the Agriculture Ministry's first estimates.

India exports over 45,000 tonnes onion after lifting ban, brings relief to farmers

Boost in domestic <keyword id="19914449" type="General" weightage="20" keywordseo="manufacturing" source="keywords">manufacturing</keyword> due to PLI (production linked incentive) schemes and increase in <keyword id="19916774" type="General" weightage="20" keywordseo="exports" source="keywords">exports</keyword> on account of free trade agreements are expected to bridge the country's <keyword id="20201391" type="General" weightage="20" keywordseo="trade-deficit" source="keywords">trade deficit</keyword> further, <keyword id="20613906" type="General" weightage="100" keywordseo="Economic-Survey" source="keywords">Economic Survey</keyword> said on Monday. However, it said that fluctuations in <keyword id="19936629" type="General" weightage="20" keywordseo="commodity-prices" source="keywords">commodity prices</keyword>, especially for critical imports like oil, metals, and agricultural products, can impact India's trade balance and inflation levels. The Survey said that though ongoing geopolitical headwinds impacted India's merchandise exports, lowering international commodity prices ensured a lower trade deficit in FY24 than in FY23. The country's merchandise trade deficit narrowed to USD 240 billion in 2023-24 from USD 265 billion in 2022-23. It added that changes in trade policies by major trading partners or geopolitical developments can affect India's export opportunities and market access. "In the coming years, India's trade deficit is expected to decline further as the <keyword id="19981334" type="General" weightage="20" keywordseo="PLI-scheme" source="keywords">PLI scheme</keyword> is expanded and India creates a globally competitive manufacturing base in several product categories," the Survey said. It added that the recently signed FTAs (free trade agreements) are expected to increase the <keyword id="22374533" type="General" weightage="20" keywordseo="global-market-share" source="keywords">global market share</keyword> of the country's exports. The PLI scheme for sectors like mobile manufacturing, information technology (IT) hardware, pharmaceutical, telecommunications, and food product are helping to increase manufacturing and cut imports. India has implemented <keyword id="20000557" type="General" weightage="20" keywordseo="FTA" source="keywords">FTA</keyword> with Mauritius, Australia and the UAE. It added that a narrowing merchandise trade deficit and rising service exports have improved the CAD (<keyword id="20054874" type="General" weightage="20" keywordseo="current-account-deficit" source="keywords">current account deficit</keyword>), ending with a surplus of 0.6 per cent of GDP in Q4 of FY24. However, the risks to the performance of India's external sector are on the downside due to the persistence of current <keyword id="19955176" type="General" weightage="20" keywordseo="geopolitical-tensions" source="keywords">geopolitical tensions</keyword> and policy uncertainty, it said. Some of the challenges listed by the survey includes fall in demand from major trading partners like the US, rise in trade cost, and volatility in commodity prices. Attacks on shipping in the Red Sea and drought in the Panama Canal have resulted in trade flows being re-routed, increasing journey time and costs. India's merchandise trade relies heavily on maritime trade, so disturbances in major shipping routes can impact its economy. "It is critical to explore what these changing paradigms mean for India. Policies need to be a mix that straddles security concerns with economic considerations," the survey said, adding India's push towards manufacturing in complex and niche sectors through schemes such as PLI and Make in India aims to balance these goals. Further, the survey emphasised on the need to focus on improving India's competitiveness in many product areas. For example, it said, India has tremendous potential in becoming a large global exporter in agricultural commodities. Fostering stronger regional trade ties and adding more markets for Indian goods will help mitigate global demand fluctuations. "In an era when global economic growth is likely to be buffeted by geopolitical tensions and protectionism, growing India's exports of goods and services will be a stiffer challenge than before," it cautioned. Commenting on this, Rumki Majumdar, Economist, Deloitte India, said that despite global uncertainties, India's exports are recording positive growth rates. "That shows the resilience of our exports amidst global uncertainties," she said, adding, "by transforming our export basket and focusing on higher margins and value addition across various sectors, India will easily achieve its ambition of USD 2 trillion in exports by 2030-31."

India's trade deficit expected to decline further: Economic Survey

The <keyword id="19900449" type="General" weightage="20" keywordseo="government" source="keywords">government</keyword> may relax the requirement of making payments to <keyword id="19910977" type="General" weightage="100" keywordseo="MSMEs" source="keywords">MSMEs</keyword> within 45 days of buying goods and services, to prevent large corporates from looking at other sourcing avenues, sources have noted. An announcement to this effect could be made in the Budget likely to be presented on July 23. The government is considering suggestions regarding changes to Section 43B(h) of the <keyword id="19936187" type="General" weightage="20" keywordseo="Income-Tax-Act" source="keywords">Income Tax Act</keyword> made by MSMEs during pre-budget consultations, sources said. The government, in last year's budget added a new clause under Section 43B of the Income Tax Act to address the challenge of delayed payments faced by MSMEs in the country. According to Section 43B(h) of the Income Tax Act, introduced through the Finance Act 2023, if a larger company does not pay an <keyword id="19990810" type="General" weightage="20" keywordseo="MSME" source="keywords" meta.keywordsubtype="org" meta.entityname="MSME" meta.hostid="261" meta.entityid="MSME">MSME</keyword> on time -- within 45 days in case of written agreement -- it cannot deduct that expense from its taxable income, leading to potentially higher taxes. MSMEs fear that due to this provision, large buyers could cold-shoulder MSME suppliers and start buying either from those MSMEs that are not registered with Udyam or from non-MSMEs. The amendment was brought in for MSMEs to get timely payment, but a lot of concerns were raised by them, sources said, adding that they feared that large corporate, in bid to safeguard their interest, can shift their sourcing requirement to bigger firms or ask their vendors to give up their MSME registration to do business with them. Earlier in May, Finance Minister <keyword id="19916618" type="General" weightage="20" keywordseo="nirmala-sitharaman" source="keywords">Nirmala Sitharaman</keyword> had said the changes, if any, to the rule will have to be done in the full Budget in July under the new government as per the representations submitted by MSMEs. The MSME sector accounts for 30% of the country's gross domestic product (GDP) and the second largest employer after agriculture. The share of <keyword id="35090" type="General" weightage="20" keywordseo="Exports" source="Orion">exports</keyword> from products specified for MSMEs constituted 45.56 % of the country's total exports.

Govt may relax 45-day payment rule for MSMEs in Budget 2024

New Delhi, India's <keyword id="19287761" type="General" weightage="20" keywordseo="Mango-exports-rose" source="Orion">mango exports rose</keyword> 19 per cent to USD 47.98 million during the April-August period this fiscal, the commerce ministry said on Friday. In volume terms, the shipments increased to 27,330.02 tonnes during the first five months of this fiscal from 22,963.78 tonnes in the year-ago period, it said. Of this, the maximum were exported to the US, it said. India has exported 2043.60 tonnes of mangoes to the US in the first five months of the current fiscal, an increase of 19 per cent over the same period last year, the ministry said. The other major destinations include Japan (43 tonnes), New Zealand (111 tonnes), Australia (58.42 tonnes), South Africa (4.44 tonnes), and Iran, Mauritius, Czech Republic, and Nigeria. As part of its initiative to promote export of mangoes, the Centre invited the United States Department of Agriculture's (USDA) Animal and Plant Health Inspection Service (APHIS) inspector for pre-clearance of mangoes at irradiation facilities at Vashi, Nashik, Bengaluru, and Ahmedabad. "The export of mangoes in the first five months of the current fiscal (stood at) USD 47.98 million, which is 19 per cent higher than the previous years' value of USD 40.33 million in the same period," it said. It added that inspectors from South Korea have also been invited for pre-clearance of mangoes for exports to that country. This has allowed India to export 18.43 tonnes of the fruit after being treated at the authorised Vapour Heat Treatment facility under the joint supervision of the Directorate of Plant Protection, Quarantine, and Storage (DPPQS), India and Animal and Plant Quarantine Agency (APQA), South Korea.

Mango exports up 19% to $47.98 million during April-August 2023 - US top destination

<ul class="summary-list"><li>The Baltimore bridge collapse will put a dent in the city's 28-million-ton coal-exporting operation, the EIA says.</li><li>The port is the second-largest exporting hub of coal in the US, accounting for 28% of total coal exports in 2023.</li></ul>The ship that crashed into a bridge in Baltimore this week is going to be a drag on the coal-export market this year, the Energy Information Administration said in <a href="https://www.eia.gov/todayinenergy/detail.php?id=61663" target="_blank" rel="noopener">new research</a>.Currently, the collision of the Maersk ship into the Francis Scott Key Bridge has temporarily halted all shipping traffic from the Port of Baltimore. The port is the second-largest exporting hub of US coal, a release from the EIA stated. Last year, the port accounted for 28% of total US coal exports. That's a total of 28 million short tons.While the EIA has already forecasted a slowdown in US coal exports this year as renewable energy adoption replaces coal consumption, the port closure will further negatively impact exports, the agency said.The hiccup has already <a href="https://markets.businessinsider.com/news/stocks/baltimore-bridge-collapse-global-stock-market-impact-maersk-consol-energy-2024-3?mrfhud=true">affected the share prices</a> of key companies involved in the coal trade in Baltimore lower, from Consol Energy to CSX Railroad.Most of the coal leaving the Baltimore port would head towards Asia, EIA data shows. In fact, last year, demand for coal from Asian countries accounted for a surge in exports, especially from India, where the manufacturing industry is a big customer. China and Japan have also been buying more coal from the US over the past few years.Besides coal, however, energy markets are expected to go relatively untouched. In terms of petroleum products, the Baltimore terminal mostly imports biodeisel feedstock and edible oils from countries in Central America and Western Europe, the EIA researchers said.It could, however, impact agricultural markets. The Port of Baltimore is the closest coastal port to Midwestern markets which have a significantly higher demand for products like fertilizers, the EIA said. And the terminal imports the most urea ammonium nitrate, a liquid fertilizer product, on the Atlantic Coast.

The Baltimore bridge collapse will put a dent in a 28-million-ton coal-exporting operation, EIA says

<ul class="summary-list"><li>A Russian missile strike hit the Ukrainian <keyword id="12197410" type="UNKNOWN" weightage="60" keywordseo="port" source="Orion">port</keyword> city of Mykolaiv on Wednesday, <a href="https://www.reuters.com/world/europe/seven-russian-missiles-hit-ukrainian-city-mykolaiv-regional-governor-2022-06-22/">Reuters</a> reports.</li><li>The attack hit a vegetable oil export terminal owned by Viterra, a major agricultural trader. </li></ul>A vegetable oil export terminal at a major agricultural port in <keyword id="11985141" type="UNKNOWN" weightage="60" keywordseo="ukraine" source="Orion">Ukraine</keyword> was hit Wednesday during a Russian missile strike on the city of Mykolaiv, <a href="https://www.bloomberg.com/news/articles/2022-06-22/russian-attack-on-key-ukrainian-port-damages-viterra-terminal">Bloomberg</a> reports.The terminal, owned by major agricultural trader Viterra, <keyword id="12534666" type="UNKNOWN" weightage="60" keywordseo="exports" source="Orion">exports</keyword> up to 1.5 million tons of vegetable oil a year. <keyword id="11894337" type="UNKNOWN" weightage="60" keywordseo="russia" source="Orion">Russia</keyword>'s invasion of Ukraine has triggered <keyword id="11900969" type="UNKNOWN" weightage="60" keywordseo="cooking-oil" source="Orion">cooking oil</keyword> shortages around the world, as Western officials accuse <a href="https://www.businessinsider.com/us-accuses-russia-of-holding-global-food-supplies-hostage-2022-5">Putin of instigating a global food crisis</a> by attacking Ukrainian ports and blocking vital exports. "Viterra can confirm that its Everi terminal was hit and is currently on fire," a company spokesperson told Bloomberg, adding that nobody was killed at the facility. The Everi terminal is one of the company's six port terminals shipping grain and oil seeds to 60 countries around the world, according to its website.Russian forces have repeatedly launched rocket attacks against Mykolaiv, home to one of the largest seaports in Ukraine. Seven missiles hit the southern portion of the city on Wednesday, the Regional Governor Vitaliy Kim said on Telegram. The attack killed at least one person and damaged several buildings including a school, Mayor Oleksandr Senkevych said, per a <a href="https://www.reuters.com/world/europe/seven-russian-missiles-hit-ukrainian-city-mykolaiv-regional-governor-2022-06-22/">Reuters</a> report. Known as the world's "bread basket," Ukraine and Russia collectively ship 30% of global <keyword id="11909001" type="UNKNOWN" weightage="60" keywordseo="wheat" source="Orion">wheat</keyword> exports and around around <a href="https://www.usglc.org/blog/russias-assault-on-ukraine-threatens-global-food-security/">75%</a> of sunflower oil exports, causing <a href="https://www.businessinsider.com/putin-preparing-to-starve-developing-world-ukraine-war-yale-historian-2022-6">experts to worry</a> that Putin is "preparing to starve" countries dependent on those exports in order to win the war. "The Russian government seems to think that using food as a weapon will help accomplish what its invasion has not – to break the spirit of the Ukrainian people," US Secretary of state Antony Blinken said in May.

You Searched For "agriculture exports" and got 8 results

Budget proposals for marine sector to boost India's seafood exports, aquaculture: MPEDA

PTI

What does Union Budget 2024-2025 have in store for farmers and the agricultural sector?

BI India Bureau

India exports over 45,000 tonnes onion after lifting ban, brings relief to farmers

PTI

India's trade deficit expected to decline further: Economic Survey

PTI

Govt may relax 45-day payment rule for MSMEs in Budget 2024

PTI

Mango exports up 19% to $47.98 million during April-August 2023 - US top destination

PTI

The Baltimore bridge collapse will put a dent in a 28-million-ton coal-exporting operation, EIA says

Aruni Soni

A vegetable oil export terminal at a major Ukraine port is 'on fire' following Russian missile strike

Hannah Towey

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