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<ul><li>Citing the example of other industries where there are no restrictions on how producers sell their products, Finance Minister Nirmala Sitharaman said that farmers should have the choice to sell their produce at attractive prices. </li><li>To this end, Sitharaman said that the government will formulate a central law that will provide barrier-free inter-state trade, along with a framework for online trading of agricultural produce. </li><li>However, for this to pass muster, the government will have to garner support from the opposition parties and farmer bodies, who think APMCs are needed to ensure farmers get a good price for their produce. </li></ul>The Modi government is using COVID-19 crisis to push through the <keyword id="6366428" type="UNKNOWN" weightage="20" keywordseo="APMC">APMC</keyword> reforms it has been talking about for a long time. Finance Minister Nirmala Sitharaman made the announcement in the third tranche of the Covid-19 stimulus package today, May 15. Making the announcement, Sitharaman said that this move will give the choice to sell their produce at attractive prices, instead of being tied down to their local APMCs (Agriculture Produce Market Committee). “When you create competition for farmers’ produce, the price improves. There are more buyers, more choices. Farmers will get the benefits of that. Whether you have one buyer or ten buyers for a service makes a difference,” said Ashok Gulati, former chairman of the Commission for Agricultural Costs and Prices. <div type="Article" hostid="261" msid="75756781" title="These are the top takeaways from Finance Minister Nirmala Sitharaman's third installment from Modi's ₹20 lakh crore stimulus" mstype="2" mssubtype="0"></div> APMC reforms might hit a roadblock in non-BJP ruled states Modi has been batting for APMC reforms for a long time now. “It is imperative to swiftly undertake market reforms of our decades old and restricted agriculture produce and marketing committee (APMC) architecture,” PM Modi <a href="https://www.livemint.com/Politics/M6HMO4jTZrn1iwwbypaEbL/Narendra-Modi-calls-for-swift-APMC-reforms-to-benefit-farmer.html">said</a> in a letter to Chief Ministers in 2018. However, these reforms might hit a roadblock in non-BJP ruled states. “The APMCs have existed since 1963 and there is a good reason they have been around for such a long time. Reform is welcome but it cannot endanger an existing structure. Our party will oppose this proposal if and when it comes before the legislature," a NCP leader was quoted as saying by <a href="https://www.livemint.com/Politics/reRgHJ4NW4Sl4EJMXRyzHJ/APMC-reforms-in-Maharashtra-hit-a-roadblock.html">Livemint</a>. Those who favour the existing APMC structure <a href="https://timesofindia.indiatimes.com/city/mysuru/farmers-oppose-proposed-amendment-to-apmc-act/articleshow/75744758.cms">argue</a> that diluting APMC reforms will give power to multinational companies and corporates. They are also concerned about minimum support price guarantee, without price regulation in place. So far, only BJP-ruled states like Gujarat, Madhya Pradesh and Uttar Pradesh have passed APMC reforms. The Karnataka government issued an ordinance, but it was <a href="https://timesofindia.indiatimes.com/city/bengaluru/bengaluru-governor-returns-apmc-reforms-ordinance/articleshow/75729589.cms">returned</a> by the state governor earlier today. Sitharaman says the changes will empower farmers Making the announcement, Sitharaman said that farmers should have the freedom of choice to sell their agricultural produce at attractive prices. Further, she said that no other industry restricts producers from selling their product to whomever they want, and at their desired prices. To solve this problem, Sitharaman said that the central government is working on a law. This will remove barriers to inter-state trade and allow farmers to sell their produce to the highest bidder, which should result in increasing their incomes. Apart from this, she also said that a framework for online trading of agricultural produce will also be worked upon. It is likely that this framework will be on the lines of e-NAM, which is a national agriculture market with an online trading platform for farmers. What’s wrong with APMCs? APMCs were set up with the intention to increase farmers’ incomes by making it easier to sell their produce without having to deal with commission agents. However, the government criminalised setting up of competing markets in the same area, essentially creating a monopoly in the form of APMCs. This led to traders forming cartels to artificially lower prices of the agriculture produce they buy from farmers. A 2012 <a href="https://www.cci.gov.in/sites/default/files/AO.pdf">report</a> by the Competition Commission of India cites the example of a visit to Ahmednagar APMC which revealed collusion among traders. These traders then sell the produce at higher prices to end consumers. While APMCs were formed to benefit farmers, it’s the traders who end up milking both farmers as well as consumers. See also: <a href="https://www.businessinsider.in/india/news/essential-commodities-act-to-deregulate-price-of-potatoes-onions-and-pulses/articleshow/75758676.cms">India proposes to deregulate prices of onions, potatoes, pulses and other essential food — prices won’t be capped and one can store as much as needed</a> <a href="https://www.businessinsider.in/politics/policy/news/what-is-essential-commodities-act-that-nirmala-sitharaman-wants-to-amend/articleshow/75759156.cms">What is the Essential Commodities Act – the 65-year old act that FM Nirmala Sitharaman said will now be amended</a>

Modi is using the COVID-19 crisis to push through APMC reforms he has wanted for long⁠— but states may oppose

<ul><li>The ticker will broadcast live prices of <keyword id="35140" type="General" weightage="100" keywordseo="bse" source="Orion">BSE</keyword>’s almond futures contract along with currency derivatives rates.</li><li>This move will lead to increased price transparency and will help market participants in effective decision making.</li><li>BSE had launched what it claims is the world’s only almond futures contract in June 2020.</li></ul>The <keyword id="43628" type="General" weightage="50" keywordseo="bombay-stock-exchange" source="Orion">Bombay Stock Exchange</keyword> (BSE) on Wednesday launched a ticker for dry fruits at the Agricultural Produce Market Committee (APMC) in <keyword id="57321" type="General" weightage="50" keywordseo="navi-mumbai" source="Orion">Navi Mumbai</keyword>. The ticker will broadcast live prices of BSE’s almond futures contract along with currency derivatives rates. This move will lead to increased price transparency and will help market participants in effective decision making. "The launch of (the) ticker at the APMC market will help market participants gauge overall market sentiment at any point of time. Wide dissemination of prices will be used as reference for physical market transactions, which in turn will positively impact the lives of traders especially when the intensity of information needed in commodities market is increasing day by day,” said <keyword id="300102" type="General" weightage="50" keywordseo="sameer-patil" source="Orion">Sameer Patil</keyword>, chief business officer, BSE. BSE launched what it claims is the world’s only almond futures contract in June 2020. This had been well received by the market participants, it said. Since its launch, the almonds futures contract has seen physical deliveries to the tune of 2.4 lakh kg, along with 52,162 tonnes being traded, aggregating to ₹18,659 million. “This is unprecedented and one of its kind. This will create massive awareness and will result in huge participation from the trading community in the almond futures contract on BSE,” said <keyword id="14801630" type="General" weightage="50" keywordseo="sameer-bhanushali" source="Orion">Sameer Bhanushali</keyword>, MD at Ashapura Agrocomm Pvt. Ltd. The nut and dry fruit industry in India is pegged at ₹20,000 crore, according to media reports. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/auto/news/government-is-reportedly-reworking-the-fame-ii-scheme-to-ensure-companies-use-domestic-components/articleshow/93752352.cms">Government is reportedly reworking the FAME-II scheme to ensure companies use domestic components</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/mobile/news/indian-phone-brands-may-not-be-able-to-fill-the-void-that-chinese-budget-phone-ban-may-create/articleshow/93751192.cms">Indian phone brands may not be able to fill the void that Chinese budget phone ban may create</a>

BSE launches ticker at Navi Mumbai's APMC Market to display dry fruit prices

Mumbai, June 1 () Profitability of urea makers is likely to surge due to reimbursement of additional fixed cost, as cheaper gas will reduce urea subsidy bill by Rs 12,000 crore, according to a report. A steep fall in gas prices in sync with crude oil will reduce the urea subsidy bill of the government by a fourth, or over Rs 12,000 crore, in the current financial year, Crisil Ratings said in the report. That will keep a leash on the working capital requirement of urea makers. Earlier, in March 2020, the government had agreed to the long-pending demand of reimbursement of 'additional fixed cost'. This will lead to a one-time relief of about Rs 5,000 crore and, going forward, an annual inflow of Rs 850 crore for all urea makers, it added. Crisil expects the prices of natural gas, which is feedstock for urea plants and accounts for 75-80 per cent of their total cost, to be 25-30 per cent lower this fiscal. Urea is a regulated commodity with its retail selling price (RSP) fixed by the government. To incentivise farmers to use fertilisers for better crop yield, the government keeps the RSP significantly lower than the market rate and reimburses the deficit to urea makers through subsidy payments. While lower cost of gas is a pass-through for urea makers and will not impact their profitability, it will reduce the government's subsidy bill. That, in turn, will cull both revenue and receivables of urea makers. "Lower gas prices will certainly ease the working capital pressure on urea makers. Despite implementation of the direct benefit transfer scheme, large subsidy arrears continue to be a structural issue, which has elongated the working capital cycle of urea makers, as reflected in an increase in receivable days to 180-200 days (as on March 31) from 140-160 days (March 31, 2018)," Crisil Ratings Senior Director Sachin Gupta said. Another positive for urea makers is the clarity the government has finally provided in March on reimbursement of additional fixed cost. Earlier, this was done based on cost estimates as on March 31, 2003, which did not reflect any increase in cost thereafter, and led to lower operating profits for urea makers. Now, the government has allowed the calculation to be based on March 31, 2013, estimates, which will lead to obvious benefits. "The reimbursement of additional fixed cost of Rs 850 crore will be tantamount to 10-12 per cent of the current operating profits of urea makers. That, along with the Rs 5,000 crore arrears from fiscal 2015 can potentially cut down the industry's total working capital debt by 8-10 per cent," Crisil Ratings Associate Director Nipun Anand said. The lockdown has not impacted the offtake of urea for the kharif season much. Urea makers have reported steady production and sales for April and May. The recent proposals under the 'Aatmanirbhar Bharat' package for the agriculture sector also augur well for urea demand, Crisil said. Besides, steps such as attracting investments in the farm sector and amendments in the agricultural produce marketing committee or APMC legislations are aimed at better price realisation for the farmers. These measures can increase the income levels for farmers and should be positive for agriculture-linked sectors such as fertilisers. SM HRS

Cheaper gas to cut urea subsidy bill; to boost profitability of urea makers: Crisil Ratings

US President <keyword id="6354484" type="PERSON" weightage="20" keywordseo="Donald-Trump">Donald Trump</keyword> has lauded Indian-American scientists and researchers for their efforts in developing medicines and vaccines to treat the deadly <keyword id="1754604" type="PERSON" weightage="20" keywordseo="coronavirus">coronavirus</keyword>. <keyword id="6354862" type="UNKNOWN" weightage="20" keywordseo="trump">Trump</keyword> said the US was closely working with India to tackle the pandemic. "We have a tremendous Indian population in the United States and many of the people that you are talking about are working on the vaccine too. Great scientists and researchers," Trump told reporters in the Rose Garden of the White House on Friday. He was responding to the Indian-American community's appreciation of his fight against the coronavirus. This is the first time that a president has recognised the scientific and research talent of the Indian-American community. A large number of scientists are engaged in cutting edge research in various aspects of medical science, including at the National Institute of Health, universities, research institutes and bio-pharma startups. There are an estimated 4 million Indian-Americans in the United States, of which about 2.5 million are potential voters in the 2020 presidential elections this November. As a presidential candidate, Trump was the first nominee to hold a separate election rally for Indian-Americans in October 2016 in New Jersey. Since then he has described himself as the best friend of India and Indian-Americans at the White House. According to the co-chair of Trump Victory Indian-American Finance Committee, Al Masson, the president is not just a sensitive guardian to his 325 million fellow Americans, he is also their resolute and humanitarian commander-in-chief. "He has brought forth his true empathy and determination -- blended with just the right solutions to fight this "Made in China" coronavirus pandemic. His mission is to save American lives and revive the American economy. By doing whatever it takes," Mason said on Friday. "Trump is unbeatable. His critics and enemies should leave him alone. They should let him focus on fighting for all Americans against the invisible coronavirus pandemic and rebuilding the economy. He is a master at whatever he builds and he believes in the power of prayer," said Mason. Senior Advisor to Donald J Trump for President, Inc. and National Chair of the Trump Victory Finance Committee Kimberly Guilfoyle, in a recent op-ed in The Daily Caller, said Trump has the American people on his side. "At this point, Team Trump has raised over USD 742 million with over USD 255 million cash on hand. Since the transition to a virtual national campaign, Trump Victory, in coordination with the Republican National Convention, has made over 20 million voter contacts and added more than 300,000 new volunteers, bringing the total to 1 million volunteers trained and activated," Guilfoyle wrote. The amount raised by Indian-Americans for Trump's campaign is not available as of now. The coronavirus, which first emerged in China's Wuhan city has claimed over 3,00,000 lives with 4.5 million confirmed infections across the world so far. The US alone accounts for over 87,000 COVID-19 deaths. SEE ALSO: <a href="https://www.businessinsider.in/careers/news/indian-women-dont-like-being-gig-workers/articleshow/75757460.cms">Indian women don’t like being gig workers ⁠— the potentially $450 billion industry has to woo them with fair pay to start with</a> <a href="https://www.businessinsider.in/entertainment/news/carry-minati-youtube-vs-tiktok-video-removed-for-violating-terms-of-service/articleshow/75749665.cms">Carry Minati's 'YouTube vs TikTok' video removed for violating terms of service — fans claim injustice</a> <a href="https://www.businessinsider.in/policy/economy/ashok-gulati-interview-on-essential-commodities-act-and-apmc-changes/articleshow/75760364.cms">"I have been asking for this for 20 years," says Ashok Gulati, agriculture scientist ⁠— cheering the changes to Essential Commodities Act and APMC</a>

Trump lauds Indian-American scientists for their efforts in developing a coronavirus vaccines and medicines

<ul><li>Finance Minister Nirmala Sitharaman has hit pause on filing <keyword id="9235757" type="UNKNOWN" weightage="20" keywordseo="fresh-insolvency-cases">fresh insolvency cases</keyword> for the next one year.</li><li>The minimum threshold for initiating proceedings has also been increased from ₹1 lakh to ₹1 crore.</li><li> Any debt that arose due to the impact of coronavirus won’t be categorised at ‘default’ under the Insolvency and Bankruptcy Code (IBC).</li></ul>"Any indebted situation that comes up because of coronavirus will not be considered as ‘default’ and no fresh insolvency proceedings will be initiated for the next one year," Finance Minister Nirmala Sitharaman said while unveiling the fifth and final tranche of reforms to fight the impact of COVID-19 pandemic on the economy. This means for the defaults that happen in the next few months cannot be called non-performing assets (NPA), simply put a bad loan. “At the moment, I think, the MCA has extended it to six months, we intend to increase it by another six months because even once the lockdown lifts, immediately after, you’re not sure how much of business will be restored,” Sitharaman explained. A special insolvency framework will be notified under Section 240 A of the Insolvency and Bankruptcy Act. These measures will be enforced via ordinance and then later taken to Parliament for approval. The total NPA for India’s banking industry is at ₹7.27 lakh crore, the government said on February 2020. There was a fear of a massive spike in bad loans due to the economic crash caused by the pandemic and the lockdown to contain it. ICICI Securities had expected a 50% jump in gross NPA as nearly ₹2 in every five rupees lent by the banking sector went to “high and medium risk segments”. “We expect credit cost to rise 2.3% and earnings to decline 18%,” the report dated May 13 concluded, ahead of the announcements made by Sitharaman. The latest decisions will improve the prospects for both banks and non-banking financial institutions. A special insolvency framework will be notified under Section 240 A of the Insolvency and Bankruptcy Act. Not just big businesses, even small businesses shielded The minimum threshold to initiate proceedings has been raised from ₹1 lakh to ₹1 crore to insulate MSMEs. “This is a major step forward, and in all probability, we’ll be going through an ordinance to achieve this goal immediately. Of course, we’ll go back to it, once the parliament commences, to have it passed as an act,” she said. Nearly 10% of all loans made by State Bank of India (SBI), India’s largest bank, are to MSMEs whereas in the case of Axis Bank the proportion is about 7.5%, according to a recent Edelweiss report dated May 13. The reduced risk of NPAs is likely to boost these stocks when the market opens on Monday, May 18. “However, the responsibility for businesses to use this time to stabilize and improve functioning will squarely be there with onus to put better mechanisms for internal governance as creditors would have to forbear an important right during this period of suspension of IBC for a year,” said Kumar Saurabh Singh, a partner at law firm Khaitan and Co. Further, the government decision to reduce the number of central government owned companies will also boost the market sentiment. While it is not clear if banks will be part of the notified list of strategic sectors, the Modi government’s existing stance is to merge public-sector banks and to reduce their number. SEE ALSO: <a href="https://www.businessinsider.in/policy/economy/news/finance-minister-nirmala-sitharaman-final-stimulus-plan-to-boost-gdp-of-india/articleshow/75784571.cms">India's Finance Minister reveals the final lot of Modi's economic stimulus programme</a> <a href="https://www.businessinsider.in/policy/economy/ashok-gulati-interview-on-essential-commodities-act-and-apmc-changes/articleshow/75760364.cms">"I have been asking for this for 20 years," says Ashok Gulati, agriculture scientist ⁠— cheering the changes to Essential Commodities Act and APMC</a> <a href="https://www.businessinsider.in/science/space/news/lt-and-godrej-join-like-boeing-and-lockheed-martin-ula-after-biggest-space-reform/articleshow/75778037.cms">"Now, L&amp;T and Godrej can join hands like Boeing and Lockheed Martin’s ULA," says Gateway House scholar cheering India’s 'biggest space reform'</a>

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Modi is using the COVID-19 crisis to push through APMC reforms he has wanted for long⁠— but states may oppose

Rounak Jain

BSE launches ticker at Navi Mumbai's APMC Market to display dry fruit prices

Vaamanaa Sethi

Cheaper gas to cut urea subsidy bill; to boost profitability of urea makers: Crisil Ratings

PTI

Trump lauds Indian-American scientists for their efforts in developing a coronavirus vaccines and medicines

PTI

India puts a pause on new bankruptcy cases for a year ⁠— and other changes that will cap the rise in bad loans

Prabhjote Gill

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