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Mumbai, The current account deficit (<keyword id="19962125" type="General" weightage="20" keywordseo="cad" source="keywords">CAD</keyword>) is likely to widen to 1.2 per cent or USD 11 billion of the GDP in October-December FY24 as compared to 1 per cent in the previous quarter, <keyword id="19955912" type="General" weightage="20" keywordseo="india-ratings" source="keywords">India Ratings</keyword> said in a report. In the year-ago period, CAD was 2 per cent of the GDP. A current account deficit occurs when a country's expenditure in imports is more than its income from exports of goods and services. The report further said the CAD percentage may narrow in Q4 as it sees some nascent signs of a pick-up in global economic activity which will lead to better export numbers. The global manufacturing purchasing managers index expanded for the first time in 17 months in February to 50.3. The expansion was stronger in the US and emerging economies, barring the European region, according to the report. The agency expects merchandise exports to increase to around USD 117 billion in Q4, up 2 per cent on-year, which will be a seven-quarter high. Likewise, merchandise imports are expected to touch a six-quarter high of around USD 180 billion in Q4, up 8 per cent on-year. Trade deficit will be USD 64 billion in the quarter. On the other hand, services demand has remained healthy despite global headwinds and the trend continues to be strong with the latest high frequency indicators. The global services PMI touched a seven-month high of 52.4 in February helped by both the developed as well as emerging markets. Thus, it hopes services trade surplus to sustain the record-breaking run and stand at a fresh high of USD 47 billion in Q4. Merchandise exports grew 1.1 per cent on-year in Q3 and a favourable base effect and a pick-up in demand from the US, UAE and the Netherlands helped goods exports grow after a year. However, sequentially, goods exports were down to USD 105.7 billion in Q3 from USD 107.4 billion in Q2. The top 10 items which pushed goods exports in Q3 were gold and other precious metal jewelleries, iron ore, drug formulations, biologicals, telecom instruments, aircraft, <keyword id="20931842" type="General" weightage="20" keywordseo="spacecraft-parts" source="keywords">spacecraft &amp; parts</keyword>, cotton yarn, <keyword id="19962751" type="General" weightage="20" keywordseo="basmati-rice" source="keywords">basmati rice</keyword>, buffalo meat, electric <keyword id="20931843" type="General" weightage="20" keywordseo="machinery-equipment" source="keywords">machinery &amp; equipment</keyword>, and copper and related products. Volume growth in these items ranged between a negative 38.3 per cent to 368.2 per cent and was weaker than the value growth which stood in the range of 10.2-535 per cent in Q3. On the other hand, merchandise imports rose to a year's high of USD 176.2 billion in Q3 led by imports of intermediate and consumer durables which were at a record high of USD 40.23 billion and a five-quarter high of USD 39.58 billion, respectively. However, goods imports were up by only 0.1 per cent in Q3 as primary goods contracted by 11.2 per cent.

Current account deficit in Q3 may widen to 1.2%, improvement likely in March qtr: India Ratings

New Delhi, Jan 5 () India's basmati rice exports to Iran are likely to be affected because of rising tensions between the US and the Islamic republic, with domestic trade body AIREA asking exporters not to undertake any shipment till the situation improves.
 Iran is an important export destination for India and if shipments get affected then it will impact domestic prices and in turn farmers' income, the All India Rice Exporters Association (AIREA) said.
 During the last fiscal, India exported basmati rice worth Rs 32,800 crore, of which nearly Rs 10,800 crore worth rice was shipped to Iran.
 "In the current situation, it is not possible to export basmati rice to Iran. We have issued an advisory to our members to be cautious and not to execute further shipments till the situation gets clearer," AIREA President Nathi Ram Gupta told .
 Tensions in the Middle East ratcheted up on Friday after top Iranian commander Qasem Soleimani was killed in a US drone strike in Iraq.
 Basmati rice exports to Iran were hit last year as well following US sanctions on the country.
 About Rs 900 crore payment is still pending from basmati rice exported till June 2019, Gupta said.
 Non-export of basmati rice to Iran will lead to surplus stock in the country, pulling down the rates and affecting the farmers, he added.
 Normally, basmati rice exports start from November onwards when the fresh crop arrives. So far, not much has been exported, he said.
 The shipments placed by the Iranian government through issue of letters of credit (LCs) have also been kept on hold. "Some quantity is lying at ports," Gupta said.
 Annually, the Iranian government issues LCs for purchase of 2 lakh tonnes of basmati rice from Indian private traders. Rest of the trade is done by private parties from both the nations.
 In its advisory, AIREA said: "In view of growing uncertainty, exporters members should take extreme caution not to execute any further shipment to Iran till the situation gets clearer."
 "If exporters choose to ship basmati rice to Iran, they will do so entirely at their risk," the advisory added.
 During April-November period of the current fiscal, India exported 23.64 lakh tonnes of basmati rice worth about Rs 17,700 crore, of which nearly Rs 4,500 crore exports went to Iran.
 A rice exporter said that about Rs 1,500 crore payments could be stuck from Iranian importers. LUX MJH ABM
ABM

Suspend basmati exports to Iran till situation improves: AIREA advisory to members

Chennai, Mar 9 () Madhya Pradesh's attempts tojoin the elite 'Basmati' league has failed once again as theMadras High court has dismissed the state's plea seekinggeographical indication (GI) tag for Basmati rice grown inareas falling under the state.A division bench of Justices R Subbiah andC Saravanan also refused to quash an order passed by theIntellectual Property Appellate Board (IPAB) granting GIcertificate for basmati to Agricultural and Processed FoodProducts Export Development Authority (APEDA).The court noted that for a same produce, two GIcertificates of registration cannot be issued and preciselythat is the reason why Madhya Pradesh has approached thecourt."At the same time, we have to observe that thepetitioners have an alternative and efficacious remedyavailable by filing an application to the registrar of trademark seeking to cancel or vary the GI certificate issued toAPEDA," the bench said.The issue pertains to an order passed by IPAB on February5, 2016 granting GI certificate for basmati in APEDA's favour.Aggrieved, Madhya Pradesh contended that such GI tagcannot be awarded to APEDA as some regions falling under MPwhich also produce Basmati has been omitted in the listprovided by APEDA.However,the IPAB rejected its claim observing that thedocuments and evidence filed by Madhya Pradesh show theimportance, special characters of rice cultivated in the statebut not Basmati cultivation in the traditional growing area.Challenging the rejection and the order granting GI forbasmati in favour of APEDA, Madhya Pradesh moved the presentappeal.In May 2010, GI status was given to basmati grown onlyin Punjab, Haryana, Delhi, Himachal Pradesh, Uttrakhand andparts of western Uttar Pradesh and Jammu &amp; Kashmir.Madhya Pradesh moved a statutory opposition demandingthat its 13 districts be recognised as traditional basmatigrowing regions.The 13 districts of Madhya Pradesh which have beenexcluded from the tag are Monera, Vidisha, Bhind, Raisen,Gwalior, Sehore, Sheopur, Hoshangabad, Datia, Jabalpur,Shivpuri, Narsinghpur and Guna.According to Madhya Pradesh, these 13 districts hadbeen growing basmati for several decades and they were locatedin the Indo-Gangetic plains having climatic conditionfavourable for cultivation of basmati. Non-inclusion of the state in the basmati growingareas would have an adverse effect on the lives of farmers whomainly depend upon basmati cultivation, it said. BN BN

Madhya Pradesh plea seeking GI tag for Basmati rice dismissed

New Delhi, Jan 5 () Further escalation in the tension between the US and Iran will have implications on India's exports to the Persian Gulf nation, apex exporters body FIEO said on Sunday.
 Federation of Indian Export Organisations (FIEO) Director General Ajay Sahai said so far exporters have not flagged any concerns related with exports to Iran.
 "However, if the tensions will continue, it may have affect on India's exports to Iran," he said.
 He added that due to existing trade sanctions on Iran, Iranian shipping lines are only taking Indian consignments to that country.
 Tensions between Iran and the US increased after an American drone strike killed top Iranian general Qasem Soleimani last week.
 Iran is a key trading partner of India. Its major exports to India are oil, fertilisers and chemicals, while it imports cereals, tea, coffee, basmati rice, spices and organic chemicals, among others.
 India's exports to the Persian Gulf nation in 2018-19 were worth USD 3.51 billion (about Rs 24,920 crore), while imports were valued at USD 13.52 billion (about Rs 96,000 crore).
 The trade imbalance is mainly because of India's import of oil from Iran.
 Both the countries are holding negotiations for a bilateral preferential trade agreement (PTA) to increase trade.
 Unlike a free trade pact, where two trading partners significantly reduce or eliminate duties on maximum number of goods traded between them, PTA involves removal of duties on certain identified products.
 FIEO had earlier said that Iran holds huge export opportunities in sectors such as agriculture, chemicals, machinery, pharmaceuticals, paper and paper products, man-made fibre and filament yarn and essential oils. RR ABM
RVK

Further escalation in US-Iran tension may affect India's exports: FIEO

(Image source- pixabay.com) <ul><li>The Indian government has approved a new policy to double agricultural exports to $60 billion by 2022, the same year by which it intends to double farmer incomes. </li><li>Under the policy, all restrictions on the <keyword id="35094" type="ORGANIZATION" weightage="20" keywordseo="export">export</keyword> of organic and processed food items will be lifted. These include mandi (wholesale) taxes, minimum export prices, duties and quota restrictions. </li><li>Not only will this help <keyword id="45092" type="COMPANY" weightage="20" keywordseo="farmers">farmers</keyword> tap into foreign markets better, but will stabilise export flows and improve relations with <keyword id="44844" type="ORGANIZATION" weightage="20" keywordseo="Trade">trade</keyword> partners. </li><li>The policy will also involve a number of initiatives such as the standardisation of agricultural produce, the development of supply chains and shipping infrastructure, the amendment of conflicting regulations and investment in R&amp;D. </li></ul>Prime Minister Narendra Modi has always stressed that one of his administration’s key priorities is to boost farmer incomes, the progress on which has been hindered by persistently low retail food prices. With this in mind, on 6 December, his Union Cabinet <a href="http://www.pib.nic.in/PressReleseDetail.aspx?PRID=1554960">approved a new policy</a> to double agricultural exports to $60 billion by 2022, the same year by which it intends to double farmer incomes, and make India one of the world’s 10 largest agricultural exporters. The move follows a wave of farmer protests in India with the goal of obtaining better prices and a waiver of farm loans. Under the policy, all restrictions on the export of organic and processed food items will be lifted. These include mandi taxes, which are fees levied on the sale of produce that vary from state to state, minimum export prices, duties and quota restrictions. In addition, perishable exports will be granted single-window clearance. Not only will this help farmers tap into foreign markets better, but will stabilise trade flows and improve relations with partners as export bans and duties often tend to be a sticking point during trade negotiations. In the past, the Indian government has instituted export bans on certain food items in response to soaring domestic demand. The policy will also involve a number of initiatives such as the standardisation of agricultural produce, the development of supply chains and shipping infrastructure, the amendment of conflicting regulations and investment in logistics and technology to make smallholder-farmers trade-ready. India’s agricultural exports, which roughly comprise a tenth of the country’s overall merchandise exports, are currently dominated by three items: basmati <keyword id="13726" type="PERSON" weightage="20" keywordseo="rice">rice</keyword>, meat and marine products. In an attempt to diversify India’s exports, the central government will invest ₹14 billion to merge a variety of export incentive schemes and set up specialised export-focused clusters in a number of agricultural strongholds in India. There will be clusters dedicated to tea, coffee, bananas, mangoes, pomegranates and spices like turmeric, Suresh Prabhu, the Union Minister of Commerce and Industry, told <a href="https://economictimes.indiatimes.com/news/economy/policy/union-cabinet-approves-agriculture-export-policy/articleshow/66974576.cms">media outlets</a>. To ensure quality control in terms of production, logistics and distribution, a programme called “Brand India” will also be set up with the participation of state governments and private investors. Each state will also be expected to establish a specific department that will be tasked with implementing the agricultural export policy. One of the major aims envisioned under the policy is too boost the export of value-added items and to cause a shift in India’s current practice of exporting residual produce and make it become a producer of commodities that are exclusively for the export market. SEE ALSO: <a href="https://www.businessinsider.in/india-might-revive-tea-exports-to-iraq-as-sanctions-on-trade-with-iran-loom/articleshow/66968276.cms">India might revive tea exports to Iraq as sanctions on trade with Iran loom</a> <a href="https://www.businessinsider.in/indias-government-is-launching-an-online-logistics-portal-to-boost-exports/articleshow/65528157.cms">India’s government is launching an online logistics portal to boost exports</a> <a href="https://www.businessinsider.in/india-could-soon-become-the-worlds-largest-sugar-producer-but-heres-why-thats-a-problem/articleshow/65657844.cms">India could soon become the world’s largest sugar producer but here’s why that’s a problem</a>

India just approved a new policy with the aim of doubling agricultural exports by 2022

<ul><li>Even as core <keyword id="22195" type="General" weightage="20" keywordseo="inflation" source="Orion">inflation</keyword> cools, food and beverage inflation in July inched up to its highest in about three and a half years. </li><li>Pulse prices remain high in spite of government interventions and its sowing is also lower than last year. </li><li>The effect of many government interventions will be visible in the September inflation print, say experts.</li></ul>Retail inflation hit a 15-month high of 7.4% in July, and now economists are concerned about its trajectory in the next few festive months. The Reserve Bank of India (<keyword id="30067" type="General" weightage="80" keywordseo="rbi" source="Orion">RBI</keyword>) has recently increased its inflation projections, but the heightened inflation numbers might not come within them either, they worry. “RBI had forecast 6.2% inflation for Q2, which will mean that inflation has to average 5.6% in the next two months. But will this happen?” questions <keyword id="170005" type="General" weightage="50" keywordseo="madan-sabnavis" source="Orion">Madan Sabnavis</keyword>, chief economist at Bank of Baroda. Even as core inflation is cooling down, food and beverage inflation continues to inch up and in July they surged to 10.6% — the highest in about three and a half years. Apart from higher temperatures in some areas, flooding and rainfall increased the logistics costs, adding to pricing pressures. <cmsannotation type="cmsannotation" annotationid="The ‘pulse of the economy’" comment="subhead" text="The ‘pulse of the economy’">The ‘pulse of the economy’</cmsannotation> Vegetable prices continued to remain hot and rose by 37%, but the July print also saw double digit inflation in pulses, cereals and spices. Inflation in pulses remained elevated at 13.3% in spite of government’s efforts to increase domestic availability of tur daal through stock limits, offloading buffer stock — which have not been able to stem the price rise. Moreover, the sowing data of pulses is 8% lower than what it was last year, and as the monsoon is expected to August and September — there are fewer chances of a cool down soon. “Inflationary pressures in other categories such as milk and spices are equally concerning as the demand for these is going to strengthen with the upcoming festive season,” said a report by CARE Edge. “There was a degree of offset to rising food prices from the sequential decline in egg, meat and fish, and edible oil prices. Lower demand for non-vegetarian items in the current season drove the prices of egg and meat lower, while edible oil prices continued to decline owing to lower import costs,” said a report by Barclays. The prices of edible oils have hit a negative zone, but global edible oil prices have been picking up due to supply disruptions – providing little comfort for the numbers ahead. “True, this (vegetable inflation) can be temporary but it takes time for prices to come down to temper these rates. Therefore, we need to brace for another high number before a turnaround takes place,” says Sabnavis. <cmsannotation type="cmsannotation" annotationid="July inflation print" comment="subhead" text="July inflation print">July inflation print</cmsannotation> <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Item </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Inflation YoY </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Vegetables </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">37.3% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Cereals </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">13% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Pulses </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">13.3% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Milk </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">8.3% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Spices </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">21.6% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Eggs </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2.25 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Edible Oils </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-16.8 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Meat &amp; fish </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">3.82 </td></tr></tbody></table> Source: Government data <cmsannotation type="cmsannotation" annotationid="Govt interventions to show in September print" comment="subhead" text="Govt interventions to show in September print">Govt interventions to show in September print</cmsannotation> On the other hand, the government has been taking up <a href="https://www.businessinsider.in/india/webstories/fm-nirmala-sitaraman-outlines-indias-measures-to-tackle-food-inflation/slidelist/102610380.cms">several measures to contain</a> inflation. Apart from importing and procuring them from producer states, the government also offloaded wheat and rice stocks through e-auctions and banned non-basmati rice exports. Its effects will be visible with a lag effect, in the September inflation print says J M Financial. “The pricing pressures in the food category also reflected in the hotter than expected WPI inflation in July (-1.4% vs -2.7% estimated), however the deflationary trend continued,” it said, adding that it expects RBI to revise its inflation projections upwards yet again. In spite of the many factors like the El Nino effect and others expected to play out, most economists do not expect a rate hike anytime soon. “We continue to believe that the policy rates have peaked and we do not expect rate cuts in 2023,” said J M Financial, adding that comfortable core inflation in July would act as a buffer for RBI to not tinker with the policy rates. High inflation will bring for more challenges like and the RBI is aware of them says a CARE Edge report. “Higher food prices for longer could impact households’ purchasing power and dent consumer sentiment. This could have a bearing on the growth prospects, especially amid external headwinds and uncertainty regarding rural recovery,” it said.

You Searched For "basmati export" and got 6 results

Current account deficit in Q3 may widen to 1.2%, improvement likely in March qtr: India Ratings

PTI

Suspend basmati exports to Iran till situation improves: AIREA advisory to members

PTI

Madhya Pradesh plea seeking GI tag for Basmati rice dismissed

PTI

Further escalation in US-Iran tension may affect India's exports: FIEO

PTI

India just approved a new policy with the aim of doubling agricultural exports by 2022

Dilsher Dhillon

No near-term reprieve? Festival demand to fuel inflation further, say economists

Katya Naidu

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