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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

Despite geopolitical tensions in <keyword id="19897269" type="General" weightage="20" keywordseo="europe" source="keywords">Europe</keyword> and the <keyword id="19904316" type="General" weightage="20" keywordseo="middle-east" source="keywords">Middle East</keyword>, <keyword id="19895063" type="General" weightage="20" keywordseo="india" source="keywords">India</keyword>'s <keyword id="20631272" type="General" weightage="20" keywordseo="merchandise-exports" source="keywords">merchandise exports</keyword> grew by 5.8% to $109.96 billion compared to $103.9 billion in the same period last year, according to a CRISIL report. The report states that the deceleration in the growth momentum of exports in June compared to May was largely due to an 18.2% contraction in oil exports. The growth momentum slowed down in June, with merchandise exports increasing by only 2.6% year-on-year, down from 9.1% in May. Non-oil exports continued to maintain steady growth, rising by 7.7% in June, almost in line with the 7.8% growth recorded in May. Services exports exhibited a strong performance in June, contributing positively to the overall trade scenario. The positive aspect is that merchandise imports grew at a slower pace of 5% year-on-year in June, down from 7.7% in May. However, core imports, excluding oil and gold, surged by 7.1%, increasing from the 0.8% growth in the previous month. This spike in core imports was partially driven by a low base effect from the previous year. Despite the positive growth in exports, the <keyword id="20201391" type="General" weightage="20" keywordseo="trade-deficit" source="keywords">trade deficit</keyword> widened to $21 billion in June from $19.2 billion in the same month last year. For the first quarter, cumulative imports rose by 7.7% to $172.4 billion from $160 billion, resulting in a trade deficit of $62.44 billion, up from $56.1 billion. This widening deficit was mainly due to a higher oil trade deficit, while the non-oil trade deficit narrowed. Services exports were a bright spot, increasing by 10.2% year-on-year to $29.76 billion in May. On the other hand, service import growth moderated to 5.4%, down from 19.1% in the previous month. Consequently, the services trade surplus expanded to $13.02 billion, up from $11.1 billion in May last year. Oil exports fell by 18.3% year-on-year and 18.5% month-on-month in June, despite stable international prices. This suggests a reduction in export volumes, with exports falling to $5.5 billion from $6.8 billion in June last year and the previous month. Oil imports increased by 19.6% in June compared to 28% in May, driven by domestic demand and local refineries operating above capacity. Sectors such as drugs and pharmaceuticals, engineering goods, organic and inorganic chemicals, and ready-made garments showed positive growth. However, pharmaceuticals (9.9% vs. 10.5%) and ready-made garments (3.7% vs. 9.8%) saw slower growth compared to May. Gems and jewellery exports continued to decline, marking the seventh consecutive month of negative growth at -1.4% year-on-year. Growth in carpets, handloom products, man-made products, plastics, and linoleum was positive but slower than the previous month. Handmade carpets (-16.6% vs. 20.6%), jute manufacturing (-11.1% vs. -5.2%), and leather products (-2.2% vs -2.1%) recorded contractions. Cashew exports have been declining since 2018, with only sporadic months of positive growth. In June, cashew exports fell by 7.3%, an improvement from the 25.8% decline in May. Coffee (70% vs. 64.2%), fruits and vegetables (7% vs. 20.8%), rice (1% vs. 2.8%), spices (9.8%vs. 20.3%), tea (3.2% vs. 19.6%), and tobacco (37.7% vs. 58.4%) saw slower growth compared to May. Marine products (-7.7% vs. -3.9%) and meat, dairy, and poultry products (-13.9% vs. 22.9%) also experienced a decline. Increases were noted in electronic goods (15.9% vs. 6.7%), fruits and vegetables (22.6% vs. 3%), non-ferrous metals (47.6% vs. 1.1%), project goods (31.4% vs. -44.3%), textiles and yarn fabric made-up articles (23.8% vs. -1.1%), and wood products (16.2% vs. -7.2%). The fiscal year has started positively with steady merchandise export growth in the first quarter. Encouragingly, multilateral organisations have forecasted better year-on-year trade growth. The Indian government's focus on foreign trade agreements (FTAs) is expected to further boost trade. However, the persistent growth in imports surpassing exports is a concern, widening the trade deficit. The recent US tariff hikes on Chinese imports could lead to potential dumping by China in the Asian market, including India, which requires close monitoring. Despite these challenges, the expected moderation in domestic growth may help contain import growth and the trade deficit. The service trade surplus and robust remittance flows are positive indicators that the current account will remain stable.

Indian exports show resilience amid global challenges in first quarter, says CRISIL report

<keyword id="19895282" type="General" weightage="20" keywordseo="mumbai" source="keywords">Mumbai</keyword>, The cost of a representative home-cooked vegetarian thali has witnessed a 5 per cent on-year increase in January, while that of the non-veg thali declined 13 per cent, a report said on Wednesday. According to <keyword id="20489875" type="General" weightage="20" keywordseo="crisil-market-intelligence-and-analytics" source="keywords">Crisil Market Intelligence and Analytics</keyword> (MI&amp;A) Research '<keyword id="20489770" type="General" weightage="20" keywordseo="rice-roti-rate" source="keywords">Rice Roti Rate</keyword>' estimates, the rise in prices of ingredients like pulses, rice, onion and tomato made home-cooked veg thali costlier in January, while decline in poultry rates helped in the fall in non-veg thali rates. The cost of the veg thali increased due to a surge of 35 per cent and 20 per cent year-on-year in prices of onion and tomato, respectively, said the report. Prices of rice (accounting for 12 per cent of the <keyword id="18314113" type="General" weightage="20" keywordseo="veg-thali-cost" source="Orion">veg thali cost</keyword>) and pulses (9 per cent) also increased by 14 per cent and 21 per cent y-o-y, respectively, it added. Meanwhile, the decline in the cost of the non-veg thali was due to a 26 per cent fall in broiler prices in January, compared to the same month last year, amid higher production, the report stated. However, sequentially, the cost of the veg and non-veg thalis fell 6 per cent and 8 per cent, respectively. The ease in cost was due to a decrease of 26 per cent and 16 per cent month-on-month prices of onion and tomato, respectively, with higher domestic supply of onion amid export curbs and fresh tomato arrivals from the northern and eastern states, the report said. The cost of the non-veg thali declined faster due to an 8-10 per cent month-on-month dip in prices of broilers, which account for 50 per cent of the cost, it added.

Rising tomato & pulse prices push up veg thali cost in January, but non-veg thali costs come down

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 () 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

(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>

You Searched For "non basmati rice export" and got 6 results

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

PTI

Indian exports show resilience amid global challenges in first quarter, says CRISIL report

ANI

Rising tomato & pulse prices push up veg thali cost in January, but non-veg thali costs come down

PTI

Madhya Pradesh plea seeking GI tag for Basmati rice dismissed

PTI

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

PTI

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

Dilsher Dhillon

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