Weekly News 18 - 22 March 2024
Monday, 18 March 2024 (The Economic Times) Govt to Buy 1,650 t Onions from Traders for Bangladesh
National Cooperative Export Ltd (NCEL), India’s government export agency, is set to purchase 1,650 tonnes of onions from private traders for export to Bangladesh at a price below ₹29/kg. This marks the first official export of onions from India in over three months, following a ban imposed from December 8 to March 31 to stabilize domestic prices. The ban led to a crash in domestic prices and a surge in international prices due to a global shortage caused by India’s absence from the market. Despite concerns over smuggling during the export ban, the government is now facilitating exports to meet demand from traditional buyers like Bangladesh, the Middle East, and Southeast Asia, particularly during the Ramadan season.
With onion prices currently ranging from ₹7/kg to ₹16/kg in Maharashtra’s Nashik district, prices may further soften with the arrival of fresh rabi harvest. While the exact export price to Bangladesh remains undisclosed, industry insiders anticipate significant profits for NCEL, given the higher prices of onions in Bangladesh, currently selling at ₹80-90/kg. However, experts suggest that India’s advantage in the global market may diminish from May onwards with the arrival of new crops from Egypt and Turkey, ending the global shortage of onions.
Tuesday, 19 March 2024 (mint) Joint fund to support Indo-Pac startups
New Delhi and Paris are gearing up to launch a fund later this year to bolster startups and climate-focused innovations in the Indo-Pacific region, as outlined in their joint vision statement released during Prime Minister Narendra Modi’s visit to France in July 2023. The Indo-Pacific Triangular Cooperation (ITDC) Fund aims to support green technologies and Sustainable Development Goals (SDGs) initiatives across the region, with a focus on projects in the Western Indian Ocean and broader Indo-Pacific. Both nations view this initiative as a significant step towards providing transparent funding alternatives for innovators and strengthening regional connectivity, aligning with the India-EU Connectivity Partnership launched in 2021.
India’s triangular cooperation mechanisms with Germany, the US, and the UK, along with ongoing collaborations with Japan and Bangladesh to enhance trade and connectivity in the Bay of Bengal Northeast Industrial Value Chain concept, underscore its commitment to fostering regional development. Similarly, partnerships with Germany and the UK under the Global Innovation Partnership highlight efforts to leverage Indian innovation for the benefit of strategically important third nations. Discussions on potential collaborations in renewable energy projects in Sri Lanka further demonstrate India’s multifaceted approach to regional development and cooperation.
Wednesday, 20 March 2024 (Financial Express) Agri exports rebound
India’s agricultural and processed food exports, which experienced a slowdown in the first three quarters of the fiscal year due to restrictions on rice exports, have rebounded with a surge in shipments of meat, dairy products, fruits, and vegetables. Despite challenges like a 7% drop in rice exports due to bans and export duties, the Agricultural and Processed Food Products Export Development Authority (APEDA) basket recorded exports just above the previous year’s level at $21.6 billion during April-February. Livestock products saw a notable increase of close to 13%, reaching $4.1 billion, while fresh fruits and vegetables exports rose by 15% to $3.22 billion. Cereal preparations and processed items also rose by 9%, and oil meals shipments increased by 17% during the same period.
In contrast to the previous fiscal year’s record rice exports of $11.1 billion, FY24 is expected to witness a decline in rice shipments to around 17 million tonnes due to various restrictions. However, the overall recovery in agricultural and processed food exports, driven by increased shipments of livestock products, fruits, vegetables, and other processed items, indicates resilience in India’s export sector despite regulatory challenges.
Thursday, 21 March 2024 (The Indian Express) ‘Govt made right decisions for India’s startup ecosystem’
Prime Minister Narendra Modi addressed the Startup Mahakumbh, praising India’s startup ecosystem and highlighting government support. He subtly criticized Rahul Gandhi’s recent remarks and compared some political parties to startups that need relaunching. Modi stressed the importance of startups obtaining patents and the potential of artificial intelligence (AI) for the sector’s growth. While outlining India’s emergence as a global startup hub, he also made political overtures ahead of the Lok Sabha polls, expressing confidence in securing a third term and envisioning India as the world’s third-largest economy with startups playing a pivotal role.
Thousands of startups and investors across various sectors, including AI, agritech, fintech, and gaming, are participating in the event, jointly organized by industry bodies and supported by government initiatives such as DPIIT and Invest India. Modi’s speech underscores the symbiotic relationship between the government’s vision, startup innovation, and the nation’s economic aspirations.
Friday, 22 March 2024 (The Indian Express) M&M inks agreement with Adani Total in EV charging network
Mahindra & Mahindra's partnership with Adani Total Energies E-Mobility Ltd aims to accelerate the adoption of electric vehicles (EVs) in India by setting up EV charging stations nationwide. The memorandum of understanding (MoU) outlines plans for an extensive EV charging infrastructure, offering seamless access to charging networks for Mahindra EV owners through the Bluesense+ App. Veejay Nakra, President of M&M's Automotive Division, emphasises the importance of this alliance in enhancing EV charging infrastructure and ensuring smooth digital integration for an unparalleled EV experience.
Suresh P Manglani, Executive Director & CEO of Adani Total Gas Ltd, sees this collaboration as a significant step in expanding their presence in the EV space, boosting customer confidence in embracing EV technology as part of the energy transition. This partnership not only focuses on setting up charging stations but also includes providing e-mobility solutions for customers, covering aspects such as discovery, availability, navigation, and transactions, thereby enhancing the convenience and reach of electric vehicle charging across the country.
