Weekly News 1 - 5 January 2024
Monday, 1 January 2024 (Financial Express) Farmgate crop purchases on eNAM pick up
Farmers in 11 states, including Andhra Pradesh and Gujarat, are benefitting from increased income by selling crops directly on the eNAM platform. This farmgate approach saves on transportation costs, with a total traded value of ₹74 crore from April to December 2023. Despite being a small portion of eNAM's turnover, it signifies a digital shift for better price discovery. Officials urge other states to adopt this model, emphasizing cost savings and timely sales for farmers. Inter-mandi trade on eNAM increased by 161%, with the platform integrating 1,361 mandis across 27 states. The agriculture ministry encourages central agencies like the Food Corporation of India to use eNAM for improved price discovery without user charges.
Tuesday, 2 January 2024 (The Economic Times) Onion Export Ban may be Lifted as Prices Drop, Supplies Rice
India is considering lifting the onion export ban as prices dropped by 20% to Rs 1,500 per quintal due to increased arrivals. The move aims to balance prices, with the arrival of fresh kharif onions at 15,000 quintals/day, while preserving India's global market position and honouring trade deals.
Wednesday, 3 January 2024 (mint) India tea exports slump to $531 mn during April-November 2023
India's tea export earnings fell to $531.63 million (from $562 million) between April and November 2023 due to issues in Iran and the Ukraine crisis. Geopolitical tensions, economic challenges, and lower export prices contributed to this decline. The Indian Tea Exporters Association anticipates a 10% drop in tea exports for 2023. Despite challenges, India is exploring new markets like Iraq, Jordan, and Turkey. Sri Lanka's tea exports increased amid international aid to revive its economy. Crisil predicts an 8% decline in India's tea industry revenue for FY24, with stable domestic demand but a potential impact from increased tea supply from Sri Lanka.
Thursday, 4 January 2024 (mint) Nicobar shipping hub tender likely next month
Indian govt plans to invite bids for the ₹18,000 crore first phase of the Great Nicobar international container terminal next month. The project aims to enhance India's role in the international sea route, with Larsen & Toubro, Afcons Infrastructure, and JSW Infrastructure among interested companies. The entire ₹72,000-crore Great Nicobar project includes an international airport, township development, and a gas and solar power plant. The first phase focuses on port infrastructure, and bids are expected to be finalized in the first quarter of FY25.
Friday, 5 January 2024 (Financial Express) Amit Shah launches tur dal procurement portal; sets 2028 as target to stop pulses imports
India aims to pulse self-sufficiency in 4 years, with Home Minister Amit Shah stating, "By Dec 2027, we'll be self-reliant; no pulse imports from Jan 2028." Shah launched a tur dal procurement portal for direct purchases from farmers, focusing on boosting production and reducing import dependence. The dynamic pricing model encourages farmers, supported by the Price Stabilisation Fund, to transfer payments to farmers within three days. The initiative plans to expand purchase strategies for various pulses beyond MSP.
