Daily News - Thursday, 2 January 2025
Agritech to create 60K-80K new jobs (Financial Chronicle)
The Indian agritech sector, currently employing approximately 1 lakh people, is projected to generate 60,000-80,000 new jobs over the next five years across roles such as AI development, supply chain management, and sustainable farming. By addressing diverse farming needs, from water irrigation and market linkages to credit and real-time advisory services, agritech supports continuous innovation and operational support, minimizing seasonal employment gaps. The sector offers a mix of hybrid and on-ground roles, with remote opportunities in software and analytics, while field roles like technicians and agronomists directly support farmers and monitor operations.
New off-patent drugs to aid Indian pharma (Financial Chronicle)
The expiry of drugs worth ₹12,000 crore in the US between 2025 and 2028, including top patented drugs like Keytruda, Eliquis, and Eylea, presents a significant opportunity for Indian generic drug manufacturers, which derive 33-35% of their revenues from this key market. Revenue growth in the US for Indian pharma exporters is expected to moderate to 9-11% in FY2025, following an 18.3% increase in FY2024, as pricing pressures ease and drug shortages boost higher volume growth and better pricing. However, risks such as USFDA warning letters and import alerts continue to challenge growth, prompting companies to optimize portfolios, cut costs, and focus on complex products like injectables and biosimilars.
EIC has evolved as a key facilitator of India’s export trade and quality standards compliance (Press Information Bureau, Govt. of India)
The Export Inspection Council of India (EIC), established under the Export (Quality Control and Inspection) Act, 1963, has significantly enhanced India’s export trade by ensuring stringent quality control, expanding testing infrastructure to 78 accredited labs, and increasing approved export establishments by 82% over the past decade. The number of export certificates issued doubled from 61,000 in 2013-14 to over 120,000 in 2023-24, with certifications recognized by global regulators in markets like the EU, USA, and Japan, reflecting adherence to international standards. EIC’s initiatives, including an advanced online portal, laboratory upgrades for rapid testing, and over 750 training programs, underscore its commitment to improving trade facilitation and fostering India’s global trade credibility.
India aims to double organic food exports to $1 bln (The Economic Times)
India aims to surpass $1 billion in organic product exports in 2024, building on growth from $213 million in 2012-13 to $494.80 million in 2023-24, with key exports like cereals, spices, and tea reaching markets in the US, EU, and Asia. Efforts to address quality concerns include a 300% increase in labs and a 200% rise in certifications over the past decade, along with reduced EU fisheries rejections from 15 in 2017 to 3 in 2024, supported by MRAs with key nations and talks underway with Qatar. Meanwhile, tobacco exports are projected to grow 8% to over ₹13,000 crore in 2024, as production stabilizes at 270 million kg under government regulation, benefiting 80,000-85,000 farmers through IT-enabled auction systems.
Govt clears ₹69,515 cr crop insurance outlay (mint)
The Union Cabinet has approved a ₹69,515 crore outlay for crop insurance schemes, extending the Pradhan Mantri Fasal Bima Yojana (PMFBY) and Restructured Weather-Based Crop Insurance Scheme (RWBCIS) until FY26, with ₹1.7 trillion already disbursed to 40 million farmers, 88% of whom are small and marginal. A ₹824.77 crore Fund for Innovation and Technology (Fiat) will enhance technological integration for faster claim settlements, while a 50:50 funding model will continue, with the Centre covering 90% of premiums in Himalayan and northeastern states. Additionally, the government has pledged to stabilize the price of di-ammonium phosphate (DAP) fertilizer at ₹1,350 per 50kg bag, subsidizing any excess cost with an additional outlay of ₹3,850 crore to protect farmers from global market fluctuations.
