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Business Standard

Centre drops private participation in grain procurement from PM-AASHA

Agriculture Minister Shivraj Singh Chouhan to meet farmers' groups every Tuesday to hear grievances; expects higher kharif output despite surplus rains

Business Standard

Subsidy on P&K fertilisers to raise farmers' income: Agri Minister Chouhan

Union Agriculture Minister Shivraj Singh Chouhan on Wednesday said the government's decision to provide subsidy of Rs 24,475 crore on phosphatic and potassic (P&K) fertilisers for rabi season would help reduce input cost for farmers and enhance their income. He also welcomed the Cabinet's approval to continuation of Pradhan Mantri Annadata Aay Sanrakshan Abhiyan (PM-AASHA) scheme till 2025-26 with an outlay of Rs 35,000 crore. Welcoming the decision of subsidy on P&K nutrients, Chouhan said in a social media post on 'X', "this will ensure availability of fertilisers to farmers at affordable rates". The Cabinet's decision would also give new impetus to the government's commitment to reduce production cost, increase income of farmers and make farming a profitable business, the minister added. Chouhan said the PM-AASHA scheme will not only help in giving remunerative prices to farmers for their produce but will also control the price volatility of essential commodities. The ...

Business Standard

Chennai-based fintech Kaleidofin raises $13.8 million in new funding round

The investment will enable the company to strengthen its capabilities to extend loans in the agriculture sector

Business Standard

Digital revolution to help arrest exodus of youth from farming: FAIFA

Farmers' body FAIFA on Wednesday said the government's initiatives for digital revolution in agriculture will go a long way in arresting the exodus of youth from agriculture. Federation of All India Farmer Associations (FAIFA), which claims to represent farmers and farm workers of commercial crops across Andhra Pradesh, Telangana, Karnataka and Gujarat, said the recently announced seven schemes totalling Rs 14,000 crore will play a key role in stopping the movement of the youth from rural to urban and from farming to other professions. "These new schemes are not just about technological integration. This will help in relieving agrarian distress caused by climate variations and market uncertainties that have made agriculture unlucrative for our youth," FAIFA President Javare Gowda said in a statement. These schemes are likely to create new jobs, and the demand and creation of different skill sets will open more opportunities for the youth of rural India in the times to come, FAIFA ..

Business Standard

Govt implements many farmer-friendly policies in first 100 days: Amit Shah

The government has implemented several farmer-friendly policies in its first 100 days of the third term with focus on improving agricultural productivity and exports, Cooperation Minister Amit Shah said on Tuesday. Addressing a press conference on the completion of 100 days of the Modi 3.0 regime, Shah said the government has implemented policies worth Rs 15 lakh crore across 14 sectors. Listing works initiated for the welfare of the farmers, he also said the Modi government has launched the agriculture fund to support startups and rural enterprises, driving agricultural innovation. The minister said the Agriculture Infrastructure Fund has been expanded to enhance agricultural infrastructure and support to farmers, and Rs 14,200 crore has been allocated across seven schemes to improve farmers' lives and livelihoods. The minister highlighted key achievements in the farm sector, including the disbursement of Rs 20,000 crore to 9.3 crore farmers under the Pradhan Mantri Kisan Samman .

Business Standard

Infrastructure, agriculture key focus areas of 100 days of Modi 3.0

The BJP-led NDA government has approved infrastructure projects worth Rs 3 lakh crore, including linking 25,000 unconnected villages to road networks and building a mega port at Wadhawan in Maharashtra, during its first 100 days in office. Besides infrastructure, the focus of the government has also been on agriculture by increasing the minimum support price (MSP) for Kharif crops, removing of minimum export price (MEP) on onions and basmati rice and hiking the duty on the import of crude palm, soybean and sunflower oils. Prime Minister Narendra Modi assumed office for the third consecutive term on June 9 this year. The thrust of the Modi government has been on providing stability on the policy front with a flexible approach to adopt certain changes to remove teething problems without diluting the original concept. A case in point is the Goods and Services Tax which has undergone 140 changes to reduce friction. The government approved the Wadhavan Mega Port in Maharashtra for Rs .

Business Standard

Banks should adapt to changing customer needs to remain competitive: CEA

Chief Economic Advisor to the Centre, V Anantha Nageswaran has said banks should adapt to changing customer preferences and market dynamics in order to remain competitive. He highlighted the crucial role of agriculture in driving economic growth at an event organised by public sector Indian Bank here on Saturday. In his remarks on the topic 'Indian Economy and Banking: Growth and Trends", Nageswaran stressed on the importance of technological advancements in driving growth and innovation in the industry. The CEA, in a press release issued by the Bank, emphasised the need for banks to adapt to changing customer preferences and market dynamics to remain competitive. He hailed the Indian Bank for its efforts to invest in knowledge sharing and excellence and lauded it's initiative under the MSME Prerana programme which is aimed at training the entrepreneurs. In his address, Indian Bank Managing Director and CEO S L Jain said, "We are delighted to have Dr Nageswaran sharing his insight

The Economic Times

Banks need to adapt to changing customer preferences to remain competitive: CEA

Chief Economic Advisor V Anantha Nageswaran emphasized the need for banks to adapt to changing customer preferences and market dynamics. Speaking at an event by Indian Bank, he highlighted agriculture's role in economic growth and praised the bank's MSME Prerana programme. Indian Bank CEO S L Jain appreciated Nageswaran's insights on the economy and banking sector.

Business Standard

Onion prices rise in Lasalgaon wholesale market after scrapping of MEP

Onion prices rose at the Lasalgaon Agriculture Produce Market Committee (APMC) in the district on Saturday following the Union government's decision to scrap the minimum export price (MEP) and halve the export duty, sources said. The Lasalgaon APMC is one of the biggest onion wholesale markets in the country. The prices of the kitchen staple in the APMC rose by average Rs 433 per quintal, sources said. "The removal of MEP is certainly a good decision. The market has increased a bit. We think there should be no export ban. The imposition and removal of such things affects the market. Now MEP has been removed, but farmers' onion produce is running out," said Balasaheb Kshirsagar, Lasalgaon APMC chairman. "There is no clarification yet about whether export charges have been reduced by 20 per cent or 40 per cent," he told PTI. As many as 425 vehicles or 5,182 quintals of onion arrived at the market on Saturday. The prices ranged from Rs 3,700 to Rs 4,951 per quintal and Rs 4,700 per

The Economic Times

Polymatech enters MENA with $16.2-million Bahrain funding

Polymatech designs, manufactures, packages, and assembles opto-semiconductor chips and modules. Opto-semiconductors are electronic devices that either emit or detect light, and are used in a variety of applications, including medical lighting, large-area lighting, cell phone backlights, agriculture, PCs, and laptops.

Business Standard

Govt extends incentives to exports via courier medium to boost e-commerce

The government has extended incentives for exports through the courier medium, a move aimed at promoting shipments through e-commerce. This was informed in the meeting of Board of Trade (BoT) in Mumbai. "In the realm of e-commerce exports, the Board of Trade was informed by officials from the Central Board of Indirect Taxes and Customs (CBIC) that effective immediately, RoDTEP, RoSCTL, and drawback benefits will be extended to all exports made via courier," the commerce ministry said in a statement. It added that plans to extend these benefits to postal route exports are also in the pipeline, creating a more equitable environment for e-commerce exporters utilising the courier and postal mode. RoDTEP (Remission of Duties and Taxes on Exported Products) provides refunds of central, state, and local taxes and levies on exported products that are not covered by other schemes. The scheme covers a range of sectors, including marine, leather, gems and jewellery, agriculture, electrical,

The Economic Times

Kiran Mazumdar-Shaw calls for innovation-driven value creation in India's biotech sector

Biocon Chairperson Kiran Mazumdar-Shaw urges increased investment in research and development to drive innovation and intellectual property culture. Speaking at Global Bio-India 2024, she highlights India's potential as a global bio-innovation hub, emphasizing its scientific talent and technological capabilities. She also underscores the importance of biotechnology in healthcare and agriculture.

Business Standard

Govt to procure soyabean at MSP in Madhya Pradesh: Agriculture Minister

Union Agriculture Minister Shivraj Singh Chouhan on Wednesday said the government will procure soyabean at a minimum support price in Madhya Pradesh amid a fall in the rates below the MSP level. MSP of soyabean (yellow) is fixed at Rs 4,892 per quintal for 2024-25. The procurement will be carried out under the Price Support Scheme (PSS) implemented by the agriculture ministry. "MP farmers are worried about soyabean prices ruling below MSP. We received a proposal from the MP government on procurement yesterday night. We have approved it," Chouhan told reporters. Soyabean will be purchased at an MSP in Madhya Pradesh also, the minister said, asserting that the farming community is a priority for the government and he believes serving farmers is like worshipping God. Earlier, the Centre had given permission for procurement of soyabean at MSP rate in Maharasthra and Karnataka, he added.

The Economic Times

Telangana Global AI Summit 2024: Making AI work for everyone

Telangana is advancing AI accessibility with the Global Telangana AI Summit, featuring the release of an AI strategy document. The state aims to leverage AI for governance challenges in education, healthcare, and agriculture. Key partnerships and innovations were highlighted, including an AI city near Hyderabad and various MOUs with tech giants.

Business Standard

Walmart Foundation provides $2.78 mn grant to promote tech in agriculture

Walmart Foundation has provided three new grants totalling USD 2.78 million to advance technological innovation in India's agriculture sector. With the Walmart Foundation funding, the National Entrepreneurship Network (NEN), Cornell University in support of the Tata-Cornell Institute for Agriculture and Nutrition (TCI) and Precision Development (PxD) collectively aim to reach over 3,00,000 farmers in India, according to a statement. Walmart.org represents the philanthropic efforts of Walmart and the Walmart Foundation. These grants aim to enhance farmer livelihoods, increase market access and promote sustainable agricultural practices, thereby contributing to the Walmart and Walmart Foundation goal of reaching 1 million smallholder farmers by 2028 across India's agriculture sector, it added.

Business Standard

Rajasthan farmers get free seed kits under state govt's millet push

The agriculture and allied sectors contribute 27 per cent to Rajasthan's gross domestic state product

The Economic Times

Premier Energies shares continue their bull run, skyrocket 181% since listing

The surge continues as the company, earlier in the last week, announced receiving a Rs 215 crore order from the Uttar Pradesh Department of Agriculture for the supply of 8,085 solar water pumping systems across various districts in the state and is scheduled for completion by March 2025.

The Economic Times

Beyond stock market: How to ace commodity trading

ETMarkets Livestream is hosting a masterclass on commodities with experts Gnanasekar Thiagarajan and Yeswant Rao on September 28. The event, from 10:30 am to 4 pm, will cover metals, energy, agriculture, and trading strategies, helping both commodity and equity traders

Business Line

Syngenta initiates ‘Climate Smart Project’ in Punjab, Haryana to tackle climate change

Company targets regenerative agriculture on 50 million hectares by 2030, says global CEO Jeff Rowe

Business Standard

Premier Energies spurts after bagging orders worth Rs 217 cr

Premier Energies surged 15.41% to Rs 972 after the company received an order from Uttar Pradesh Department of Agriculture for the supply, installation, and commissioning of solar water pumping systems across various districts in the state.

Business Standard

Premier Energies wins order of Rs 215 cr for solar water pumping system

From Uttar Pradesh Department of Agriculture

CNBC TV18

New listing Premier Energies shares jump 16% on winning ₹215 crore order in Uttar Pradesh

The order, from the Uttar Pradesh Department of Agriculture, involves the supply, installation, and commissioning with a five-year comprehensive warranty, the company said in an exchange filing.

Business Standard

Govt launches Rs 750 cr fund AgriSure for support to agriculture startups

Union Agriculture Minister Shivraj Singh Chouhan on Tuesday launched a Rs 750-crore fund 'AgriSure' to provide financial support to agritech startups even as he underlined the need for increasing public as well as private investments in the farm sector. The Union Cabinet on Monday approved seven schemes for the agriculture sector with an outlay of nearly Rs 14,000 crore. The minister was speaking after launching an integrated Agri Investment Portal named KrishiNivesh and 'AgriSure' fund at an event held here. The Rs 750-crore 'AgriSure' (Agri Fund for Startups & Rural Enterprises) will support startups and 'agripreneurs' by providing both equity and debt capital. Chouhan asked startups to utilise this fund and assured that there would be no fund constraints for agritech startups, which he said are playing an important role in the agriculture sector. "There is a need for investment in agriculture, not only from the government side but also private investments," he said, adding that

Business Standard

Govt notifies 8,606 tonnes raw cane sugar exports to US under TRQ regime

The government on Tuesday notified exports of 8,606 tonnes of raw cane sugar under the tariff-rate quota (TRQ) scheme to the US for the October 2024 - September 2025 period. Shipments under the TRQ enjoy relatively lesser customs duties. After the quota is reached, a higher tariff applies to additional imports. "The quantity of 8,606 MTRV (metric tonnes raw value) of raw cane sugar to be exported to USA under TRQ scheme from 01.10.2024 to 30.09.2025 has been notified," the Directorate General of Foreign Trade (DGFT) said in a public notice. A similar quantity was notified in January also. India, the world's second-biggest producer and the largest consumer of sugar, has a preferential quota arrangement for sugar export with the European Union as well. The DGFT said that the quota will be operated by the Agriculture and Processed Food Products Export Development Authority (APEDA).

The Economic Times

DSP Mutual Fund merges 2 international funds, changes name of surviving scheme

DSP Mutual Fund has announced the merger of the DSP World Agriculture Fund into the DSP World Mining Fund, which will also undergo a name change to DSP World Mining Fund of Funds. Effective October 4, 2024, the merger aims to shift from the niche Agriculture/Nutrition theme to the more promising mining and metals sector, which has shown better long-term performance.

Business Standard

Govt plans FMD-free zones in 8 states to enhance animal product exports

The government plans to establish Foot and Mouth Disease (FMD)-free zones in eight states to boost exports of animal products, according to a senior government official. Alka Upadhyaya, Secretary in the Department of Animal Husbandry and Dairying, announced the initiative at the workshop that concluded on August 30 on the issue of animal infectious disease prioritisation, organised by the Food and Agriculture Organisation (FAO) in collaboration with the department. "We've made significant progress in tackling four critical diseases: FMD, Peste des Petits Ruminants, Brucellosis, and Classical Swine Fever under the National Control Programme," Upadhyaya said. The government "plans to establish FMD-free zones in eight states, where advanced vaccination efforts are underway", she said. This strategic move is expected to pave the way for expanded export opportunities for Indian animal products, enhancing the country's global market presence, she added. The three-day workshop resulted

The Economic Times

Retail, services loans slow as RBI measures make banks cautious

The Reserve Bank's regulatory measures are influencing commercial banks' lending patterns. Loans to industry and agriculture have grown significantly in July 2024, while credit to services and retail sectors has slowed. Credit to housing accelerated despite a moderation in unsecured and vehicle loans.

Hindustan Times

India's GDP growth moderates to 6.7% in Q1 2024-25, lowest growth in five consecutive quarters

Construction was the sector with the highest growth rate at 10%, while Agriculture, Livestock, Forestry & Fishing grew the lowest by only 2%.

Business Standard

Paddy sowing increases 4.29% so far in 2024-25 kharif season: Report

Paddy acreage increased by 4.29 per cent to 39.42 million hectare so far in the ongoing 2024-25 kharif (summer) season, the agriculture ministry said on Tuesday. In the year-ago period, the area under paddy was 37.8 million hectare. Sowing of paddy, the main kharif crop, begins with the onset of the southwest monsoon in June, and harvesting takes place from October Additionally, the area sown to pulses increased to 12.21 million hectare till August 27 of the ongoing season against 11.55 million hectare in the same period last year, the ministry said in a statement. The coverage of 'arhar' rose to 4.57 million hectare from 4.07 million hectare. Arhar (tur) sowing has been completed. The area sown to 'urad' was 2.9 million hectare against 3.08 million hectare. The area under coarse cereals and 'Shree Anna' (millets) increased to 18.55 million hectare from 17.75 million hectare in the year-ago period. Among coarse cereals, the area under maize rose to 8.72 million hectare against 8

Business Standard

I-Day: Govt invites over 1,000 farmers, their spouses for special prog

The Ministry of Agriculture and Farmers' Welfare has invited more than 1,000 farmers and their spouses to the National Capital for a special two-day programme coinciding with the 78th Independence Day celebrations. The invitees, beneficiaries of central schemes like PM-Kisan Samman Nidhi Yojana and PM Fasal Bima Yojana, will interact with Agriculture Minister Shivraj Singh Chouhan at PUSA's Subramaniam Hall on August 15. Ministers of State Ramnath Thakur and Bhagirath Choudhary will also be present. On the occasion, Chouhan is set to launch the National Pest Surveillance System (NPSS), a digital initiative leveraging AI and machine learning to provide timely pest management advisories. The system, comprising a mobile app and web portal, aims to reduce crop losses and boost productivity through real-time data and advanced analytics. "NPSS will empower farmers with actionable insights, helping them make informed decisions to protect their crops," the ministry said in a statement.

Business Standard

Paddy acreage rises 4.28%, cotton area lags in kharif season so far: Govt

Farmers have increased the area under paddy cultivation by 4.28 per cent to 33.18 million hectares, while cotton acreage declined in the ongoing 2024-25 kharif (summer-sown) crop season, according to government data released on Monday. The agriculture ministry reported that paddy sowing rose to 33.18 million hectares as of August 12, up from 31.82 million hectares in the same period last year. The increase in the paddy acreage comes amid forecasts of widespread rainfall across several regions by the India Meteorological Department (IMD). As per the ministry's data, pulses acreage marginally increased to 11.74 million hectares in the ongoing kharif season from 11.01 million hectares in the year-ago period. Oilseeds area remained relatively flat at 18.37 million hectares compared to 18.22 million hectares last year. Cotton sowing declined to 11.05 million hectares as of August 12 from 12.12 million hectares in the same period the previous season. Among pulses, pigeon pea (arhar) sa

Business Standard

Domestic food market likely to grow by over 47% to touch $1,274 bn: Report

The domestic food market is expected to grow by over 47 per cent to reach USD 1,274 billion by 2027, a report released by the Confederation of Indian Industry and supported by Danfoss India said. India's food processing industry sees innovative startups emerging with cutting-edge technology, the report titled 'Food Processing Sector in India - Potential for Southern States. and released by CII, CII FACE (Confederation of Indian Industry -- Food and Agriculture Centre of Excellence) and Danfoss India, said. Danfoss India is a leader in heating, ventilation and air-conditioning and is the subsidiary of Denmark-headquartered engineering major Danfoss. Some of the key highlights of the report, which was released at the CII-FoodPro 2024 include the potential that southern states hold for food processing industry. "Tamil Nadu leads India's export of processing fruits, juices and nuts, with a 33 per cent share by quantity and 27 per cent by value, exporting 2,08,370 metric tonnes worth US

Hindustan Times

Asian Development Bank retains India's growth forecast at 7% for 2024-25

The Asian Development Bank cited a potential rebound of agriculture in India due to above-normal monsoon projections as the reason for holding the 7% forecast.

The Economic Times

Budget 2024: What does the stock market expect from the coalition government Budget?

India's real consumption is expected to reach Rs 70 trillion by 2025, driven by demographics and rising incomes. By 2030, consumer spending may hit $4 trillion. Agriculture sees 6% growth, with budget support. Manufacturing and infrastructure expand through policies. The 2024 budget, at Rs 47.66 trillion, allocates 3.3% of GDP to infrastructure, smart cities, highways, and logistics parks.

Business Line

Infra.Market raises ₹150 crore debt

The round saw participation from digital lending unicorn Yubi (formerly CredAvenue), agriculture financing platform Samunnati, Vivriti Capital, among others, by issuing non-convertible debentures

Business Standard

Paddy sowing up 19% so far this year, acreage of Arhar, Urad up sharply

Area sown to paddy has increased by 19.35 per cent to 59.99 lakh hectare so far in the ongoing 2024-25 kharif (summer) season, the agriculture ministry said on Monday. In the year-ago period, area under paddy was 50.26 lakh hectare. Sowing of paddy, the main kharif crop, begins with the onset of southwest monsoon from June, and harvesting takes place from September. Additionally, area sown to pulses also increased to 36.81 lakh hectare till July 8 of the ongoing season, from 23.78 lakh hectare in the same period last year, the ministry said in a statement. There was a significant rise in coverage of 'arhar', to 20.82 lakh hectare from 4.09 lakh hectare. Area sown to 'urad' was 5.37 lakh hectare as against 3.67 lakh hectare. However, area under coarse cereals and 'Shree Anna' (millets) decreased to 58.48 lakh hectare from 82.08 lakh hectare in the year-ago period. Among coarse cereals, area under maize rose to 41.09 lakh hectare from 30.22 lakh hectare. Area sown to oilseeds inc

Business Standard

Govt to review performance of FPOs as support period coming to end

The government will conduct a thorough review of the performance of Farmer Producer Organizations (FPOs) as the three-year support period for these entities coming to an end, Agriculture Minister Shivraj Singh Chauhan announced on Monday. Chauhan made the statement after visiting 55 FPOs who displayed their products at a fair organised at Dilli Haat INA here. The FPO Scheme, launched in 2020, is aimed to form and promote 10,000 new FPOs by 2024 with a budgetary provision of Rs 6,865 crore. Under the programme, the government provided financial assistance of Rs 18 lakh per FPO for three years, along with a matching equity grant and credit guarantee facility. However, the minister acknowledged that outcomes have been varied, with some FPOs achieving significant success while others continue to face challenges. "Some FPOs are standing on their feet in three years, while some are struggling. We will conduct a thorough review of all FPOs to understand their progress and identify gaps w

The Economic Times

Vedanta chairman Anil Agarwal meets Odisha CM

Union Cooperation Minister Amit Shah outlined the government's initiatives during the 'Sahkar se Samriddhi' programme marking the 102nd International Day of Cooperatives. He announced plans to establish cooperative banks and milk producers' unions in every district, and to create multipurpose agriculture credit societies (PACS) in two lakh panchayats without cooperative institutions within five years.

Business Standard

Suzuki Motor unveils Rs 340 crore fund to support social impact startups

Japanese automobile firm Suzuki Motor on Thursday launched its first investment fund in India--Next Bharat Ventures--a Rs 340 crore fund dedicated to fostering impact entrepreneurs who create value in Tier-II and below geographies. This Suzuki initiative aims to support social impact startups in the domains of agriculture, financial inclusion, rural supply chains, and rural mobility, through a residency programme. "Next Bharat will invest in growth-stage impact firms and early-stage impact entrepreneurs through its flagship residency programme. In order to improve synergy among our early-stage portfolio, We do Fund of Fund operations, investing in Indian Early Stage Venture Capital firms, this investment will also help in establishing strong strategic synergies for the Next Bharat Impact Fund," Next Bharat CEO and MD Vipul Nath Jindal told PTI. During the 4-month hybrid residency programme, selected impact entrepreneurs will receive extensive mentorship, access to resources, and ...

The Economic Times

These unlucky 13 equity mutual funds lost upto 20% in the first half of 2024

In the first half of 2024, 13 international equity mutual funds had negative returns. HSBC Brazil Fund lost 19.65%, Mahindra Manulife Asia Pacific REITs FOF 14.27%, Kotak International REIT FOF 8.71%, Mirae Asset Global Electric & Autonomous Vehicles ETFs FoF 8.11%, DSP World Agriculture Fund 4.27%, DSP World Energy Fund 3.42%, DSP World Mining Fund 1.