Agriculture Sector Current Affairs - 2019

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Union Cabinet approves Agriculture Export Policy, 2018

Union Cabinet chaired by Prime Minister Narendra Modi has approved Agriculture Export Policy, 2018 with aim to double farmer’s income by 2022. Cabinet has also approved proposal for establishment of Monitoring Framework at Centre with Ministry of Commerce as nodal Department to oversee implementation of Agriculture Export Policy. It will also have representation from various ministries and departments and agencies and representatives of concerned State Governments

Agriculture Export Policy

It is aimed at doubling agricultural exports and integrating Indian farmers and agricultural products with the global value chains. Its vision is to harness export potential of Indian agriculture, through suitable policy instruments and to make India global power in agriculture and raise farmers’ income.

Objectives

  • Double agricultural exports from present US$ 30+ Billion to US$ 60+ Billion by 2022 and reach US$ 100 Billion in next few years thereafter with stable trade policy regime.
  • Diversify India’s export basket, destinations and also boost high value and value added agricultural exports including perishables.
  • Provide institutional mechanism for pursuing market access, tackling barriers and deal with sanitary and phyto-sanitary issues.
  • Strive to double India’s share in world agri-exports by integrating with global value chain at earliest.
  • Promote indigenous, organic, ethnic, traditional and non-traditional agri products exports.
  • Enable farmers to benefit from export opportunities in overseas market.

Elements of Agriculture Export Policy:

Strategic

  • Policy measures
  • Holistic approach to boost exports
  • Infrastructure and logistics support
  • Focus on Clusters
  • Promoting value-added exports
  • Marketing and promotion of Brand India
  • Greater involvement of State Governments in agri exports

Operational

  • Attract private investments into production and processing
  • Research & Development
  • Establishment of strong quality regimen
  • Miscellaneous

IFFCO inks pacts with two South Korean firms for agri-equipment and finance business

Fertiliser cooperative major IFFCO (Indian Farmers Fertiliser Cooperative Limited) has entered into strategic partnership with two leading South Korean firms to explore business opportunities in agri-machinery and farm credit sectors. These two firms are LS Mtron Ltd, a South Korean agriculture equipment manufacturer and NH Capital co. Ltd., South Korea’s leading financial services provider.

Key Facts

The farm machinery and agriculture credit sector are still evolving in India. Over the years, IFFCO has been expanding its footprint beyond chemical fertiliser and was scouting for partner to venture into farm machinery and agri-credit sectors for long time. The entry of established player like IFFCO in these emerging sectors will certainly infuse much-needed competition and freshness in the sector. Under this strategic partnership, IFFCO together South Korean firms will explore business opportunities involving supply, sales and distribution of agricultural machinery and finance to fulfil the market demand in India.

Indian Farmers Fertiliser Cooperative Limited (IFFCO)

IFFCO is large scale fertiliser cooperative federation in India which is registered as Multistate Cooperative Society. It is one of India’s biggest cooperative society which is wholly owned by Indian Cooperatives. It was founded in 1967 with just 57 cooperatives and at present it has amalgamation of over 36,000 Indian Cooperatives with diversified business interests ranging from General Insurance to Rural Telecom apart from its core business of manufacturing and selling fertilisers. It is headquartered in New Delhi.