Business Current Affairs - 2019

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India International Cooperatives Trade Fair held in India

The First Ever India International Cooperatives Trade Fair (IICTF) will commence from 11 October 2019 at Pragati Maidan in New Delhi. The three day fair is scheduled from 11-13 October 2019. It is unique initiative that provides single platform to farmers, artisans & other members of cooperatives directly to global trade arena.

Key Highlights of IICTF

It is conceived as a major platform to promote exports of Indian cooperative produce and is packed with exhibitions, B2B/C2C meetings, conferences, cultural programmes etc.

Objective: (i)To double farmers’ income by promoting cooperative to cooperative trade within India and abroad (ii) To promote exports of key agriculture commodities and products leading to enhanced rural and farm prosperity.

Why Cooperative sector? This initiative is part of Agriculture Export Policy (AEP) 2018 which aims at doubling agriculture export and integrating Indian farmers and agriculture products with global value chains. As per AEP 2018, the Cooperative sector has big role to play in doubling agriculture exports from present $30 billion to $60 billion by 2022.

Organizations Involved: IICTF has been steered by National Cooperative Development Corporation (NCDC) with support of one international organization-NEDAC (Network for the Development of Agricultural Cooperatives), 3 Ministries, 4 State Governments and several apex level Indian cooperative organizations.

Cabinet approves Sugar export policy for evacuation of surplus stocks

Cabinet Committee on Economic Affairs (CCEA) chaired by Prime Minister Narendra Modi has given its approval for sugar export policy for evacuation of surplus stocks during sugar season 2019-20. The policy provides lump sum export subsidy of Rs. 10,448 per Metric Tonne (MT) to sugar mills for season 2019-20.

Export Subsidy

It will be provided for expenses on marketing costs including handling, upgrading and other processing costs, international and internal transport costs and freight charges. It will be directly credited into farmers’ account on behalf of mills against cane price dues and subsequent balance, if any, will be credited to mill’s account. It shall be in conformity with the provisions of Article 9.1 (d) & (e) of Agreement on Agriculture (AoA) and thus World Trade Organisation (WTO) compatible. The decision will benefit millions of farmers in Maharashtra, Uttar Pradesh, Haryana and Karnataka as well as other states.