Diary Industry Current Affairs - 2020
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Revision of interest subvention under Diary Processing and Infrastructure Development Fund from 2% to 2.5%
The Cabinet Committee on Economic Affairs recently approved its revision of interest subvention rates from 2% to 2.5% per annum. This is being done under Diary Processing and Infrastructure Development Fund (DIDF).
Under the DIDF, GoI will now provide interest subvention up to 2.5% to NABARD till 2030. This shall enable NABARD in devising its own strategy of borrowing. In turn, it will be able to provide low cost of funds to milk unions.
There are more than 95 lakh milk producers that will be benefitted with this move. It will help in establishment of 28,000 milk coolers and create 210 metric tonnes of milk drying capacity.
The major activities that are covered under the fund includes chilling infrastructure, electronic adulteration testing kit, modernization of milk processing facilities and project management.
The DIDF Scheme was announced in Union Budget 2017-18 by the Ministry of Finance. Under the scheme DIDF considerable amount is contributed by NABARD to the National Diary Development Board and National Cooperative Development Corporation.
Tags: Cabinet Committee on Economic Affairs (CCEA) • CCEA • Diary Industry • Diary Sector • milk production
Ahead of President Trump’s visit by the end of February 2020, GoI has announced that it is to partially open the poultry and Diary market to imports from US.
India will now allow imports of US turkey, chicken legs blueberries and cherries. The tarrif on Chicken legs are to be cut from 100% to 25%. The Indian Diary Market is to be opened with 5% tariff on some products. However, the diary imports will need certificates that they are not derived from animals that have consumed feeds that include blood meal, internal organs or tissues of animals.
India being the largest producer of milk in the world had restricted diary imports. This was done to protect the livelihood of 80 million rural households.
In 2019, US had suspended Generalized System of Preferences after India capped the prices of medical devices such as cardiac stents, knee implants, etc. India now aims to restore the bonds with US.
Indi is the second largest trade partner of the United States after China. However, US faces trade deficit of 23.2 million USD with India. United States is working in every possible way to reduce the trade deficit.
Recently, US announced that India is a developed country that it does not require GSP for its goods to be exported to US.
Tags: China-US • Diary Industry • GSP • GSP market access • India-US