Our Aim is to move Towards National Common Market for Agricultural Commodities and Improve the Supply Chain: FM



Our Aim is to move Towards National Common Market for Agricultural Commodities and Improve the Supply Chain: FM 


The Union Finance Minister Shri Arun Jaitley said that our aim is to move towards National Common Market for agricultural commodities and improve the supply chain. He said that with the cooperation of States, we propose to move ahead on GST and APMC reforms. The Finance Minister Shri Jaitley was making the Opening Remarks during his Pre Budget Consultative Meeting with the representatives of Agriculture Groups here today. 

The Finance Minister Shri Jaitley informed that the Government has taken a number of measures/policy decisions in last few months to make the agriculture sector more vibrant including setting-up of ‘Warehouse Infrastructure Fund’ and ‘Long Term Rural Credit Fund’, of about Rs. 5000 crore each; and setting-up of special fund of Rs. 2000 crore under NABARD, which was announced in the Union Budget for 2014-15 to provide affordable credit to agro-processing units, setting-up of food parks and cold chain projects. He said that the Revised Kisan Credit Card (KCC) Scheme has been re-launched where in the cards have been converted into ATM enabled debit card with facilities of one-time documentation, built-in cost escalation in the limit and any number of drawls with the limit etc. Shri Jaitley further said that other initiatives include setting-up of Agriculture Universities in Andhra Pradesh (AP ) & Rajasthan, scheme to issue soil health card to every farmer, establishing National Adaptation Fund for climate change, providing finance to five (5) lakh joint farming groups of Bhoomi Heen Kisan, establishing Price Stabilization Fund, and Kisan TV channel among others. 

The Finance Minister Shri Jaitley said that as per estimates of GDP for the second quarter, (July-September) of 2014-15, the growth in the agriculture and allied sector was 3.2 per cent. He said that following the below normal monsoon, the production of total kharif foodgrains is estimated to be 120.27 million tons during 2014-15 as compared to 129.32 million tons in 2013-14 and 117.18 million tons in 2012-13. He further said that although rainfall deficit was worst felt in Haryana, Punjab and Uttar Pradesh, the impact on production was limited, as most of the crops in these States are grown under irrigated conditions. He said that allied sectors of agriculture have also shown a good performance. 

The Finance Minister Shri Jaitley said that exports have shown a 3.1% growth rate (up to November 2014) and growth rate of imports was 4.4% during the same period. He said that as per the provisions figures available, as against the farm credit target of Rs. 8,00,000 crore for the year 2014-15, an amount of Rs. 3,70,828.60 crore has been disbursed till 30th September, 2014.

The meeting was attended among others by Shri Jayant Sinha, Minister of State for Finance, Shri Rajiv Mehrishi, Finance Secretary, Shri Ashish Bahuguna, Agriculture Secretary, Dr. Arvind Subramanian, Chief Economic Adviser, and Shri R.K.Jha, Additional Secretary (Expenditure). The representatives of the Agriculture sector present during the meeting included Shri Crispino Lobo, Managing Trustee, WOTR, Dr. Dinesh, Chief Executive, National Cooperative Union of India, Shri Vijayan Rajes, President, United Planters Association of South India, Shri Gulshan John, Chairperson, All India Spices Exporter Forum, Dr. Baldev Singh Dhillon, Vice Chancellor, PAU, Shri Tushar Shah, Principal Scientist, International Water Management Institute, Shri S. Ayyappan, Secretary (DARE) & DG, ICAR, Shri Keshab Das, GIDR, Dr. Ashok Vishandass, Chairman, CACP, Dr. K.V. Prabhu, Joint Director (Research, IARI, Shri Devesh Roy, IFPRI, Shri Ajay Vir Jakhar, Chairman, Bharat Krishak Samaj, Shri Harish Damodaran, Indian Express, Shri Rakesh Kapur, MD, IFFCO, Shri A. Vellayan, Chairman, Coromandel Int Ltd, Shri Satish Chander, DG, Fertilizer Association of India, Dr. Y. Sivaji, Chairman, Kisan Foundation and Shri Ram Pal, Kisan Mahapanchayat among others. 

Many suggestions were received from the representatives of Agriculture sector. Major suggestions include fixation of remuneration prices for agriculture crops, incentives to encourage agriculture research, education and extension activities including investments in technological innovations and advancement in agriculture research; and impetus to micro irrigation financing, R&D support to Pradhan Mnatri Krishi Sanchai Yojana and strengthening of existing irrigation facilities among others. 

Other suggestions include that Government come out with dependable and creditable export and import policies that safeguard farmer’s interest, decentralization of food grain procurement, Minimum Support Price (MSP) to include cost of production and profitability for farmers and be linked to the index of inflation. Some other suggestions include taxation of foreign dividends at reduced rates with multi-state cooperatives, extension of investment allowance to cooperative societies in the manufacturing sector, flexibility of the automatic approval route be extended to multi state cooperative societies at par with corporate and LLP’s under different FEMA regulations. 

Some other suggestions include greater emphasis on agriculture research and education, allowance to agriculture research, extension and education be raised from the current level of around 0.8% of agriculture GDP to at least 1.5 percent, giving Indian Agriculture Institute the status of ‘Institute of National Importance’, check on mushroom growth on universities and colleges imparting higher education in agriculture including under distance learning mode; higher allocation for agricultural diversification, exempting livestock sector from income tax, incentives for natural resources conservation and farm mechanization, promoting value edition to enable crop diversification and acceleration, strengthening of agro machinery service sectors and clear policy for genetically modified crops and compensation to farmers in border areas among others. It was also suggested that ICAR laboratories whenever releasing new varieties of different crops from time to time should also inform about the cost of production and productivity along with that. Other suggestions include higher allocations to ICAR, restructuring of ICAR and strengthening of agriculture extension services, setting-up of seed processing and soil fertility measure plants at Panchayat level, eco friendly grain storage at farm levels and serious efforts on part of the Government to bring industry and agriculture closer to each other among others. 

***

Japan’s Official Development Loan Assistance to India for an Amount of Yen 50 Billion (Rs.2620 crore Approx.) for the PPP Infrastructure Financing Project of IIFCL 

The Notes were exchanged here today between Shri Rajesh Khullar, Joint Secretary, Department of Economic Affairs, Ministry of Finance, Government of India and Mr.Takeshi Yagi, Ambassador of Japan to India. Through this Exchange of Notes, Japan has committed JICA ODA loan for an amount of Yen 50 billion (Rs.2620 crore approx. at Exchange Rate of : Rs.1=Yen 1.91) for the PPP Infrastructure Financing Project of IIFCL.

India and Japan have had a long and fruitful history of bilateral development cooperation since 1958. In the last few years the economic partnership between India and Japan has steadily progressed. This further consolidates and strengthens the Strategic and Global Partnership between India and Japan. 

***

Finance Minister Shri Arun Jaitley Stressed the need for Long Term Investment in Agriculture for Meeting the Food Related Demands of the Country in the Future;
Asks NABARD to Continue to address the Inadequacies in Rural Finance Market 

The Union Finance Minister Shri Arun Jaitley stressed the need for long term investment in agriculture for meeting the food related demands of the country in the future. Shri Jaitley asked the National Bank for Agriculture and Rural Development (NABARD) to continue to address the inadequacies in rural finance market and thereby enhance its unique Apex development bank status for development of agriculture and rural sector. Emphasising the need to support rural housing, the Finance Minister noted NABARD’s efforts in allocating Rs.3000 crore by way of refinance and also underlined for enhanced efforts in this regard. The Finance Minister Shri Jaitley was addressing the Board of Directors of NABARD here today. Shri Jaitley also interacted with the Directors about the priorities of his Government and the expectations from the Apex Development bank. He advised NABARD to continue to provide leadership in areas such as financial inclusion, farm credit to the small and marginal farmers besides those farmers [tenants/lessees etc] who do not have clear title deeds to the farms they till. He noted that NABARD had effectively utilised the initial corpus of Rs.5000 crore of Long Term Rural Credit Fund allocated in the current year’s Union budget. 

The Union Finance Minister also appreciated NABARD’s idea of district centric approach for development of backward districts in a project mode and its plan to pilot it in 10 backward districts to double the per capita rural credit in the next three years. 

On this occasion, the Finance Minister Shri Jaitley launched two NABARD supported e-commerce portals – ekraftindia and shilpicraft, for marketing of handicrafts and artisan products of Self Help Groups (SHGs). 

He also unveiled the roadmap for digitisation of Small Help Groups (SHGs) across the country. There are 73 lakh SHGs in the country today and digitisation is expected to lead to better participation of the members of the SHGs in the PMJDY. Digitisation will also enable better interface of SHGs with the banking system. 

Shri Jayant Sinha, Minister of State for Finance, Shri R.K. Goyal, Secretary, Rural Development, Shri Ashish Bahuguna, Secretary, Agriculture, Deputy Governor of RBI and Ms Snehlata Shrivastav, Additional Secretary, Department of Financial Services (DFS) were also present in the meeting among others. 

Earlier speaking on the occasion, Shri Jayant Sinha Minister of State for Finance appreciated NABARD for its initiatives in the areas of watershed development, tribal development, rural infrastructure development and financial inclusion. 

NABARD Board comprises of Secretaries of Government of India, Deputy Governor of RBI, Additional Chief Secretaries of select States and is headed by Chairman, NABARD, Shri H K Bhanwala. 

***

Change in Tariff Value of Crude Palm Oil, RBD Palm Oil, Others – Palm Oil, Crude Palmolein, RBD Palmolein, Others – Palmolein, Crude Soyabean Oil, Brass Scrap (all Grades), Poppy Seeds, Areca Nuts, Gold And Silver Notified 



In exercise of the powers conferred by sub-section (2) of Section 14 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise & Customs (CBEC), being satisfied that it is necessary and expedient so to do, hereby makes the following amendment in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 36/2001-Customs (N.T.), dated the 3rd August, 2001, published in the Gazette of India, Extraordinary, Part-II, Section-3, Sub-section (ii), vide number S. O. 748 (E), dated the 3rd August, 2001, namely:-



In the said notification, for TABLE-1, TABLE-2, and TABLE-3,  the following Tables shall be substituted namely:-

 TABLE-1
Sl. No.
Chapter/ heading/ sub-heading/tariff item
Description of goods
Tariff value US $
(Per Metric Tonne)
(1)
(2)
(3)
(4)
1
1511 10 00
Crude Palm Oil
705
2
1511 90 10
RBD Palm Oil
729
3
1511 90 90
Others – Palm Oil
717
4
1511 10 00
Crude Palmolein
739
5
1511 90 20
RBD Palmolein
742
6
1511 90 90
Others – Palmolein
741
7
1507 10 00
Crude Soya bean Oil
894
8
7404 00 22
Brass Scrap (all grades)
3637
9
1207 91 00
Poppy seeds
3747

TABLE-2
Sl. No.
Chapter/ heading/ sub-heading/tariff item
Description of goods
Tariff value
(US $)
(1)
(2)
(3)
(4)
1
71 or 98
Gold, in any form, in respect of which the benefit of entries at serial number 321 and 323 of the Notification No. 12/2012-Customs dated 17.03.2012 is availed
401 per 10 grams
2
71 or 98
Silver, in any form, in respect of which the benefit of entries at serial number 322 and 324 of the Notification No. 12/2012-Customs dated 17.03.2012 is availed
543 per kilogram   






TABLE-3
Sl. No.
Chapter/ heading/ sub-heading/tariff item
Description of goods
Tariff value
(US $ Per Metric Tons )
(1)
(2)
(3)
(4)
1
080280
Areca nuts
2183”


******

Exchange Rate of Foreign Currency Relating to Imported and Export Goods Notified 


            In exercise of the powers conferred by Section 14 of the Customs Act, 1962 (52 of 1962), and in super session of the notification of the Government of India in the Ministry of Finance (Department of Revenue) No.01/2015-CUSTOMS (N.T.), dated the 1st January, 2015 vide number S.O.17(E), dated the 1st January, 2015, except as respects things done or omitted to be done before such super session, the Central Board of Excise and Customs(CBEC) hereby determines that the rate of exchange of conversion of each of the foreign currency specified in column (2) of each of Schedule I and Schedule II annexed hereto into Indian currency or vice versa shall, with effect from 16th January, 2015 be the rate mentioned against it in the corresponding entry in column (3) thereof, for the purpose of the said section, relating to imported and export goods.

SCHEDULE-I
S.No.
Foreign Currency
Rate of exchange of one unit of foreign currency equivalent to Indian rupees

(1)    
(2)
(3)



               (a)
                (b)



(For Imported Goods)
(For Export Goods)

1.
Australian Dollar
51.25
49.95

2.
Bahrain Dinar
168.65
159.40

3.
Canadian Dollar               
52.25
51.10

4.
Danish Kroner
9.95
9.65

5.
EURO
73.70
71.90

6.
Hong Kong Dollar
8.05
7.90

7.
Kuwait Dinar
216.45
204.15

8.
New Zealand Dollar
48.30
47.05

9.
Norwegian Kroner
8.20
8.00

10.
Pound Sterling
95.35
93.20

11.
Singapore Dollar
46.85
45.85
12.
South African Rand
5.55
5.25
13.
Saudi Arabian Riyal
16.95
16.00
14.
Swedish Kroner
7.75
7.55
15.
Swiss Franc
61.40
59.95
16.
UAE Dirham
17.30
16.35
17.
US Dollar
62.30
61.30

 SCHEDULE-II
                       
S.No.
Foreign Currency
Rate of exchange of 100 units of foreign currency equivalent to Indian rupees
(1)    
(2)
(3)


(a)
(b)


(ForImported Goods)
(For Export Goods)
1.
Japanese Yen
53.15
51.95
2.
Kenya Shilling
69.80
65.75



Our Aim is to move Towards National Common Market for Agricultural Commodities and Improve the Supply Chain: FM Our Aim is to move Towards National Common Market for Agricultural Commodities and Improve the Supply Chain: FM Reviewed by Ajit Kumar on 9:27 PM Rating: 5

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