India may export mangoes that meet biosecurity standards to Australia for the first time following revision of protocols to allow them in the Australian economy.
Robert Gray from Australian Mango Industry Association, said the Indian mangoes would be for sale outside of the Australian mango season.
However, the fruit has to meet biosecurity standards including irradiation before they are exported, he said.
“Our position is that, as part of the global trade, if we want access to other countries around the world [to export Australian mangoes], then providing the protocol is safe and not bringing in any pests or diseases, then we’re supportive of other countries having access into our market,” he said, according to Australian Broadcasting Corporation (ABC).
Mexico, the Philippines and Pakistan have previously exported mangoes to Australia over the years.
He said India had started exporting mangoes to the US as well, but it was hard to know what type of volumes would be sent to Australia.
“While India is a huge mango-growing country, their export business is a bit like ours,” he said.
“[India will be] targeting affluent markets, markets where they can place small quantities of very high-value product,” Gray said.
The report quoted Kaushal Khakhar, chief executive of Kay Bee Exports, as saying that all shipments to Australia would be sent by air, and the company would initially focus on exporting the Alphonso and Kesar varieties of mango.
“Alphonso is slightly tricky but handled well it is one of the best varieties in India,” he said.
“Kesar is the best commercial variety because it has a good price, good flavour, and it handles very well,” Khakhar said.
He said the opportunity to export mangoes to Australia first opened up several years ago, but the revised protocol has made it a more viable option.
The Indian mango season runs from March until the end of July.
Indian mango exports are likely to surpass last year’s level and touch 50,000 tonne mark in the ongoing fiscal, buoyed by strong demand and supply of export quality fruit, India’s Agricultural and Processed Food Products Export Development Authority ( APEDA) had earlier said.
To give the bilateral relationship a new steam between India and Cyprus, the Cypriot President Nicos Anastasiades will arrive in India today on a five-day visit
He will meet President Pranab Mukherjee, Prime Minister Narendra Modi and other senior level ministers do discuss the bilateral relationships
Mr Anastasiades is also expected to sign various bilateral agreements
He is expected to meet Vice President Hamid Ansari and External Affairs Minister Sushma Swaraj
The Ministry of External Affairs released a statement which stated that, “This is the first visit of President Anastasiades to India. Earlier, he had substantive meetings with Prime Minister Modi on the sidelines of the United Nations General Assembly in New York in September 2015.
President Anastasiades is scheduled to arrive in Mumbai today and he will address a business forum on April 26.On April 27, he will address a business forum in Delhi and deliver a talk at the Observer Research Foundation (ORF) in Delhi. He is also expected to visit Mahatma Gandhi’s Samadhi at the Raj Ghat on April 28
Cyprus and India enjoy robust economic ties. Cyprus is a major investor in India, with cumulative foreign direct investment of above USD 8.5 billion
Cyprus is the eighth largest foreign investor in India and has invested in areas such as financial leasing, stock exchange, auto manufacture, manufacturing industries, real estate, cargo handling, construction, shipping and logistics.
Riding on the recent efforts to introduce GST that is being viewed as a major economic reform to attract foreign capital, Italy — Europe's second biggest manufacturing hub — is sending its biggest trade and investor delegation to India this week, seeking greater participation in the machinery, automative, ICT, infrastructure and textile sectors
Led by Italy's Deputy Trade Minister, the delegation of 60 Italian companies will explore business and investment opportunities in India, according to Italy's Trade Commissioner to India Francesco Pensabene.
Italy is currently the 13th largest investor in India with a presence of 400 firms and has a market share of 1% among foreign investors here. Total Italian FDI between 2000 and 2016 was around 2 billion euros
The Italian official pointed out that implementation of GST will lead to harmonisation of taxes, which will enhance foreign capital into India, including from Italy.
What's interesting is the fact that this Trade mission will be followed within weeks by a Joint Economic Commission in Rome where the Indian side will be led by the Commerce Minister, Italian Ambassador to India Lorenzo Angeloni told ET
"2017 will be a big year for Italian investors in India. This year, India is regarded as the most important destination for Italian companies. The visit by this delegation is most timely as India has a stable growing economy, stable political environment and major reforms like GST are underway. Road shows about India in Italy are also being planned," the envoy said.
The two countries want to explore future areas of cooperation in defence, hydrocarbon and even real estate. Italy is among India's top 5 trading partners in the EU.
Source:The Economic Times
Indian firms invested £4.25 billion in capital expenditure in 2016, and recorded revenues of £47.5 billion, according to a new reported published on Wednesday, highlighting the contribution made to the British economy by Indian companies.
The report — by the CII and Grant Thornton — found that the 800 Indian companies present in the UK employed 110,000 people in Britain, and made substantial investments in their operations in addition to their initial past investments.
“This year’s tracker shows a continuing expansion of Indian companies’ footprint in the UK.
Yet, the UK must not take the presence of Indian companies for granted,” said Anuj Chande, head of the South Asia Group at Grant Thornton.
“In the years ahead, as the Indian economy develops to become one of the largest and most powerful in the world, the opportunities to boost investment into the UK will grow. To realise those opportunities the UK must ensure that, as it attends to its relationship with the wider world post Brexit, it protects and promotes the factors that make it such an attractive destination for Indian investment,” he added.
The report highlighted Britain’s low tax environment and the short period for setting up a company as among the attractive factors.
“The report shows that Indian companies continue to strengthen their economic impact in the UK,” said Shuchita Sonalika, head of the CII in the UK.“While IT and telecom sectors retain the largest composition we are seeing greater influence of pharmaceuticals, business services, financial services, engineering and energy sectors.”
The report, which tracks the fastest growing Indian companies in the UK, found 55 companies achieving revenue growth rates of over 10 per cent and at least £5 million in revenues (based on accounts up to February this year), with these firms recording an average growth rate of 31 per cent in the year.
The fastest growing was Datamatica Infotech, which provides consulting, IT and other outsourcing services, which saw a revenue growth of 103 per cent, followed by KSK Power Ventur which works in the power generation sector.
Other firms that saw fast growth included Bharti Airtel’s UK operations and the BIO Agency, a digital transformation company acquired by Tech Mahindra last year.
Heritage Foods Limited (HFL), a leading dairy company owned by Andhra Pradesh Chief Minister N. Chandrababu Naidu's family, on Monday said that it had set a target of Rs 6,000 crore turnover by 2022.
Celebrating its silver jubilee, the company announced that along with its core business vertical of milk, it aims to enhance contribution of value-added products from current 24 to 40 per cent in the next five years.
Nara Brahmani, executive director of HFL, told reporters here that the firm currently handles 14 lakh litres of milk per day and this will go up to 32 lakh litres per day by 2022.
Brahmani, daughter-in-law of Naidu, said Heritage Foods would achieve the target by both organic and inorganic growth.
She along with her mother-in-law Nara Bhuvaneshwari, Vice Chairperson and Managing Director of HFL, and other top company executives unveiled the new brand identity.
The company, which had turnover of Rs 2,380 crore in 2015-16, sold its retail, bakery and agri business to Future Retail Limited last year to consolidate and focus on dairy as a single line business.As part of its inorganic expansion, Heritage recently acquired dairy business of Reliance Retail. The tie-up helped Heritage foray in five states in northern India, making it a pan-India player.
Heritage, which has presence in 15 states, is looking to expand at other geographies.
Heritage President M. Sambasiva Rao said the company planned to set up five new milk plants each with an investment of Rs 20 to 30 crore over next five years.
It currently procures milk in eight states and has 15 processing plants.
Brahmani said the company, being the leading player in curd segment, would launch varied products in Yogurt market, by tying up with an international partner.
Rao said a special purpose vehicle would be formed for the joint venture with the international partner. "Details will be announced within a month."
It also plans to launch new and high-end value added products, including products in beverages segment.
Recalling that it was on April 24, 1992, that Naidu started the company to empower farmers, Brahmani said with Rs 4 crore turnover in the first year, it had come a long way and emerged as one of the fastest growing public listed companies in India.
She said the company's rebranding would infuse new energy and prepare it to embark on aggressive expansion plans to new markets.
Stating that there are over one million consumers who use at least one Heritage product every day, Brahmani said the complete changeover of packaging was aimed at appealing to wider customer base across India.
Source:The Hans India