Amul, 25 others use e-platform to sell dairy items

Source: Financial Express, Aug 29, 2016

Anand: With the Centre still grappling with the idea of a pan-Indian electronic marketing platform for agricultural produce which could ensure better price realisation for the farmers, 26 state dairy cooperatives have shown the way: dairy commodities such as butter, skimmed milk power (SMP) and ghee have been traded on an electronic platform created by them since June last year.

The platform has ensured quicker settlement of transaction. The cooperatives, including Gujarat Cooperative Milk Marketing Federation (AMUL), Karnataka Cooperative Milk Producers’ Federation (Nandini) and Bihar State Milk Cooperative Federation (Sudha), earlier used to sell their produce to bulk buyers by issuing time-consuming tenders, thus exposing them to volatility in commodity prices.

The platform promoted by National Dairy Development Board in collaboration with National Cooperative Dairy Federation of India (NCDFI) conducts weekly e-auction where cooperatives sell their produce to big private players, including ITC Foods, Britannia Industries, Vadilal industries, Patanjali etc.

Since the launch of NCDFI eMarket here in June last year, more than R270 crore worth of trade has already taken place. According to KC Supekar, managing director of NCDFI, more than 220 buyers have been registered in the exchange which is expected to increase once the digital platform starts trading on commodities such as sugar, cattle feed etc, through this platform.

Around 15,000 tonne of butter, SMP and ghee have sold through eMarket so far.

“Through quicker and transparent settlement, cooperatives have been able to sell their produce to highest bidders,” Supekar told FE.

NCDFI eMarket has been launched through the technical support from NCDEX market, a wholly subsidiary of commodity bourse NCDEX.

Supekar said the electronic platform is designed in such a way that it set a base price and the volume of dairy products to be sold is announced prior to the auction.

The private bulk buyers bid for the volume of commodities and not the price while the system increases the price once the demand exceeds the volume of dairy commodities offered to be sold on the platform.

For avoiding default in payment by the buyers, a security deposit of R4,000 per tonne for butter and SMP and R6,000 per tonne for ghee has to be deposited with the exchange.

“All the payments between buyers and sellers of dairy products are settled through online bank payment and purchasers take their delivery of the products from concerned dairies,” Supekar said.NCDFI has been entrusted with the task of ensuring that all the dairy products sold through this electronic platform adhered to the prescribed standards.

Since commencement of its operations, state milk cooperatives from Bihar and Karnataka and Jalgaon milk union have a substantial share in the overall trade in NCDFI eMarket.

Thanks to the dairy cooperatives, India is ranked first in global milk production, with an annual output of 146.3 million tonne (MT) during 2014-15 compared to 137.6 MT reported in 2013-14, thus recording a growth of 6.26 %. The Food and Agriculture Organization (FAO) has reported a 3.1% increase in world milk production from 765 MT in 2013 to 789 MT in 2014.NCDFI is an apex body of 26 state-level dairy cooperatives which are connected 198 district cooperative milk unions and about 1.5 crore dairy farmers in the country.

Airtel’s end-to-end connectivity plan for foreign firms

Source: Business Standard, Aug 28, 2016

New Delhi: Telecom major Bharti Airtel on Sunday announced the launch of its ‘India with Airtel’ bouquet of services offering end-to-end connectivity solutions for foreign companies looking to set up businesses in India.

“India with Airtel offers end-to-end telecom and connectivity solutions to companies under one roof, thereby eliminating the challenge of dealing with multiple vendors and integration issues associated with it,” the company said in a release here.

The range of services being offered include mobile and fixed telephony, global and domestic data capacity and connectivity solutions, VSAT, VPN, data centre and cloud solutions, VAS and payment and billing integration, M2M, managed services, among others, it said.

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Govt sets up incubation centre at Delhi varsity for electronic start-ups

Source: Business Standard, Aug 27, 2016

New Delhi: Union Minister of Electronics and Information Technology Ravi Shankar Prasad on Saturday inaugurated the Electropreneur Park — an incubation centre to support start-ups in electronics — at University of Delhi’s South Campus to support the government’s aims to promote manufacturing in the sector.

The park will incubate 50 early stage start-ups and create at least five global companies over a period of five years. “We have decided to make India a big hub of electronics manufacturing including mobile phones. In the last one year, we have manufactured 11 crore mobile phones in India,” Prasad said at the launch here.

He added that programmes like Digital India were a game changer.

“The Digital India programme aims to make India a digitally empowered society. We are creating infrastructure, and we are promoting digital delivery of services and digital literacy. If you encourage digital connectivity in a big way, you are making life simpler and promoting good governance,” the minister said.

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India’s first textile city likely to come up in AP

Source: Business Standard, Aug 29, 2016

New Delhi: India’s first integrated textiles city is likely to come up in Andhra Pradesh. The central government has already initiated the process of identifying land, technology and expertise for the same.

According to sources, Textiles Minister Smiriti Irani has spoken to Andhra Pradesh Chief Minister N Chandra Babu Naidu for providing land and other facilities.

With Naidu’s Telugu Desam Party being an ally of the ruling National Democratic Alliance at the Centre, the proposal, mooted by the NITI Aayog, is likely to be accepted.Officials said Irani, along with Naidu and top officials from NITI Aayog, would visit China to get a first hand information on the working and structure of the proposed mega textile city.

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New a/c rules to hit FMCG firms’ revenues

indexSource: Business Standard, Aug 29, 2016

New Delhi / Mumbai: Ind-AS, the new accounting standards that came into effect from April 1, might squeeze the revenues of fast moving consumer goods (FMCG) companies by up to eight per cent in 2016-17.

The key cause is deduction of sales promotion expenditure from the revenue figure, hitherto part of the profit & loss (P&L) statement under the earlier IGAAP accounting norms. In the just-concluded June quarter, for instance, the top line of the country’s largest consumer goods company, Hindustan Unilever (HUL), was affected by 2.6 per cent or Rs 214 crore under Ind-AS. Godrej Consumer Products’ revenue was squeezed 10.4 per cent.

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Forex reserves increases to $367 billion

Source: The Economic Times, Aug 27, 2016

CHENNAI: India’s foreign exchange reserves went up to $367.16 billion as on August 19, the Reserve Bank of India (RBI) said on Saturday.

According to the foreign exchange data released by the RBI, the foreign exchange reserves stood at $367.16 billion as on August 19, as against $365.82 billion as on August 12.

On August 19, the foreign current assets stood at $341.67 billion, gold $21.58 billion, special drawing rights $1.49 billion and the reserve position with the International Monetary Fund (IMF) stood at $2.41 billion. On the other hand the foreign exchange reserves as on August 12 comprised of foreign currency assets that stood at $340.35 billion, gold $21.58 billion, special drawing rights $1.48 billion and the reserve position with the IMF stood at $2.39 billion.

India, US eye bilateral trade worth $500 bn

indexSource: The Economic Times, Aug 28, 2016

MUMBAI: Positioned as a major investment destination to the world, India is targeting to increase its bilateral trade with the US to $500 billion from current levels of over $100 billion, in the near term.

According to a recent joint report by PwC and Indo American Chamber of Commerce (IACC), bilateral relations between India and the US have been cemented further in the last two years with increased issuance of visas, visits by dignitaries, initiatives to combat terrorism, as well as trade.

“Both countries now aspire to increase bilateral trade to the tune of $500 billion from the current $100 billion plus annually,” the report said.

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