Interview – India’s Agribazaar looks to expand quickly as government eases trading norms for farmers

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Agribazaar, India’s leading marketplace for agri-commodities trading, is expecting its gross trading value (GTV) to double this year following big-ticket reforms announced by the government recently giving farmers the option to sell to multiple buyers and not just in designated mandis.  Speaking to indoasiancommodities.com, Amith Agarwal, CEO of the three-year old platform said Agribazaar had […]

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India’ petroleum product demand doubles in May, after sharp drop in April

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With country’ petroleum product demand doubling in May, India’s largest refiner Indian Oil Corporation Ltd (IOC) said its refineries are operating at almost 90 per cent of their capacity. This comes in the backdrop of Indian economy slowing coming back to life after the world’s strictest lockdown. The state-owned refiner had slashed its refining capacity […]

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India’s Ministry of Agriculture aims for 10,000 farmer producer organisations (FPOs) across the country

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Union Minister of Agriculture & Farmers’ Welfare, Rural Development & Panchayati Raj Shri Narendra Singh Tomar has announced the formation of 10,000 Farmer Producer Organizations (FPOs). “The responsibility of completing this task lies with the Small Farmers’ Agribusiness Consortium (SFAC), which is also responsible for strengthening the e-NAM platform in the present circumstances,” he said. […]

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Worldsteel predicts lower productivity and an extended production cycle for different geographies

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As most countries have been gradually reopening from their lockdowns since mid-May, recovery of economic activities is expected in the third quarter, claims the recently released Short Range Outlook (SRO) report for 2020 and 2021 by Wordsteel. Even though all steel-using sectors are affected by the lockdown measures, the mechanical machinery and automotive sectors are […]

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Record wheat and barley harvests seen lifting world grains output by 40 million tonnes in 2019/20

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Record harvests of wheat and barley are expected to outweigh a poorer maize crop to lift world total grains — wheat and coarse grains — production by 40m t in 2019/20, to 2,177m, only modestly below the all-time peak in 2016/17, the International Grains Council (IGC) said in its latest monthly report. Consumption is forecast to climb […]

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India looks to boost “Blue Economy” by focusing on fisheries for higher economic growth

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The Pradhan Mantri Matsya Sampada Yojana (PMMSY) aims to enhance fish production to 220 lakh metric tons by 2024-25 from 137.58 lakh metric tons in 2018-19 at an average annual growth rate of about 9 per cent. The Union Minister for Fisheries, Animal Husbandry and Dairying, Shri Giriraj Singh, today said the ambitious scheme will result in doubling export […]

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Fitch Ratings makes further cuts to global GDP forecasts, but says global recession bottoming out; India decline seen at 5%

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Fitch Ratings said it was making further cuts to world GDP forecasts in its latest Global Economic Outlook (GEO), but added that the slump in global economic activity was close to reaching its trough. “World GDP is now forecast to fall by 4.6% in 2020 compared to a decline of 3.9% predicted in our late-April […]

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