Russian Ambassador to India Denis Alipov made the remarks ahead of the meeting between President Vladimir Putin and Prime Minister Narendra Modi on the sidelines of the SCO Summit in Uzbekistan this week where the two leaders are expected to discuss issues of strategic stability, the situation in the Asia Pacific region and bilateral cooperation within the UN and G20.
Addressing a CBIC (Central Board of Indirect Taxes & Customs) function here this evening, Revenue secretary Tarun Bajaj said, "For the last couple of months, we've been trying very hard to reach that milestone of Rs 1.5 trillion (lakh crore). But we have been failing a bit sometimes by Rs 2,000 crore and sometimes by even Rs 6,000 crore.
​​​​The apex body of exporters also said that India can export an additional $5 billion to Russia if the payment mechanism is put in place and logistics issues resolved. Ajay Sahai, director general, FIEO said that Russia could identify the bank in the next 15 days.
Observing that Indian companies have come of age and are managing complex businesses both in India and abroad, Pandey said they need to look at brownfield acquisitions which will bring in gains in terms of increased production, and job creation.
The organisation also expects exports to pickup October onwards as India would benefit from Rupee depreciation and buyers move away from China as it is becoming costlier and less reliable to manufacture there with a zero Covid tolerance policy. It expects the country to clock $470 billion in goods exports in FY23.
The total agriculture and food related exports from India were valued at nearly $50 billion in FY22. Some of the key challenges contributing to this trend include low-cost competitiveness, product quality concerns, limited brand strength in overseas markets, lack of infrastructure for processing, storage and logistics, as well as limited compliance to sustainability and ethical requirements.
Addressing the '14th FIcci Foodworld India - The Global Convention for Food Business and Industry', Patel highlighted the need to enhance the marketing and branding of Indian food processing sector and products.
Domestic sugar consumption is estimated at around 27.5 million tonnes and mills are expected to divert 4.5 million tonnes of sugar for ethanol production in the 2022-23 season. Mills will also set aside at least 6 million tonnes of sugar as their annual carryover stocks.