Business news from Ukraine

Business news from Ukraine

USDA sharply downgrades forecast for rice exports from India

The U.S. Department of Agriculture in its September review lowered its estimate of India’s rice exports next year to 17.5 million tons from 19 million tons in the August forecast. This year, exports are expected to reach 20 million tons.

World rice prices have soared to 15-year highs amid export restrictions imposed by India, the world’s largest rice exporter, the USDA said. In July, the country imposed a ban on the export of most rice varieties, followed by an export duty on steamed rice and a minimum export price for basmati. Importers switched to other major suppliers, such as Thailand and Vietnam, and as a result, their export prices rose to the highest levels since 2008.

At the same time, even before India’s restrictions, rice prices were rising amid strong demand from importers and declining production in a number of countries.

In 2008, India, at that time the second largest exporter of rice, also imposed export restrictions, which led to a sharp rise in prices. After the restrictions were lifted in 2011, the country increased supplies to the global market and became the largest exporter the following year, and has maintained this position since then. In 2022, India exported slightly more than the next four suppliers combined, accounting for about 40% of global supplies. Since 2020, the country has been supplying white rice at the lowest prices, especially to sub-Saharan Africa. The sharp rise in prices is expected to have a significant impact on these import-dependent countries.

Despite the significant increase in export prices, they have not reached the record levels of 2008, as export restrictions are less severe this time. In addition, Vietnam, which stopped exports in 2008, is now resuming shipments.

According to the USDA forecast, global rice exports this year will amount to 53.11 million tons (56.12 million tons last year). Next year, supplies may decline to 52.1 million tons (the forecast was lowered from 53 million tons, according to the August estimate).

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India may soon change its name

The government of Prime Minister Narendra Modi is likely to put to a vote in the Indian parliament a resolution to change the country’s name to the traditional Bharat, Indian media reported on Tuesday.

According to the Times Now newspaper, the vote may take place during a special session of parliament scheduled for September 18-22.

At the same time, The Economic Times writes that, according to Congress Speaker Jairam Ramesh, the invitations to the G20 dinner were signed on behalf of President Bharat, not the President of India.

Many members of Prime Minister Narendra Modi’s ruling Bharatiya Janata Party (BJP) support this initiative to rename India, the newspaper notes.

India plans to send interplanetary station to Moon today

The Indian Space Research Organization (ISRO) plans to send its Chandrayaan-3 (Chandrayaan-3) automated interplanetary station to the Moon on Friday.

The Chandrayaan-3 mission is scheduled to be launched on July 14, 2023, at 2:35 p.m. Indian time (12:05 a.m. QT) from the launch pad of the Satish Dhawan Space Center located on Sriharikota island.

According to the organization’s plan, the spacecraft will be launched into orbit using an LVM-3 launch vehicle, after which the probe will begin its autonomous flight to near-lunar orbit.

The Chandrayaan-3 station consists of three components – a landing module, a propulsion module and a lunar rover – whose main purpose is to demonstrate and test the technologies required for interplanetary missions.

After the spacecraft enters lunar orbit, its landing module will have to make a soft landing on the surface of the Moon, then the rover, equipped with various research equipment, will move off the platform and begin chemical analysis of the surface of the natural satellite of the Earth. The lunar rover mission is designed to last 14 Earth days.

A previous attempt to send a landing module and a lunar rover to the Moon was made in 2019 as part of the Chandrayaan-2 mission. Then the orbiter managed to enter the lunar orbit, but due to communication problems, specialists were unable to correct the landing of the landing module separated from the interplanetary station, as a result of which it crashed on impact with the lunar surface.

Orbiter mission Chandrayaan-2 remained in orbit and continues to collect scientific data on the Earth’s natural satellite. No such orbiter mission is planned for Chandrayaan-3.

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Ukrainian president appoints ambassadors to India, Brazil and Colombia

Ukrainian President Volodymyr Zelenskyy has signed a decree appointing Andriy Melnyk as Ukraine’s ambassador extraordinary and plenipotentiary to Brazil.
The corresponding decree № 341/2023 is published on the website of the President.
In addition, by the decree № 340/2023 Ambassador of Ukraine to Peru Yuriy Polukhovich was appointed Ambassador of Ukraine to Colombia concurrently.
By Decree №339/2023 Oleksandr Polishchuk was appointed Ambassador of Ukraine to India.
Andriy Melnyk served as Deputy Minister of Foreign Affairs of Ukraine from 2022 to 2023, before that he was Ukraine’s ambassador to Germany (from 2014 to 2022).
Yuriy Polyukhovich has represented Ukraine in Peru since December 2022. Previously, he served as Acting Minister of Education and Science of Ukraine (from March 10 to March 25, 2020).
Oleksandr Polishchuk has served as Deputy Minister of Defense of Ukraine since October 2019. He was Ukraine’s representative in the Trilateral Contact Group in the working subgroup on security issues. He holds the rank of Major General.

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Ukraine Requests Additional Humanitarian Aid from India

Ukraine’s First Deputy Foreign Minister Emine Japarova will visit New Delhi next week to discuss, among other things, providing additional humanitarian aid, The Hindu reported, citing diplomatic sources.

“Ukraine has requested additional humanitarian aid from India, including pharmaceuticals, medical equipment and energy equipment to repair energy infrastructure damaged during the war, and both sides are expected to discuss providing such support,” the report said.

Japarova is also expected to extend an invitation to Indian Prime Minister Narendra Modi to visit Kiev.

Diplomatic sources said final arrangements are still being discussed, but confirmed that Emine Japarova, the first deputy foreign minister, is expected to arrive in Delhi on Monday and hold an interagency dialogue and meet with media and think tanks in the capital to enlist Ukraine’s support in India,” the report noted.

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Ukrainian president nominated as ambassadors to China, India and Brazil

Foreign Minister Dmytro Kuleba said on Monday that he has submitted to Ukrainian President Volodymyr Zelensky nominations for Ukraine’s ambassadors to China, India and Brazil.
Kuleba said on Facebook that the Foreign Ministry has created an open search for Ukraine’s ambassadors, and the vacancy is currently open for 21 countries except China, India and Brazil.
“As a final note: you may note that China, India and Brazil are not among the list of countries. And you would be right. This is because I have already submitted to the President of Ukraine candidates for ambassadors to these countries. You will know their names after the publication of the corresponding decrees. I will only say that we plan to send to such special countries specialists in state work experience at the level of ministers and deputy ministers”, – Kuleba wrote.

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