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Economy News, Latest Economic News Today | The HinduBusinessLine

GE, HAL clinch tech deal on joint jet engine plan India rejects USTR allegations, seeks termination of Section 301 probe Indian automobile sales record highest-ever sales in FY26, first time after FY19: SIAM Madhya Pradesh CM says basmati rice from the State is exported to 47 nations 63 Moons’ cybersecurity arm pilots GPS-spoofing solution at Indian airports Highways ministry notifies amendment to streamline fee for overloaded vehicles on NHs Global aviation crisis deepens as fuel shortage, Iran conflict hit airlines TRI launches agri-voltaic project to help farmers earn double income Hotel industry to hit $31 billion in 2029; listed hotel firms set to add 70k rooms by 2030: CBRE Temperatures may trend up over North-West, Central India until weekend Reduction in airport tariff credit neutral, minimal impact on revenue: Ind-Ra Global coffee prices rise as fertiliser costs and West Asia tensions threaten supply Bluspring Enterprises to acquire LSG Sky Chefs India, enters aviation catering sector China says policy to improve relations with India remains unchanged amid Arunachal naming row Research firms divided over impact of below normal monsoon on food inflation Unnat Krishi Mahotsav concludes, farmers to emerge as energy, fuel & hydrogen providers, says Gadkari Airlines may get ₹5,000 crore credit support under proposed ECLGS variant How kashmir’s breakthrough is making Gucchi mushroom farming possible Centre not taking away State’s power on bonus for agri produces, says FM Sitharaman Carriers cut flights on cost pressures, uncertain demand GE Aerospace scales AI from pilots to production; India anchors global capability West Asia crisis may push India’s current account deficit to 2% of GDP: Crisil Tax Dept to resume Tiger Global reassessment, says GAAR relief won’t alter SC ruling Ceasefire talks fail to restore vessel movement in Strait of Hormuz, fate of 599 ships remain inconclusive DMRC launches mid-life refurbishment of Blue Line trains to enhance safety and passenger experience Retail inflation likely rose 3.5-4% in March India-UK free trade pact may come into force from second week of May: Official 'West Asia war a good opportunity for energy reforms, lower costs for industry' India’s marine exports surge to ₹62,408 crore in 2024-25, Govt sets ₹1 lakh crore target PM Modi to inaugurate Dehradun-Delhi Expressway on April 14
Agri land, factories in Tanzania offer new avenues for Ha...
2026-05-03 · via Economy News, Latest Economic News Today | The HinduBusinessLine
Farmers stand near the wheat crop, in Kanpur on Saturday.

Farmers stand near the wheat crop, in Kanpur on Saturday. | Photo Credit: ANI

Farming and doing business in Tanzania have become lucrative avenues for the people in Harayana, with the state government, along with the Centre, expanding trade ties with the East African nation.

Farmers and entrepreneurs have started exploring the Tanzanian markets after Haryana began a push for investment opportunities in that country.

To enable farmers to pursue agricultural ventures, the Haryana government, with the support of the Centre, has signed a Memorandum of Understanding (MoU) for one lakh acres of farm land in Tanzania, Chief Minister Nayab Singh Saini said.

Saini said that trade cooperation with African countries is being continuously expanded, with key sectors such as mining, plywood, agriculture, and IT being prominently included, according to an official statement.

Somveer Ghasola from Dadri near Bhiwani is among those who have bought land in Tanzania. Ghasola, 58, has also set up a mining business near Tanzania's capital, Dodoma.

According to him, the African country offers vast tracts of fertile land at very cheap rates, which is suitable for growing all kinds of crops. Access to global markets is also available, which makes the business venture more viable.

On a big chunk of land that he has bought, Ghasola said it is suitable for growing rice, sugarcane, cashew and other crops.

"The land is mineral-rich, and whatever you grow, you will have a very good crop. The land lies between the Tanzanian city of Dar es Salaam and the country’s capital, Dodoma. I am reaping benefits after I took the decision to explore the Tanzanian market," he told PTI over the phone.

Initially, when Manohar Lal was Haryana's Chief Minister, he motivated us to explore the foreign market and set up ventures.

"Haryana's Foreign Cooperation Department and the state government are facilitating us. In Tanzania, the local people and the government are quite welcoming, and they respect Indians quite a lot. The governments on both sides facilitate and help us in every way," said Ghasola, who first visited Tanzania as part of a delegation of entrepreneurs in 2024.

He also suggested that those youth who take the "dunki route", the risky and illegal routes to reach Europe and the US, should think of exploring markets in African nations like Tanzania to set up their own ventures.

Shiv Kumar Kamboj (49), an entrepreneur from Haryana's Yamunanagar, acquired a factory from a Chinese national in Tanzania a few months back and is now running the profitable venture.

"In that factory, we process eucalyptus wood into core veneer (the inner, structural layers of plywood)," said Kamboj, who has two plywood factories in Haryana's Yamunanagar.

"We prepare this raw material (core veneer) in a Tanzanian factory and bring it here and use it for ourselves and also give it to other entrepreneurs in the plywood business," he said.

Asked about the economic viability of his business, he said, "The cost of wood in Tanzania is one-fourth of what it is back home. Besides, the labour is also cheap".

"Also, the Foreign Cooperation Department, Haryana government, has been assisting us. I had gone to Tanzania nearly three years back. Last year I purchased a factory there," he said, adding, "The people and government there welcome us with open arms." Haryana Industry and Commerce Minister Rao Narbir Singh said that the state is writing a new chapter of industrial growth and building a strong global identity.

Singh said that Haryana has explored trade and investment opportunities not only with developed countries but also with African nations.

In this regard, a Haryana government delegation will visit Tanzania for seven days later this year to participate in the 50th Dar-es-Salaam International Trade Fair (Tanzania's premier trade event), where a Haryana pavilion will also be set up.

Singh said that African countries have rich mineral resources and affordable farming opportunities.

During the minister's visit, representatives from farming, trade, IT and pharmaceutical industries will join the delegation and work towards increasing cooperation with Tanzania in these areas, he said.

Published on May 3, 2026