Page 14 - India Economy

India-Maldives row: Traders to refrain from dealing with island, asks CAIT

Amid the India-Maldives diplomatic row, traders' body CAIT on Monday called upon domestic traders and exporters to refrain from conducting business dealings with the island nation. CAIT Secretary General Praveen Khandelwal observed that the offensive comments targeting Prime Minister Narendra Modi have been deemed unacceptable by the business community, and this call to boycott aims to express solidarity and register disapproval against such disrespectful behaviour. The Confederation of All India Traders (CAIT) stated it has "urged traders and exporters to refrain from conducting business dealings with the Maldives". Khandelwal said the appeal "encourages traders to stand united in sending a strong message against such behaviour by temporarily abstaining from trade engagements with the Maldives". Khandelwal stressed upon the need for mutual respect in diplomatic discourse and condemned any form of disrespect towards the leaders of friendly nations. Meanwhile, the Maldivian envoy t

Best of BS Opinion: Attaining self-sufficiency, Growth adjustments & more

Here is the best of Business Standard's opinion pieces for today

India's macro-economic health and prospects for 2024

Here's what keeps the Indian economy booming amidst the global slowdown

UN report revises India's GDP projection downward to 6.2% for 2024

Despite revising the growth estimates for 2024 downward by 0.5 percentage points, the report projects a rebound in 2025, with a GDP growth projection of 6.6 per cent

When ethnicity & economy overlap

A new system and people's government was a good slogan for Mizoram Chief Minister Lalduhoma but implementation may face challenges

India's GDP growth pegged at 7.3% for FY24: Govt's first advance estimates

According to a statement, the growth in real GDP during 2023-24 is estimated at 7.3 per cent compared to 7.2 per cent in 2022-23

India gave strong investment performance in 2023; headwinds in China: UN

India registered strong investment performance in 2023, driven by government infrastructure projects and multinational investments, the United Nations has said while noting that investment prospects in China face "headwinds" from a struggling property sector. The UN World Economic Situation and Prospects (WESP) 2024 report, launched here on Thursday, said that investment has been more resilient in developing economies than in developed economies. Investment in South Asia, particularly in India, remained strong in 2023. Investment prospects in China face headwinds from a struggling property sector, though government-led infrastructure investments are partially offsetting the shortfall in private investments. In contrast, India registered strong investment performance in 2023, driven by government infrastructure projects and multinational investments, the report said. Among the developing regions, Africa, Western Asia and Latin America and the Caribbean continue to struggle with high

Govt to come up with 65 QCOs to curb imports of sub-standard goods

The government will issue 65 quality control orders (QCOs) covering over 500 products to contain imports of sub-standard goods and boost domestic manufacturing, a senior government official said on Thursday. Joint Secretary in the Department for Promotion of Industry and Internal Trade (DPIIT) Sanjiv said these orders are promoting safe products to consumers. Under these orders, items cannot be produced, sold, traded, imported and stocked unless they bear the Bureau of Indian Standards (BIS) mark. "We are coming up with almost 65 QCOs, covering more than 500 products. QCO is benefitting consumers and reducing sub-standard imports," he told reporters here. These orders are already issued for goods like smart meters, nuts, bolts and fasteners. Violation of the law can attract a penalty of up to two years of imprisonment or a fine of at least Rs 2 lakh for the first offence, which increases to Rs 5 lakh minimum for the second and subsequent offences. These orders are issued by the .

Nepal inks long-term power deal with India, to sell 10,000 MW electricity

The agreement was signed in the presence of Nepal's Minister for Energy, Water Resources and Irrigation, Shakti Bahadur Basnet

Growth in Asia Pacific emerging markets to remain strong in 2024: Fitch

The economic growth in Asia Pacific will remain strong in 2024 and GDP is expected to grow by about 5 per cent in India and a host of emerging market countries, Fitch Ratings said on Wednesday. In its report titled 'APAC Cross-Sector Outlook 2024', Fitch said the outlooks for the banking sectors in India and Indonesia, as well as APAC emerging markets as a whole, move to improving in 2024, partly reflecting the robust economic backdrop. "Economic growth in APAC will generally remain strong in 2024, especially in emerging markets (EMs), supporting sector outlooks across the region. We expect real GDP to expand by, or above, 5 per cent in India, Indonesia, the Philippines and Vietnam, and China's performance will still be strong by most other countries' standards," Fitch said. The Indian economy grew 7.2 per cent in 2022-23 fiscal year. India's GDP expanded 7.8 per cent and 7.6 per cent in the June and September quarters, respectively. Fitch had last month said it expects India to be

Adani Ports reports 42% growth in cargo handling in December 2023

Adani Ports and Special Economic Zone (APSEZ) on Tuesday said its cargo volumes rose 42 per cent in December 2023 to 35.65 MMT (million metric tonne). According to a APSEZ statement, 10 ports in the APSEZ portfolio delivered their highest-ever cargo volumes, recording new operating milestones. The billionaire Gautam Adani's firm handled 311 MMT of cargo during the nine months of FY24, which is 23 per cent higher year-on-year. Mundra Port alone managed around 5.5 MTEUs in initial nine months, it added. For the quarter ended December, APSEZ handled around 109 MMT of overall cargo, the statement said. APSEZ CEO and whole-time director Karan Adani said, "APSEZ crossed the 300 MMT cargo mark in just 266 days versus its previous best of 329 days in the previous financial year". Adani said the company is now targeting over 400 MMT of cargo volumes in FY24, surpassing the upper end of the guidance range (370-390 MMT) provided at the start of the current financial year.

Sugar production falls again, dips 7.7% to 11.2 mn tonnes in Oct-Dec: NFCSF

Sugar production was 7.7 per cent lower at 112 lakh tonnes in the first three months of the ongoing 2023-24 season, owing to lesser output in two key states, according to cooperative body NFCSF. Sugar production stood at 121.35 lakh tonnes during the October-December period of 2022-23 season. NFCSF has projected the country's total sugar output to be at 305 lakh tonnes in the 2023-24 season, lower than 330.90 lakh tonnes achieved in the 2022-23 season. Sugar season runs from October to September. Releasing the latest data, the National Federation of Cooperative Sugar Factories (NFCSF) said a total of 511 factories had crushed 1,223 lakh tonnes of sugarcane till December 2023 of the ongoing season. Among the top three sugar producing states, the output in Maharashtra and Karnataka remained lower during the October-December period of this season. "Since the central government has limited the production of ethanol from sugarcane juice, the total availability of new sugar in the coun

Everyone wants to do an FTA with India due to rapidly growing market: GTRI

Countries ranging from large economies like Europe, and the UK to smaller ones, including Oman and Peru, want to have a free trade agreement with India due to the country's large and rapidly growing market, a report by economic think tank GTRI said. The Global Trade Research Initiative (GTRI) said that by implementing a trade deal (FTA) with India, countries can access the Indian market with less or no import duties on substantial trade. This gives their companies an advantage over others in selling to the Indian market. Additionally, since India currently does most of its importing (over 75 per cent) from countries it does not have FTAs with, these agreements are particularly appealing as they offer a significant new market opportunity in India. "Everyone wants to do an FTA with India. Countries ranging from large economies like the US, Europe, Japan, and the UK to smaller ones like Oman, Peru, and Mauritius either already have or actively seeking an FTA with India. The main reaso

BHEL making India self-reliant in energy, infra: Heavy industries minister

State-owned engineering firm BHEL is not only making India self-reliant in energy and infrastructure sectors but also contributing significantly to defence and space segments, said Union Heavy Industries Minister Mahendra Nath Pandey. The minister inaugurated the newly-constructed BHEL Sadan in Noida on the occasion of BHEL Day on Monday, the company said in a statement. Addressing on the occasion he cited the clarion call of Prime Minister Narendra Modi for achieving the target of 'net zero' carbon emissions by 2070 and said that this 18-storey, eco-friendly green building constructed as per the latest technology and standards is a symbol of BHEL's commitment towards environmental protection. The minister noted that the building, equipped with a 30-kW solar power system, reflects BHEL's commitment to move further towards green energy. Recalling BHEL's contribution towards creating an Aatmanirbhar Bharat, since its inception, Pandey added that BHEL is not only striving towards maki

Crude oil imports from Russia plunge in December on payment issues

After rising to an all time record of 2.15 million barrels a day in May, oil imports from Russia fluctuated downwards, experiencing a sharp decline between November and December

California walnut imports witness sharp uptick after India's tariff removal

Chile is currently the top walnut supplier to India

Rupee settles flat at 83.20 against dollar amid volatile crude oil prices

The rupee paired all its early gains to end on a flat note at 83.20 (provisional) against the US dollar amid increased month-end dollar demand from importers and volatile crude oil prices. At the interbank foreign exchange, the domestic currency opened at 83.14, touched the peak of 83.10 and hit the lowest level of 83.22 against the greenback during intra-day deals. The local unit closed the session at Thursday's closing level of 83.20 (provisional) against the dollar. The domestic currency jumped 14 paise on Thursday. The dollar index, which gauges the greenback's strength against a basket of six currencies, was trading lower by 0.13 per cent at 101.36 on Friday. Anuj Choudhary, Research Analyst at Sharekhan by BNP Paribas, said the US dollar recovered slightly on short coverings but declined again on expectations of interest rate cuts by the US Federal Reserve. The rupee is likely to trade with a slight positive bias on the weak tone of the US dollar and declining crude oil pric

Govt hopeful of 'bountiful harvest' amid food inflation headwinds

With India's farm sector remaining resilient to erratic weather conditions, the government is hopeful of having bountiful food grain production even as it tries hard to keep a lid on food inflation ahead of general elections in 2024. From floods to droughts, extreme weather events this year have not only raised fears over foodgrain production but also created an artificial supply scare that forced the government to take a slew of pre-emptive measures, including export curbs on certain commodities. Besides, the government subsidised the sale of a few commodities to improve domestic supply and arrest the sharp spikes in retail prices of wheat, rice, edible oils, pulses, tomato, and onion. While the efforts to control food prices are still on, the government is closely watching the prospects of rabi (winter) crops, especially wheat and pulses, which are sown now and will be ready for harvest closer to 2024 general elections in April-May. Food inflation remained at an elevated level ..

Kolkata restaurants see surge in footfall during Christmas-New Year week

City-based restaurants are experiencing a surge in customer footfall during the Christmas-New Year week from December 24-27, according to an official of the Hostel and Restaurant Association of Eastern India (HRAEI). HRAEI president Sudesh Poddar said crowd turnout is expected to improve further leading up to the New Year. The association reported a 15% increase in food consumption, with customers patiently waiting for three to four hours to savour their favourite dishes. Poddar mentioned that his own fine dining restaurants, Manthan and Manthan Songhai, continue to have full house with customers waiting patiently for hours. Bar-cum-restaurant owners have requested the government to extend the closing time till 2 am until January 1 and urged patrons not to drive their vehicles to comply with the administration's road safety request. Nitin Kothari, owner of Peter Cat, Mocambo, and Peter Hu?, said after Durga puja, there was brief slump, but customer response has been exceptionally

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