Page 18 - India Economy

Isma projects 9% fall in sugar output, says sufficient to meet local demand

Industry body ISMA on Tuesday projected a 9 per cent fall in gross sugar production at 337 lakh tonnes for the current marketing year starting this month but asserted the output will be enough to meet domestic demand. It has not estimated the diversion of sugar for ethanol production. "Gross sugar production for the 2023-24 sugar season has been estimated at around 337 lakh tonnes," Indian Sugar Mills Association (ISMA) said in a statement. The sugar marketing year runs from October to September. In August, ISMA had estimated gross sugar production at 369 lakh tonnes, while the net sugar output was projected at 328 lakh tonnes after a diversion of 41 lakh tonnes for ethanol. "With India's domestic consumption average of 278.5 lac tons, the production estimates assure sufficient sugar for domestic consumption," ISMA said. ISMA said that the diversion of sugar towards ethanol would be estimated only after the declaration of feed stock-wise ethanol procurement price for the 2023-24

Manufacturing accounted for 78% of foreign technical collaborations: RBI

Manufacturing sector accounted for 78 per cent of the total reported Foreign Technical Collaborations (FTCs) with Japan, the US, and Germany remaining the top three source countries for technology transfer, a Reserve Bank of India (RBI) survey said on Tuesday. Of the 709 Indian entities that participated in the latest survey round, the RBI said 674 FTCs agreements were reported by 356 entities, of which, 221 had also responded in the previous survey round. Foreign Direct Investment (FDI) companies accounted for an overwhelming majority of the FTCs. Further, foreign subsidiaries (single foreign investor holding over 50 per cent of the total equity) and foreign associate companies (foreign investors' equity holding ranging from 10-50 per cent) reported a 71 per cent and 18 per cent of FTC agreements, respectively. "Among economic sectors, manufacturing and services sectors accounted for 78 per cent and 17 per cent of the total reported FTCs, respectively; machinery, transport equipme

Key infra sector growth slows down to 4-month low of 8.1% in September

The growth of eight key infrastructure sectors slowed down to 8.1 per cent in September 2023 against 8.3 per cent recorded a year ago, according to the official data released on Tuesday. Crude oil output dipped by 0.4 per cent in September as against a contraction of 2.3 per cent in the same month last year. The core sector growth in August was 12.5 per cent. The output growth of the eight sectors was also lower at 7.8 per cent in April-September 2023-24 against 9.8 per cent in the year-ago period.

Govt's fiscal deficit rises to 39.3% of annual target in H1 of FY24

The fiscal deficit was 6.4 per cent of the GDP in 2022-23 against the earlier estimate of 6.71 per cent

75% beneficiaries of PM SVANidhi from non-general category: SBI research

An SBI research report has praised the Modi government's micro-credit scheme for street vendors for ensuring "inclusive entrepreneurship" and said nearly 75 per cent of its beneficiaries come from the non-general category with the OBCs accounting for 44 per cent. The Scheduled Castes and Scheduled Tribes account for 22 per cent of the total disbursement of the PM Street Vendor's AtmaNirbhar Nidhi (PM SVANidhi) scheme and 43 per cent of the total beneficiaries are women, the report said. "Female share indicates empowerment of entrepreneurial capabilities of urban female, giving SVANidhi a gender equaliser tag," it said. Sharing the report on X, Prime Minister Narendra Modi said, "This in-depth research by Soumya Kanti Ghosh of the State Bank of India provides a very clear picture of the transformative impact of PM SVANidhi." "It notes the inclusive nature of this scheme and highlights how it has led to financial empowerment," he added. The prime minister shared highlights of the re

Uttarakhand CM releases Rs 90 crore subsidy to 40 industrial units

Uttarakhand Chief Minister Pushkar Singh Dhami on Saturday transferred a subsidy of Rs 90 crore to 40 industrial units under the Industrial Development Scheme. Under the Central Government's Industrial Development Scheme, 2017, manufacturing and service sector units established in Uttarakhand and Himachal Pradesh are given a subsidy of 30 per cent up to a maximum of Rs 5 crore on the investment made in plant and machinery. After transferring this grant amount to the accounts of 40 industrial units established in Uttarakhand, the chief minister said that this is a very important scheme for the promotion and expansion of industries in the state. Dhami thanked Prime Minister Narendra Modi and Union Commerce and Industry Minister Piyush Goyal for the grant of subsidy. Dhami said that the state government is continuously making efforts to promote industries in Uttarakhand and the 'Uttarakhand Global Investors Conference' is being organized in December to boost the sector. He said that

Delhi industrial policy seeks to create knowledge-based economy: State govt

The Delhi government has proposed the 'Industrial and Economic Development Policy 202333' to create a knowledge-based economy through high-tech industrial development and services sector and make the national capital a "24-hour city". Industries department officials on Saturday said that comments have been invited from the shareholders on the policy white paper till November 20. The proposed policy envisions making Delhi a globally competitive urban economy through the promotion of night economy, plug-and-play facilities, startups and new economic activities. The mission of the government through the policy will be to promote the services sector and knowledge-based economy, hi-tech industrial and economic development, stated the white paper. The policy objectives will be implemented in a timely and transparent manner while creating an accountable governance mechanism. The policy will be operational for 10 years after its notification, it stated. "The concept of a '24-hour city' fo

India's per capita FMCG consumption low compared to other economies: HUL MD

Premiumisation is bound to accelerate as Indians become more affluent and urban, says Jawa

PM sets 6 months target to ensure full saturation of govt's welfare schemes

Prime Minister Narendra Modi has set a target of six months to ensure the full saturation of his government's welfare schemes, official sources said on Saturday. The government, they said, will launch a mega drive, Viksit Bharat Sankalp Yatra, across all 2.7 lakh panchayats in the country to reach out to beneficiaries and enrol them. The sources added that the exercise will begin after Diwali next month and continue for several weeks. Specially fitted 'raths' will reach the beneficiaries across the country, they said. In a recent Cabinet meeting, Modi exhorted his colleagues to work harder and ensure that deserving beneficiaries who have still not got the benefits of welfare schemes are reached out to faster, they said. During a meeting with top officials, he underlined the need to expedite the saturation of welfare schemes. "He said he wants all his schemes to reach full saturation in the next six months," a source said. The drive will ensure the saturation of schemes such as

Additional payments being approved for MGNREGS, no funds shortage: Minister

Additional allocations will be sanctioned for the Mahatma Gandhi Rural Employment Guarantee Scheme and the finance ministry has assured there will be no shortage, Union Rural Development Minister Giriraj Singh has said, dismissing criticisms of the flagship programme not being given sufficient funds. In an interview with PTI, the minister also alleged large-scale corruption under the scheme in West Bengal. Asked if the Centre will undertake any probe, Singh replied in the affirmative but did not elaborate on the nature of the probe. "The MGNREGS is a demand-driven scheme, everyone knows that," he said, adding: "The Union finance ministry has sanctioned additional funds for it." Sources in the finance ministry have said additional funds of Rs 28,000 crore have been sanctioned for the MGNREGS which would be cleared in the next Parliament session. The allocation for the MGNREGS in the 2023-23 Budget was Rs 60,000 crore. Accusing the opposition of creating confusion over the flagship .

Weekend Bites: More trouble in IT paradise, RBI's plans, and taxing expats

In which we munch over the week's platter of news and views

Govt to ensure that debt burden not passed on to future generation: FM

Finance Minister Nirmala Sitharman on Friday said the government is mindful of the fiscal deficit management and will ensure the burden of servicing debt is not passed on to next generation. Addressing the Kautilya Economic Conclave 2023 here, she said the government is looking at the ways in which it can bring down the overall debt. "We are conscious of matters related to macro economic stability of the country and responsibility with which we deal with our fiscal and also the fiscal management and so for every decisions that we take today, we are conscious of what burden is going to leave for the next generations," she said. It is very easy to be profligate and burden the coming generations with the debt that you will be sitting with, she said. "We are conscious of the debt of government of India. Compared to many others, it might not be as high as it is, but even then, we are consciously looking at experiments in different parts of the world," she said. She said the government

Govt hikes wheat MSP by Rs 150 per quintal to Rs 2,275 for 2024-25

Ahead of assembly polls in key wheat growing states, the government on Wednesday announced an increase in the minimum support price (MSP) of wheat by Rs 150 to Rs 2,275 per quintal for the 2024-25 marketing season. This is the highest increase by the Narendra Modi-led government since it came to power in 2014. A decision in this regard was taken in the meeting of the Cabinet Committee on Economic Affairs (CCEA) chaired by Prime Minister Modi. Currently, the MSP on wheat stands at Rs 2,125 per quintal for the 2023-24 marketing season (April-March). Briefing media, I&B minister Anurag Thakur said the CCEA has approved the increase in the MSP for all mandated rabi crops for 2024-25 marketing season. "Based on the CACP recommendation, we have increased the MSP of six rabi crops. Wheat MSP has been increased by Rs 150 per quintal," he said. The support price of wheat has been increased to Rs 2,275 per cent quintal for 2024-25 marketing season, from Rs 2,125 per quintal in 2023-24, he

Haryana clears projects worth Rs 284 cr under rural augmentation programme

The Haryana government has decided to implement 13 new projects worth more than Rs 284 crore under rural augmentation programme and Mahagram Yojana in four districts, an official statement said on Tuesday. The districts that will be covered are Hisar, Jind, Sonipat and Rewari. Chief Minister Manohar Lal Khattar on Tuesday approved these projects that will be implemented by the Public Health Engineering Department with the loan assistance from NABARD (National Bank for Agriculture and Rural Development), the statement said. The projects in different villages of these districts include works related to canal based water supply scheme, construction of additional storage and sedimentation tank for existing water supply scheme, augmentation of drinking water supply and providing sewerage system. The statement said that Haryana has already ensured the supply of functional Household Tap Connections (FHTCs) to every household under the Jal Jeevan Mission. The central government had set a

Russian oil freight rates jump by 50% as US boosts scrutiny of price cap

G7 imposed sanctions in last Dec prohibiting shippers or insurers domiciled in member countries from offering services to facilitate Russian oil exports when the price is above $60 a barrel

States on course to spend 29% more in capex this fiscal: ICRA report

States are on course to spend 29 per cent more on capital expenditure in the ongoing fiscal, aided by additional central grants and market borrowings, a report said on Tuesday. The increased capex spending will see their debt-level in relation to their gross domestic product rising to 30 per cent from 28.9 per cent in FY23, a report by Icra Ratings said. The combined capital spending of 13 major states will rise 29 per cent this fiscal to Rs 6.2 lakh crore from Rs 4.8 lakh crore in FY23, the report said. However, despite the year-on-year growth, the capex spending is likely to be Rs 50,000 crore lower than the FY24 Budget estimates of Rs 6.7 lakh crore, Icra said. The aggregate fiscal deficit of these states for FY24 is expected to go up by Rs 60,000 crore to Rs 8.3 lakh crore as against the budgeted estimate of Rs 7.7 lakh crore, the ratings agency said. With revenue likely to trail budgeted targets, revenue and fiscal deficits of these states are expected to be Rs 2.1 lakh crore

India to spend nearly Rs 143 trn on infra between FY24 and FY30: CRISIL

India will spend nearly Rs 143 lakh crore on infrastructure between fiscals 2024 and 2030, more than twice the Rs 67 lakh crore spent in the past seven financial years starting 2017, rating agency Crisil said on Tuesday. Of the total, Rs 36.6 lakh crore will be green investments, marking a five times rise compared with the amount spent during fiscals 2017-2023, it added. "India's infrastructure spending will double to Rs 143 lakh crore between fiscals 2024 and 2030, compared with 2017-2023," Crisil said in its Infrastructure Yearbook 2023. Crisil Ltd managing director and CEO Amish Mehta said the agency expects India's gross domestic product to grow at an average 6.7 per cent through fiscal 2031 to be the fastest-expanding large economy. "Per capita income is seen rising from USD 2,500 now to USD 4,500 by fiscal 2031, creating a middle-income country," he said, adding that this growth will be underpinned by massive all-round infrastructure development, with sharp focus on integrati

Rupee ends at record closing low on intensifying geopolitical worries

The rupee closed at 83.2775 against the U.S. dollar, little changed from its previous close of 83.2625. The currency hit its previous record closing low of 83.2675 on Sept. 18

Govt maintains basmati rice floor price as grain export curbs continue

India imposed a $1,200 per ton minimum export price (MEP) on basmati rice shipments in August to calm local prices ahead of key state elections

CM Adityanath launches fourth phase of Mission Shakti in Uttar Pradesh

Women are capable of achieving remarkable feats with will power and support from the government, Chief Minister Yogi Adityanath said on Saturday while launching the fourth phase of Mission Shakti in Uttar Pradesh. Adityanath also said a campaign would be launched from October 15 as part of the fourth phase to educate people about government initiatives concerning the protection and well-being of women and girls. He launched the fourth phase of Mission Shakti, an initiative focused on promoting women's safety and self-reliance, from his official residence by flagging off a women empowerment rally. The rally, which traversed several locations in the capital, aims to enhance public awareness regarding various government schemes for the welfare of women and daughters, an official release issued here said. Citing the various government schemes which have helped women , Adityanath emphasised that "with will power and backing from the government and administration, women have the potentia