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Indian government bond yields fell sharply on Wednesday, with the 10-year benchmark yield dropping to 6.6928%, its lowest level in nearly three years, amid rising expectations of interest rate cuts by the Reserve Bank of India (RBI). Earlier in the session, yields reached 6.6886%, the lowest since February 2022, following disappointing economic growth data that revealed a slowdown to 5.4% in the September quarter. Traders anticipate potential liquidity measures from the RBI, including open market bond purchases and a possible 50 basis point cut in the cash reserve ratio (CRR), which could inject over ₹1.1 lakh crore ($13 billion) into the banking system. Additionally, foreign investors have shown strong interest, purchasing bonds worth ₹7,700 crore in the last three days, contributing to the bullish sentiment in the market. The RBI's rate decision is expected on Friday. 
Published: Dec 04 2024, 12 pmeznews.inUnion Railway Minister Ashwini Vaishnaw has highlighted significant delays in railway infrastructure projects in Tamil Nadu due to slow land acquisition, with only 866 hectares of the required 3,389 hectares secured. Speaking in the Lok Sabha, Vaishnaw noted that while the central government is prepared to advance these projects, their success hinges on cooperation from the Tamil Nadu government. Key projects, such as the 71 km Tindivanam to Tiruvannamalai line, have seen minimal land acquisition, with only 33 hectares obtained out of the needed 273 hectares. Despite a substantial increase in budget allocation for 2024-25 to ₹6,362 crore from an average of ₹879 crore between 2009 and 2014, the execution of 22 railway projects totaling 2,587 km remains contingent on timely land acquisition, with 665 km already commissioned as of April 2024.
Published: Dec 04 2024, 9 pmeznews.inHSBC Global Research anticipates a 50 basis point cut in the Cash Reserve Ratio (CRR) by the Reserve Bank of India (RBI) on December 6, 2024, aimed at enhancing domestic liquidity, while keeping the repo rate steady. The firm predicts two subsequent repo rate cuts of 25 basis points each in February and April 2025, lowering the rate to 6 percent, marking a modest easing cycle of 50 basis points. Radhika Rao from DBS Bank echoed this sentiment, suggesting a "dovish hold" with potential liquidity easing measures. However, she cautioned that global economic conditions, particularly a strong US dollar impacting the Indian rupee, could limit the extent of rate cuts. The RBI's strategic response to these challenges will be crucial as it navigates a complex economic landscape, balancing domestic needs with international pressures.
Published: Dec 04 2024, 9 pmeznews.inFormer Delhi Chief Minister Arvind Kejriwal has made serious allegations in the Delhi Assembly, claiming he faced significant pressure to transfer the city’s power companies to the Adani Group during his tenure. He accused the conglomerate of drastically increasing electricity prices, citing a rise from ₹2.83 per unit in 2021 to ₹8.83 per unit in 2022, which he attributed to collusion between the Adani Group and the BJP government. Kejriwal warned that such a transfer would have resulted in exorbitant electricity costs for residents, making it impossible for them to afford their bills and for the government to provide necessary subsidies. He suggested that his refusal to comply may have led to political targeting and imprisonment. Kejriwal challenged the BJP to publicly commit to not handing over Delhi’s power companies to Adani if they gain power in the upcoming elections.
Published: Dec 04 2024, 9 pmeznews.inIndia, home to approximately 250,000 seafarers, is grappling with the issue of unregistered agents exploiting its maritime workforce, according to a report by Gujarat Maritime University and ISWAN. Shyam Jagannathan, Director General of Shipping, highlighted the serious concerns surrounding illicit practices by manning agencies, exacerbated by outdated technology in the Recruitment and Placement Services Licensee (RPSL) system. Despite regulations prohibiting RPSLs from charging seafarers, many agents lure them with false promises, often leading to exploitation and loss of documentation. In response, the Directorate General of Shipping is implementing a five-pronged strategy, which includes upgrading technology for better monitoring, launching a social media campaign to educate seafarers about their rights, providing training courses, enacting laws against fraudulent agents, and establishing a 24/7 grievance helpline. These measures aim to protect seafarers from exploitation and ensure compliance within the industry.
Published: Dec 04 2024, 7 pmeznews.inRice procurement for the Central Pool stock in India has seen a decline, with overall purchases down by 5 lakh tonnes year-on-year to 200.70 lakh tonnes as of December 3, 2024. Key states Punjab and Haryana, crucial for the Food Corporation of India's (FCI) stock, reported a 7.4% drop in procurement, totaling 151.52 lakh tonnes compared to 163.63 lakh tonnes in 2023. Punjab's procurement fell to 115.53 lakh tonnes, while Haryana's decreased to 35.99 lakh tonnes. Despite this, the government has raised the target for the 2024-25 marketing season to 492.11 lakh tonnes, following an upward revision for Bihar. Notably, Andhra Pradesh and Uttar Pradesh reported significant increases in procurement, while Uttarakhand and Tamil Nadu experienced declines. The procurement period is set to continue until March 31, 2025, in several states, with Chhattisgarh advancing its purchasing schedule.
Published: Dec 04 2024, 8 pmeznews.inThe Indian Rubber Institute (IRI), in partnership with the International Rubber Conference Organization (IRCO), is set to host Rubbercon 2024 from December 5 to 7 at Le Meridien, Kerala. The conference, themed “Sustainable Development in the Rubber Industry – Challenges and Opportunities,” aims to unite industry leaders, researchers, and policymakers to explore sustainable practices and technological advancements in the rubber sector. This inaugural event in Kerala will feature 90 oral presentations and 18 poster sessions from experts across various countries, including India, Germany, and the USA. Notable speakers include Tessy Thomas, former Director of the Agni-IV missile project, and Raghupati Singhania, Chairman of JK Tyre & Industries Ltd. Key discussion topics will include the use of renewable raw materials, energy-efficient tyre development, and the industry's alignment with global sustainability goals. Established in 1987, IRI promotes education and research in rubber technology, boasting over 4,000 members nationwide.
Published: Dec 04 2024, 8 pmeznews.inA delay in the issuance of no objection certificates (NOCs) for steel imports is expected to drive up domestic steel prices, providing relief to local producers facing a significant decline in demand. The Indian government has been holding back NOCs, citing that many imported steel grades do not meet Bureau of Indian Standards (BIS) regulations, leading to a backlog of consignments, particularly from Japan, which has halted shipments to India. This situation raises concerns for both importers and exporters, as the domestic steel industry, comprising over 1,000 small producers, struggles against cheaper, lower-quality imports. Analysts suggest that the NOC delays may enhance domestic producers' pricing power amid a revival in infrastructure and automotive demand. While the steel industry previously proposed a 25% safeguard duty on imports, the government has yet to accept this request, prompting calls for a clearer import-export policy to stabilize the market.
Published: Dec 04 2024, 6 pmeznews.inIndia has responded to concerns raised by Thailand and Indonesia at the World Trade Organization (WTO) regarding delays and lack of transparency in the Bureau of Indian Standards' (BIS) certification processes, which they claim act as trade barriers. During a recent Goods Council meeting, Thailand highlighted that delays in obtaining standard marks for products like copper and tires have hindered its manufacturers, despite their compliance with procedures. Indonesia echoed these concerns, noting that India's quality control orders (QCOs) have complicated the import of its goods, including textiles and plywood, due to lengthy certification processes. In response, India reaffirmed its commitment to balancing trade facilitation with product quality assurance and pledged to address these issues through bilateral discussions with both nations, emphasizing the importance of protecting health, the environment, and consumer rights.
Published: Dec 04 2024, 7 pmeznews.inRail Vikas Nigam Limited (RVNL), a public sector undertaking under the Ministry of Railways, has been fined nearly ₹11 lakh by the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE) for failing to meet regulatory requirements regarding independent directors on its board. This marks the second instance of non-compliance this fiscal year, following a similar fine in August. The current board lacks the requisite number of independent directors, including a woman member, a situation RVNL attributes to delays in appointments by the Ministry of Railways. In a statement, RVNL emphasized its ongoing efforts to address the vacancies, having sent multiple reminders to the Ministry. A Railway Ministry official confirmed that corrective actions are being taken, noting that the appointment process for independent directors is governed by specific guidelines and is ongoing, with recent vacancies arising as many directors have completed their three-year tenures.
Published: Dec 04 2024, 7 pmeznews.inIndia's Minister of State for Chemicals and Fertilizers, Anupriya Patel, addressed the Fertilizer Association of India's annual seminar in New Delhi, highlighting the challenges posed by geopolitical disturbances on the availability of di-ammonium phosphate (DAP) fertilizer. Farmers reported significant shortages during critical planting months, prompting the government to implement proactive measures, including long-term procurement agreements and promoting alternatives like nano-fertilizers. Patel emphasized the importance of collaboration among stakeholders to ensure food security and soil health, advocating for responsible fertilizer use. Despite a 29% drop in DAP imports from April to October, October saw a 58.6% increase in imports compared to the previous year. The government has introduced a ₹2,625 crore special package to stabilize DAP prices amid global volatility. Patel urged global suppliers to support India's agricultural needs, ensuring timely and affordable fertilizer access for farmers.
Published: Dec 04 2024, 7 pm
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