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Three major companies, Fairfax, Adani Group, and GMR, have shown interest in developing a greenfield airport near Sipasarubali in Puri, India, with a project cost of ₹2,203 crore. The Odisha Industrial Infrastructure Development Corporation (IDCO) floated a tender for a public-private partnership (PPP) in February, with the potential bidders having access to a data room to make their bids by June 4. The airport is expected to have a capacity of handling millions of passengers annually in different phases. The location was chosen for its proximity to Puri and its tourist attractions, aiming to boost tourism and trade in the region. The Adani Group, Fairfax, and GMR already control a majority of airports in India, with plans for further investments in airport development. 
The Indian Sugar and Bio-Energy Manufacturers Association (ISMA) has highlighted the need for strategic policy interventions by the Centre to address challenges faced by the sugar industry in meeting the 20 per cent ethanol blending target by 2030. Despite a drop in sugarcane production due to the global climate phenomenon EL Nino, ISMA believes that with stable policy support and investment in sugarcane production stabilisation, the industry can contribute up to 60 per cent of the ethanol requirement. President Prabhakar Rao emphasized the importance of fixing harmonious Minimum Support Prices for sugar and ethanol feedstocks to ensure financial viability and attract investments. ISMA stressed the importance of stakeholder collaboration, regulatory tweaks, and international inspiration to transform the industry towards sustainable energy practices and financial strength, urging positive action for a greener and more sustainable future.
India has urged members of the World Trade Organization (WTO) to refocus on the development dimension of the organization, emphasizing the importance of addressing real-life trade issues that impact developing countries. In a recent paper submitted to the WTO General Council, India highlighted the need to prioritize issues such as access to finance and technology, bridging the digital divide, and enhancing aid for trade. The paper also called for strengthening discussions on development in all regular bodies of the WTO and suggested thematic sessions to address the specific needs of least developed countries, landlocked developing countries, and small island states. India and other developing countries are pushing back against attempts by developed nations to dilute special and differential treatment provisions in WTO agreements, which were designed to give developing countries special rights and favorable treatment.
The Controller General of Accounts (CGA) is set to reveal the fiscal deficit number for the last fiscal year on May 31, with expectations that it will be lower than the revised estimate for Fiscal Year 2023-24 (FY24) due to better tax collection. The interim Budget for FY25 projects a decline in fiscal deficit to 5.8 per cent of GDP, in line with the government's fiscal consolidation plan. Direct and indirect tax collections have exceeded estimates, with direct tax collection reaching ₹19.58-lakh crore and total gross GST collection at ₹20.18-lakh crore in FY24. Lower capital expenditure and higher dividend receipts are also anticipated to contribute to reducing the deficit. Expenditure for FY25 is on track, with the government utilizing cash balance for buyback of dated securities.
India's urad imports have surged by 19% in the 2023-24 period, reaching 6.23 lakh tonnes due to a decrease in domestic supplies caused by erratic weather affecting both kharif and rabi output. Brazil and Argentina are expanding their black matpe cultivation, potentially becoming major suppliers to India, which has traditionally relied on Myanmar for urad. The India Pulses and Grains Association has forecasted a significant increase in imports from Brazil, with expectations of 50,000 tonnes of black matpe arriving from June-July. Despite the production shortfall, urad prices have remained stable, with imported urad prices in Chennai at ₹8,950 per quintal for FAQ quality and ₹9,550 per quintal for SQ quality. The duty-free imports of urad have been extended until March 31, 2025 to address pulses inflation.
A recent report by Accel, Fireside Ventures, and Redseer Strategy Consultants highlights the importance of brands adopting an omnichannel approach as consumers navigate various channels during their purchase journey. The report predicts that India's retail market will exceed $2.2 trillion by 2030, with 90% of sales expected to be offline. It reveals that Indian consumers conduct nearly 24 billion online searches annually across different categories before making a purchase, with food and grocery leading in value, followed by fashion and lifestyle. The report emphasizes the need for brands to be present where their customers are, whether online or offline, and cites examples like Mamaearth and Agrostar successfully leveraging omnichannel strategies. Experts suggest that while there is no one-size-fits-all approach, a combined online and offline experience tailored to Indian consumer preferences is essential for brands to succeed in the evolving retail landscape.
In a concerning development, Bihar's only reservoir, Chandan Dam, has dried up, along with several other major reservoirs in India, marking the 31st consecutive week of declining storage levels. Data from the Central Water Commission reveals that the storage in the southern region has plummeted to just 15% of capacity, with Andhra Pradesh and Telangana particularly affected at only 7% capacity. The overall storage level in the country's 150 reservoirs stands at 27% of capacity, significantly lower than the 79% recorded at the same time last year and the 92% average over the past decade. Several other key reservoirs, including Bhima (Ujjani) dam in Maharashtra and Nagarjuna Sagar reservoir, are also reported to have zero water.
Kisanserv, a Pune-based company, is set to expand its reach by opening 250 retail outlets for fruits and vegetables in Pune and Mumbai over the next three years. With 25 stores already established in the two cities, the company prides itself on offering fresh, premium-packed produce at prices 15-25 per cent lower than the market average. By directly sourcing from over 10,000 farmers in Maharashtra and cutting out middlemen, Kisanserv ensures fair compensation for farmers and affordable prices for consumers. The company operates physical stores as well as the Kisanserv Express app for home delivery within 30 minutes. With an annual revenue per square foot of ₹36,000, Kisanserv is focused on providing high-quality produce while supporting local farmers and communities.
Maldives Foreign Minister Moosa Zameer's official visit to India comes at a time of strained diplomatic ties, with President Mohamed Muizzu's push for the withdrawal of Indian military personnel causing tension. Zameer, the first Maldivian leader to visit India since Muizzu took office, met with External Affairs Minister S Jaishankar to discuss ways to strengthen relations. Jaishankar highlighted India's role as a key provider of development assistance to the Maldives, emphasizing the importance of cooperation between neighbors in uncertain times. Zameer acknowledged the benefits of economic cooperation with India, expressing eagerness for productive discussions and a stronger bilateral relationship. The meeting focused on enhancing ties through shared activities, capacity building, and training, in line with India's 'neighbourhood first' policy and SAGAR vision.
In the latest economic update from China, monthly imports of iron ore, a crucial component for steel production, have surpassed 100 million tons for the third time this year. This surge in imports comes amidst concerns of overcapacity in the steel industry, with Chinese steel exports remaining above 9 million tons in April. The ongoing trade tensions have also extended to other sectors, such as clean energy, where China's dominance has raised objections from foreign competitors. Despite efforts to address historical overcapacity issues, the steel industry continues to face challenges, with steel exports expected to decline in the coming months due to crackdowns on tax evasion. Additionally, in the metals sector, copper imports have dropped while aluminum exports have reached a three-month high. The energy market sees an increase in coal purchases and stable natural gas imports, while crude oil imports have decreased from a seven-month high. Agricultural goods like soybeans have seen a rise in shipments, but edible oils have faced a decline due to higher overseas prices and a sluggish economy. Overall, China's trade performance in April has shown some positive signs, but challenges in domestic consumption and the property market persist.
The Indian startup ecosystem has seen a significant rise in job opportunities, with a 37 per cent increase in new companies leading to a 14 per cent increase in job openings, particularly targeting fresh graduates. The overall hiring index has also shown a positive shift, with a 9 per cent increase compared to the previous year. Sales positions have seen a notable increase, as have product-related roles, while IT, consulting, and marketing jobs are less in demand. Startups are expanding beyond metropolitan areas to non-metro regions, with Bengaluru, Delhi-NCR, and Mumbai remaining key hubs. Sectors like production, manufacturing, home appliances, and healthcare have seen a surge in hiring, while industries like agro-based, shipping, FMCG, and printing/packaging have experienced a downtrend. Companies are also expanding their workforce in Tier-2 and Tier-3 cities, with hiring demand for experienced professionals showing positive growth.
