Early monsoon boosts crop production, acreage up 11%

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Early monsoon boosts crop production, acreage up 11%

Farmers in a border village between Andhra Pradesh and Telangana are experiencing a boost in maize cultivation, thanks to the early arrival of the monsoon, which is 10-15 days ahead of schedule. A report by AnandRathi indicates that maize acreage has increased by 11% as farmers shift crop patterns, particularly replacing cotton with maize in western and southern India. Despite lower carried-over stocks, stable domestic and global prices suggest that significant price hikes are unlikely, reflecting a strong season for technical manufacturers. The agrochemicals sector is projected to grow by 8% year-on-year, with maize hybrid seeds expected to see a 20% increase. Analysts believe the sector is on a path to recovery after facing challenges from adverse weather, global stock pressures, and geopolitical uncertainties. The report anticipates an 8% revenue growth for the sector, driven by improved product mix and operational efficiencies.

Published:
Jul 08 2025, 1 pm

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Auto industry calls for national strategy on critical materials shortage

The Automotive Component Manufacturers Association of India (ACMA) has called for a national strategy on critical materials to address a looming shortage of rare earth magnets, essential for electric vehicle (EV) production. ACMA President Shradha Suri Marwah highlighted the urgency of self-reliance, particularly as China has imposed export restrictions since April, controlling over 90% of global processing capacity for these magnets. With no imports since the restrictions, the industry is exploring alternative solutions and increasing localization efforts. Despite current challenges, including supply chain disruptions and tighter working capital, Marwah expressed optimism for FY26, citing a robust turnover of $80.2 billion for FY2025, driven by strong domestic demand and rising exports. ACMA Director General Vinnie Mehta emphasized the need for the industry to focus on self-sufficiency to avoid future crises, as geopolitical factors continue to impact supply chains.

Published:
Jul 08 2025, 4 pm

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Capex growth resumes as infrastructure firms see order increase

Capital Expenditure (capex) in India's infrastructure Engineering and Construction (E&C) sector is poised for a rebound, driven by a growing order pipeline, despite a recent slowdown attributed to a high base and muted tendering activities in FY24 and FY25. A report by SMIFS Ltd highlights that this deceleration is influenced by cost overruns, increased welfare spending, and disruptions from state elections. Over the past decade, significant government initiatives have transformed India's infrastructure landscape, with Gross Budgetary Support (GBS) nearly quadrupling to Rs 15.5 trillion by FY26, reflecting a 15% CAGR. Key sectors such as roads, railways, and renewables have seen substantial funding increases. The GBS now constitutes 4.2% of GDP, up from 2.5% in FY16, while capex's share of the overall budget has risen to 30.6%. The government anticipates a 10% year-on-year increase in capex for FY26, reaching Rs 11.2 trillion.

Published:
Jul 08 2025, 4 pm

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IndiGo flight 6E 7295 returns mid-air for technical issue

An IndiGo flight, 6E 7295, faced a mid-air technical issue shortly after departing from Indore (IDR) to Raipur (RPR) on Tuesday morning. The aircraft took off at 06:28 am, ahead of its scheduled departure of 06:35 am, but was forced to return to Indore due to the snag. The pilot promptly requested a priority landing, which was granted by Air Traffic Control, allowing for a safe return without incident. Upon landing, all passengers disembarked safely, and the flight was subsequently cancelled. IndiGo offered affected passengers a full refund or alternative flight options. The incident highlights the airline's commitment to passenger safety, ensuring that all protocols were followed during the emergency.

Published:
Jul 08 2025, 4 pm

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India sees first drop in power demand post-pandemic

India's electricity demand saw a notable decline of nearly 1.5% in the quarter ending June, reaching 445.8 billion kilowatt hours, marking the first contraction since 2020, as reported by the Central Electricity Authority. This decrease is attributed to a cooler summer, which reduced reliance on energy-intensive air conditioning. The shift in climate patterns is raising concerns among government and industry leaders regarding future consumption and investment strategies. Coal-fired power plants, which typically generate about 75% of the country's electricity, experienced a 7% drop in output, operating at just 69.6% capacity compared to 76.6% the previous year. In contrast, renewable energy sources, including hydropower and nuclear, saw an increase in generation, with renewables rising nearly 23% during April and May. If peak demand remains below last year's 250 gigawatts, it would represent the first decline in two decades.

Published:
Jul 08 2025, 4 pm

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Kerala demands $1.1 billion from MSC for oil spill

Kerala has filed a lawsuit against the Swiss-based Mediterranean Shipping Company (MSC), seeking $1.1 billion in compensation following the sinking of the Liberian-flagged container ship MSC ELSA 3 off its coast in May. The Kerala High Court has ordered the arrest and detention of another MSC vessel at Vizhinjam Port until the company secures the claim amount. The MSC ELSA 3 capsized while en route from Vizhinjam to Kochi, leaking fuel and releasing hazardous cargo, which has led to significant pollution of the marine ecosystem, adversely affecting coastal fisheries and public health. In response to the environmental crisis, the state government advised local fishermen to refrain from fishing and provided relief to over 105,000 families reliant on the industry. MSC has not yet commented on the lawsuit, although it previously engaged a marine services firm for cleanup efforts.