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Foreign Portfolio Investors (FPIs) have continued their selling trend in Indian equities for the eighth consecutive week, offloading ₹26,533 crore (approximately $3.14 billion) as of November 22, 2024. This marks a significant decrease from the record net selling of ₹94,017 crore in October, which was the highest for the year. Year-to-date, FPIs have sold ₹19,940 crore in Indian equities, with total selling from October 1 to November 22 reaching ₹155,730 crore ($18.5 billion). Experts, including V K Vijayakumar from Geojit Financial Services, suggest that the sell-off may soon taper, as the 'Sell India, Buy China' trend appears to be waning. Concerns over weak corporate earnings and high valuations in India are driving the outflows, while factors such as U.S. economic conditions and geopolitical dynamics will influence future foreign investment in Indian markets, according to Himanshu Srivastava from Morningstar. 
Published: Nov 23 2024, 8 pmeznews.inV Anantha Nageswaran, Chief Economic Advisor to the Government of India, emphasized the urgent need for large enterprises to ensure timely payments to small and medium enterprises (SMEs) during the Laghu Udyog Bharati MSME Sangamam 2024. He highlighted that prompt payments are vital for the financial health and growth of SMEs, which are crucial for India's GDP and its ambition to become a "China plus one" alternative in global manufacturing. Nageswaran noted that many large firms are not utilizing trade receivables exchange platforms effectively, hindering SMEs' access to necessary funds. He also pointed out that 25-30% of Nifty 50 companies operate with negative working capital, relying on credit from SMEs. To enhance competitiveness, he proposed raising the thresholds for SMEs to include firms with up to 1,000 employees, urging a shift in mindset to foster growth and compliance in the sector.
Published: Nov 23 2024, 6 pmeznews.inRavneet Kaur, Chairperson of the Competition Commission of India (CCI), addressed a regional workshop in Kolkata, emphasizing the importance of trade associations adhering to competition law to prevent anti-competitive practices. Kaur highlighted the CCI's proactive approach in engaging with these associations to ensure compliance, noting their vital role in fostering dialogue that supports economic growth while maintaining fair competition. She discussed the significant changes brought about by the Competition Amendment Act, 2023, which aims to address emerging challenges and position India as a global business hub. A key feature of the amendments is the introduction of a commitments and settlements regime, allowing businesses to resolve competition concerns efficiently without lengthy legal battles. Kaur expressed optimism that the workshop would enhance understanding and collaboration between regulators and industry, reinforcing competition law as a driver of innovation and consumer welfare.
Published: Nov 23 2024, 7 pmeznews.inThe sixth meeting of the ASEAN-India Trade in Goods Agreement (AITIGA) Joint Committee took place in Delhi from November 15-22, 2024, marking a significant step towards tariff negotiations and a review of the bilateral trade pact. Attended by chief negotiators and senior officials from all ten ASEAN nations and India, the discussions focused on various aspects of the agreement, including market access, rules of origin, and customs procedures. India has been advocating for a review since the AITIGA's implementation in 2010, citing disproportionate trade gains favoring ASEAN countries. While India's exports to the bloc rose to $41.2 billion in FY 2023-24, imports surged to $79.66 billion. India seeks stricter rules to prevent Chinese goods from entering its market through ASEAN and aims for greater market access from countries like Vietnam. The negotiations are expected to conclude in 2025, following prior high-level meetings in Laos.
Published: Nov 23 2024, 7 pmeznews.inThe recent reduction of export tax rebates by the Chinese government is set to increase the costs of solar photovoltaic components imported into India, impacting future solar projects. Grew Energy, a major importer of solar modules, reports that the cut from 13% to 9% in export rebates will directly affect the prices of solar cells, glasses, and ribbons, which constitute significant portions of solar module costs. With India importing $6.21 billion worth of solar components from China in the last financial year, manufacturers are now exploring alternative suppliers in Vietnam, Indonesia, and other Southeast Asian countries. However, the high quality of Chinese products means that many will still rely on imports from China. To mitigate this dependency, companies like Waaree Energies and Grew Energy are ramping up domestic production capabilities, aiming to bolster the local manufacturing ecosystem and reduce vulnerability to international price fluctuations.
Published: Nov 23 2024, 5 pmeznews.inPrime Minister Narendra Modi is set to launch the Prime Minister Internship Scheme (PMIS) on December 2, aimed at enhancing employability for India's youth. The initiative, which targets skilling 1 crore individuals over five years, will see Modi distribute joining orders to select candidates from a pilot program that began on October 3. With 280 corporates offering 1.28 lakh internships across 745 districts, the scheme has attracted 6.2 lakh applications. Funded with ₹800 crore, PMIS is part of a broader ₹2 lakh crore budget plan to create jobs and skill 4.1 crore youth. Eligible participants aged 21-24 can apply for internships in various sectors, including automotive, banking, and IT, with a monthly allowance of ₹5,000. The scheme emphasizes inclusivity by excluding graduates from premier institutions, thereby empowering underrepresented groups to gain practical experience while earning.
Published: Nov 23 2024, 6 pmeznews.inThe Department of Financial Services (DFS) has granted in-principle approval for the consolidation of the IFCI Group, which includes the merger of IFCI Limited with StockHolding Corporation of India Limited and other group entities. The Finance Ministry has instructed IFCI Limited to initiate the necessary actions in compliance with relevant laws. The consolidation plan will merge several subsidiaries, including IFCI Factors Limited and IFCI Infrastructure Development Ltd, into IFCI Limited, which is publicly listed. Additionally, other group companies will become direct subsidiaries of the newly consolidated entity. This move follows a ₹500 crore capital infusion from the Centre in April 2024, with shares of IFCI closing at ₹58.02 on the BSE. For the quarter ending September 30, 2024, IFCI reported a consolidated net profit of ₹185 crore, a 7% increase from the previous year, recovering from a net loss of ₹88 crore in the June quarter.
Published: Nov 23 2024, 12 pmeznews.inIndia's agricultural sector, crucial for the livelihood of 42.3% of its population and contributing 18.2% to the GDP, has demonstrated resilience with an average annual growth rate of 4.18% over the past five years, despite a provisional estimate of just 1.4% for 2023-24. However, challenges such as income insecurity, lack of access to credit, and inadequate infrastructure persist, hindering farmers' economic independence. Microfinance is emerging as a vital solution, offering tailored financial products like crop loans and insurance, particularly through Non-Banking Financial Companies (NBFCs) in underserved areas. These institutions have disbursed 205 lakh loans, significantly enhancing financial inclusion and productivity. By integrating financial services with agricultural training and technology, microfinance can empower farmers, improve supply chains, and promote sustainable practices, ultimately fostering a more resilient rural economy and ensuring better livelihoods for farmers across India.
Published: Nov 23 2024, 12 pmeznews.inThe Department of Financial Services (DFS) has granted in-principle approval for the consolidation of the IFCI Group, which includes the merger of IFCI Limited with StockHolding Corporation of India Limited and other subsidiaries. The Finance Ministry has instructed IFCI Limited to initiate the necessary actions in compliance with relevant laws. The consolidation plan will merge several entities, including IFCI Factors, IFCI Infrastructure Development, and IIDL Realtors, into IFCI Limited, a listed company. Additionally, StockHolding Services and other group companies will become direct subsidiaries of the newly consolidated entity. This move follows a ₹500 crore capital infusion from the Centre in April 2024, with IFCI shares recently closing at ₹58.02. For the quarter ending September 30, 2024, IFCI reported a consolidated net profit of ₹185 crore, a 7% increase from the previous year, recovering from a net loss of ₹88 crore in the June quarter.
Published: Nov 23 2024, 12 pmeznews.inFarmer leader Swaran Singh Pandher, president of the Kisan Mazdoor Sangarash Committee (KMSC), has emphasized the necessity of a legal guarantee for the minimum support price (MSP) to facilitate the long-standing government goal of transitioning Punjab's paddy farmers to alternative crops. Addressing the media in New Delhi, Pandher criticized misinformation regarding the MSP demand, asserting that farmers are compelled to grow paddy despite preferring other crops due to financial insecurity. He announced plans for a renewed march to Delhi starting December 6, alongside a hunger strike by fellow leader Jagjit Singh Dallewal from November 26. Pandher highlighted that a legal framework for MSP could address critical issues such as groundwater depletion, air pollution, and soil degradation, while also enhancing domestic production of oilseeds and pulses. He expressed readiness for discussions with the government, noting that previous talks had stalled since February.
Published: Nov 23 2024, 9 am
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