Trending Economy

Govt's efforts to safeguard domestic manufacturing from Chinese dumping

The Indian government is making efforts to boost the domestic manufacturing sector and protect Indian companies from Chinese dumping, according to Sanjeev Sanyal, a member of the Economic Advisory Council to the Prime Minister. Speaking at an event in Kolkata, Sanyal stated that while the government is committed to promoting manufacturing growth, it does not want to go too far with protectionism. He highlighted the need for a balanced approach, as overprotection could lead to a scenario similar to the decline of the Ambassador car industry. Sanyal also mentioned the various schemes, such as the production linked incentive (PLI) scheme, that the government has implemented to support manufacturing investment and growth. He emphasized the importance of manufacturing as another engine for economic growth, alongside the services sector, in order to achieve a more balanced and sustainable economy. sources

Published:
Dec 01 2023, 10 pm

Government speeds up rooftop solar installations with rule changes

The Power Ministry has announced amendments to simplify electricity consumer rules, reducing the time for new connections and streamlining rooftop solar installations. Consumers in multi-storied flats can now choose their connection type, ensuring separate billing for common areas and backup generators. Check meters will be installed by distribution companies in case of complaints to verify electricity consumption. The rules also facilitate faster installation of rooftop solar systems, exempting technical feasibility studies for systems up to 10 kW and reducing timelines for larger systems. Additionally, residential colonies can now opt for individual or single-point connections, with separate metering and billing for different sources of electricity consumption. Discoms must install additional meters within five days of complaints about inaccurate readings. The government emphasizes consumer interests and renewable energy support through these amendments. sources

Published:
Feb 23 2024, 5 pm

GST portal enhances data sharing for seamless credit access

In a significant development, the GST portal in India can now share data with public tech platforms for seamless credit sanctioning, impacting compliance and innovation in the fintech sector. This move will make it easier for businesses to obtain credit from financial institutions for GST assessments, with data being shared only after consent. The Finance Ministry's notification defines the 'Public tech platform for frictionless credit' as an enterprise-grade platform developed by the RBI to facilitate credit operations and access information digitally. Experts believe that this sharing of data will not only streamline credit sanctioning but also improve compliance. The move is expected to lead to more accurate credit assessments and enhance operational capabilities for lenders, ultimately benefiting MSMEs and fostering innovation in the fintech industry. sources

Published:
Feb 23 2024, 6 pm

Sugar mills profit from selling raw material to fertilizer firms

In a recent development, the Indian government has set the retail price of potassium derived from molasses (PDM) at ₹4,263 per tonne, or ₹213.5 per 50 kg bag, for the current sugar season until September 30. This move aims to ensure sugar mills do not default on cane purchase payments and make them viable. The decision will allow fertiliser companies to offer PDM to farmers at a price range of ₹350 to ₹400 per 50 kg bag, significantly lower than the current price of Muriate of Potash (MoP). Additionally, fertiliser makers can claim a subsidy of ₹345 per tonne under the nutrient-based subsidy scheme on PDM. This initiative is expected to reduce import dependence in the fertilizer sector and provide an additional revenue stream for sugar mills. sources

Published:
Feb 23 2024, 5 pm

RBI permits banks, NBFCs to issue transport payment cards

In a move aimed at providing commuters with more payment options for tickets, the Reserve Bank of India has allowed banks and non-banking institutions to issue pre-paid instruments (PPIs) for use across various public transport systems. This decision, announced on Friday, is expected to offer convenience, speed, affordability, and safety through digital modes of payment. With public transport systems serving a large number of commuters daily, the introduction of these instruments will enhance the overall payment experience for passengers. The move signifies a shift towards embracing digital payment methods in the transportation sector, offering an alternative to traditional cash transactions. sources

Published:
Feb 23 2024, 4 pm

Goyal to strongly address EU carbon tax issue

Commerce and Industry Minister Piyush Goyal has expressed India's concerns over non-tariff barriers and unilateral measures like carbon taxation, particularly in relation to the European Union (EU). Goyal stated that India will address the carbon tax issue with the EU while also preparing to turn it into an opportunity. He emphasized that India will respond in a free and fair manner within the rules of international trade, including retaliating, taking countermeasures, and engaging in discussions or legal actions as necessary. The Carbon Border Adjustment Mechanism (CBAM), set to come into effect in 2026, poses a potential challenge for Indian exports to the EU, particularly in sectors like steel, cement, and aluminium. Goyal assured that India will work to ensure that Indian businesses do not suffer as a result of these measures. sources

Published:
Feb 23 2024, 4 pm

GMR Airports seeking growth in Middle East, South Asia, Jakarta

GMR Airports Infrastructure is focusing on brownfield projects and airport privatization opportunities in India, particularly those capable of handling over 5 million passengers annually. The company, which operates five airports, including Delhi, is also eyeing overseas opportunities in the Middle East, South Asia, the Philippines, and Jakarta. GMR is not aggressively acquiring airport assets but is strategically targeting those that can enhance the international passenger mix. With successful ventures like the Goa airport, which became EBITDA positive in just three quarters, the company is optimistic about its future growth prospects. Additionally, GMR has expanded its capacity and is looking to further develop its airports to cater to increasing passenger traffic, with a focus on enhancing the overall airport experience. sources

Published:
Feb 23 2024, 4 pm

Ramadan boosts tea sales at Kochi auctions

In Kochi auctions, the sales of good liquoring teas ahead of Ramadan have increased, with a sales percentage of 96 and an average price of ₹137 per kg. However, orthodox dust sales slipped with a sales percentage of only 46 out of the offered quantity. Traders are hopeful for improved enquiries from North Indian buyers in the coming weeks due to the dropping of auctions in Kolkata. The whole leaf in orthodox sales appreciated in value, with exporters from Middle East and CIS countries, as well as Tunisian buyers, providing support. Concerns have been raised over Sri Lankan tea impacting the market, with Iraq emerging as a major market for Indian orthodox grades. sources

Published:
Feb 23 2024, 11 am

Kavach to LTE upgrade in 12-15 months

Indian Railways has successfully conducted trial runs for Kavach, an indigenous train collision avoidance system, on Vande Bharat trains, with plans to upgrade the system to LTE technology. The formal introduction of Kavach is expected in 12 to 15 months, with tenders covering 6,000 kms, including the Delhi-Mumbai and Delhi-Howrah routes. The North Western Railway has awarded tenders worth ₹426 crore for the system to be rolled out on 1,600 kms by 2025. The Cabinet has approved additional spectrum for the national rollout of Kavach, with the Railways aiming to increase installation capacity to 5,000 Rkm by FY26. Various components of Kavach, such as station installations and RFID tags, are being implemented, with a budget allocation of ₹560 crore in the FY25 Interim Budget. sources

Published:
Feb 23 2024, 10 am

Reliance plans ship leasing shop in GIFT city

Reliance Industries Ltd (RIL) is set to establish a ship leasing entity at IFSC - GIFT city in Gujarat, with a total investment and expenses amounting to ₹22,033 crore. The proposal is subject to the SEZ committee's approval, with the company aiming to carry out the business of Operating Lease of ships, vessels, and voyage charters. The financial aspects reveal that the source of finances will come from the promoter and investors, with a projected FOB value for the export of services over a five-year period. Ship leasing at GIFT city is a new addition to the activities permitted by the regulatory authority, allowing Indian entities to transact in foreign currency and onshore offshore financial services. Despite India's significant maritime presence, Indian companies still rely on foreign entities for freight agreements, highlighting the potential for growth in the ship leasing market. sources

Published:
Feb 22 2024, 9 pm

CVC partners with Rajan Gajaria for CDMO business

Industry veteran Rajan Gajaria has partnered with private equity firm CVC to invest in contract development and manufacturing organizations (CDMO) and global chemical businesses, aiming to expand CVC's global presence in these sectors. Gajaria, who retired as Executive Vice President of Business Platforms at Corteva Inc in 2022, has also joined the board of Sajjan India Limited, an investee company of CVC. With extensive experience in leading agrochemical firms, Gajaria's insights on environment, health, and safety are expected to drive CVC's investments in India, starting with Sajjan. The partnership details, including financial aspects and specific investment segments, have not been disclosed. Sajjan India, a CDMO for large-scale production of Active Ingredients, has two production sites with a combined capacity exceeding 15,000 TPA. sources

Published:
Feb 23 2024, 9 am

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