eznews.inConcerns are mounting over the availability of maize for ethanol production in India, as distilleries have been ordered to supply 431 crore litres, necessitating 11.3 million tonnes of the coarse cereal. Current estimates suggest that 8 million tonnes will be needed to meet the demand for 306 crore litres this season, with industry sources indicating a smooth transition is likely. As of September 30, 2023, 231.49 crore litres of ethanol had been supplied, representing 76% of the target for the ethanol supply year. While kharif maize acreage has increased by 4.5% to 8.85 million hectares, experts caution that this data may be misleading due to potential crop diversification. Maize prices are currently averaging ₹2,101 per quintal, below the minimum support price of ₹2,225, with variations across states attributed to moisture content and expectations of a larger crop.
Published: Oct 29 2024, 8 pmeznews.inIndia is closely monitoring the implications of its free trade agreement (FTA) with ASEAN amid concerns that China could exploit the pact to its advantage. Since the FTA's inception in 2009, China's share of ASEAN imports has surged from 10% to 30%, raising alarms as Chinese Premier Li Qiang advocates for deeper integration with the bloc. India, facing a widening trade deficit with ASEAN—now at $38.46 billion—has called for a review of the ASEAN India Trade in Goods Agreement (AITIGA) to address these imbalances. The influx of products with high Chinese content, such as steel and mobile phones, entering India through ASEAN countries like Vietnam and Malaysia under preferential duties is a significant concern. As the Regional Comprehensive Economic Partnership (RCEP) takes effect, India seeks to negotiate better protections for its domestic industries while ensuring that ASEAN countries, particularly Vietnam, commit to more substantial tariff reductions.
Published: Oct 29 2024, 8 pmeznews.inAs of September 2024, the Reserve Bank of India (RBI) has significantly increased its gold reserves, holding 854.73 metric tonnes, up from 822.10 metric tonnes in March 2024. The share of gold in India's total foreign exchange reserves rose from 8.15% to 9.32% during this period, reflecting a growing preference for gold despite rising prices, which peaked at $2,650.6 per ounce. Notably, the RBI has shifted to holding about 60% of its gold domestically, compared to 50% earlier, with 510.46 metric tonnes stored in India. The RBI's net purchases of gold reached 45 tonnes year-to-date, making it the second-largest net buyer globally. Additionally, India's forex reserves climbed to a record $705.78 billion, with 87% allocated to foreign currency assets, as the RBI explores new strategies in reserve management through external asset managers.
Published: Oct 29 2024, 8 pmeznews.inTrade operations at Adani Kattupalli and Ennore Port Container Terminals are currently hampered by significant delays in scanning containers, with trailers facing wait times exceeding 24 hours. Although issues related to the new Terminal Operating System (TOS) have been resolved, the scanning process remains sluggish due to limited Customs staffing, which operates only from 10 am to 8 pm, allowing for the scanning of just 120 trailers daily. This has resulted in a backlog of 300 to 400 trailers, causing increased transport costs, production losses, and congestion at the ports. The Chennai Customs Brokers’ Association has highlighted that the dwell time for import deliveries has surged to over five days, leading to additional storage and detention charges. Stakeholders have called for improved staffing and a parallel run of the TOS to mitigate these challenges, which have persisted for over ten days, affecting the overall logistics landscape.
Published: Oct 29 2024, 7 pmeznews.inThe number of individual income tax return filers in India reporting incomes over ₹1 crore has surged by approximately 41% to over 2.38 lakh in the first half of the fiscal year 2023-24, according to data from the e-filing portal. This increase is attributed to the formalisation of the economy, enhanced technology, and improved compliance measures, with the deadline for audited accounts approaching on November 15. The rise follows a significant dip during the pandemic, with crorepati filers increasing from over 16,700 in 2021-22 to over 1 lakh in 2022-23. Experts highlight strong economic growth, buoyant capital markets, and advanced technology, particularly AI, as key factors driving this trend. India's direct tax-to-GDP ratio has reached a 24-year high of 6.64%, with direct tax collections exceeding ₹19.60 lakh crore. Analysts suggest that further growth in taxpayer numbers is possible, given the low current tax-to-GDP ratio.
Published: Oct 29 2024, 7 pmeznews.inTruAlt Bioenergy has announced a significant contract to supply approximately 65 million litres of ethanol to private players, alongside catering 50 million litres of Extra Neutral Alcohol (ENA) to various industries. This order is part of a broader agreement with India’s leading oil marketing companies under the Ethanol Supply Year (ESY) 2024-25, which encompasses a total volume of 300 million litres. The company, which boasts a production capacity of 1.4 million litres per day, aims to support India's Ethanol Blended Petrol (EBP) programme and contribute to the government's goal of achieving a 20% blending target. Founder and Managing Director Vijay Nirani emphasized TruAlt's commitment to collaborating with the government to enhance energy security and meet future blending milestones. The announcement was made on October 29, 2024, in Mangaluru, highlighting the company's strategic role in India's renewable energy landscape.
Published: Oct 29 2024, 7 pmeznews.inAustralia's Bureau of Meteorology (BoM) has reported that La Niña conditions are unlikely to develop between November 2024 and February 2025, with all models predicting a return to neutral El Niño-Southern Oscillation (ENSO) conditions by March 2025. While six out of seven climate models indicate that sea surface temperatures (SSTs) will remain within ENSO-neutral thresholds, the US Climate Prediction Center (CPC) forecasts a 60% chance of La Niña emerging in the coming months. The BoM noted that the Indian Ocean Dipole (IOD) is currently negative, with an index value of -0.94 °C, but is expected to revert to neutral by December. SSTs in the Indian Ocean are warmer than average in the central and eastern regions, while cooler in the west, reflecting typical patterns associated with a negative IOD phase. The CPC also highlighted ongoing negative subsurface temperature anomalies in the eastern equatorial Pacific.
Published: Oct 29 2024, 6 pmeznews.inThe Power Ministry of India has proposed amendments to the guidelines governing power purchase agreements (PPAs) for tariff-based competitive bidding (TBCB) projects, aiming to enhance the procurement of firm and dispatchable power from grid-connected renewable energy projects with energy storage systems. The draft suggests a standard PPA duration of 15 years, extendable to 25 years, allowing developers to operate their plants post-PPA expiry. Stakeholder feedback is being sought on these changes, which also include requirements for developers to install GPS-enabled automatic weather stations and comply with cybersecurity regulations. Additionally, the Ministry plans to introduce new financial instruments, such as insurance surety bonds, to replace traditional performance bank guarantees, ensuring that any damages due to generator defaults are recoverable. The proposed guidelines stipulate that performance bank guarantees will be returned within 45 days of the project's supply commencement.
Published: Oct 29 2024, 6 pmeznews.inThe Rubber Board has called on tyre manufacturers to prioritize the procurement of natural rubber from domestic sources, following a recent decline in prices. During a meeting with industry representatives, Executive Director M. Vasanthagesan emphasized the importance of collaboration among all stakeholders in the rubber value chain to ensure a sustainable market. He highlighted the challenges faced earlier in 2024 due to low prices and increased imports, which led to a reluctance among growers to continue tapping rubber. Vasanthagesan warned that further price drops could lead to irreversible consequences for the industry. He urged companies to remain engaged in the market despite volatility and stressed the need to tap into untapped plantations to maintain consistent rubber availability. The Board is also focused on promoting the production of quality rubber sheets and is closely monitoring the market to provide policy recommendations to stabilize the natural rubber sector.
Published: Oct 29 2024, 5 pmeznews.inThe US Department of Commerce has imposed a countervailing duty (CVD) of 5.75% on frozen water shrimp imports from India, significantly higher than the 3.75% levied on Ecuador and 2.84% on Indonesia and Vietnam. This decision, stemming from anti-dumping investigations, is expected to adversely affect Indian seafood exports, which account for 40% of the country's seafood trade, valued at $2.9 billion. Pawan Kumar G, president of the Seafood Exporters Association of India, warned that the increased CVD, coupled with a potential rise in anti-dumping duties, could render Indian shrimp the most expensive in the US market. He emphasized that Indian exporters do not receive subsidies but are compliant with WTO standards through tax reimbursements. The industry is urging the Indian government to intervene to mitigate the impact of these duties, especially as competition from Ecuador has already reduced the unit value of Indian shrimp exports.
Published: Oct 29 2024, 5 pm
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