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The Indian Information & Broadcasting Ministry has announced an increase in incentives for foreign film production in the country. The reimbursement of expenses incurred in India will now be 40% with a cap limit of ₹30 crore, up from the previous 30%. Additionally, foreign film producers will be eligible for an additional 5% bonus for Significant Indian Content (SIC). The move aims to attract medium and big budget international film projects to India and streamline foreign film productions. The Incentive Scheme for the Production of Foreign Films was introduced last year, offering a reimbursement of up to 30% of production expenses, capped at ₹2.5 crore. The incentives will be disbursed in two stages, interim and final, and will be provided on the recommendation of a Special Incentive Evaluation Committee. The Film Facilitation Office (FFO) under the National Film Development Corporation (NFDC) will oversee the execution of this incentive scheme. 
The India Meteorological Department (IMD) has issued a yellow alert, stating that a cyclone is likely to cross the Andhra Pradesh shore by Monday noon. The deep depression over the south-west Bay of Bengal is expected to intensify into a cyclone by Sunday noon and make landfall between Nellore and Machilipatnam in southern Andhra Pradesh on Monday morning. The cyclone, located 420 km south-east of Chennai, is expected to bring winds with speeds ranging between 80 kmph and 100 kmph. Squally wind speeds of 50-60 kmph, gusting to 70 kmph, are already prevailing over the south-west Bay of Bengal and are likely to increase. Isolated heavy rainfall is expected in Tamil Nadu and Puducherry, while southern Andhra Pradesh will experience heavy to very heavy rainfall. The IMD has warned of potential damage to paddy and horticultural crops, orchards, vulnerable structures, and power and communication lines. The situation is under continuous surveillance.
Life Insurance Corporation (LIC), India's largest life insurer, has implemented a new framework for the appointment of Shareholders' Director to its Board. This comes 18 months after LIC's mega Initial Public Offering (IPO), which raised ₹20,500 crore for the government. The new framework states that LIC will elect a Shareholders' Director through a general meeting of shareholders upon receiving a notice from at least 1,000 shareholders or one-tenth of the total number of shareholders. The appointed director will serve for four years and can be re-elected for another four years. The framework also specifies that the director cannot hold a similar position in more than two other companies, and those companies should not be in competition or conflict with LIC's business. The Nomination and Remuneration Committee will conduct due diligence for the appointment and continuation of the director. The concept of shareholders' director is already present in public sector banks. Despite the successful IPO, LIC's market price has consistently been below the IPO price, disappointing retail investors.
The Insolvency and Bankruptcy Board of India (IBBI) has appointed Jitesh John as its new Executive Director. John, a former Economic Advisor in the Ministry of Power, brings 21 years of experience in the Central Government to his new role. He has worked in various sectors including finance, energy, infrastructure, and small and medium enterprises. In a separate development, the Corporate Affairs Ministry has given its approval to appoint Sandip Garg as a Whole Time Member of IBBI. Garg, who previously served as an Executive Director in IBBI, has over 31 years of experience in the income tax department and Central Board of Direct Taxes. His appointment is valid for five years or until the age of 65, whichever comes first. Garg's previous role at IBBI involved overseeing corporate insolvency, corporate liquidation, individual insolvency, individual bankruptcy, and data dissemination.
India's agriculture sector, which is a major player worldwide and the primary source of livelihood for 55% of the population, faces challenges such as low productivity, small land holdings, and environmental threats. Precision agriculture, including the use of drones, can play a vital role in addressing these challenges. Drones equipped with sensors and cameras can provide real-time data on crop health, aid in irrigation management, assist in disaster management, create virtual boundaries, calculate crop biomass, control locusts, and be used as effective sprayers. These applications offer numerous benefits to farmers, including enhanced production, adaptive techniques, greater safety, and increased accuracy rates. Agricultural drones are seen as the future of farming in India, transforming traditional practices and leading to a more prosperous, productive, and sustainable agriculture industry.
India is set to become a $30 trillion economy in the next 30 years, according to Union Commerce and Industry Minister Piyush Goyal. Speaking at the India Debt Capital Market Summit, Goyal urged both domestic and global investors to take advantage of the country's growth potential. He highlighted that India's stock market has reached a market capitalization of $4 trillion for the first time, making it one of the top five global markets. Goyal also emphasized that India is currently the fastest growing economy in the world, with a second quarter growth rate of 7.6%. He stated that the world has confidence in India and that the country's macroeconomy, compassionate capitalism, and focus on high-quality infrastructure will be the foundation for future growth. Goyal concluded by stating that India is a trusted partner of the world and a vibrant democracy that respects the rule of law.
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.
Prime Minister Narendra Modi has launched the Green Credit Initiative (GCI) at the COP28 climate summit in Dubai. The GCI aims to create a carbon sink with the participation of the public, going beyond the commercial aspect of carbon credits. Modi also proposed that India host the COP33 climate summit in 2028. He emphasized the need for adequate climate finance and technology transfer to developing nations, as they are disproportionately affected by climate change despite contributing minimally to it. Modi highlighted India's commitment to the UN Framework for Climate Change and its achievements in reducing carbon emissions. He also welcomed the operationalization of the loss and damage fund, which will provide financial assistance to vulnerable countries dealing with the impact of climate change. Additionally, Modi called for progress on climate finance and outlined four objectives for COP28, including a collective quantified goal of at least $100 billion per year and developed nations ending their carbon footprint before 2050.
Exports of poultry products, particularly eggs and egg powder, have seen a significant increase of 43% to $81 million in the first half of the current financial year. This growth can be attributed to strong demand from countries like Sri Lanka, Malaysia, and traditional markets in West Asia such as Oman. The impact of the Ukraine war has also played a role in driving demand for Indian poultry products. Sri Lanka alone has purchased nearly 100 containers of Indian eggs, while Malaysia has bought 10 containers to meet domestic supply shortfalls. Indian exporters are also receiving inquiries for eggs from Bangladesh and Afghanistan. Additionally, there is a rising demand for value-added products like egg powders. However, egg prices have surged by almost 40% in key producing regions due to reduced placement by producers. Despite this, egg prices are expected to decline in the coming months, benefiting exporters in the new year. Oman remains the largest buyer of Indian poultry products, followed by Japan and Sri Lanka. Other major buyers include Maldives, Indonesia, UAE, and Qatar.
The agri-inputs industry in Maharashtra, India, has expressed concern over the government's plan to compensate farmers for losses caused by the sale of adulterated or misbranded seeds, fertilizers, and insecticides. The state intends to amend several acts to facilitate this compensation, including the Insecticides Act, Seeds Act, Essential Commodities Act, and Maharashtra Prevention of Dangerous Activities Act. The industry, which includes seed manufacturers, pesticide makers, and crop protection manufacturers, is worried about being grouped with dangerous persons and drug offenders. They argue that the proposed amendments are harsh, ambiguous, and contrary to the law, leading to undue harassment for genuine manufacturers and hindering business operations. The industry is also against criminalization, as the Ministry of Agriculture is working towards decriminalizing non-compliance. If the state does not respond to their pleas, the industry is considering stopping supplies to distributors and traders from December 6. They have approached both the state and central governments but have not received any assurance that the proposals will not affect their industry.
The manufacturing sector in India experienced robust growth in the July-September 2023 quarter, surpassing the growth of the services sector for the first time in over two years. This growth can be attributed to the surge in nominal profits of manufacturing listed companies, driven by lower commodity input costs. The manufacturing sector deflator, which reflects inflation or deflation within the industry, also supported output growth. Industry insiders and captains of industry were not surprised by this strong performance, as it was expected due to the strong profit performance and margin expansion of corporate India. The trend of strong manufacturing growth is expected to continue in the current third quarter, supported by festival season demand. The contribution of the manufacturing sector to GDP growth is seen as a positive outcome of supportive policies, including the Production-Linked Incentive (PLI) scheme and measures to enhance ease of doing business. The government's interventions, including the PLI scheme, have bolstered the manufacturing sector's growth.
