Trending Economy

IMD predicts cyclone as Bay's depression strengthens

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. sources

Published:
Dec 02 2023, 8 pm

Pension funds benefit from 28.66% equity return surge

The National Pension System (NPS) assets have surged by 30% year-on-year to reach ₹11.38 lakh crore, with around ₹2 lakh crore invested in equities. The strong performance is attributed to India's bullish economic growth prospects and robust macroeconomic situation. Pension funds have seen an average annual return of nearly 30% from equity investments, outperforming corporate bonds and government securities. The NPS assets are expected to touch ₹12 lakh crore by March 2024, with a total of 7.20 crore subscribers as of February 16. The equity markets in India have been thriving, with analysts predicting a positive outlook for 2024. Foreign Portfolio Investors have been net sellers in equities this year, but domestic inflows and expectations of continuity in the current political dispensation are driving optimism in the market. sources

Published:
Feb 23 2024, 7 pm

Campco auctions seized arecanut consignments for floor price

Campco Ltd has written to Prime Minister Narendra Modi urging for rigorous testing of imported arecanut and the imposition of a floor price during auctions to ensure fair trading practices. The current minimum import price for arecanut is ₹351 per kg, and Campco stresses the importance of adhering to this price to prevent market manipulation. They also highlight the need for testing at accredited laboratories to ensure the safety of the commodity for human consumption. The illegal import of arecanut poses a threat to domestic farmers, particularly in Karnataka, where 17 districts rely on arecanut cultivation. Campco believes that the Prime Minister's intervention in curbing illegal imports will restore stability to the market and protect the interests of farmers. sources

Published:
Feb 23 2024, 7 pm

Telangana buys sunflower through Markfed as prices fall

In response to sunflower prices falling below the minimum support price in Telangana, the State Government has urged farmers not to engage in distress sales and has announced plans to open purchase centers in various growing regions. Agriculture Minister Tummala Nageshwara Rao has directed the Telangana State Cooperative Marketing Federation Limited to intervene and purchase the produce to ensure farmers receive remunerative prices. The country saw a significant 64% decrease in sunflower area in the 2023-24 kharif season, leading to disappointment among farmers who had hoped for better prices. The State Government anticipates an output of 17,000 tonnes of sunflower in the upcoming summer season and plans to open procurement centers in sunflower growing areas to support farmers. sources

Published:
Feb 23 2024, 7 pm

Gujarat Metro Rail Corp starts Phase II Ahmedabad Metro trials

The Gujarat Metro Rail Corporation (GMRC) has commenced trials for Phase II of the Ahmedabad metro project, which aims to connect GIFT City and Gandhinagar to Ahmedabad. The trials began on a small section between GNLU station and Dholakuva, with plans to extend to GIFT City in the near future. Phase II of the project consists of an 8.1-kilometre elevated viaduct and eight metro stations between Motera and GNLU, with a total length of 28.2 kilometres and 22 metro stations. Afcons Infrastructure, a subsidiary of Shapoorji Pallonji Group, is responsible for constructing the viaduct and stations. Additionally, there are proposals to add two more metro stations in GIFT City, pending approval from the Union government, with commercial operations expected to begin by June. sources

Published:
Feb 23 2024, 7 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

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