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India, along with Japan, Brazil, and Russia, has called for the termination of safeguard measures on steel imports by June 30, 2024, as scheduled, criticizing the EU and the UK for considering an extension. The EU imposed these measures in 2019 in response to additional duties on steel imports by the US, but now faces global criticism for potentially extending them. China and Korea argue that circumstances have changed, with increased EU demand for steel and a bilateral deal with the US exempting the bloc from tariffs. Brazil emphasizes the need for a multilateral solution to excess steel capacity, while the UK faces scrutiny for continuing safeguard measures post-Brexit without proper justification. The UK Trade Remedies Authority has recommended extending these measures until 2026, prompting concerns from various countries about the lack of evidence supporting the need for such measures. 
Godrej Agrovet Ltd (GAVL) reported a significant 187 per cent growth in net profits for the March quarter of FY24, reaching ₹66 crore compared to ₹23 crore in the same period last year. The company's revenue for the quarter also saw a 4.7 per cent increase, totaling ₹2194 crore. For the full fiscal year, GAVL reported a 21.7 per cent rise in net profits at ₹359 crore, with revenue up 2 per cent at ₹9,561 crore. The growth was attributed to strong performances in the domestic crop protection business, dairy business turnaround, and increased market share in animal feed. Despite challenges in the vegetable oils and Astec Lifesciences sectors, Godrej Agrovet remains committed to long-term sustainability goals. The company's shares rose by 3.27 per cent to close at ₹581 on the NSE.
nurture.retail, a B2B agri-input marketplace, has expanded its reach to three more states, totaling 14 states across India. With over one lakh agri retailers on its platform and 20,000 added last year, the company offers a wide range of products across various categories. Head of nurture.retail, Ankit Laddha, reported a 1.5 times growth in agri-input sales and a 38% revenue increase. The company's mission is to support rural agri-retailers by providing world-class products and comprehensive support, including access to credit, insurance, and ledger facilities. The logistic network ensures timely delivery even in remote areas, while fast and secure pay-outs facilitate smooth financial transactions. Monthly active users have increased to around 40,000, highlighting the platform's success in empowering retailers and fulfilling its mission.
The 16th Finance Commission, chaired by Arvind Panagariya, has called for public input on its terms of reference, with a deadline of October 31, 2025, for submitting its report to the President. The commission, which includes members such as Ajay Narayan Jha and Annie George Mathew, aims to review disaster management funding and tax devolution between the Centre and States. Suggestions can be made through their website, and the report will cover a five-year period starting from April 1, 2026. This constitutional body plays a crucial role in advising on financial relations between the Centre and States, following the recommendations of the previous 15th Finance Commission led by NK Singh.
The Airports Economic Regulatory Authority (AERA) is set to propose tariff revisions for user development fees at Adani-owned Mumbai International Airport Ltd (MIAL) and GMR-owned Delhi International Airport Ltd (DIAL). This marks the first time Mumbai Airport will propose such a fee under Adani Airports' management. The tariff revision was initially set to end on March 31, 2024, but has been extended to September 30, 2024, for both airports. S&P Global has upgraded Delhi International Airport to 'BB-' with a positive outlook, anticipating significant cash flow improvement due to higher tariffs in the upcoming fourth control period. The review coincides with the expected operationalization of secondary airports in Noida and Navi Mumbai, which could impact user development fees at established airports. Mumbai Airport continues to lead in passenger traffic for Adani Airports, with plans to shift towards a higher non-aeronautical revenue ratio in the future.
A joint paper submitted to the WTO's Committee on Agriculture by the US and Australia has raised concerns about India's sugarcane subsidies, stating that they exceeded the permissible level set out in the WTO's Agreement on Agriculture. The report, based on data from 2018-22, revealed that India's sugar subsidies consistently surpassed 90% of the production value, far exceeding the allowed 10%. India, however, rejected the methodology used in the report, arguing against the classification of its Fair and Remunerative Price (FRP) and State-Advised Prices (SAPs) as market price support. With the WTO's Appellate Body currently non-functional, decisions on appeals are on hold. The US-Australia analysis highlighted India's Market Price Support figures for 2018-22, indicating a significant discrepancy between the subsidies provided and the permitted levels.
The Indian Pilots' Guild has taken legal action by urging the Delhi High Court to overturn the Directorate General of Civil Aviation's decision to indefinitely postpone the implementation of the revised flight duty time rule, which was set to increase the weekly rest period for pilots from 36 to 48 hours. The rule, initially scheduled to take effect on June 1, faced objections from airlines leading to its delay. The court has been asked to direct the aviation regulator to provide a specific date for the enforcement of the new rules. Writ petitions challenging previous regulations were discussed in court, with the matter being adjourned to July 9 at the request of the DGCA. The court had previously requested a tentative date for implementing the revised duty time norms, prompting the regulator to seek input from airlines on a timeline for preparing for the new rules.
Steel Secretary Nagendra Nath Sinha has highlighted that India's domestic steel demand is set to grow by at least 10% in the coming years, driven by the government's focus on infrastructure projects and a thriving construction sector. With an annual production capacity of 170 million tonnes, the country is expected to sustain this demand momentum. Sinha revealed that demand had already increased by 14% year-on-year in FY24 and is projected to continue growing at a steady rate. Data from India's steel ministry indicated that crude steel production reached 145 million tonnes in the last fiscal year, a 13% increase from the previous year, while consumption stood at 136 million tonnes. This positive outlook was shared during a manufacturing conclave organized by the CII.
DP World has opened its largest free trade warehouse zone in India at Chennai, marking a significant milestone in the company's operations. The Integrated Chennai Business Park at Manali, about 30 km north of Chennai, is the second FTWZ in India for DP World, with plans for a third in Kochi. The Chennai facility spans 125 acres and offers 2 million sq ft of warehouse space, catering to various logistics and trade activities. The FTWZ allows for customs-free storage of goods, enabling businesses to import, store, and re-export without customs intervention until the goods are ready for distribution within the country. With value-added services like packing and labelling available, the Chennai facility is poised to become a key player in the region's logistics sector.
TVS Supply Chain Solutions Ltd has secured a new contract from VE Commercial Vehicles (VECV) to manage in-plant warehousing and logistics at their Eicher bus factory in Madhya Pradesh. The undisclosed deal extends a partnership dating back to 2006, creating over 1,200 job opportunities in the region. The services provided include efficient parts receipt, storage, and delivery to assembly lines, ensuring a smooth production process. CEO K. Sukumar highlighted the company's commitment to delivering top-notch services through technology-driven solutions. EVP B Srinivas of VECV emphasized the shared commitment to achieving strategic goals and operational excellence, solidifying the foundation for continued growth. The collaboration aims to enhance production efficiency and drive positive outcomes for both companies.
As the monsoon season approaches, the delayed onset in Myanmar has raised concerns about the performance of the monsoon in the region. The Indian Meteorological Department predicts an above-average monsoon this year, fueled by a brewing La Niña in the East-Equatorial Pacific and a positive phase of the Indian Ocean Dipole. Despite the delayed onset in Myanmar, the monsoon is expected to reach mainland India within the usual timeframe. The Sri Lankan Meteorological Department warns of potential atmospheric disturbances, low-pressure systems, or cyclones in the latter part of May, with above-normal rainfall expected in certain provinces. Overall, the monsoon forecast indicates a moderate to strong monsoon season with multiple low-pressure systems expected to form over the Bay of Bengal throughout the season.
