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Indo Count Industries Limited (ICIL) has partnered with Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH to launch the AVANI project, aimed at promoting sustainable organic cotton production and ethical practices in the textile industry. The initiative, focused on Maharashtra's Yavatmal district, includes training farmers in sustainable practices through Internal Control Systems for Group Organic Certification (ICS) groups. GIZ will provide technical assistance for capacity building and market access. ICIL's CEO emphasized the importance of sustainability, while GIZ highlighted the project's goal of empowering farmers and promoting environmental protection. The collaboration underscores a commitment to ethical and responsible farming practices, with a focus on creating a more sustainable cotton value chain in the region. 
In a report released on May 18, 2024, the Chhatrapati Shivaji Maharaj International Airport, controlled by the Adani group, saw a significant increase in passenger traffic in April. Handling 4.36 million passengers, the airport experienced a 9% growth compared to the previous year, with both domestic and international segments showing positive trends. The data revealed a remarkable 42% rise in passenger traffic from April 2022 and a remarkable 131% recovery from April 2019. Delhi, Bangalore, and Hyderabad emerged as the top domestic destinations, while Dubai, Singapore, and Abu Dhabi remained popular international choices. The airport operator emphasized the airport's commitment to providing global connectivity, top-notch hospitality, and safety measures to ensure a seamless travel experience for all passengers.
In a groundbreaking move, the state oil major ONGC has initiated a transport service for its personnel from oil platforms and drilling rigs in Mumbai High, with Sadhav Anusha being the first vessel to undertake this operation. Sadhav Shipping, a NSE Emerge listed company, has acquired the fast crew vessel for ₹64 crore and secured a five-year contract with ONGC worth ₹150 crore. The ship boasts business class seats, a dynamic positioning system, gyro stabilizer, and motion-compensated gangway, aiming to alleviate the reliance on helicopters for employee transportation. Mathavan Chandran, Executive Director of ONGC, highlighted the vessel's modern features ensuring safety and comfort for passengers during offshore travels. This development marks a significant step towards efficient and secure crew transfer operations in the maritime industry.
The sugar production in Karnataka has surpassed estimates for the season, with 5.26 million tonnes produced so far against the projected 5.1 million tonnes. Despite Maharashtra and Uttar Pradesh also exceeding expectations, the overall pan-India production of 31.49 million tonnes is close to the estimated 31.7 million tonnes for the season. The government remains optimistic about meeting targets, especially with crushing operations in Tamil Nadu and Karnataka expected to help bridge any deficits. The industry has paid off 88 percent of the Rs 1.05 lakh crore in cane dues to farmers, with over 90 percent cleared in states other than Uttar Pradesh. The government's sugar policy has maintained price stability, with the average retail price at Rs 44.50/kg and the ex-mill price at Rs 3,710-3,810/quintal. Industry demands permits for sugar exports, but the government aims to keep stocks in the country to boost ethanol production in the next season.
India's Chief Economic Advisor, V. Anantha Nageswaran, emphasized the need for the next generation of capital market reforms to focus on developing the debt market during a plenary session at the CII Annual Business Summit 2024 in New Delhi. Nageswaran highlighted the importance of understanding the investment needs and the appropriate debt to equity ratio for sustainable growth. He also discussed India's upcoming inclusion in the J P Morgan EM bond Index and Bloomberg bond index, which is expected to attract foreign investments. Veteran banker Uday Kotak stressed the significance of capital markets in financing India's future and called for making debt raising easier in the country. Kotak also cautioned against a 'zero accident policy' and advocated for a 'minimal accident policy' to support India's high growth aspirations. Overall, the focus is on leveraging capital markets to drive India's economic growth and competitiveness.
India is considering the implementation of an iron-ore beneficiation policy to upgrade low-grade ore to higher variants, according to Steel Secretary Nagendra Nath Sinha. This move aims to maximize the use of ore with less iron content in steel production, despite the added cost of the beneficiation process. The Steel Ministry is collaborating with the Environment & Forests and Mines ministries to develop this policy, which could be finalized within the next three months. Discussions are ongoing regarding potential concessions from the Environment Ministry. Lump ore with 65.53% iron content is considered high-grade, while fines with 64% or less iron content are of inferior quality. The Mines Ministry had previously proposed guidelines mandating beneficiation for 80% of low-grade iron ore, with penalties for non-compliance, including license cancellations.
In response to the controversy surrounding ethylene oxide (ETO) residue in spices, the Food and Drugs Control Administration in Gujarat and the Food Safety and Standards Authority of India (FSSAI) have collected over 300 samples from various entities, including export-oriented units. This move follows Singapore and Hong Kong suspending the sale of popular spice brands due to elevated levels of ETO, a chemical linked to cancer risks. While India lacks specific regulations on ETO residue, the European Union and the United Kingdom permit only 0.1 mg per kg in spices. The Federation of Indian Spice Stakeholders warns that if the issue is not resolved, spice exports from India could drop by 40% this financial year. Exporters are urging the government to intervene and ensure the continuous flow of exports, as India accounts for a significant portion of global spice exports.
Pulses exports from India during the 2023-24 period have seen a significant decline of 22% in volume and 2.5% in value terms, attributed to reduced purchases by key buyers like Bangladesh, China, and the United Arab Emirates due to higher prices. Shipments stood at 5.94 lakh tonnes, down from 7.62 lakh tonnes the previous year, with a value of $644 million compared to $661 million. The Chairman of India Pulses and Grains Association, Bimal Kothari, highlighted the impact of bad weather on production and higher prices exceeding the minimum support price, affecting exports. While exports to countries like Bangladesh, China, and the UAE decreased, there was an increase in shipments to the US, Sri Lanka, and the UK. Despite the overall decline, exports of lentils, tur, and urad saw an increase, while imports also rose to maintain supplies in the largest producer and consumer of pulses, India.
Copper prices have surged to a two-year high on expectations of high demand for energy transition, electric vehicles, and data center infrastructure amidst tight supplies. Analysts predict a potential decrease in prices due to higher inventories and a sluggish property market in China. The Chilean Copper Commission forecasts a supply deficit compared to demand, leading to a rise in copper prices. However, research agencies like BMI and the World Bank project a steady increase in copper prices for 2024, with concerns over a potential downward correction due to factors like the crisis in China's property market and high refined copper output. The impact of US monetary policy on copper prices is also being closely monitored, with the possibility of higher duties on EVs from China and Europe potentially affecting prices.
The Indian government is working on detailed guidelines for the E-vehicle policy to boost EV manufacturing in the country, but US car giant Tesla has yet to reveal its plans for investment in India. Stakeholder discussions have taken place, with automobile companies able to apply for incentives by committing to required investments under the new policy. The guidelines aim to provide clarity on rules for EV manufacturing investments, including reduced customs duty of 15% for vehicles with a minimum CIF value of $35,000 and above. The policy also limits the duty foregone on imported EVs and sets a maximum import limit of 40,000 EVs per year for investments of $800 million or more. Despite Tesla's silence on its India plans, the EV policy is open to all interested parties.
In a recent development, the Open Network for Digital Commerce (ONDC) facilitated 7.22 million transactions in April, with five lakh sellers onboarded, including major players like Amazon and Flipkart who are considering joining the network based on economic factors. The Department for Promotion of Industry and Internal Trade (DPIIT) highlighted that participation in ONDC is voluntary, and existing platforms may take time to migrate to the new system. ONDC CEO T Koshy mentioned ongoing discussions with the e-commerce giants on integration, while the DPIIT organized the 'ONDC Startup Mahotsav' where over 125 start-ups signed a Letter of Intent to collaborate with the platform. Secretary Rajesh Kumar Singh emphasized ONDC's aim to democratize digital commerce for smaller players, with hopes of driving innovation and enhancing consumer choice while addressing concerns about market concentration.
