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India is facing significant challenges in increasing its crude oil imports from Brazil, despite efforts to diversify its sources amid rising tensions in the Middle East. Intense competition from discounted Russian crude and logistical hurdles are constraining India's ability to boost Brazilian crude purchases, which have been subdued this year. Data from S&P Global indicates that Indian imports from Brazil peaked at 41,600 barrels per day in April 2024, a stark contrast to 143,000 b/d in December 2023. Russian sour Urals dominate the Indian market, comprising 42% of total imports, while Iraq and Saudi Arabia follow as major suppliers. Indian Oil Minister Hardeep Singh Puri recently visited Brazil to explore collaboration in offshore exploration and production, as Indian companies, previously focused on Russia and Venezuela, are now more open to investing in Brazil's deepwater projects, with production expected to rise significantly by 2028. 
Published: Oct 18 2024, 4 pmeznews.inGold prices surged to a record high of $2,715 per troy ounce on October 18, 2024, driven by uncertainty surrounding the upcoming US presidential elections and escalating geopolitical tensions in the Middle East, particularly following Israel's recent military actions against Hamas. In India, December gold contracts reached ₹77,669 per 10 grams, reflecting a 30% increase in 2024. Analysts noted that a drop in US jobless claims to 241,000 has fueled speculation that the Federal Reserve may maintain interest rates, further bolstering gold's appeal as a safe haven. Research from BMI indicates that gold has outperformed all commodity sub-asset classes this year, while Goldman Sachs identified it as their preferred short-term investment amid geopolitical risks. Looking ahead, experts predict gold prices will remain strong, potentially trading between $2,500 and $2,800 per ounce, with the outcome of the US elections expected to influence market dynamics, particularly regarding congressional control.
Published: Oct 18 2024, 7 pmeznews.inThe Telecom Regulatory Authority of India (TRAI) has initiated a consultation process regarding the regulatory framework for ground-based TV channels, which are transmitted terrestrially rather than via satellite. In a statement released on October 18, 2024, TRAI highlighted the technological advancements that enable broadcasters to deliver channels to Digital Platform Operators (DPOs) using ground-based methods. The consultation paper seeks input on various aspects, including the distinctions between satellite and ground-based broadcasting, the potential inclusion of fibre, broadband, and cloud-based services, and the categorization of services at state and national levels. Additionally, TRAI is exploring the structure of annual fee payments for these broadcasters. Stakeholders are invited to submit their views by November 29, as the regulator aims to establish a comprehensive framework for ground-based broadcasting in India.
Published: Oct 18 2024, 7 pmeznews.inIndia's rice exports have seen a slight decline of 3.33% in value, totaling $5.12 billion during the first half of the financial year, primarily due to reduced non-basmati shipments. However, a recent surge in September shipments, which rose by 25% to $694.35 million, is attributed to the government's easing of restrictions on basmati rice exports, including the removal of the minimum export price (MEP). Exporters anticipate a rebound in basmati exports, particularly with Iran's impending lift of its import ban. The non-basmati sector is also optimistic, with expected demand from African nations and Indonesia. The government has further facilitated exports by allowing white rice shipments and reducing the export duty on parboiled rice. Additionally, a record rice harvest is projected, with the USDA estimating a crop size of 139 million tonnes, bolstered by favorable monsoon conditions in eastern states.
Published: Oct 18 2024, 7 pmeznews.inOn October 18, 2024, Bihar's Deputy Chief Minister Samrat Chaudhary will convene two crucial meetings of Groups of Ministers (GoMs) to address the Goods and Services Tax (GST) on insurance premiums. The GoM on insurance, comprising 12 members, will meet for the first time to review the current GST structure on life and medical insurance, with a report due by October 30. The committee will consider recommendations for GST rates on various insurance types, including health coverage for different demographics. Currently, health and term insurance attract an 18% GST, while endowment plans have varying rates. Additionally, a six-member GoM will discuss rate rationalisation, focusing on potential adjustments to the existing GST slabs of 5%, 12%, 18%, and 28%. The discussions come amid rising concerns over the substantial GST revenue from health insurance, which exceeded ₹21,000 crore from FY22 to FY24.
Published: Oct 18 2024, 6 pmeznews.inKarnataka's Minister of Information Technology and Biotechnology, Priyank Kharge, has outlined the state's ambition to become a global leader in deep tech, emphasizing that deep tech innovation will be a key focus in the upcoming state budget. Speaking at NASSCOM’s Future Forge 2024 event, Kharge highlighted the establishment of specialized facilities to support deep tech startups, which currently number over 250 and attracted $1.5 billion in investments last year, creating nearly 10,000 jobs. He called for collaboration among industry bodies like KDEM, KITS, and NASSCOM to create a deep tech innovation cluster in Bengaluru. Kharge also stressed the importance of developing a supportive regulatory framework and announced the NIPUNA program, a ₹300 crore initiative aimed at skilling talent in emerging technologies. He reaffirmed Karnataka's commitment to leading in the deep tech sector, stating, "We are not competing with other states...Karnataka will be at the top of the pyramid."
Published: Oct 18 2024, 5 pmeznews.inThe ongoing tensions in West Asia, particularly the Iran-Israel conflict, have significantly impacted the Kochi Tea auction market, leading to a marked decline in overseas orders. Exporters report a slowdown in buying over the past fortnight, with many international buyers hesitant to commit due to fears of delayed payments and rising freight costs. Iran and Iraq, key markets for South Indian tea, have been particularly affected, contributing to a drop in beverage prices. Dipak Shah, chairman of the South India Tea Exporters Association, noted that high tea prices—up by 60% in recent months—and excessive crop arrivals due to rains have further exacerbated the situation, affecting tea quality and export orders. In the latest auction, only 74% of the 379,653 kg of orthodox leaves offered were sold, with average prices falling by ₹16 to ₹185 per kg, while CTC dust prices also saw declines.
Published: Oct 18 2024, 4 pmeznews.inRoadway Solutions India Infra Ltd (RSIIL) has secured a Letter of Acceptance from the Maharashtra State Road Development Corporation (MSRDC) for two significant infrastructure projects: the Pune Ring Road and the Jalna-Nanded Expressway, valued at ₹4,700 crores. The Pune Ring Road aims to improve connectivity within the Pune metropolitan area, addressing rising traffic demands and fostering regional economic growth. This project is anticipated to reduce travel times and enhance commuter safety. Meanwhile, the Jalna-Nanded Expressway will streamline transportation between these key cities, boosting trade and accessibility in Maharashtra. With these new projects, RSIIL's order book has exceeded ₹10,000 crores, highlighting the company's proficiency in managing large-scale infrastructure initiatives. Ameet H Gadhoke, Managing Director of RSIIL, expressed enthusiasm for the projects, emphasizing the company's commitment to high-quality infrastructure solutions and sustainable practices in India's transportation network.
Published: Oct 18 2024, 4 pmeznews.inThe All India Coordinated Research Project on Spices (AICRPS) has unveiled seven new high-yielding spice varieties, including Karan Dhaniya-1 (Coriander) and IISR Surya (Turmeric), during its 35th Annual Group Meeting at Chaudhary Charan Singh Haryana Agricultural University. These varieties, which also include Jodhpur Jeera-1 and CAZRI Cumin-1 (Cumin), Gujarat Fennel-13 (Fennel), RMt-259 (Fenugreek), and SAS-KEVU (Ginger), are expected to enhance productivity and resilience for farmers facing changing agricultural conditions. The meeting, organized by AICRP under the Indian Institute of Spices Research, also introduced five innovative technologies aimed at improving spice cultivation, such as seed rhizome priming with Trichoderma for ginger and turmeric. These advancements are set to bolster India's position in the global spice market, ensuring sustainable growth for both farmers and the industry, according to a press release.
Published: Oct 18 2024, 1 pmeznews.inAs the UN-ESCAP emphasizes the urgent need for targeted funding to combat poverty and protect livelihoods in disaster-prone regions, the upcoming COP 29 in Baku, Azerbaijan, is seen as a pivotal opportunity. Sanjay Srivastava, Chief of Disaster Risk Reduction at UN-ESCAP, highlighted the vulnerability of small and marginal farmers in South Asia, particularly in the Kosi and Gandak river basins, which frequently experience devastating floods exacerbated by climate change. A recent study indicates that rising temperatures could significantly impact agricultural systems, making the region a "climate crisis hotspot." The implementation of transformative adaptation measures, such as the Digital Agriculture Mission in India, aims to enhance resilience through innovation and digital infrastructure. This initiative includes the creation of a 'Farmer ID' to empower farmers and improve access to essential services, ultimately addressing the challenges posed by climate-induced loss and damage in agri-food systems.
Published: Oct 18 2024, 1 pm
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