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India'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.inAt the Bloomberg India Credit Forum in Mumbai, Reserve Bank of India (RBI) Governor Shaktikanta Das emphasized the risks of premature repo rate cuts amid rising retail inflation, which hit a nine-month high of 5.5% in September. Das stated that with inflation expected to remain elevated, the RBI's monetary policy committee opted to maintain the benchmark repo rate at 6.50% and shift its stance to "neutral." He noted that while the US Federal Reserve has cut rates, India is not lagging, projecting a robust 7.2% GDP growth for the fiscal year. Das also highlighted the need for deeper corporate bond markets and increased participation from institutional and foreign investors. Additionally, he raised concerns about the global private credit market's risks, urging regulators to conduct stress tests, although he reassured that India's private credit risks are mitigated by stringent regulations on non-bank lenders.
Published: Oct 18 2024, 7 pmeznews.inMaruti Suzuki has emerged as a key player in the Prime Minister Internship Scheme (PMIS), offering approximately 11,000 internship opportunities as part of a broader corporate response that has seen 253 companies post nearly 125,000 internships on the dedicated portal. Launched to enhance the employability of young Indians, the PMIS has attracted significant interest, with over 155,000 candidates registering within the first 24 hours of its opening on October 12. The initiative, administered by the Corporate Affairs Ministry, aims to bridge the gap between academic learning and industry needs, offering internships across various sectors, including oil and gas, automotive, and banking. Eligible youth aged 21-24 can receive a monthly allowance of ₹5,000 and a one-time grant of ₹6,000, with the government allocating ₹800 crore for the pilot scheme, targeting 1.25 lakh internships by December 2.
Published: Oct 18 2024, 8 pmeznews.inThe Indian government is set to tighten import regulations for laptops, PCs, and tablets, with new guidelines expected to take effect on January 1, 2025. This move aims to bolster domestic manufacturing and address security concerns, particularly regarding imports from China. Officials noted that the current import regime, established in November 2023, has had minimal impact on reducing imports, prompting a review of the rules. The Ministry of Electronics and Information Technology (MeiTY) and the Directorate General of Foreign Trade (DGFT) are consulting with industry stakeholders to determine acceptable restrictions. The initial licensing regime for seven IT hardware products faced pushback from major global companies, leading to a more lenient import authorisation system that has seen only a slight decline in imports. With China accounting for approximately 60% of these imports, the government is keen to reduce dependency on foreign suppliers while promoting local production through initiatives like the Production Linked Incentive scheme.
Published: Oct 18 2024, 8 pmeznews.inIn a significant policy shift, the Indian government has decided to eliminate the $490 per tonne minimum export price (MEP) on non-basmati white rice and the 10% export duty on parboiled rice, following a high-level inter-ministerial meeting. This decision, prompted by surplus stocks and storage challenges faced by the Food Corporation of India, aims to enhance India's competitiveness in the global rice market, particularly against rivals like Pakistan, which offers lower prices. The Indian Rice Exporters Federation had previously urged the government to remove these restrictions to facilitate exports. Despite concerns about storage, analysts argue that the government can manage excess grain effectively. This move comes after a series of export curbs introduced in September 2023 to combat food inflation, which arose from adverse weather affecting wheat and rice production. Nonetheless, India's rice output is projected to reach a record 137.82 million tonnes.
Published: Oct 18 2024, 8 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.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 pm
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