5 Minutes Read

Piyush Goyal says no proposal to lift export curbs on wheat, rice, sugar as of now

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

 Listen to the Article (6 Minutes)

Summary

India had banned wheat exports in May 2022, non-basmati rice exports from July 2023 and extended curbs on sugar exports beyond October 2023, as part of measures to control rising domestic prices.

Union Minister Piyush Goyal on Saturday January 13 said there is no proposal before the government as of now to lift export curbs on wheat, non-basmati and broken rice and sugar. He also said India has no plans of importing wheat and sugar either.

“There is no proposal as of now to remove export restrictions on wheat, rice and sugar. And India will not import wheat and sugar,” Goyal told reporters.

He added that the government expected wheat prices to come down and the initial estimates suggest 114 MT of wheat production.

The government is monitoring and considering ways to bring rice prices down, Goyal said.

India had banned wheat exports in May 2022, non-basmati rice exports from July 2023 and extended curbs on sugar exports beyond October 2023, as part of measures to control rising domestic prices.

He added that India is providing rice to friendly countries for their food security needs. The minister informed that India has provided rice to countries like Indonesia, Senegal, and Gambia.

With inputs from PTI.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

 Daily Newsletter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

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today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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China’s exports drop for first time since 2016 as demand cools

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Summary

Imports fell 5.5%, leaving a surplus of $823 billion for the year. In December, exports in dollar terms rose 2.3% from a year earlier while imports expanded 0.2%, leaving a surplus of $75 billion.

China’s exports fell last year for the first time since 2016 as global demand weakened, undercutting a strong growth driver for the domestic economy.

China sold $3.38 trillion worth of goods to the rest of the world in 2023, a 4.6% drop from the record a year earlier. Shipments had soared during the pandemic as people stepped up purchases of goods while they worked from home, but demand from Europe, the US and elsewhere then faded as interest rates rose.

That December export data was likely helped by the comparison with the same month last year, when shipments slumped almost 10%, partly due to the effect of Covid-19 running rampant across the country then. Weak import data would add to the case that more policy support is needed to support domestic spending, Bloomberg Economics wrote in a report before the latest data was released.

There are some early signs of a rebound in global trade, with South Korean exports rising 5.1% in December and global sales of semiconductors returning to growth in November after falling for more than a year.

Also Read: China’s consumer prices in longest streak of declines since 2009

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

 Daily Newsletter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

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index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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India extends import duty reduction on edible oils till 2025

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Summary

The lower import duty structure on crude palm oil, crude sunflower oil and crude soy oil was originally set to expire in March 2024. As per the order, the refiners can now continue to import at lower duties until March 2025.

India has extended import duty reduction for edible oils to March 2025, according to a government order.

The lower import duty structure on crude palm oil, crude sunflower oil, and crude soy oil was originally set to expire in March 2024. As per the order, the refiners can now continue to import at lower duties until March 2025.

Earlier, to provide relief to consumers, the Narendra Modi government on June 15 reduced the import duty on refined soybean and sunflower oils to 12.5% from 17.5%.

Thus, the effective duty on refined edible oils stood at 13.7%, including a social welfare cess. The effective duty on all major crude edible oils is 5.5%. 

“The basic import duty on refined soyabean oil and refined sunflower oil has been reduced from 17.5 percent to 12.5 percent with effect from today. This will remain in force till March 31, 2024,” the Union Food Ministry said.

The ministry also said it is closely monitoring the prices of edible oils in the country and ensuring its adequate availability for consumers.

In October 2021, the import duty on these two edible oils was 32.5–17.5% at a time when the international prices were very high, which was reflected in the domestic prices as well.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

 Daily Newsletter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

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index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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India imports 19.63 lakh ton of pulses during Apr-Oct of this fiscal

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Summary

In a written reply to the Lok Sabha, Agriculture Minister Arjun Munda informed that pulses imports stood at 24.96 lakh tonnes during 2022-23, 27 lakh tonnes in 2021-22, 24.66 lakh tonnes in 2020-21, 28.98 lakh tonnes in 2019-20 and 25.28 lakh tonnes in 2018-19.

India imported 19.63 lakh tonnes of pulses during April-October this fiscal to meet domestic demand, the government said on Tuesday.

In a written reply to the Lok Sabha, Agriculture Minister Arjun Munda informed that pulses imports stood at 24.96 lakh tonnes during 2022-23, 27 lakh tonnes in 2021-22, 24.66 lakh tonnes in 2020-21, 28.98 lakh tonnes in 2019-20 and 25.28 lakh tonnes in 2018-19.

The production of pulses stood at 220.76 lakh tonnes in 2018-19, 230.25 lakh tonnes in 2019-20, 254.63 lakh tonnes in 2020-21, 273.02 lakh tonnes in 2021-22 and 260.58 lakh tonnes in 2022-23. India imports pulses mainly from Canada and Myanmar.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

 Daily Newsletter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

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today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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Borosil faces tough Diwali amid challenging year for consumer business

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

 Listen to the Article (6 Minutes)

Summary

In an exclusive interview with CNBC-TV18, Shreevar Kheruka, the Managing Director & CEO of Borosil, shared insights into the company’s second-quarter performance and outlook for the coming quarters.

Borosil, a prominent Indian glassware company headquartered in Mumbai, is facing a challenging Diwali season in its consumer business.

In an exclusive chat with CNBC-TV18, Shreevar Kheruka, the Managing Director & CEO of Borosil attributed the challenges to pricing pressures and a somewhat muted demand, particularly affecting the consumer segment of the business.

Borosil has, however, taken measures to address these challenges, including expanding production capacity and introducing new product categories to sustain growth, he noted.

The segments that drive the company’s growth include — pharma packaging, laboratory benchtop equipment and process sciences.

“Q3 is in line with what we have seen in the first two quarters. So, major deviations are not expected, and we foresee continued growth, albeit at a slightly slower pace than initially projected.”

Also Read | Borosil Renewables expects new capacity coming on stream to aid production

He pointed out that when the company expanded capacity, it aimed to outperform the growth projections. “We initially set a conservative guidance of 20%, and while we will meet this guidance, surpassing it may not be feasible.”

Kheruka highlighted an interesting shift in market dynamics following the COVID-19 pandemic, where a reduction in unorganised imports was observed.

However, there has been a trend reversal, with larger imports now entering the market at lower price points. “This influx has provided customers with more affordable options, impacting our ability to maintain higher prices.”

Borosil, with a market capitalisation of ₹5,687 crore, holds a significant presence in India, the USA, and The Netherlands, making it one of the largest glassware producers in the country.

For more details, watch the accompanying video

Also, catch all the live updates on markets with CNBC-TV18.com’s blog

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

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today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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India slashes solar imports from China as domestic manufacturing thrives: Report

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

 Listen to the Article (6 Minutes)

Summary

India’s solar module imports from China plummeted from 9.8 GW in the first half of 2022 to a mere 2.3 GW in the same period last year, the report by global energy think tank Ember said.

In a departure from global trends, India has recorded a substantial 76 percent drop in solar module imports from China during the first half of 2023 which reflects New Delhi’s resolute shift towards self-sufficiency in solar manufacturing, a new report said on Thursday.

India’s solar module imports from China plummeted from 9.8 GW in the first half of 2022 to a mere 2.3 GW during the corresponding period in 2023, the report by global energy think tank Ember said.

This strategic shift, coupled with the imposition of tariffs, underscores India’s determination to minimise dependency on imports and prioritise the development of its domestic manufacturing capacity.

Neshwin Rodrigues, an India Electricity Policy Analyst at Ember, said, “India’s dependence on China for solar module imports is well and truly reducing post-2022. Domestic manufacturing is gaining momentum, thanks to recent policy interventions.” ”

He said as India edges closer to self-sufficiency in solar manufacturing, reliance on Chinese modules and cells is no longer a constraint. “What’s crucial now is creating an enabling policy environment to ensure that solar installations keep pace with the National Electricity Plan,” he added.

Also Read: Global debt declines for the second year, but IMF warns it may return to its rising trend

India started levying a customs duty of 40 percent on solar modules and 25 percent on solar cells from April 2022 in a bid to cut imports and boost local manufacturing.

The country’s commitment to reducing import dependency and nurturing a robust domestic solar manufacturing ecosystem aligns with the nation’s broader goals of sustainability and energy self-reliance.

According to its updated nationally determined contributions (NDCs), which are national plans to limit global warming to 1.5 degrees Celsius, India has committed to achieving 500 GW of installed power capacity from non-fossil fuel-based resources by 2030. Solar is at the heart of this ambitious goal.

The report also said China’s exports of solar panels rose by an impressive 3 percent in the first half of 2023, reaching a total of 114 GW shipped worldwide.

This marks a substantial increase from the 85 GW exported during the same period in the previous year.

Ember’s data lead, Sam Hawkins, said, “Solar growth is going through the roof.” China’s dominance in the solar panel manufacturing market, accounting for about 80 percent of the global market share, has significant global implications.

More than half of the solar modules exported from China during the first half of 2023 were destined for Europe, making up 52.5 percent of exports.

Europe experienced the most substantial absolute growth worldwide, with exports from China increasing by 47 per\cent year-on-year (21 GW), reaching a total of 65 GW during the first half of 2023 compared to 44 GW in the same period the previous year.

While Europe led in absolute growth, the fastest expansion occurred in Africa and the Middle East.

South Africa witnessed a remarkable increase of 438 percent (2.7 GW) in solar panel imports from China in the first half of 2023 compared to the same period last year.

This surge contributed to Africa’s overall growth of 187 percent (3.7 GW), making it the fastest-growing region.

Also Read: Considering policy to attract global EV players, including Tesla: Piyush Goyal

Following Africa, the Middle East experienced a 64 percent growth (2.4 GW) during the first half of 2023 compared to the previous year.

The report noted that despite the surge in solar panel exports, the gap between solar module exports and installed PV capacity is widening globally. This is attributed to stockpiling of modules in warehouses and challenges related to the installation and grid integration of solar generation.

Sam Hawkins, data lead at Ember, emphasised the need to accelerate installation and grid integration to keep pace with the global module supply, saying, “We have enough solar panels; we just need to get busy installing them.” He called for policies that prioritise the rapid scaling of installation and grid integration to match the increasing module supply.

Also Read: Crisis-hit Sri Lanka readies for critical first IMF review

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

 Daily Newsletter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

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Oil Fluctuates as Traders Assess China’s Vow, Unrest in Libya

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today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
Quiz
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Commerce Ministry attributes low export figures to global headwinds, less demand by importers

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

 Listen to the Article (6 Minutes)

Summary

Stating that the fall in India’s exports was not as much as in many other big economies, the Commerce Ministry officials added that many economies are witnessing a huge decline in both exports and imports.

Attributing the year-on-year fall in India’s merchandise exports in July 2023 to global headwinds, the Commerce Ministry has said that most of the decline was due to lower value fetched on export of petroleum exports and not due to lower volumes.

A decline of $11.41 billion year-on-year was also in export of petroleum products from April to July 2023. India recorded merchandise exports of $32.25 billion in July 2023 compared to $38.34 billion in July 2022.

While a rise was noted in India’s exports to the UK in July 2023, the exports to US and UAE dropped compared to July 2022.

Commerce Ministry officials said that the export of electronic goods rose by $2.46 billion, and exports of smartphones saw 126 percent growth in between April and July 2023 compared to the same period last year, adding that merchandise imports from China declined during the period and imports from Russia nearly doubled.

Pointing out that India’s trade data needs to be seen not in isolation but with quantification of global headwinds, the Commerce Ministry stated that the data of India’s export destinations shows a consistent decline in imports in the past 4 months.

Stating that the fall in India’s exports was not as much as in many other big economies, the ministry officials added that many economies are witnessing a huge decline in both exports and imports.

The officials explained that a fall in India’s trade deficit as well as imports may be interpreted as a result of the country’s rise in the global value chains as well as increased domestic production and import substitution due to implementation of several PLI schemes.

Also Read:India’s exports are down but so is the trade deficit

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

 Daily Newsletter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Previous Article

Oil Fluctuates as Traders Assess China’s Vow, Unrest in Libya

Next Article

Shanghai residents turn to NFTs to record COVID lockdown, combat censorship

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today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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India’s exports are down but so is the trade deficit

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

 Listen to the Article (6 Minutes)

Summary

“It is important to see our trade data not in isolation but with quantification of global headwinds,” the Commerce Ministry said. “There’s a huge decline in both exports and imports of many countries.”

India’s exports in the month of July declined 16 percent to $32.25 billion while imports fell 17 percent to $52.92 billion, government data showed on Monday.

Exports have now contracted for the sixth month in a row due to the global headwinds, after contracting 22 percent In June, according to the government data. The trade deficit dipped 18.5 percent from $25.4 billion in July 2022 to $20.7 billion in July 2023.

In June, the exports had fallen by 22 percent compared to the previous year, imports data showed a fall of 17.5 percent, year-over-year. For July, India’s Merchandise exports fell to $32.25 billion from $38.34 billion in July 2022 & imports fell from $63.77 billion in July 2022 to $52.92 billion in July 2023. The Commerce Ministry was quoted saying “despite headwinds, India’s services exports have done well.”

The Government further described services as a “success story” and mentioned that it can’t be ignored, with exports rising to $27.17 billion in July 2023 from $24.26 in July 2022. Meanwhile, the Commerce Ministry has also added that it is important to see India’s trade data not in isolation, with quantification of global headwinds. Trade deficit has fallen as the government prioritised food security and took a conscious decision to stop export of certain edible products.

There’s a huge decline in both exports and imports of many countries while India’s fall in exports is not as much as elsewhere. According to the Government data, decline was noted in merchandise imports from China in April to July 2023 while imports from Russia nearly doubled. Most of the decline in exports came due to the decline in value of petroleum exports. Import data of India’s export destinations show consistent decline in imports in the past four months.

CNBC-TV18 reported in early July that many global chemical companies like FMC, Evonik, Clariant, Lanxess AG and Olin corp have issued profit warnings and blamed channel partners drawing down inventory and not replenishing them.

In 2022, the country had witnessed the largest growth year in exports, this year’s figure would look smaller in view of global headwinds, mentioned the Commerce Ministry.

Also Read:India’s industrial output rises 3.7% in June 2023

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

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index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
Quiz
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 5 Minutes Read

Nepal seeks easier access to Indian market for large-scale export of tomatoes

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

 Listen to the Article (6 Minutes)

Summary

Though Nepal has already started exporting tomatoes to India through official channels a week ago, it is not in big quantities. Arrangements are yet to be made for large-scale export of tomatoes.

Nepal is ready to export tomatoes to India in bulk on a long-term basis to quell the skyrocketing prices but has sought easy access to the market and other necessary facilities.

The neighbouring country’s assurance came after Finance Minister Nirmala Sitharaman told Parliament on Thursday that India has started importing tomatoes from Nepal amid a record-high spike in prices in the country.

India is importing tomatoes for the first time due to high retail prices of around Rs 242 per kg amid supply disruptions caused by heavy rains.

Nepal is desirous to export vegetables, such as tomatoes, on a long-term basis to India, but for that India has to provide easy access to its market and other necessary facilities, Agriculture Ministry spokesperson Shabnam Shivakoti told PTI on Friday.

Though Nepal has already started exporting tomatoes to India through official channels a week ago, it is not in big quantities, she said. Arrangements are yet to be made for large-scale export of tomatoes, she added.

Echoing her voice, Binaya Shrestha, Deputy Director at Kalimati Fruits and Vegetable Market Development Board, said, “If we are provided with easy access to the Indian market, Nepal can export huge quantities of tomatoes to India.” “India is a good market for Nepalese tomatoes,” he pointed out.

Tomatoes are grown in abundant quantities in the three districts of Kathmandu Valley — Kathmandu, Lalitpur and Bhaktapur — and it is more than sufficient to meet the local demand, he said.

Some of the tomatoes grown in Kathmandu are being exported to the Indian market through unofficial channels, Shrestha admitted.

Some one-and-a-half months ago, farmers threw around 60,000 to 70,000 kg of tomatoes on the roads near Kalimati Fruits and Vegetable Market in Kathmandu after they failed to get a market for their products. At that time the farmers could not get even Rs 10 per kg of tomato in the wholesale market.

However, one month ago, the market price of tomatoes increased by four times, after traders started exporting tomatoes to India through illegal channels causing shortages in the local market, market analysts said.

The tomato which was sold in the retail market for Rs 40-50 per kg soared to Rs 200 to 250 per kg, as farmers started selling tomatoes to the Indian market through unofficial channels, according to Badri Shrestha, one of the major growers and suppliers of tomatoes in Kathmandu.

“We can fetch up to NRs 150 per kg after our products are exported to India through unofficial channels. Last month, 70,000 kg to 90,000 kg tomatoes were exported to India through unofficial channels on a daily basis,” said Badri, who grows 2,000 to 3,000 kg of tomatoes every alternate day from his farm located in Lalitpur district near Kathmandu during the vegetable season.

He claimed to have exported around 40,000 kg of tomatoes grown on his farm over the past one-month period to India through unofficial channels.

During his recent visit to India in July, Agriculture Minister Beduram Bhushal held discussions on facilitating Nepalese agricultural products, including tomatoes, to India with his Indian counterpart Narendra Singh Tomar.

Nepal has also asked Indian authorities to arrange quarantine and other facilities to export tomatoes, peas and green peppers, agriculture ministry spokesperson Shivakoti said.

Prior to importing vegetables to India, the Nepal government’s Plant Quarantine and Pesticide Control Office (PQPCO) has to issue certificates to the exporters.

Over the past week, Nepal exported tomatoes through its two border checkpoints, including one situated in Birtamode, agriculture ministry deputy spokesperson Tapendra Prasad Bohara said.

The Government of India has already included some vegetable items, including tomato, produced in Nepal in its quarantine list so as to facilitate its export to India, he said.

Meanwhile, about 10 tonne of tomatoes imported from Nepal are in transit and the commodity will be distributed in Uttar Pradesh during the weekend at a subsidised rate of Rs 70 per kg, National Cooperative Consumers’ Federation of India Limited (NCCF) Managing Director Anice Joseph Chandra said on Friday.

Since July 11, the NCCF has been selling tomatoes at a discounted rate on behalf of the central government to boost domestic availability and contain prices. So far, NCCF has sold 9,38,862 kg of tomatoes in Delhi-NCR, Rajasthan and Uttar Pradesh.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

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today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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 5 Minutes Read

Exports fall for third consecutive month by 12.7% in April, trade deficit at 20-month low

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

 Listen to the Article (6 Minutes)

Summary

The decline in exports is mainly on account of poor demand in India’s key destinations -the Europe and the US – and it may take some more months for the situation to improve.

India’s exports contracted by 12.7 per cent, third month in a row, to USD 34.66 billion in April even as the trade deficit reduced to a 20-month low of USD 15.24 billion, the government data showed on Monday.

The decline in exports is mainly on account of poor demand in India’s key destinations -the Europe and the US – and it may take some more months for the situation to improve.

The demand scenario is “not looking very good as far as Europe is concerned, and the US also we have seen a decline in demand. For the next 2-3 months, I think the demand scenario does not look very optimistic,” DGFT (Director General of Foreign Trade) Santosh Kumar Sarangi told reporters here.

However, he expressed hope that things would change from September onwards.

“There is a possibility that opening up of Chinese economy combined with some boost in demand in the Europe and the US economy from August-September onwards might give a boost to global exports,” he said.

Imports too declined by about 14 per cent, fifth month in a row, to USD 49.9 billion as against USD 58.06 billion recorded in the same month last year, the data showed.

Trade deficit in April last year stood at USD 18.36 billion. The previous lowest level was recorded in August 2021, when the deficit stood at USD 13.81 billion.

Also Read:China continues growth streak at slow pace as exports rise 8.5% in April

On imports, Sarangi said that the decline is because of cooling down of commodity prices and reduced demand for products which are considered as discretionary like gems and jewellery.

He suggested to diversify into products which have higher export demand, such as electronic goods, oil meals, oil seeds, and agricultural goods.

He added that export sectors which may get impacted in the coming months include gems and jewellery, apparel and garments, and some engineering products.

In April, export sectors which recorded negative growth included petroleum products, gems and jewellery, engineering goods, chemicals and ready-made garments of all textiles.

However, electronic goods, pharma, rice and oil meals registered positive growth.

The shipments of electronic goods increased by 26.49 percent to USD 2.11 billion in the month under review.

Under merchandise exports, only 11 of the 30 key sectors exhibited positive growth in April and at imports front, 23 out of 30 key sectors recorded negative growth.

Crude oil imports dipped by 13.95 percent to USD 15.17 billion. Gold imports too contracted by 41.48 percent to USD 1 billion in April.

India’s exports to the US in April declined by 17.16 percent to USD 5.9 billion. Similarly, to the UAE it dipped by 22 per cent to USD 2.23 billion in April.

The other key export destinations where exports reported negative growth included China, Singapore, Bangladesh, and Germany.

Further, the commerce ministry has revised upwards the overall trade figures for 2022-23.

According to the ministry’s data, exports of goods and services in 2022-23 rose by 14.68 per cent to USD 775.87 billion (earlier it was USD 770 billion) as against USD 676.53 billion in 2021-22.

Imports increased by 17.65 percent to USD 894.19 billion, leaving a trade deficit of USD 118.31 billion in 2022-23.

Merchandise exports increased by 6.74 percent to USD 450.43 billion, while imports rose by 16.47 percent to USD 714 billion in the last fiscal.

Services exports rose 27.86 percent to USD 325.44 billion, while imports increased by 22.54 percent to USD 180 billion in the last fiscal.

Services exports in April this year were estimated at USD 30.36 billion, as compared to USD 24.05 billion in April 2022. The estimated value of services import in April was USD 16.50 billion as compared to USD 14.06 billion in April 2022.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

 Daily Newsletter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Previous Article

Oil Fluctuates as Traders Assess China’s Vow, Unrest in Libya

Next Article

Shanghai residents turn to NFTs to record COVID lockdown, combat censorship

LIVE TV

today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
Quiz
Powered by
Are you a Crypto Head? It’s time to prove it!
10 Questions · 5 Minutes
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Win WRX (WazirX token) worth Rs. 1500.
Question 1 of 5

What coins do you think will be valuable over next 3 years?

Answer Anonymously

Should Elon Musk be able to buy Twitter?