INDIA
IMD predicts rainfall for August to fall below normal
India has seen a turnaround in monsoon rains, rising from a nine per cent deficit in June to register 13 per cent excess rain in July. However, the IMD expects it to fall deficient in the month of August.
POLICY
Spice prices begin to simmer as erratic rainfall hits production
Jeera, the essential kitchen staple, retailed at an inflation rate of 74.1 percent and a wholesale inflation rate of 95.7 percent in June.
BUSINESS
India-UK FTA: Broad consensus on whiskey, automobiles goods achieved, says sources
India and the UK have been negotiating an FTA since January last year, with the goal of signing a comprehensive pact that is expected to significantly enhance their bilateral trading relationship.
BUSINESS
There is no way we also bring down our ICT duties on electronics imports from EU: Government official
Talks at the WTO between India and the EU regarding electronic imports hit a roadblock as New Delhi refused to yield on import levies on ICT imports.
POLICY
Government closely monitoring prices of cereals, will take steps as and when needed: MoS Agri
India's headline retail inflation rose in June for the first time in five months on higher inflation in cereals, milk and vegetable. The rising inflation has been a concern for the government which has taken several steps to address the issue.
ECONOMY
Rice sown area widens 2.69% days after ban on exports amid erratic rainfall
The sown area for rice had remained low by 6.1 percent till July 17.
POLICY
Oh Dear: How the food industry is coping with costly tomatoes
This kitchen staple is now a luxury berry, with prices having shot up from Rs 30 per kg in mid-June to around Rs 200 a kg by mid-July in several markets of the country.
BUSINESS
After rice, govt may consider steps to arrest price rise in pulses, wheat: Source
A final call on whether there is a need to intervene as well as the kind of policy moves required to tackle the price inflation, would hinge on the deliberations of an inter-ministerial committee.
POLICY
India’s booming services exports growth may decelerate to 5.2% in Q1, but slowing imports to keep CAD cushioned
Services exports grew 22.8 percent in January-March 2023, but the commerce ministry sees them moderating going ahead on a demand slowdown in software and banking services globally.
POLICY
Eighty percent informal workers want ESI, health benefits: Quess Corp report
The aspiration to transition from informal employment to the formal sector is higher among women, at nearly 93 percent. The survey by Quess Corp showed women prefer fixed salaries over daily wages.
POLICY
Sale of cheaper tomatoes by NAFED hurting farmers, says AIKCC Gen Secy
Retail prices for tomatoes have shot up by over 500 percent across the country in the past one month. Farmers’ associations say farmers may shy away from sowing new crops, as prices are kept low.
POLICY
Rice is at risk if monsoon does not stabilise, says D K Joshi of Crisil
The fall in sown area has been attributed to the uneven rainfall distribution in the country, with several rice and pulse-producing states remaining rainfall deficient.
POLICY
Persistent inflation in cereals and pulses ahead, says D K Joshi of Crisil
The government has taken several steps including imposing stock limits on pulses and removing the procurement ceiling for market stabilisation.
INDIA
Tur prices on the boil despite government intervention
The price of tur dal has increased by more than 32% YoY, and a sharp 7% within a month, according to Department of Consumer Affairs data. The continuing price rise comes at a time when delayed monsoon has led to a decline in the sowing of pulses for the next season.
BUSINESS
India still using dollars for majority payments of Russian oil
A mix of currencies, including Dirhams and Chinese Yuan are being used by India for only a small portion of Russian oil payments
INDIA
India-UK yet to iron out differences on IPR, rules of origin in FTA talks
Talks on the free trade agreement have crossed the halfway point and India has missed its internal deadline of closing the negotiations by March 2023
BUSINESS
India's trade deficit for June shrinks slightly on larger import fall
The merchandise trade deficit also improved by 7.9 percent at $57.6 billion April-June 2023 as compared to $62.6 billion in April-June 2022, government data revealed.
ECONOMY
Tomato to get even costlier in weeks ahead; relief only by September
Unseasonal rains, the resulting disruption in transportation and supply chains have affected the prices of a number of vegetables. Tomato prices are expected to touch Rs 300 a kg, but the government’s July 12 directive might provide some respite.
POLICY
Jan Vishwas Bill will pave way for decriminalisation of more offences: TeamLease RegTech's Rishi Agrawal
The Jan Vishwas Bill, which seeks decriminalisation of 187 provisions of 42 different laws, was introduced in Lok Sabha in December 2022
POLICY
Delayed monsoon, uneven rainfall cause decline in sown area of rice and pulses
Several rice and pulse producing states remain rainfall deficient. Economists expect rainfall to cover the deficient areas as well in the coming weeks and increase the sowing acreage.
POLICY
Toy industry seeks PLI scheme to help meet growing competition in the global market
The Indian toy industry is among the fastest-growing globally, projected to reach $ 3 billion by 2028, as per the government’s investment promotion platform, Invest India.
BUSINESS
Japanese businesses looking to enhance partnership with India, says former PM Yoshihide Suga
Suga is also the Chairman of the Japan-India Association and spoke with industry bodies ahead of his meeting with PM Narendra Modi on July 6
POLICY
Academicians welcome introduction of long-awaited National Research Foundation Bill
On June 28, 2023, the govt gave the nod to a plan to set up National Research Foundation (NRF) as an apex body to promote, fund, and mentor scientific research in higher education institutions. While government representatives hail the move, others point out issues that may crop up during its implementation.
BUSINESS
Norwegian school chain Dibber to open 20 schools in India by FY24 end
Within two months of its arrival in May 2023, the school chain has already established five schools in three Indian cities. It plans to open 100 schools in India over the next three years with an investment of Rs 100 crore.
