BUSINESS
Indian lab-grown diamonds set for a bigger sparkle after import duty removal, govt push
The domestic industry expects that the awareness created by the government about the quality of such diamonds will lead to a huge shift in consumer preference towards them in India.
BUSINESS
Exports hit, but cashew industry gets support from domestic market
Rising cashew consumption in the country, following the heightened health awareness after COVID-19, is helping the industry to make up for the dwindling exports.
INDIA
Kerala fouses on raising depleting revenue in budget for next fiscal year
The major project announcements include `Make in Kerala’ to increase domestic production, employment and investment opportunities in the state and an industrial township at Vizhinjam, where one of the largest container transshipment facilities is coming up.
BUSINESS
Union Budget 2023: Sops to marine products cheer up the seafood industry
A sub-scheme of the PM Matsya Sampada Yojana will be launched with a targeted investment of Rs 6,000 crore to further enable activities of fishermen, fish vendors, and micro and small enterprises, improve value-chain efficiencies, and expand the market.
BUSINESS
FM statement on denatured ethyl alcohol confuses sugar barons
Sugar mills are ramping up their ethanol production capacity as India plans to blend petrol with 20 percent ethanol in an attempt to reduce its petrol import bill.
BUSINESS
Budget 2023: Import duty hike of compounded rubber to benefit rubber farmers
The increase will plug a loophole that enables natural rubber to be imported at a lower duty by passing it off as compounded rubber.
BUSINESS
18% GST on air freight leaves bad taste in the mouths of Indian betel leaf exporters
Say, the move could see Bangladesh, India’s main competitor, gaining. Betel leaf, used in making paan and as mouth fresheners, is mainly exported to the UK, Europe, Saudi Arabia, and Oman.
BUSINESS
Exporters hope for a sea change with Australia, UAE trade pacts
Australia and the UAE are currently minor markets for India’s seafood shipments, the industry reckons that it would help export prospects in the future as the major markets such as the US, China, and Europe continue to be dogged by problems of inflation
BUSINESS
Gold price touches record high, wedding season loses some shine
Though the number of weddings have gone up after COVID, and there are more walk-ins into outlets, sales are not picking up, says a jeweller. Record prices and general sluggishness in the economy to be blamed.
BUSINESS
Rubber prices sink to two-year lows on weak demand, high arrivals
This could see waning tapping interest among growers
INDIA
Cake makers expect roaring business this New Year season after 2-yr lull
As they are expecting good sales after a gap, most cake makers are reluctant to hike the price of cakes proportionate to the increase in the price of inputs. In fact, they are willing to absorb the cost.
BUSINESS
Demand slump in US, Europe hits Indian garment exporters; target likely to be missed
The impact of the global slowdown is beginning to show on credit demand from Indian exporters, with export credit by banks shrinking by nearly a quarter year-on-year at the end of October by 25 percent.
BUSINESS
High prices see migration of farmers to wheat from other crops
Wheat acreage is up by over 400 percent in several states. Prices are not falling despite export restrictions. The buffer stock for domestic use is down by almost 60 percent and prices may not decline in the short term, say industry insiders.
BUSINESS
Synthetic rubber prices drop, but demand not picking up
One reason, industry insiders say, is that tyre sales by original equipment manufacturers have been weak and the replacement tyre segment for commercial vehicles has also not done well. One industry veteran expects an improvement in sales only by the last quarter of FY23.
BUSINESS
Spice oil, oleoresins exports dip, but companies go ahead with expansion plans
Recessionary trends and high inventory in importing countries, particularly in the US, have dragged down Indian exports. However, Synthite Ltd, the biggest exporter, which accounts for 30% the global share, sees bright prospects ahead and is going ahead with expansion plans. So does Plant Lipids.
BUSINESS
Higher crops fail to dampen chilli prices
Retail prices, in the Rs 250-Rs 500 per kg range in November, are 150-200 percent higher, YoY. Low inventory in cold storages is not helping either. High prices have already hit exports.
TRENDS
Welcome to the Promised Land: Kochi’s Jew Town rolls out red carpet for occupiers
Jose Dominic, the brains behind the revival of Jew Town in Kochi, on converting the tiny pocket into a tourist hotspot that reflects the culture and flavour of its Jewish history.
BUSINESS
No cheers: Kerala hikes tax on IMFL by 4%
Move will push up prices for liquor, already among the highest in the country.
TRENDS
The World Cup ate my egg: Rising demand from the Gulf cheers Indian poultry farmers
Rising demand from the Gulf region has doubled the country’s egg exports, as also driven up domestic prices. This is good for the poultry farmers, who have been facing losses since the pandemic.
BUSINESS
Seafood exports set to miss $8.6 billion target for fiscal
After a strong start, demand started tapering off in August and has fallen more drastically since.
BUSINESS
CSB Bank counts on growth trends to expand from a small bank to a mid-sector bank by 2030
In the works are vehicle loans, including commercial vehicle finance, and loans for commercial equipment. The bank is gearing up to introduce credit cards in a month with a partner and will cater to those seeking premium housing facilities through a tie-up with HDFC.
BUSINESS
Global coffee price slump won't hit Indian exports, most stock shipped at higher price
Shipments rose by 9% from January 1 to November 4 at 353,226 tonnes in 2022 from a year ago. Last year saw record export of 394,393 tonnes.
BUSINESS
When biggies fear the small: Tea industry trend continues
The share of small growers in India’s tea total production has now touched 51.91%. The bigger players are crying foul. They say they are being denied a level-playing field, small players, with no proper knowledge, will scuttle the export market.
BUSINESS
Latex prices slump as demand for gloves wanes amid drop in COVID-19 cases
Prices of rubber latex, a key raw material for gloves, have fallen 40 to 50 percent over the past few months
