Daily News - Friday, 27 September 2024
Trade barriers with China will adversely impact us: NTPC arm (Business Standard)
NTPC Green Energy Ltd (NGEL) has warned that India's restrictions on trade ties with China could negatively impact its operations, given China's dominance in solar and wind equipment manufacturing. NGEL's Draft Red Herring Prospectus (DRHP) highlights concerns over government-imposed duties on solar imports from China, which have already affected their business, as well as the impact of India's approved list of module manufacturers (ALMM), which has caused delays and cost increases in project execution. While NGEL imported significant equipment from China in the past year, domestic capacity remains insufficient to meet demand, leading to further project delays.
Govt approaches NITI for 25% ethanol blending road map, may hike sugar MSP (Business Standard)
India's Food Ministry has approached NITI Aayog to create a roadmap for achieving a 25% ethanol blend with petrol, building on the current progress of nearly 14% blending for the 2024-25 Ethanol Supply Year. While sugar production for the upcoming season looks promising due to good monsoons, the government is also considering raising the minimum sugar selling price and reviewing ethanol procurement rates, which have remained unchanged since 2022-23. Additionally, the government lifted temporary restrictions on producing ethanol from B-Heavy molasses and sugarcane juice, aiming to support both ethanol production and sugarcane arrears, which are at an all-time low.
High-tech engineering item exports skyrocket in August (Financial Express)
High technology items led the growth in India's engineering exports, with "aircraft and spacecraft parts" rising nearly fourfold to $436.9 million in August 2024 and "ships, boats, and floating products" surging 193% year-on-year. Overall engineering product exports in August grew 4.36% to $9.44 billion, driven by segments like automobile and auto components, which saw a 6% increase to $1.97 billion. Despite declines in some sectors like iron and steel, India’s exports to key markets, including the USA and the European Union, remained strong, while West Asia and North Africa saw the highest growth at 23.5% during April-August.
Scope to cut petrol, diesel prices: Icra (Financial Express)
Amid weak crude oil prices and stable refining margins, analysts expect state-owned oil marketing companies (OMCs) to maintain strong marketing margins, with potential for a slight reduction in retail fuel prices if crude prices remain stable. ICRA estimates OMCs’ net realizations in September 2024 were higher by ₹15/litre for petrol and ₹12/litre for diesel, suggesting room for a downward price revision of ₹2-3/litre. Despite a subdued global oil demand, particularly from China, OMCs are projected to maintain profitability in FY25 due to improved marketing margins, even as refining margins moderate.
Illicit trade at ₹7.97L cr in 5 key sectors (Financial Express)
FICCI has called for stricter punishments and enhanced surveillance to combat illicit trade, which is estimated to be ₹7.97 lakh crore annually across five key sectors, including apparel and fast-moving consumer goods. The report highlights that illicit trade in the packaged food sector reached ₹2.23 lakh crore in 2022-23, accounting for 25.4% of the market, while the textile and apparel segment saw a 29.67% rise since 2017-18, hitting ₹4.03 lakh crore. The Central Board of Indirect Taxes and Customs (CBIC) has intensified its efforts, arresting over 3,000 people and seizing ₹40 crore in foreign goods in the past 15 months using a technology-driven risk management system.
