Daily News - Monday, 11 November 2024

Netherlands second biggest market for Indian smartphones (Financial Express)

India’s smartphone exports grew 34% year-on-year in the April-August 2024 period, with the Netherlands rising to become the second-largest market at $833 million (up 92%), overtaking the UAE, which saw a 25% drop to $777 million. The United States remains the largest market, accounting for 38% of total exports at $2.8 billion, marking a 51% increase. Notable growth was also seen in Japan (up 180% to $129 million), Mexico (up 153% to $125 million), Austria (up 89% to $421 million), and Italy (up 60% to $449 million), with Europe representing six of India’s top ten markets.

India becomes biggest fuel supplier to EU countries (Financial Express)

India’s fuel exports to the EU surged by 58% in the first three quarters of 2024, largely due to its ability to refine discounted Russian crude oil, which now makes up 40% of India’s total oil imports—a significant increase from less than 1% before the Ukraine conflict. Leveraging a gap in the EU/G7 sanctions, India capitalized on the price cap exemption for refined products, resulting in its position as the leading exporter of oil products to Europe, with key refineries in Jamnagar, Vadinar, and New Mangalore contributing to this growth. As a result, the EU’s imports of Indian diesel and jet fuel have nearly doubled, highlighting the ongoing economic benefit Russia gains indirectly through exports to third countries, with €8.5 billion worth of Russian-origin fuel imported into the EU over 13 months. 

IGX: NORTHEAST HAS POTENTIAL FOR NATURAL GAS BIZ (Financial Chronicle)

Expanding and monetizing the natural gas reserves in India’s northeastern region could reduce import dependence, support local economic growth, and open up trade with neighboring countries like Bangladesh, according to Rajesh K. Mediratta, CEO of the Indian Gas Exchange (IGX). With an estimated 6 million MMSCMD of natural gas ready for extraction by existing producers, the Northeast Gas Grid, set to be operational by 2026, will enable this surplus to be distributed across India, contributing to energy security. Currently, India imports roughly 50% of its gas needs (about 100 MMSCMD), and Northeast production could partially offset this demand while generating regional revenue. 

Clean energy sees surge in foreign investment but other sectors decline (mint)

FDI equity inflows into India’s non-conventional energy sector surged by 35% year-on-year in Q1 FY25, reaching $1.04 billion and reinforcing the sector as the country’s tenth-largest FDI destination, with a total of $18.93 billion since 2000. In FY24, non-conventional energy attracted $3.76 billion in FDI, a 51% increase, contrasting with declines in sectors like telecommunications and pharmaceuticals; much of this investment supported solar module imports, with renewable energy-related imports possibly rising from $7 billion to $30 billion by 2030. To achieve its 500GW non-fossil energy target by 2030, India aims for self-sufficiency in solar manufacturing, needing FDI to support local production amid rising costs and global supply chain shifts. 

Purchase price of cane ethanol may be hiked (Business Standard)

Ahead of Maharashtra’s elections, the Indian government is considering raising the ethanol procurement price for oil-marketing companies (OMCs) by up to ₹3 per liter for the 2024-25 marketing season, aiming to support sugar companies amid rising production costs. Ethanol blending in India recently hit nearly 14%, with OMCs contracting for about 9.16 billion liters of ethanol for the season; sugarcane-based ethanol contributed 43% of the 5.85 billion liters supplied as of September 30, 2024. With an estimated sugar output of 33.3 million tonnes for 2024-25 and total availability reaching 42 million tonnes, the expected closing stock will be about 8.8 million tonnes, significantly exceeding the normative requirement of 5 million tonnes, potentially stabilizing the market.