‘Nearly 60 times jump in silver imports from UAE unusual’ (The Indian Express)
A report by the Global Trade Research Initiative (GTRI) highlights an unusual 60-fold increase in silver imports from the UAE to India, jumping from $29.2 million in FY23 to $1.74 billion in FY24. The surge is attributed to the lower 8% duty under the India-UAE trade deal compared to the 15% tariff for other countries, despite the UAE not producing silver and adding minimal value. GTRI calls for robust monitoring of import volumes and values and suggests lowering India's high import duties on gold, silver, and jewellery to prevent misuse and smuggling, noting a revenue loss of Rs 1,010 crore in FY24 due to the tariff arbitrage.
Hyundai Motor shares hit record high in South Korea as investors bet on India IPO (The Indian Express)
Hyundai Motor Co's shares hit a record high due to investor optimism about its plan to list its India unit, aiming to strengthen its presence in the world's third-largest auto market. Shares rose by up to 6.3% to 285,000 won ($206.47), closing up 3.9%, increasing its market capitalisation to 58.3 trillion won. The India IPO could raise $2.5-$3 billion at a valuation of up to $30 billion, enabling Hyundai to boost its electric vehicle production in the country.
80% of Indian steel producers have labelled ‘Made-in-India’ on products (The Indian Express)
Following the Ministry of Steel's initiative, Indian steel producers have branded 80% of their products with the 'Made in India' label since November 2023, covering 80 million tonnes of the 125 million tonnes produced. This branding effort aims to enhance the global and domestic market presence of Indian steel, fostering national economic growth and aligning with the 'Atmanirbhar Bharat' mission. Key producers like RINL, JSPL, and Tata Steel have fully adopted the label, with the rest expected to complete the process by the end of June.
Railways eyes ₹5,000 cr tender for Kavach (mint)
Indian Railways plans to float a ₹25,000 crore tender to install Kavach automatic train protection (ATP) technology across 10,000 km of its network, aiming to enhance safety and prevent accidents caused by human error. This follows the tragic Balasore accident in Odisha and marks a significant expansion from the initial 2021 tender which covered 3,000 km. The initiative involves issuing two tenders, each for 5,000 km, with the goal of covering the entire 70,000 km network within a decade, supported by both local and multinational vendors.
Elite food no longer: India to buy avocados from Brazil to tame prices (mint)
India plans to import avocados from Brazil to curb soaring prices, which range from ₹100 to ₹2,000 per kg, depending on the variety. This initiative, part of a larger agricultural deal, aims to provide more affordable options as demand for avocados has increased significantly in India, where local production is limited. Initial imports are expected to start in February 2025 with small volumes, which will grow as the market becomes more familiar with Brazilian avocados.
