Daily News - Monday, 1 July 2024
Netherlands tops India's petroleum export spot (mint)
India's petroleum exports to the Netherlands have surged, reaching $4.4 billion during April-May 2024, up from $2.8 billion in the same period the previous year, making it the top destination for these exports. India, leveraging its refining capacity of nearly 250 million tonnes per annum across 23 refineries, has expanded its export market by processing cheap crude from Russia and exporting refined products. Data from the commerce ministry indicates that this trend has continued strongly into FY25, with $3.9 billion worth of petroleum products exported to the Netherlands in the first two months alone.
India, Iran may fast-track rail link for Chabahar-Zahedan (mint)
India and Iran are accelerating the development of a rail route between Chabahar Port and Zahedan city to enhance the International North-South Transport Corridor (INSTC), aiming to boost trade with Central Asian and Eurasian countries. The Chabahar port, managed by India Ports Global Ltd (IPGL), has seen significant growth, with a 600% increase in container traffic in FY24 and is expected to handle substantial cargo volumes this year. Despite a 2016 MoU, the 700-km Chabahar-Zahedan railway line has seen little progress, but renewed efforts and a long-term contract signed in May aim to strengthen port connectivity and position Chabahar as a key trade hub.
India’s rice exports dip 34% in Q1 following curbs by centre (mint)
Rice exports from India have declined by nearly 34% to 3.2 million tonnes in April-June of the current financial year, due to the government's ban on non-basmati white rice and broken rice exports, along with a 20% tariff on parboiled rice. This move aimed to ensure domestic food security and stabilise prices amid El Nino-induced lower crop output. Despite these restrictions, basmati rice exports have risen by 16% to 1.1 million tonnes, even as India, which contributes 40% to global rice trade, faces international backlash for these export curbs, particularly from the US at the WTO ministerial conference.
Coal stocks at power plants fall to 47% of normative level (Financial Express)
Coal stocks at India's imported coal-based power plants, with a total capacity of 17.9 GW, have fallen to 47% of the normative level, with 184 thermal plants overall having only 66% of the required fuel stocks amid rising power demand and monsoon-related supply constraints. The government is addressing these issues by mandating the blending of imported coal at 4% in domestic coal-based plants until October 15 and highlighting a gap of 130,000 tonnes per day between coal receipt and consumption. Despite a 9.27% increase in coal production, reaching 207.48 million tonnes as of June 16, the power sector's coal demand continues to grow, with imports rising and projections for peak power demand expected to reach 260 GW this summer.
Govt developing national indicator to determine 'extreme poverty' (Financial Express)
The Indian government is developing a national indicator to measure "extreme poverty," defined as an income below $1.25 per day, with the goal of eradicating it by 2030. This effort is crucial as India has lacked an official poverty line and has shifted to multidimensional deprivation measures, with recent data showing a reduction in poverty from 24.85% in 2015-16 to 14.96% in 2019-21 due to sustained economic growth and various welfare schemes. According to the NITI Aayog, 248.2 million people moved out of multidimensional poverty between 2013-14 and 2022-23, positioning India ahead of the UN's 2030 target of halving poverty in all its dimensions.
