Daily News - Tuesday, 2 July 2024
National Test House to be apex certification body for Indian products (mint)
The Union government plans to make the National Test House (NTH) the top certification body for all Indian products to improve product quality and prevent export rejections. New NTH labs will be established across India within 125 days of the new government, focusing on critical regions and issuing final certifications for products including food, spices, and organic items, ensuring they meet global standards. This initiative follows numerous rejections of Indian products by countries like Hong Kong, Singapore, and the US, highlighting the need for a centralized testing authority to enhance India's international trade credibility.
India to get critical mineral access with Australian FTA (Financial Express)
The upgraded trade agreement between India and Australia will enhance access to critical minerals, aiding India's transition to green energy, as emphasized by Australian High Commissioner Philip Green. This Economic Cooperation and Trade Agreement (ECTA) aims to evolve into a Comprehensive Economic Partnership Agreement (CEPA), supporting India's electric vehicle industry and emissions reduction through investments in Australian-processed minerals like lithium and cobalt. Commerce Secretary Sunil Barthwal highlighted ongoing collaborations with Australia, the European Free Trade Association, and the European Union in battery production, vehicle manufacturing, and renewable energy technologies, projecting significant investment opportunities in India's evolving energy ecosystem.
Russian oil imports surge to 13-month high, Saudi volumes crash to decade-low (The Indian Express)
India's Russian oil imports surged to near-record levels in June, driven by the highest-ever volumes of Urals crude, surpassing traditional suppliers like Saudi Arabia and Iraq due to significant price advantages and increased availability following Ukrainian drone strikes on Russian infrastructure. Indian refiners imported 2.13 million barrels per day (bpd) of Russian crude, accounting for 45% of the country's total oil imports, with Urals crude enjoying a $6-7 per barrel discount over competing Middle Eastern grades. Consequently, Saudi Arabia's oil exports to India dropped to the lowest monthly level in over a decade, while imports from the US reached a 17-month high, highlighting India's strategic shift to maximize savings amidst global oil price fluctuations.
Peak Power Demand Declines 10% to 206GW as Rains Hit North India (The Economic Times)
Heavy rain in northern India has alleviated peak power demand, reducing it to 206 GW on June 30 from a high of 250 GW on May 30, following a heatwave that drove record consumption. The India Meteorological Department predicts continued heavy rainfall over the next few days, stabilizing temperatures and easing electricity usage, which saw a year-on-year increase of 9% to 152.4 billion units in June. Despite the high demand due to heatwaves, coal stocks have remained robust, with Coal India Ltd boosting supplies by 4% and NTPC increasing power generation by 9.5% year-on-year in the quarter to June.
MSME Ministry Seeks Additional ₹5k cr for Job Generation Scheme (The Economic Times)
The Ministry of Micro, Small and Medium Enterprises (MoMSME) has requested an additional ₹5,000 crore from the finance ministry for the Prime Minister's Employment Generation Programme (PMEGP) due to a surge in subsidy claim applications exceeding disbursements. The Khadi and Village Industries Commission (KVIC), which scrutinizes and approves loan applications under PMEGP, has only disbursed 34% of the claimed subsidies from the 13 largest banks in FY24 due to budget constraints and a lengthy verification process. Despite a total budget of ₹13,500 crore for PMEGP from 2021 to 2026, the government has already utilized ₹8,500 crore in the first three years, with the current fiscal allocation of ₹2,300 crore being nearly 20% less than the revised estimates for FY24.
