Daily News - Wednesday, 18 September 2024
India trade not hit due to Bangladesh turmoil (Financial Chronicle)
The recent turmoil in Bangladesh has not significantly impacted India's trade, but industry-specific effects may emerge depending on exposure, according to Crisil Ratings. While no immediate impact on Indian companies' credit quality is expected, prolonged disruptions could affect revenue and working capital cycles for export-oriented sectors like cotton yarn, engineering, and procurement, where Bangladesh plays a key role as either a demand center or production hub. Sectors like cotton yarn, power projects, FMCG, and soft luggage could see some revenue delays or operational challenges, with gradual workforce ramp-ups and supply chain stability being critical factors for recovery.
More dairy farmers under organised sector (Financial Express)
The Indian government is working to integrate more unorganized dairy farmers into the cooperative model to ensure they receive fair prices and improve market quality, according to Rajiv Ranjan Singh, the minister for fisheries, animal husbandry, and dairying. The National Dairy Development Board (NDDB) is providing technical support to states where dairy cooperatives have underperformed, with a focus on boosting cooperatives in major milk-producing states like Uttar Pradesh. The NDDB has also signed agreements with Madhya Pradesh to strengthen the Sanchi brand and professionalize its operations, without diluting local control, to enhance efficiency and marketing before handing it back to the state.
Food min urges edible oil industry not to hike rates (Financial Express)
Following a recent increase in import duties on edible oils, companies indicated a potential 10-15% rise in cooking oil prices, but the Indian food ministry urged them to maintain current retail prices, citing a sufficient stock of 3 million tonnes available for domestic consumption. The government recently raised import duties on crude palm, soybean, and sunflower oils from 5.5% to 27.5%, and on refined oils from 13.75% to 35.75%, to support domestic oilseed farmers ahead of the upcoming soybean and groundnut harvests. Despite these duty hikes, the government aims to balance industry payments to farmers while keeping the retail price impact on cooking oils limited.
Focus on Capacity Expansion, Commuter Safety: FM to Rlys (The Economic Times)
Finance Minister Nirmala Sitharaman urged the Railways Ministry to prioritize capacity expansion, safety, and convenience for commuters, emphasizing the implementation of the indigenous Kavach train protection system and further electrification of tracks. During a review of the ministry’s capital expenditure plans, officials revealed that 434 railway projects were identified under three economic corridors, with a total planned investment of ₹11.16 lakh crore. The government has increased the railway budget capex by 5% to ₹2.52 lakh crore for 2024-25, aligning with its broader strategy of boosting economic growth through high-multiplier infrastructure spending.
Centre is Helping States Meet Green Energy Goals: Joshi (The Economic Times)
The Centre is collaborating with states to help them meet green energy targets by addressing issues related to key central schemes and infrastructure, with states committing to 540 GW of renewable energy capacity by 2030 and companies pledging ₹32.45 lakh crore in investments. Union Minister Pralhad Joshi highlighted efforts to resolve concerns around transmission lines, project financing, and green energy open access, with banks committing ₹29.5 lakh crore for green energy projects by FY30. The government is also advancing solar initiatives, such as the PM-Kusum scheme, rooftop solar projects, and green hydrogen tenders, while addressing challenges like net metering.
