Daily News - Tuesday, 1 October 2024

MoUs worth ₹12.5 lakh crore signed for ‘Rising Rajasthan’ summit: CM Bhajan Lal Sharma (The Indian Express)

Rajasthan's Chief Minister Bhajan Lal Sharma announced that investment agreements totalling Rs 12.5 lakh crore have been signed during roadshows in Mumbai and Delhi, ahead of the 'Rising Rajasthan' summit in December. The Mumbai roadshow alone secured Rs 4.5 lakh crore in investments across sectors like renewable energy, cement, auto components, and battery storage, potentially creating 7 lakh jobs. Sharma emphasized Rajasthan's investment-friendly environment and urged more industry players to explore the state's numerous opportunities across various sectors. 

⁠Indian firms seek fast clearance of power dues by Bangladesh (Financial Express)

⁠Indian power companies, including Adani Power and NTPC Vidyut Vyapar Nigam, are in discussions with Bangladesh to resolve over $1 billion in unpaid dues for power supplied, though they have not yet enforced the sovereign guarantee. Adani Power alone is owed around $850 million, while Bangladesh makes small payments that are insufficient to cover the accumulating costs, impacting the credit profiles and operations of these companies. Despite these challenges, Indian companies continue to supply power to Bangladesh, assured by the government that payments will be cleared as the country's foreign exchange situation improves.

Trade deficit widens India’s Q1FY25 CAD to $9.7 billion (The Hindu)

⁠India's current account deficit (CAD) widened to $9.7 billion (1.1% of GDP) in Q1 FY25, up from $8.9 billion (1% of GDP) in the same period last year, mainly due to a higher merchandise trade deficit. The rise in net services receipts and private transfer inflows, along with stronger FDI inflows at $6.3 billion, helped balance the CAD increase. Despite the higher deficit, India's balance of payments remained stable, adding $5.2 billion to forex reserves, with expectations that CAD may reach 1.5% of GDP for the full fiscal year. 

⁠Global rice prices dip as India allows export (Financial Chronicle)

Global rice prices dropped on Monday after India, the world's top rice exporter, resumed exports of non-basmati white rice and reduced export duty on parboiled rice to 10%, easing supply constraints for Asian and African buyers. Competing exporters from Vietnam, Pakistan, Thailand, and Myanmar also lowered their prices to stay competitive, with Indian parboiled rice falling to $500-$510 per metric ton from $530-$536 last week. India's export restrictions last year had driven rice prices to a 15-year high, but the new measures are expected to stabilize global markets as buyers reassess the impact of increased Indian supply. 

‘May retaliate if Asean non-trade barriers persist’ (Business Standard)

⁠India may consider retaliatory measures if the Association of Southeast Asian Nations (ASEAN) does not address non-tariff barriers in the ongoing trade deal review, Commerce Minister Piyush Goyal warned, citing India's rising trade deficit with ASEAN, which reached $38.5 billion in FY24. Goyal emphasized the need for a fair review to balance the trade relationship and address issues like export quotas on Indian goods imposed by ASEAN countries. India seeks differentiated market access based on ASEAN members' development levels, aiming to finalize the review by 2025 while addressing China's growing influence through ASEAN.