Daily News - Friday, 29 November 2024
Govt to sell 2.5 MT of wheat in open market to curb price rise (Financial Express)
The government will sell 2.5 million tonnes (MT) of wheat through weekly e-auctions under the Open Market Sale Scheme until March 2025 to stabilize prices, which are expected to remain around ₹29-30/kg until the next harvest in April. Wheat prices will be sold at ₹2,325/quintal, lower than the current market price of ₹2,850/quintal in Delhi, with the Food Corporation of India (FCI) holding 21.09 MT of wheat against the January buffer requirement of 13 MT. Wheat inflation, which stood at 7.54% year-on-year in October 2023, has remained in single digits since August, with the government estimating a wheat output of 112.92 MT for the 2023-24 crop year.
Kerala, Adani sign deal for seaport expansion (Financial Express)
Kerala Chief Minister Pinarayi Vijayan announced a supplementary concession agreement with Adani Vizhinjam Port, extending the project timeline by five years, with the first phase set for commissioning next month and the second and third phases expected to be completed by 2028 with an additional ₹10,000 crore investment. The expanded international seaport will increase capacity to 30 lakh TEUs, while delays caused by events like the Covid-19 pandemic and natural disasters resulted in a ₹219 crore penalty, including ₹43.8 crore to be paid to the state, with the balance withheld until 2028. If the project is not fully completed by 2028, the extension will be cancelled, and the withheld amount will be collected by the government.
‘India sure of better trade ties with US under Trump’ (mint)
Union Commerce and Industry Minister Piyush Goyal expressed confidence in the India-US trade relationship as Donald Trump prepares to assume office in January 2025, emphasizing India’s $35.33 billion trade surplus with the US in 2023-24 despite a slight dip in total bilateral trade to $119.7 billion. Goyal highlighted India’s total exports, including merchandise and services, reaching $776.68 billion in 2023-24, with projections of surpassing $800 billion in 2024-25, aided by policies promoting industrial corridors, logistics efficiency, and competitive strategic sectors. Regarding the India-UK free trade agreement, Goyal stated that discussions would resume early next year under the new UK government, following a bilateral meeting between Prime Ministers Modi and Starmer at the G20 Summit in Brazil.
German CEOs see India as a key supply chain destination: Ambassador (mint)
German companies are increasingly viewing India as a key destination for diversifying global supply chains amid geopolitical and pandemic-related disruptions, though competition remains from countries like Malaysia, Thailand, and Mexico, according to India’s ambassador to Germany, Ajit Gupte. Germany, facing demographic challenges and a labour shortage, has increased its skilled labour visa quota for Indians to 90,000 annually, opening opportunities across sectors from IT and finance to middle- and lower-level roles like nursing assistants, truck drivers, and masons. Notably, Indian importers are rerouting critical machinery via Dubai due to China’s export restrictions, with issues such as blocked sales of German-made tunnel boring machines being raised during recent diplomatic discussions.
Petroleum ministry may seek GST on gas (mint)
The Petroleum and Natural Gas Ministry has proposed including natural gas under the GST framework to streamline taxation, benefiting industries like fertilizers and steel by reducing complexity and enabling input tax credit continuity. Currently, natural gas is taxed under both central excise duty and state-level VAT, creating a dual-taxation system that complicates compliance for businesses. While this inclusion has been a long-standing demand from the industry and the ministry, it is unclear if it will be on the agenda for the GST Council’s December meeting.
India unhappy over Europe's unilateral green regulations (Financial Chronicle)
Union Commerce and Industry Minister Piyush Goyal criticized the EU’s unilateral green economy regulations, including the EU Deforestation Regulation (EUDR) and the Carbon Border Adjustment Mechanism (CBAM), for being unfair and violating the principle of Common but Differentiated Responsibilities (CBDR). Goyal emphasized that measures like CBAM, which imposes tariffs on carbon-intensive imports such as cement, aluminium, iron, and steel, could act as trade barriers and disproportionately impact Indian exporters. During talks with French Minister Sophie Primas, he urged EU nations to recognize India’s unique development path and challenges while implementing sustainability and social measures.
