Daily News - Wednesday, 15 January 2025
Wholesale inflation at two-month high in Dec (mint)
India’s wholesale price index (WPI)-based inflation rose to a two-month high of 2.37% in December 2024, up from 1.89% in November, driven by higher prices for primary articles and manufactured goods, with food prices contributing significantly at 8.89%. Vegetable prices climbed 28.65%, slightly above November’s 28.57%, while cereal and pulse prices showed a relative slowdown at 6.82% and 5.02%, respectively. Despite a marginal easing in food inflation, uneven monsoon rains have kept food prices elevated, with notable increases in onions, fruits, eggs, meat, and fish.
Govt considers industry status for waste management, recycling sector (mint)
The Indian government is considering granting industry status to waste management and recycling businesses to support the circular economy, which would ease access to cheaper loans and provide benefits like tax exemptions and lower power costs for MSMEs, a significant segment of the sector. India’s waste generation is expected to rise from 165 million tonnes in 2030 to 436 million tonnes by 2050, with the waste management market projected to grow from $13.69 billion currently to $18.40 billion by 2030 at a 6.1% CAGR, driven by urbanization, green mobility, and economic growth. Challenges such as financing difficulties and low creditworthiness persist, especially for municipal agencies and public-private partnerships, despite rising demand for e-waste and battery recycling fueled by increasing electric vehicle sales, which reached 13 million in 2024 compared to 10 million in 2023.
‘India suffered economic losses of over ₹1L cr in natural catastrophes in 2023' (The Indian Express)
India faced significant economic losses of $12 billion in 2023 due to natural catastrophes, including floods in northern India, Cyclones Biparjoy and Michaung, and extreme rainfall in key regions, surpassing the 10-year average of $8 billion. Floods, which account for 63% of total annual economic losses, are exacerbated by India’s climate and geography, affecting major industrial states like Gujarat, Maharashtra, and Tamil Nadu, which collectively contribute over 36% to the nation’s industrial output. Swiss Re highlights a severe natural catastrophe protection gap exceeding 90% in India, urging resilience-building through hotspot identification, risk assessment using advanced models, and reinsurance programs to mitigate vulnerabilities.
Import of Copper Scrap may Soon Turn Duty Free (The Economic Times)
The Indian government is considering removing the 2.5% basic customs duty on copper scrap, which was reduced from 5% in 2021-22, to further support domestic recycling units and industries reliant on copper. Between April and October 2024, copper scrap imports rose by 33.42% year-on-year to ₹11,476.76 crore, with Saudi Arabia being the largest exporter, contributing ₹2,208.43 crore. The move aligns with the rising demand for copper due to growth in electric vehicles and electronics manufacturing, and industry representatives expect the cost savings to facilitate investments in advanced recycling technologies, improving the quality of recycled copper.
National turmeric board opened to boost output (Financial Express)
The Indian government has launched the National Turmeric Board, fulfilling a four-decade demand and aiming to double turmeric production to 2 million tonnes and boost exports within five years. India, which accounts for 70% of global turmeric production, cultivated 324,000 hectares in 2022-23, yielding 1.16 million tonnes. The board, inaugurated by Commerce Minister Piyush Goyal, will focus on R&D, value-added products, and leveraging traditional knowledge to strengthen India’s position as the world’s largest producer, consumer, and exporter of turmeric.
