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Piyush Goyal, Minister of Commerce & Industry, Consumer Affairs & Food & Public Distribution and Textiles, Govt of India has asserted that India should be aspiring for much faster and much deeper growth. Even at 8 per cent growth in our GDP over the next 30 years, India may be well beyond $30 trillion economy. Women power will play an important role in this and there is always space for them on the high table, he added. Addressing the FICCI FLO session 'Invest in Her: Women Entrepreneurship, Trade and Commerce', Goyal added that we will never be able to achieve an inclusive growth unless women are given importance. Goyal also stressed on more women representation in businesses as directors, owners based on merit and not just reservations.
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World Bank has appointed Indian national Indermit Gill as its Chief Economist and Senior Vice President for Development Economics.
Gill will succeed American economist Carmen Reinhart in the role and his appointment will be effective 1 September 2022.
Gill is currently Vice President for Equitable Growth, Finance, and Institutions, where he led work on macroeconomics, debt, trade, poverty, and governance. Between 2016 and 2021, he was a professor of public policy at Duke University and non-resident senior fellow in the Global Economy and Development program at the Brookings Institution.
Gill has also taught at Georgetown University and the University of Chicago. A student of Nobel Laureates Gary Becker and Robert E. Lucas Jr., Gill holds a Ph.D. in economics from the University of Chicago.
Announcing his appointment, World Bank President David Malpass said, �Gill brings to this role a combination of leadership, invaluable expertise and practical experience working with country governments on macroeconomic imbalances, growth, poverty, institutions, conflict, and climate change. Indermit is widely respected for his intellectual contributions to development economics.
Gill will be only the second Indian to serve as chief economist at the international financial institution after Kaushik Basu, who was Chief Economist of the World Bank from 2012 to 2016.
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India's foreign exchange reserves fell to their lowest in over 20 months as the central bank stepped up its intervention to protect the rupee from tumbling past 80 a dollar. The country's foreign exchange reserves declined by USD 7.541 billion to USD 572.712 billion in the week ended July 15, the Reserve Bank showed. In the previous week ended July 8, the reserves shrunk by USD 8.062 billion to USD 580.252 billion. During the reporting week ended July 15, the fall in the reserves was on account of a decline in the Foreign Currency Assets (FCAs), a major component of the overall reserves, and also in the gold reserves, the central bank said. FCAs fell by USD 6.527 billion to USD 511.562 billion in the reporting week, according to the Weekly Statistical Supplement released by RBI. Expressed in dollar terms, FCAs include the effect of appreciation or depreciation of non-US units like the euro, pound and yen held in the foreign exchange reserves. Gold reserves decreased by USD 830 million to USD 38.356 billion in the reporting week. The Special Drawing Rights (SDRs) with the International Monetary Fund (IMF) declined by USD 155 million to USD 17.857 billion, RBI said. The country's reserve position with the IMF decreased by USD 29 million to USD 4.937 billion in the reporting week.
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India’s crude oil imports in Q1FY23 jumped 17% on year to 60.2 million tonne (MT) as refineries stepped up processing to meet higher domestic demand for petroleum products including diesel. Exports of petroleum products also rose by 7.2% during the period. Imports, in value terms, were higher by 89% in Q1FY23 to $47.5 billion on year mainly due to costlier crude. India meets around 85% of its crude need through imports. In the whole of FY22, India’s crude oil import was 212 MT, valued at $120.4 billion.
Domestic production of crude oil including condensate during the April-June period was flat at 7.45 MT, just 0.62% higher than in the corresponding period of last year. According to Petroleum Planning and Analysis Cell (PPAC), an attached office of the ministry of petroleum and natural gas, domestic refiners processed 65.8 MT crude during April-June period of the current fiscal which was 14.8% higher compared with the corresponding period of last fiscal.
The consumption of petroleum products during April-Jun 2022 at 55.1 MT was higher 16.8% compared to 47.2 MT during the same period of the previous year, led by higher consumption of diesel to 22.2 MT from 18.4 MT in Q1FY22. Import of petroleum products was also higher by 21.6% at 10.7 MT in the first quarter of the current fiscal compared with the same period last fiscal. Exports also edged up by 7.2% to 16.3 MT.
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Narendra Tomar, Union Minister for Agriculture and Farmer's Welfare has stated that the growth of Cotton production and productivity in India is vital to employment growth in Country. He said that Short term and Long term strategies are needed to be worked out for boosting productivity. High Density farming and micro-irrigation are key to boosting cotton productivity in large parts of the nation.
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Piyush Goyal , Union Minister for Commerce & Industry, Textiles, Consumer Affairs and Food & Public Distribution has said that its time for India to adopt world standards in Cotton Productivity. He also said that all stakeholders must share best practices to boost cotton productivity in India to boost farmer incomes. Speaking on the occasion, Goyal said that Private sector must contribute to boost research in productivity , farmers education as well as branding to which Government would provide matching support. Asserting integrated approach, Goyal said that private sector has to act in a Mission mode to strengthen the Cotton Value Chain. He further added that we need to brand our own cotton which is good quality by equal contribution from Industry. Action on reducing contamination issues like coloured HDPE. Master plan to be worked out by industry within one week. Goyal said that cotton works like a bridge between agriculture and textile sector. Cotton-based products have significant share of total Textiles & Apparel products both at Domestic and International level. With Market access opening through FTAs, it is but imperative to get our act together to enhance Productivity and Quality both. Goyal said that it is vital to increase yield and profit margins for cotton farmers by creating awareness about right seeds and encouraging farmers to adopt modern technology and progressive agricultural practices.
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Hemant Soren, Chief Minister, Jharkhand has launched ‘Jharkhand Tourism Policy 2021’. The policy aims to revive, renew and revamp the tourism sector of the state, to provide a different dimension and perspective as to how the world views the state of Jharkhand. It targets to bring out the marvels of the state that has an enchanting mix of old world charms and new age excitements. Jubilant Jharkhand embarks on a journey to register its place as one of the most sought-after tourist destinations by 2025. Addressing the launch of ‘Jharkhand Tourism Policy 2021’, organized by FICCI, jointly with the Jharkhand government, the Chief Minister said that the Pandemic has been a challenge for people across the globe. Tourism sector has had the hardest hit. The government has tried to figure out the deterrents in the path of development and aim to do the best that we can for the betterment of our state and its residents.
The key aspects of the policy focus on providing civic amenities and adopting ways of beautification for sites like Deoghar, Parasnath, Madhuban and Itkhori. With its aim to elevate the potentials of religious tourism in the state, religious tourist units will also be set up. Further, with its ambitions to embrace eco-tourism and make tourist activities more responsible in nature, provisions are also being made to provide accommodations to tourists in forest rest houses and tree plantations along with development of eco-circuits like the Latehar-Netarhat-Betla-Chandil-Dalma-Mirchaiya-Getelsud circuit.
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Mr Hemant Soren, Chief Minister, Jharkhand, launched 'Jharkhand Tourism Policy 2021'. The policy aims to revive, renew and revamp the tourism sector of the state, to provide a different dimension and perspective as to how the world views the state of Jharkhand. It targets to bring out the marvels of the state that has an enchanting mix of old world charms and new age excitements. Jubilant Jharkhand embarks on a journey to register its place as one of the most sought-after tourist destinations by 2025.
Addressing the launch of 'Jharkhand Tourism Policy 2021', organized by FICCI, jointly with the Jharkhand government, the Chief Minister said, Pandemic has been a challenge for people across the globe. Tourism sector has had the hardest hit. We have tried to figure out the deterrents in the path of development and aim to do the best that we can for the betterment of our state and its residents.
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India's active Covid-19 caseload currently stands at 1,50,877. In the last 24 hours, 16,866 new cases and 18,148 recoveries have been recorded. The daily positivity rate is 7.03%. The recovery rate currently is at 98.46%. Under Nationwide Vaccination Drive, 202.17 cr vaccine doses (92.99 cr Second Dose and 7.30 cr Precaution Dose) have been administered so far.
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India's crude oil production during June 2022 was 2439.32 TMT, which is 3.01% lower than target for the month and 1.71% lower than the production of June 2021. Cumulative crude oil production during April-June, 2022 was 7459.22 TMT, which is 1% lower than target for the period but 0.62% higher than production during corresponding period of last year respectively. Natural gas production during June 2022 was 2812.78 MMSCM, which is 1.85% lower than the monthly target but 1.29% higher than production of June 2021. Cumulative natural gas production during April-June 2022 was 8553.16 MMSCM, which is 2.63% lower when compared with target for the period but 4.71% higher than production during corresponding period of last year. Crude Oil Processed during June 2022 was 21574.57 TMT, which is 9.62% higher than target for the month and 17.27% higher than the June 2021. Production of Petroleum Products during June 2021 was 22059.08 TMT, which is 9.27% higher target for the month and 15.08% higher than the production of June 2021. Cumulative production during April-June, 2022 was 68120.47 TMT, which is 6.27% and 13.55% higher than target for the period and production during corresponding period of last year respectively.
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Piyush Goyal, Minister for Commerce and Industry; Consumer Affairs, Food & Public Distribution and Textiles, Govt of India yesterday stated that the introduction of PLI scheme is creating a robust manufacturing base in the country which is enabling India to compete on an equal footing globally. Addressing the 'DPIIT-FICCI Investors Roundtable on PLI for White Goods', Goyal said that as India enters the next 25 glorious years turning 100 by 2047, we aspire to become a prosperous developed country. We want to embark on the next 25 years where we would like to see the world look upon India as a driver of economic growth and as an engine of world trade, he added, highlighting the potential of this sector in terms of localization, creating jobs and generating surplus for exports.
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India's active Covid-19 caseload currently stands at 1,49,482. In the last 24 hours, 21,880 new cases and 21,219 recoveries have been recorded. The daily positivity rate is 4.42%. The recovery rate currently is at 98.46%. Under Nationwide Vaccination Drive, 201.30 cr vaccine doses (92.85 cr Second Dose and 6.63 cr Precaution Dose) have been administered so far.
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The Reserve Bank of India announced its decision to reschedule the MPC meeting to August 3-5, 2022, due to administrative exigencies. The next meeting of the Monetary Policy Committee (MPC) for the financial year 2022-23 was scheduled during August 2-4, 2022. This announcement is being made under Section 45ZI(4) of the Reserve Bank of India Act, 1934, RBI stated.
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Annual passenger traffic increased from 2.6 lakh to 33 lakh in five years under UDAN Scheme. The Ministry of Civil Aviation has launched Regional Connectivity Scheme (RCS)- UDAN (Ude Desh ka Aam Nagrik) on 21-10-2016 to enhance regional air connectivity from unserved and underserved airports in the country by making air travel affordable to the masses. So far, 425 UDAN routes have been operationalized across the country, connecting 68 UDAN airports including 2 water aerodromes & 8 heliports.
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The Solvent Extractors Association had brought the notice of the Legal Metrology, Department of Consumer Affairs in the Ministry of Consumer Affairs, Food & Public Distribution about some edible oil companies resorting to an unfair practice by packing 1 litter pack at higher temperature then room temperature (30 degree C) thereby offering lesser weight to consumer. The Association had further suggested to standardized packing condition so that uniform weight-mass of oil is always offered to consumer and is not short charged. The Legal Metrology Department has considered the suggestion made by the Association and issued an Order dated 15th July 2022 requiring manufacturers of Edible oil, Vanaspati, Non-edible vegetable oils to mention Volume and Weight of the content in the package and not to mention the Temperature at which the commodity is filled thus protect the interest of the consumers & also provide an even playing field to all the manufacturers and packers of edible oils.
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Railway Minister Ashwini Vaishnaw on Wednesday (20 July) told Lok Sabha that at present there is no plan to run regular passenger trains by private operators.
In a written reply in Lok Sabha, Vaishnaw said at present IRCTC runs two Tejas 'corporate' trains on Delhi-Lucknow and Ahmedabad-Mumbai routes. He said both the trains have incurred losses of Rs 58 crore. He said the Lucknow-Delhi Tejas reported a profit of Rs 2.3 crore in 2019-20, but incurred losses in the two subsequent years.
The minister said the cost of granting concessions weighs heavily on Railways, hence extending scope of concessions to all categories of passengers including senior citizens is not desirable. He said in spite of these challenges, Indian Railways has continued concession in fare to four categories which include persons with disabilities, eleven categories of patients and students.
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Chief Economic Advisor (CEA) V Anantha Nageswaran said that the depreciation of the rupee against the US dollar has been lower than other major global currencies such as the Euro, the British pound and the Japanese yen. He attributed depreciation in rupee and other currencies against the US dollar to the aggressive monetary tightening by the US Federal Reserve. As a result, outflow of foreign capital is taking place from various emerging economies including India, putting pressure on their domestic currencies. Japanese yen, Euro, Swiss franc, British Pound have depreciated much more against dollar (than the rupee), he said on the sidelines of an event here. Both the government and RBI have taken measures to check the outflow of dollars and encourage inflow of foreign funds so that the depreciation of the domestic currency can be contained, he said.
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An economic outlook survey by the Federation of Indian Chambers of Commerce and Industry has trimmed the gross domestic product growth estimate for 2022-23 at 7% from 7.4% earlier. There was a unanimous view among the participants that although the Indian economy is expected to face a slowdown in the near-to-medium term, it will still grow consistently to emerge as the fastest growing economy in the world, the industry body said in a statement on July 21. The country is not sheltered from global volatilities, evident from the escalating inflation and increasing uncertainties in the financial markets, which is exerting a visible impact on India's growth outlook, it said. The survey forecasts for agriculture and allied activities to grow 3 percent in 2022-23, while industry and services sector are anticipated to grow by 6.2 percent and 7.8 percent. It projects the retail inflation at 6.7 percent for 2022-23 and expects the Reserve Bank of India's policy repo rate to be raised to 5.65 percent by the end of fiscal year 2022-23 from 4.9 percent.
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The Employees' Provident Fund Organisation (EPFO) added 16.82 lakh net subscribers in the month of May, 2022. Year-on-year comparison of payroll data shows an increase of 7.62 lakh net subscribers in May, 2022 as compared to the net subscription in the month of May, 2021 last year, according to data released by the Labour Ministry.
Out of the total 16.82 lakh subscribers added during the month, around 9.60 lakh new members have been covered under the ambit of EPF & MP Act, 1952 for the first time. Approximately 7.21 lakh net subscribers exited but rejoined EPFO by changing their jobs within the establishments covered by EPFO and opted to continue their membership under the EPF Scheme, by transferring their funds instead of applying for final PF withdrawal. The new enrolment during the month is higher than the monthly average recorded during the last fiscal.
Age-wise comparison of payroll data indicates that the age-group of 22-25 years has registered the highest number of net enrolments with 4.33 lakh additions during May, 2022. This shows that many first-time job seekers are joining organised sector workforce in large numbers.State-wise comparison of payroll figures highlights that the establishments covered in the states of Maharashtra, Karnataka, Tamil Nadu, Haryana, Gujarat and Delhi to remain in lead by adding approximately 11.34 lakh net subscribers during the month, which is 67.42% of total net payroll addition across all age groups.
Gender-wise analysis indicates that net female payroll addition is approximately 3.42 lakh during the month and share of female enrolment is 20.39% of the net subscriber addition during the month of May, 2022.
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India's active Covid-19 caseload currently stands at 1,48,881. In the last 24 hours, 21,566 new cases and 18,294 recoveries have been recorded. The daily positivity rate is 4.25%. The recovery rate currently is at 98.46%. Under Nationwide Vaccination Drive, 200.91 cr vaccine doses (92.77 cr Second Dose and 6.34 cr Precaution Dose) have been administered so far.
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The Reserve Bank of India has renewed its statement of commitment to the FX Global Code, which is a compilation of best market practices formulated by central banks worldwide. RBI continues to support the principles of good practices within the Code. RBI had also facilitated the formation of India Foreign Exchange Committee (IFXC) to promote adoption and adherence of the Code among FX market participants in India,the RBI said through a press release on Wednesday.
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Knight Frank-NAREDCO Real Estate Sentiment Index Q2 2022 (April - June 2022) report cited that the Current Sentiment score has moderated from the previous quarter’s all-time high of 68 to 62 in Q2 2022 amidst rapidly changing economic scenario. The Current Sentiment Index score, while safely remaining in the positive zone, has dropped mainly due to the perceived impact of the two consecutive REPO rate hikes in May and June 2022.
The Future Sentiment Score, which captures the stakeholder sentiments for the next six months for the real estate sector, has also shrunk from its historic high of 75 in Q1 2022 to 62 in Q2 2022 as pressures of a rise in inflation and depreciating rupee against the dollar cast a shadow on the sector. Despite the decline, both the Current and Future Sentiment Scores remained optimistic.
In Q2 2022, the Current Sentiment Index score and Future Sentiment Score are equal as stakeholders are confounded in the current economic climate where the impact of global economic headwinds on the Indian economy is yet to play out. The real estate supply-side stakeholders remain watchful of the tripartite global risks - economic turmoil in the United States, Russia – Ukraine standoff, and economic slowdown in Europe.
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The government on Wednesday (20 July 2022) slashed the windfall tax on petrol, diesel, jet fuel and crude oil following a decline in international rates.
It reduced the windfall tax on diesel and aviation turbine fuel (ATF) by Rs 2 a litre and scrapped a Rs 6 per litre tax on export of petrol. The tax on ATF has now been cut to Rs 4 a litre from Rs 6 and on diesel to Rs 11 from Rs 13 per litre.
Further, the Rs 23,250 per tonne additional tax on crude oil produced domestically has been cut to Rs 17,000 per tonne.
On 1 July, the Ministry of Finance imposed a cess of Rs 23,250 per tonne (by way of special additional excise duty - SAED) on crude oil produced domestically. It also slapped a Rs 6 per litre tax on the export of petrol and jet fuel (ATF) and Rs 13 a litre on the export of diesel effective 1 July 2022. With this, India joined a select league of nations globally that have taxed windfall gains accruing to oil companies from soaring energy prices.
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India's active Covid-19 caseload currently stands at 1,45,654. In the last 24 hours, 20,557 new cases and 18,517 recoveries have been recorded. The daily positivity rate is 4.13%. The recovery rate currently is at 98.47%. Under Nationwide Vaccination Drive, 200.61 cr vaccine doses (92.71 cr Second Dose and 6.11 cr Precaution Dose) have been administered so far.
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Union Minister for Commerce & Industry, Consumer Affairs, Food & Public Distribution and Textile Piyush Goyal has emphasized upon the need for a trade and investment agreement between India and Africa. India plans to strengthen its partnership with Africa in four areas to fulfil aspirations of both the countries, speaking at the inaugural session of CII-EXIM Bank Conclave on India-Africa Growth Partnership, the Union Minister said. First area is solar power, this will help bring clean energy, energy security and will create jobs in Africa. Second is defence trade and military exchanges in Indian Ocean, manufacturing of armoured vehicles and UAVs. Third is physical & digital infra, helping in IT/Consultancy & Project Exports and the fourth one is healthcare & pharma.
Goyal said that our government accords highest priority to our Africa engagements. He said we would reassure that India's ties with Africa are based on trust, friendship and deep understanding of each other's requirements. He further added that India-Africa partnership will play an important role in our journey going forward as India and Africa are collectively constitutes 1/3 of the world's population and both of us are very much aliened in several areas. He said, we are working to lead the developing world out of food insecurity, efforts are being made to take quality life and prosperity to the people of India and Africa.
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India attracted USD 343.64 million FDI equity inflow in R&D sector during C.Y. 2021 (Calendar Year) which is 516% higher as compared to previous C.Y. 2020 (USD 55.77 million). FDI is permitted under 100% automatic route in R&D sector subject to applicable laws/regulations, security and other conditionalities. Karnataka is the top FDI Equity recipient state in R&D during C.Y. 2021 followed by Telangana and Haryana. Singapore is the top investing country in R&D during C.Y. 2021 with 40% share of total FDI Equity in R&D followed by Germany (35%) and U.S.A (11%).
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Investment in the Indian capital markets through participatory notes (P-notes) declined to Rs 80,092 crore till June-end.
P-notes are issued by registered Foreign Portfolio Investors (FPIs) to overseas investors who wish to be a part of the Indian stock market without registering themselves directly.
According to the Securities and Exchange Board of India (Sebi) data, the value of P-note investments in Indian markets (equity, debt and hybrid securities) was reported at Rs 80,092 crore at June-end compared with Rs 86,706 crore at May-end.
The June figure also marks the second consecutive monthly decline in investment numbers.
Of the total Rs 80,092 crore invested through the route till June 2022, Rs 70,644 crore was invested in equities, Rs 9,355 crore in debt and Rs 92 crore in hybrid securities.
In comparison, Rs 77,402 crore was invested in equities and Rs 9,202 crore in debt during May.
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The index of mineral production of mining and quarrying sector for the month of May, 2022 (Base: 2011-12=100) at 120.1, was 10.9% higher as compared to the level in the month of May, 2021. The cumulative growth for the period April- May, 2022-23 over the corresponding period of previous year has increased 9.4 percent.
As per the provisional figures of Indian Bureau of Mines (IBM) , production level of important minerals in May, 2022 were: Coal 712 lakh tonnes, Lignite 42 lakh tonnes, Natural gas (utilized) 2846 million cu. m., Petroleum (crude) 26 lakh tonnes, Bauxite 2276 thousand tonnes, Chromite 320 thousand tonnes, Copper conc. 8 thousand tonnes , Gold 97 kg, Iron ore 221 lakh tonnes, Lead conc. 30 thousand tonnes, Manganese ore 235 thousand tonnes, Zinc conc. 129 thousand tonnes, Limestone 348 lakh tonnes, Phosphorite 143 thousand tonnes, Magnesite 8 thousand tonnes, and Diamond 22 carat.
The production of important minerals showing positive growth during May, 2022 over May, 2021 include: Gold (212.9%), Phosphorite (121.4%), Coal (33.7%), Bauxite (31.5%), Lignite (25.8%), Magnesite (22.9%), Lead conc (18.7%), Zinc conc (15.6%), Limestone (8.5%), Natural Gas (U) (7.0%), and Petroleum (crude) (4.6%). The production of other important minerals showing negative growth include: Iron Ore (-5.6%), Copper conc (-33.5%), Manganese ore (-43.3%), and Chromite (-67.3%).
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India's active Covid-19 caseload currently stands at 1,43,654. In the last 24 hours, 15,528 new cases and 16,113 recoveries have been recorded. The daily positivity rate is 3.32%. The recovery rate currently is at 98.47%. Under Nationwide Vaccination Drive, 200.33 cr vaccine doses have been administered so far.
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The Government of India (GoI) has announced the sale (re-issue) of (i) 6.69% Government Security 2024 for a notified amount of Rs 4,000 Crore (nominal) through price based auction using uniform price method, (ii) 7.10% Government Security 2029 for a notified amount of Rs 7,000 Crore (nominal) through price based auction using uniform price method, (iii) 6.54% Government Security 2032 for a notified amount of Rs 13,000 Crore (nominal) through price based auction using uniform price method and (iv) 6.95% Government Security 2061 for a notified amount of Rs 9,000 Crore (nominal) through price based auction using multiple price method. GoI will have the option to retain additional subscription up to 2,000 Crore against each security mentioned above. The auctions will be conducted by the Reserve Bank of India on July 22, 2022. Up to 5% of the notified amount of the sale of the securities will be allotted to eligible individuals and institutions as per the Scheme for Non-Competitive Bidding Facility in the Auction of Government Securities.
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RBI's recent bulletin noted that taper of large-scale asset purchase programmes initiated by the Fed in response to the adverse economic consequences associated with macroeconomic shocks has the potential to significantly impact the financial market variables in emerging market economies. However, event study results indicate that the 2021 Taper announcement was less severe as compared to Taper Tantrum of 2013 in terms of its impact on Indian bond yields and spreads. Empirical analysis using a GARCH framework suggests a muted impact of Taper 2 announcement on financial market volatilities which could be a result of India's stronger external position in 2021 as compared to 2013.
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RBI noted in its latest monthly bulletin that in a global landscape marred by fears of recession and war, the Indian economy shows resilience. The recent revival of the monsoon, the pick-up in manufacturing and services, stabilisation of inflation pressures and strong buffers in the form of adequate international reserves, sufficient foodgrain stocks and a well-capitalised financial system together brighten the outlook and strengthen the conditions for a sustainable high growth trajectory in the medium-term.
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India's exports of agricultural and processed food products rose by 14 percent in the first three months of the current Financial Year 2022-23 (April-June) compared to the corresponding period of FY 2021-22. For the year 2022-23, the government had set an export target of USD 23.56 billion for the agricultural and processed food products basket under APEDA. The initiatives taken by the Ministry of Commerce & Industry have helped the country in achieving 25 percent of the total annual export target in the first three months of the current fiscal.
According to the Quick Estimates data released by the Directorate General of Commercial Intelligence and Statistics (DGCI&S), the overall export of products under APEDA ambit (Agricultural and Processed Food Products Export Development Authority) increased to USD 5987 million in April-June 2022 from USD 5256 million over the same period of the last fiscal. The export target for April-June 2022-23 was USD 5890 million. The APEDA basket excludes Tea, coffee, spices, cotton and marine exports.
The exports of fresh fruits & vegetables registered 8.6 percent growth, while processed food products like cereals and miscellaneous processed items reported an impressive growth of 36.4 percent (April-June 2022-23) compared to corresponding months of the previous year.In April-June, 2021, fresh fruits and vegetables were exported to the tune of USD 642 million that increased to USD 697 million in the corresponding months of the current fiscal.Other cereals’ export increased from USD 237 million in April-June 2021to USD 306 million in April-June 2022 and the export of meat, dairy and poultry products increased from USD 1023 million in April-June 2021 to USD 1120 million in April-June 2022.
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India's foreign exchange reserves declined by $8.062 billion to a 15-month low of $580.252 billion in the week ended 8 July 2022, according to the Reserve Bank of India's Weekly Statistical Supplement released on Friday, 15 July 2022.
During the reporting week ended 8 July 2022, the decrease in the reserves was on account of a fall in the Foreign Currency Assets (FCA), a major component of the overall reserves, and in the gold reserves, RBI said.
FCA was down by $6.656 billion to $518.089 billion in the reporting week. FCA includes the effect of appreciation or depreciation of non-US units like the euro, pound and yen held in the foreign exchange reserves.
Gold reserves fell by $1.236 billion to $39.186 billion.
In the reported week, the Special Drawing Rights (SDRs) with the International Monetary Fund (IMF) dropped by $122 million to $18.012 billion.
The country's reserve position with IMF decreased by $49 million to $4.966 billion in the reporting week, the RBI data showed.
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It is crucial to have an integrated chain of activities when organising fish farmers, especially those who are poor, said Mr NN Sinha, Secretary, Ministry of Rural Development, Government of India, at the First Conference on Fishtech, organised by the industry chamber FICCI. Delivering the Special address, Mr Sinha alluded to the need to develop an integrated structure akin to the dairy sector. There is a lot of scope for developing such a value chain, he said. The secretary also referred to growing seaweed, ornamental fishing, and cage culture as viable livelihood activities. We think aquaculture is an important livelihood option for a large number of people, he said, adding, we will work with everyone in the sector.
Speaking on occasion, Mr Hemendra Mathur, Chairman, FICCI- Taskforce on Agri-Startups, said, we need a dedicated fund for fishery startups, which can put in early-stage funding for startups trying to build interesting models and features. He said that fishery is an important sector with more than 1.5 crore fishermen engaged in the activity and its contribution to GDP being more than USD30 billion. Noting the considerable headroom for growth, Mr Mathur alluded to the need to develop an innovation ecosystem in fishtech on the lines of agriculture and said, over the last five to seven years; we saw 1500-plus agri-tech startups in the country due to ecosystem development. However, he said the share of fishtech startups is still tiny, probably 30 to 50. That is a small number in the context of the opportunity ahead of us, he said, adding, I think fishtech has a lot to catch up to when compared to agritech.
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India's active Covid-19 caseload currently stands at 1,44,264. In the last 24 hours, 16,935 new cases and 16,069 recoveries have been recorded. The daily positivity rate is 6.48%. The recovery rate currently is at 98.47%. Under Nationwide Vaccination Drive, 200 cr vaccine doses (92.61 cr Second Dose and 5.67 cr Precaution Dose) have been administered so far.
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The Press and Registration of Periodicals Bill, 2022 has been listed for introduction in the upcoming monsoon session of Parliament.
Lok Sabha Secretariat, on Friday (15 July 2022), released a list of Bills deemed to be introduced and passed in the upcoming Monsoon Session of Parliament.
The Press Registration Periodicals Bill, 2022 seeks to replace the Press and Registration of Books Act, 1867 by decriminalization of the existing Act, keeping the procedures of the extant Act simple from the view point of medium and small publishers and uphold the values of Press Freedom.
As of now, there is no such process to register digital news portals like newspapers but this Bill proposes to register them with the Press Registrar General, the equivalent of the prevalent Registrar of Newspapers in India.
If the Bill is cleared, digital media will be regulated by the Ministry of Information and Broadcasting.
The Monsoon session of Parliament begins on 18 July and will continue till 12 August.
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It is crucial to have an integrated chain of activities when organising fish farmers, especially those who are poor, noted NN Sinha, Secretary, Ministry of Rural Development, Government of India, at the First Conference on Fishtech, organised by the industry chamber FICCI. Delivering the Special address, Sinha alluded to the need to develop an integrated structure akin to the dairy sector. There is a lot of scope for developing such a value chain, he said. The secretary also referred to growing seaweed, ornamental fishing, and cage culture as viable livelihood activities. Aquaculture is an important livelihood option for a large number of people, he said.
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The MNRE is considering changes in the bidding structure of the wind energy sector to enable greater capacity addition, a long-standing demand of the industry. �The e-reverse auction arrangement has in principle been decided to be ended and a forward decision will follow soon,� Mr Chaturvedi, Secretary, Ministry of New and Renewable Energy (MNRE), said. In the renewable energy sector, the mechanism of e-reverse auctions has been used largely to discover the lowest tariff, resulting in historically low-bids. The commissioning and deployments of projects got adversely affected in many cases, and developers faced 'the winner's curse' as import prices of components soared, and in some cases, bids had to be revised upwards.
Public policy support will continue for RE the sector, and institutional streamlining between different fragments of the electricity sector�ministry of power, MNRE, Central Electricity Regulatory Commission (CERC), state regulators, and the distribution companies will be attempted. �MNRE has already started work in this regard,� said Mr Chaturvedi, adding that direct subsidy will be necessary in new and upcoming areas like Hydrogen Mission and Offshore-Wind among others.
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India's active Covid-19 caseload currently stands at 1,39,073. In the last 24 hours, 20,038 new cases and 16,994 recoveries have been recorded. The daily positivity rate is 4.44%. The recovery rate currently is at 98.48%. Under Nationwide Vaccination Drive, 199.47 cr vaccine doses have been administered so far.
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Union Ministry of Health & Family Welfare has rushed a high-level multi-disciplinary team to Kerala to collaborate with the State Health Authorities in instituting public health measures in view of the confirmed case of Monkey Pox in Kollam district of Kerala. The Central team to Kerala comprises of experts drawn from National Center for Disease Control (NCDC), Dr. RML Hospital, New Delhi and senior official from Ministry of Health & Family Welfare along with experts from Regional Office of Health & Family Welfare, Kerala.
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India’s overall exports (Merchandise and Services combined) in June 2022 are estimated to be USD 64.91 Billion, exhibiting a positive growth of 22.95 per cent over the same period last year. The overall exports (Merchandise and Services combined) in the 1st quarter of FY 22-23 (April-June 2022)* are estimated to be USD 189.93 Billion, exhibiting a positive growth of 25.16 per cent over the same period last. The overall imports in June 2022 are estimated to be USD 82.42 Billion, exhibiting a positive growth of 55.72 per cent over the same period last year. In the 1st quarter of the FY22-23, the overall exports are estimated to be USD 235.11 Billion, exhibiting a positive growth of 49.41 per cent over the same period last year.
Merchandise exports in June 2022 were USD 40.13 Billion, as compared to USD 32.49 Billion in June 2021, exhibiting a positive growth of 23.52 per cent. Merchandise imports in June 2022 were USD 66.31 Billion, which is an increase of 57.55 per cent over imports of USD 42.09 Billion in June 2021.The merchandise trade deficit in June 2022 was estimated at USD 26.18 Billion as against USD 9.60 Billion in June 2021, which is an increase of 172.72 per cent.
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The Maharashtra government has reduced the prices of petrol and diesel by Rs 5 per litre and Rs 3 per litre respectively, the state's chief minister Eknath Shinde said on Thursday, 13 July 2022.
The price of petrol in Mumbai was at Rs 111.35. It will now cost 106.35.
Diesel price was at Rs 97.28. It will now cost Rs 94.28.
Shinde told the media that the decision would entail a burden of Rs 6,000 crore on the state exchequer.
Deputy CM Devendra Fadnavis said the decision was part of the Shiv Sena-BJP government's commitment to people's welfare.
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India's inflation based on wholesale price index (WPI) stood at 15.18% in June 2022 compared with 12.07% in June 2021.
The high rate of inflation in June, 2022 is primarily due to rise in prices of mineral oils, food articles, crude petroleum & natural gas, basic metals, chemicals & chemical products, food products etc. as compared to the corresponding month of the previous year, the Ministry of Commerce & Industry said in a statement today.
The WPI grew 15.88% in May 2022, while the figure for April was 15.38%.
WPI for the month of July 2022 will release on 16 August 2022.
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India's active Covid-19 caseload currently stands at 1,36,076. In the last 24 hours, 20,139 new cases and 16,482 recoveries have been recorded. The daily positivity rate is 5.10%. The recovery rate currently is at 98.49%. Under Nationwide Vaccination Drive, 199.27 cr vaccine doses have been administered so far.
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Centre has decided to give free booster shots of the Covid vaccine to all in the 18-59 age group at government vaccination centres. This will be facilitated under a 75-day special drive from July 15 as part of the government's Azadi Ka Amrit Mahotsav.
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Total passenger vehicle wholesales in India rose 19.06% on year to 275,788 units in the month of June, auto industry body SIAM said on Wednesday. The total passenger vehicle sales in June 2021 stood at 231,633 units. As per the latest data by the Society of Indian Automobile Manufacturers (SIAM), two-wheeler dispatches to dealers also jumped 23.4 per cent to 1,308,764 units, compared to 1,060,565 units in same month last year. Motorcycle sales during the last month rose 9.2 per cent to 849,928 units as against 777,169 in June 2021. Scooter sales surged over 70 per cent at 421,362 units from 247,499 units a year ago. Three-wheeler sales increased nearly 184 per cent to 26,701 units as compared with 9,404 units in June last year. Vehicle sales across categories rose 23.7 per cent to 1,611,300 units last month as against 1,301,602 units in the year-ago period.
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Mr Manoj Ahuja, Secretary, Ministry of Agriculture & Farmers Welfare, Govt of India said that the government is working on 'Good Agriculture Practice' to benefit the Indian agriculture sector. There is a concern at the international level on having a sustainable agriculture, good agriculture practices along with environment concern. This is an area where the government has not yet come out with a policy, but we want to come up with a policy on 'Good Agriculture Practice. We would have a policy on this, and we would work together with the industry on this, he added.
Addressing the conference on 'Scope of Public-Private Partnerships in Agriculture', organized by FICCI, Mr Ahuja added that micro irrigation is a priority area for the government. We will work out a model to provide easy financing along with providing subsidy so as to create a simple system for the farmers. We need to address these concerns, he highlighted.
The Secretary further stated that it is imperative for the farmers to get easy and simple solutions to their problems through digital platforms. We believe in the ability of the farmer and if we give them support via non-financial intervention by providing IT solutions, he added. It would be beneficial for the farmers if we can provide these technology interventions through a common open source, said Mr Ahuja.
While addressing the concerns raised by the industry, Mr Ahuja added that quality agri-inputs is also an area of concern for the government and steps are needed to further improve it. We can create NABL accredited labs under PPP or under viable gap funding along with robust IT systems for sampling and testing of various seeds, fertilizers and pesticides for supporting the farmers.
Highlighting the importance of public-private partnerships in the agriculture sector, Secretary Mr Ahuja also asserted on the need for an improvement in the entire agriculture value chain to bring down the losses and create a win-win situation both for farmers and the industry. If we really need to scale-up our interventions, then we need to have a proper framework. Government can intervene to bridge the infrastructure gap in the sector, he added.
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India's active Covid-19 caseload currently stands at 1,32,457. In the last 24 hours, 16,906 new cases and 15,447 recoveries have been recorded. The daily positivity rate is 3.68%. The recovery rate currently is at 98.49%. Under Nationwide Vaccination Drive, 199.12 cr vaccine doses have been administered so far.
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Union Home and Cooperation Minister Shri Amit Shah said that with 8.2% growth, India is at present one of the fastest growing economies in the world and the coal and mines sector of the country is contributing considerably to the present economic growth. Addressing the 6th National Conclave on Mines and Minerals organized as part of AKAM Iconic week celebrations by the Mines ministry, Amit Shah said that the reforms undertaken by the present government has resulted in eliminating deep rooted corruption existed in coal block allotments. He said that Prime Minister Narendra Modi has always given utmost priority to ensure reforms in the mining sector so that it can further contribute to the overall economic growth of the country. These reforms have resulted in noteworthy improvement in coal production domestically and the imports have reduced considerably, the minister said.
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