City New Delhi Financial News

NEW DELHI : Demand for steel in India is expected to remain robust this financial year with consumption growing in double digits on the back of infrastructure development, rapid urbanization and supportive policy reforms, Tata Steel chairman Natarajan Chandrasekaran said at the company’s annual meeting of shareholders on Wednesday. “The Fiscal Year (FY) 22-23 witnessed some intense geo-political and economic volatility. This, in turn, has created constant disruptions in the global supply chains creating a bottleneck, with the global steel industry experiencing a ripple effect," Chandrasekaran said.

NEW DELHI : Dollar revenues from the travel industry have tripled over the last fiscal year to $26.17 billion in FY23, but is still short of 2019 levels. Data from Services Export Promotion Council, that operates under the commerce and industry ministry, showed that while inbound business travel was a laggard, down 60% from the pre-covid levels at $1.17 billion, personal travel, too, was 10% lower. Barring business-related travel, the remaining categories, such as healthcare and education, has had a negligible impact on dollar inflows, but outflows were marginally higher than inflows at $27.11 billion for FY23.

New Delhi: India is looking to tighten wind turbines standards and the ministry of new and renewable energy is likely to announce a quality control order (QCO) soon, people in the know said. The standards will be aimed at meeting the requirements for various equipment used in wind turbines, ranging from gears to blades. The QCO route is increasingly being used by the government to take on China, which is known for dumping products in India.

NEW DELHI : Economists project that retail inflation will hover around 5% in the July-September and October-December quarter of the current financial year due to skyrocketing prices of food and some vegetables. In May, the consumer price index-based inflation eased to 4.25% from 4.70% in April. Cereals and pulses inflation, however, were high at 12.7% and 6.6%, respectively.

New Delhi: In a significant move aimed at promoting renewable energy sources and reducing dependence on fossil fuels, Union minister Piyush Goyal launched a new Sugar-Ethanol portal on Wednesday.  The portal, unveiled during the ‘National Conference of Food Ministers of States/UTs’, aims to enhance the production and utilization of ethanol derived from sugarcane in India. The conference, organized by the Department of Food and Public Distribution (DFPD), brought together key stakeholders to discuss various aspects of foodgrain procurement, distribution, and policy reforms.  Goyal, while addressing the gathering, emphasized the importance of renewable energy and the need for India to transition towards a cleaner and greener future.

NEW DELHI : Exports by Indian sellers to Amazon marketplaces the world over are on track to surpass $8 billion in 2023, said a top executive at the company. The business update comes over a year after the global e-commerce marketplace had doubled targets to achieve $20 billion in cumulative e-commerce exports from India by 2025. The update is part of Amazon Global Selling, the retailer’s e-commerce exports program, that has grown to more than 1.25 lakh Indian exporters since its launch in 2015.

New Delhi: The Ministry of Home Affairs on Wednesday announced the launch of the “Scheme for Expansion and Modernization of Fire Services in the States" with a total budget of Rs. 5,000 crore.  The scheme, part of the preparedness and capacity building funding window under the National Disaster Response Fund (NDRF), aims to strengthen fire services across the country.  Out of the allocated amount, Rs.

Taipei Economic and Cultural Center (TECC) in India's financial capital Mumbai in sync with the broader aim of expanding overall cooperation between the two sides. Taiwan's decision to set up the TECC in Mumbai came at a time when leading Taiwanese companies are increasingly looking at relocating their production bases from China to India, the US and countries in Europe amid Taipei's increasingly tense relations with Beijing.

The Centre aims to procure 2.6 million tonnes (mt) coarse grains or millets in the coming 2023-24 Kharif marketing season and distribute 2.2 mt.  A comprehensive strategy to increase the procurement of coarse grains was discussed and formulated during a conference of all states’ and union territories’ ministers under the chairmanship of Union food minister Piyush Goyal in New Delhi today.   “This strategic focus on coarse grains or millets reflects a broader objective to strengthen the nutritional security of the beneficiaries. It is projected that a total of 26.14 Lakh Metric Tonnes (LMT) of coarse grains would be procured in Kharif Marketing Season (KMS) 2023-2024, while the expected distribution would be 22.31 LMT," an official statement said.  The food department highlighted the scale of, and reforms in, procurement process of foodgrains which is key to providing food security and stability to domestic prices of foodgrains.  A millet exhibition showcasing various millet products was held on the side-lines of the conference to promote consumption of the coarse grains.  Appreciating the efforts of the State and UT governments for procuring and distribution of foodgrains, Goyal said they should work together with the Centre in the spirit of cooperative federalism.

New Delhi: Leading infrastructure major KEC International, an RPG Group company, on Wednesday said it has received new orders worth ₹1,042 crore across its various businesses. The company forayed into the railway business, bagging its maiden international order for a signalling and telecommunication project in SAARC or the South Asian bloc comprising of the countries located in the Indian subcontinent detail, KEC said, without divulging further details. Also, it secured an order in the metals and mining segment from a reputed steel player in India for the supply of various types of cables in India and overseas.

New Delhi: Demand for steel in India is expected to remain robust over the current fiscal year with consumption growing in double digits on the back of infrastructure development, rapid urbanisation and supportive policy reforms, Tata Steel's Chairman, Natarajan Chandrasekaran said at an Annual General Meeting of the company.   “The Fiscal Year (FY) 22-23 witnessed some intense geo-political and economic volatility. This in turn has created constant disruptions in the global supply chains creating a bottleneck, with the global steel industry experiencing a ripple effect.

renewable energy, in India in exchange for investment and purchase deals. Under the plan, EU businesses could invest in the projects in India and claim carbon credits, according to one of the officials, who attended a meeting that took place on Wednesday in New Delhi.

New Delhi: Steel Authority of India (SAIL) reported an 8% year-on-year growth in its crude steel production at 4.667 million tonne (MT) during the first quarter of FY24, the ministry of steel said in a statement. “Steel Authority of India Limited (SAIL) has achieved record-breaking performance in the first quarter of the financial year 2023-24 (Q1 FY24) in terms of production and sales," the ministry said.

New Delhi: The seventh edition of the bilateral Japan-India Maritime Exercise 2023 (JIMEX 23) hosted by the Indian Navy, is being conducted at/ off Visakhapatnam from 5 -10, July 2023, the ministry of defence said in a statement. This edition marks the 11th anniversary of JIMEX, since its inception in 2012, it added.

India said no to China’s Belt and Road Initiative at the SCO summit. India continued its policies towards BRI which are largely seen as the mechanism for economic trade expansions based on clumsy and hideous terms of financial transactions.

Uniform Civil Code (UCC).  The BJP's southern ally reiterated its stand against the implementation of the UCC after reporters asked Palaniswami questions on BJP's push for Uniform Civil Code.  Palaniswami said the position had already been made known in the party's manifesto released for the 2019 Lok Sabha polls.

New Delhi: Foreign direct investment (FDI) in developing countries in Asia remained flat year-on-year at $662 billion during 2022, despite clocking about half of global inflows, UNCTAD’s World Investment Report 2023 on Wednesday said. FDI inflows were higher in developing countries compared with those in developed economies.

New Delhi: Godrej Consumer Products Limited (GCPL) reported double-digit volume growth in its India business in the June quarter with double-digit volume growth recorded in home care segment and higher than mid-single digit volume growth in personal care, the company said in its quarterly update on Wednesday. The update provides a summary of the company’s operating performance and demand trends during the quarter ended June 30, 2023. GCPL is yet to announce its 1Q FY24 financial results.

New Delhi: Carat India, a media agency owned by Dentsu, has announced the appointment of Sanchayeeta Verma as its chief executive officer. Verma will report to Anita Kotwani, CEO Media, South Asia for Dentsu. The company said she will be based in Bangalore and will be responsible for boosting the agency’s growth trajectory through strategic leadership.

New Delhi: Union minister Jitendra Singh on Wednesday urged G20 countries to overcome their differences and tackle challenges that the world is facing. Speaking at the G20 Science ministers meeting in Mumbai, Singh emphasized the importance of global collaboration and knowledge sharing in addressing the complex issues of our time. He highlighted Prime Minister Narendra Modi’s consistent emphasis on this matter at various international forums.

New Delhi: Indian aviation regulator Directorate General of Civil Aviation has signed a memorandum of understanding with the European aviation regulator European Union Aviation Safety Agency (EASA) for cooperation in unmanned aircraft systems and innovative air mobility. This MoU will focus on collaboration on unmanned aircraft and innovative air mobility between the two civil aviation authorities, the regulator said.