Despite Corona, India can still register above 5% growth

Revising its growth forecast for India during FY2020-21, Fitch Ratings last Friday projected GDP growth as against 5.6 percent projection issued in December. The agency maintained downward revision owing to Coronavirus crisis which has begun to hit India and is likely to seriously impact investment and exports. In its Global Economic Outlook 2020, Fitch said the number of people affected by coronavirus in India will keep rising in the coming weeks but that the outbreak will remain contained. However, there are downside risks to this scenario. “Supply-chain disruptions are expected…

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Modest growth in mineral production in January

The index of mineral production of mining and quarrying sector for the month of January 2020 at 124.3, was 4.4% higher as compared to the level in the month of January, 2019. The cumulative growth for the period April- January, 2019-20 over the corresponding period of previous year has been 1.0 percent. Production levels of important minerals in January, 2020 were: Coal 750 lakh tonnes, Lignite 45 lakh tonnes, Natural gas (utilized) 2528 million cu. m., Petroleum (crude) 27 lakh tonnes, Bauxite 2146 thousand tonnes, Chromite 445 thousand tonnes, Copper conc. 12 thousand…

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Permit app-based cabs to work as delivery support, suggests ASSOCHAM

In order to mitigate risks to the trade and a large workforce, industry body  ASSOCHAM has suggested that the app-based cabs be permitted to act as delivery logistics for online and telephonic orders from the e-commerce players as also the traditional retail stores for household essentials in metro cities where social distancing is being encouraged to stay indoors, in the aftermath of Covid-19 health emergency. “With people, rightly avoiding crowded markets, there has been a sharp increase in pick-up orders from online platforms. There has also been a big rise…

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Despite pandemic, exports register modest growth

Despite the slackening pace of the global trade due to Corona pandemic, Indian exports managed to stay in the positive territory in February. Total exports in February stood at USD 27.65 billion exhibiting a positive growth of 2.91 per cent. In Rupee terms, exports were Rs. 1,97,646.12 crore in February registering a positive growth of 3.29 per cent. Reacting to a nominal growth in February, FIEO President, Sharad Kumar Saraf said that in the wake of Novel Corona Virus, which not only pulled down the global sentiments but also affected the supply chain both internationally and domestically,…

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Corona outbreak may boost India’s agri exports

Amid the crisis over the global market due to the Coronavirus outbreak, the centre has identified 21 agricultural products wherein India can grab part of China’s market share. As per reports, these include honey, potatoes, grapes, soya beans, and groundnuts, in which Indian exports could benefit from trade restrictions against Chinese goods across the global market. As per reports, the total value of China’s global exports of these products amounted to $5488.6 million in 2018. India exported $4,445.9 million worth of these commodities in the same period and could now…

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Commercial vehicles sales continue to be dismal

According to automobile industry body SIAM, commercial vehicles sales was 58,670 units in February 2020 compared to 87,436 units in February 2019 marking a decrease by (-)32.90%. The industry produced a total 20,498,128 vehicles including Passenger Vehicles, Commercial Vehicles, Three Wheelers, Two Wheelers and Quadricycle in April-February 2020 as against 24,358,082 in April February 2019 with a decline of (-)13.29%. Commercial Vehicles sales was 704,661 units in April-February 2020 compared to 898,289 units in April-February 2019, down by (-)21.56%. Rajan Wadhera, President, SIAM, stated “The decline in wholesale dispatches is…

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Ore, fertilizers rescue ports over declining coal cargo

Iron ore and finished fertilizers shipments have enabled major ports to tide over falling volumes in coal and other miscellaneous cargo. Iron ore shipped through major ports soared 39 per cent between April and January of this financial year. Growth in the finished fertilizers cargo too was robust at 21.55 per cent. Thermal or steam cargo shipments plunged 14.98 per cent in the period whereas coking coal traffic growth was flat at 1.1 per cent. Crude oil and petroleum products witnessed slackened growth of 2.5 per cent in the period under review. Raw fertilizers traffic faced…

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‘Make in India’ programme facilitates more FDI

A recent written reply submitted in the Rajya Sabha by Commerce & Industry Minister Piyush Goyal underline ‘Make in India’ programme resulting in improved FDI inflow in the country since 2014. FDI inflow during the period April 2014 to December 2019 has been USD 335.33 billion which is nearly 51% of cumulative FDI in India since April 2000.  In 2018-19, FDI inflow stood at a record of USD 62 billion, highest ever recorded for a fiscal year ever. Make in India initiative has made significant achievements and presently focuses on…

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Oil prices: heading towards $45 a barrel?

It appears that the OPEC+ alliance may soon be over as Russia refuses to cut production as and its oil minister hinted at increasing production. Oil prices plunged by more than 8 per cent after the OPEC+ meeting broke up with no deal. Saudi Arabia and Russia negotiated behind closed doors in Vienna, but Moscow refused to sign on to deeper production cuts. Now there is uncertainty about whether the OPEC+ alliance will survive. A day earlier, OPEC essentially issued an ultimatum, calling for 1.5 million barrels a day of production cuts,…

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No estimate of Coronavirus impact on air cargo

Even as the apex global aviation body The International Air Transport Association (IATA) has projected the impact of Coronavirus on aviation business twice in past one month, a comprehensive projection for losses on the freight side is still awaited by the air cargo fraternity. With China being the fulcrum of Coronavirus, the air cargo fraternity is apprehensive that the losses in the freight business could be equally massive. China leads the air cargo market in the Asia-Pacific region which has emerged as a dominating pocket in the global air cargo…

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