'Govt Must Support Services Exports Through Conducive Policy'

A conducive regulatory environment will help India's services industry become more competitive and the government needs to support exports from the sector through incentives, tax and duty structures, says a report.

"A conducive regulatory environment and infrastructure could enhance India's global competitiveness in services, with increased productivity, quality employment, and increased trade and investment for inclusive growth," said the CII-KPMG report titled 'The Indian services sector: Poised for global Ascendancy'.

With the government increasing focus on services exports, coupled with a reviving economy and a policy-based push to the sector, India is expected to witness a significant jump in the same, translating into growth of the economy.

Highlighting importance of technology and infrastructure for trade and export promotion, the report said government further needs to focus on upgrading technology in the respective sectors, offer financial funding and support for sector development and provide guidance on new markets to enter.

"It is important for the government to also support growth in the existing and potential export markets through conducive policies, incentives and tax and duty structures."

The report released by Commerce and Industry Minister Nirmala Sitharaman at the Global Exhibition on Services (GES) at Greater Noida was presented to President Pranab Mukherjee at the function here.

The report said increased levels of foreign direct investment (FDI) and constant supply of cost-effective and technically skilled workforce can help ensure support of resources for the growth of services sector.

India has created a niche for worldwide exports in software and professional services, the focus now is expected to enhance exports in healthcare, education, banking, and finance sector, the report said.

The emphasis is also likely to be on diversification of export destinations to offer services to emerging markets, in addition to the traditional developed markets of the US and Europe, it added further.

"Policy initiatives, including trade reforms, and liberalisation of industrial and service sectors, may provide the required push to the sectors as well", said the report.

The report included key services sectors such as IT, telecom, tourism, media and entertainment, healthcare, management consulting, logistics and professional services.

According to the report, services sector contributed about 61 per cent to India's Gross Domestic Product in 2014-15 and grew at about 10 per cent per annum, making the country the second fastest growing services economy in the world.

"India's share in global services exports was 3.2 per cent in 2014-15, double that of its merchandise exports in global merchandise exports at 1.7 per cent, placing India in the eighth place currently amongst the top ten exporters of service in the world", it added.

"India's young demographic profile, combined with its rising literacy rate, offers it a significant competitive advantage vis-a-vis other developing economies," Rajat Wahi, Partner and Head, Consumer Markets, KPMG in India said.
Along with 'Make in India' initiative that is striving to boost the manufacturing sector, Prime Minister Narendra Modi has outlined a vision to represent India as a world-class services hub across sectors. Multiple stakeholders need to work cohesively to help achieve this vision,

 

Source :timesofindia.indiatimes.com

India Should Ease Tech Equipment Import Rules To Meet Renewable Energy Target: Lm Wind Power

 While the country has been attracting capex in renewable energy, the Indian government should ease rule for import of technology equipment in order to meet the 100 Gigawatt (Gw), said Denmark-based LM Wind Power that inaugurated its manufacturing facility at Halol near Vadodara in Gujarat.

Leading global wind turbine blade manufacturer, LM Wind Power has invested roughly 25 million euros or Rs 200 crore for the Gujarat facility, which is its second in the country.

"Government should make rules easy for import of new technology equipment in India. This will help the industry in many ways and also help match the target set by government in renewable energy," said Marc De Jong, chief executive officer of LM Wind Power.

According to Jong, global technology imports have brought down cost of wind power generation in India to Rs 5 per kilo watt from Rs 50 in past two decades.

LM Wind Power would be supply blades to wind projects in the northern part of India and beyond from its Gujarat facility. The production focuses on blades up to 60 meters in length with room for expansion.

"The Halol plant will cater demands from northern part of India. Moreover, we are aiming at exporting blades from here if and when demand arises," said Niraj Basaria, managing director for India, LM Wind Power.

The company currently operates a blade manufacturing facility in Dabaspet at Karnataka and a global technical centre for research, development and services in Bangalore. The company has approximately 1400 employees in India including 400 in Gujarat plant.

Currently LM Wind Power has installed capacity of 1.60 Gw in India and with the new plant in Gujarat it is expecting the same to rise to 2.50 Gw in next two or three years.

 

Source :.business-standard.com

Chinese Dumping Takes Toll On Indian Tyre Makers

Domestic tyre manufacturers are facing stiff competition from Chinese brands, on the back of an unexpected surge in import of radials into the country. With the import of truck and bus radials (TBR) shooting up 64 per cent in FY16, the bulk of the Rs 35,000-crore new investments by Indian tyre makers are under stress.

Delhi-based Apollo Tyres, the largest TBR manufacturer in India, has committed Rs 2,700 crore investment to double its TBR capacity to 12,000 a month at its Chennai plant.

Most of India's TBR imports are from China, whose share in the category jumped to 90 per cent in 2015-16 from 40 per cent in 2013-14, according to data shared by the Automotive Tyre Manufacturers’ Association (ATMA).

TBR import to India has swelled 2.5 times over the past two years. From an average per-month import of 40,000 units in FY14 and 65,000 in FY15, TBR imports crossed 100,000 units a month in FY16, according to ATMA.

Such dumping of radials comes at a time when the TBR segment is progressing to radials from cross-ply tyres. At present, 40 per cent of the industry is radialised, while the balance is still cross-ply. This ratio is set to reverse, according to experts.

The uptick in radial demand is in sync with an equal rise seen in demand for medium and heavy trucks and buses, which closed last year with 302,373 units against 232,755 units sold in 2014-15, according to data by the Society Of Indian Automobile Manufacturers.

Chinese dumping takes toll on Indian tyre makers
Further, the Chinese TBR import has come to account for 30-40 per cent of the replacement demand for TBR in India. A Chinese truck or bus radial costs $140-150 (Rs 9,400-10,000) in India, around 30 per cent lower than an Indian tyre costing Rs 15,000. According to ATMA, the per-unit import price from China in many cases is less than the cost of raw materials in India.

K M Mammen, chairman of ATMA, said: “The government needs to take urgent measures to halt such sharp surge in imports and dumping of tyres. Tyre manufacturers in India have made major investments. But, indiscriminate import and dumping of cheap tyres from China are queering the pitch for domestic manufacturing.”

According to data for the April-December 2015 period, the average domestic production of TBR per month in India is 500,000 units. Apollo is the leader in this segment, followed by Chennai-based MRF and Delhi-based JK Tyres.

"The capacity utilisation levels of the industry in case of TBR manufacturing have come down to 70 per cent in 2015-16 from 80-85 per cent in the previous year. TBR is the fastest growing large tyre category in India," said Rajiv Budhraja, director-general of ATMA.

 

Source :.business-standard.com
 

Sugar Exports From India Dry Up On Robust Domestic Prices

With domestic sugar prices firming up, exports of the sweetener from India have almost come to a standstill. Ex-mill sugar prices that were hovering around R33 per kg over the past week improved to touch R36-R37 per kg in Maharashtra and R36.50-R37.50 per kg in Uttar Pradesh. International prices shoot up on Monday on forecasts of a cut in production in the coming season, but this is unlikely to improve exports, traders said.

According to the Bombay Sugar Merchants Association, 14-15 lakh tonne of sugar has been exported from India so far and chances of improvement in the situation are bleak this season. Mukesh Kuvedia, secretary general of the association, says that although international rates of the sweetener have improved to around $470 per tonne on Monday, traders are preferring the domestic market over overseas markets.

Over the past week, international prices have been on the lower side (around $330-$400 per tonne) and the start of the Brazilian sugar season was also expected to impact Indian export, he said.

The government was instrumental in persuading mills to agree to a target of 32 lakh tonne of sugar exports in 2015-16. With forecasts of lower output and higher local prices, the trader sentiment is that India may not be able to meet its export target. In addition, prices of raws have also touched 15 cents from 14.2 cents. However, with the season almost ending and very few mills are in a position to take up the production of raw sugar, which is usually factored in at the start of the season despite government subsidies, Kuvedia said.

Now the mills will have to wait for the next season which begins in October and then plan for raw sugar exports since this subsidy is allowed for the 2015-16 season, Kuvedia said.
 

 

Source :.financialexpress.com

IndiaS Crude Oil Import Bill Halves To $64 Bn In 2015-16

India’s crude oil import bill nearly halved to USD 64 billion in 2015-16 fiscal as global oil prices slumped to multi-year lows.

India imported 202.1 million tonnes of crude oil in the fiscal year that ended March 31, for USD 64.4 billion, according to latest data available from Petroleum Ministry.

This compared to import of 189.4 million tonnes of crude oil for USD 112.7 billion in the previous 2014-15 fiscal.

In rupee term, import of crude oil, which on processing converts into fuel like petrol and diesel, was Rs 4,18,931 crore in 2015-16, down from Rs 6,87,416 crore a year ago.

While the basket of crude oil India imports averaged USD 84.16 per barrel in 2014-15, it cost only USD 46.17 a barrel in FY16. Indian basket averaged USD 105.52 per barrel in 2013-14.

Domestic crude oil production was marginally lower at 36.9 million tonnes in 2015-16 from 37.5 million tonnes in the previous financial year. Consumption however fuel consumption at 183.5 million tonnes, registered a growth of 10.9 per cent, the highest in 15-years.

India also imported 28.3 million tonnes of petroleum products worth USD 10 billion in FY16 compared with USD 12.1 billion it had paid for import of 21.3 million tonnes of fuel in the year ago period.

Fuel exports improved during March 2016 by 11.4 per cent to 5.5 million tonnes worth USD 2.3 billion. On cumulative basis, petroleum product exports were lower by 5.1 per cent to 60.6 million tonnes worth USD 27.4 billion as against export of 63.9 million tonnes of fuel for USD 47.3 billion.

Indigenous crude oil production during March was lower by 5.1 per cent (3.1 million tonnes) than in the previous year.

 

Source :.financialexpress.com

India Begins Anti-Dumping Investigations Over Steel Imports

India has initiated investigations into the possible dumping of cheap steel products into the country by six nations including China, Japan and South Korea, a government department source said on Monday.

Russia, Brazil and Indonesia are the other three countries being investigated by New Delhi over the export of cheap hot-rolled flat steel products in coils and sheets, a source at the Directorate General of Anti-Dumping & Allied Duties (DGAD) told Reuters.

Exporters have 40 days to respond to the notice of initiation, the source said. A formal notification will be issued on Tuesday.

Indian steelmakers JSW SteelBSE -0.21 %, Essar Steel

and Steel Authority of IndiaBSE -1.03 % had approached the DGAD seeking anti-dumping duties on cheap imports flooding local markets and pressuring margins.

Overseas purchases of steel surged by 20 percent in the financial year to March 30, according to government data.

India last month extended safeguard import taxes on some steel products until March 2018, having already imposed a floor price in February in an effort to curb purchases of cheap foreign steel.

Source:- economictimes.indiatimes.com

Apple Import Might Fall This Year

India’s apple imports might fall this season. At January-end, for the season from August 2015 to July 2016, these were 15 per cent down from a year before. Washington Apple Commission, representing growers and trade and export promoters of the fruit grown in that US state, says their sales to India would be around 2.5 million cartons (each having 20 kg), compared to 5.5 mn in the previous season, from August 2014 to July 2015.

Total apple import by India is typically around 10 mn cartons a year; last year, a little more than half of this was of the Washington apple. Its overall production for the year, for which the harvesting period was from August to November 2015, was 115 mn cartons, compared to 140 mn in the same period of previous year, said Todd Fryhover, president, Washington Apple Commission.

“Last year, India was the third largest importer of our apple after Mexico and Canada,” said Fryhover. This year, India is expected to be the fourth largest.

The production in India is estimated around 2.2 mn tonnes a year. “India also imports apple from Chile and China,” said Keith Sunderlal, India representative on the Commission.

Large corporate importers of the Washington apple in India include the Future Group, Adani Group and Reliance, they added.

Source:- business-standard.com/

India Planning To Restrict Import Of Poor Quality Solar-Powered Products

In a move that could hit Chinese goods, India is planning to restrict import of "inferior" quality solar products, an official said on Monday.

"We are working to impose quality standards on all the imports. We are working on the legal aspects of this, to get that quality order issues so we can restrict poor quality products from being imported here," said Joint Secretary, New and Renewable Energy, Tarun Kapoor at at The Energy and Resources Institute's (TERI) flagship project "Lighting a Billion Lives" here.

He said that his ministry is shifting its focus from subsidies to standards and quality solar products including solar panels and services in the market.

The Indian solar market, which often dubs Chinese panels as 'e-waste', had been demanding quality regulation. Inferior quality Chinese solar panels and other solar products, often sporting fake insignia of Indian products, last only a few months. According to Indian entrepreneurs, Chinese products dominate the Indian solar market with 60 percent share, as they are sold more than 50 percent cheaper than Indian solar products.

"MNRC is focusing on standards and quality. We will discontinue the subsidy model, so we will have better quality products in our market," said Kapoor.

"We have to look at the quality of these products and try to ensure that only good quality product reaches the market. All the stakeholders have to play a role, because the need is to create consciousness.

"People should know that the cheap product are going to last only for a while. While quality solar products work for five years and if they have options to change the battery and services, then a user could extend the age of product to 15 years," he said.

India's solar energy programme and market is considered one of the world's largest and fastest renewable energy programmes. At present India generates around 5,000 MW of solar energy while it targets generating to 100,000 MW by 2022.

"Lighting a Billion Lives" (LaBL), supported by the ministry, aims to connect 10 million people with solar energy by 2018. The convention was jointly organised by TERI, Britain's department for international development, and Smart Villages, another TERI initiative.

Under the initiative, TERI has created a network of around 100 NGO partners across the country, trained and supported over 250 energy entrepreneurs.

Source:- timesofindia.indiatimes.com

How Importing Lng Can Secure India’S Energy Future

Natural gas is considered as a bridge green fuel in many countries, including India. Often, natural gas producing and consuming countries are distantly located, hence face multiple transportation challenges, such as unavailability of pipeline network—the most popular mode of transporting natural gas—geopolitical issues, difficult terrain to build pipelines passing through multiple countries having some level of risk perception and security concerns, high transit fees, massive investment and project concerns.

Despite these, gas-rich countries constantly look out for buyers to sell out surplus gas to fuel their economic progress and prosperity.

Simultaneously, energy-deficit countries—such as India, South Korea and Japan—are forced to rely on import of natural gas. In fact, today, Asia drives 72% of the global liquefied natural gas (LNG) demand. In this context, the focus on natural gas trade holds paramount importance to both resource rich and deficient nations.

In the absence of adequate transnational pipeline network, transporting LNG under cryogenic conditions remains the most preferred alternative.

LNG trade has been increasing across the globe—34 countries are currently importers, compared with 15 in 2005, and LNG import reached 245.2 million tonnes (MT) in 2015, a 2.5% increase over 2014.

Traditionally, buying LNG on long-term contract was the preferred option, but the recent downward trend in spot LNG prices has altered LNG economics. Now, buyers find spot LNG cheaper than long-term contracts, thus they are compelled to rethink about their purchasing mix. Reduced offtake under long-term contracts forces producers to enter into spot market to monetise gas, which creates supply glut and brings prices further down. As a result, spot/short-term LNG trade is gaining momentum, with a share of 68.4 MT—which is 27.9% of the total trade in 2015—and India contributed about 14% of total spot/short-term LNG trade.

At the end of 2015, global re-gasification capacity stood at 777 MMTPA (million metric tonne per annum), which is 2.5 times the liquefaction capacity of 308 MMTPA. This indicates that some countries have built capacity for future demand. With 14.6 MT, India contributed 5.95% of global LNG import in 2015. Qatar was the most preferred supplier, accounting for 61% of total LNG shipment to India, followed by Nigeria (14.7%) and the remaining 24.3% shared by 11 countries. However, new destinations like Australia and the US are fast emerging as viable alternative options. Already, GAIL India has booked—through long-term contracts—supply of 3.5 MMTPA and 2.3 MMTPA from Sabine Pass and Cove Point, US, respectively, and the shipments are expected to start from 2017-18 till 2037-38.

Indian LNG buyers are far more open to working out an optimal LNG sourcing mix. GAIL India recently imported a spot LNG cargo from the US and this was considered as a big change in global LNG trade dynamics. Recent global LNG trade developments have created opportunities for renegotiating operating terms and conditions of existing long-term LNG contracts. With active support from the government, Petronet LNG renegotiated with RasGas, Qatar, to change the pricing formula, soften take or pay clause, and other conditions, resulting in benefits like price reduction from $12 to $7 per mmBtu and penalty waivers.

The Petroleum and Natural Gas Regulatory Board projects India’s natural gas deficit to rise up to 516 MMSCMD (million metric standard cubic metre per day) by 2029-30. Due to expansion of natural gas user base, the demand-supply gap may further widen beyond 2030 and sluggish domestic production would not help much. Therefore, LNG import could be an important solution to bridge the gap.

The current re-gasification capacity of 25 MMTPA remains underutilised, with about 58% capacity utilisation. There could be multiple reasons for this, including lack of pipeline connectivity between re-gasification facility and demand centres, like in the case of Kochi LNG Terminal. However, to meet anticipated surge in natural gas future demand, planned LNG infrastructure—including both brownfield and greenfield projects—is expected to exceed 65 MMTPA by 2030.

Timely development of LNG terminals and their optimisation faces challenges such as attracting investment, ensuring cheap and reliable sources of LNG, construction of adequate evacuation infrastructure to transport re-gasified LNG from the terminals, and establishing a robust gas value chain for reaching out to all potential consumers across the country.

The government and the regulator must make adequate efforts to create an enabling business environment for lucrative returns on investment in the highly capital-intensive and risky infrastructure projects like LNG terminals and gas pipeline networks.

In fact, the government has to encourage domestic private and public sector firms to acquire participatory stakes in assets in oil- and gas-rich countries, which would help ensure supply security to a great extent. Indian oil and gas companies may acquire equity stakes in liquefaction facilities in resource-rich countries, wherever permissible. Such measures can enhance securing cheap sources of LNG on a long-term basis. To fully capitalise on emerging import opportunities, domestic LNG infrastructure and the pipeline network need immediate attention.

Considering the limited domestic gas reserves, declining production and favourable global factors, LNG import is the best alternative remedy for addressing India’s natural gas deficiency.

Source:- financialexpress.com

India State Refiners Import Diesel As Private Processors Cut Discounts

Indian state refiners may continue importing higher volumes of diesel for the next few months instead of buying locally as private domestic oil processors like Reliance IndustriesBSE 0.70 % and Essar Oil have withdrawn discounts on taxes and shipping.

India's diesel use is rising along with an economy that is estimated to have grown by 7.6 per cent in the financial year just ended. Between April and February India's diesel demand surged 10.8 per cent.

To meet this soaring demand, the state refiners - Indian Oil Corp, Hindustan PetroleumBSE -0.13 % Corp and Bharat Petroleum Corp - last year bought some 12 million tonnes of diesel from the private oil processors.

And through the fiscal year that ended on March 31, the private refiners encouraged these purchases by absorbing the central sales tax and coastal freight costs for interstate cargoes shipped from their plants in western Gujarat state.

Now the private refiners have asked their state peers to pay the sales tax and coastal freight, potentially making buying from Reliance and Essar costlier than imports, trading sources with knowledge of the matter said.

"Instead of getting diesel from their private peers the state refiners have had to go to the market and import," one trader said.

Refinery sources said talks were continuing with the private refiners to rework the diesel prices.

In the absence of a deal, Indian Oil Corp and Hindustan Petroleum have together booked about 400,000 tonnes of imports of the fuel in April, compared with just 70,000 tonnes in March, and they plan to take similar volumes in the following months if the deadlock isn't broken, sources at the two firms said.

Further tightening India's diesel market, according to another oil products trader, is that the "private refiners are maximizing jet-fuel and cutting back diesel production because of better prices."

India's private refiners have also boosted their fuel exports. The private firms say the tax increases on diesel and gasoline that safeguard federal revenue instead of passing on the benefits of falling oil prices to customers have made the discounted sales to state-run refiners unattractive.

Compared to a 30 per cent decline in crude oil prices since April 2015, retail prices of diesel in Delhi have been raised by about 2 per cent.

No comment was available from Indian Oil, Hindustan Petroleum, Reliance or Essar, but Bharat Petroleum said it was taking measures to deal with rising demand itself, commissioning an expansion of its Kochi refinery in June.

Source:- economictimes.indiatimes.com

Rupee Closes Stronger Against Us Dollar At 66.43; Iip, Cpi Data Eyed

The Indian rupee on Monday pared most of its intraday gains and closed marginally higher against the US dollar, a day ahead of the release of the macroeconomic data. Intraday, the rupee gained as much as 0.2% against the dollar.

The home currency closed at 66.43, up 0.05% from its previous close of 66.47. The rupee opened at 66.47 and touched a high and a low of 66.33 and 66.48, respectively, in intraday trade.

Traders are cautious ahead of the Index of Industrial Production (IIP) and Consumer Price Index (CPI)-based inflation data, due on 12 April. According to Bloomberg estimates, IIP will be at 1% in February as against -1.5% in January. CPI will be at 5% in March as compared with 5.18% in February.

The markets will remain closed on Thursday on account of Ambedkar Jayanti and on Friday on account of Ram Navmi.

India’s benchmark Sensex rose 1.41%, or 348.32 points, to close at 25,022.16. So far this year, the Sensex has fallen 4.2%.

Most Asian currencies closed higher. South Korean won was up 0.63%, Malaysian ringgit was up 0.33%, Singapore dollar 0.28%, Taiwan dollar 0.16%, Thai baht 0.12%, Indonesian rupiah 0.08% and Hong Kong dollar 0.05%. However, China renminbi was down 0.12% and Japanese yen 0.08%.

Meanwhile, India’s 10-year bond yield closed at 7.418% as compared with its Friday’s close of 7.448%.

So far this year, the rupee has weakened 0.42%, while foreign institutional investors have bought $1.06 billion from local equity and sold $606.9 million in debt markets.

The dollar index, which measures the US currency’s strength against major currencies, was trading at 94.101, down 0.14% from its previous close of 94.235.

US President Barack Obama is slated to meet Federal Reserve chairperson Janet Yellen on Monday to discuss the economy and Wall Street reform, according to a Bloomberg report.

source:- livemint.com

Dist Records Highest Ever Grape Export

Nashik: The export of grapes from Nashik has increased by 44.6% in the current grape season (December-April), the highest ever in the district.

At 67,239 metric tonnes, the district had recorded its highest grape export during 2013-14 season. Now, export figures have touched an all-time high of 71,966 metric tonnes. Grape export is likely to continue till April 30.

Sources in the agriculture department said, "The export of grapes from the district reached 71,966 metric tonnes by April 9 in the current season, as against 49,768 metric tonnes last season (2014-15) because of better climatic conditions."

Unseasonal rains and hails had badly damaged vineyards in the district last season. As a result, grape export from the district had declined by 26% to 49,768 metric tonnes during 2014-15, as against 67,244 metric tonnes in the 2013-14 grape season.

Jagannath Khapre, president of the Grape Exports Association of India), said, "Nashik district contributes 90% of the total grape export from Maharashtra. The state has exported 79,784 metric tonnes of grapes so far, including 71,966 metric tonnes from the district. Grape export from Nashik may touch 75,000 metric tonnes during the current season, which may continue till April-end."

"The climatic conditions were better in the current grape season that led to rise in export from the district. Last year, unseasonal rains and hails had damaged vineyards, but the situation was better this season. The grape export from South Africa to European countries ended very early, while there was also shortage of grapes in Chile, another major grape exporting country. It led to overall rise in grape export," he added.

The total areas under grape plantation across the country is estimated at 3.50 lakh acres, including 2.75 lakh acres in Maharashtra. The remaining 75,000 acres is spread across Karnataka, Andhra Pradesh and Telangana. The grape production of the country is estimated at 28 lakh metric tonnes, including 22 lakh metric tonnes in Maharashtra alone.

 

 

Source :timesofindia.indiatimes.com
 

Powered By India, Swift Races Past 50 Lakh Sales Mark Globally

TOKYO/NEW DELHI: Suzuki Motor Corporation (SMC) today said its compact hatchback Swift has crossed 50 lakh cumulative sales mark globally out of which India accounted for 54 per cent.

The company sold 54 per cent of the 50 lakh units in India, 17 per cent in Europe, 10 per cent in Japan and 19 per cent in other parts of the globe.

"The Swift is truly a world strategic car, having been produced in countries including Japan, Hungary, India, China, Pakistan and Thailand, and favoured and widely accepted globally from emerging market such as India, to developed market such as Japan and Europe," SMC said in a statement.

Since its launch in 2004, the Swift has brought innovative changes to Suzuki's car-making, earning high appraisal for its sporty, stylish, and fun to drive character, it added.

In India, where it was launched in May 2005, the Swift steadily increased its sales in line with the market expansion due to economic growth and by adding diesel and sedan variants.

So far 27 lakh units of hatchback Swift and compact sedan Swift DZire have been sold in the country. Currently, the Swift brand accounts for around thirty per cent (4.3 lakh) of the annual sales of Suzuki in India, SMC said.

 

Source :economictimes.indiatimes.com
 

Rajesh Exports Wins Export Order Worth Rs 1,188 Crore

NEW DELHI: Jewellery exporter and retailer Rajesh ExportsBSE 2.31 % today said it has won a Rs 1,188-crore export order from the United Arab Emirates.

In a BSE filing, Rajesh Exports said it "has bagged an export order worth Rs 1,188 crore of designer range of gold and diamond-studded jewellery and medallions from the UAE".

The company said this order will be executed from its manufacturing facility in Bengaluru and is to be completed by June 30.

Rajesh Exports stock was trading at Rs 612.50, up 3.45 per cent, from the previous close on BSE.

 

 

Source :economictimes.indiatimes.com

India-Iran Sign Agreements On Crude Oil Imports, Gas Field Development

NEW DELHI: Eyeing to step up energy partnership in the post-sanctions period India and Iran have signed an agreement that involves crude oil imports, petrochemical complexes and gas fields development besides Delhi making an announcement of $20 billion for strategic Chabahar Port complex during ongoing two-day visit of Oil Minister Dharmendra Pradhan to Tehran.

Pradhan who met his Iranian counterpart Bijan Zanganeh in Tehran Saturday also discussed on increasing India's import of Iranian oil from its current 350,000 barrels a day. "We hope this number will increase now that sanctions have been lifted," Zanganeh told Iranian news agency Shana after his meeting with Pradhan.

A high-level delegation of Indian major oil and energy firms who accompanied the Minister, also evinced interest in Iran's oil, gas and petrochemical projects, government sources here said.

The two ministers signed a cooperation agreement encompassing oil exports, petrochemical operations and gas-field development on the occasion, sources said.

Pradhan addressing a joint press conference on Saturday with his Iranian counterpart said, "Iran and India's energy ties are no longer limited to crude oil imports," and that India was ready to invest $20 billion in the port of Chabahar in Southeastern Iran. He added that "energy sector can be determining in development of Tehran-New Delhi relations." India has already extended over $ 100 million Line of Credit for berths and jetties at Chabahar.

India's participation at Farzad-B gas field topped discussions between the two Ministers, sources informed. Last year ONGC submitted a proposal of $ 3 billion for development of Farzad-B field.

In fact the most important item in Zanganeh discussions with Pradhan was the investment to develop Farzad-B offshore gas field, sources said. "It was decided that Iranian and Indian sides agree on the schedule of implementing the project which is a demanding job and take time," sources quoting the Iranian Minister said.

Post sanction Iran wants to cultivate closer ties with countries in the East and India's close relationship with Iran is an added advantage, Iranian government sources said, adding the Minister also discussed pending oil payments issue by India with the banking authorities in Tehran.

 

Source :economictimes.indiatimes.com

Rupee Trading Srong At 66.54 On Fresh Dollar Selling

Mumbai, April 7:  

The rupee was trading strong by 12 paise at 66.54 against the previous close of 66.66 on fresh selling of dollar by exporters.

Besides, the dollar’s weakness against some currencies overseas supported the rupee, dealers said.

However, fresh foreign fund outflows and a weak domestic equity market, restricted the rupee’s gain.

The rupee strengthened by 14 paise to 66.52 against the US dollar in early trade at the Interbank Foreign Exchange market today.

It hovered in a range of 66.60 and 66.41 before quoring at 66.54 at 3.05 pm local time.

The rupee had dropped 20 paise against the US dollar to end at 66.66 against the greenback yesterday on persistent dollar demand from banks and importers amid fresh foreign capital outflows.

Meanwhile, the benchmark BSE Sensex was trading lower by 185.16 points or 0.74 per cent at 24,715.47.

 

Source :.thehindubusinessline.com

Spices Exports Drop 6% In April-December; Up 8% In Value Terms

NEW DELHI: Country's spices exports fell by 6.26 per cent to 6,03,885 tonnes during April-December 2015-16 on sharp decline in shipments of spice seeds and cumin, the Spices Board said today.

However in value terms, the spices exports increased to Rs 11,453.99 crore in the first nine months of 2015-16 from Rs 10,580.53 crore in the year-ago period, as per the Board data.

"The value of exports has registered an increase of 8 per cent because Indian spices continue to be much sought after overseas. However, there has been a dip of 6 per cent in terms of volumes, primarily due to the decline in the export of spice seeds," Spices Board Chairman A Jayathilak said in a statement.

The country achieved 82 per cent of its full-year export target of Rs 14,014 crore, set for the first nine months of the fiscal year 2015-16, the Board added.

The export of cumin has reduced drastically to 67,300 tonnes during April-December compared with to 1,24,686 tonnes in the year-ago period due to low productivity because of unfavourable climatic conditions, he said.

The exports of cardamom (large), coriander and mint products have also declined both in volume and value terms as compared to last year, he added.

According to the Board, the export of cardamom (large) has come down to 340 tonnes till December of 2015-16 fiscal from 415 tonnes in the year-ago.

Similarly, the shipment of coriander has fallen to 29,600 tonnes from 33,233 tonnes, while that of ginger to 17,350 tonnes from 23,678 tonnes in the said period.

However, export of chilli increased to 2,53,000 tonnes as against 2,47,000 tonnes in the year-ago period.

Pepper shipments rose to 23,450 tonnes from 14,501 tonnes, turmeric exports increased to 68,500 tonnes from 64,786 tonnes and fenugreek shipments jumped to 24,000 tonnes from 16,128 tonnes in the said period.

In value terms, export of pepper -- known as the King of Spices -- rose by 83 per cent to Rs 1,438.16 crore in the first nine months of 2015-16 fiscal.

The export of value-added products like curry powder and spice oils and oleoresins also increased in volume and value during the period.

Source :economictimes.indiatimes.com

Exports Of Soybean Meal Declines 89% In Fy15

KOLKATA: India exported 70,822 tons of soybean meal in FY16, registering a decline of 89% over FY15, when soybean meal exports were 6,46,488 tons.

Exports of Soybean meal during March, 2016 was just 430 tons as compared to 46,670 tons in March, 2015, according to data released by Soybean Processors Association of India on Thursday.

The fall in exports is due to uncompetitive Indian soybean meal prices, owing to bumper soybean production in USA, Brazil and Argentina, enabling them to offer soybean meal at a much lower price than India.

During the first half of the current oil year - October 2015 to March 2016, total exports are 28,077 tons as against 5,49,627 tons last year, showing a decrease by 94.89%.

SOPA ha collected and compiled the data based on the information received from members, port authorities and other agencies. The data does not include exports to Pakistan, Nepal and Bangladesh by Rail or Road.

 

Source :economictimes.indiatimes.com

Bajaj Auto Expects To Export 10,000 Units Of Qute In Fy17

NEW DELHI: Bajaj AutoBSE -0.92 % today said it expects to export 10,000 units of its quadricycle Qute in the ongoing fiscal even as the mini four-wheeler awaits clearance for sale in India.

The company had introduced Qute in October and exported a total of 334 units to 19 markets including Turkey, Russia, Indonesia and Peru in 2015-16, Bajaj Auto President Business Development and Assurance S Ravikumar said in a statement.

"With a strong positive reception in all markets without exception, production at Waluj (plant) is being ramped up to export over 500 Qute in April 2016 alone. Currently total exports for FY17 are estimated at 10,000 units," he added.

Ravikumar said owing to its higher safety, lower emissions, and unparalleled fuel Qute is finding favor amongst two and three-wheeler consumers who cannot afford a car.

"Even as Qute goes from strength to strength in its global markets, Bajaj continues to await clearance for the sales of Qute in India," he said, adding the vehicle has also been accorded one star safety rating by Euro NCAP.

 

 

Source :economictimes.indiatimes.com

Focus Is On Sez Revival, Export Credit: Nirmala Sitharaman

NEW DELHI: Commerce and industry minister Nirmala Sitharaman has said the government is open to handhold export sectors desperately in need of help, especially the revival of special economic zones (SEZs) and making it easier for industry to do business in them.

At the first meeting of the reconstituted Board of Trade, the minister also stated the importance of the external affairs ministry in negotiating India's free-trade agreements.

The commerce department has also identified four measures to boost exports, which have declined for the past 15 months due to lacklustre global demand. These steps are according priority sector status for export credit, boosting shipments from micro, small and medium enterprises, promoting organic produce and removing hurdles faced by EXIM Bank and the Export Credit Guarantee Corporation.

"I agree there are sectors facing severe difficulty... We are open to handhold sectors desperately in need of help. We are putting SMEs on top of what we are doing," Sitharaman said after the meeting of the 70-member Board of Trade that was attended by ICICI Bank managing director Chanda Kochhar, Biocon MD Kiran Mazumdar-Shaw, Dr Reddy's Laboratories chairman Satish Reddy and TVS Motor Company chairman Venu Srinivasan.

The minister said the government will work on improving the potential of SEZs and make it easier to do business in these zones as they are sitting on huge land banks.

While pushing for export credit to qualify as priority sector lending, the minister said she would take up the matter with finance ministry. The department will discuss with the RBI and the finance ministry issues being faced by EXIM Bank and the Export Credit Guarantee Corporation regarding financial flexibility.

 

Source :economictimes.indiatimes.com