India's merchandise exports rose by 22.63 per cent year-on-year to $33.79 billion in September on better performance by key sectors like engineering goods and petroleum products, according to official data released on Thursday.
Recovery was largely driven by the European Union markets.
Tata Motors is actively considering tapping into some of the export markets beyond South Asia, for its range of electric vehicles (EVs) as it sees an opportunity of selling affordable EVs in markets outside India. The export plans will coincide with the commercial launch of the Curvve - an electric SUV concept that broke cover on Wednesday, in two years from now, Shailesh Chandra, MD, Tata Motors PVs and Electric Mobility, told Business Standard. "We are actively thinking of the international markets and we would like to go with a portfolio of products. "We have identified a few markets and in a couple of years, we should commence the same," said Chandra.
After recording positive growth for two months in a row, India's exports dipped marginally by 0.25 per cent to $27.67 billion in February and trade deficit widened to $12.88 billion, according to preliminary data released by the government on Tuesday. Imports grew 6.98 per cent to $40.55 billion during the month, the data showed. The trade deficit stood at $10.16 billion in February 2020. Exports during April-February 2020-21 were $255.92 billion, compared with $291.87 billion during the same period of last year, exhibiting a negative growth of 12.32 per cent.
The FIEO on Thursday reiterated that the Customs authorities at several ports in India had ordered a sudden examination of Chinese consignments without any official word from the government, and this may have led to the Chinese retribution.
After contracting for six months in a row, the country's exports grew by 5.27 per cent to $27.4 billion in September, Commerce and Industry Minister Piyush Goyal said on Thursday.
The government expects onion prices to fall below Rs 40 per kilogram by January from the current average price of Rs 57.02 per kilogram, Consumer Affairs secretary Rohit Kumar Singh said on Monday. Last week, the government banned onion exports till March next year after the retail sales price of the kitchen staple crossed Rs 80 per kg in the national capital and the prices in mandis remained around Rs 60 per kg. To a query on when the onion prices are expected to fall below Rs 40 per kg, Singh said, "very soon... January"
The Confederation of All India Traders (CAIT) also expects that consumers may spend about Rs 2 lakh crore during the Diwali festival sale period. "Like previous year, this year too CAIT has given a call of 'boycott Chinese goods' and it is certain that China is going to suffer a business loss of about Rs 50,000 crore in terms of stoppage of import of chinese goods by Indian traders," CAIT stated.
In the volatile international situation where 'nativism' is on the rise and immigrant communities are being targeted, the Leader of the Opposition's statement is like adding fuel to fire. If the Indian diaspora numbering 4 crores is threatened it will constitute a grave threat to national security, warns Colonel Anil A Athale (retd).
Bangladesh is in turmoil, which is not good news for India, which shares a porous 4000 km border with it. There is a danger of fundamentalism growing there, and India has to move in to reset its ties with the new dispensation before China and Pakistan make capital out of it, alerts Ramesh Menon.
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The recent terror acts are a sign of our enemy's desperation, he said, in an apparent reference to Pakistan.
Exporters say their capacity utilisation has reached almost 70 per cent and that big firms have brought it up to as high as 85 per cent.
The country's largest software exporter on Thursday reported an 8.2 per cent growth in net profit for the December quarter at Rs 11,735 crore. The company said its revenue for the reporting quarter grew 4 per cent to Rs 60,583 crore driven by strong double-digit growth in emerging markets, led by India.
On the price front, Indian manufacturing companies continued to face higher input costs during August.
Tata Consultancy Services (TCS) on Friday reported a 9 per cent growth in net profit at Rs 12,434 crore in January-March quarter of FY24, helped by improved margin and strong performance of its India business. The largest software services exporter had reported a post tax profit of Rs 11,392 crore in the same period of the preceding fiscal. In the entire FY24, the company's net profit surged 9 per cent to Rs 45,908 crore, while the revenue rose to Rs 2,40,893 crore from Rs 2,25,458 crore registered in FY23.
'Wherever the government has provided incentives for the purchase of two-wheelers, three-wheelers, cars, buses, and trucks, it gets a push for most of these alternate fuels. '
India will resume export of surplus COVID-19 vaccines next month under the 'Vaccine Maitri' programme and to meet its commitment to the COVAX global pool, but vaccinating its own citizens remains the topmost priority of the government, health minister Mansukh Mandaviya said.
India's services sector witnessed one of the strongest growth rates in over 13-and-a-half years in March on the back of strong demand that spurred sales and business activity, a monthly survey said on Thursday. The seasonally adjusted HSBC India Services Business Activity Index rose from 60.6 in February to 61.2 in March, one of the strongest expansions in total sales and business activity in close to 14 years. In the Purchasing Managers' Index (PMI) parlance, a print above 50 means expansion, while a score below 50 denotes contraction.
The country's exports dipped 8.74 per cent to $23.52 billion in November on account of contraction in shipments of key sectors like petroleum, engineering, chemicals and gems and jewellery, official data showed on Tuesday. Trade deficit during the month narrowed to $9.87 billion as imports too declined by 13.32 per cent to $33.39 billion.
Prime Minister Narendra Modi on Friday received Bhutan's highest civilian award, the 'Order of the Druk Gyalpo', making him the first foreign Head of the Government to receive the honour.
In the last five years of NDA rule, 2018-2019 was the worst for exporters.
'IT companies do not have a large presence there either in terms of market and team. So, the impact of the war will be minimal. But West Asia is an emerging economy.'
After recording positive growth in September, India's exports declined 5.4 per cent to $24.82 billion in October on account of dip in shipments of petroleum products, gems and jewellery, leather, and engineering goods. Trade deficit in October narrowed to $8.78 billion as against $11.76 billion, as imports also fell 11.56 per cent to $33.6 billion during the month under review.
Neither the BJP, nor the Congress before it, made any manifesto commitments on defence spending, even though allocations have plummeted from 4 per cent of gross domestic product (GDP) in the late 1980s to less than 2 per cent today, points out Ajai Shukla.
Good results for the January-March quarter (Q4) of FY24 and strong seasonal demand have led to strong investor interest in Crompton Greaves (CG) Consumer Electricals which is hitting new highs. While there's bullish consensus on the company's future performance, the stock has gained over 40 per cent in the last six months and valuations may become stretched. The Q4FY24 revenue rose 9.5 per cent YoY to Rs 1,960 crore.
The product was banned for export earlier, but has now been moved to the restricted category, under which an exporter would have to seek a licence from the government for shipments.
Under the deal signed in Moscow last month during Indian Defence Minister A K Antony's visit, HAL will supply large components to Russia's Irkut Corporation for assembling the airframes of Su-30MK fighters. The Russian firm is working on Indian, Malaysian and Algerian export orders.
Severe skilled, unskilled shortage threatens to pull emergency brakes on India's industrial engine.
India's largest garment hub Tirupur continues to reel from the effects of the pandemic, with almost 10 per cent of its orders for the upcoming season getting diverted to Bangladesh, Vietnam, Cambodia and China. The sector had seen a drop of about 9 per cent in exports during the first wave, but the impact is likely to be more this time, according to industry experts. Being one of the epicentres of Covid cases in the state, a majority of manufacturing units in the textile belt were closed for almost six weeks during the second wave.
Livestock auctions remained on hold for the majority of the lockdown as there was no clarity on the matter.
Exports of 13 APIs - including paracetamol, tinidazole, metronidazole, vitamin B1, vitamin B6, vitamin B12, acyclovir, progesterone - along with formulations made from these APIs, would be restricted.
Even though Bharat Forge's performance in the July-September quarter broadly met Street estimates and defence orders are on the rise, the subdued outlook for its global business has prompted some brokerages to adopt a cautious stance on the company. Analysts have reduced the company's earnings per share (EPS) estimates to account for the slow recovery of its overseas subsidiaries. Valuations are also trading at long-term averages, which could limit potential upsides.
The move comes amid sharp increase in retail prices of onion since August despite the government's several measures to boost the supply and contain prise rise.
The Russian currency depreciated by 24 per cent in the past month to trade at 56.54 to the dollar at present, a sharp recovery after hitting a low of 68 in early December.
India largely exports block frozen shrimp to Vietnam for reprocessing and forward shipment to its customer countries like China, EU, Japan and USA.
With exporters' claim for over five months still pending, liquidity has been wiped out and the process of finalising new contracts has been held up.
The prospects of India becoming a credible manufacturer of defence platforms or major weapon systems for export are remote, says Vice Admiral Premvir Das (retd).
Officials hint the visit could finally see a formal defence industrial road map being adopted by both nations.
Ramoji Rao lived as the interface between business and politics and was an active participant in both for most of his remarkable life.
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