India's politicians need to do a better job of managing the economy: Inflation control, productivity improvement, etc, asserts T N Ninan.
According to the local Brass Handicrafts Manufacturers Association (BHMA), some 800,000 people are directly employed in Moradabad's massive brass handicrafts and utensils manufacturing industry, which has some 30,000 small and micro-scale units and a total annual turnover of Rs 10,000 crore. The manufacturers are heavily dependent on export markets such as the US, Canada, Australia and the European Union. And exports account for nearly 70 per cent of their revenues. According to industry insiders, since this year's lockdowns, manufacturing has been at 65 per cent of normal levels.
TCS is confident of achieving a double-digit revenue growth in the current fiscal and will be targeting a similar performance in FY24 as well, a senior executive said on Tuesday. The largest IT services exporter's ability to achieve the number in FY24 will hinge on how the macroeconomic situation, including geopolitical tensions, commodity price pressures, inflation and financial tightening worries, play out, chief operating officer N Ganapathy Subramaniam told PTI. "(For) this year (FY23), probably we are there (double-digit growth).
Industrial production in November was expected to grow 1.0 per cent from a year earlier, after shrinking 1.8 per cent in October, according to the median consensus of 20 economists.
India's manufacturing sector activity contracted for the second consecutive month in September as both output and new orders witnessed a decline, an HSBC survey said.
Pakistan Prime Minister Imran Khan announced on Monday that his government will allow India to send a humanitarian shipment of 50,000 metric tonnes of wheat to neighbouring Afghanistan through its territory after finalisation of the transit modalities.
While the COVID-19 pandemic has completely halted production and new orders, exporters say that payments have also been delayed for the shipments sent before the lockdown. Exporters say some customers are not taking delivery of the shipments because they have shut shop. Ready-made garment players had been hoping for a revival in demand in China but with the virus spreading to Europe, the US and other major markets, there are no orders coming from the major retailers.
Both manufacturers have sought funds in excess of Rs 150 crore under the department of biotechnology's Mission Covid Suraksha scheme. Announced last November, the scheme has an outlay of Rs 900 crore to help develop Covid vaccines, from the clinical development stage to setting up production sites.
Poonawalla noted that reducing the timeframe would give "real relief" to the people who want to travel abroad.
The RBI has lowered the policy rate by 0.75 percentage points.
The procurement is expected to signal a major upswing in India's strategic ties with the Philippines which has been focusing on ramping up its naval prowess in the face of its lingering friction with China in the South China Sea.
'In a special gesture, UAE President and Ruler of Abu Dhabi Sheikh Mohamed bin Zayed Al Nahyan, accompanied by senior members of the Royal Family, was at Abu Dhabi airport for the interaction with PM'
The country's largest carmaker Maruti Suzuki India on Wednesday reported a 66 per cent decline in consolidated net profit at Rs 487 crore in the second quarter ended September 30, 2021, as production was affected by the ongoing semiconductor shortage. The rise in commodity prices also had an adverse impact on the company's earnings.
The Nikkei India Manufacturing Purchasing Managers' Index (PMI) stood at 47.9 in July, down from 50.9 in June, its lowest mark since February 2009, and highlighted the first deterioration in business conditions in 2017 so far.
Rather, cold reactions are expected considering the contentious issues the US is bound to raise -- Taiwan, human rights, and North Korea.
India exports about 1.5 mt of onion every year.
Satyam Computer had the market whistling on Friday as rumours were rife on the counter that it was in the process of bagging a $10-million order from global development financier, the World Bank.
Bharat Biotech said that it is disheartening to listen to some states complaining about company's intentions regarding supply of COVID vaccine Covaxin.
The spotlight is back on the hawala trade in diamonds.
Regarding employment, the manufacturing sector hiring remained broadly unchanged.
The results of the assembly elections in Gujarat and Himachal Pradesh are likely to play out during the winter session of Parliament beginning Wednesday.
Four companies - Rajesh Exports, Hyundai Global Motors Company, Ola Electric Mobility and Reliance New Energy - are eligible for receiving benefits under the production-linked incentive (PLI) scheme for advanced chemistry cell battery storage, the heavy industries ministry said on Thursday. The allotment was made for a total of 50 GWh of battery capacity to the four successful bidders. These firms, the ministry said, will receive incentives under India's Rs 18,100 crore programme to boost local battery cell production.
Economic recovery in US, euro zone help; new orders sub-index at 52.4
Rejecting any distinction between good and bad terrorism, Prime Minister Narendra Modi has called for a collective fight to effectively tackle the global menace.
India is pursuing sales to South East Asian countries that are wary of Chinese aggression, including Vietnam and the Philippines.
India exported $102 million worth of dehydrated onions in 2018-19.
'Yet the market didn't do all that badly because it was cushioned by domestic inflows.'
Growth in India's manufacturing sector cooled to its slowest in 22 months in October.
'The Modi government's lack of foresight has compelled India to become an importer of vaccines today and even now, their "vaccine strategy is flawed and discriminatory'
General Soleimani headed the Islamic Revolutionary Guard Corps's Quds Force and also served as Iran's pointman on Iraq.
Losses largely came from the metal index, followed by power, infrastructure, realty, PSU, oil and gas, capital goods, FMCG, healthcare, auto and banking.
A disagreement between mobile operators and device manufacturers over e-SIMs has reached the government with the Cellular Operators Association of India (COAI) asking the DoT to order handset manufacturers to introduce eSIMs, in addition to the physical SIM slot, in all smartphones costing over Rs 10,000. The reason is the unprecedented global shortage of semiconductors which has severely impacted the supply of SIM cards across the globe and pushed up the price by four to five times. The shortage is not likely to improve before 2024.
India's manufacturing sector activities gained further strength in October as companies scaled up production and stepped up input purchasing in anticipation of further improvements in demand, a monthly survey said on Monday. Robust gains in new work aided production growth in October as output and new orders expanded at fastest rates in seven months, while business optimism hit a six-month high, the survey said. The seasonally adjusted IHS Markit India Manufacturing Purchasing Managers' Index (PMI) rose from 53.7 in September to 55.9 in October, pointing to the strongest improvement in overall operating conditions since February.
Indian officials will focus on expanding the country's footprint in oil-rich Siberia when they meet their Russian counterparts at the four-day 7th Eastern Economic Forum beginning Monday in Vladivostok. The two sides will discuss the possibility of joint oil exploration in the area and cooperation in running offshore oil and gas fields Western companies are in the process of exiting, officials said in New Delhi. Pavan Kapoor, India's ambassador to Russia, will lead the official-level talks at the summit scheduled September 5-8.
The Indian natural stone companies, which participated in the recently concluded International Fair for Natural Stone Processing Technology - Stone-Tec - in Nuremberg, Germany, have received orders worth Rs 80 crore (Rs 800 million).
In 2016, almost two-thirds of Indian imports that appear to be most at risk for some degree of potential revenues losses are imports from just one country, China, which was by far India's largest source of imports in that year
In his latest monthly radio address, Mann Ki Baat, Modi said that India is capable of providing solutions to the varied challenges being faced globally.
Russia and the US are the major partners in the ISS programme, which also includes Canada, Japan and several European nations like France, Italy and Spain.
Will syringe shortage puncture India's Covid vaccine plans?
Factory growth picked up in May.
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