Tag: Economy

The sowing of pulses has been lower than last year due to a 11% monsoon deficit in the country. As of September 8, the total area sown to pulses was 119.91 lakh hectares, down from 131.17 lakh hectares in the same period last year. The states with the lowest pulses sowing are Madhya Pradesh, Karnataka, and Maharashtra. The government is monitoring the situation and will take appropriate measures to ensure that there is no shortage of pulses in the coming months.

The Food Corporation of India (FCI) sold 1.66 lakh tonnes of wheat and 17,000 tonnes of rice from the central pool through the 11th e-auction held on September 6, 2023. The auction was conducted to offload additional 50 lakh tonnes of wheat and 25 lakh tonnes of rice from the central pool in the open market to bulk buyers to contain cereal prices. The weighted average selling price of wheat was Rs 2,169.65 per quintal and that of rice was Rs 2,956.19 per quintal. The government interventions, including OMSS and ban on wheat export, have had a moderating effect on wheat prices. However, rice prices are still ruling higher.

The India-Middle East-Europe Economic Corridor (IMEC) is a proposed multimodal transport corridor that will connect India with Europe via the Middle East by sea and rail. It is expected to reduce logistics costs, ensure quicker delivery of shipments, and make the global supply chain more resilient. The IMEC is seen as an alternative to China's Belt and Road Initiative and is expected to boost economic activities, create jobs, and help reduce carbon emissions.

India and Saudi Arabia are looking to boost investment and trade ties. India's DPIIT secretary said there is huge scope for Saudi Arabian companies to invest in India in sectors such as aviation, pharma, bulk drugs, renewable energy, food processing, and agri-tech. The two countries have also signed 47 MoUs and agreements in a range of areas, including energy, infrastructure, healthcare, and tourism.

The Indian pharmaceutical industry is expected to grow by 8-10% in the current fiscal year, driven by a steady domestic demand and increased exports to regulated markets. The growth will be supported by moderation in input and logistics costs, and abating pricing pressure in the US generics market.

Indian markets rose for the second week, with Sensex and Nifty gaining 1.85% and 1.98%, respectively. The rally was broad-based, with all sectoral indices ending in the green. Here are some of the key points: The positive sentiment was supported by strong corporate earnings, positive global cues, and continued buying by domestic investors. Some of the stocks that are likely to outperform in the coming weeks include private sector banks, life insurance companies, real estate companies, and technology companies. The outlook for the Indian markets is positive in the near term, but investors should be mindful of the risks posed by rising inflation and geopolitical tensions.

The G20 Delhi Declaration is a roadmap to a more sustainable and equitable future. The declaration commits the G20 countries to accelerate the transition to clean energy and ensure energy security for all nations. It also commits the countries to working collectively to ensure that everyone has access to safe, nutritious, and affordable food. The success of the declaration will depend on the collective will and action of the G20 countries. Here are some of the key points: The declaration is a significant step towards addressing two of the most critical challenges facing humanity: energy and agriculture. It has the potential to create over 30 million jobs globally in the renewable energy sector alone by 2030 and increase global food production by 15 percent by 2040. The success of the declaration will depend on the G20 countries' willingness to implement its commitments.

The Reserve Bank of India (RBI) is set to introduce its wholesale central bank digital currency (CBDC), the Digital Rupee-Wholesale, in the call money market by October. The CBDC is expected to make the call money market more efficient by reducing transaction costs and settlement risk. The RBI is also conducting a pilot project for the retail CBDC, which is a digital version of the Indian rupee. The retail CBDC is expected to be rolled out in the coming months.