Extra-long staple cotton, a specialty crop with strong demand in the textile sector, was given a huge boost by the host of initiatives Finance Minister Nirmala Sitharaman announced for increased productivity and improved rewards to farmers. “We will use public-private partnerships (PPP) to adopt a cluster-based and value chain approach to increase the productivity of…
The government increased the import tax on silver bars, dore (the unprocessed form of silver), and other items to match and platinum from 9.21 percent to 14.35 percent. The government raised the import tax on gold bars and gold dore around the end of last year. In order to close the duty gap, it was…
The government’s proposal to increase capital spending by 33% to 10 lakh crore in the upcoming fiscal year will increase demand for steel and cement and benefit capex-intensive industries. 3.3% of GDP would be spent on capital projects by the government, approximately tripling what was spent in 2019–20. Along with the central government investment, the…
In the Budget 2023, Finance Minister Nirmala Sitharaman vowed a push in the green energy sector. India wants to promote decarbonization and the expansion of clean energy, therefore the news makes sense. FM According to Sitharaman, the nation would concentrate on green growth initiatives to lower carbon intensity and generate green jobs. Stocks of green…
Since the sugarcane crop has been hampered by excessive rainfall, primarily in Maharashtra and Karnataka, the Indian Sugar Mills Association (ISMA) has revised lower the country’s production of the commodity to 34 million tonnes (mt) for the current season (October 2022 September 2023). The projection by ISMA, an association of private sugar mills, is 5%…
Data from the World Gold Council (WGC) showed that the country’s demand for gold fell by 3% in 2022, with a significant 20% decline in the fourth quarter. Due mostly to an increase in price, demand for the yellow metal fell to 276 tonnes in the December quarter from 344 tonnes in the corresponding time…
On Tuesday, the Indian rupee depreciated against the dollar, opening at 81.59 against the previous close of 81.50. The local currency is probably going to lose value today due to a strong dollar and further FII withdrawals. Investors will also pay special attention to important US macroeconomic data, such as the CB consumer confidence index,…
Due to unfavourable global cues, the price of gold is trading unchanged on Tuesday, while the price of silver is down 0.11%. Gold April futures were selling at Rs 56,996 per 10 kilos on the Multi Commodity Exchange, down Rs 51 or 0.09%. On the MCX, silver March futures were selling at Rs 68,515 per…
The fear of additional interest rate hikes and ongoing Russian crude exports caused oil prices to decline by more than 2% in the previous session. However, prices stabilized in early Asian trade on Tuesday. Brent crude futures were up 28 cents to $85.18 per barrel, while U.S. Crude oil futures for West Texas Intermediate (WTI)…
Due to lower arrival quality and rumors of a larger crop, turmeric prices have fallen to about 5,000 per quintal in some areas of Maharashtra. Due to significant stockpiles held by consumers and stockists, prices in other regions of the country are generally lower than they were during the same time last year. Turmeric prices…
