The Union Budget has made several announcements to stimulate investment, access to finance and markets, and encourage cost-effectiveness and innovation in important industries to increase domestic production. The industries that stand to gain the most from the policy measures are the transportation industry, automobiles and auto parts, textiles, and fertilizers. However, industries like pharmaceutical, healthcare,…
In order to prepare for the energy shift, India’s largest oil and gas producer, ONGC, plans to invest over Rs 1 lakh crore in building two petrochemical factories that will transform crude oil directly into high-value chemical goods, senior company officials announced on Wednesday. One of the main energy sources is crude oil, which is…
According to statistics issued by the government on Tuesday, the growth of India’s eight key sectors fell to a four-month low of 8.1% in September from a 14-month peak of 12.5% in August. This was mainly because of a dramatic fall in the increase in the production of power, crude oil, and refinery products. September…
Chemical industry operators are shifting their focus to specialty chemicals in an effort to increase margins in light of the current slowdown in the chemical sector. According to recent industry data, the chemical industry as a whole has experienced negative growth over the last three quarters. In contrast, the specialized chemicals industry has experienced expansion…
Eight core industries’ combined output increased by 6% in February as compared to 5.9% in the same month last year. It’s interesting to note that the Commerce and Industry Ministry increased the core sector growth estimate for January 2023 from 7.8 to 8.9 percent. An official statement stated that the core industries’ overall growth rate from…
India’s export of goods dropped for the first time this fiscal year in October 2022, dropping 16.6% to $29.78 billion (year over year). Shipments of the most of major goods, including petroleum, gems and jewelry, engineering equipment, chemicals, textiles, and medicines, suffered. According to initial estimates issued by the commerce and industry ministry for October…
According to an RBI assessment, persistently high inflation remains a key policy worry for the Reserve Bank, which has raised rates aggressively this year, but the pressure may subside next fiscal assuming normal rains and the continued normalization of global supply chains without any exogenous shocks. The Reserve Bank of India (RBI) anticipates retail inflation…
