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India steel imports at Rs 36,073 crore in April-Jan FY16

NEW DELHI: India, the world’s third largest steel producer, imported steel worth Rs 36,073 crore in the first 10 months of this fiscal against almost Rs 44,893 crore in 2014-15, Parliament was informed today. India witnessed about 75 per cent year-on-year rise in imports of total steel (alloy + non-alloy) in 2014-15 and about 24 per cent increase during April-January ... Read More »

Kuwait bans poultry products from India over bird flu scare

NEW DELHI: In what could be a major setback for Indian exporters, the government of Kuwait has banned import of poultry products from India over fears of transmission of the H5N1, popularly known as bird flu, virus. Kuwait’s Public Authority for Agriculture Affairs and Fish Resources (PAAAFR) conveyed the decision in a notification to India’s Agricultural and Processed Food Products ... Read More »

India’s soyabean meal exports fall 98% in Feb

NEW DELHI: India’s soyameal exports touched an all-time low of 1,127 tonnes last month on account of higher bean prices in the domestic market.  The exports during the April-February period of the current fiscal declined 88.26 per cent to 70,392 tonnes compared with 5.99 lakh tonnes in the same period last year. “Soyameal exports have continued to decline from last ... Read More »

India’s coal imports inch up for first time in 8 months

NEW DELHI: India’s coal imports inched up 1.7 per cent in February, the first rise in eight months, coal secretary Anil Swarup told Reuters on Monday, but suggested it may have been a temporary increase based on deals signed earlier. Imports rose to 16.79 million tonnes from 16.51 million a year ago, ending a downward trend that began in July ... Read More »

India’s oilmeal exports fall 74% from 2015

NEW DELHI: India’s oilmeal exports fell 74 percent from a year ago to 53,866 tonnes in February on lower crushing of soybean and as cheaper South American animal feed continues to flood traditional markets, a leading trade body said on Monday. India, a leading exporter of oilmeal to southeast Asia, sold 1.09 million tonnes of meals overseas in the 11 ... Read More »

India’s steel imports drop for fourth straight month

NEW DELHIl: India’s steel imports dropped for a fourth straight month in February, provisional government data showed, as duties and a floor price on steel products helped reduce overseas purchases hurting the sector. The Indian government imposed a 20 percent safeguard import duty for 200 days on some steel products in September 2015 and last month set a floor price ... Read More »

Luxembourg seeks investment opportunities in India

NEW DELHI: Luxembourg today said it is looking for investment avenues in India for its companies and invited domestic firms active in automobile, pharma and IT sectors to set up ventures in the European country. “We are here to learn more about opportunities for Luxembourg companies to invest in India, which has shown strong economic growth and even overtook China ... Read More »

India set for SaaS leap in 10 years

NEW DELHI: Software as a service (SaaS) product companies in India are expected to generate a combined annual revenue of $10 billion (Rs 68,000 crore) in 10 years as they tap small and medium enterprises in America and Europe with their mobile-first solutions. Currently, there are around 500 SaaS companies, with a total revenue of $600 million (about Rs 4,000 ... Read More »

Vuclip launches VOD service Viu in India

NEW DELHI: After launching its over-the-top (OTT) services in Malayasia, Hong Kong and Singapore over the past couple of months, Vuclip has introduced Viu in India. This is the second OTT service announced in as many weeks, and the third in the current calendar. Last week, Zee Entertainment Enterprises Limited (ZEEL), announced the launch of its second OTT platform OZEE ... Read More »

Central Bank of India rises on fund raising plan

NEW DELHI: Shares of Central Bank of India are up over 2% to Rs 67.55 on BSE after the bank said that a special committee of the board has approved raising funds by issuing equity shares. Central Bank of India said that the Capital Raising Committee of the Board of Directors of the Bank at its meeting held on 2 ... Read More »

India imports 1,542 MW power from Bhutan

NEW DELHI: India imports 1,542 MW power from Bhutan under bilateral agreement between the two countries, Power Minister Piyush Goyal said today. “Majority of power imported from Bhutan is under bilateral agreement between government of Bhutan and Government of India. The tariff is negotiated by the government to ensure supply of cheap imported power to consumers,” he said in Lok Sabha ... Read More »

India, Iran ties develop

TEHRAN: The meeting between Prime Minister Narendra Modi and President of Iran Dr Hassan Rouhani in Ufa, Russia on 9 July 2015 on the margins of the SCO Summit provided a roadmap for developing India-Iran bilateral relations and consulting closely on regional issues. This meeting was followed by the visit of Minister of Foreign Affairs of Iran in August 2015, ... Read More »

India’s oil imports from Iran rise 21% in Feb

NEW DELHI: India’s oil imports from Iran rose by over a fifth in February, the first month after a nuclear deal that lifted restrictions on Tehran’s oil exports, preliminary tanker data obtained by Reuters shows. Iran emerged from years of economic isolation in January when world powers led by the United States and the European Union lifted crippling sanctions against ... Read More »

Defence imports decline by Rs 10,990 crore in 2014-15

NEW DELHI: The expenditure on import of defence equipment in 2014-15 stood at Rs 24,992 crore, a decline of Rs 10,990 crore against the previous year, the government today said. In a written response to a question in Rajya Sabha, Defence Minister Manohar Parrikar said the expenditure in respect of orders placed to foreign vendors for capital acquisitions in 2013-14 ... Read More »

India’s Essar imports 2% less Iran oil in Jan

NEW DELHI: Essar Oil, the top Indian buyer of Iranian crude, imported 2 percent less oil from Tehran in January compared with the previous month, according to tanker arrival data obtained from sources and assessed by Thomson Reuters Oil Analytics. Essar Oil’s overall shipments from Tehran declined by about 3.1 percent at about 112,500 barrels per day (bpd) in the ... Read More »

India’s gold imports rise 62% in Jan

NEW DELHI: India’s gold imports in January surged 62 percent compared with the same period last year, news agency NewsRise Financial reported on Tuesday citing a government official, as the country’s appetite for the precious metal continues unabated despite federal duties. India, the world’s second biggest consumer of gold, shipped in 93.3 tonnes of gold last month while overseas purchases ... Read More »

India to cut defence imports

NEW DELHI: India plans to focus defence spending more on the domestic market instead of importing combat planes, ships and submarines, after saying on Monday it will leave military spending for 2016/17 largely unchanged following years of increases. Major global defence companies have been circling over the Indian market, buoyed by the military’s modernisation plans worth more than $100 billion. But ... Read More »

India budget expected to focus on rural economy

NEW DELHI: The Indian government is set to unveil its budget on Monday as it faces pressure to boost growth while also appealing to the country’s poor. Having overtaken China as the world’s fastest-growing economy, India is seen as a bright spot in the global economy. But it has been hit by slowing global demand and severe droughts affecting rural ... Read More »

India economic growth likely to slow in 2017

NEW DELHI: India’s economic growth is likely to slow or at best stabilise in the next financial year ending in March 2017, according to government summaries of the latest annual economic survey released on Friday. The document, prepared by chief economic adviser Arvind Subramanian, says gross domestic product is expected to expand by 7-7.75 per cent in the coming year, ... Read More »

Natural rubber output falls 3% in Jan, imports up 21%

NEW DELHI: Natural rubber production fell by 3.4 per cent during the last month to 56,000 tonnes, while imports rose by 21 per cent to 35,174 tonnes. Production stood at 58,000 tonnes and imports at 29,141 tonnes in January, according to the Rubber Board data. Natural rubber consumption declined to 82,000 tonnes in January 2016 from 83,850 tonnes in the same ... Read More »