India’s central bank forecasts negative real GDP growth for 2020-21 fiscal year

The Reserve Bank of India said on Thursday that the real gross domestic product (GDP) growth during this fiscal year will be negative despite a recovery since the outbreak of the deadly Covid-19 pandemic and hopes of robust farm output. The bank kept the repo rates unchanged, while announcing a major loan restructuring package for […]

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Aluminium exports from India to be hit hard if online system for tax incentives are blocked: AAI

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Blocking of the online system for exporters to apply for tax incentives under the export incentive scheme MEIS has created an “extremely precarious situation” for aluminium exports, the Aluminium Association of India (AAI) said. The move will further render exports vulnerable and uncompetitive, the industry body added. India’s commerce ministry has blocked the online system […]

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Jewellery manufacturers hit by new challenge of inadequate manpower to execute adequate export orders

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The gems and jewellery industry, which is witnessing an increase in export orders, is facing challenging times due to lack of skilled manpower as workers are either unable to come back due to transportation restrictions or reluctant to leave their families in times of crisis, the Gem & Jewellery Export Promotion Council (GJEPC) said. Demand […]

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July exports at almost the same level as the last year’s: India’s commerce minister Piyush Goyal

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Exports may be on a path of recovery with the merchandise sent to foreign nations in July reaching almost the same levels as a year ago, Commerce and Industry Minister Piyush Goyal said to the media. “Our exports have almost reached last year’s July level, with nearly 90 per cent of our export of July […]

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India’s largest iron ore miner NMDC reports jump in July sales and production

State-owned mining major NMDC, India’s largest iron-ore producer, said its production and sales rose significantly in July on year, providing yet another indicator that the economy is on the mend after an easing of the Covid-induced lockdown. Despite uncertainty due to COVID-19, NMDC’s production of iron ore rose by 13% to  2.19 million tons and […]

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China steel demand to keep growing in H2

(The story appears here courtesy our content partner Mysteel Global) China’s domestic steel demand is expected to recover further during this half of 2020 with the continued strengthening in the domestic economy to finally score an on-year growth for the whole 2020, offsetting the declines in the first half amid the COVID-19, Shen Bin, chairman of […]

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Indian government to approve commercial mining for firms from neighbouring countries

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The government of India clarified through a Press Note that any foreign direct investment (FDI) in commercial coal mining from an entity of a country that shares land border with India will be allowed only after government approval.  “This is with reference to the ongoing auction process of coal mines for commercial coal mining…It is […]

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