Monsoon recovery sparks growth in India's kharif crops
Trade Promotion Council of India
Apex trade and investment promotion organization notified by the Department of Commerce, Government of India
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Monsoon recovery enhances sowing of kharif crops
The timely and sufficient progress of the southwest monsoon has boosted the sowing of onions and other horticultural crops like tomatoes and potatoes for the kharif season. Heavy rain in the first week of July has compensated for the June rain-deficit across the country.
Forex insights for the Week
The US$INR pair remained within a narrow range of 83.35 to 83.55 this week, with no major fluctuations. The Dollar Index fell consistently across all five trading sessions, dropping about 1% to end the week at 104.875.
The US$INR pair continued to trade in the same old range of 83.35 to 83.55. The US$INR pair started the week down at 83.38 but strengthened to close a higher at 83.485 after testing its weekly high at 83.56 continuously for 3 trading sessions.
In India, following last month's general election results, economists cited by the Wall Street Journal are optimistic about the country's stock market performance over the next decade, driven by confidence in its growth potential. The Indian statistics ministry recently revised the GDP growth forecast upwards from 7.3% to 7.6%.
Read more about the latest forex movements in our weekly forex market insights newsletter.
NexGen Energia's Rs 15,000 cr green energy initiative
NexGen Energia is set to revolutionize India's clean energy landscape with a Rs 15,000 crore investment to establish 5,000 green diesel and compressed biogas (CBG) pumps over the next decade. Launching its first CBG pump in Uttar Pradesh, the company aims to reduce fuel imports, create thousands of jobs, and promote sustainable transportation.
FACT OF THE DAY
Is AI a priority for MBA Graduates? A recent survey reveals
A recent GMAC survey reveals that although AI skills are not a top priority for current MBA graduates, their significance is anticipated to surge dramatically over the next five years. Employers across various regions and industries display differing degrees of interest in AI expertise.
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Centre to refund GST cess to SEZs and PDS food packages
The Centre will refund compensation cess on imported goods under GST to SEZ businesses and developers retroactively from 2017. Refunds totaling around ₹6,500 crore will also be issued for 5% GST collected on food packages for the public distribution system (PDS). This follows a GST Council decision exempting imports by SEZ units and developers from July 1, 2017. Refunds are expected within six months.
BLOG OF THE DAY
Food inflation in India has remained at 8% year-on-year since November 2023. A severe heatwave has further reduced the supplies of pulses, vegetables, and cereals, rendering export curbs and import tariff reductions minimally effective.
RBI experts indicate that a robust monsoon by early July could ease concerns over the delayed cultivation of kharif crops. Government interventions, such as restricting exports and easing imports, could help reduce the prices of some food commodities.
MNRE issues incentives for GH2 producers under SIGHT
India's ambitious National Green Hydrogen Mission continues to forge ahead with Tranche-II, set to produce 450,000 tonnes per annum of green hydrogen.
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