- Thursday, May 02, 2024
By: Shubham Ghosh
HERE are news in brief on India economy and business for Monday, April 8, 2024:
Coffee shipments from India rose 13.35 per cent to 125,631 tonnes during January-March period of this year on higher demand for Robusta coffee, according to the official data. The country had exported 110,830 tonnes of coffee in the same period in 2023. India, Asia’s third-largest producer and exporter, grows Arabica and Robusta varieties of coffee. Arabica coffee beans have less caffeine content than Robusta. According to the Coffee Board of India’s latest data, export of Robusta coffee beans rose by 18 per cent to 69,637 tonnes in the first quarter of the 2024 calendar year from 59,050 tonnes in the year-ago period. However, the shipment of Arabica coffee beans declined to 13,419 tonnes from 15,468 tonnes in the said period.
Pegatron is in advanced discussions to transfer control of its sole iPhone-manufacturing facility in India to the Tata Group, Reuters has reported citing to two informed sources. This move signifies the Taiwanese company’s latest move to scale back its partnership with Apple. Under the proposed deal, which has garnered the approval of Apple, the Indian conglomerate intends to secure a minimum 65 per cent stake in a joint venture responsible for operating the Pegatron plant located near Chennai city in the southern state of Tamil Nadu. In this arrangement, the Taiwanese firm would offer technical assistance and retain the remaining stake, as per one of the sources. The Pegatron India factory has around 10,000 employees and makes 5 million iPhones annually.
India’s fuel consumption dropped 0.6 per cent year-on-year in March, but demand for the 2024 financial year increased by about five per cent, primarily driven by higher automotive fuel and naphtha sales, according to Reuters. Total consumption, a proxy for oil demand, was 21.09 million metric tons (4.99 million barrels per day) in March, down from 21.22 million tons (5.02 mbpd) last year, preliminary data from the Petroleum Planning and Analysis Cell (PPAC) of the oil ministry revealed on Saturday (6). However, fuel demand for the 2024 financial year, ending in March, hit a record high of 233.276 million tons (4.67 mbpd) compared to 223.021 million tons (4.48 mbpd) a year earlier.
India Ratings and Research (Ind-Ra), has recently unveiled an analysis projecting states such as Maharashtra, Karnataka, and Gujarat as frontrunners in India’s race toward achieving the monumental milestone of a trillion-dollar economy by fiscal year 2039. Dr Sunil Kumar Sinha, principal economist at Ind-Ra, emphasized that these states are poised to lead the charge into the upper echelons of economic prosperity, driven by robust growth trajectories and strategic initiatives. The analysis, presented in a recent publication by Ind-Ra, forecasts that India’s economy is on track to ascend to the upper-middle-income category between fiscal years 2033 to 2036, eventually culminating in a $15 trillion (£11.8 trillion) economy by fiscal years 2043 to 2047.
BMW Group India has posted strong business performance in the first quarter of 2024 (January – March). It has delivered 3,680 cars (BMW and MINI) and 1,810 motorcycles (BMW Motorrad). BMW Group India recorded +51 per cent growth in car sales in Q1 (BMW + MINI), riding on high demand for its sports activity vehicles, luxury class and electric vehicles. Models such as the BMW X7, BMW X3, BMW X1 and BMW 3 Series were sold-out. Vikram Pawah, president, BMW Group India said, “BMW Group India has posted strong performance in the first quarter of the year. Breaking earlier records, Q1 car sales achieved new heights with successful growth of +51%! Our firm leadership in the luxury electric car market remains undisputed thanks to the most diverse range of products.”
(With agencies)
