Business
Trade relief: India to gain from US tariff cuts on select agri items; officials say level playing field restored – The Times of India
India is set to benefit modestly from the United States’ decision to withdraw reciprocal tariffs on a set of agricultural products, including tea, coffee and spices, the commerce ministry said on Monday, PTI reported. The tariff exemptions, announced through a White House Executive Order on November 12, took effect the next day.The move rolls back duties imposed under the April 2 reciprocal tariff regime and covers a wide range of items — coffee, tea, tropical fruits, fruit juices, cocoa, spices, bananas, oranges, tomatoes, beef and certain fertilisers. Officials said the change creates a level playing field for Indian exporters in categories where the country ships over USD 1 billion worth of goods each year, including spices, tea, coffee, fruits, nuts, processed foods, essential oils and edible roots.“Now our exports will have a level playing field,” Joint Secretary in the Department of Commerce Darpan Jain told reporters.However, independent assessments suggest the boost for India could be limited. Global Trade Research Initiative (GTRI) co-founder Ajay Srivastava noted that India has little presence in several of the largest exempted lines such as tomatoes, citrus fruits, melons, bananas and most fresh fruits and juices.He said India may see marginal gains in spices and niche horticulture, but the larger beneficiaries of the US move will likely be Latin American, African and ASEAN exporters unless India strengthens cold-chain capacity, scales up production and broadens its agricultural export basket.
Business
Electricity bills targeted in planned shakeup to energy pricing
The war in the Middle East has brought renewed attention to Britain’s vulnerability to energy price shocks.
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Gadkari urges shift to 100% ethanol blending, flags energy security and import risks – The Times of India
India should aim for 100 per cent ethanol blending in the near future to strengthen energy self-reliance, road transport and highways minister Nitin Gadkari said on Tuesday. He said that vulnerabilities in oil supplies due to the ongoing crisis in West Asia have made it essential for the country to reduce dependence on imports.Speaking at the Indian Federation of Green Energy’s Green Transport Conclave, Gadkari said, “In the near future, India should aspire to achieve 100 per cent ethanol blending… Today, we are facing an energy crisis due to the war in West Asia, so it is necessary for us to become self-reliant in the energy sector,” as quoted by PTI.India currently allows vehicles to run on E20 petrol, which contains 20 per cent ethanol, with minor engine modifications to avoid corrosion and related issues. In 2023, PM Modi launched petrol blended with 20 per cent ethanol. Countries such as Brazil have already achieved 100 per cent ethanol blending.Gadkari noted that India imports 87 per cent of its oil requirements, adding, “We import fossil fuels worth Rs 22 lakh crore, which is also causing pollution… so we need to work on increasing production of alternative fuel and bio-fuel.”On future energy solutions, he stressed the importance of green hydrogen but pointed out challenges in cost and transport. “Transport of hydrogen fuel is a problem. Also, we need to produce 1 kg of hydrogen at $1 dollar, to make India an exporter of energy,” he said, adding that hydrogen production from waste should be explored.The minister also emphasised the role of a circular economy in generating employment opportunities. While calling for reduced reliance on petrol and diesel vehicles, he clarified, “But we can not force people to stop buying petrol and diesel vehicles.”Addressing concerns about E20 fuel, Gadkari said the petroleum sector is lobbying against the move. He also urged automobile manufacturers to prioritise quality over cost to expand into new markets.Last year, Gadkari dismissed criticism against E20 (ethanol-blended petrol), saying a “paid” social media campaign is being run to “target me politically.” He said Society of Indian Automobile Manufacturers and Automotive Research Association of India have shared their findings on ethanol blending in petrol. He added that India’s ethanol programme has benefited farmers, noting that ethanol made from maize has helped them get better prices and led to gains of Rs 45,000 crore.
Business
Spike in petrol thefts after Iran war pushed up fuel prices
One petrol retailer says he is experiencing about five drive-offs a week at each forecourt, costing him thousands.
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