Industry reiterates its demand for a rate cut by RBI as IIP slips to 3.1%
The Dollar Business Bureau As growth of country’s industrial production slipped to 3.1% in the month of April, India Inc reiterated its demand for a cut in interest rate by the Reserve Bank of India (RBI), stating that it was imperative to bolster growth as well as consumer demand. Industry body ASSOCHAM said on Monday that the industry has been disappointed by the RBI’s status quo on the interest rates as there was a possibility for a cut in the key policy rate. “It is unfortunate for the industry that while the government has taken steps to revive the demand by implementing reforms, RBI's stance to maintain the status quo has hit the expectations of the industry though there was a room for ...
Indias monthly truck bus radial tyre imports record a new high averaging 1.2 lakh
The Dollar Business Bureau Due to an increase in dumping from China, India’s monthly imports of truck and bus radial tyres (TBR) recorded new highs averaging 1.2 lakh units in 2016-17. This has prompted the Automotive Tyre Manufacturers Association (ATMA) to reiterate its demands to DGAD seeking an early imposition of anti-dumping duty on the imports of TBR from China. Seeking an early redressal to help the domestic industry ATMA revealed the alarming figures that have been spiralling in the last few years. In its statement to the government, it said that the monthly numbers have now touched an average of 1.2 lakhs units in FY17 from a mere 40,000 in FY14. Imported tyres account for 40% of the replacement demand for ...
Indias steel output rises 6% in first nine months of this year
The Dollar Business Bureau Steel production in India rose by around 6% to 71.09 million tonnes during the period January-September this year, even as the world output contracted by 0.5% to around 1.19 billion tonne. Asia was the only region where output of steel witnessed an upward trend, as per the recent data by World Steel Association. “In the first nine months of 2016, Asia produced 825.9 million tonnes of crude steel, an increase of 0.6% over the first three quarters of 2015,” World Steel Association said in a statement. The European Union (EU) has recorded a production of 121.3 million tonnes of crude steel during the first nine months of this year, a decline of 4.8% year-on-year, whereas North America produces 83.9 million tonnes of the ...
Essar Steel looks to double production
The company has a great production capacity of steel at Hazira in Gujarat, where they produce 10 million tons per annum. So, the company is expecting to record an 80-85% of total capacity utilization rate in April 2016, that is the coming financial year The Dollar Business Bureau Essar steel has a great production capacity of steel at Hazira in Gujarat, where they produce 10 million tons per annum Essar steel is now operating with 70% more capacity utilization, where they have doubled the production since November. The company is also expecting a good turnaround in the March quarter. The company has a great production capacity of steel at Hazira in Gujarat, where they produce 10 million tons per annum. So, the company ...
Govt scraps export duty on iron ore pellets
Amid subdued demand and weakening prices, iron-ore pellet makers and some miners had sought reduction of export duty on iron ore to make the industry competitive The Dollar Business Bureau The government has already taken several measures such as imposing safeguard duty, increasing customs duty and implementing stringent quality guidelines for imported steel Addressing long-pending concerns of the domestic iron and steel industry, the government has scrapped export duty on iron ore pellets, thus giving a fillip to the sector which has been battling global demand slump and weak prices in the international market. GOI removes 5 % export duty on iron ore pellets. This would improve capacity utilization of pellet plants and give necessary boost to sector, Narendra Singh Tomar, Union Minister ...
