Indias cotton planting area likely to rise by 15% to a 3yr high as prices increase
The Dollar Business Bureau Buoyed by increasing cotton prices, Indian farmers have started sowing cotton in a larger area. Sowing has begun on a stronger note in Haryana, Punjab, Karnataka for the 2017-18 season. India is the world’s biggest producer of cotton and a higher output in the country could enrich the cotton farmers who have been under distress due to prolonged drought, adverse market conditions, non-payment of bank loans and climatic aberrations. India’s current cotton crop for the season ending this September is expected to be 170 kgs or 34.1 million bales. According to M.M.Chockalingam, Chairman of the State run Cotton Corporation of India, “this year farmers received higher prices, so they are going to raise the area under cotton. We are ...
Iron ore production to touch 185 MT in 2017-21
The Dollar Business Bureau Since the lifting of the mining ban in the three iron-ore rich states of India, Odisha, Karnataka and Goa, India's iron ore production has increased. It is estimated that by 2021 it could touch 185 million tonnes (MT). According to a Fitch Group research company, India’s iron ore production quantity will touch 185 MT in 2021 from 136 MT this year. It should be recollected that mining in all the three states was at its peak between 2000 and 2012, a time when iron-ore powder from Goa was shipped to meet the steel needs of Beijing Olympics in 2008 and India’s iron ore exports to other countries too flourished. It was also during this period that environmental, land-lease and ...
India on path to become pivot for hi-tech mfg: UNIDO
The Dollar Business Bureau India is on the track to become a ‘pivot’ for high-technology world manufacturing even the growth in global manufacturing is likely to stay low in 2016 due to a decline in financial support for production activities, said a latest UN report. “World manufacturing production is likely to surge by just 2.8 percent this year, said the quarterly report World Manufacturing Production, published by the United Nation Industrial Development Organisation (UNIDO). However, compared to last few years, there will be no getaway from the trap of low-growth in 2016. Asian economies witnessed much higher growth performance, where manufacturing output increased by 6.5 percent in the Q2 of the current year. “India’s manufacturing output, which achieved impressive growth rates in the last quarters, experienced ...
World markets, oil fall on Yes vote on Brexit
The Dollar Business Bureau Britain has finally made up its mind! The British people have voted to leave the European Union (EU) in Thursday’s historic referendum, leaving the world in a tizzy and impacting the stocks, currencies and commodities worldwide. Following the vote, Prime Minister David Cameron announced his resignation. "I will do everything I can as Prime Minister to steady the ship in coming months, but I do not think it would be right for me to captain that ship. There is no need for a precise timetable today, but we should aim to have a new prime minister in place by the start of Conservative conference in October," he said on Friday morning during a press conference. The results, officially announced on ...
US Fed keeps interest rates unchanged
The Federal Reserve cut its outlook for the US economy and kept its interest rate policy unchanged today, citing the impact of the global slowdown and turmoil in world markets Source: PTI Fed Chair Janet Yellen said gains in prices relate to "categories that tend to be quite volatile, without very much significance for inflation over time. The Federal Reserve cut its outlook for the US economy and kept its interest rate policy unchanged today, citing the impact of the global slowdown and turmoil in world markets. Giving a picture of the US economy that was less bullish than many had expected, the Fed still forecast continuing hikes to the benchmark federal funds rate this year, but at a slower pace than foreseen ...
