Only the government's emphasis on infrastructure, special announcements on key sectors like telecom, automobiles, etc in the coming Budget can bring cheer to the plastic industry.
Seeks removal of custom duty on commodity polymers and cut in others, but also seeks hike in customs duty on plastic products
'Not paying workers enough will end up being self-destructive or harmful for the corporate sector itself.'
Uttarakhand saw the sharpest decline (of 11 per cent) in the "total persons engaged" in manufacturing in the worst-hit pandemic year of 2020-21 as industrial units shut shop, according to the latest Annual Survey of Industries (ASI) data, released by the Ministry of Statistics and Programme Implementation (MoSPI). This was followed by the decline in the workforce in states such as Jharkhand (8.9 per cent), West Bengal (8.3 per cent), Kerala (8 per cent), and Karnataka (7.8 per cent). The "total persons engaged" in an enterprise is defined as the sum of directly employed workers, supervisory or managerial workers, and the unpaid family members who might be engaged in the enterprise.
Wholesale inflation rate eased to 34-month low of (-) 0.92 per cent in April on easing prices of food, fuel and manufactured items. The wholesale price index (WPI) based inflation has been on a declining trend for 11 months in a row and entered the negative zone in April. In June 2020 WPI was at (-) 1.81 per cent.
The impact of fiscal measures announced by the government to contain inflation will be seen in the next few months because of the base effect, reports Indivjal Dhasmana.
The wholesale price-based inflation eased to a 29-month low of 1.34 per cent in March on easing prices of manufactured products and fuel items, even though food articles turned expensive.
India's merchandise exports in June rose by 16.78 per cent year-on-year to $37.94 billion while the trade deficit ballooned to a record $25.63 billion on account of a steep increase in gold and crude oil imports, according to the government's preliminary data released on Monday. The export growth in June moderated from 20.55 per cent in May and 48.34 per cent in June 2021. During the month under review, exports of engineering, pharmaceutical and plastic products recorded negative growth.
The Centre is pushing for bilateral trade with Cuba and its settlement in rupee as a part of its strategy to internationalise the domestic currency. A delegation from Cuba, including officials from its central bank, met Indian government officials and banks last month to discuss bilateral trade and settlement using the Reserve Bank of India's (RBI's) payment mechanism in rupee, said people aware of the matter. Since the Cuban nation has opened up its economy and is looking to implement reforms to attract investments from India, Cuban banks have evinced interest in opening special rupee vostro accounts (SRVAs) with Indian banks.
The chief minister said non-biodegradable plastic products, mainly polythene covers affect the environment, impeding water flow.
The beds have been manufactured such that after both the marquee events, the beds will be recycled into paper products, while the mattresses formed of polyethylene materials will be reused for plastic products.
The annual rate of inflation based on monthly wholesale price index (WPI) was 1.22 per cent in December as compared to 1.55 per cent in the previous month. It was 2.76 per cent in December 2019. The decline last month was mainly due to lower increase in food prices, data released by the Ministry of Commerce and Industry showed on Thursday. The food inflation for December dropped to 0.92 per cent as compared to 4.27 per cent in the previous month.
Have you switched to cloth bags and bio-degradable options?
The manufacture, import, stocking, distribution, sale and use of following single-use plastic, including polystyrene and expanded polystyrene, commodities shall be prohibited with effect from July 1, 2022: ear buds with plastic sticks, plastic sticks for balloons, plastic flags, candy sticks, ice-cream sticks, polystyrene (thermocol) for decoration; plates, cups, glasses, cutlery such as forks, spoons, knives, straw, trays; wrapping or packing films around sweet boxes, invitation cards, and cigarette packets, plastic or PVC banners less than 100 micron, stirrers, the notification read. The provisions will not apply to commodities made of compostable plastic, the notification said.
International oil prices retreated from an over seven-year high but was still above $100 a barrel and continue to pose threat to India's inflation rate and current account deficit. While there are no supply concerns as the oil route remained open, consumers will feel the pinch when PSU oil firms start passing on the increase in international rates through a revision in petrol and diesel prices, which have been on a pause for over three-and-a-half-months in view of elections in Uttar Pradesh and four other states. The government is "closely monitoring the situation" and will "take appropriate steps as and when required", a top official said. Brent crude oil surged past $105 per barrel on Thursday for the first time since August 2014, following Russia's invasion of Ukraine.
The excise duty cut will translate into a reduction of Rs 9.5 a litre on petrol and Rs 7 a litre in diesel after taking into account its impact on other levies.
The notification bans carry bags, one-time use of polyethylene, straws and thermocol
The research, published in the journal Proceedings of the National Academy of Sciences, found that a significant portion of this ocean plastic debris is expected to make its way onto either beaches or the seabed within three to four years.
The GST Council is scheduled to meet next on November 10 and may consider lowering tax rates on a host of goods such as handmade furniture, plastic products and daily use items like shampoo.
'Ranveer Singh is very lively on the sets. You don't feel the pressure when he's there.'
The environmentally conscious sleeping arrangements were put on display for the media for the first time on Thursday at a mock apartment in the Tokyo 2020 headquarters
India can capture a major share of the $1.5-billion US import market for plastic products, according to a study.
Experts say, investors will be better off exiting them at higher levels and investing in stocks of fundamentally sound companies.
The duty reduction in feedstock would strengthen the domestic manufacturing in India making it more competitive leading to surge in exports of finished goods.
India's export basket for Pakistan has a limited portfolio as Pakistan has not given 'most favoured nation' status to New Delhi and such goods have ready market in South Asia and the Middle East.
Shaheen International, a Pakistani business group, is exploring the possibility of forming a joint venture with Reliance Industries Ltd to set up a petrochemical complex in Pakistan.
Retailers, especially food and grocery chains, are clearly unhappy, saying the ban is impractical
India Inc very keen to do business in Gujarat.
Can Modi enthuse BJP workers to pursue the end of single-use plastic with the same vigour and enthusiasm as they celebrated the attack on a neighbour, asks Aditi Phadnis.
With fuel being the main input cost for the transport sector, rise in cost of operations is a given. The sector is unsure on the extent of being able to pass this on through rentals or to absorb it with higher volumes.
The state governments expressed their resolve to end the menace as India played global host to 2018 World Environment Day celebrations with the theme "Beat Plastic Pollution".
According to a study, humans have generated 8.3 billion metric tonnes of plastics, turning earth into a 'plastic planet'.
Import duty on PVC, at 7.5%, is far lower than that prevailing in comparable economies.
Whatever happens to WPP, the marketing communications business will no longer be the same again, says Sreekant Khandekar.
The problem, say experts, is not so much the use of plastic as the lack of effort to recycle and reuse it.
Infrastructure stocks are once again gaining traction.
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