India Economy Thread

The ICC project will have a manufacturing capacity of 8,75,000 MT/annum for various carbon products. The three main components of the complex include Speciality Carbon Capacity (500,000 MT/annum), Carbon Black Capacity (300,000 MT/annum), and Advanced Materials Capacity (75,000 MT/annum) at the cost of ₹10,000 crore ($1.25 billion).
energy.economictimes.indiatimes.com

Epsilon Carbon to set up Rs 10,000 crore Integrated Carbon Complex in Odisha - ET EnergyWorld

Epsilon Carbon: The ICC project will have a manufacturing capacity of 8,75,000 MT/annum for various carbon products. The three main components of the complex include Speciality Carbon Capacity (500,000 MT/annum), Carbon Black Capacity (300,000 MT/annum), and Advanced Materials Capacity (75,000...
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In a major decision that promises to significantly boost the industrial and economic landscape of the state, the Cabinet approved a special incentive package for the JSW group’s ambitious Electric Vehicle and component manufacturing projects at Naraj in Cuttack and Paradip in Jagatsinghpur district, they said.

These projects, with a combined investment of over Rs 40,000 crore ($5 billion) and employment potential of over 11,000, are set to usher in a new era of industrial growth and job creation in the state.

The JSW Group has proposed to set up an EV and EV battery manufacturing project at Naraj with capacity of 50 GWH . It will be the world’s largest single location project in the sector. The company is also planning to set up an OEM Plant for EVs and components in teh same facility in two phases. In these two phases, JSW plans to invest Rs 25,000 crore ($3.2 billion) in the state, generating employment for more than 4000 people.

This apart, JSW plans to set up EV components manufacturing complex comprising Copper smelter along with Lithium Smelter in Paradip in third phase of its footprint in this new age sector. In this phase, the company plans to invest Rs 15,000 ($1.9 billion) crore in the state, generating employment for more than 7000 people.
odishabytes.com

Odisha Cabinet Approves 14 Proposals, Welcomes 1st EV Manufacturing Project By JSW With Incentive Package - odishabytes

Bhubaneswar: The Odisha Cabinet approved 14 important proposals related to 12 departments at its meeting held in Bhubaneswar on Monday. The Cabinet meeting was held in the conference hall of Lok Seva Bhawan under the Chairmanship of Chief Minister Naveen Patnaik. After the meeting, Science and...
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Cheaper Venezuelan crude oil may start flowing to India from next month after three years as domestic refiners are moving away from Russia to more economical energy imports after sanction-hit Moscow drastically reduced discounts to around $2 a barrel, three people aware of the development said.

In contrast, Venezuelan crude can be bought with effective discounts of around $8-10 per barrel after the US eased sanctions against the country mid-October, they said, requesting anonymity. Discounts are generally with reference to the benchmark Brent crude, which fell about 1% to $78.56 a barrel on Friday. The downward trend continued on Monday as Brent fell by 0.22% at $78.39 in morning trade.

In order to secure India’s growing energy needs, New Delhi has not only diversified its crude oil imports but also made efforts to resume imports from old suppliers such as Venezuela, said one of the people, a company executive. India, the world’s third largest crude oil consumer, imports more than 87% of its requirements. It is willing to secure supply contacts with any producer at economical rates, he added.

“Refiners have purely commercial considerations while importing crude. A while before the US sanctions actually hit India in 2020, Venezuela was among the key crude oil suppliers. It had become India’s the third largest supplier of crude oil in 2012 with new refineries as key takers, configured to process cheap but low-quality waxy Venezuelan crude,” said the second person, a government official. Reliance Industries’ Jamnagar plants and Essar (now Nayara) were the two main buyers of Venezuelan crude at that time and later some state-run refiners also contracted long-term crude supply contracts with PDVSA, the Venezuelan state oil company.

India’s imports from Venezuela surged to $11,729.89 billion in 2014-15, mainly on purchase of crude oil, according to data submitted in the Lok Sabha on July 31, 2017. The imports subsequently fell to $5,701.81 billion in 2015-16 because of a steep decline in global crude oil prices. Average crude oil import price of the country (the Indian basket), which was $86.14 a barrel in 2014-15, dipped to $46.17 in 2015-16, an over 46% fall.

Due to the US sanctions, imports from Venezuela (over 90% of crude supplies) saw a sharp fall from $6.05 billion 2019-20 to $714 million in 2020-21. It plunged further to $334 million and $178 million in 2021-22 and 2022-23, respectively. Other than crude oil, India imported dye intermediates, iron, copper and lead from the Latin American country.

Both public and private sector refiners have started negotiating long-term, large volume contracts with PDVSA. Some have also contracted immediate supplies and they are on the way, the third person said.

“With Venezuelan crude available in the market and some Indian refiners expressing interest in purchasing discounted Venezuelan crude to diversify their imports and capitalize on refining margins at the expense of some sour Middle Eastern grades, India’s crude import strategy is at a crucial and intriguing phase,” said Sumit Ritolia, refinery economics analyst at S&P Global Commodity Insights, an information provider.

Due to heavy discounts, refiners will prefer Venezuelan crude compared to Russian crude, which once rose to one-third of the Indian basket from about 0.2% in 2022-23, the people said. Russia contributed over 35% of India’s total crude imports in 2023, amounting to 1.7 million barrels per day, according to S&P Global.

In December, Indian imports of Russian crude oil averaged 1.43 million barrels per day, reflecting a decrease of 150,000 barrels per day compared with November, and a significant drop of 620,000 barrels per day from the peak in May, which marked India’s highest monthly imports from Russia.
www.hindustantimes.com

Cheaper Venezuelan crude may return to India from Feb

In contrast, Venezuelan crude can be bought with effective discounts of around $8-10 per barrel after the US eased sanctions against the country mid-October, people aware of the matter said
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India’s stock market has overtaken Hong Kong’s for the first time to rank as the fourth-biggest equity market globally by market capitalization. India’s market cap stood at $4.33 trillion on Tuesday as compared to $4.29 trillion for Hong Kong, reported Bloomberg.
Currently, the US is the world’s biggest stock market with mcap of $50.86 trillion followed by China with a mcap of $8.44 trillion and Japan at $6.36 trillion.
India’s stock market capitalization crossed $4 trillion for the first time on 5 December, with around half of that coming in the past four years, according to Bloomberg. The growth in the Indian stock market came on the back of a growing retail investor base, persistent inflows from foreign institutional investors (FII), strong corporate earnings, and solid domestic macroeconomic fundamentals. The Indian markets have settled with gains for eight consecutive years and are poised for further growth.
On the other hand, Hong Kong’s Heng Seng has witnessed a record four-year losing streak while the Shanghai Stock Exchange saw its second consecutive year of losses. The negative sentiment toward China and Hong Kong has further deepened this year due to a lack of major economic stimulus measures.

According to Bloomberg, India has positioned itself as an alternative to China, attracting fresh capital from global investors and companies alike, thanks to its stable political setup and a consumption-driven economy that remains among the fastest-growing of major nations.
The Hang Seng China Enterprises Index, a gauge where some of China’s most influential and innovative firms are listed, is already down about 13 per cent this year. China’s stringent anti-COVID-19 curbs, regulatory crackdowns on corporations, a real estate crisis, and geopolitical tensions with the West have all combined to erode its position as the world’s growth engine. The total market value of Chinese and Hong Kong equities have plunged over $6 trillion, since their peaks in 2021.
 
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HSBC: Indian bonds set for new era with $100 billion flows​

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Indian economy on strong footing! Business activity expands at fastest pace in four months - shows PMI data
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timesofindia.indiatimes.com

Indian economy on strong footing! Business activity expands at fastest pace in four months - shows PMI data - Times of India

India Business News: India's business activity expanded at the fastest pace in four months in January on stronger demand, indicating that it is likely to maintain its posi
timesofindia.indiatimes.com timesofindia.indiatimes.com
CMAN signs agreement with KMC to build new world-class lime factory in Northern India
www.bangkokpost.com

CMAN signs agreement with KMC to build new world-class lime factory in Northern India

CMAN has made a hugely significant move by signing the "Khimsar Agreement" with Khimsar Mine Corporation to build a modern lime factory in Khimsar, Rajasthan, only the first step towards becoming one of the largest lime producers in India.
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mysuruinfrahub.com

Kalaburagi to see Rs. 7610 Cr Industrial Investments in Cement Sector: IT BT Minister Kharge

Shri Priyank Kharge, the Minister of IT and BT for the Government of Karnataka, recently took to his official Twitter account to announce substantial new
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1) Shree Cement Limited
  • Place of Investment: Gulbarga District
  • Investment Amount: ₹2,850 Crores
  • Production Capacity: 6 Million Tonnes/Year
  • New Jobs: 1000
2) Ultratech Cement Limited
  • Place of Investment: Gulbarga District
  • Investment Amount: ₹2,670 Crores
  • Production Capacity: 4 Million Tonnes/Year
  • New Jobs: 650
3) Orient Cement Ltd
  • Place of Investment: Gulbarga District
  • Investment Amount: ₹90 Crores
  • New Jobs: 60
4) Ramco Cements Limited
  • Place of Investment: Gulbarga District
  • Investment Amount: ₹2,000 Crores
  • Production Capacity: 2.15 Million Tonnes/Year
  • New Jobs: 360

IT ministry to take Rs 10,000 crore ($1.25 billion) plan for supercomputing hubs to Cabinet soon: Rajeev Chandrasekhar
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Global PE major EQT looks to invest $5 billion in India in the next 3-4 years​

www.cnbctv18.com

Global PE major EQT looks to invest $5 billion in India in the next 3-4 years - CNBC TV18

Global private equity firm EQT which has total assets under management worth over $250 billion is bullish on India. Top India team of EQT share their India investment strategy and key themes on Big Deal with CNBC-TV18’s Nisha Poddar.
www.cnbctv18.com www.cnbctv18.com



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energy.economictimes.indiatimes.com

SAEL secures $1 billion for renewable energy projects in India - ET EnergyWorld

The capital raise sees participation from major entities like Norfund, DFC, ADB, Tata Cleantech, and other financial institutions. This funding is part of SAEL's plan to invest ₹15,000 crore by FY 25, aiming to add 2-2.5 GW of renewable capacity annually towards a target of 10 GW over the next...
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