Industry Odisha Bureau, Sep 03: The Senate passed the Lindsey O. Graham Sanctioning Russia and Iran Act in twenty twenty-six. The legislation authorises tariffs of up to one hundred percent on countries. These include the five largest importers of Russian crude oil or natural gas. India faces particular exposure because Russian crude now represents roughly half of imports. Before the Russia-Ukraine conflict, Russian crude represented only approximately two percent of imports. India has deliberately diversified its energy supplies to reduce crude import costs substantially. In twenty twenty-six alone, imports nearly doubled from four point five four MMT. The imports rose…
Author: Industry Odisha
Industry Odisha Bureau, Sep 03: India recorded 7.8% GDP growth in the April-June 2026 quarter recently. The government clarified that revisions to earlier GDP figures were methodological. Critics had questioned the revision of the previous fiscal year’s estimate. The government said the changes reflected base-year shifts and statistical updates. Q1 FY2025-26 GDP at current prices was initially 86.05 lakh crore. That calculation used the then-prevailing 2011-12 base-year statistical series for estimation. The government introduced a new series with 2022-23 base year basis. Under the new series, the corresponding Q1 FY2025-26 GDP became 80 lakh. The change was not a deliberate…
Industry Odisha Bureau, Sep 03: Iraq’s oil exports recovered significantly in August as improved Hormuz access encouraged buyers. Iranian authorities permitted some Iraqi oil tankers to transit the strategic strait region. India and China emerged as major buyers of heavily discounted Basrah crude shipments. Reliance Industries received four million barrels of Iraqi crude during the August period. Industry sources cited substantial savings and improved shipping economics as driving factors. Iraqi state oil marketer SOMO offered August-loading Basrah cargoes at twenty-five to thirty dollar per barrel discounts on a free-on-board basis. The steep discounts attracted international traders, including Chinese state majors…
Industry Odisha Bureau, Sep 03: Shiseido sees India’s highly diverse beauty market as demanding strategic brand localisation. India’s exceptional diversity makes standardised global beauty strategies increasingly difficult to implement. Nicole Tan, Shiseido’s Asia Pacific president and chief executive, highlighted India’s complex market dynamics. The nation spans twenty-eight states with distinct cultures, climates and varying consumer behaviours. Indian consumers increasingly embrace diversity, individuality and self-expression in beauty product preferences. Historically, much of India’s market focused heavily on fairness and whitening products. The shift toward diverse beauty ideals creates significant opportunities for global beauty companies. Tan noted that women now feel confident…
Industry Odisha Bureau, Sep 03: India’s digital communications commission is expected to decide soon on satellite spectrum charges. The inter-ministerial panel will establish allocation tenure for broadband operators including Starlink. The decision marks a crucial milestone for India’s emerging satellite broadband market. The DCC, the highest decision-making body of DoT, is likely to approve charges. The charges will be based on adjusted gross revenue metrics for satellite firms. The expected framework proposes spectrum charges of five percent of adjusted gross revenue. Satellite companies serving certain notified rural areas will receive substantial incentive reductions. The proposed incentive is a one-percentage-point reduction…
Industry Odisha Bureau, Sep 03: Regional airline Fly91 has placed an order for forty new ATR-72 turboprop aircraft. The order ranks among the largest recent purchases of the aircraft type. Fly91 aims to expand connectivity across smaller towns and cities across India. The carrier sees significant opportunity in routes that larger jets cannot efficiently serve. The fleet expansion reflects Fly91’s strategic bet on India’s emerging regional aviation market. At list price, the order carries a valuation exceeding one billion dollars total. However, airlines typically receive substantial discounts on such large aircraft purchase orders. Fly91 is simultaneously raising approximately two hundred…
Industry Odisha Bureau, Sep 02: The Finance Ministry has directed public sector general insurers to prioritise profitable business lines. This emphasis reflects a broader push to strengthen the financial performance of state-owned insurers. Department of Financial Services Secretary Sanjay Lohiya asked PSGICs to adopt suitable measures reducing incurred claim ratios significantly. The direction emerged from a performance review meeting covering underwriting performance across all business segments. The secretary stressed that controlling incurred claim ratios is essential for underwriting sustainability and profitability. Lower claims pressure enables insurers to improve their overall underwriting economics and financial viability substantially. This requires discipline in…
Industry Odisha Bureau, Sep 02: Pakistan has urged India to engage constructively within the Indus Waters Treaty framework. This call comes after India rejected the Hague-based Court of Arbitration’s recent award. India maintains its decision to hold the treaty in abeyance remains firmly in force. The sharply divergent positions highlight fundamental disagreements between India and Pakistan on the treaty. Pakistan Foreign Office spokesperson Tahir Andrabi said Islamabad remained committed to implementing the treaty. The spokesperson said Pakistan would urge India to adopt the same constructive approach. Andrabi added that the Court of Arbitration reaffirmed the treaty as fully enforced. Pakistan…
Industry Odisha Bureau, Sep 02: India’s sovereign credit rating reflects its ability and willingness to service debt obligations. Fitch Ratings maintains India’s sovereign rating at BBB- with a stable outlook currently. S&P Global assigns India a BBB rating, while Moody’s rates the nation Baa3. These differing ratings reflect the distinct methodologies employed by the major rating agencies. BBB- represents the lowest investment-grade category under Fitch’s comprehensive rating scale structure. A sovereign rating assesses multiple economic and institutional dimensions affecting creditworthiness fundamentally. Rating agencies examine institutional factors, economic factors, external position factors and fiscal factors. Monetary policy flexibility and central bank…
Industry Odisha Bureau, Sep 2: India’s gold imports have surged significantly, with imports concentrated increasingly in United Arab Emirates shipments. Imports rose 47.1 percent to 11.01 billion dollars during the April-June 2026 period overall. The United Arab Emirates alone accounted for nearly half of the total quarterly increase in imports. This geographic concentration has brought the India-UAE free trade agreement’s gold tariff concession under scrutiny. The divergence between UAE and global gold-import trends grew particularly stark in June 2026. India imported 649.4 million dollars of gold from the UAE that month overall. That represented a 175.2 percent increase compared with…