On today’s episode, financial journalist Govindraj Ethiraj talks to Crisil Chief Economist D K Joshi as well as sports and cricket journalist and commentator Ayaz Memon.
00:00 Stories Of The Day
01:00 Markets and oil turn nervous as Israel threats ground invasion of Gaza
03:07 India imports tomatoes from Nepal but does not reciprocate with rice. Smugglers take over.
09:24 Inflation is down to 5%, was it by accident or design and what is the prognosis then? with DK Joshi
15:37 130,000 people in person and 35 million people watched India-Pak match online. What’s next after the grand show? with Ayaz Memon
20:58 Unilever man becomes New Zealand Prime Minister
Markets & Currency:
On Friday the 13th, the Indian markets ended down. The BSE Sensex ended at 66,283 levels today, down 126 points while the Nifty50 ended at 19,751, down 43 points. The Sensex was positive for the week, up 287 points though.
The markets seem more directionless rather than nervous which would of course be quite understandable.
Oil is now a matter of concern. Brent crude was up almost 6% on Friday, crossing $90 a barrel and closer to $91 a barrel after investors appeared to be considering a worsening of the crisis in the middle east and the Israel-Hamas war.
A Story Of Tomatoes & Rice
On July 20, India banned exports of non-basmati rice, the rice most Indians eat, wherever they are in the world. India controls 40% of global rice exports so this hit several countries badly.
Stated or not, the reason was the perception that unpredictable monsoons might hit rice output and thus prices, not the best thing to happen ahead of the festival season and state elections.
A few weeks later, a fresh order was issued, this time to fix a floor price for basmati rice exports because of the suspicion, apparently, that exporters were exporting non basmati rice as basmati rice. So what should have been going for lets say $1,200 a tonne - which is the floor price by the way was going for maybe $300 a tonne. That could not have thus been basmati rice hence the floor.
Laptops:
On 3 August the Government announced that all laptop imports would be banned and sending everyone including obviously laptop manufacturers like Apple, Samsung, Lenovo and HP into a tizzy, more for the suddenness of the announcement rather than the intent.
The Commerce Ministry has now said that there are "no restrictions as such." on imports of laptops and such.
Tyres Don't TIire:
An ostensible and perhaps rightful reason for the laptop ban, at least in thought, if not execution was to obviously slow down imports, including from China.
This approach has obviously worked in other industries. So much so that the more than a century old Japanese tyre maker Yokohama for instance has said that they are betting on local production in India for a "sustainable and competitive" business model in the country, according to India CEO Harinder Singh.
Yokohama Rubber company, which has been present in the country since 2007 is coming up with a new plant in Visakhapatnam in addition to its existing plant in Bahadurgarh, Haryana.
Inflation, What Is The Outlook?
Inflation numbers last week were a surprise for all, coming in at 5.02% or just 5%. In contrast to the 6.83% in August, this was indeed a steep fall.
Food prices fell, by the way, from a 26% inflation level in August to just 3.4% in September. Cereals were a little lower too, at 10.9% as compared to 11.85% in the previous month. Pulses which include the dals were higher though at 16.3% as compared to 13% in August.
Record Numbers Watch India-Pak Match:
The World Cup has some way to go and things will only start hotting up at the semi finals in this roughly 6-week tournament.
The biggest match to watch was however the India-Pakistan match in Ahmedabad on Saturday which was seen live by a record 130,000 people in the city and some 35 million people online. Numbers for television audiences are still awaited.
Unilever Man Becomes New Zealand PM:
Luxon was earlier Ceo of Air New Zealand and became the leader of National Party at the end of 2021, boosting its popularity until winning Saturday's general election.
Luxon also held senior roles in global consumer goods firm Unilever and said he would use the skills he brought to managing businesses to improve New Zealand.
He worked for 18 years for Unilever in Australia, Britain, Canada and the US, before returning home to lead Air New Zealand. He was last CEO of the Canadian operation for Unilever.
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