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New Delhi, <keyword id="10502779" type="COMPANY" weightage="20" keywordseo="the-all-india-rubber-industries-association">The All India Rubber Industries Association</keyword> (AIRIA) has called for rationalisation of <keyword id="4776373" type="PERSON" weightage="20" keywordseo="Tax-Structure">tax structure</keyword> and said that the inverted duty structure impacts the local industry. It also said that the government should consider providing adequate support and handholding to the producers and should device '<keyword id="1465575" type="COMPANY" weightage="20" keywordseo="Phased-Manufacturing-Programme">Phased Manufacturing Programme</keyword>' for enhancing the localisation in the <keyword id="159613" type="PERSON" weightage="20" keywordseo="rubber-sector">rubber sector</keyword> of India. The industry body noted that import of raw materials such as <keyword id="388853" type="PERSON" weightage="20" keywordseo="Natural-Rubber">natural rubber</keyword> and latex attract import duties of as high as 70 per cent, while that on finished goods is much lower, which impacts the local rubber goods producing industry, and stands as an obstacle towards the vision of 'Atmanirbhar Bharat'. "Some of the products which used to come from China are being routed through Thailand and Vietnam at either zero per cent duty or 5 per cent duty. India should correct the customs duty for the sector. The Indian rubber industry uses more than 70 raw materials and some of them also attract anti-dumping duty as well," AIRIA said. As per the rubber industry body, the ideal duty structure for growth in the country should be the highest for finished goods, medium for intermediate goods and the lowest for raw materials. At present, the structure stands inverted, it said. AIRIA further said that the sector has to resort to import of natural rubber as the quality produced in the country is not "up to the mark" and the tyre manufacturers buy the bulk of domestically-produced high-quality supplies, leaving no choice for the MSMEs and the other rubber goods producers than to go for imports for good quality raw materials from foreign players. V.T. Chandhrasekharan, President of AIRIA said that in line with the Centre's vision to make a self-reliant India, the nation has tremendous potential to grow and could become a hub for sourcing <keyword id="7885733" type="UNKNOWN" weightage="20" keywordseo="rubber-components">rubber components</keyword> and products if the inverted duty structure in the rubber sector is corrected. AIRIA noted that there are many goods which use rubber as a component and the producers of these components are bound to import the products due to irrational duty structure. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/top-stocks-to-watch-mrs-bectors-ril-bharti-airtel-vodafone-idea-ilfs-interglobe-aviation-future-group-deepak-nitrite-jubilant-foodworks-and-others/articleshow/79933826.cms">Top stocks to watch – Mrs Bectors, RIL, Bharti Airtel, Vodafone Idea, IL&amp;FS, InterGlobe Aviation, Future Group, Deepak Nitrite, Jubilant FoodWorks, and others</a> <a href="https://www.businessinsider.in/stock-market/news/there-are-one-of-only-17-indian-companies-out-of-500-that-aced-the-du-pont-test/articleshow/79911627.cms">There are one of only 17 Indian companies out of 500 that aced the Du Pont test</a> <a href="https://www.businessinsider.in/business/corporates/news/wipro-buyback-offer-details-and-700-million-metro-ag-deal-drives-share-price/articleshow/79911875.cms">Wipro offers 10% more to buy back shares and signs a $700 million deal with Metro AG – everything that’s driving the IT services stock higher today</a>

All India Rubber Industries Association seeks tax reforms for rubber industry

<table class="image-container float_right" width="200"><tr><td><div class="image"></div>Pablo Blazquez Dominguez/Getty Images</td></tr></table>Nobody's talking much about the financial or sovereign debt crisis in <keyword id="6363645" type="COUNTRY" weightage="60" keywordseo="Spain">Spain</keyword> right now.
But the economy continues to be dismal.
Spanish industrial production in November saw a huge drop that was far worse than estimates.
<a href="http://www.ine.es/en/daco/daco42/daco422/ipi1112_en.pdf">From the report</a> (.pdf):
The Industrial Production Index (IPI) experienced an annual variation of –7.3% in November, more than eight points below that registered in October.
All the industrial sectors presented negative annual rates. Those that most influenced were:
• Capital goods, with a variation of –12.9% and an effect of –2.555 on the general index, due to the negative evolution in the majority of activities comprising this sector. Among them, highlighting Manufacture of metal elements for construction, Manufacture of motor vehicles and Manufacture of parts and accessories for motor vehicles.
• Intermediate goods, with a rate of –7.4% and an effect of –2.468. The activities most influenced in this drop were the Manufacture of basic chemical products, nitrogen compounds, fertilisers, plastics and synthetic rubber in primary forms and Manufacture of rubber and plastic products. Conversely, the Manufacture of other chemical products presented an important increase in its production.
• Non-durable consumer goods, with a rate of –6.1% and an effect of –1.787. In the most of the activities comprising this sector decrease their productions. Among the activities with the most negative effect, worth noting the Graphic arts and related services and Manufacture of soaps, detergents, and other cleaning and polishing items; manufacture of perfumes and cosmetics. Among the increases highlighted the Manufacture of bakery and farinaceous products.

Horrendous Drop In Spanish Industrial Production

<ul><li>The economic distress from the recent <keyword id="48088" type="COMPANY" weightage="20" keywordseo="floods">floods</keyword> in <keyword id="28504" type="LOCATION" weightage="20" keywordseo="Kerala">Kerala</keyword> is mounting. Total losses have been pegged at ₹210 billion. </li><li>A recent report by India Ratings predicts that two-Kerala based banks, <keyword id="6356495" type="UNKNOWN" weightage="20" keywordseo="federal-bank">Federal Bank</keyword> and South India Bank, could see a 20-25% surge in their <keyword id="142154" type="PERSON" weightage="20" keywordseo="bad-loans">bad loans</keyword> as a result of the floods. </li><li>Most of the banks in the region focus their lending on the two sectors that have been adversely impacted by the floods - SMEs and <keyword id="6355165" type="UNKNOWN" weightage="20" keywordseo="agriculture">agriculture</keyword>. </li></ul>The economic distress from the recent floods in Kerala is mounting. Total losses have been pegged at ₹210 billion. The state’s GDP for the current financial year is expected to fall by 1 percentage point. Insurers are readying a payout of ₹13 billion for motor and property claims alone. The national production of rubber and coffee is also expected to take a huge hit. And now, the balance sheets and financial strength of banks in the region are predicted to deteriorate significantly. Around five banks, including Federal Bank and <keyword id="125585" type="COMPANY" weightage="20" keywordseo="South-Indian-Bank">South Indian Bank</keyword>, are based in Kerala with a quarter of their loan book concentrated on the state. Infact, a recent report by India Ratings, predicts that Federal and South India could see a <a href="https://www.indiaratings.co.in/PressRelease?pressReleaseID=33662&amp;title=Market-Wire%3A-Lenders-with-Exposure-to-Kerala-Brace-for-a-Jolt-Amid-Floods">20-25% surge</a> in their bad loans as a result of the floods. Even microfinance institutions will see their operations affected owing to defaults. Last week, the CEO of Federal Bank, Shyam Srinivasan, said that the bank’s non-performing loans could rise by <a href="https://www.business-standard.com/article/markets/federal-bank-expects-bad-loans-from-kerala-to-go-up-20-30-says-md-ceo-118082200060_1.html">as much as 30%</a> within the next few quarters owing to its high level of exposure to the rubber and tourism industries. Most of the banks in the region focus their lending on the two sectors that have been adversely impacted by the floods - small and medium-sized enterprises (SMEs) and agriculture. While agricultural output in Kerala will most definitely take a hit in the near term, even small businesses will suffer due to the loss of inventory, property damage and irregularity in cash flows. This in turn, will inevitably affect the ability of farmers, agricultural collectives and small business owners to pay back their loans. To soften the blow to creditors in the agricultural sector, the government has allowed a one-year grace period for interest and five-year grace period for principal payments on these loans. So banks will not have to immediately recognise these accounts as stressed. In the short term, banks could see a windfall in deposits as a result of a spike in remittances to the state. The floods are expected to unleash a wave of payments from Indian diaspora to their families. The absolute value of remittances will also be given a boost due to the weak rupee.

Kerala floods could lead to a surge in bad loans at India’s regional banks

New Delhi, Jan 19 () The Commerce Ministry has recommended restricting purchase of tax-free alcohol to one bottle at duty-free shops as part of steps to reduce import of non-essential goods, sources said.
The ministry has also recommended to its finance counterpart that purchase of cigarette cartons at duty-free shops should be prohibited, they said.
These recommendations are part of proposals made by the commerce ministry for the forthcoming Budget, which would be unveiled by Finance Minister Nirmala Sitharaman on February 1.
Currently inbound international passengers are allowed to buy two litres of alcohol and a carton of cigarette from these shops.
According to sources, there are countries that allow only one litre of liquor to international passengers and the same practice can be adopted in India.
This suggestion assumes significance as the government is looking at various ways to curtail import of non-essential goods into the country to rein in trade deficit.
A duty-free shop is where an inbound international passenger can generally purchase goods worth about Rs 50,000 without paying any import duty. 
 The commerce ministry has also suggested increase in customs duty on several products like paper, footwear, rubber items and toys to promote 'Make in India' and boost manufacturing growth, sources said.
The ministry has proposed rationalisation of basic customs or import duty on over 300 items from different sectors, including furniture, chemicals, rubber, coated paper and paper boards. RR CS MR

Commerce min for restricting duty-free alcohol purchase to one bottle

New Delhi, Apr 15 () Agricultural and allied activities including dairy, fisheries as well as tea, coffee and rubber plantation are allowed to function in the second phase of the COVID-19 lockdown, the government said on Wednesday issuing fresh guidelines.Operations of tea, coffee and rubber plantations are allowed with maximum 50 per cent workers. Processing, packaging, sale and marketing of these commodities as well as cashew have been allowed with maximum 50 per cent workers, it said."All agricultural and horticultural activities remain fully functional," the Ministry of Home Affairs said, issuing a new set of guidelines for enforcement during the second phase of the lockdown till May 3.The government has allowed farming operations and farm workers in the field. Agencies engaged in procurement of agri-products, including MSP operations are permitted during the lockdown period.Even mandis operated by the Agriculture Produce Market Committee or as notified by the state government as well as direct marketing operations by the state government or industry directly from farmers or Farmer Producers Organisations are allowed to operate.The government further asked state governments to promote decentralised marketing and procurement of farm commodities at village level.As harvesting of rabi crops like wheat is underway, the government has allowed inter and intra state movement of harvesting and sowing related machines like combined harvester and other agriculture and horticulture implements.That apart, the government has allowed shops of agriculture machinery, its spare parts including its supply chain and repairs to remain open.Custom hiring centres related to farm machinery are also allowed to remain open during the lockdown.For smooth supply of farm inputs during the ongoing sowing of kharif crops, the government has permitted manufacturing, distribution and retail of fertilisers, pesticides and seeds.To ensure the fishery sector does not suffer during the lockdown, movement of fish and fish products, fish seed and feed as well as workers engaged in these activities are allowed.Marine and inland fishing operations as well as the aquaculture industry including feeding, maintenance, harvesting, processing, packaging, cold chain, sale and marketing -- are allowed to operate.Hatcheries, feed plants and commercial aquaria are also allowed.To ensure smooth supply of milk to consumers and protect farmers, the government has allowed collection, processing, distribution and sale of milk and milk products.Milk processing plants are allowed to operate including transport and supply chain.Poultry farms and hatcheries as well as livestock farming activity are also permitted during the lockdown.For smooth supply of animal feed to the livestock sector, the government has permitted feed plants to operate including supply of raw material such as maize and soya.The government has also permitted operation of animal shelter homes including Gaushalas during the lockdown period. LUX SHW ANUANU

Agricultural, allied activities including fishery allowed to operate in 2nd phase of lockdown

New Delhi, Dec 18 () Tripura's first special economic zone (SEZ) with an estimated investment of Rs 1,550 crore, which will generate 12,000 skilled jobs, will come up at Paschim Jalefa, Sabroom, the central government said on Wednesday.
 The Ministry of Commerce and Industry has notified the setting up of the first-ever SEZ in the state.
 The sector-specific economic zone for agro-based food processing is being set up at Paschim Jalefa, Sabroom, South Tripura District, which is 130 km away from Agartala.
 "The estimated investment in the project will be around Rs 1,550 crore," the government said.
 The developer of the SEZ will be Tripura Industrial Development Corporation.
 Rubber-based industries, textile and apparel sectors, bamboo and agri-food processing industries will be set up in the SEZ.
 Setting up of the SEZ in Sabroom will open up new avenues to attract private investment considering the proximity of the Chittagong Port and construction of the bridge across Feni River in South Tripura that is underway, it added.
 After it is set up, 100 per cent income tax exemption will be provided on export income for SEZ units for the first 5 years.
 Also, 50 per cent exemption will be provided for the next 5 years and 50 per cent of the ploughed-back export profit for another 5 years. RSN NKD HRS

First-ever SEZ in Tripura to create 12,000 skilled jobs

Fully imported cars, including electric vehicles, will cost more with <keyword id="25455" type="General" weightage="50" keywordseo="finance" source="Orion">Finance</keyword> Minister <keyword id="129243" type="General" weightage="50" keywordseo="nirmala-sitharaman" source="Orion">Nirmala Sitharaman</keyword> announcing hike in <keyword id="6360806" type="General" weightage="80" keywordseo="customs" source="Orion">customs</keyword> duty in the <keyword id="6360189" type="General" weightage="50" keywordseo="union-budget" source="Orion">Union Budget</keyword> 2023-24. Customs duty on vehicles in completely built units (CBUs) costing less than USD 40,000 or with engine capacity of less than 3,000 cc for petrol-run vehicles and less than 2,500 cc for diesel-run vehicles has been raised from 60 per cent to 70 per cent, as per the <keyword id="6358021" type="General" weightage="100" keywordseo="budget" source="Orion">Budget</keyword> document. Similarly, customs duty on electrically operated vehicles in CBU form, other than with cost, insurance and freight (CIF) value of more than USD 40,000, has also been raised to 70 per cent from 60 per cent. The Budget also outlined that customs duty on vehicles, including electric vehicles, in semi-Knocked down (SKD) form will rise to 35 per cent from 30 per cent earlier. Already, cars imported as CBUs with CIF of more than USD 40,000 or with engine capacity of more than 3,000 cc for petrol-run vehicles and more than 2,500 cc for diesel-run vehicles attract 100 per cent customs duty. "The Government has proposed to increase the duties on completely built units (CBUs) to 70 per cent from 60 per cent earlier. "This is unlikely to have a material impact as most of the luxury cars are now assembled in India, barring the top-end variants. Nonetheless, an increase in customs duty will further aim to promote domestic manufacturing going ahead," Icra Senior Vice President &amp; Group Head Corporate Ratings Shamsher Dewan said. On the other hand, Sitharaman proposed "to further provide impetus to green mobility, customs duty exemption is being extended to import of capital goods and machinery required for the manufacture of lithium-ion cells for batteries used in electric vehicles. The Finance Minister also noted that replacing old polluting vehicles is an important part of "greening the country's economy". "In furtherance of the vehicle scrapping policy mentioned in Budget 2021-22, I have allocated adequate funds to scrap old vehicles of the Central Government," she said. States will also be supported in replacing old vehicles and ambulances, Sitharaman added. "Multiple proposals in the Union Budget are seen favourable for the automotive sector. A sharp 33 per cent increase in capital investment outlay, identification of critical transport projects for first and last-mile connectivity, and relaxation in personal tax rates shall aid the demand for the auto sector," Dewan stated. Thrust on green energy continues with specific budgetary allocation for old vehicle scrappage, energy transition, and viability gap funding for battery storage solutions with 4000 MWh, he added. Customs duty exemption on the import of capital assets for manufacturing lithium-ion cells for batteries used in electric vehicles shall facilitate EV ecosystem development and aid faster penetration, Dewan said. "An increase in the duty rates on compounded rubber from 10 per cent to Rs 25 (or) 30 per kg, whichever is less, is a challenge for the tyre industry, which significantly depends on imported rubber," he added. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/budget/news/budget-for-stipend-to-47-lakh-youth-under-apprenticeship-scheme/articleshow/97522243.cms">Budget for stipend to 47 lakh youth under apprenticeship scheme</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/budget/news/budget-will-fulfil-dreams-of-aspirational-society-farmers-and-middle-class-pm-modi/articleshow/97522670.cms">Budget will fulfil dreams of aspirational society, farmers and middle class: PM Modi</a>

Budget 2023: Fully imported cars, including EVs, to cost more

New Delhi [India], July 21 (ANI): As the Union <keyword id="19956758" type="General" weightage="20" keywordseo="Finance-Minister" source="keywords">Finance Minister</keyword>, <keyword id="19916618" type="General" weightage="20" keywordseo="Nirmala-Sitharaman" source="keywords">Nirmala Sitharaman</keyword>, is set to present her seventh <keyword id="19908389" type="General" weightage="100" keywordseo="Union-Budget" source="keywords">Union Budget</keyword>, the <keyword id="21660910" type="General" weightage="20" keywordseo="Monsoon-Session" source="keywords">Monsoon Session</keyword> of Parliament will commence on July 22. With the presentation of this year's budget, Sitharaman will establish herself as the first Finance Minister to present seven consecutive budgets, breaking the record of Morarji Desai's six budget presentations. Desai, who was the country's Finance Minister from 1959 to 1964, presented a record six budgets for the country, of which five were full budgets and one was an interim budget. Like the previous few full Union Budgets, <keyword id="15478236" type="General" weightage="20" keywordseo="budget-2024" source="Orion">Budget 2024</keyword> will also be delivered in paperless form. An Interim Union Budget 2024 was presented on February 1, as the country was due for general elections. As part of the <keyword id="20321465" type="General" weightage="20" keywordseo="budget-preparation" source="keywords">budget preparation</keyword>, the Finance Ministry has completed several rounds of deliberations with different stakeholders of the economy. These meetings started on June 20, during which Sitharaman met representatives from trade unions, the education and health sectors, employment and skilling, MSMEs, trade and services, industry, economists, the financial sector and capital markets, as well as representatives from the infrastructure, energy, and urban sectors. During the meetings, economists discussed several critical issues, such as boosting capital expenditure and reducing the fiscal deficit. The group of economists suggested to the ministry that the focus should be on reducing the fiscal deficit in the upcoming budget, along with the need to generate employment growth. The industry body, the Confederation of Indian Industry (CII), suggested that the government increase capital expenditure in the upcoming budget. The economists also emphasised the need to enhance capital expenditure. Farmer associations urged the Finance Minister to enhance the budgetary allocation for the agriculture sector. Representatives from the skilling and employment sectors suggested ways to skill the youth for better utilization of the workforce. This year's Monsoon Session will have 19 sittings until August 12. The Modi government is expected to present six bills, among which the Aircraft Act and Parliament's nod for the budget of Jammu and Kashmir are prominent. The government will also present the Finance Bill after the announcement of the budget on July 23. Among the other bills, the disaster management law, the Bhartiya Vayuyan Vidheyak 2024, the Boilers Bill, the Coffee (Promotion and Development) Bill, and the Rubber (Promotion and Development) Bill will be tabled in this year's Monsoon Session. The Bhartiya Vayuyan Vidheyak 2024 will replace the Aircraft Act of 1934 and streamline regulations in the civil aviation sector, aiding industry players in the sector. The interim budget, tabled on February 1, addressed the financial needs of the intervening period until a government was formed after the Lok Sabha polls, after which a full budget was supposed to be presented by the new government in July. The Union Budget documents will be available on the "Union Budget Mobile App" for hassle-free access to budget documents by Members of Parliament (MPs) and the public. The app is bilingual (English and Hindi) and is available on both Android and iOS platforms. The app can also be downloaded from the Union Budget Web Portal (www.indiabudget.gov.in).

FM Sitharaman to present historic seventh consecutive Union Budget in paperless format

<ul class="summary-list"><li><keyword id="419592" type="PERSON" weightage="60" keywordseo="Core-inflation">Core inflation</keyword>, which excludes volatile food and energy prices, leaped the most since 1982 in April.</li><li>The jump underscores how supply shortages and bottlenecks hindered firms' ability to meet surging demand. </li><li>Economists still expect such <keyword id="22195" type="COMPANY" weightage="60" keywordseo="Inflation">inflation</keyword> to cool as supply chains heal and production rebounds.</li></ul>The Bureau of Labor Statistics' <a href="https://www.businessinsider.com/inflation-consumer-price-index-april-cpi-economic-reopening-price-growth-2021-5">latest inflation report</a> includes many superlatives.The Consumer Price Index posted its largest most month-over-month jump since 2009. Its year-over-year increase was the largest since 2008, and used vehicle prices <a href="https://www.businessinsider.com/used-car-prices-inflation-gas-shortage-stockpiling-drivers-slammed-reopening-2021-5">soared the most on record</a>, dating all the way back to 1953.But core inflation - a better tool for measuring bottlenecks in the <keyword id="6395867" type="UNKNOWN" weightage="60" keywordseo="Manufacturing-Sector">manufacturing sector</keyword> - also jumped at a rate not seen in decades. The gauge soared 0.9% last month, marking the largest one-month climb since 1982.Core inflation measures price growth for an index of items that excludes food and energy, which tend to see more violent price swings. Within the core group, prices for shelter, airline tickets, recreation, car insurance, and home furniture all drove the April surge, according to the report.Economists anticipated such price growth as the <keyword id="34412" type="ORGANIZATION" weightage="100" keywordseo="economy">economy</keyword> nears full reopening after more than a year of lockdowns. The Federal Reserve has said for months that reopening will likely drive a period of strong inflation, but that price growth would return to healthy levels soon afterward.The April pickup in core inflation underscores this, as it shows many firms struggling with supply shortages as reopening brings a level of demand not seen for more than a year. Manufacturers reported last month that supply-chain disruptions and massive order backlogs <a href="https://www.businessinsider.com/economic-outlook-us-manufacturers-worker-shortages-supply-chain-disruptions-backlogs-2021-5">hindered their ability to meet rebounding demand</a>. Others raised concerns that the bottlenecks would boost production costs and spark dangerous inflation."In 35 years of purchasing, I've never seen anything like these in terms of extended lead times and rising prices," one business in the plastics and rubber sector <a href="https://www.ismworld.org/supply-management-news-and-reports/reports/ism-report-on-business/pmi/april/">told the Institute of Supply Management</a> in April.The supply constraints aren't relegated to any one sector, either. Prices for basic materials ranging from <a href="https://www.businessinsider.com/why-supply-shortages-economy-inventory-chips-lumber-cars-toilet-paper-2021-5#plastics-and-palm-oil-4">lumber to palm oil</a> rose as several industries tried to quickly boost production through the month. Climbing commodity prices typically bleed into production costs and, eventually, the prices consumers pay at the register.A criticism on the right and parts of the center-left is that Democrats' $1.9 trillion stimulus package is excessive in juicing the economic recovery, but Fed Chair Jerome Powell has said stronger inflation <a href="https://www.businessinsider.com/inflation-economic-outlook-jerome-powell-federal-reserve-stimulus-recovery-2021-2#:~:text=Fed's%20Powell%20says%20decades%2Dlong,stimulus%20%E2%80%94%20at%20least%20not%20immediately&amp;text=Reopening%20and%20new%20stimulus%20will,Fed%20Chair%20Jerome%20Powell%20said.&amp;text=Powell%20said%20he%20expects%20the,the%20Fed's%20target%20to%20linger.t%20to%20linger.">will likely be temporary</a>."Inflation dynamics do change over time, but they don't change on a dime," Powell said during a February Senate hearing. "We don't see how a burst of fiscal support or spending, that doesn't last for many years, would actually change those inflation dynamics."JPMorgan backed up such an outlook on Wednesday, saying the burgeoning inflation spike will prove to be "largely transitory." The bank's economists see core inflation rising above 2% in 2021 as price pressures linger. The Fed's low-rate policy stance will allow inflation to run hot for some time, but easing strains across the US <keyword id="6362048" type="UNKNOWN" weightage="60" keywordseo="manufacturing">manufacturing</keyword> industry should cut down on price growth, the team led by Bruce Kasman added.

'Core' inflation just jumped the most since 1982 - here's what that means

Mumbai, Dec 31 () Non-food credit growth of banks slowed to 7.2 per cent to Rs 86.73 lakh crore in November, according to the latest data from the Reserve Bank of India.
 The credit had grown 13.8 per cent to Rs 80.93 lakh crore in the corresponding month of the previous year.
 Credit growth to industry fell to 2.4 per cent to Rs 27.72 lakh crore in November 2019 from 4 per cent in the corresponding month of 2018.
 "Within industry, credit growth to food processing, textiles, gems &amp; jewellery, chemicals &amp; chemicals products, infrastructure and construction decelerated/contracted," the RBI said in a release on Tuesday.
 However, credit growth to rubber, plastic and their products and cement and cement products accelerated during the month.
 Loans to agriculture and allied activities slowed to 6.5 per cent in November 2019 from 7.7 per cent last year.
 Advances to the services sector decelerated sharply to 4.8 per cent from 28.1 per cent last year.
 Personal loans grew at a marginally lower rate of 16.4 per cent in November 2019 as compared with 17.2 per cent, the data showed.
 Rating agency Icra in a recent report said credit expansion may plummet to a six-decade low of 6.5-7 per cent in 2019-20 compared to 13.3 per cent in the previous financial year. HV HRS

Banks' non-food credit growth slows to 7.2 pc in November

<keyword id="6355478" type="COUNTRY" weightage="60" keywordseo="Australia">Australia</keyword>'s economy continues to struggle to find its legs.
The mining-driven economy got slammed as soon as its emerging market export partners like China slowed down.
And despite a pick up in China, Australia has yet to see the benefits.
It's "a credit bubble built on a commodity market built on an even bigger Chinese credit bubble," wrote <a href="http://www.businessinsider.com/australian-economic-slowdown-2012-8">strategist Dylan Grice in a note last year</a>.
Earlier today, we got another round of ugly economic stats via the <a href="http://www.markiteconomics.com/MarkitFiles/Pages/ViewPressRelease.aspx?ID=10653">Australian Industry Group's January PMI report</a>.
Its manufacturing <keyword id="104215" type="ORGANIZATION" weightage="60" keywordseo="PMI">PMI</keyword> slumped to 40.2 January, down fom 44.3 in December. 
Any reading below 50 signals contraction.
Here's a breakdown of the sub-indices. As you can see, exports are particularly horrific:
<div class="image-container click-to-enlarge" style="width:610px"><div class="image"><a title_source="Markit" title_caption="" class="zoomin" href="http://static3.businessinsider.com/image/510b27ac6bb3f7ae7c00000a-960/screen%20shot%202013-01-31%20at%209.24.45%20pm.png"></a></div>Markit</div>
Here's a historical look at headline PMI:

Here are the key points (verbatim) from the <a href="http://www.markiteconomics.com/MarkitFiles/Pages/ViewPressRelease.aspx?ID=10653">latest report</a>:
<ul>
<li>Manufacturing activity contracted for an 11th consecutive month in January, with the seasonally adjusted Australian Industry Group Australian Performance of Manufacturing Index (Australian PMI®) recording a level of 40.2, down from 44.3 one month ago. (Readings below 50 indicate a contraction in activity with the distance from 50 indicative of the strength of the decrease).</li>
<li>The contraction in manufacturing new orders worsened, reflecting weak global demand and a softening Australian economy. The new orders sub-index fell 6.3 points to 39.4 in January.</li>
<li>The manufacturing production sub-index remained firmly in the red, at 40.4 in January, down by 2.1 points from December.</li>
<li>Only the wood &amp; paper products sub-sector expanded in January, while the contraction in the other sub-sectors, except petroleum, coal, chemical and rubber products, eased.</li>
<li>Survey respondents remained cautious about the outlook. They cited a range of inhibitors including: soft demand; weak confidence; and the strong Australian dollar.</li>
<li>Wages and input costs continued to rise in January, while the decline in selling prices persisted, indicating that the profits for manufacturers remain under pressure.</li>
</ul>
<a href="http://www.businessinsider.com/january-2013-global-pmi-2013-1">Click Here For Ongoing LIVE Coverage Of Global PMI Day &gt;</a>

Here Are Some Horrific Numbers Out Of Australia

<ul class="summary-list"><li>US manufacturers continued to recover in April, but new risks are slowing their rebound.</li><li>Popular gauges of industry growth showed supply-chain issues and worker shortages hindering production.</li><li>Reopening will ease concerns over bottlenecks and massive backlogs, Oxford Economics said.</li></ul>Factories can't keep up with the reopening of the American <keyword id="34412" type="ORGANIZATION" weightage="100" keywordseo="economy">economy</keyword>.Popular metrics tracking the US <keyword id="176218" type="ORGANIZATION" weightage="60" keywordseo="manufacturing-industry">manufacturing industry</keyword> indicated strong growth in April. The <a href="https://www.ismworld.org/supply-management-news-and-reports/reports/ism-report-on-business/pmi/april/">Institute for Supply Management's</a> purchasing managers' index dipped 4 points to 60.7, while <a href="https://www.markiteconomics.com/Public/Home/PressRelease/81917888e2564d4bad0bb3b1c7ae992f">IHS Markit's</a> own gauge rose to a record high of 60.5. Readings below 50 indicate industry contraction, while those above the level signal growth.The April reports further support the industry's resilience throughout the pandemic, but underlying trends point to growing risks at American factories. Supply-chain disruptions and raw-material shortages plagued manufacturers throughout the month as the broader economy rebounded. New orders accelerated even further amid stronger client demand, leading backlogs to climb at their second-fastest rate since <keyword id="3534353" type="PERSON" weightage="60" keywordseo="ihs-markit">IHS Markit</keyword> began collecting data."In 35 years of purchasing, I've never seen anything like these in terms of extended lead times and rising prices," one business in the plastics and rubber sector told ISM. Another remarked that they're "worried about getting the materials to support" such strong sales.At the same time, gauges of manufacturing-industry employment slowed last month, leaving firms to address burgeoning order books with inadequate headcounts. The hiring woes, coupled with historic supply chain pressures, dragged IHS Markit's measure of business confidence to a three-month low.The labor-force shortfall mirrors dynamics seen throughout the service industry as well. Businesses from <a href="https://www.businessinsider.com/mcdonalds-pays-50-for-job-interviews-highlighting-hiring-struggles-2021-4">restaurants</a> to <a href="https://www.businessinsider.com/why-uber-lyft-expensive-taking-long-driver-shortage-2021-4">rideshare companies</a> have reported difficulty in hiring as the economic recovery ramps up. Payroll growth is expected to near 1 million new jobs in April, but worker shortages could curb the labor market's rebound sooner than economists expected.The growing backlogs and rising material costs are likely to augment the sharp rise in inflation that the Federal Reserve has been warning of for months. Officials have said that reopening and stimulus would boost price growth in the near term before this "transitory" surge fades away.Manufacturers reported passing down higher input costs to their clients, adding to the inflationary dynamics seen elsewhere in the economy. The rate of sector-specific inflation cooled slightly from March, but still registered at its second fastest on record, according to IHS Markit.Still, experts see most of the industry pressures easing as the economy settles into a new normal. The continued rollback of economic restrictions will help firms more effectively address issues curbing production, Oren Klachkin, lead US economist at Oxford Economics, said. "Supply-chain stress will hinder, but not derail, manufacturing's expansion," he added. "Bottlenecks will gradually open up as the global economy returns to full health."

US factories struggle to meet demand as shortages slam production

Mumbai, Mar 1 () Bank credit growth declined to 8.5 per cent in January from 13.5 per cent in the year-ago period led by a sharp slowdown in loans to the services sector, according to RBI data. Growth in advances to the services sector decelerated to 8.9 per cent from 23.9 per cent in January 2019. Bank loan growth to non-banking financial companies (NBFCs) slowed to 32.2 per cent in the reporting month from a growth of 48.3 per cent a year-ago. During the month, personal loans segment grew by 16.9 per cent. Within personal loans, credit to housing segment grew by 17.5 per cent from 18.4 per cent, while education loan showed a negative growth of 3.1 per cent as against a negative growth of 2.3 per cent in January 2019, RBI data showed. Advances growth to agriculture and allied activities contracted to 6.5 per cent from 7.6 per cent rise last year. Credit growth to industry decelerated to 2.5 per cent from 5.2 per cent. Within industry, loan growth to paper and paper products, rubber plastic and their products and construction accelerated. "However, credit growth to textile, food processing, chemical &amp; chemical products, basic metal &amp; metal products, all engineering and infrastructure decelerated," RBI said. According to the latest quarterly statistics on deposits and credit of banks, bank loan growth decelerated to 7.4 per cent in the October-December, 2019 from 12.9 per cent the year-ago quarter. During the quarter, loans by public sector banks grew by 3.7 per cent while credit from private sector banks saw a growth of 13.1 per cent. In the fortnight ended February 14, 2020, bank credit grew by 6.3 per cent to Rs 100.41 lakh crore, from Rs 94.403 lakh crore in the year-ago fortnight. Deposits grew by 9.2 per cent to Rs 132.35 lakh crore in the fortnight compared to Rs 121.19 lakh crore, the RBI data showed. In February, the Reserve Bank Governor Shaktikanta Das had said that slowing credit growth is the biggest challenge the banking industry is facing. "The most critical challenge today for banks, not just in India but also elsewhere, is slowing credit off-take. It affects the profitability of banks," Das said a media event. Rating agency Crisil, in a recent note, said credit growth is likely to be around 6 per cent in this fiscal but is expected to accelerate to 8-9 per cent in FY21. "Prolonged slowdown in bank lending may be bottoming out this fiscal, with gross credit off-take set to rise 8-9 per cent on-year in FY21, a good 200-300 basis points (bps) over the likely growth of near 6 per cent this fiscal," Crisil said. This uptick in loan growth would be driven by a gradual pick-up in economic activity, continuing demand for retail loans, and strong growth in lending by private sector banks, it said. The country's GDP grew at 4.7 per cent in the December quarter, its slowest rate in more than six years. HV DRRDRR

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