Best printers for Home

Best Mixer Grinder

Best wired Earphones

Best 43 Inch TV in India

Best Wi Fi Routers

Best Home Theatre in India

Smart Watch under 5000

Best Laptops for Education

Best Laptop for Students

FED BEIGE BOOK CONFIRMS RESTRAINED SALES GROWTH

Despite unfavourable economic conditions in major markets such as the European Union (EU), the US, and West Asian nations, Indian <keyword id="21353395" type="General" weightage="100" keywordseo="textile-exports" source="keywords">textile exports</keyword> grew by 9.59 per cent compared to the previous year in May 2024, the Confederation of <keyword id="22064995" type="General" weightage="20" keywordseo="Indian-textile" source="keywords">Indian Textile</keyword> Industry (CITI) said in a report. Simultaneously, <keyword id="22064997" type="General" weightage="20" keywordseo="Indian-apparel-exports" source="keywords">Indian apparel exports</keyword> saw a growth of 9.84 per cent during the same period. The CITI in its report highlighted that the cumulative exports of textiles and apparel during May 2024 registered a growth of 9.70 per cent over May last year. The country's overall exports for May 2024 surged to USD 68.29 billion. This was a substantial year-on-year increase of 10.2 per cent, according to data released by the Commerce Ministry on June 14. The analysis noted that during Apr -May' 24, Indian textile exports registered a growth of 6.04 per cent over the previous year, while apparel exports registered a growth of 4.46 per cent during the same time period. The cumulative exports of textiles and apparel during April-May 2024 saw a surge of 5.34 per cent as compared to the same period last year. The recently released export data revealed that sectors such as electronic goods, drugs and pharmaceuticals, organic and inorganic chemicals, engineering goods, petroleum products, plastics &amp; linoleum, cotton yarn/fabs made-ups ( textiles manufactured), handloom products, etc., man-made yarn/fabs./made-ups, handloom products etc. performed well in the exports from the country. Other merchandise products, such as meat, dairy and poultry products, mica, coal and other ores, minerals including processed minerals, RMG of all textiles, tea, coffee, rice, tobacco, carpet and handicrafts, oil seeds; and fruits and vegetables, did well too. On Friday, AshwKumar, President of the Federation of Indian Export Organisations (FIEO), highlighted that a positive trajectory was seen in May 2024, driven by robust order bookings. Among the top ten export markets for India were the US, UAE, Netherlands, UK, China, Singapore, Saudi Arabia, Bangladesh, Germany and France. Considerably, in these markets, the exports registered a double-digit growth rate. Breaking down export data released yesterday, the merchandise exports witnessed a 9.1 per cent rise to USD 38.13 billion, while service exports climbed by 11.7 per cent, reaching USD 30.16 billion. SEE ALSO:<a href="https://www.businessinsider.in/stock-market/news/hyundai-motor-india-files-draft-papers-with-sebi-for-indias-biggest-ipo/articleshow/111014559.cms" target="_blank"></a> <a href="https://www.businessinsider.in/stock-market/news/hyundai-motor-india-files-draft-papers-with-sebi-for-indias-biggest-ipo/articleshow/111014559.cms" target="_blank">Hyundai Motor India files draft papers with SEBI for India’s biggest IPO</a><a href="https://www.businessinsider.in/tech/mobile/news/tata-group-reportedly-looking-to-acquire-a-majority-stake-in-vivo-india/articleshow/110987274.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/tata-group-reportedly-looking-to-acquire-a-majority-stake-in-vivo-india/articleshow/110987274.cms" target="_blank">Tata Group reportedly looking to acquire a majority stake in Vivo India</a><a href="https://www.businessinsider.in/sports/webstories/kkr-beats-mi-in-terms-of-brand-value-csk-and-rcb-continue-to-lead/slidelist/110963926.cms" target="_blank"></a> <a href="https://www.businessinsider.in/sports/webstories/kkr-beats-mi-in-terms-of-brand-value-csk-and-rcb-continue-to-lead/slidelist/110963926.cms" target="_blank">KKR beats MI in terms of brand value, CSK and RCB continue to lead</a>

Indian textile exports surge by 9.59% in May despite global economic challenges

<keyword id="6358826" type="COUNTRY" weightage="100" keywordseo="Russia">Russia</keyword>'s ban on food imports — meat, fish, fruits, vegetables, milk and milk products — from the US, EU, Canada, Norway and Australia in retaliation to Western sanctions imposed over Russia has further dented its already weakened credential as a democratic nation. 
 
Russia started sending signals of a potential journey back to a medieval, puritan authoritarian regime soon after Vladimir Putin retuned to assume his second stint as President in May 2012 — the repressive law passed by the Russian Parliament to smother gay relationships and the unilateral annexation of Crimea, which resulted in Russia’s exclusion from G8 implied the plunge was imminent. The ban on Western food for a year is the last nail in the coffin. 
 The immediate tremors of the <keyword id="2443491" type="UNKNOWN" weightage="100" keywordseo="Food-ban">food ban</keyword> are to be felt by Russians themselves who have already begun to feel the pinch — hard-to-replace items like Grana Padano cheese from Italy and ham from Spain have started vanishing from menus and restaurant operators are staring at possible shutdowns as about 50% of the ingredients used by them are imported. The Russian franchise operator of Papa John's, which has 74 outlets in the country, is planning to freeze growth plans while McDonald's has started seeing a dip in sales from the region. The disappearance of Italian mozzarella, Australian rib-eye, Finnish yogurt and American drumsticks from restaurants and supermarket shelves only points to the long ordeal that Russians may have to bear with as prices of all foods, which have already been surging uncontrollably northward, will now go through the roof. 
 
It isn't only Russians and Russian restaurants that are feeling the brunt of the ban. The country imported food worth $15.8 billion from the EU in 2013 and exports of sanctioned products from Europe to Russia were worth $6.5 billion. Russia was the biggest consumer of fruit and vegetables from the EU and the second biggest buyer of poultry from the US — obviously food exports to Russia from the EU and the US will be hit hard. While the EU is preparing to slow down its cheese and butter production, Australian meat suppliers are scouting for markets to replace Russia. 
 
Also, inflation, which is currently over 7% on a yearly basis, is likely to surge, forcing the Central Bank of Russia to raise interest rates, currently at 8%. This is besides further weakness of the Russian ruble, which fell 6.7% against the US dollar in the last four weeks. 
 
In addition, a further flare-up of regional tension is going to be costly for Russia as well as neighbours. Ukraine has already threatened to block Russian oil and gas supplies to Europe. Although Ukraine does not receive gas from Russia, it acts as a channel for its neighbour's customers in Europe (Ukraine transported 86.1 billion cubic meters of Russian natural gas and 15.6 million metric tons of oil in 2013). It may also ban Russian planes from its airspace and snap defense cooperation. 
 
However, the sanctions crisis will enhance trade between Russia and its key allies, especially the BRICS countries — Brazil, Russia, India, China and South Africa. As an immediate alternative, Russia is likely to turn to Brazil, the world’s largest meat exporter, for supply of chicken and beef, though at a higher price point as Brazil does not produce enough to immediately meet the Russian appetite. 
 
The ban is also likely to open up new opportunities for Indian exporters of dairy products, fresh vegetables and poultry. For instance, Gujarat Co-operative Milk Marketing Federation, the owner of Amul brand, has been exporting skimmed milk powder (SMP) to Russia. India’s exports of SMP to Russia have grown 10 times to about 3,120 tonnes during 2013-14 from previous year’s 310 tonnes and the ban of Western food imports is likely to help expand these numbers. 
 
Putin’s first stint as president was marked by unprecedented prosperity in Russia, driven by a surge in energy prices. This helped Putin cement his stature as the sole centre of power and stifle opposition to his move to control media and dismantle the electoral system. The nouveau riche, who began to relish the unexpected boom, preferred to ignore the country’s plunge into camouflaged autocracy and gleefully thronged the ‘western restaurant outlets’ that spread their presence across the country. The ban on western foods is also Putin’s way of taking vengeance on the country’s café society which, Putin suspects, is in cohorts with the West. 
 
The West’s sanctions are designed to bring in a regime change in Russia. But considering the closed nature of the system built by the former KGB sleuth, it will take time for the outside world to ascertain even if the rigours of sanctions trigger a deep unrest among the Russian elite that can eventually unseat Putin.

Why Russia’s
Food Ban Signals Its Plunge Into Camouflaged Autocracy

<div class="KonaFilter image-container click-to-enlarge"><div class="image"><a title_source="REUTERS/Tyrone Siu" title_caption="Health officers in full protective gear wait to cross a road near a wholesale poultry market in Hong Kong January 28, 2014. Hong Kong began culling 20,000 chickens and suspended imports of fresh poultry from mainland China for 21 days on Tuesday after the discovery of the H7N9 bird flu virus in a batch of live chicken from the southern province of Guangdong." class="zoomin" href="http://static4.businessinsider.com/image/52e8ea2f6bb3f7b87033b5db-960/chinese-health-workers.jpg"></a>REUTERS/Tyrone SiuHealth officers in full protective gear wait to cross a road near a wholesale poultry market in Hong Kong January 28, 2014. Hong Kong began culling 20,000 chickens and suspended imports of fresh poultry from mainland China for 21 days on Tuesday after the discovery of the H7N9 bird flu virus in a batch of live chicken from the southern province of Guangdong.</div></div>
Good morning. Here's what you need to know.
- At an emergency midnight meeting, the Central Bank of the Republic of Turkey <a href="http://www.businessinsider.com/cbrt-decision-2014-1">announced massive rate hikes</a> to shore up the Turkish lira, which has been plummeting to successive all-time lows against the U.S. dollar in recent weeks amid a government corruption scandal and deteriorating economic fundamentals. The central bank's benchmark overnight lending rate was raised to 12% from 7.75%, while the repo rate was raised to 10% from 4.5% and the overnight borrowing rate was hiked to 8% from 3.5%. The lira surged on the news but has already given back most of its gains early in Wednesday trading.
- The Federal Open Market Committee announces its final policy decision under the leadership of Federal Reserve chairman Ben Bernanke at 2 PM ET. The widespread consensus is that the FOMC will move forward with another $10 billion reduction to its monthly bond-buying program, but the bigger question is how it might seek to modify the language in its policy statement to strengthen its forward guidance on the likely path of short-term interest rates.
- Ahead of the FOMC announcement, gold is up and the dollar is down against the euro and the yen. S&amp;P 500 futures have been falling all morning and now point to a negative open. Treasuries are poised to open slightly lower as well. Markets in Asia rallied overnight - the Japanese Nikkei 225 advanced 2.7%, the Hong Kong Hang Seng rose 0.8%, and the Shanghai Composite gained 0.6%. European markets are rallying, led by Spain's IBEX 35.
- Shares of Yahoo! Inc. are down more than 3% in pre-market trading following the <a href="http://www.businessinsider.com/yahoo-q4-earnings-2014-1">release of earnings results</a> for the quarter ended December 31. Earnings per share were $0.46, better than the consensus estimate of $0.38, but display ad revenue fell 9% year over year to $1.9 billion, prompting concerns over the company's core business.
- President Obama delivered his annual State of the Union address last night. "There were not any big policy surprises or announcements on energy/environment policy, housing, student loans, or healthcare," says Chris Krueger, a policy analyst for Guggenheim Partners in Washington, D.C. "'Opportunity for All' was relatively light on partisanship that covered many similar themes heard in previous States of the Union (tax reform, energy independence, gun control, patent reform, etc.) that are perennial topics in D.C. each year." 
- At 11:30 AM, the U.S. Treasury will auction $15 billion of 2-year floating-rate notes, marking its first new product offering in years. "Auction statistics may be hard to interpret without any historical bid/cover or indirect bids as comparison, but we expect decent participation from dealers as well as customers," say Nomura interest rate strategists. "However, we will not be surprised to see a bit of concession as dealers look to build up inventory only at attractive levels, while some customers take a wait-and-see approach at this inaugural FRN auction. Looking past the clearing level at 11:30 AM, we expect buyers of various investor classes to provide strong support for new FRN, especially on any yield spread cheapening."
- The Reserve Bank of New Zealand will announce its latest decision on monetary policy at 3 PM ET. Economists predict the central bank will leave its official cash rate unchanged at 2.50%. "Dovish lean on the meeting is increasingly strong," says Todd Elmer, a currency strategist at Citi. "We believe this gives rise to risk for New Zealand dollar strengthening beyond expectations on even a modest hawkish surprise and we believe this argues for maintaining long exposure."
- Market research company GfK's German consumer confidence indicator rose to 8.2 from last month's 7.6 reading, marking a larger-than-expected gain. "Germans consider the domestic economy to be clearly on the upturn at present," said GfK <a href="http://www.gfk.com/Documents/Press-Releases/2014/20140129_GfK-Consumer-Climate-January-2014_efin.pdf">in a statement</a>. "This is reflected in the fifth consecutive improvement in economic expectations. In the wake of this, income prospects climbed to reach a 13-year high. Willingness to buy also improved and surpassed its seven-year high of the previous month. The considerable increase in the consumer climate is further boosted by a recent slump in propensity to save."
- U.K. house prices rose 0.7% in January from a month earlier, slowing from December's 1.4% month-on-month pace of growth but surpassing the consensus estimate, which called for a 0.6% advance. The year-over-year pace of house price appreciation increased to 8.8% in January from 8.4% in December.
- South Korea's current account surplus <a href="http://www.ft.com/intl/cms/s/0/cc723f32-8891-11e3-85a2-00144feab7de.html">rose to a record $70.73 billion</a> in 2013. Meanwhile, the global economic "canary in the coal mine" also saw industrial output expand 3.4% from the previous month in December, marking the strongest gain since June 2009.
MARKET COMMENTARY
"Today's main event is the U.S. FOMC meeting, after London goes home. The Fed will probably deliver a further $10 billion in 'tapering' - cutting Treasury and MBS purchases by $5 billion each. That would surprise no one, but from India to the U.S., we are now in a global monetary policy tightening cycle, and that is likely to resurrect the bear market in Treasuries. 10-year yields, having fallen to 2.7% amid the EM weakness, will head back toward 3% in the days ahead. How fast they rise will determine how long the improvement in risk sentiment lasts, but within G-10, rising U.S. yields at a time of economic outperformance leave us wanting to be long USD.
"As for the wider picture, the turn in the Fed cycle is causing volatility in markets over-reliant for too long on super-easy Fed policy. The slow, uneven process by which a new equilibrium is reached with investors differentiating between 'carry' and genuine investment opportunities, is going to drag on for much of the year. Volatility will return."
-Kit Juckes, a global strategist at Société Générale

You Searched For "Poultry Federation of India" and got 4 results

FED BEIGE BOOK CONFIRMS RESTRAINED SALES GROWTH

Matthew Boesler

Indian textile exports surge by 9.59% in May despite global economic challenges

ANI

Why Russia’s Food Ban Signals Its Plunge Into Camouflaged Autocracy

Preetam Kaushik

10 Things You Need To Know Before The Opening Bell

Matthew Boesler

Popular Keywords

Buying Guides