Chief Correspondent, Commodities, India
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Mar 16, 2015

Indian jewellers threaten strike over ‘black money’ tax plan

NEW DELHI, March 16 (Reuters) – Indian jewellers threatened
on Monday to go on strike over a government plan that would
require customers to quote their tax code for major purchases as
part of a clampdown on the black economy.

Jewellers say about 80 percent of the $122 billion
industry’s business comes from rural customers, mainly in the
agriculture sector, who lack a so-called permanent account
number (PAN), which is used to prevent tax evasion.

Mar 12, 2015

India aims for big coal output boost next fiscal year

NEW DELHI, March 12 (Reuters) – India is aiming to produce
700 million tonnes of coal in the next fiscal year, the
country’s coal secretary said, in what would be its biggest
annual growth in output as it auctions off mines and state giant
Coal India boosts production.

The country’s coal output has been growing far slower than
demand over the past few years because of Coal India’s
inability to expand its mines. Delays in getting environmental
approvals, a lack of transport facilities and the company’s
inherent efficiencies are some of the reasons for the shortfall.

Mar 11, 2015

India plans anti-dumping duty on some steel from China, others

NEW DELHI, March 11 (Reuters) – India’s trade ministry has
recommended anti-dumping duties ranging from $180 to $306 per
tonne for some industrial-grade stainless steel imported from
China, Malaysia and South Korea in a bid to protect local
industry.

After a year-long investigation based on complaints from
Jindal Stainless Ltd, the trade ministry said it found
that the domestic industry was suffering “material injury due to
such dumped imports” and that a definitive measure was required
to stop it. (bit.ly/18AnkfU)

Mar 11, 2015

Court summons ex-PM Manmohan Singh in coal corruption case

NEW DELHI (Reuters) – A court summoned former Prime Minister Manmohan Singh on Wednesday over accusations of criminal conspiracy and corruption over the award of a coal field during his term, in a blow for the Gandhi dynasty that ruled India until last year.

A special court under the Central Bureau of Investigation summoned the former prime minister along with billionaire Kumar Mangalam Birla and another official to appear on April 8, a source at the agency said.

Mar 11, 2015

Court summons India’s ex-PM Singh in coal corruption case

NEW DELHI (Reuters) – An Indian court summoned former Prime Minister Manmohan Singh on Wednesday over accusations of criminal conspiracy and corruption over the award of a coal field during his term, in a blow for the Gandhi dynasty that ruled India until last year.

A special court under the Central Bureau of Investigation summoned the former prime minister along with billionaire Kumar Mangalam Birla and another official to appear on April 8, a source at the agency said.

Mar 4, 2015

India coal imports in Feb jump from year ago, but drop m/m

NEW DELHI (Reuters) – India’s imports of thermal and coking coal jumped 31 percent in February from a year ago, as new power plants ramped up output, preliminary data from online trader mjunction showed, though purchases sank month-on-month on rising prices.

Shipments through the 31 coal-handling ports in India, which is about to unseat Japan as the world’s second biggest coal importer after China, stood at 17.94 million tonnes in February compared with 13.72 million tonnes a year ago.

Feb 28, 2015

India to launch gold accounts, keep import duty at record high

MUMBAI/NEW DELHI, Feb 28 (Reuters) – India will introduce
gold deposit accounts to utilise the 20,000 tonnes available
within the country and launch a sovereign gold bond, the finance
minister said on Saturday, but kept the import duty at the
record 10 percent in a setback for jewellers.

In moving towards recycling of gold held in households and
temple trusts for years, Arun Jaitley signalled the government’s
intent to cut shipments into the world’s top consumer of the
metal. Massive gold imports often skew India’s trade balance.

Feb 27, 2015

Monsanto says GM corn trial in final stage in India

NEW DELHI (Reuters) – Monsanto’s Indian subsidiary expects to submit final trial results for its genetically modified (GM) corn to lawmakers within a year for the government to then decide on a commercial launch, the company’s country head said on Friday.

India does not currently allow the growing of GM food crops but the government of Prime Minister Narendra Modi, keen to improve farms’ productivity, has encouraged open field trials after a five-year de facto ban.

Feb 24, 2015

India seizes record haul of smuggled gold outside airport

MUMBAI/NEW DELHI (Reuters) – Indian police said they had made the single biggest seizure of gold smuggled into the country on Tuesday after arresting six people leaving an airport with 60 kg of the precious metal flown in from Dubai.

The arrest is likely to strengthen pressure on Finance Minister Arun Jaitley to cut the gold import duty from a record-high 10 percent in his budget on Saturday.

Feb 22, 2015

Modi bets on GM crops for second green revolution

NEW DELHI (Reuters) – On a fenced plot not far from Prime Minister Narendra Modi’s home, a field of mustard is in full yellow bloom, representing his government’s reversal of an effective ban on field trials of genetically modified (GM) food crops.

The GM mustard planted in the half-acre field in the grounds of the Indian Agricultural Research Institute in New Delhi is in the final stage of trials before the variety is allowed to be sold commercially, and that could come within two years, scientists associated with the project say.

    • About Krishna

      "I lead the India commodities team for Reuters in New Delhi. I cover the coal, metals and mining industries with a focus on government policy. Before coming to the capital in April 2013, I headed two teams of reporters covering small-and-medium-sized U.S./Canada-listed energy and resources companies."
      Joined Reuters:
      August, 2009
      Languages:
      Assamese
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