India plans measures to curb imports from Chinese firms: Sources

New Delhi (FIB): India is considering a number of tariffs and non-tariff steps to cut imports of non-essential consumer and electronic goods, including from China, as trade imbalances concern policymakers, two govt officials & an industry source said.

As many as 18 key government ministries met last week to firm up steps first aimed at cutting imports from China, which

New Delhi (PTI): State gas utility GAIL (India) Ltd on Monday reported 90% drop in December quarter net profit after it suffered losses in petrochemical and natural gas marketing business. Consolidated net profit of `397.59 crore in October-Dec 2022 is compared with `3,800.09 crore earning in the same period a year back. The company booked `349 crore loss in petrochemical business after it had to cut run rate due to curtailment in supply of cheaper domestic gas.

GOLD FALLS `80, SILVER DIP `180 ON WEAK DEMAND

New Delhi (PTI): Retail commodity packages containing more than one pack, including gift and multi-piece packs, are required to mention all mandatory declarations including price, on the outer pack, according to the Consumer Affairs Ministry. In the latest directive, the ministry said, “It is observed that the mandatory information is not declared on a retail package containing more than one retail package.” It is mandatory that all the necessary declarations should also be made on all retail packages inside a group/ combination/ multi-piece/gift package, it said.

AIR INDIA TO USE NEW SOFTWARE TO BOOST

ITS ECOSYSTEM

SENIOR EXECUTIVES TO SEE AVERAGE PAY HIKE OF 9.1% IN 2023

Mumbai (PTI): Telecom players have started rolling out 5G services in select pockets but backhaul infrastructure will cost `3 lakh crore over the next 4-5 years, according to ICRA.

ICRA noted consistent “healthy improvement” in operating metrics of telcos but added that debt levels continue to remain high & seen at around ` 6.3 lakh crore as on March 31, 2023.

New Delhi (PTI): Gold prices fell by `80 to `56,880 per 10 grams in the national capital on Monday due to weak local demand, according to HDFC Securities. In the previous trade, the precious metal closed at `56,960 per 10 grams. Silver also declined by `180 to `68,795 per kg from `68,975 per kg.

“Spot gold prices in Delhi markets traded at `56,880 per 10 grams, down `80 per 10 grams,” said an analyst at HDFC Securities. In the overseas market, gold was quoting lower at $1,923 per ounce and silver was down at $23.66 per ounce.

UNSOLD HOUSING STOCKS FALL 10% TO OVER 4.61 L UNITS

New Delhi (PTI): Air India on Monday said it will use UK-headquartered Ideagen’s enterprise cloud software application Coruson to help enhance safety management and facilitate real-time reporting of in-flight incidents. The airline’s announcement also comes against the backdrop of at least three incidents of unruly passenger behaviour. Coruson, the safety data software application, will be online with effect from May 1, 2023 and will facilitate real-time reporting of in-flight incidents.

New Delhi (PTI): Senior executives in India are expected to receive an average 9.1% increase in their salaries this year, up from 8.9% in 2022.

According to Aon plc, the average CEO compensation was `8.4 crore, and it has increased 21% in the last four years, as there is an emphasis on rewarding executives for the value they bring to the organisation. According to Aon’s survey, for board and senior managerial positions, one in three organisations are focusing on improving diversity levels.

Edible Oil Makers Get Additional 6 Months To Remove Packing Temperature Details

New Delhi (PTI): The government has given six months more time till July 15 to edible oil makers, packers and importers to mention net quantity in terms of volume and weight on the labels instead of temperature at the time of packing, as part of efforts to curb unfair business practices. “The timeline for declaring the net quantity of edible oils etc. Without mentioning temperature is extended for six months, considering the request of the industries to exhaust the un-utilized packaging material,” according to the latest order issued by the ministry.

Another Layoff

New Delhi (PTI): Unsold housing stocks dropped 10% to 4,61,600 units across nine major cities at the end of the December on better sales, PropEquity said on Monday. “Despite many challenges ... Home sales strongly recovered this year. It is worth noting that the demand in the industry and the positive sentiment is growing,” said Founder and MD of PropEquity.

Unsold residential stocks in Delhi-NCR fell 10% to 41,693 units.

accounts for nearly a third of India’s trade deficit, said the three sources as per ET. India has been trying to reduce its trade deficit with China since 2020, when border tensions flared along a contested frontier, but with little success as the country is a key and cheap supplier of goods including active pharmaceutical ingredients, electrical equipment and several chemicals.