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Download Citi Newsletter-26-July-2021 26th July 2021 Cotton and Yarn Futures Cotlook A Index - Cents/lb (Change ZCE - Daily Data MCX (Change from previous day) from previous day) (Change from 22-07-2021 98.25 (+0.25) previous day) Jul 2021 26600 (-10) 20-07-2020 67.45 Cotton 17135 (+240) Aug 2021 26860 (0) 22-07-2019 74.20 Yarn 25480 (+635) Oct 2021 25850 (+260) Manifold Rise in Khadi Sales following PM’s Push New York Cotton Futures (Cents/lb) through “Mann ki Baat” As on 26.07.2021 (Change from previous day) July exports poised to hit $33 bn: Piyush Goyal Oct 2021 89.73 (-0.54) Clear signs of economic revival amid Covid-19 Dec 2021 89.90 (+1.21) disruptions, says Piyush Goyal Mar 2022 89.20 (-0.21) 2 CITI-NEWS LETTER -------------------------------------------------------------------------------------- Manifold Rise in Khadi Sales following PM’s Push through “Mann ki Baat” NATIONAL July exports poised to hit $33 bn: Piyush Goyal Clear signs of economic revival amid Covid-19 disruptions, says Piyush Goyal "There is a new energy in our startups space. In just first 6 months of 2021, India has seen 15 more unicorns" - Shri Piyush Goyal Honest taxpayers deserve to be recognized for paying due share of taxes: Nirmala Sitharaman FS Shringla meets British counterpart, reviews 2030 roadmap to India-UK FTA Govt must cut number of slabs in Customs duty Success in exporting goods Several companies, individuals get tax notices as data analytics uncovers gaps in filings Lower Barriers: India’s tariffs record sharp drop from 17.6% in 2019 to 15% in 2020 Make in Odisha: Newly launched 14 industrial units to generate 3773 jobs and Rs 1,537 crore investment Need for relaunch of PMAY scheme with in-built credit-linked insurance: CII Rise of e-commerce creating opportunities for retailers: Spencer's Retail Chairman Sanjiv Goenka Anita Dongre on her latest collection --------------------------------------------------------------------------------------------- ------------- New UK scheme aims to drive trade with Sri Lanka and boost jobs and growth -------------------- Bangladesh: Apparel exporters to seek stimulus again after curb lifting GLOBAL Pakistan: Credit to private sector spikes 12% to Rs6.82tr Sri Lanka: Industrial production shrinks further in May as lockdowns take hold Weaving together the past and the future ----------------------------------------------------------------------------------------------------------------- www.citiindia.com 3 CITI-NEWS LETTER NATIONAL: Manifold Rise in Khadi Sales following PM’s Push through “Mann ki Baat” (Source: Press Information Bureau, July 25, 2021) The sale of Khadi products across the country has grown tremendously since 2014, thanks to the repeated appeals of Prime Minister Shri Narendra Modi to promote Khadi. Since October 2016, the single-day sale at Khadi India’s Flagship Outlet in Connaught Place, New Delhi, has crossed Rs 1 crore mark on 11 different occasions. This record performance of Khadi found a special mention in the latest episode of Prime Minister’s radio program “Mann kiBaat” aired on Sunday, 25th July. What makes this performance even more significant is the fact that Khadi’s single-day sales exceeded Rs 1 crore for 4 times in October - November 2020, despite the economic distress and the fear surrounding Corona pandemic. Earlier in 2018 also, the single-day sales at Khadi’s CP outlet had crossed Rs 1 crore mark for 4 times. On 2nd October 2019, Khadi and Village Industries Commission (KVIC) registered the highest single-day sale of Rs 1.27 crore at the CP outlet which continues to be a record till date. It was for the first time on 22nd October, 2016, that the single day sale at Khadi India outlet in CP had reached Rs 1.16 crore. Earlier, the highest single day sale of Khadi stood at Rs 66.81 lakh that was recorded on 4th October 2014, just a day after the Prime Minister’s first address through “Mann kiBaat”. In the first episode of his radio program, the PM had appealed the countrymen to buy at least one Khadi product as it would help poor artisans to light lamps on Diwali. www.citiindia.com 4 CITI-NEWS LETTER KVIC Chairman Shri Vinai Kumar Saxena attributed the growth in Khadi sales to the constant support of the Prime Minister to promote Khadi. He said it is because of the Hon’ble PM’s appeals that a large number of people particularly youths have been inclined to buy Khadi. The growing buzz around “Swadeshi” has significantly helped lakhs of village industries prosper even during the challenging times of Covid-19 pandemic. It is pertinent to mention that despite the severe impact of Covid-19 pandemic, KVIC, in 2020-21, registered its highest ever annual turnover of Rs 95,741.74 crore, as compared to Rs 88,887 crore turnover in 2019-20, and thus registering a growth of 7.71%. Khadi’s Single Day Sale Figure · October 4, 2014 – Rs 66.81 lakh · October 2, 2015 – Rs 91.42 lakh · October 22, 2016 – Rs 116.13 lakh · October 17, 2017 – Rs 117.08 lakh · October 2, 2018 – Rs 105.94 lakh · October 13, 2018 – Rs 125.25 lakh · October 17, 2018 – Rs 102.72 lakh · October 20, 2018 – Rs 102.14 lakh · October 2, 2019 – Rs 127.57 lakh · October 2, 2020 – Rs 102.24 lakh · October 24, 2020 – Rs 105.62 lakh · November 7, 2020 – Rs 106.18 lakh · November 13, 2020 – Rs 111.40 lakh Home July exports poised to hit $33 bn: Piyush Goyal (Source: The Hindu, July 24, 2021) Commerce minister says many labour-intensive sectors showing good traction, more reforms coming www.citiindia.com 5 CITI-NEWS LETTER July’s exports are likely to reach about $33 billion, keeping India on track to cross the $400 billion mark in outbound trade for the first time this year, Commerce and Industry Minister Piyush Goyal said on Saturday. Foreign direct investment (FDI) inflows were also expected to hit a fresh record in 2021-22, he added. Dismissing investor concerns about land acquisition and labour laws, the minister asserted that land, labour and capital were no longer a hindrance for investing in India, and a lot more reforms were in the pipeline at the Central government level as well as in States administered by the Bharatiya Janata Party. “Despite the COVID-19 pandemic, our FDI inflows were the highest ever last year when other countries saw investments falling. This year, we are confident of continuing the seven-year streak of new record highs in FDI,” Mr. Goyal said. “Exports are looking up and we had a record $95 billion of exports in the first quarter. This has energised us to set a target of $400 billion for 2021-22 and I am confident we can achieve that. Even in July, till July 21, exports are above $22 billion and well poised to cross $32-33 billion by the end of the month,” he said at a CII-Horasis India meeting. The government said exports had risen 45% to hit $22.48 billion by the third week of July, 25.4% higher than the pre-COVID level. Engineering goods exports were up 33.7% so far in July, 51.2% above July 2019 levels. “We are now in the top-10 list of agri-produce exporters... and many sectors which are labour-intensive are showing good traction,” Mr. Goyal, who also handles the Textiles, Consumer Affairs, Food and Public Distribution ministries, said. Land, labour ‘old issues’ Responding to queries about pending reforms in land acquisition and labour laws, Mr. Goyal said: “Sometimes, we often just go about the same complaint about an issue which may not necessarily be so on the ground. I have been a minister for seven years and am yet to meet an industrialist who came to me and said they are not investing in India because of labour laws. The Centre had identified lakhs of acres of land for investors to tap, but some business in a particular area may have faced resistance because of political motivations or inability to market the project. “Today, land, labour and capital — with so many venture capitalists and other private investors, banks much stronger than ever before, having cleaned up most of their balance- sheets — are issues which were discussed 10 or five years ago. Today, if anybody has a problem, I am always there and my doors are open,” he said. www.citiindia.com 6 CITI-NEWS LETTER On concerns about government agencies harassing businesses, the minister said: “Agencies are not troubling, it’s the legacy issues which are troubling. Unfortunately, some actions of the past are causing the stress. Our effort is to move the nation to a honest and very transparent way of working — nobody in the future should have to go through the kind of business environment that some of us suffered from in the past”; Taking note of 30 years of the Indian economy’s liberalisation, Mr. Goyal said he had met Manmohan Singh, ‘the architect of the original reform package’ a couple of weeks ago and lauded late Prime Minister P.V. Narasimha Rao who had allowed his Finance Minister to carry out the reforms. “Of course, at that time, reform was forced upon us. We had no choice but to open up given the precarious position of the economy. PM Narendra Modi, over the last seven years, has consistently been working to bring about structural changes not out of any compulsion, but from a deep conviction that India’s time has come,” he asserted. “I am not being astrological but I really believe that the world’s destiny is going to be shaped by a lot of the decisions that all of you and we take in India.
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