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Nirmala Sitharaman, India's finance minister, leaves the ministry to present the budget at the parliament in New Delhi, India, on July 23, 2024. India's finance ministry on Tuesday lowered the country's fiscal deficit target to 4.9% for the financial year ending March 2025, a revision from 5.1% during the pre-election interim budget published back in February. That target will then fall to 4.5% or lower for the financial year ending March 2026, India's Finance Minister Nirmala Sitharaman said during the announcements. "This is imperative for attracting foreign investment and sustaining growth," he said, adding that "unprecedented financial support" from the central bank will make the fiscal deficit target possible. "We will endeavor to maintain strong fiscal support for infrastructure over the next five years, in conjunction with imperatives of other priorities and fiscal consolidation."
Persons: Nirmala Sitharaman, Vipul Bhowar, Narendra Modi's, Sitharaman, Hajra, Anand Rathi, Modi's Organizations: Bloomberg, Getty, India's, Waterfield Advisors, Sitharaman, Narendra Modi's Bharatiya Janata Party, Stock Brokers, CNBC, Modi's Bharatiya Janata Party, Centre, Monitoring, BSE, U.S . Locations: New Delhi, India, Mumbai, Bihar, Andhra Pradesh
Last year was “another year of highs in our energy hungry world,” said Juliet Davenport, president of the Energy Institute. Overall, the proportion of fossil fuels in the 2023 global energy mix remained largely the same at 81.5%, down just 0.5% from the previous year. India’s fossil fuel consumption was up 8% last year and, for the first time ever, the country used more coal than Europe and North America, combined. Dhiraj Singh/Bloomberg/Getty ImagesIn China, fossil fuel use soared to a new record high in 2023, up by 6%, as the end of its extended Covid lockdowns led to a rebound in fossil fuels. Fossil fuel use in major advanced economies is likely to have peaked and is beginning to fall, it found.
Persons: , Sharma, Anthony Behar, SIPPL, , Juliet Davenport, Dhiraj Singh, lockdowns, Simon Varley, Dave Jones Organizations: CNN, Energy Institute, Getty, , US, Bloomberg, Resources, KPMG Locations: Mecca, Saudi Arabia, India, New Delhi, Queens, New York City, NY, Europe, North America, Visakhapatnam, Andhra Pradesh, China, Paris
Modi is sworn in for a rare third term as India’s prime minister
  + stars: | 2024-06-09 | by ( ) www.cnbc.com   time to read: +3 min
Indian Prime Minister Narendra Modi gestures as he arrives at Bharatiya Janata Party (BJP) headquarters in New Delhi, India, June 4, 2024. NEW DELHI — Narendra Modi was sworn in Sunday for a rare third consecutive term as India's prime minister, relying on his coalition partners after his party failed to win a parliamentary majority in a surprise outcome. The 73-year-old popular but polarizing leader is only the second Indian prime minister after Jawaharlal Nehru to retain power for a third five-year term. An avowed Hindu nationalist, the prime minister is considered a champion of the country's Hindu majority, who make up 80% of India's 1.4 billion population. Several South Asian leaders attended the swearing-in ceremony Sunday, including Bangladesh Prime Minister Sheikh Hasina, Sri Lankan President Ranil Wickremesinghe, Nepalese Prime Minister Pushpa Kamal Dahal and Maldives President Mohamed Muizzu.
Persons: Narendra Modi, Modi, Droupadi Murmu, Jawaharlal Nehru, he's, Sheikh Hasina, Ranil Wickremesinghe, Pushpa Kamal Dahal, Mohamed Muizzu, Muizzu Organizations: Indian, Bharatiya Janata Party, BJP, NEW, Modi's National Democratic Alliance, Modi's BJP, Telugu Desam Party, Janata Dal, INDIA, Bangladesh Locations: New Delhi, India, Andhra Pradesh, Bihar, Sri, Maldives, China
Where India Turned Against Modi
  + stars: | 2024-06-07 | by ( Agnes Chang | Mujib Mashal | Pablo Robles | ) www.nytimes.com   time to read: +8 min
lost New Delhi Uttar Pradesh Rajasthan Kolkata ODISHA Maharashtra Mumbai Visakhapatnam ANDHRA PRADESH Bangalore Andaman Islands KERALA Seats N.D.A. lost New Delhi Uttar Pradesh Kolkata Maharashtra Mumbai Visakhapatnam ANDHRA PRADESH Bangalore Andaman Islands KERALA Seats N.D.A. Uttar Pradesh Uttar Pradesh 2019 2024 Ghaziabad Ghaziabad Lucknow Lucknow Ayodhya Ayodhya Kanpur Kanpur Varanasi Varanasi Opposition N.D.A. Opposition Other +8 +16 Ghaziabad Lucknow Ayodhya Kanpur Varanasi 2019 Uttar Pradesh Ghaziabad Lucknow Ayodhya Kanpur Varanasi 2024 Uttar Pradesh Margin of victory, in pct. Opposition Other +8 +16 +8 +16 +8 +16 Nagpur Mumbai Pune 2019 maharashtra Nagpur Mumbai Pune 2024 maharashtra Margin of victory, in pct.
Persons: Narendra Modi, Modi, Modi’s, , N.D.A Organizations: Bharatiya Janata Party, B.J.P, Congress, National Democratic Alliance Locations: India, New Delhi Uttar Pradesh Rajasthan Kolkata, Maharashtra Mumbai Visakhapatnam ANDHRA PRADESH Bangalore Andaman, KERALA, New Delhi Uttar Pradesh Kolkata Maharashtra Mumbai Visakhapatnam ANDHRA PRADESH Bangalore Andaman, New Delhi Uttar Pradesh Kolkata Maharashtra Mumbai ANDHRA PRADESH Bangalore KERALA, Maharashtra, West Bengal, Uttar Pradesh, India’s, Uttar Pradesh Uttar Pradesh, Ghaziabad Lucknow Lucknow Ayodhya Ayodhya, Varanasi Varanasi, Ghaziabad Lucknow Ayodhya Kanpur Varanasi, Ayodhya Kanpur Varanasi, Ayodhya, Mumbai, maharashtra maharashtra, Nagpur Nagpur Mumbai Mumbai Pune Pune, Nagpur Mumbai Pune, maharashtra Nagpur Mumbai Pune, maharashtra, Andhra Pradesh, Kerala, Telangana, Odisha
GHAZIABAD INDIA - APRIL 06: Prime Minister Narendra Modi greets supporters at a roadshow on April 06, 2024 in Ghaziabad, Uttar Pradesh, India. India's 2024 general election is set to be the world's largest democratic exercise, with over 969 million registered voters, more than the combined population of the EU, US, and Russia. (Photo by Elke Scholiers/Getty Images)India voted on Monday in the fourth phase of a seven-week long general election, as campaign rhetoric became more strident over economic disparities and religious divisions. "I appeal to all to vote for a decisive government," said Amit Shah, Modi's powerful aide and the country's interior affairs minister, as voting began. The lower turnout has raised doubts over whether BJP and its allies can win the landslide predicted by opinion polls.
Persons: Narendra Modi, Elke Scholiers, Amit Shah Organizations: EU, Bharatiya Janata Party, BJP Locations: GHAZIABAD INDIA, Ghaziabad, Uttar Pradesh, India, Russia, Telangana, Andhra Pradesh
The lunar lander called Odysseus or IM-1, created by Houston-based company Intuitive Machines, is barreling toward the moon. If it fails, Odysseus would become the third lunar lander to meet a fiery demise on the moon in less than a year. Russia’s first lunar lander mission in 47 years, Luna 25, failed in August 2023 when it crash-landed. Overall, more than half of all lunar landing attempts have ended in failure — tough odds for a feat humanity first pulled off nearly 60 years ago. The US remains the only country to have put humans on the lunar surface, most recently in 1972 with the Apollo 17 mission.
Persons: Odysseus, Luna, Ispace, Japan —, hasn’t, Scott Pace, George Washington, , ” Pace, Artemis, , Greg Autry, “ There’s, India’s, Jitendra Singh, Satish, Satish Baby, ” Singh, Astrobotic, Steve Altemus, it’s, Glynn Lunney, ” Autry, “ Neil, Armstrong, “ We’ve, Joel Kearns Organizations: CNN, Technology, Policy Institute, , Arizona State University’s Thunderbird School of Global Management, State for Science, Indian Space Research Organisation, Space, Getty, Economic Times, NASA, Payload Services, Johnson Space Center, AP Locations: United States, Houston, Japan, Soviet, States, China, India, Sriharikota, Andhra Pradesh, AFP, New York, Los Angeles, what's
India's tourism sector is set for a boom as more travelers take trips around the country for religious purposes. "Religious tourism is still the biggest segment of tourism in India … the creation of a new religious tourist centre (Ayodhya) with improved connectivity and infrastructure can create a meaningfully large economic impact," Jefferies highlighted. Indian media reported that around half a million people visited the Ram temple on its opening day which was inaugurated by Prime Minister Narendra Modi. The YouTube broadcast of the opening ceremony on Modi's channel alone received more than 11 million views. If it continues develop tourist destination including religious tourism, chances are that more and more people will come to visit India and it will even benefit on the foreign exchange side," said Nilesh Shah, managing director at Kotak Mahindra Asset Management.
Persons: Jefferies, , Narendra Modi, Nilesh Shah Organizations: YouTube, Mahindra Asset Management Locations: Ayodhya, India, Rome's Vatican, Mecca, Saudi Arabia, Tirupati, Andhra Pradesh, Temple, Jammu, Kashmir
[1/3] People move in a boat past partially submerged vehicles in a residential area following heavy rains ahead of Cyclone Michaung in Chennai, India, December 4, 2023. REUTERS/Stringer/File photo Acquire Licensing RightsBHUBANESHWAR, India, Dec 5 (Reuters) - Heavy rains submerged roads and shut down a major airport in southern India on Tuesday, where at least five people, including a child, were killed in the flooding and the havoc hours before a severe cyclone was due to make landfall. The rains and winds also snapped power lines and uprooted trees, officials said. Taiwan's Foxconn (2317.TW) and Pegatron (4938.TW) halted Apple (AAPL.O) iPhone production at their facilities near Chennai due to heavy rains, sources familiar with the matter told Reuters on Monday. In December 2015, floods in Tamil Nadu killed at least 290 people and caused widespread damage.
Persons: Stringer, Michaung, Taiwan's Foxconn, Jatindra Dash, Shilpa Jamkhandikar, Miral Organizations: Cyclone, REUTERS, Apple, Reuters, Thomson Locations: Chennai, India, Andhra Pradesh, Tirupati district, Tamil Nadu, Tamil Nadu's
Cyclone Michaung was expected to make landfall on the coast of the southern Indian state of Andhra Pradesh on Tuesday morning, the country's weather office said, with sustained winds of 90-100 kph (56-62 mph), gusting to 110 kph. Two people were killed when a wall collapsed because of heavy rain in the Chengalpattu district of neighbouring Tamil Nadu state, joint director of the state disaster management department, C. Muthukumaran, told Reuters. [1/3]People move in a boat past partially submerged vehicles in a residential area following heavy rains ahead of Cyclone Michaung in Chennai, India, December 4, 2023. Parts of Andhra Pradesh were likely to get more than 200 millimetres (8 inches) of rain over the next 24 hours, India's weather office said. At least 800 people have been evacuated so far from Bapatla, the coastal town in Andhra Pradesh where the cyclone is expected to make landfall on Tuesday, P Ranjit Basha, district collector of Bapatla, said.
Persons: Cyclone Michaung, Muthukumaran, Ranjit Basha, Praveen, Jatindra, Shilpa Jamkhandikar, Gerry Doyle, Sharon Singleton Organizations: Cyclone, Reuters, REUTERS, Authorities, ., Thomson Locations: CHENNAI, Andhra Pradesh, Chengalpattu, Tamil Nadu, Chennai, India, Bapatla, Sadam, Hyderabad, Bhubaneshwar
NEW DELHI (AP) — A toxic blanket of grey smog hangs over New Delhi’s monuments and high-rises. Authorities are struggling to rein in severe air pollution levels, an annual and chronic health crisis that disrupts the lives of over 20 million in the city every year. On Tuesday, the air quality index veered close to the 400 mark for tiny particulate matter, a level considered hazardous and more than 10 times the global safety threshold, according to SAFAR, India’s main environmental monitoring agency. The severe air pollution crisis affects every resident in the city, but the millions who work outdoors are even more vulnerable. "If I had had employment back home, I wouldn’t have come to Delhi to work.”
Persons: SAFAR, , Srinivas Rao, Gulshan Kumar Organizations: DELHI, Authorities, Sri, Arun, Indian, Meteorology, Living Sciences Locations: Andhra Pradesh, India, New Delhi, Bangladesh, Pune . New Delhi, Bihar, , Delhi
Trains collide in India, killing at least 10, reports say
  + stars: | 2023-10-30 | by ( Vedika Sud | ) edition.cnn.com   time to read: +1 min
CNN —At least 10 people are dead and 27 others have been injured after two trains collided in southeast India Sunday, Reuters reports. The collision derailed two coaches carrying more than 90 people on the stationary train, the official told Reuters. Sunday’s collision comes just four months after a separate train accident in Odisha, where three trains collided, leaving 275 people dead and more than 1,000 injured. Rescue operations are underway at the accident site, and all of the injured have been moved to hospitals, Railway Minister Ashwini Vaishnaw said on X. “The Prime Minister extends condolences to the bereaved families and prays that the injured recover soon.”
Persons: , Ashwini Vaishnaw, Narendra Modi, Organizations: CNN, Reuters, Railway, Minister’s, Indian, Sunday, Locations: India, Visakhapatnam, Andhra Pradesh, Rayagada, Odisha, Vizianagaram, country’s
BHUBANESWAR, India, Oct 30 (Reuters) - The death toll from a train crash in India has risen to 13, with 39 injured, an official said on Monday, with investigators suspecting human error was the cause of the crash in the south-eastern state of Andhra Pradesh. [1/2]Rescue workers and police officials stand next to damaged coaches following a collision between two passenger trains in Vizianagaram district in the southern Andhra Pradesh state, India, October 30, 2023. REUTERS/R.Narendra Acquire Licensing RightsThe railway ministry said a preliminary investigation found that "human error" that led to "overshooting of signal" by the Visakhapatnam-Rayagada train. The accident came months after India's state-run railway system suffered its worst crash in two decades when 292 people were killed. Reporting by Jatindra Dash in Bhubaneswar, Rishika Sadam in Hyderabad; writing by Tanvi MehtaOur Standards: The Thomson Reuters Trust Principles.
Persons: Jatindra, Tanvi Mehta Organizations: Palasa Express, Reuters, REUTERS, Railways, Thomson Locations: BHUBANESWAR, India, Andhra Pradesh, Visakhapatnam, Vizianagaram district, Bhubaneswar, Rishika Sadam, Hyderabad
CNN —At least 10 people are dead and 27 others have been injured after two trains collided in southeast India Sunday, Reuters reports. A train traveling from Visakhapatnam, in the state of Andhra Pradesh, to Rayagada, in Odisha, had stopped due to a break in an overhead cable when it was hit by an oncoming train, in the Vizianagaram district of Andhra Pradesh, Reuters said, citing a senior railway official. The collision derailed two coaches carrying more than 90 people on the stationary train, the official told Reuters. Sunday’s collision comes just four months after a separate train accident in Odisha, where three trains collided, leaving 275 people dead and more than 1,000 injured. Rescue operations are underway at the accident site, and all of the injured have been moved to hospitals, Railway Minister Ashwini Vaishnaw said on X.
Persons: , Ashwini Vaishnaw, Narendra Modi, Organizations: CNN, Reuters, Railway, Minister’s, Indian, Sunday, Locations: India, Visakhapatnam, Andhra Pradesh, Rayagada, Odisha, Vizianagaram, country’s
Recent disruptions at Apple facilities in India
  + stars: | 2023-09-25 | by ( ) www.reuters.com   time to read: +1 min
NEW DELHI, Sept 25 (Reuters) - Apple (AAPL.O) supplier Pegatron on Monday temporarily halted iPhone assembly at its Chennai facility in India's Tamil Nadu state after a fire at the factory. Apple has been eyeing a large manufacturing base in India since it began iPhone assembly in the country in 2017. Apple products in India are currently manufactured through contracts with firms including Foxconn (2317.TW), Wistron Corp (3231.TW) and Pegatron Corp (4938.TW). It has a total of 14 suppliers with facilities in India. Apple later found facilities did not meet required standards.
Persons: Pegatron, Apple, Blassy, Mark Potter Organizations: Apple, Wistron Corp, Pegatron Corp, Workers, Thomson Locations: DELHI, Chennai, Tamil Nadu, India, Chittoor, Andhra Pradesh, Tamil, Karnataka
India, which is scrambling to rein-in inflation ahead of state elections later this year, on Friday expanded curbs on rice exports with a 20% duty on parboiled rice that would be effective until Oct. 15. Shipments of around 500,000 tons have been put on hold, said B.V. Krishna Rao, president of the Rice Exporters Association (REA). India exported a record 22.2 million tons of rice in 2022, including 7.4 million tons of parboiled rice. Lower-income consumers in Asia and Africa previously preferred 100% broken rice, exporters said, which was available at $325 per ton, but India banned exports of broken rice last year. India, which accounts for 40% of world rice exports, in July ordered a halt to its largest rice export category, non-basmati white rice, which fuelled a rally in global rice prices.
Persons: Rajendra, Himanshu Agarwal, B.V, Krishna Rao, REA, Rao, Tony Munroe, Sharon Singleton Organizations: REUTERS, Rights, Reuters, Satyam Balajee, Rice, Association, Reuters Graphics, Thomson Locations: Kakinada Anchorage, Andhra Pradesh, India, Benin, Ghana, Côte d'Ivoire, Liberia, Thailand, Vietnam, Pakistan, New Delhi, Asia, Africa
Last month, India surprised buyers by imposing a ban on exports of widely consumed non-basmati white rice, following a ban on broken rice exports last year. "With this duty, Indian parboiled rice would become as expensive as supplies from Thailand and Pakistan. India exported 7.4 million tons of parboiled rice in 2022. "Global rice prices had begun to moderate in the last few days after rallying more than 25% due to India's restrictions last month. His administration has extended a ban on wheat exports after curbing rice shipments in September 2022.
Persons: Rajendra, Narendra Modi, Rajendra Jadhav, Chris Reese, Tomasz Janowski, Hugh Lawson Organizations: REUTERS, Rights, United, Reuters Graphics India, Thomson Locations: Kakinada Anchorage, Andhra Pradesh, India, Mumbai, Thailand, Pakistan, United Nations, Ukraine, Africa, Asia, New Delhi
CNN —India is on the brink of a historic attempt to land its Chandrayaan-3 spacecraft on the moon that could make it only the fourth nation ever to accomplish such a feat. India’s space agency will livestream the landing attempt starting at 5:20 p.m. IST (7:50 a.m. Previously, only the United States, China and the former Soviet Union have completed soft landings on the lunar surface. Russia’s Luna 25 spacecraft crashed into the moon on August 19 after its engines misfired, ending the country’s first lunar landing attempt in 47 years. Indranil Mukherjee/AFP/Getty ImagesIndia’s mission has taken on even greater significance since Russia’s failed Luna 25 landing attempt.
Persons: nation’s, Russia’s Luna, Vikram, Angela Marusiak, she’s, Marusiak, , ” Marusiak, Satish Dhawan, Indranil Mukherjee, Luna, landers, Artemis, Bill Nelson, India’s Organizations: CNN, Indian Space Research Organization, Soviet Union, University of Arizona’s, Laboratory, Satish Dhawan Space, YouTube, Getty, Japan Aerospace Exploration Agency, United, NASA Locations: India, United States, China, France, Sriharikota, Andhra Pradesh, Mumbai, Israel, Japan, Artemis, Russia
CNN —India’s Chandrayaan-3 spacecraft is swooping toward the moon’s surface ahead of its historic landing attempt, and it’s capturing some stunning visuals on the way. India’s space agency will livestream the landing attempt starting at 5:20 p.m. IST (7:50 a.m. The spacecraft has been making a slow, methodical approach toward the lunar surface. The mission marks India’s second attempt to complete a soft landing on the moon. The first attempt, in 2019 with Chandrayaan-2, crashed into the lunar surface because of software issues and difficulties braking on its descent.
Persons: CNN — India’s, ISTRAC, Satish, Space Organizations: CNN, Indian Space Research Organization, Soviet, ISRO, Mare, Operations, isro Locations: India, United States, China, Soviet Union, MOX, Sriharikota, India’s, Andhra Pradesh, Chandrayaan
The Chandrayaan-3 mission was launched on July 14 from India's main space port in the southern state of Andhra Pradesh. Here are key facts about the Indian Space Research Agency's (ISRO) Chandrayaan-3 mission. Rough terrain is one of the complications for a south pole landing. Russia's first moon mission in 47 years failed over the weekend when its Luna-25 spacecraft crashed into the moon. Modi said when the moon mission launched that ISRO was writing "a new chapter in India's space odyssey" and elevating "the dreams and ambitions of every Indian."
Persons: Francis Mascarenhas, Russia's, Bill Nelson, India's, Luna, Narendra Modi's, Modi, Kevin Krolicki, Bernadette Baum Organizations: REUTERS, Rights, Indian Space Research, Reuters, ISRO, Thomson Locations: Mumbai, India, Andhra Pradesh, Chandrayaan, USSR, United States, China
The Indian space agency launched the rocket carrying the spacecraft on July 14, blasting off from the country's main spaceport in the southern state of Andhra Pradesh. Rough terrain is expected to complicate a landing on the lunar south pole. A previous mission by India's space agency, the Chandrayaan-2, crashed in 2019 near where the Chandrayaan-3 will attempt a touchdown. Both India and Russia have national interests in successful landings and in claiming the historic first at stake. Russia's space agency Roscosmos has said the Luna-25 mission would spend 5-7 days in lunar orbit before descending to one of three possible landing sites near the pole.
Persons: Roscosmos, Luna, Narendra Modi's, Nivedita, Philippa Fletcher Organizations: ISRO, Handout, REUTERS, Rights, LM, Indian Space Research Organisation, Luna, India's, Skyroot Aerospace, Thomson Locations: Russia, Andhra Pradesh, India, Ukraine, Bengaluru
CNN —A peckish tiger lunching on a softshell turtle, an ant snacking on honeydew, and a pair of glittery slug moth larva are just a handful of scenes depicted in the winning images from the Nature inFocus Photography Awards 2023. Nature and wildlife storytelling platform Nature inFocus runs the competition. Among the winning images is a photostory focusing on the devastation facing the intricate mangrove forests of the Godavari River in Andhra Pradesh, India. Other winning images include rarer wildlife sightings, such as a pair of agitated mountain goats locking horns in a cinematic rocky landscape. Amit Eshel/Courtesy Nature InFocus Photography AwardsAccording to the IUCN, the Nubian ibex is a vulnerable species – facing threats from agriculture to extreme weather.
Persons: , Rohit Varma, Srikanth Mannepuri, Mannepuri, Amit Eshel, Jo, Anne McArthur, McArthur, Varma Organizations: CNN, , IUCN Locations: India, Bangalore, Andhra Pradesh
CNN —India moved one step closer to executing a controlled landing on the moon after its Chandrayaan-3 spacecraft entered lunar orbit over the weekend, inching toward the surface’s unexplored South Pole. Developed by the Indian Space Research Organization (ISRO), Chandrayaan-3 is comprised of a lander, propulsion module and rover. Its first lunar probe, the Chandrayaan-1, orbited the moon and was then deliberately crash-landed onto the lunar surface in 2008. Eleven years later, the Chandrayaan-2 successfully entered lunar orbit but its rover crash-landed on the moon’s surface. “Chandrayaan-3 scripts a new chapter in India’s space odyssey,” Modi tweeted shortly after it took off last month.
Persons: , Satish, Space, It’s, Modi, ” Modi Organizations: CNN, Indian Space Research Organization, Soviet, ISRO, Soviet Union Locations: India, United States, Soviet Union, China, Sriharikota, Andhra Pradesh
Indian rice stocks, including unmilled husk varieties at state warehouses, totalled 37.6 million metric tons on Aug 1, the sources told Reuters. Stocks held as of Aug 1 include 24.6 million metric tons of rice and 13 million metric tons of the unmilled variety, the sources said. State-run warehouses must have 13.5 million metric tons of rice, including strategic reserves of 2 million metric tons for the quarter beginning July 1, according to local government rules. FCI bought 84.6 million metric tons of rice paddy from domestic farmers during the 2022-23 marketing year, yielding around 57 million metric tons of rice. Indian farmers harvested a record 135.5 million metric tons of rice in 2022-23, according to the Ministry of Agriculture & Farmers Welfare.
Persons: Rajendra, Stocks, Krishna Rao, Rao, Mayank Bhardwaj, Rajendra Jadhav, Alexander Smith Organizations: REUTERS, Reuters, Food Corporation of India, FCI, Ministry of Agriculture & Farmers Welfare, El, Rice, Association, Thomson Locations: Kakinada Anchorage, Andhra Pradesh, India, DELHI, MUMBAI, Delhi, B.V
July 31 (Reuters) - Apple's (AAPL.O) main supplier, Foxconn Technology Group (2317.TW), is planning to invest close to $500 million to build two component factories in India, Bloomberg News reported on Monday, citing people familiar with the matter. These factories will be built in the southern state of Karnataka and at least one of them will produce Apple parts, including for iPhones, the report said. Foxconn and Apple did not immediately respond to Reuters requests for comment. Karnataka has already approved investment to the tune of 80 billion rupees ($972.88 million) by a Foxconn unit in March, making it the third southern Indian state after Andhra Pradesh and Tamil Nadu to allow Foxconn plants. ($1 = 82.2300 Indian rupees)Reporting by Urvi Dugar and Chavi Mehta in Bengaluru; Editing by Arun KoyyurOur Standards: The Thomson Reuters Trust Principles.
Persons: Urvi Dugar, Chavi Mehta, Arun Koyyur Organizations: Foxconn Technology, Bloomberg, iPhones, Apple, Tamil, Thomson Locations: India, Karnataka, Andhra Pradesh, Tamil Nadu, China, Kancheepuram, Chennai, Bengaluru
The government said it was imposing the ban after retail rice prices climbed 3% in a month as late monsoon rains damaged crops. While a late monsoon caused a major shortfall of rain up to mid-June, heavy rains since have caused significant damage. India accounts for more than 40% of world rice exports but low inventories mean any cut in shipments will fuel food prices driven up by Russia's invasion of Ukraine last year and erratic weather. His administration has extended a ban on wheat exports after curbing rice shipments in September 2022. "India would disrupt the global rice market with far greater velocity than Ukraine did in the wheat market with Russia's invasion," B.V. Krishna Rao, president of the Rice Exporters Association told Reuters.
Persons: Rice, Narendra Modi, Krishna Rao, Rao, El, Michael Hogan, Jan Harvey, David Evans, Conor Humphries Organizations: Rice, Association, Reuters, El, Farmers, El Nino, Thomson Locations: India, Ukraine, DELHI, Asia, Thailand, Vietnam, New Delhi, Punjab, Haryana, Rice, West Bengal, Bihar, Chhattisgarh, Andhra Pradesh, Telangana, China, Philippines, Hamburg
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