At 7.2%, India blends record ethanol with petrol in first 4 months

 So far, the best ever ethanol blend with petrol has been around 5.2 per cent at the all-India level.

Ethanol blending in India has reached more than 7.2 per cent — the first time it has reached this level — in the first four months of the ethanol supply year 2020-21 (December to November), putting the country on course to meet the target of 10 per cent blending by 2022.

According to industry sources, if oil-marketing companies (OMCs) lift the ethanol they had contracted for, in the next few months, all-India average blending could be even near 8 per cent by the time the season ends in November. So far, the best ever ethanol blend with petrol has been around 5.2 per cent at the all-India level.

In states such as Goa, Karnataka, Maharashtra, Gujarat, Uttar Pradesh, Haryana, Punjab, Delhi, Uttarakhand, and Himachal Pradesh (and Daman and Diu, a Union Territory), 9.5-10 per cent ethanol is being blended with petrol. This means these states are close to the 2022 target.

But, it hasn’t been all smooth so far. Sugar industry players say blending could have been more in the first four months of the 2020-21 season but for some strategic errors by OMCs in estimating the storage capacity. Owing to this, mills are being compelled to supply ethanol to depots far from their production units.

The data from industry sources say till March 29, OMCs have asked for 4.57 billion litres for 2020-21. Of this, sugar companies have finalised bids for 3.25 billion litres. Against this, around 2.98 billion litres of ethanol has been contracted. Of this 1 billion litres (around 33.5 per cent) has been supplied, while the rest is in the process of being delivered. Around 770 million litres has been produced from B-heavy molasses and sugarcane juice, which will lead to a shortfall of 800,000 tonnes of surplus sugar. Industry players say in 2020-21 there will be a decline in the production of around 2 million tonnes of sugar because of this diversion of sugarcane for ethanol.

Record GST collection due to recovery, increased compliance: Revenue Secy

 GST collection in March this year stood at a record high of Rs 1,23,902 crore

New Delhi [India], April 2 (ANI): The all-time high record collection of Goods and Service Tax (GST) is due to economic recovery and increased compliance with the use of technology, said Tarun Bajaj, Secretary, Revenue and Department of Economic Affairs. GST collection in March this year stood at a record high of Rs 1,23,902 crore.

In an exclusive interview with ANI, Bajaj pointed out the reason behind the record GST collection in March. Bajaj said that there are mainly two reasons behind the record GST collection: the economy has started moving upward and we had used technology for better compliance. For the last six months, we are continuously getting GST collection above Rs. 1 lakh crore. This systemic change has set up ease of compliance and also the pace of economic recovery. "We are hopeful that this trend will continue further," he added.

He said that economy is recovering better than our anticipation. This is because of the steps taken by the finance ministry. "We believe that in the current financial year 2021- 22, we will see good growth," he added.

Replying to a query about the probable impact of the recent rise in Covid-19 cases, Bajaj said, "Last year in March when we witnessed Covid -19 for the first time, we handled it with lockdown and other measures but now we have upgraded health infrastructure and vaccines. We are concerned about the recent rise in Covid cases but not worried. We are now far better equipped with vaccines and better health infrastructure to address the challenge. So this time our strategy to handle Covid-19 is totally different from earlier. The recent corona wave will not impact our economy as it impacted earlier," he said.

India's 2011 World Cup winners: From Dhoni to Gambhir, where are they now?

 A decade has passed since 2011 and the world has witnessed some major events, including a pandemic.

It is the 10th anniversary of the day when Mahendra Singh Dhoni finished the game with a six that ended India’s 28-year-wait for its second cricket world cup title. April 2, 2011, will remain etched in the memories of millions of cricket lovers who missed Kapil Dev and Co’s heroics on the way to India’s first title on the biggest stage in 1983.

A decade has passed since 2011 and the world has witnessed some major events, including a pandemic.

While some of the 11 men in blue, who played the final against Sri Lanka in Mumbai’s famous Wankhede stadium, have become senior members in the current Indian squad, others have retired and moved on from cricket to other fields. On this 10th anniversary, we take a look at where these players are.

Mahendra Singh Dhoni
Captain cool, who lead India to its second world cup title, retired from all forms of international cricket on 15th August 2020. He is currently the captain of Indian Premier League team Chennai Super Kings.

Virender Sehwag
Known for his attacking style of play, Sehwag retired from international cricket on 20 October 2015. He was the vice-captain of the team and had scored 380 runs in the 2011 World Cup, playing a key role in guiding the team towards the title.

Sachin Tendulkar
Not much needs to be said about the God of Cricket. The 2011 tournament was his 6th and last World Cup appearance. In the 2011 event, he scored a total of 482 runs. He retired in 2013. He currently owns the Indian Super League team Kerala Blasters.

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Global chocolate makers have sweet-loving Indians in their sights

 Chocolate -as well as ice cream, cakes and milk shakes - is starting to displace traditional treats among the middle classes

India has long been known for its love affair with sugar. Sweets play a major role in festivals and family celebrations and delicacies such as gulab jamun — fried dough balls soaked in syrup —and barfi —made with condensed milk — are popular gifts. Not only is India the world’s biggest consumer of sugar, but it’s also one of the top producers.

That penchant for sweet confections together with a massive, youthful, and increasingly affluent population has chocolate-makers around the world sitting up and taking notice. Indians currently eat only about a 10th as much chocolate confectionery as the global average and the International Cocoa Organization recently described the country as the No. 1 potential market of the future.

Chocolate —as well as ice cream, cakes, and milkshakes — is starting to displace traditional treats among the middle classes. No longer just something to be given at special occasions such as weddings or the Diwali festival, it’s becoming an everyday snack for many Indians. The country’s chocolate market was estimated to be worth 172 billion rupees ($2.3 billion) in 2019 and will grow by 6.7 percent a year from 2020 to 2024, according to Mintel.

The rise of India as a chocolate consumer comes at a welcome time for a global industry struggling with stagnating sales as people seek out healthier snacks. Lockdowns are also posing a challenge in the shorter term, with cocoa prices in New York posting their biggest quarterly drop in a year.

As the global outlook dimmed, Barry Callebaut was building its presence in India. From just a single employee in 2007, the chocolate titan now has 200 staff and has just opened its third factory.

Future Retail to offer quick online deliveries in bet on e-commerce

 Popular online grocery service BigBasket, in which India's Tata Group is seeking to acquire a majority stake, and Amazon both offer quick online deliveries in India.

India's Future Retail will deliver groceries and clothes from its main retail stores within two hours, it said on Thursday, as the company expands in an e-commerce sector dominated by the likes of Amazon.com Inc.

Future will allow customers to order goods from its popular hypermarket "Big Bazaar" stores in Mumbai, Bengaluru, and New Delhi and later expand the service to 150 cities, the company said in a statement. There are 285 Big Bazaar outlets in India.

Future, the country's second-largest brick-and-mortar retailer, has only had a small e-commerce presence so far but plans to use faster deliveries to expand in India's fast-growing e-commerce market, which is seen growing by 30% a year to $200 billion by 2026.

Popular online grocery service BigBasket, in which India's Tata Group is seeking to acquire a majority stake, and Amazon both offer quick online deliveries in India.

Asked about the competitive landscape, Future Group executive Kamaldeep Singh said during a media briefing the company would have an edge over other players as it aims to deliver a wider array of goods from its stores - including food, fashion, and kitchen utilities - within two hours.

Retail companies, as well as consumer goods makers in India, are focusing on bolstering their e-commerce prowess as shoppers increasingly move online to order everything from clothes to groceries.

BBC correspondent leaves China with family amid legal threats: Report

 A correspondent for the BBC has left Beijing after facing intense pressure and being threatened over British public broadcaster's coverage of issues like Xinjiang and coronavirus

A correspondent for the British Broadcasting Agency (BBC) has left Beijing after facing intense pressure and being threatened over the British public broadcaster's coverage of issues like Xinjiang and COVID-19.

John Sudworth, who was based in China for nine years, had left Beijing along with his wife, Yvonne Murray, a reporter for the Irish public broadcaster RTE, and their three young children.

Both Sudworth and Murray have said they will continue to cover China from Taipei.

According to The New York Times, the correspondent, Sudworth said on Wednesday that he made the decision after being subjected to intensifying propaganda campaign targeting him and the BBC.

He also cited legal threats as well as the increasing difficulty of doing independent reporting in China without obstruction or harassment.

Taiwan has confirmed Sudworth's presence in Taiwan.

"Sudworth is now in Taiwan and is currently in quarantine in accordance with COVID-19 prevention measures," said Taiwan Foreign Ministry spokeswoman Joanne Ou during a regular press briefing.

The departures of Sudworth and Murray are part of a larger recent exodus of foreign journalists from China. Last year, the Chinese government expelled around 15 correspondents for American news organizations, including The New York Times, The Wall Street Journal and the Washington Post.

Bank credit to medium-sized firms grows 21% in February, shows data

 The outstanding loans to large corporations continue to shrink as many of them have repaid existing loans

Bank credit to medium-sized firms rose 21 percent YoY in February even as a contraction (-1.5 percent) in loans to large industrial units dragged credit disbursement to industry.

In January this year, loans to large units were in the contraction zone (-2.5 percent), while for mid-sized entities it was 19.1 percent.

Credit to micro and small enterprises also inched up to 1.5 percent in February, from 0.9 percent in January, according to the Reserve Bank of India (RBI) data.

Bankers said there is a pick-up in credit due to a host of factors, including economic recovery, regulatory support, government guarantees for emergency credit, and liquidity support.

The outstanding loans to large corporations continue to shrink as many of them have repaid existing loans, taking advantage of lower interest ra­tes in a system flush with liqu­idity. While demand for working capital is rising, there is very little activity on the capital expenditure side, bankers said.

Continuing its uptrend, credit growth to agriculture and allied activities accelerated to 10.2 percent in February (5.5 percent in February 2020) from 9.9 percent in January 2021. A good monsoon and robust rural economy came as a major relief to the pandemic-battered economy.

Credit growth to the services sector accelerated to 9.3 percent in February (6.9 percent in February 2020) against 8.4 percent in January 2021.