India’s diamond industry plans to reduce its bank financing needs by a third to $4 billion for the current financial year from $6 billion in FY23, as waning global demand for the gems threatens to make accounts sticky. Diamond traders have already stopped imports of rough diamonds for the two months till December 15.
India is losing its global market share in basmati rice as a result of the government’s decision to set a minimum export price. At a recent food fair in Istanbul, no Indian companies were able to secure orders for the new basmati crop. Global buyers are resorting to tactics such as delaying payments and pressuring Indian basmati traders to fulfill old orders. India produces five varieties of basmati rice and exporters are not buying rice from farmers due to the lack of orders.
Vehicle registrations in India increased by 9% in August, driven by strong customer demand ahead of the festive season. The Federation of Automobile Dealers Association (FADA) expressed cautious optimism, citing new vehicle launches and a revival in rural markets. However, FADA warned that insufficient monsoon rains could lead to inflation and affect consumer demand. Passenger vehicle registrations rose by 6.53%, while two-wheeler and commercial vehicle registrations rose by 6.29% and 3.23% respectively. Despite the growth in two-wheeler sales, consumer sentiments remained mixed, causing increased competition among key players.
