India · Country watch
Cyclone Arnab Hits Odisha, Auto PLI Approvals
Cyclone Arnab disrupts Odisha, while auto firms await PLI approvals, impacting business operations and investments.
The picture Mixed
Business conditions in India are mixed today. Cyclone Arnab disrupts logistics in Odisha, while auto firms await PLI approvals. Energy security talks with the US add geopolitical complexity.
In this briefing Tata Motors · MG Motor · Production Linked Incentive · Odisha · Indian Meteorological Department · Uttar Pradesh Medical Supplies Corporation Limited · Affy Parenterals · India · United States · Russia
Regulation
Auto PLI approvals to benefit Tata, MG Motor
The Indian government is set to approve pending Production Linked Incentive (PLI) applications for auto companies with Chinese investments, reports TV9 Hindi. This decision is expected to benefit companies like Tata Motors and MG Motor, as it reflects improving diplomatic relations between India and China. The approval will provide significant financial advantages to these companies, facilitating further investments and growth in the automotive sector.
Impact Tata Motors and MG Motor will gain financially from the PLI scheme approvals, enhancing their investment capacity.
Sources: TV9 Hindi ↗
Disruption
Cyclone Arnab strikes Odisha, displaces 5,000
Cyclone Arnab made landfall on Odisha's coast near Kalingapatnam, causing heavy rain and flooding, according to Jbhaskar. The cyclone, moving at 12 km/h, has already displaced approximately 5,000 people and is expected to impact northern Andhra Pradesh and southern Odisha. Authorities have issued alerts in West Bengal and Andhra Pradesh as a precaution. The Indian Meteorological Department (IMD) is monitoring the situation closely.
Impact Logistics and public-sector operations in Odisha face disruptions due to Cyclone Arnab's impact.
Sources: Jbhaskar ↗
Internal tension
Nothing significant reported today.
Safety & health
UPMSCL blacklists Affy Parenterals for fake drugs
The Uttar Pradesh Medical Supplies Corporation Limited (UPMSCL) has blacklisted Noida-based Affy Parenterals for three years. The company was found supplying counterfeit calcium-vitamin D3 drugs to government hospitals, according to Dainik Jagran. The action aims to ensure the safety and integrity of medical supplies in the state’s public healthcare system.
Impact Public-sector hospitals in Uttar Pradesh will need to find alternative suppliers for calcium-vitamin D3 drugs.
Sources: Dainik Jagran ↗
Companies
Nothing significant reported today.
Markets
Nothing significant reported today.
Trade
Nothing significant reported today.
Politics
India, US discuss sanctions on Russia-Iran trade
India and the United States have discussed potential sanctions on countries trading with Russia and Iran during a meeting at the UN, India Today reports. The discussions highlighted India's energy security concerns, with the US offering support to regional partners. These talks come amid ongoing geopolitical tensions and could impact India's energy imports and diplomatic relations.
Impact Energy importers in India face potential challenges due to discussions on sanctions affecting trade with Russia and Iran.
Sources: India Today ↗
Also today in India
- Fed Governor Michael Barr signals more rate hikes needed to tame inflation — The Economic Times
- Ministry sets Oct 12 start for Budget consultations — The Economic Times
- Global Market: Asian stocks rise after US tech rally, oil drops — The Economic Times
- Gold rate today: 24k vs 22k vs 20k vs 18k — The Economic Times
- Banks shut for 5 days? SBI & others issue messages — The Economic Times
- Crude oil shock hits India’s oil companies: ICRA — The Economic Times
- Bitcoin holds near $86,000 as spot Bitcoin ETF inflows hit 11-month high of $999 million — The Economic Times
- PM Modi to chair meet to chart govt's next set of priorities — Times of India
Sources in this briefing
Sources: each headline links to the original article on the publisher's site.
The same day elsewhere
- Argentina: OECD Cuts Growth Forecast; Weather Alerts Issued
- Brazil: STF Lifts Sanctions Pause, Petrobras MoU in Mozambique
- Canada: Canadian Dollar Drops, Alberta Gas Tax Cut
- China: China's Outward Investment, Hong Kong's Yuan Moves
- Germany: Berlin Withdraws Olympic Bid, BER Drone Disruption
- Egypt: Infrastructure Financing, Suez Canal Transits, Climate Training
- Spain: Energy Crisis Looms, Ceuta Tensions Persist
- France: Normandy Train Disruptions, Tech Power Sale
- United Kingdom: Scotland Halts Data Centres, M8 Crash Disrupts Traffic
- Indonesia: Kalimantan Flights Disrupted, Non-Subsidised Fuel Prices
- Israel: US Expands Iran Sanctions, Nice's Actimize Sale Talks
- Iran: Iran Revises Auto Pricing; UNGA Highlights
- Italy: Stellantis Halts Production, Sugar Tax Concerns
- Jordan: JFDA Launches Food Licensing, Hormuz Incident
- Japan: ANA Emergency Landing, Okinawa Theme Park Loss
- Kenya: CBK Fines Banks, New VAT Rules, Coast Weather Alert
- South Korea: KOSPI Gains, Won Rebounds, Bank Governance Scrutiny
- Lebanon: Lebanese Public Sector Strike, Kuwait Investment Talks
- Morocco: Low Election Turnout, Power Outage Disrupts Voting
- Mexico: Peso Depreciates, Hurricane Polo Alert, Oaxaca Unrest
- Malaysia: Fuel Prices Rise; Serian Schools Close Due to Haze
- Nigeria: Ebola Alert, Petrol Pricing, New Minimum Wage
- Netherlands: Dutch Nuclear Stake, Brabant Power Crisis, Opheusden Unrest
- Poland: Poland's 'Silent Consent' Tax Reform, Road Closure
- Portugal: Portugal Budget Debate Set, Burqa Law Enforced
- Russia: Russia Tightens Cash Export Rules, Arctic Route Expands
- Senegal: Electricity Issues and Coastal Wind Alerts
- Syria: Lebanon Entry Rules, Syrian Energy Challenges
- Turkey: MASAK Payment Limits, Inflation Expectations Shift
- Ukraine: Russian Strikes Hit Kyiv Internet, Dnipro Steel
- United States: Hurricane Threatens, Treasury Yields Surge
- Vietnam: Vietnam, Germany Rail Tech Talks; Dollar Weakens