Finance Minister to start pre-budget consultation; India’s finished steel imports from China on top
New Delhi| Finance Minister Nirmala Sitharaman will start pre-budget consultations with various stakeholders as part of the budget making process. The first meeting under this series will be with economists. The general budget for the financial year 2025-26 will be presented on February 1.
India’s finished steel imports from China have reached their highest ever during April to October in the current financial year. This has dealt a blow to hundreds of small steel producers in the country. China, the world’s largest steel producer, has sent 1.7 million tones of finished steel to India during this period. On an annual basis, it is 35.4 per cent higher.
Indian steel producers are already struggling with cheap imports from China and falling domestic prices. China has exported mostly stainless steel, hot-rolled coils, galvanized sheet, plate and electrical sheet in addition to grades. India’s total finished steel imports rose to a seven-year high of 5.7 million tones. On the other hand, India’s finished steel exports declined by 29.3 percent in April-October. Italy emerged as the largest buyer.
Hyundai Motor India announced an increase in the prices of all model vehicles by up to Rs 25,000 from January 1, 2025. The company said, this decision has to be taken due to increase in the cost of raw materials, adverse exchange rates and increase in logistics costs.
The 8,000-crore initial public offering (IPO) of the giant Mega Mart will open on 11 and close on Dec. 13. According to documents filed before SEBI, anchor investors will bid on Dec. 10. This issue will be completely offer for sale. The Central Consumer Protection Authority (CCPA) has sought additional documents and information from the company on show cause notices related to Ola Electric’s 10,644 complaints. CCPA had issued a notice to the company in October on customer complaints. Of the 10,644 consumer complaints it received from the CCPA on Oct. 22, it has resolved 99.1 percent of the cases, the company said Thursday.
