India's tea exports volume likely to grow by 5% despite challenges'
Kolkata, June 24: India's tea exports are expected to clock a 5 per cent growth this year in terms of volume, provided shipments to Iran do not get disturbed, said Tea Board Chairman P.K Bezboruah.
"There are some challenges in the current year in terms of tea exports. India's tea exports to Iran, which was a good customer last year, may get disrupted as the US has threatened to re-establish (nuclear programme-related) sanctions on Iran. The Centre is working on it so that bilateral trade between the two countries (India-Iran) continues," Bezboruah told IANS.
India achieved the highest tea exports in 2017 after 36 years, exporting 251.91 million kgs in the last calendar year, up by 13.24 per cent from 222.45 million kgs exported during 2016.
"The exports growth this year would not be spectacular but it is expected to go up by 5 per cent in terms of volume, provided exports to Iran do not get disturbed," he said.
Indian exporters are keen to regain its market share in Kazakhstan which used to import significant volume of Indian tea earlier, he said.
Bezboruah exuded confidence that tea exports will continue to expand in the UAE, the US, China, Russia and the Middle East.
Notably, the country had exported 256.57 million kgs of tea in the last fiscal (2017-18), up by 12.71 per cent from 227.63 million kgs exported in the previous year (2016-17).
In the production front, the crop production was at 1,325.05 million kgs in the last fiscal, an increase of 74.56 million kgs as compared to 2016-17.
Production of the crop is expected to be higher this year as against last year though estimated April production at 85.74 million kgs was down by 7.21 per cent compared to year-ago month, he said.
In fact, estimated tea production stood at 177.94 million kgs during January-April period of 2018, down marginally compared to 181.32 million kgs produced in the corresponding period last year.
Let the Truth be known. If you read VB and like VB, please be a VB Supporter and Help us deliver the Truth to one and all.
Rupee hits all-time low for second time in a week
Mumbai (PTI): The rupee depreciated 31 paise to settle at 91.99 against the US dollar on Wednesday, touching the lowest closing level for the second time in less than a week, amid increased month-end demand for the greenback.
Forex traders said the rupee opened higher as the US dollar index softened and a long-awaited trade breakthrough with Europe offered quiet reassurance. However, increased month-end demand for the American currency as well as the ongoing geopolitical tensions dented investors' sentiments.
At the interbank foreign exchange, the rupee opened at 91.60 and touched an early high of 91.50, but pared all the gains to touch an intra-day low of 91.99 against the greenback.
The domestic unit settled 31 paise down, revisiting its lowest-ever closing level of 91.99 against the greenback. The Indian currency previously ended at this level on January 23 when it also hit its all-time intraday low of 92 against the US dollar.
On Tuesday, the rupee rebounded from its all-time low levels and gained 22 paise to close at 91.68 against the US dollar.
Analysts said the rupee opened higher as the US dollar index softened and a long-awaited trade breakthrough with Europe bolstered investor sentiment.
India and the European Union on Tuesday announced the conclusion of negotiations for the free trade agreement (FTA), under which a number of domestic sectors such as apparel, chemicals and footwear will get duty-free entry into the 27-nation bloc, while the EU will get access to the Indian market at concessional duty for cars and wines, an official said.
The deal has been dubbed the "mother of all deals" as it will create a market of about 2 billion people.
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.07 per cent lower at 96.14.
Brent crude, the global oil benchmark, was trading 0.43 per cent lower at USD 67.28 per barrel in futures trade.
On the domestic equity market front, Sensex jumped 487.20 points to settle at 82,344.68, while Nifty surged 167.35 points to 25,342.75.
Foreign Institutional Investors turned net buyers and purchased equities worth Rs 480.26 crore on Wednesday, according to exchange data.
