Top headlines: Indian forex reserves, Kharif rice production, and more

India’s forex reserves fall $8 billion in a week as RBI defends rupee

The Reserve Bank of India’s (RBI’s) headline foreign exchange reserves declined by $7.9 billion to $553.11 billion in the week ended September 2, the latest central bank data showed.

The reserves are at their lowest since October 9, 2020, the RBI data showed. Read more here

Kharif rice production might slip by 10 mn tonnes due to drought: Food Secretary

India’s rice production this kharif season could reduce by 10-12 million tonnes due to a drought in four states and a shift towards other crops elsewhere, said food secretary Sudhanshu Pandey on Friday.

The preliminary estimate—it might change later due to good late rains—is the first official number on monsoon’s impact on kharif rice production in Uttar Pradesh, Bihar, Jharkhand, and West Bengal. In the 2021-22 crop year, India produced over 111.7 million tonnes of rice in the kharif season. Read more here

Govt makes first disbursement under PLI scheme, Delhi firm to get Rs 52 crore

The government has cleared the first disbursement under its production led incentive (PLI) scheme across all sectors , moving to allot a Delhi-based company around Rs 52 crore for October-December 2021. Read more here

Tata Group in talks with Apple’s Taiwanese supplier for assembling iPhones

Tata Group is in talks with a Taiwanese supplier to Apple Inc. to establish an electronics manufacturing joint venture in India, seeking to assemble iPhones in the South Asian country.

The discussions with Wistron Corp. are aimed at making Tata a force in technology manufacturing, and the Indian salt-to-software conglomerate wants to tap the Taiwanese company’s expertise in product development, supply chain and assembly, people with knowledge of the matter said. Read more here

India considers further coal imports as concern over energy supply grows

Energy officials in India are considering whether further coal imports may be needed to avoid any fresh squeeze on the nation’s power supply.

Stockpiles of the fossil fuel at power plants have fallen about 11% since mid-August, meaning utilities have an average of 10 days supply, well below required levels of more than three weeks. Coal helps produce about 70% of India’s electricity. Read more here

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