India's gold rush: 50x demand outpaces supply

Welcome to another edition of Business Bytes. Here are the major highlights:

• Pet ownership in India is evolving into “pet parenting,” with Gen Z leading the shift. While dogs remain favorites, cats are gaining popularity for their stress-relief benefits
• LEAD : India’s gold demand reached a staggering 747 tonnes in 2023, far outstripping its modest domestic production of 15.1 tonnes
• HIGHLIGHT: India-Russia trade has skyrocketed to a record US$ 66 billion in 2024, marking a fivefold increase in just five years, with a 9% rise in the first eight months of the year alone
• The Centre has barred substandard steel imports, citing their impact on domestic producers. Traders were found altering steel grades to bypass BIS standards
• FACT: India is developing high-speed train sets with a top speed of 280 kmph, designed and manufactured by the Integral Coach Factory and BEML
• FSSAI has introduced fat-based classifications for mozzarella cheese, effective May 1, 2025. Low-moisture and high-moisture variants must have a minimum fat of 18% and 20% in dry matter, respectively
• The aluminium industry has called on the government to increase import duties on primary and downstream aluminium, as well as customs duties on aluminium scrap, to limit the influx of low-quality scrap

Stay tuned!

Gen-Z leads the surge in pet parenting in India

Pet ownership in India is evolving into “pet parenting,” with Gen Z leading the shift. While dogs remain favorites, cats are gaining popularity for their stress-relief benefits. The Mars Petcare survey reveals that 70% of Indian pet parents are first-time owners, compared to a global average of 47%.

Read more

LEAD STORY

India’s gold demand surges to 50 times domestic production in 2023

India’s gold demand reached a staggering 747 tonnes in 2023, far outstripping its modest domestic production of 15.1 tonnes. Similarly, Turkey and China grappled with substantial gaps between their gold demand and supply, underscoring a global surge in the appetite for the precious metal. Addressing this imbalance, The Gold Bullion Company emphasized the importance of sustainable metal production, citing its critical role in ensuring environmental conservation, economic efficiency, and social welfare.

Read more

HIGHLIGHT OF THE DAY

India-Russia trade has skyrocketed to a record US$ 66 billion in 2024, marking a fivefold increase in just five years, with a 9% rise in the first eight months of the year alone. The two nations are well on their way to achieving a US$ 100 billion trade target by 2030. "India and Russia are more than strategic partners; we are all-weather friends. Our bond is built on mutual trust and shared interests, making the growth of our economic ties both natural and enduring," said Maxim V. Kozlov, Russian Consul General in Kolkata.

Read more

India tightens rules to curb sub-standard steel imports

The Centre has barred substandard steel imports, citing their impact on domestic producers. Traders were found altering steel grades to bypass BIS standards, with many shipments lacking required approvals.

Read more

FACT OF THE DAY

India is developing high-speed train sets with a top speed of 280 kmph, designed and manufactured by the Integral Coach Factory and BEML. These trains, estimated at Rs 28 crore per car, will boast advanced features like aerodynamic designs, sealed gangways, and modern amenities.

Read more

New standards for mozzarella cheese composition

FSSAI has introduced fat-based classifications for mozzarella cheese, effective May 1, 2025. Low-moisture and high-moisture variants must have a minimum fat of 18% and 20% in dry matter, respectively. Based on its fat content, Mozzarella will be labeled as partially skimmed, medium, full, or high fat.?

Read more

Aluminium industry calls for hike in import duty

The aluminium industry has called on the government to increase import duties on primary and downstream aluminium, as well as customs duties on aluminium scrap, to limit the influx of low-quality scrap. In FY24, over 55% of domestic consumption was met through imports, as local capacity expansion remained sluggish.

The Aluminium Association of India (AAI) has proposed raising import duties on primary and downstream aluminium products from 7.5% to 10% and implementing a uniform 7.5% duty on aluminium scrap to limit substandard imports, promote domestic recycling, and safeguard local manufacturers.

Read more

Thank you for appreciating our content. We welcome you to access our weekly India Business & Trade newsletter for deeper insights into India's business and trade ecosystem. To subscribe, click https://shorturl.at/BK26Q

The content of this newsletter has been sent as part of TPCI’s outreach initiatives to its members, associates and the larger Indian industry ecosystem. TPCI puts the security of its members and associates at a high priority.

The views, opinions and data included in this newsletter have been included keeping the business interests of TPCI’s members and associates in mind. Recipients are, however, requested, to recheck the given information before putting it to use. TPCI and/or any of its employees do not take any liability for views/opinions/data points expressed.

For any suggestion/query, you may write to [email protected]

For advertising opportunities with our platform, you may write to [email protected]