Morning Buzz: Sharp hike in MSP for wheat & pulses, Daewoo plans India return, and more
Here are the top business headlines this morning to get your day started
(File) Labourers unload wheat grain from a trailer at a wholesale grain market on the outskirts of Amritsar. Image: Narinder NANU / AFP
Sharp hike in minimum support price for wheat, pulses
The government has hiked the minimum support prices for winter crops by 2-7 percent. The move comes despite the fact that wheat prices have remained elevated for two years and exports being banned since May 2022. The minimum support price of masur daal has also been hiked by 7 percent to incentivise farmers to plant more. The government has also extended the restrictions on the export of sugar till October 31.
(BusinessLine, Business Standard)
Daewoo plans India comeback
Daewoo, which once sold the Cielo and Matiz in India, plans to return to India to sell electric bikes and e-cycles. The company is also looking to sell power and energy products like solar and inverter batteries and consumer electronics like LED televisions, air purifiers and refrigerators. The company has tied up with Indian partner Kelwon Electronics for its India entry.
(Business Standard)
Used phone market takes off
Sales of refurbished and used smartphones are booming even as overall sales of new smartphones have fallen in 2023. Counterpoint Research says that as many as 35-45 million used and refurbished smartphones will be sold this year. Most of the refurbished smartphones are sold in the Rs 10,000-15,000 range.
