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Vice President Jagdeep Dhankhar on Friday called upon Indian enterprises to desist from importing non-essential items and exporting raw material and become "nerve centres" of inculcating the spirit of economic nationalism, asserting that it was imperative for India's prosperity and sovereignty. Speaking at an event here, he said, "we need to import only that item which is unavoidably essential", and drew India Inc's attention to the ill effects of export of raw material in terms of drain of foreign exchange and loss of potential job opportunities. "Nationalism is important, paramount. We have to subscribe to it. Time for us to subscribe to economic nationalism as well. We need to be vocal for local," Dhankhar said. The vice president emphasised that a fiscal benefit can never be the premise to compromise national interest or economic nationalism, observing that export of raw material needs to be "discouraged" and the discouragement has to emanate from sensitisation by trade, industr
Production of eight infrastructure sectors increased by 5.4 per cent in November against a 3.2 per cent growth in the same month last year on a better show by coal, fertiliser, steel, cement and electricity segments, according to the official data released on Friday. Crude oil, natural gas and refinery products, however, recorded negative growth in November this year. The production growth of eight key sectors slowed down to 0.9 per cent in October. The growth rate of eight infrastructure sectors -- coal, crude oil, natural gas, refinery products, fertilisers, steel, cement and electricity -- stood at 8 per cent in April-November this fiscal as against 13.9 per cent during the same period last fiscal. The production of coal rose by 12.3 per cent, fertiliser by 6.4 per cent, steel by 10.8 per cent, cement by 28.6 per cent and electricity by 12.1 per cent in November 2022 compared to a year ago. Core sectors industries, which have 40.27 per cent weight in the overall index of industr
Global shares were mostly higher Thursday as investors welcomed encouraging economic data and quarterly earnings reports from big companies. European shares mostly headed higher in early trading. Benchmarks advanced in Asia as jitters eased over US House Speaker Nancy Pelosi's visit to Taiwan. The gains followed a strong rally on Wall Street. France's CAC 40 added 0.5% in early trading to 6,501.54, while Germany's DAX gained 0.7% to 13,688.05. Britain's FTSE 100 fell 0.3% to 7,426.95. The future for the Dow industrials inched up less than 0.1% while that for the S&P 500 also was little changed, up by less than 0.1%. Analysts said geopolitical risks remained after Pelosi's visit to Taiwan in defiance of Beijing, with China conducting military exercises near the self-ruled island that it claims as its own territory. Despite the easing in immediate concerns, investors will be looking out for any potential escalation in US-China tensions, with any economic sanctions from China likely .