Morning Buzz: Adani-operated Colombo port gets $553 mln US funding, MFI loans rise to Rs 3.5 lakh crore, and more

The Colombo West International Terminal (CWIT) project under construction in Colombo, Sri Lanka, on Wednesday, Nov. 8, 2023. Image: Thilina Kaluthotage/Bloomberg via Getty Images

Adani-operated Colombo port gets US funding

The US Development Finance Corporation said it would provide $553 million to Colombo Port which is operated by Adani Ports and Special Economic Zones. This is the first time a US government agency is funding an Adani project, and it comes after the Hindenburg shortseller report. The Port of Colombo is the largest transhipment port in the Indian Ocean.
(Economic Times, Business Standard, Financial Express)

MFI loans rise to Rs 3.5 lakh crore

Outstanding microfinance loans rose 24.3 percent year on year to Rs 3.5 lakh crore. NBFC-MFIs are responsible for most of the growth, with a share of 40.4 percent. Banks had a 32.5 percent share. The top ten states contribute 83.1 percent of the portfolio, with Bihar being the number one state with loans worth Rs 67,800 crore originated.  
(Times of India, BusinessLine)

Oil prices fall to three-month lows

Oil prices fell by $1 to $79 a barrel due to mounting concerns of weak demand. The Energy Information Administration expects demand to fall by 300,000 barrels this year. This is in contrast with an increase of 100,000 barrels. In addition, there are demand concerns due to falling China growth as well as the fact that the war in the Middle East has not caused any supply disruptions so far.  
(Financial Express)

India working on reducing import duty for electric vehicles

In negotiations with the UK for a free trade deal, the Indian government is looking to reduce import duties on electric vehicles. But, in doing so, India has to tread cautiously as it has already promised $3.1 billion in production-linked incentives to local manufacturers. A final decision is yet to be taken.  
(Financial Express, BusinessLine)