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Rapido, the ride-sharing platform, is set to introduce airport pooling services, aiming to enhance accessibility and affordability in transportation, according to co-founder and CEO Aravind Sanka. The company has been expanding its offerings in 2-wheeler, 3-wheeler, and 4-wheeler services while creating significant employment opportunities. Following a successful fiscal year, Rapido reported a 46% increase in operating revenue to ₹648 crore and a 45% reduction in net loss to ₹371 crore. In the September quarter, net losses narrowed to ₹17 crore, with order fulfillment nearly doubling to 207 million. The shift towards sustainable mobility in India is being propelled by advancements in shared mobility and digital public infrastructure (DPI), which are essential for electrification. Industry leaders emphasize the importance of battery swapping and collaborative ecosystems to reduce costs and scale electric vehicle adoption effectively. 
Published: Nov 21 2024, 10 am ISTeznews.inMindsprint, formerly Olam Technology and Business Services, is shifting its focus towards the food and agriculture sectors, leveraging its extensive industry knowledge, according to CEO Dharmendra Kapoor. The company is collaborating with major firms like Bayer and Costco to provide both produce and technological services, aiming to enhance efficiency and reduce food wastage. Mindsprint has developed a digital platform that connects farmers directly to the marketplace, offering free solutions to thousands of farmers to optimize their operations. The firm has also introduced Mindverse, a generative AI tool designed to analyze data and improve decision-making for farmers and businesses. Additionally, Mindsprint is implementing the European Union Deforestation Regulation and its "True Trace" solution to ensure ethical sourcing in the food supply chain. With a presence in 65 countries, Mindsprint is poised to expand its technological offerings, particularly in India, despite current automation challenges.
Published: Nov 21 2024, 9 am ISTeznews.inA recent report by the Access to Medicine Foundation (ATMF) highlights a significant decline in non-exclusive voluntary licensing (NE-VL) agreements within the global pharmaceutical industry, dropping from six in 2022 to just two in the past two years. This slowdown, attributed to companies underestimating the value of expanding access to medicines, poses risks for Indian drugmakers involved in global licensing and technology transfer initiatives. The report emphasizes the need for pharmaceutical firms to prioritize low- and middle-income countries (LMICs) and improve access to essential treatments, particularly in regions like sub-Saharan Africa. Despite public health organizations identifying key patented treatments for licensing, only 43% of clinical trials occur in LMICs, which house 80% of the global population. The report ranks Novartis as the top company for governance of access, research, and product delivery, underscoring the urgent need for enhanced collaboration between industry, governments, and communities to address health inequities.
Published: Nov 21 2024, 9 am ISTeznews.inThe Department of Consumer Affairs (DoCA) announced on November 21, 2024, that radar equipment used for measuring vehicle speed will soon be regulated under the Legal Metrology (General) Rules, 2011. This move aims to enhance the accuracy and standardization of traffic speed measurement devices following stakeholder consultations. The new regulations will require microwave Doppler radar equipment to be verified and stamped, ensuring compliance with industry standards and reducing the risk of malfunctions. DoCA emphasized that precise speed measurements are vital for effective traffic enforcement, accident prevention, and maintaining public trust, as inaccuracies can undermine road safety. Additionally, the department is working on regulations for other weighing and measuring instruments in line with international OIML standards to further protect stakeholder interests. The updated rules are expected to be notified shortly.
Published: Nov 21 2024, 9 am ISTeznews.inIndia's chilli acreage has reportedly declined by 25-30% this cropping season, as farmers in major producing states like Andhra Pradesh, Telangana, and Karnataka shift to more lucrative alternatives such as tobacco, maize, and green gram. This change is attributed to low chilli prices and high stock levels in cold storage, with the Agriculture Ministry estimating the all-India acreage under red chilli at 9.9 lakh hectares for 2023-24, up from 8.52 lakh hectares the previous year. Despite the reduced planting, crop conditions are reportedly good. In Karnataka, prices for Byadgi chillies have plummeted to around ₹22,000 per quintal from ₹60,000 last year, while hybrid varieties have also seen a drop. Experts suggest that the current acreage may reflect a return to normal levels after an unusually high previous year, with farmers facing tight cash flow and opting for lower-value crop protection products.
Published: Nov 21 2024, 8 am ISTeznews.inIn its latest monthly bulletin, the Reserve Bank of India (RBI) has raised concerns over rising inflation, particularly highlighting a sharp increase in food prices and a notable uptick in core inflation, which could threaten the real economy, including industry and exports. The Consumer Price Index (CPI) inflation for October stood at 6.2%, following a spike in September, prompting warnings against complacency after sub-target outcomes in previous months. The RBI noted that elevated food prices are beginning to affect processed food costs and household service wages, indicating broader cost-of-living pressures. Urban consumption demand is already feeling the impact, with potential repercussions for corporate earnings and capital expenditure. Despite these challenges, the Indian economy shows resilience, bolstered by festival-related spending and a recovering agricultural sector, with officials optimistic about the medium-term outlook as private consumption drives domestic demand.
Published: Nov 20 2024, 9 pm ISTeznews.inAs of November 20, 2024, a total of 228 infrastructure projects valued at ₹15.9 lakh crore have been recommended for approval under the Prime Minister GatiShakti National Master Plan (PMGS NMP), aimed at enhancing integrated planning and implementation of infrastructure connectivity. Discussions are ongoing regarding private sector access to the PMGS platform, but officials, including Additional Secretary Rajeev Singh Thakur, have indicated that a timeline for this decision remains uncertain due to cybersecurity concerns surrounding sensitive information. The PMGS initiative, launched to streamline logistics and reduce costs, has integrated 1,685 data layers from various states and central ministries, revolutionising infrastructure planning in India. Projects exceeding ₹500 crore are routed through the Network Planning Group (NPG), which oversees the initiative's implementation across sectors such as roads, railways, civil aviation, and petroleum.
Published: Nov 20 2024, 9 pm ISTeznews.inThe Winter Session of India's Parliament is set to commence on November 25 and may run until December 20, 2024, focusing on a legislative agenda that includes 15 bills. Among these, the Waqf (Amendment) Bill, which aims to limit the Waqf board's authority over property classification, has garnered significant attention and was referred to a Joint Parliamentary Committee for further examination. Other key bills up for consideration include the Disaster Management (Amendment) Bill, the Railways (Amendment) Bill, and the Banking Laws (Amendment) Bill. Additionally, Finance Minister Nirmala Sitharaman will present the first Supplementary Demands for Grants (SDG) for the fiscal year 2024-25, detailing necessary additional expenditures beyond the initial budget of over ₹48 lakh crore. The SDG may include token, technical, or substantive allocations, reflecting the government's financial strategy for the upcoming year.
Published: Nov 20 2024, 9 pm ISTeznews.inChief negotiators from the ten ASEAN countries are convening in New Delhi for the fourth round of review of the ASEAN-India Trade in Goods Agreement (AITIGA), originally implemented in 2010. India aims to enhance its exports to the ASEAN bloc by addressing specific market access issues and establishing stringent rules of origin (ROO) to prevent third-country imports, particularly from China, from benefiting from preferential tariffs. Since the agreement's inception, India's exports to ASEAN have risen significantly, from $25.62 billion in FY 2010-11 to $41.2 billion in FY 2023-24, while imports surged from $30.6 billion to $79.66 billion in the same period. The review seeks to create a more balanced trade relationship, as disparities in export competitiveness and import intensiveness among ASEAN nations have led to disproportionate gains for them. India is pushing for uniform commitments and effective ROO to safeguard its market against Chinese goods.
Published: Nov 20 2024, 8 pm ISTeznews.inThe Indian government has announced a significant increase in the prices of B-twill jute bags, essential for foodgrain packaging, following the implementation of a new pricing methodology approved by the Cabinet Committee on Economic Affairs (CCEA) in August. The revised prices, effective November 2024, set the maximum ex-factory price at ₹1,02,774 per tonne, a 7% rise from October's ₹95,724, with the price for 100 bags also increasing to ₹5,960.88. This change, based on a Tariff Commission report, is seen as a pivotal moment for the jute industry, benefiting approximately 400,000 workers and allowing jute mills to recover arrears from previous years. Industry experts believe the new pricing formula, which reflects raw material costs and operational expenses, will enhance financial stability and operational efficiency in the sector, crucial for sustainable packaging and rural employment.
Published: Nov 20 2024, 8 pm IST
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