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The Indian government is set to unveil a new National Cooperative Policy within the next two to three months, as confirmed by Cooperation Secretary Ashish Kumar Bhutani. The draft policy, led by former Union Minister Suresh Prabhu and developed through extensive stakeholder consultations, is nearing completion. Additionally, approximately 65,000 Primary Agricultural Cooperative Societies (PACS) will undergo computerisation by February 2025 as part of a broader initiative. The announcement coincides with India's hosting of the Global Cooperative Conference in November, marking the first time the International Cooperative Alliance's General Assembly will be held in India since its inception 130 years ago. The event will feature UN Secretary General António Guterres and Prime Minister Narendra Modi, who is expected to inaugurate the UN International Year of Cooperatives – 2025. The conference will focus on themes of cooperative prosperity and sustainability, with plans for carbon neutrality through the planting of 10,000 Peepal saplings. 
Published: Sep 09 2024, 10 pm ISTeznews.inAs of September 6, 2024, India's kharif crop sowing has reached 1,092.33 lakh hectares, marking a 2.2% increase from the previous year, driven largely by a 4% rise in paddy acreage to 409.50 lakh hectares. However, adverse weather conditions, including recent floods in states like Andhra Pradesh and Telangana, may impact crop yields despite the increased sowing area. The Indian Meteorological Department has predicted above-normal rainfall for September, which could further affect agricultural output. While pulses and oilseeds, including soyabean and groundnut, have seen increased sowing, cotton and jute-mesta acreage have declined. The Agriculture Ministry is expected to release its first production estimates for kharif crops later this month. Notably, major reservoirs are currently at 81% of their capacity, reflecting a consistent rise in water levels over the past ten weeks.
Published: Sep 09 2024, 8 pm ISTeznews.inIn a significant move during its 54th meeting, the GST Council, led by Finance Minister Nirmala Sitharaman, recommended several key changes to the Goods and Services Tax (GST) framework. Notably, research and development grants to recognized educational institutions will be exempt from GST, a decision welcomed by academia as a boost to research outcomes. The council also proposed reducing the GST rate on cancer drugs, including Trastuzumab Deruxtecan and Osimertinib, from 12% to 5%, aligning with recent budget announcements. Additionally, the GST on extruded savoury food products will decrease from 18% to 12%. Other recommendations include a 28% GST on car seats and a 5% rate for helicopter passenger transport. The council also introduced a Reverse Charge Mechanism for metal scrap transactions, ensuring compliance from unregistered suppliers. These changes aim to enhance tax parity and support various sectors within the economy.
Published: Sep 09 2024, 9 pm ISTeznews.inThe United States is set to collaborate with India’s Semiconductor Mission, part of the Ministry of Electronics and IT, to enhance the global semiconductor ecosystem through the International Technology Security and Innovation (ITSI) Fund established by the CHIPS Act of 2022. This partnership aims to create a more resilient and sustainable semiconductor supply chain, crucial for manufacturing essential products like vehicles and medical devices. The initial phase will involve a thorough assessment of India's semiconductor landscape, including its regulatory framework, workforce, and infrastructure needs. The US State Department emphasized the importance of this collaboration, highlighting the role of key Indian stakeholders such as state governments, educational institutions, and private companies in the analysis. Insights from this assessment will inform future joint initiatives to bolster the semiconductor sector, which is vital for supporting the ongoing global digital transformation.
Published: Sep 09 2024, 9 pm ISTeznews.inIn a significant development for India's energy sector, the Ministry of Petroleum & Natural Gas announced on September 9, 2024, that the Indian Oil Corporation (IOCL) has entered into a 15-year agreement with the Abu Dhabi National Oil Company (ADNOC) to supply 1 million tonnes of liquefied natural gas (LNG) annually. This agreement, part of a two-day official visit by Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, the Crown Prince of Abu Dhabi, marks the third long-term LNG contract signed with ADNOC in over a year, enhancing India's energy security. Additionally, a memorandum of understanding was established between ADNOC and the India Strategic Petroleum Reserve (ISPRL) for leasing storage space, building on ADNOC's existing operations in India since 2018. Furthermore, a production concession agreement for Abu Dhabi Onshore Block 1 was signed, allowing Urja Bharat, a joint venture of IOCL and Bharat Petro Resources, to bring crude oil to India.
Published: Sep 09 2024, 9 pm ISTeznews.inIn its 54th meeting, the GST Council, led by Union Finance Minister Nirmala Sitharaman, announced significant decisions including the exemption of service imports by foreign airline companies. A Group of Ministers (GoM) will be established to evaluate potential tax rate reductions on life and health insurance, with a report expected by the end of October for consideration in November. Currently, health and life insurance premiums are subject to an 18% GST, with varying rates for endowment plans. The Council also formed another GoM to assess the future of a cess on luxury goods, which is set to expire in March 2026. Sitharaman highlighted a substantial increase in revenue from online gaming and casinos, following the implementation of a 28% GST. Additionally, the Council recommended a reduction in GST rates for specific cancer drugs and the initiation of a pilot for B2C e-invoicing.
Published: Sep 09 2024, 9 pm ISTeznews.inBengaluru's agricultural outlook for basmati rice is optimistic, with crop size expected to rise by 15-20% this year due to increased acreage and favorable rainfall, according to Satish Goel, President of the All India Rice Exporters Association (AIREA). The anticipated good harvest has already led to a decline in basmati paddy prices, which have dropped to ₹2,300-2,600 per quintal from last year's ₹3,500-3,600. However, exports to Iran, a key market, are currently stalled due to a three-month import ban aimed at protecting local farmers. Despite this, India's basmati rice exports surged nearly 15% to over $2 billion from April to July, driven by demand from countries like Saudi Arabia and the USA. Goel suggests that the government should consider reducing the minimum export price to further stimulate exports, given the expected increase in crop availability.
Published: Sep 09 2024, 8 pm ISTeznews.inThe Indian merger control regime is set for a significant transformation with the Corporate Affairs Ministry (MCA) announcing new regulations effective September 10, 2024, under the Competition (Amendment) Act 2023. This overhaul introduces a 'deal value threshold' requiring prior approval from the Competition Commission of India (CCI) for mergers and acquisitions exceeding ₹2,000 crore (approximately $240 million) involving entities with substantial business operations in India. The CCI is now mandated to complete merger reviews within 150 days, down from 210 days, enhancing accountability. Additionally, the MCA has exempted certain open offers from "standstill obligations," which previously hindered acquisition transactions. The new rules aim to align India's framework with global standards, particularly in scrutinizing high-value deals in sectors like technology. A safe harbour provision has also been established, exempting smaller transactions from CCI approval, thereby facilitating M&A activities without posing systemic risks.
Published: Sep 09 2024, 8 pm ISTeznews.inThe World Trade Organization's (WTO) latest report, "World Trade Report 2024," highlights significant economic convergence since its establishment in 1995, with low and middle-income economies increasing their share of global trade from 21% to 38% by 2022. However, this trend has slowed post-global financial crisis and was exacerbated by the COVID-19 pandemic, which disproportionately affected poorer nations. The report emphasizes the need for complementary policies across various sectors to ensure equitable distribution of trade benefits and to address emerging challenges in digital and green trade. WTO Director-General Ngozi Okonjo-Iweala underscored trade's vital role in reducing poverty and fostering shared prosperity, countering the narrative that globalization has worsened inequality. The report calls for a more proactive WTO role in implementing existing agreements and restoring effective dispute resolution mechanisms to enhance trade policy certainty and stimulate growth.
Published: Sep 09 2024, 8 pm ISTeznews.inThe Indian automotive industry has surpassed the ₹20 lakh crore mark in FY24, contributing 14-15% of the nation's total GST, according to Vinod Aggarwal, President of the Society of Indian Automobile Manufacturers (SIAM). Speaking at the 64th Automotive Components Manufacturers Association (ACMA) annual convention, Aggarwal highlighted the sector's role in employment generation and its ambition to enhance indigenous manufacturing. The industry aims to reduce import content from 60% to 20% by 2025, having already achieved a 5.8% reduction in the first two years. ACMA President Shradha Suri Marwah emphasized the need for collaboration with educational institutions to address skill gaps and maintain international quality standards. Maruti Suzuki's CEO, Hisashi Takeuchi, stressed the importance of self-reliance in semiconductor production to reduce import dependency, while advocating for the adoption of digital technologies to enhance competitiveness in manufacturing processes.
Published: Sep 09 2024, 6 pm IST
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