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In a stark warning about climate change, the Copernicus Climate Change Service (C3S) has reported that 2024 was the warmest year on record, with global average temperatures exceeding 1.5°C above pre-industrial levels for the first time. The average temperature reached 15.10°C, 0.72°C above the 1991-2020 average, and 0.12°C higher than 2023, marking a decade of unprecedented warmth. This extreme heat, exacerbated by high atmospheric water vapour levels, led to severe heatwaves and heavy rainfall, impacting millions globally. C3S attributed these conditions primarily to human-induced climate change, alongside the influence of the El Niño phenomenon. Notably, July 2024 recorded a new daily high of 17.16°C, while atmospheric concentrations of carbon dioxide and methane also hit record levels. The findings underscore the urgent need for action to mitigate climate impacts as the world edges closer to the thresholds set by the Paris Agreement. 
Published: Jan 10 2025, 8 ameznews.inAt the Agri and Commodity Summit 2025 in New Delhi, experts expressed alarm over the impact of rising temperatures and extreme weather on agriculture, highlighting the need for strategies to combat climate change. DS Pai from the IMD noted that while significant rainfall trends have not emerged over the past 125 years, extreme rainfall events are increasing, particularly in central India and along the coasts. Ajai Rana, CEO of Savannah Seeds, emphasized that greenhouse gas emissions from agriculture, particularly from chemical fertilizers, are exacerbating climate issues. Nabansu Chattopadhyay from the WMO warned of decreasing rainfall in regions like Chhattisgarh and eastern Uttar Pradesh, which could threaten agricultural productivity. Neha Kumar from the Climate Bonds Initiative called for a fundamental shift in how banks approach agricultural lending, integrating climate risks into their practices. The summit, co-powered by various agricultural organizations, underscored the urgent need for collaboration across science, policy, and finance to ensure sustainable agricultural practices.
Published: Jan 10 2025, 2 pmeznews.inThe Solar Energy Corporation of India (SECI) has reported a significant financial performance for the fiscal year 2023-24, with total income reaching ₹13,135.80 crore, marking a 20.91% increase from the previous year. As of December 2024, SECI's cumulative awarded capacity for renewable energy projects surpassed 73 GW, underscoring its pivotal role in India's renewable energy sector. The company also achieved a Profit After Tax (PAT) of ₹436.03 crore, reflecting a robust growth of 38.13%. SECI's performance earned it an "Excellent" rating from the Ministry of New & Renewable Energy, scoring 96 out of 100 under its Memorandum of Understanding. Additionally, SECI's trading volume rose by 22.13%, with 42.935 billion units traded. In a notable recognition, SECI was granted Navratna status by the Ministry of Finance on August 30, 2024, further solidifying its status as a leading public sector enterprise in renewable energy.
Published: Jan 10 2025, 1 pmeznews.inUnion Railway Minister Ashwini Vaishnaw announced the upcoming production of 50 upgraded Amrit Bharat version 2.0 trains, each costing ₹65 crore, during a visit to the Integral Coach Factory in Chennai. These superfast, non-air-conditioned sleeper trains aim to enhance passenger experience with features such as ergonomic seating and modular toilets, catering primarily to low-income families traveling long distances. The first Amrit Bharat Express was inaugurated by Prime Minister Narendra Modi a year ago. Vaishnaw also addressed concerns regarding the newly constructed Pamban Bridge, clarifying that it was designed uniquely with international expertise, rather than following standard designs. Additionally, he highlighted the installation of safety features like the Kavach system across 10,000 locomotives and reported a record 76% utilization of the Railways' capital expenditure budget, emphasizing the government's commitment to improving services for the common citizen.
Published: Jan 10 2025, 1 pmeznews.inIn response to escalating climate change challenges, Indian Agriculture Secretary Devesh Chaturvedi announced a dual strategy focusing on adaptation and mitigation to protect farmers. Speaking at the Agri and Commodity Summit, he highlighted the government's initiatives, including developing drought and flood-resistant crop varieties, enhancing water management, and providing crop insurance. With atmospheric carbon dioxide and methane levels reaching record highs in 2024, Chaturvedi emphasized the importance of natural farming to reduce chemical inputs and improve soil health. He also noted the need for efficient irrigation practices, such as micro-irrigation and rainwater harvesting, to address limited water resources. The Pradhan Mantri Fasal Bima Yojana, the world's largest crop insurance scheme, has successfully reached many farmers. As climate conditions worsen, the Indian Council of Agricultural Research is tasked with developing climate-resilient crops to ensure food security and farmer livelihoods.
Published: Jan 10 2025, 1 pmeznews.inThe three-day National Symposium on Spices and Aromatic Crops (SYMSAC XI) concluded at the Indian Institute of Spices Research in Kozhikode, where experts urged farmer-producer organisations (FPOs) to enhance production capabilities and prioritize quality to meet the growing market demand. Currently, India produces 77,000 tonnes of black pepper, falling short of the 130,000 tonnes needed for both domestic and global markets. The symposium highlighted the critical role of FPOs in scaling up production and bridging this gap, while also calling for improved data collection on crop yields to inform national projections. Discussions underscored the challenges faced by small-scale farmers in accessing market opportunities and the necessity for better industry linkages. Additionally, participants emphasized the importance of collaboration between the spice industry and research institutions to foster sustainable growth in India's spice sector.
Published: Jan 10 2025, 1 pmeznews.inThe Indian government is set to enhance the cooperative sector's role in combating climate change, with plans to establish 70,000 grain storage points under Primary Agricultural Cooperative Societies (PACS). Ashish Kumar Bhutani, Secretary of the Union Ministry of Cooperation, emphasized the importance of cooperatives in building resilience against climate impacts during the Agri & Commodity Summit 2025 in New Delhi. The initiative aims to transform PACS into multi-purpose entities, extending their functions beyond credit and input supply to include services like common service centres. Bhutani highlighted the need for improved financial health of PACS and encouraged collaboration among cooperatives, NGOs, and private sectors. He also noted that only 40% of farmers are currently covered by crop insurance, urging for universal coverage. The summit, co-powered by various agricultural and financial organizations, aims to foster partnerships for effective climate change solutions.
Published: Jan 10 2025, 1 pmeznews.inThe Supreme Court of India has temporarily stayed show cause notices issued to over 50 online gaming companies, which collectively amount to ₹1.12 lakh crore, until a conclusive adjudication is reached. The next hearing is scheduled for March 18, with the court consolidating all related cases for unified review. This stay prevents any further proceedings under the notices, addressing concerns from the gaming sector about aggressive recovery actions by tax authorities linked to contentious Goods and Services Tax (GST) demands. The government argues for a 28% GST on total contest entry amounts, while companies contend it should apply only to platform fees, as many games involve skill rather than chance. Legal expert Abhishek A Rastogi emphasized that the outcome will significantly impact the taxation framework for the rapidly growing online gaming industry in India, highlighting the need for clarity to foster a stable business environment.
Published: Jan 10 2025, 12 pmeznews.inMukundan Menon has been appointed as the new President of the Refrigeration and Air Conditioning Manufacturers Association (RAMA), succeeding Kanwaljeet Jawa, who held the position for four years. Menon, currently the Executive Director and Head of Room AC Business at Voltas Limited, has been a vice president of RAMA for the past four years. His two-year term will focus on advancing government policies, energy efficiency, and sustainability within the refrigeration and air conditioning sector. RAMA, affiliated with the Confederation of Indian Industry, plays a crucial role in initiatives such as the Make in India programme, enhancing energy efficiency, and developing integrated cold chain infrastructure. The association is also committed to addressing global warming refrigerants and promoting energy conservation and sustainable building practices, as highlighted in a recent press release.
Published: Jan 10 2025, 12 pmeznews.inThe United Nations' World Economic Situation and Prospects 2025 report indicates a robust economic outlook for South Asia, with India's economy projected to grow by 6.6% in 2025, bolstered by strong private consumption, investment, and infrastructure development. The region's overall growth is expected at 5.7% in 2025, driven by India's performance and recoveries in Bhutan, Nepal, and Sri Lanka. Despite challenges such as climate-related shocks and geopolitical tensions, India's public sector investment in infrastructure and a favorable agricultural outlook contribute positively. Consumer price inflation in India is forecast to decrease to 4.3% in 2025, while employment indicators remain strong, with urban unemployment stable at 6.6%. However, the report warns of potential risks, including external demand deceleration and social unrest, which could undermine the region's economic stability. Global growth is projected at 2.8% for 2025, with developing economies like India and Indonesia showing resilience amid broader challenges.
Published: Jan 10 2025, 12 pmeznews.inThe Bombay High Court has issued a stay on a GST Circular concerning corporate guarantees, following a petition from Vedanta Limited. This legal challenge questions whether a holding company's provision of a corporate guarantee to its subsidiary qualifies as a taxable "supply" under GST law. Similar stays have been granted by the High Courts of Telangana and Punjab & Haryana, while the Delhi High Court has prevented any coercive action against Vedanta pending a final assessment. The contentious circular, issued on October 27, 2023, proposed an 18% tax on corporate guarantees, sparking widespread legal disputes. Tax experts suggest that companies, particularly in sectors like power and real estate, should consider joining ongoing cases or contesting tax liabilities under protest. The tax department has indicated it will not pursue certain matters related to the circular, further complicating the legal landscape surrounding corporate guarantees.
Published: Jan 10 2025, 11 am
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