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In a significant boost for the accounting profession, the Institute of Chartered Accountants of India (ICAI) announced that 11,500 candidates qualified as Chartered Accountants in the November 2024 exams, marking the highest number of new CAs since the pandemic. This brings the total for the year to 31,946, surpassing the 22,080 who qualified in 2023 and the 26,250 in 2022. Notably, Heramb Maheshwari from Hyderabad and Rishab Ostwal from Tirupati achieved the top two ranks in the recent exams. Currently, ICAI boasts a membership of 425,000, making it the largest accounting body globally. Additionally, ICAI has completed its 26th Central Council and 25th Regional Councils elections, with approximately 164,500 members participating. The newly elected council members will assume their roles on February 12, 2025, as ICAI President Ranjeet Kumar Agarwal expressed optimism for the future of the profession. 
Published: Dec 27 2024, 8 pmeznews.inThe Indian auto industry is witnessing a shift in consumer purchasing behavior, with December sales of passenger vehicles (PVs) expected to surpass last year's figures. According to the Society of Indian Automobile Manufacturers (SIAM), December sales have shown consistent growth over the past five years, except for a dip in 2021 due to the pandemic. This year, sales rose to 242,920 units, reflecting a positive trend. Consumers like South Delhi entrepreneur Vandana Khullar are now prioritizing immediate needs and discounts over long-term resale value, driven by attractive end-of-year offers and anticipated price hikes in January. This change in mindset is echoed by CS Vigneshwar, President of the Federation of Automobile Dealers Associations, who noted that buyers are now eager to capitalize on discounts and avoid price increases. The two-wheeler segment is also experiencing similar growth, with sales rising from 1,050,038 units in December 2022 to 1,211,966 units in December 2023.
Published: Dec 28 2024, 7 pmeznews.inIndia is on a transformative path to become a global leader in drone manufacturing by 2030, driven by initiatives like the Production-Linked Incentive (PLI) scheme. Originally limited to defense, drones are now revolutionizing sectors such as agriculture and healthcare, promising to create around 500,000 jobs and enhance economic prospects. The PLI scheme, with a budget of ₹120 crore, incentivizes local manufacturers with 20% financial support for value addition over three years, aiming to generate ₹5,000 crore in investments and ₹1,500 crore in incremental revenues. Additionally, the government has banned the import of commercial drones to bolster domestic production, while initiatives like the Namo Drone Didi scheme empower women-led Self-Help Groups with drone technology for agricultural services. This comprehensive strategy not only aims to boost innovation and competitiveness but also aligns with sustainable practices, positioning India as a key player in the global drone industry.
Published: Dec 28 2024, 10 ameznews.inThe shift towards private sector participation in India's electricity generation has significantly transformed the landscape, with private entities now accounting for 52% of the country's installed capacity, up from 15% in 2008. Notably, Rajasthan has emerged as a leader, experiencing a remarkable 125% growth in private electricity supply over the past five years, while Odisha and Chhattisgarh also saw increases of over 60%. In total, private sector electricity generation rose from 5.35 lakh million units (MUs) in 2019-20 to 6.9 lakh MUs in 2023-24. Gujarat remains the top producer, generating 97,000 MUs in 2023-24, followed by Chhattisgarh with 85,000 MUs. Experts attribute this growth to targeted policy reforms, infrastructure improvements, and a focus on renewable energy, particularly in states like Odisha and Rajasthan, which have enhanced their operational efficiencies and energy mixes.
Published: Dec 28 2024, 6 pmeznews.inAs the deadline for filing income tax returns for Assessment Year 2024-25 approaches, individuals have until December 31 to submit their returns, albeit with a potential belated fee. Non-compliance could lead to severe consequences, including jail terms for serious offences. Eligible taxpayers can file their returns by the due date or opt for a belated submission, incurring penalties ranging from ₹1,000 to ₹5,000, unless their income falls below the basic exemption limit. Notably, those with an income exceeding ₹2.5 lakh (under the old regime) or ₹3 lakh (under the new regime) are required to file. Failure to file may result in higher TDS rates and potential prosecution, with penalties including imprisonment. The Income Tax Department aims to increase the number of new filers by 10% this fiscal year, building on previous years' growth rates.
Published: Dec 28 2024, 5 pmeznews.inIndia is poised to become a major player in geothermal energy, with an estimated potential of around 10,600 MW, according to the International Energy Agency (IEA). By 2050, India is expected to rank as the third-largest market for next-generation geothermal power, alongside China and the US, which together account for three-quarters of global capacity. Key regions for geothermal development include the eastern coast of Andhra Pradesh, Gujarat, and the Son-Narmada fault zone, with promising sites in Ladakh, particularly Puga and Chumathang. State-run ONGC is actively pursuing geothermal projects in these areas and exploring existing oil and gas wells for geothermal energy extraction. Additionally, India has signed agreements with Iceland and Saudi Arabia to enhance its geothermal capabilities. The Ministry of New and Renewable Energy is also promoting indigenous technologies to support this renewable resource, which could significantly contribute to a cleaner energy mix and reduce reliance on solar and battery systems.
Published: Dec 28 2024, 4 pmeznews.inVenture capital activity in India surged to $16.77 billion across 888 deals from January to November 2024, marking a 14.1% increase in value and a 21.8% rise in deal volume compared to the previous year, according to the India Brand Equity Foundation (IBEF). The technology sector led this growth, attracting $6.50 billion—a remarkable 52.5% year-over-year increase—while consumer discretionary investments rose to $2.30 billion. Major deals included KiranaKart Technologies and Poolside AI SAS. Industry experts anticipate continued growth into 2025, driven by emerging sectors like electric mobility and green hydrogen, despite concerns over economic dependence on a small segment of households. In contrast, China's venture capital landscape faced a downturn, with a 23.1% decline in deal volume and a 22.5% drop in funding value, reflecting regulatory challenges and macroeconomic uncertainties. Nonetheless, China remains a significant player in the global VC market, accounting for 15.2% of global deals.
Published: Dec 28 2024, 12 pmeznews.inDairy farms are increasingly adopting biodigesters as part of a global shift towards sustainability, transforming waste into renewable energy and organic fertiliser. This innovative technology, which processes cow manure and leftover feed through anaerobic digestion, significantly reduces methane emissions—a potent greenhouse gas—thereby lowering the farms' carbon footprints. By generating biogas for electricity and heating, farms can achieve energy independence and reduce operational costs, while the nutrient-rich digestate enhances soil health and supports sustainable farming practices. Despite initial investment challenges, government incentives and collaborations are facilitating the adoption of biodigesters across various scales. Success stories from India, the United States, and Europe highlight the potential of this technology to improve rural livelihoods and meet environmental regulations. As the demand for eco-friendly dairy products grows, biodigesters are poised to play a crucial role in creating a circular economy within the dairy industry, ensuring both profitability and environmental stewardship.
Published: Dec 28 2024, 9 ameznews.inAs urbanization accelerates, with projections indicating over 70% of the global population will reside in cities by 2050, the demand for sustainable food production intensifies. Vertical farming, which utilizes stacked layers to grow crops in urban settings, is emerging as a viable solution, particularly when powered by solar energy. This method employs technologies like hydroponics and controlled-environment agriculture, optimizing space and reducing the need for arable land. Solar energy plays a crucial role by providing artificial lighting, climate control, and efficient water management, making vertical farms energy-independent and environmentally friendly. While challenges such as high initial costs and limited rooftop space persist, innovative solutions like leasing models and government subsidies are being explored. Successful examples from companies like AeroFarms and Sky Greens highlight the potential of solar-powered vertical farms, paving the way for a sustainable urban agriculture future that addresses food security and climate change.
Published: Dec 28 2024, 10 ameznews.inIndia's agricultural sector, vital to the economy with a 17% GDP contribution and employing over half the workforce, faces significant challenges from market volatility and climate change. A recent study highlighted that between 2010 and 2022, vegetable prices were the most volatile, impacting farmers' incomes and consumer prices. Climate change has exacerbated these issues, with erratic weather patterns leading to crop failures and increased staple costs. Despite government welfare schemes, such as PM-KISAN, many farmers remain unaware or unable to access them due to bureaucratic hurdles. Budget allocations for agricultural research and development are low, with a significant portion directed towards welfare rather than long-term infrastructure. To enhance resilience, experts advocate for improved infrastructure, better market access, innovative agricultural practices, increased R&D funding, and policy reforms. A collaborative approach involving government, private sector, and sustainable practices is essential to secure farmers' livelihoods and ensure food security amid ongoing uncertainties.
Published: Dec 28 2024, 9 ameznews.inThe Directorate General of Civil Aviation (DGCA) has suspended Akasa Air's Director of Training and Director of Operations for six months due to significant lapses in pilot training. This decision, announced on December 27, 2024, follows a regulatory audit conducted in October, which revealed that pilots were being trained on a simulator not certified for specific navigation approaches, violating DGCA regulations. The suspension comes after complaints from Akasa Air pilots alleging favoritism within senior management. The airline has been instructed to appoint suitable replacements for the suspended directors. This marks the second regulatory action against Akasa Air in a week, as the airline was previously fined ₹10 lakh for failing to compensate passengers denied boarding on a Bengaluru-Pune flight in September.
Published: Dec 27 2024, 8 pm
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