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The agriculture warehousing sector is increasingly turning to automation, leveraging artificial intelligence (AI) and machine learning (ML) to enhance operational accuracy, space management, and logistical efficiency. These technologies promise to transform post-harvest management by reducing errors, optimizing costs, and improving the security of stored commodities. However, challenges remain, including high initial costs, the need for skilled personnel, and the complexities of integrating new systems with traditional practices. Despite these hurdles, the benefits of automation—such as predictive analytics for market trends and instant quality checks—are significant. Surveillance-enabled warehouses are also enhancing food safety through continuous monitoring. To facilitate this transition, government support in the form of grants and low-interest loans could encourage wider adoption of these technologies, ultimately leading to a more efficient and sustainable agricultural sector. The future lies in a "phygital" approach, blending physical and digital innovations. 
Published: Sep 28 2024, 2 pmeznews.inForeign Portfolio Investments (FPIs) in India surged to a record ₹57,359 crore (approximately $6.9 billion) in September 2024, marking the highest monthly inflow this year, following the U.S. Federal Reserve's 50 basis points interest rate cut on September 18. This brings total FPI inflows for 2024 to ₹1,00,245 crore (around $12 billion), although this remains significantly lower than the ₹1.63 lakh crore from domestic Systematic Investment Plans. The strong inflows have contributed to the stability of the Indian rupee and propelled the Sensex to all-time highs. Analysts note that while India has displaced China as the largest MSCI Emerging Market, recent strong performance in Hong Kong's market could divert some investment flows. Additionally, the Securities and Exchange Board of India (SEBI) is set to enhance investor engagement with a new FPI Outreach Cell, aiming to streamline processes for foreign investors.
Published: Sep 28 2024, 6 pmeznews.inIn a significant move to enhance cyber security in India, President Droupadi Murmu has allocated specific responsibilities to three ministries and the National Security Council Secretariat. The Cabinet Secretariat's notification, effective from July 27, designates the Department of Telecommunication to oversee telecom network security, while the Ministry of Electronics and Information Technology (MeitY) will handle cyber security matters as per the Information Technology Act, 2000. The Home Ministry's Internal Security Department is tasked with addressing cyber crime. This restructuring follows a global cyber incident in July that disrupted services across various sectors, including airlines and IT. With cyber crime cases rising from 50,000 to approximately 66,000 between 2020 and 2022, the government is bolstering its response through initiatives like the Indian Cyber Crime Coordination Centre (I4C) and regional Joint Cyber Coordination Teams to improve law enforcement collaboration.
Published: Sep 28 2024, 6 pmeznews.inGovernments globally have committed nearly $2 trillion in direct investment support for clean energy since 2020, according to a new report from the International Energy Agency (IEA). This figure is nearly three times the amount allocated after the 2007-08 financial crisis, with around 80% of the funding concentrated in China, the European Union, and the United States. The report, titled "State of Energy Policy 2024," highlights a surge in government support for clean energy technologies, driven by a focus on energy security amid recent crises. Domestic manufacturing incentives have also risen, accounting for nearly 10% of total government spending, particularly in low-emission vehicles, hydrogen, and batteries. In 2023, 35 countries, responsible for 20% of global greenhouse gas emissions, enacted new energy performance regulations. The report serves as a comprehensive overview of global energy policies, featuring an extensive repository of over 5,000 energy-related policies.
Published: Sep 28 2024, 3 pmeznews.inThe Central Board of Indirect Taxes & Customs (CBIC) has announced significant changes to the Goods and Services Tax (GST) framework, effective November 1, 2024, following recommendations from the GST Council. Notably, Extra Neutral Alcohol (ENA), a key input in the production of alcoholic beverages, will be excluded from GST, allowing states to impose Value Added Tax (VAT) instead. This move aims to ease industry burdens, as producing one case of Indian Made Foreign Liquor requires four litres of ENA. Additionally, the GST on molasses will be reduced from 28% to 5%, enhancing liquidity for sugar mills and benefiting sugarcane farmers. Other amendments include provisions for businesses to claim missed Input Tax Credit (ITC) for the financial years 2017-2021, effective from September 27, 2024, and a waiver of interest and penalties on certain tax demands, reflecting the government's commitment to a more business-friendly tax environment.
Published: Sep 28 2024, 4 pmeznews.inChina's government has unveiled a series of aggressive stimulus measures to combat economic stagnation and prevent deflation, including significant interest rate cuts and new subsidies for unemployed graduates. The People's Bank of China reduced the one-year loan interest rate to its lowest level on record, while also easing regulations on second home purchases. These actions aim to restore confidence in the economy, which is grappling with a property market downturn and weak consumer prices. Meanwhile, the Politburo has committed to increasing fiscal spending to stabilize property prices. The market response has been positive, but economists warn that further action will be necessary to fully revive the $18 trillion economy. In other global economic news, the US and European markets are also adjusting their monetary policies in response to inflation trends, while geopolitical tensions continue to escalate in the Middle East and Asia.
Published: Sep 28 2024, 3 pmeznews.inApple growers in Sopore, Jammu and Kashmir, are calling on the government to prioritize the horticulture sector ahead of the upcoming Assembly elections, seeking immediate relief through a ₹3 lakh waiver on Kisan Credit Cards (KCC). The growers, who have faced significant losses from recent hailstorms, emphasize the importance of the Sopore fruit mandi, which generates an annual turnover of over ₹13,000 crore and accounts for more than 60% of the region's apple production. They are advocating for the establishment of cold storage facilities, tax waivers, and subsidies for quality pesticides and fertilizers. With over 200 trucks transporting apples daily to various parts of India and neighboring countries, the mandi supports around 20,000 jobs. Growers are urging candidates to address their needs, particularly in reducing export taxes to Bangladesh, which currently imposes a 100% tax on their fruits, significantly impacting their earnings.
Published: Sep 28 2024, 3 pmeznews.inA report by HDFC Securities has indicated that Accenture's robust quarterly results may herald a recovery for the global IT sector, offering optimism for Indian IT firms. Accenture's Q4 FY24 performance showcased a significant turnaround, with organic growth projected to shift from a negative 1% in FY24 to a positive 3% in FY25, driven by increased demand for outsourcing and large contracts. This trend is expected to benefit Indian IT companies, which heavily rely on similar segments for growth. However, the report cautioned that growth may not be uniform across the sector, as Accenture's success is largely attributed to public services deals, an area where Indian firms have less exposure. Encouragingly, improvements in sectors like Communications, Media, and Technology, along with a slight recovery in Banking and Financial Services, suggest potential for Indian IT companies to enhance their performance in the coming quarters.
Published: Sep 28 2024, 3 pmeznews.inThe Indian government has announced the immediate lifting of the ban on non-basmati white rice exports, imposing a minimum export price (MEP) of $490 per tonne. The Directorate-General of Foreign Trade (DGFT) is expected to issue a notification soon, with no additional export conditions anticipated. This decision follows the Finance Ministry's move to reduce the export duty on parboiled rice from 20% to 10%, while also eliminating the duty on husked and brown rice. Trade representatives have expressed mixed reactions, welcoming the lifting of the ban but questioning the rationale behind the MEP and the differing duties. Despite concerns over El Niño's impact on rice production, the Ministry of Agriculture has projected a record output of 137.83 million tonnes. The previous ban had significantly reduced India's non-basmati rice exports, leading to increased global prices and benefiting competitors like Thailand and Vietnam.
Published: Sep 28 2024, 3 pmeznews.inIn a significant policy shift, the Indian government has lifted the ban on the export of non-basmati white rice, effective immediately, a move that exporters are calling a "game-changer" for the agricultural sector. The ban, imposed in July 2023 to stabilize domestic supply and prices, has now been reversed, allowing exporters to capitalize on the upcoming kharif crop. Suraj Agarwal, CEO of Rice Villa, emphasized that this decision will enhance exporters' incomes and provide farmers with better returns. Additionally, the government has reduced the export duty on parboiled rice from 20% to 10%, further encouraging trade. Keshab Kumar Halder of the Halder Group, who had advocated for the ban's removal, also praised the government's timely intervention, highlighting the positive impact on the rice export market.
Published: Sep 28 2024, 10 am
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