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Air India has reported a significant turnaround in its financial performance for FY24, with consolidated annual operating revenues reaching ₹51,365 crore, a 24.5% increase from the previous year. The Tata Group-owned airline also reduced its losses by 60%, amounting to ₹4,444.10 crore, compared to ₹11,387.96 crore in FY23. The annual report highlighted a 23.69% rise in turnover to ₹38,812 crore, driven by an increase in capacity to 1,059 million available seat kilometres, up 21% year-on-year. Passenger load factor improved to 85%, with 40.45 million passengers flown across 800 daily flights. The Tata Group is consolidating its aviation operations, with the merger of AirAsia India (AIX Connect) into Air India Express set for October 1, and Vistara's operations transitioning to Air India on November 12. 
Published: Sep 07 2024, 7 pmeznews.inTurmeric prices have remained stable below ₹14,000 per quintal, with expectations of a slight increase due to upcoming festival demand, according to traders in Chennai. Current prices range from ₹13,800 to ₹14,000, having recently rebounded from a low of ₹12,500. Analysts predict that the festival period, lasting about 40 days, could exert upward pressure on prices, although a decline is anticipated post-November 15. Export demand has also supported prices, despite a decrease in export volume from 57,557 tonnes to 46,497 tonnes year-on-year, although the value rose by 44%. Production this year is estimated at below 5 lakh tonnes, down from 7.35 lakh tonnes last year, but expectations for a 30% increase next year are tempered by concerns over rainfall impacts in key growing regions. Farmers have expanded turmeric acreage, encouraged by favorable prices, despite some crop damage reported due to waterlogging.
Published: Sep 12 2024, 9 ameznews.inPrime Minister Narendra Modi is set to launch the first installment of over ₹5,600 crore under the Pradhan Mantri Awas Yojana (PMAY-Gramin) on September 15 in Jamshedpur, benefiting 19.40 lakh individuals. The government has identified 31.73 lakh people for coverage this fiscal year, with each beneficiary expected to receive approximately ₹30,000. A total of ₹2,745 crore will be disbursed initially, coinciding with the Griha Pravesh ceremony for 26 lakh completed houses. While Punjab will see only 5,000 beneficiaries receiving funds, Rajasthan is expected to distribute to 1.5 lakh individuals. In Jharkhand, the main event will target 70,000 beneficiaries. The Rural Development Ministry aims to construct an additional 2 crore houses over the next five years, having simplified eligibility criteria to ensure broader access. The Union cabinet has approved the PMAY-G implementation for FY 2024-25 to 2028-29, reinforcing the government's commitment to housing for all.
Published: Sep 12 2024, 9 ameznews.inMother Dairy, celebrating its 50th anniversary, is poised for significant growth as it ramps up manufacturing and expands its product offerings. The packaged food giant, which reported a turnover of ₹15,000 crore for FY24, aims to reach ₹17,000 crore in FY25. Managing Director Manish Bandlish highlighted the company's shift towards direct-to-consumer (D2C) sales, piloting a home-delivery app in Delhi with plans for broader implementation. The company is investing ₹800-850 crore to enhance production capabilities, including a new dairy plant in Maharashtra and a fruit processing facility in Karnataka. Mother Dairy is also focusing on expanding its Safal brand into frozen foods and premium ice creams, while its Dhara edible oils division continues to outperform industry growth rates. With a strong push into e-commerce, the company is experiencing 50-60% growth in online sales, positioning itself as a formidable player in the Indian market.
Published: Sep 12 2024, 6 ameznews.inThe Union Cabinet of India has approved a comprehensive set of initiatives aimed at enhancing rural connectivity, promoting electric vehicles, and expanding healthcare coverage for senior citizens. With a total expenditure exceeding ₹1.02 lakh crore, the measures include a new phase of the Pradhan Mantri Gram Sadak Yojana (PMGSY) with an outlay of ₹70,125 crore to construct 62,500 km of roads, connecting 25,000 unconnected habitations. Additionally, the PM Electric Drive Revolution in Innovative Vehicle Enhancement (PM E-DRIVE) scheme, with a budget of ₹10,900 crore, will support electric two-wheelers, three-wheelers, and e-buses, while introducing an e-voucher system for buyers. The Cabinet also extended the Ayushman Bharat scheme to cover 6 crore citizens over 70 years, ensuring improved healthcare access. Furthermore, a ₹12,461 crore initiative for hydropower infrastructure and the ‘Mission Mausam’ scheme for climate resilience were also approved.
Published: Sep 11 2024, 10 pmeznews.inAt the 51st National Management Convention, Chief Economic Advisor V Anantha Nageswaran emphasized that state governments in India can independently implement components of the four labour codes without waiting for full ratification. He noted that while two of the codes have already been enacted, the remaining two are still pending approval from various states. Nageswaran highlighted that labour laws are not the sole barrier to job creation, which is influenced by factors such as private sector investment, skill levels, and technology. He advocated for a voluntary consensus-building approach between industry and government rather than strict regulation. Addressing concerns about the informalisation of jobs within formal businesses, he acknowledged progress through GST and MSME registration but warned of the challenges posed by informal employment. Additionally, he dismissed the idea of universal basic income, arguing for a targeted approach due to fiscal and behavioral constraints.
Published: Sep 11 2024, 8 pmeznews.inPrime Minister Narendra Modi is set to inaugurate Phase II of the Ahmedabad Metro project on September 16, providing an affordable travel option between Ahmedabad and Gandhinagar for just ₹35. The new 21-kilometre section will connect Motera station to GIFT City and Gandhinagar City, enhancing public transport in the region. While the total Phase II project spans 28.2 kilometres and includes 22 stations, only eight stations will be operational at the time of the inauguration, with services extending to Sector-1 in Gandhinagar. Key stations include GNLU, PDEU, and Infocity, with GNLU serving as an interchange for GIFT City. The journey from APMC station in Ahmedabad to Gandhinagar will take approximately 65 minutes, offering a significant cost advantage over private taxis, which can exceed ₹400 for the same route. The project, costing ₹5,384 crore, aims to improve connectivity and reduce travel expenses for commuters.
Published: Sep 11 2024, 9 pmeznews.inIndia has announced an expansion of its Ayushman Bharat healthcare scheme to include approximately six crore senior citizens aged 70 and above, providing free health insurance coverage of ₹5 lakh per family. The initiative, which will cost ₹3,437 crore, aims to enhance healthcare access for this demographic, with state governments also contributing to the funding. Union Minister Ashwini Vaishnaw confirmed that the rollout will commence in the coming days, allowing families already enrolled in the scheme to add coverage for senior members. This expansion follows previous increases in the beneficiary base, which initially covered 10.74 crore families from the poorest segments of the population and was later revised to 12 crore families in January 2022. The Health Ministry is expected to release further details regarding beneficiary enrollment and associated logistics shortly.
Published: Sep 11 2024, 9 pmeznews.inIndian farmers have significantly increased maize cultivation this kharif season, with acreages rising by 5.31% to a record 87.26 lakh hectares as of September 6, 2024. This surge is largely attributed to government initiatives promoting higher ethanol blending and expanding feedstock, particularly in Maharashtra and Madhya Pradesh, where plantings have increased by 23% and 16%, respectively. Despite early challenges from the fall army worm pest, farmers have effectively managed the issue, and crop conditions are reportedly good, with expectations of improved yields due to favorable rainfall. The Centre has set a minimum support price (MSP) of ₹2,225 per quintal, with market prices ranging between ₹2,400-2,500, reflecting strong demand. Experts suggest that with continued technological advancements, India could meet its E20 ethanol blending targets sooner than anticipated, potentially boosting maize production from 35 million tonnes to 100 million tonnes over the next decade.
Published: Sep 11 2024, 8 pmeznews.inBayer has launched its global initiative, 'Bayer ForwardFarming', in India, focusing on sustainable rice cultivation and promoting regenerative agriculture. Inaugurated in Panipat, this ForwardFarm is one of 29 worldwide and aims to serve as a hub for farmers, researchers, and stakeholders to collaborate on innovative farming techniques. Natasha Santos, Bayer's Head of Sustainability, emphasized the initiative's goal of enhancing agricultural productivity and food security in India, a key player in global food supply. The 18-hectare farm will implement practices such as Direct Seeded Rice Cropping and advanced weed management, tailored for smallholder farmers. Partner Ved Prakash Saini expressed optimism about the potential benefits, including improved yields and reduced water usage. Simon Wiebusch, President of Bayer South Asia, highlighted the company's commitment to empowering farmers with modern tools and sustainable practices to foster a resilient agricultural sector in India.
Published: Sep 11 2024, 7 pmeznews.inRetail inflation in India is projected to have eased further in August, with estimates ranging between 3.2% and 3.6%. The official figure will be released by the government on Thursday at 5:30 PM. Following a 59-month low of 3.54% in July, this marks a potential second consecutive month below the 4% median target, which has not occurred since September 2019. Despite this decline, a policy rate cut by the Monetary Policy Committee (MPC) is deemed unlikely in the upcoming meeting, as the repo rate has remained unchanged at 6.50% for nine consecutive meetings. Food prices, particularly vegetables, have seen significant drops, with tomato prices plummeting 51% year-on-year. However, erratic monsoon rains could threaten crop yields and push prices higher. The Finance Ministry remains optimistic, projecting a CPI inflation of 4.5% for FY25, contingent on a normal monsoon.
Published: Sep 11 2024, 7 pm
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