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Akasa Air, which marked its first anniversary in August 2023 by becoming one of the fastest-growing airlines globally, is now facing significant challenges. The airline is set to operate approximately 138 flights daily in January, reflecting a 20% year-on-year increase, but has only added six aircraft since August due to ongoing issues with Boeing's 737 MAX production. Regulatory lapses have marred its record, leading to fines and the suspension of its director of training. Recently appointed COO Belson Coutinho will oversee critical operations amid complaints from pilots about management practices and overwork. Despite these hurdles, Akasa Air aims to grow its fleet to 28 aircraft by March 2025 and remains committed to safety and service excellence, with CEO Vinay Dube emphasizing the airline's focus on reliability. While concerns persist, some within the airline express optimism about overcoming current setbacks. 
Published: Jan 08 2025, 10 ameznews.inLeading agricultural experts in India are advocating for the accelerated adoption of hybrid technology to tackle pressing issues of food security, climate change, and sustainable development. Speaking at a symposium in New Delhi, PK Mishra, Principal Secretary to the Prime Minister, emphasized that hybrid technology should not only enhance crop yields but also promote equitable growth and increase farmers' incomes. Despite a 4.1% growth in the agricultural sector since 2014, the contribution of agriculture to GDP has declined from 42% in 1969 to 18% in 2023, with 37% of the workforce still dependent on it. Experts highlighted the need for focused research on hybrid crops, particularly in rice, pulses, and oilseeds, while ensuring affordability for smallholder farmers. The symposium, organized by the Trust for Advancement of Agricultural Sciences, also called for clearer policies on genetically modified crops and better access to quality seeds to drive innovation in agriculture.
Published: Jan 09 2025, 8 ameznews.inIn a significant cabinet reshuffle, the Indian government has appointed Arunish Chawla as the new Revenue Secretary, replacing Tuhin Kanta Pandey, who retains his role as Finance Secretary. Chawla, a 1992-batch IAS officer from the Bihar cadre, previously served as Secretary in the Department of Pharmaceuticals and has extensive experience, including roles at the International Monetary Fund and the Ministry of Finance. Meanwhile, Pandey, an IAS officer from the Odisha cadre, is recognized for his successful management of the Air India sale and the listing of the Life Insurance Corporation of India. The changes were approved by the Appointment Committee of the Cabinet, with Chawla also taking on additional responsibilities in the Public Enterprises Department within the Culture Ministry, previously held by Pandey. Both officials hold advanced degrees in economics, underscoring their expertise in financial governance.
Published: Jan 09 2025, 8 ameznews.inMumbai airport has achieved a significant milestone by receiving the Airports Council International (ACI) level 5 accreditation for customer experience, making it the first airport in India and only the third globally to attain this prestigious recognition. The accreditation reflects the airport's commitment to digital initiatives and enhancing passenger experiences, following a thorough review and training process that involved extensive stakeholder and employee engagement. Jeet Adani, Director of Adani Airport Holdings Limited, emphasized that this achievement underscores Mumbai airport's position as a global leader in airport operations and passenger service, reinforcing its dedication to shaping the future of airport experiences. This accolade highlights the airport's ongoing efforts to improve service quality and operational excellence in a competitive global landscape.
Published: Jan 09 2025, 8 ameznews.inDry red chilli prices have plummeted by approximately one-third this year as new crops enter markets in Andhra Pradesh, Telangana, and Karnataka, driven by high carry-forward stocks and muted demand. Despite a 25-30% decline in acreage in Andhra Pradesh, the crop yield remains robust, leading to slow movement in the market, according to Sambasiva Rao Velagapudi, Chairman of the All India Chilli Exporters Association. Prices for the popular Teja variety have dropped to ₹13,000-15,000 per quintal, down from ₹18,000-21,000 last year. Carry-forward stocks are significant, with Andhra Pradesh holding around 35-38 lakh bags and Karnataka a record 40 lakh bags. While exports to China continue, they are at lower prices, and shipments to Bangladesh face disruptions. Overall, India's chilli exports rose 9% in volume but fell 15% in dollar value during the April-October 2024 period, according to Spices Board data.
Published: Jan 09 2025, 9 ameznews.inThe Indian Department of Financial Services (DFS) has called on microfinance institutions (MFIs) to develop a sustainable growth strategy during a recent meeting in New Delhi. DFS Secretary M. Nagaraju highlighted the need for MFIs to become more robust and financially sound, particularly in serving rural populations. He urged the sector to adopt digital loan disbursements and repayments while enhancing cybersecurity and governance standards. The meeting, attended by industry bodies like MFIN and Sa-Dhan, also addressed challenges faced by MFIs, including difficulties in securing low-cost long-term funding. Jiji Mammen, CEO of Sa-Dhan, advocated for credit guarantee schemes and special funds for MFIs in the Northeast. The MFI sector has grown significantly, with its portfolio expanding from ₹17,264 crores in March 2012 to ₹3.93 lakh crore by November 2024, impacting nearly eight crore borrowers and contributing 2.03% to India's GDP.
Published: Jan 08 2025, 10 pmeznews.inIndian Railways is set to enhance connectivity in Kashmir with the upcoming operationalization of the Udhampur-Srinagar-Baramulla Rail Link (USBRL), a project valued at nearly ₹40,000 crore. The Jammu-Srinagar Vande Bharat Express will soon commence operations, marking the first direct train service between Jammu and the Kashmir Valley, with a journey time of just over three hours. These specially designed trains are equipped with anti-freezing features and snow removal systems, enabling all-weather operations in temperatures as low as -20 degrees Celsius. The Katra-Banihal section, which includes extensive tunneling and the world’s highest railway arch bridge, has recently passed safety inspections. Additionally, plans for Vande Bharat sleeper trains are progressing, with production expected to begin in late 2025. The project, first conceived in 2002, also incorporates seismic safety measures to ensure commuter safety in the earthquake-prone Himalayan region.
Published: Jan 08 2025, 8 pmeznews.inIn an interview with *BusinessLine*, Sanjiv Puri, President of the Confederation of Indian Industry (CII), expressed cautious optimism regarding India's economic outlook, following the Central Statistics Office's advance GDP growth estimate of 6.4% for 2024-25. Puri noted that while this figure is decent, he anticipates growth could reach 7% in the next fiscal year, driven by strong performance in sectors like agriculture, hospitality, and real estate. He emphasized the need for further policy reforms, particularly in land, labour, power, and agriculture, to sustain momentum. Puri also highlighted the importance of increasing public capital expenditure by 25% in the upcoming budget and targeted interventions in employment-intensive sectors. He called for measures to boost consumption, such as tax cuts and wage hikes, and suggested that the Reserve Bank of India should consider monetary easing to support economic growth.
Published: Jan 08 2025, 9 pmeznews.inSamunnati, an agri value chain enabler, has announced a leadership restructuring aimed at enhancing its support for smallholder farmers and fostering growth within the agricultural ecosystem. Anil Kumar SG, the company's Founder and Group CEO, has been elevated to Founder and Managing Director, allowing him to focus on long-term strategic initiatives and impactful partnerships. Meanwhile, Badri Narayanan, a former Unilever executive with over 24 years of experience, has been appointed Group CEO Designate. Narayanan will concentrate on operational excellence and the execution of Samunnati’s vision, transitioning to the Group CEO role in the next 6-8 months. This strategic shift is expected to bolster Samunnati's commitment to sustainable solutions and resilient value chains, as highlighted by Anil Kumar, who emphasized the importance of this realignment in steering the organization’s future direction.
Published: Jan 08 2025, 8 pmeznews.inEconomists are divided on India's economic recovery prospects for the second half of FY25, following the Central Statistical Office's (CSO) advance GDP growth estimate of 6.4%. With the first half achieving 6%, a robust 6.8% growth is needed in the latter half to meet the annual target. While some analysts, like Anubhuti Sahay from Standard Chartered, express caution, predicting a more modest 6.4% for H2, others, including Madan Sabnavis of Bank of Baroda, foresee potential growth exceeding the CSO's estimate, citing improvements in private investments and urban consumption. Factors influencing growth include mixed urban and rural demand, moderate private investments, and government capital expenditure. Deloitte's Rumki Mazumdar remains optimistic, forecasting a GDP growth of 6.5-6.8% for FY25, driven by festive demand and a recovery in consumption. The upcoming Union Budget is expected to play a crucial role in sustaining economic momentum as India navigates these challenges.
Published: Jan 08 2025, 8 pmeznews.inIndia's gold import estimates for the April-November 2024 period have been dramatically revised down by $11.7 billion to $37.38 billion, following a $5 billion reduction for November alone, which now stands at $9.84 billion. This revision comes after industry requests to reassess previously reported figures, which had indicated a surge in imports to $14.86 billion for November, contributing to a record trade deficit of $37.84 billion. The government has not clarified the reasons behind this significant adjustment, leading to speculation about potential calculation errors, including double-counting related to Special Economic Zones and other unique economic regulations. Trade expert Ajay Srivastava emphasized the need for transparency, warning that such revisions could undermine trust in official statistics. The increase in gold imports follows a reduction in import duty from 15% to 6% in July 2024, which has further complicated the trade landscape.
Published: Jan 08 2025, 8 pm
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