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The Asian Development Bank (ADB) has warned that countries in Asia are particularly vulnerable to the climate crisis, with financing needs for climate adaptation ranging from $102 billion to $431 billion annually, far exceeding the $34 billion allocated in 2021-2022. The report highlights that developing Asia accounted for nearly half of global emissions in 2021, with China and South Asia being significant contributors. Despite commitments to reduce carbon emissions, many nations lack clear pathways to achieve "net zero." The ADB also noted that aggressive decarbonization could create 1.5 million energy sector jobs by 2050 and prevent up to 346,000 air pollution-related deaths annually by 2030. However, without stronger policy responses, the region could see a 17% decline in GDP by 2070, exacerbated by rising sea levels and extreme weather events, particularly affecting Bangladesh, Vietnam, Indonesia, and India.
Published: Oct 31 2024, 9 ameznews.inChief Economic Advisor V. Anantha Nageswaran has dismissed concerns over a potential trade war following Donald Trump's election as U.S. President, asserting that fears of restrictive trade policies are premature. Speaking at an event in Mumbai, Nageswaran emphasized that external trade growth is more influenced by global economic conditions than by U.S. trade policies. He acknowledged the uncertainty surrounding global growth but suggested that the new U.S. administration could create opportunities for India. Analysts have raised alarms about possible short-term disruptions for Indian industries, particularly in steel, textiles, and IT, due to Trump's "America First" agenda and potential reciprocal tariffs. However, Nageswaran expressed optimism regarding government capital expenditure, predicting it will surpass last year's levels, with a notable recovery since October. He urged preparedness but cautioned against undue pessimism regarding the economic outlook.
Published: Nov 08 2024, 9 pmeznews.inIn response to the growing prevalence of low-quality teas in India, Hemant Bangur, Chairman of the Indian Tea Association (ITA), has advocated for a scientific quality grading system for tea retail packets. Speaking at the ITA's 141st Annual General Meeting in Kolkata, Bangur emphasized the need for consumers to be informed about the quality of tea blends, which currently remains opaque due to proprietary blending practices. He proposed a rating system ranging from one to five leaf marks, allowing consumers to make educated choices based on quality rather than just price, which can vary significantly from ₹200 to ₹2,000 per kg. Bangur highlighted the industry's financial struggles, noting that production costs have surged while tea prices have stagnated, leading to losses. He argued that a quality rating could enable premium pricing for high-quality teas, thereby addressing the ongoing crisis in the sector.
Published: Nov 08 2024, 9 pmeznews.inFarmers in Punjab are expressing satisfaction despite a 10% drop in Basmati rice prices compared to last year, attributed to procurement issues and a late purchase of non-Basmati paddy following protests by rice millers. Current prices for the Pusa 1509 variety range from ₹2,800-2,900 per quintal in Haryana and around ₹3,000 in Punjab, while Pusa 1121 fetches ₹3,800-4,000. Former All India Rice Exporters Association president Vijay Setia noted that the procurement situation may encourage farmers to shift towards Basmati cultivation. Despite concerns over space in mandis, exporters report no issues with Basmati arrivals, highlighting a good crop this year. India's Basmati rice exports have increased to 2.72 million tonnes worth $2.87 billion in the current fiscal year, following the government's removal of the minimum export price, facilitating more aggressive international sales.
Published: Nov 08 2024, 9 pmeznews.inIndia's tea production experienced a nearly 2% decline in September 2024, totaling 164.62 million kg, down from 167.76 million kg in the same month last year, according to provisional data from the Tea Board. This drop was observed across both North and South India, largely attributed to erratic weather patterns. In Assam, the largest tea-producing state, output fell slightly to 89.98 million kg from 90.26 million kg, with the Assam Valley contributing 85.03 million kg. West Bengal also reported a decrease, with total production at 47.42 million kg, down from 48.82 million kg. Southern states faced similar declines, with Tamil Nadu producing 16.59 million kg, Kerala 5.99 million kg, and Karnataka 0.40 million kg, leading to a total of 22.98 million kg in the region. Overall, CTC teas accounted for 146.71 million kg, while orthodox and green teas produced 15.55 million kg and 2.36 million kg, respectively.
Published: Nov 08 2024, 8 pmeznews.inIn a notable shift in the logistics sector, commercial tractor sales surged by 39% month-on-month, while agricultural trailer sales soared by 67%, reflecting positive rural sentiment bolstered by favorable monsoon conditions and strong crop yields. However, truck rentals on major routes experienced a slight decline in October following the post-Diwali slowdown, with the Delhi-Mumbai-Delhi route seeing a drop to ₹1,52,000 from ₹1,53,000 in September. Rentals on other key routes remained stable, while the Bengaluru-Mumbai-Bengaluru route fell by 1.6%. YS Chakravarti, MD & CEO of Shriram Finance Ltd, noted that this cooling in rentals and fleet occupancy is typical after the festive rush. Meanwhile, infrastructure projects are gaining momentum, leading to a 75% increase in earth-moving equipment sales and a 44% rise in commercial construction vehicle sales. Additionally, toll collections via FASTag rose by 8.3%, and fuel sales increased significantly during the festive season.
Published: Nov 08 2024, 8 pmeznews.inIndia's Commerce and Industry Minister Piyush Goyal announced plans to establish a mini Silicon Valley in Goa, aimed at attracting global capacity centers (GCCs) and enhancing the state's status as a hub for high-tech industries. Speaking at the Amazing Goa Global Business Summit, Goyal expressed confidence that both the central and state governments would create a conducive environment for data centers focused on semiconductor chips, electronics, and automotive products. He projected that India's economy could reach $35 trillion in the next 25 years, echoing Prime Minister Narendra Modi's assertion that the 21st century belongs to India. Goyal highlighted Goa's appeal, not only as a tourist destination but also for its potential in emerging sectors such as artificial intelligence, pharmaceuticals, and food processing, which could significantly boost the local economy.
Published: Nov 08 2024, 8 pmeznews.inVistara, a joint venture between Tata Sons and Singapore Airlines, is set to merge with Air India on November 12, 2024. Ahead of this significant merger, Air India announced a reshuffle in its senior management. Vinod Kanan, Vistara's CEO and Chief Integration Officer for the merger, will continue in his integration role and join Air India's management committee, reporting to CEO Campbell Wilson. Deepak Rajawat, Vistara's Chief Commercial Officer, will become Chief Financial Officer of Air India Express, while Vikas Agarwal, the current CFO of Air India Express, will transition to a new role within Air India. Other notable changes include Hamish Maxwell taking an advisory position and Pushpinder Singh returning to flying. The restructuring aims to streamline operations as the Tata Group consolidates its four airlines into two, marking a pivotal moment in the aviation sector.
Published: Nov 08 2024, 7 pmeznews.inWheat prices in India have surged to near-record levels, reaching ₹34,000 per tonne in the South, prompting flour mills to call for the launch of the Open Market Sale Scheme (OMSS) or lower import duties. The scarcity of wheat, particularly in key states like Rajasthan and Punjab, has exacerbated the situation, with prices in Delhi hitting ₹3,200 per quintal. The government's decision to prioritize wheat distribution through the Public Distribution System (PDS) over OMSS has drawn criticism, with analysts suggesting it reflects a lack of concern for market conditions. Retail wheat prices have risen by 2.2% in the past month and 4.44% year-on-year. Industry experts argue that allowing imports could alleviate supply issues, especially as the global market currently offers lower prices. However, concerns about the impact on the upcoming rabi sowing season may deter the government from permitting imports.
Published: Nov 08 2024, 7 pmeznews.inThe National Stock Exchange of India (NSE) is poised to enhance its commodities segment and is awaiting a 'No Objection Certificate' from the Securities and Exchange Board of India (SEBI) to file its Draft Red Herring Prospectus for an Initial Public Offer (IPO). NSE Chief Business Development Officer Sriram Krishnan indicated that the exchange plans to introduce new commodity contracts soon, focusing on non-agricultural commodities due to their market stability. He projected that the market capitalization of NSE-listed companies could double to $12-13 trillion over the next decade, driven by India's growing economy and the potential listing of over 100 unicorns. Currently, NSE has about 3,100 companies listed, and its clearing corporation boasts a ₹10,500 crore settlement guarantee fund, enhancing investor confidence. Krishnan emphasized the importance of cash-settled contracts, particularly in crude oil and natural gas, to capitalize on the burgeoning commodities market in India.
Published: Nov 08 2024, 6 pmeznews.inBest Agrolife Group has secured regulatory approval for two new agrochemical products, “Shot Down” and “Bestman,” set to launch in the fourth quarter of the fiscal year. “Shot Down,” a herbicide combining Haloxyfop-R-methyl and Imazethapyr, targets invasive weeds in groundnut and soyabean crops, while “Bestman,” an insecticide blend of Fipronil, Abamectin, and Tolfenpyrad, addresses multiple pests affecting chilli crops. The company aims to generate ₹70 crore in revenue from each product in their first year, with expectations to grow sales to ₹300 crore and ₹250 crore, respectively, in subsequent years. The pest management market for chilli, cotton, and vegetable crops is valued at approximately ₹3,000 crore, indicating significant growth potential for Best Agrolife's innovative solutions. The launch aligns with the agricultural cycles, with ‘Bestman’ expected to perform well during the rabi season and ‘Shot Down’ during the Kharif season.
Published: Nov 08 2024, 5 pm
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