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In a recent interview, DK Srivastava, Chief Policy Advisor at EY India, assessed the economic landscape for 2024, highlighting that the common man has faced subdued conditions, with employment opportunities compromised due to lower growth rates. He emphasized the need for India to achieve a GDP growth of 6.5-7% to improve employment and disposable incomes, as the current forecast remains below this threshold. Despite a favorable decline in global crude oil prices, minimal relief has been passed on to consumers, limiting expectations for lower petrol prices in 2025. Srivastava noted that the recent Q2 GDP growth of 5.4% was unexpected and could significantly impact urban incomes and spending. He anticipates a potential 25 basis point rate cut by the RBI in February, although any benefits from this would take time to materialize. He urged the government to maintain its investment expenditure growth while pursuing fiscal consolidation over the medium term. 
Published: Jan 06 2025, 10 pmeznews.inThe Department of Financial Services (DFS) has emphasized the importance of enhancing digital payment systems, particularly in rural and northeastern regions, to drive growth in India's fintech sector. Secretary M. Nagaraju highlighted the potential of digital footprint-based lending for micro, small, and medium enterprises (MSMEs) during a meeting with fintech leaders and officials from the Reserve Bank of India (RBI) and other regulatory bodies. The discussions aimed to foster innovation while ensuring compliance with regulations, as the government seeks to create a supportive environment for fintech development. Key initiatives such as Aadhaar, UPI, and the Regulatory Sandbox have been instrumental in this growth. The RBI also announced efforts to improve fintech infrastructure, including the launch of the Unified Lending Interface (ULI) and the development of an Emerging Tech and Fintech Repository, to enhance collaboration and streamline processes within the sector.
Published: Jan 07 2025, 10 pmeznews.inThe Indian government has launched a cashless treatment scheme for road accident victims, announced by Union Minister of Road Transport and Highways Nitin Gadkari during a press conference on January 7, 2025. The scheme will cover treatment costs for up to seven days, with a maximum of ₹1.5 lakh, provided the police report is filed within 24 hours of the incident. Additionally, families of victims in hit-and-run cases will receive ₹2 lakh. The initiative aims to enhance road safety, a pressing concern as India recorded 1.73 lakh road accident deaths in 2023. Gadkari also revealed plans to establish 1,250 Driver Training Institutes nationwide to address the shortage of trained drivers and discussed a vehicle scrapping policy to promote a circular economy. Furthermore, new safety standards for e-rickshaws and mandatory safety devices for heavy vehicles are under consideration to reduce accidents.
Published: Jan 07 2025, 10 pmeznews.inUnion Minister of Ports, Shipping & Waterways, Sarbananda Sonowal, announced significant investments totaling ₹57,000 crore to enhance Kandla Port's capacity in Gujarat. A key initiative is the proposed ₹30,000 crore Mega Shipbuilding Facility, aimed at developing the technical capability to manufacture Very Large Crude Carriers (VLCC) and similar vessels, with a capacity of up to 320,000 tonnes DWT. This facility will cover over 8,000 acres and is expected to produce 32 new ships and repair 50 annually. Additionally, a new 135 MTPA cargo terminal will be constructed outside Kandla Creek for ₹27,000 crore, improving cargo handling efficiency. The Deendayal Port Authority is also advancing other projects, including a mega cargo terminal at Tuna Tekra and new oil jetties, which will collectively enhance the port's capacity by over 50 MTPA, significantly boosting operations and efficiency in handling both dry and liquid cargo.
Published: Jan 07 2025, 8 pmeznews.inThe Competition Commission of India (CCI) has approved Tata Electronics Pvt. Ltd. (TEPL) to acquire a majority stake in Pegatron Technology India Pvt. Ltd., a move aimed at enhancing TEPL's presence in the electronics manufacturing sector. This two-phase transaction will also involve transferring operations from TEPL's subsidiary, TEL Components Pvt. Ltd., to Pegatron India, which provides electronics manufacturing services for a major global smartphone brand. Additionally, Gentari Renewables India Pte. Ltd. has received CCI approval to acquire 21 Special Purpose Vehicles (SPVs) focused on renewable energy, bolstering India's clean energy initiatives. In the automotive sector, CA Carob Investments has been cleared to acquire up to 68.9% of Roop Automotives Limited, signaling potential advancements in technology and supply chain efficiency. These approvals highlight CCI's commitment to fostering competition and innovation across diverse industries in India.
Published: Jan 07 2025, 9 pmeznews.inIndia's economy is projected to grow at 6.4% in the fiscal year 2025, marking a significant decline from the 8.2% growth recorded in FY24, according to government estimates released on January 7. This slowdown is attributed to a downturn in industrial and service sectors, with industrial growth expected to fall to 6.2% from 9.5%, while the service sector is anticipated to grow by 7.2%, down from 7.6%. Despite the overall slowdown, per capita nominal GDP is expected to rise by ₹35,000 compared to FY23. Investment growth is also forecasted to moderate to 6.4%, with private consumption showing a promising increase of 7.3%. Economists suggest that future growth will depend on global and domestic uncertainties, with projections for FY26 estimating a rebound to 6.5% to 6.7%, driven by improved consumer demand and agricultural performance.
Published: Jan 07 2025, 10 pmeznews.inProduction of Darjeeling tea, renowned for its unique aroma, plummeted to 6.01 million kgs in 2024, marking a significant decline from 6.93 million kgs in 2023, according to the Tea Board of India. Adverse weather conditions, climate change, and a shortage of tea pluckers have severely impacted output, leading industry experts to label this year’s production as potentially the lowest in recent history. The decline has been ongoing for over a decade, with production dropping from 9.14 million kgs in 2011. Additionally, competition from cheaper Nepalese tea has further suppressed demand and prices for Darjeeling tea, both domestically and internationally. Despite these challenges, India’s overall tea exports are projected to rise to 245-260 million kgs in 2024, driven by increased shipments to markets like Iran and Iraq, even amid geopolitical tensions.
Published: Jan 07 2025, 8 pmeznews.inIndia Infrastructure Finance Company Ltd (IIFCL), a state-owned lender, is set to raise approximately $200 million through external commercial borrowing (ECB) this month, according to Managing Director P R Jaishankar. This move aims to enhance support for key infrastructure projects in line with the Indian government's focus on infrastructure development. Jaishankar confirmed that this will be IIFCL's first ECB since its establishment in 2007, as the company has previously relied on multilateral institutions for funding. The funds are part of a broader strategy to mobilize ₹8,000 crore by March 2025, contributing to an overall target of ₹29,000 crore for the fiscal year. As of March 2024, IIFCL's standalone loan book was ₹51,000 crore, projected to grow to ₹69,000-₹70,000 crore by March 2025. The company is also collaborating with the Asian Development Bank and Korean Development Bank for blended finance initiatives.
Published: Jan 07 2025, 8 pmeznews.inExperts are advocating for a minimum reserve price (MRP) system at agricultural market yards (mandis) to ensure farmers' production costs are covered, as the minimum support price (MSP) cannot be legally mandated. This recommendation arises amid ongoing protests led by farmer leader Jagjit Singh Dallewal, who is demanding legal recognition of the MSP. The Doubling Farmers’ Income (DFI) committee suggests that auction prices should not fall below production costs, which would require amendments to state APMC Acts. While some experts argue that a legal MSP could undermine private trade and impose high economic costs on the government, others propose alternatives like price deficiency mechanisms and contract farming. The DFI committee also emphasizes the need for a regionally differentiated reserve price, taking into account local agricultural conditions, to provide farmers with a fair starting point in market negotiations.
Published: Jan 07 2025, 8 pmeznews.inThe International Financial Services Centre Authority (IFSCA) is set to introduce new regulations for Know Your Customer Registration Agencies (KRAs) to enhance KYC verification processes within the GIFT City. Chairman K Rajaraman announced that the forthcoming IFSC KRA Regulations aim to create a centralized platform to streamline KYC procedures, reduce duplication, and align with international best practices. The proposed regulations will allow entities such as wholly-owned subsidiaries of recognized stock exchanges and SEBI-registered KRAs to register as KRAs, with a minimum net worth requirement of $1 million. Unlike SEBI's regulations, which impose stricter criteria, the IFSC framework will also connect KRAs to the Central KYC Records Registry for efficient information sharing. Notably, foreign nationals operating in the IFSC will be exempt from domestic KYC record-keeping requirements, instead adhering to the IFSCA's specific KYC guidelines.
Published: Jan 07 2025, 8 pmeznews.inThe National Company Law Tribunal (NCLT) has removed Technical Member Umesh Kumar Shukla from his judicial duties at the Chandigarh Bench due to complaints of misconduct and inefficiency. In a bid to uphold the Tribunal's integrity and ensure effective justice delivery, the NCLT's Principal Bench in New Delhi has reassigned all cases previously handled by Shukla to other benches. This decision follows an internal review and aims to prevent delays in proceedings, reflecting the NCLT's commitment to maintaining high professional standards. As a key quasi-judicial body in India, the NCLT addresses corporate law, insolvency, and bankruptcy issues, and is currently facing scrutiny over procedural inefficiencies amid a rise in corporate disputes. Legal and corporate stakeholders are closely monitoring the Tribunal's response to these internal governance challenges to maintain public confidence in its operations.
Published: Jan 07 2025, 7 pm
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