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Traders in West Bengal have called off their strike over the sale of potatoes to other states following assurances from the state government that it will consider lifting restrictions on inter-state trade. The decision to resume operations means that cold storages will begin releasing potatoes from Wednesday night, with normal market conditions expected to return by Thursday, according to Lalu Mukherjee, secretary of the Paschim Banga Pragatishil Alu Byabsayee Samiti. The strike was initiated after an inconclusive meeting with Agriculture Marketing Minister Becharam Manna, which had led to a halt in potato supplies and a subsequent rise in retail prices, which had already been around ₹35-40 per kg. The Mamata Banerjee-led government imposed the restrictions to manage stock levels and control prices, as West Bengal typically exports 20-25 lakh tonnes of potatoes annually to states like Odisha, Bihar, Jharkhand, and Assam. 
Published: Dec 03 2024, 8 pmeznews.inTruck rentals on major routes in India experienced a significant rebound in January 2025, driven by an influx of winter fruits and vegetables that boosted cargo availability, according to the Shriram Mobility Bulletin. Rental rates for an 18-tonne vehicle on the Delhi-Mumbai route rose by 4%, while the Mumbai-Kolkata route saw a 3.7% increase. Despite this positive trend, a cold wave affecting parts of the country has disrupted vehicle movement, leading to supply chain bottlenecks and a 4% decline in diesel consumption. FASTag transaction volumes also dipped slightly, indicating fewer commercial vehicles on the roads. However, the logistics sector is expected to gain momentum in the March quarter, bolstered by recent Union Budget measures and the upcoming Kharif sowing season, which could further enhance demand for agricultural vehicles and freight services. Overall, the sector remains poised for growth despite temporary disruptions.
Published: Feb 05 2025, 4 pmeznews.inThe ICAR-Central Institute of Fisheries Technology (CIFT) in Kochi has launched a two-day training programme focused on the Sensory Analysis of Shrimp Decomposition, aimed at enhancing quality standards in India's burgeoning $8 billion seafood industry. Inaugurated by KN Raghavan, Secretary-General of the Seafood Exporters Association of India, the initiative addresses the need for exporters to maintain high quality amid global competition. George Ninan, Director of CIFT, emphasized the importance of sensory analysis in preventing trade disruptions caused by rejected shipments. The programme is tailored for seafood technologists and quality assurance personnel, equipping them with essential skills to assess shrimp quality in line with FDA protocols. Eleven participants from various seafood export units across India are taking part, gaining valuable insights into sensory evaluation as a regulatory tool for consumer safety and export compliance.
Published: Feb 05 2025, 3 pmeznews.inIndia's services sector experienced its slowest growth in over two years in January, according to a recent survey. The HSBC India Services PMI Business Activity Index dropped to 56.5 from 59.3 in December, marking its lowest level since November 2022. Despite remaining above the 50-mark that indicates expansion, the decline reflects softer increases in sales and output. However, international sales saw a notable rise, with gains reported from clients across Asia, Europe, the Middle East, and the Americas. The survey also highlighted a significant uptick in job creation, with service providers filling positions at one of the fastest rates since data collection began in 2005. While service companies faced rising costs, particularly in staffing and food prices, they remain optimistic about future business activity, driven by competitive pricing and new client inquiries. Overall, the HSBC India Composite Output Index fell to a 14-month low of 57.7, indicating a loss of growth momentum in the private sector.
Published: Feb 05 2025, 11 ameznews.inThe Indian Ministry of Ports, Shipping and Waterways is accelerating a $2-3 billion initiative to modernize and establish shipbuilding yards, responding to interest from global shipping giants like the Mediterranean Shipping Company (MSC). The policy aims to enhance capacity, upgrade technology, and develop workforce skills at shipyards, particularly in coastal states such as Andhra Pradesh and Odisha. With China currently at full capacity for shipbuilding, there is a growing demand for new vessels, prompting this strategic push. The Indian government is expected to cover about 50% of the funding, with the remainder sourced from financial institutions and multilateral agencies. Recent discussions with South Korean and Japanese investors have also taken place, with further visits anticipated. This initiative complements existing efforts, including a ₹25,000-crore Maritime Development Fund and the pending approval of the ₹18,000-crore Shipbuilding Financial Assistance Policy (SBFA 2.0).
Published: Feb 04 2025, 8 pmeznews.inHyperlocal logistics start-up Shadowfax has appointed Bijou Kurien, Ruchira Shukla, and Pirojshaw Sarkari as independent directors, enhancing its governance and commitment to operational excellence ahead of its IPO. Kurien, with over 35 years in FMCG and retail, is a founding member of Titan Industries and Reliance Retail, while Shukla brings 25 years of venture capital and investment banking experience. Shadowfax's CEO, Abhishek Bansal, highlighted the significance of these appointments in aligning with the company's vision to transform third-party logistics in India. Founded in 2015 by IIT Delhi alumni, Shadowfax operates in over 2,500 cities and serves e-commerce and direct-to-consumer brands. The company recently raised $100 million in funding led by TPG NewQuest, further solidifying its position in the logistics sector.
Published: Feb 05 2025, 8 ameznews.inTwo weeks after India permitted the export of one million tonnes of sugar, shipments remain minimal as mills hold out for higher prices amid rising domestic costs. With domestic sugar prices climbing to ₹41,000 per tonne, mills are seeking export prices above ₹45,000, according to Dilip Patil, Managing Director of Samarth SKK Ltd. So far, approximately 3 lakh tonnes have been traded for export, primarily from Uttar Pradesh. Despite limited transactions, some mills have sold export licenses for over ₹44,000 per tonne. Current production estimates vary, with the Indian Sugar and Bio Energy Manufacturers estimating 27.27 million tonnes for the season, while government forecasts suggest 32 million tonnes. Meanwhile, global sugar prices are under pressure due to a strong dollar and anticipated large production in Brazil, which could impact Indian exports. The Indian government allowed these exports to assist mills in settling dues to sugarcane farmers.
Published: Feb 05 2025, 9 ameznews.inGlobal rating agencies have expressed mixed views on India's fiscal outlook following the Union Budget for FY26. S&P and Fitch have reaffirmed their confidence in the government's gradual deficit reduction strategy, with S&P maintaining a 'BBB-' rating and a positive outlook, while Fitch also holds a 'BBB-' rating with a stable outlook. However, Moody's cautioned that proposed income tax relief could hinder fiscal consolidation efforts, despite potential boosts to consumer spending. The Indian government has revised its fiscal deficit estimates, lowering FY25 to 4.8% and projecting 4.4% for FY26. Fitch noted that the budget aligns with its expectations, but warned of possible revenue collection slippage due to slower economic growth. Moody's highlighted that while tax cuts may benefit the middle class, they could impede fiscal progress as debt servicing costs rise. The overall sentiment remains cautiously optimistic, with potential for rating upgrades contingent on improved fiscal management.
Published: Feb 04 2025, 10 pmeznews.inMarket analysts are predicting a potential slowdown in initial public offerings (IPOs) amid rising US interest rates, market volatility, and uncertainties stemming from Trump-era tariffs. Despite a robust number of IPO filings, experts warn that global funds may be hesitant to invest, particularly in larger issues exceeding ₹3,000 crore, due to unattractive dollar-adjusted returns. Overseas investors have withdrawn ₹1.55 lakh crore from the secondary market in the last quarter, although they invested around ₹30,000 crore in IPOs. Analysts suggest that valuations may need to be tempered, especially for mid and small-cap companies reliant on the US market. While smaller issuances may proceed with domestic support, larger ones could face delays until market conditions stabilize. Despite current challenges, some believe the long-term outlook for India's IPO market remains positive, contingent on a return to market stability.
Published: Feb 04 2025, 8 pmeznews.inThe Prime Minister’s Internship Scheme (PMIS) pilot project has seen a positive response, with 28,141 out of 60,866 candidates accepting internship offers from a total of 82,077 made. Uttar Pradesh topped the list with 4,656 accepted offers, followed by Bihar, Madhya Pradesh, Andhra Pradesh, and Assam. Launched on October 3, 2024, the initiative aims to provide internships to one crore youth in top companies over five years, with the first round targeting 1.25 lakh internships for FY 2024-25. Finance Minister Nirmala Sitharaman clarified that the scheme is focused on enhancing employability through industry exposure rather than guaranteeing jobs. Interns will receive a monthly allowance of ₹5,000 and a one-time grant of ₹6,000, with at least half of the 12-month internship spent in real work environments. The second round of the pilot is expected to commence soon, following the initial success.
Published: Feb 04 2025, 8 pmeznews.inAt a recent symposium in Goa organized by Syngenta India, over 100 agricultural scientists gathered to address the significant threat posed by plant parasitic nematodes, which are responsible for annual crop losses valued at ₹25,000 crore. Experts emphasized the need for effective nematode management to protect soil health and enhance crop productivity while reducing reliance on chemical interventions. They advocated for sustainable strategies such as crop rotation, resistant plant varieties, and biological control agents. Syngenta's Country Head, Susheel Kumar, highlighted the importance of collaboration between industry and academia to innovate in agricultural practices. The symposium also underscored the hidden dangers of nematodes, which often go unnoticed until substantial yield losses occur. With Syngenta committing 10% of its turnover to research and development, the initiative aims to raise farmer awareness and develop technology-driven solutions to combat this agricultural challenge.
Published: Feb 04 2025, 9 pm
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