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Indian government bond yields are expected to remain stable in early trading on Friday, with the 10-year yield projected to fluctuate between 6.77% and 6.80% ahead of a scheduled debt auction. This follows a previous close of 6.7824%. The government plans to raise ₹32,000 crore ($3.75 billion) through the auction, which will include a new seven-year bond and a 15-year note. A trader noted that the auction could offer some direction in a generally subdued market, as trading volumes have significantly decreased, halving to around ₹36,300 crore in recent sessions. Meanwhile, U.S. Treasury yields remain elevated, with the 10-year yield recently reaching an eight-month high following a robust employment report, which may influence the Federal Reserve's approach in 2025. The Fed has reduced its 2025 interest rate cut forecast, with a 89% chance of a pause in January, according to CME's FedWatch Tool. 
Published: Dec 27 2024, 9 ameznews.inThe Directorate General of Civil Aviation (DGCA) has suspended Akasa Air's Director of Training and Director of Operations for six months due to significant lapses in pilot training. This decision, announced on December 27, 2024, follows a regulatory audit conducted in October, which revealed that pilots were being trained on a simulator not certified for specific navigation approaches, violating DGCA regulations. The suspension comes after complaints from Akasa Air pilots alleging favoritism within senior management. The airline has been instructed to appoint suitable replacements for the suspended directors. This marks the second regulatory action against Akasa Air in a week, as the airline was previously fined ₹10 lakh for failing to compensate passengers denied boarding on a Bengaluru-Pune flight in September.
Published: Dec 27 2024, 8 pmeznews.inConcerns have been raised regarding the recent appointment of the Director of the Indian Agricultural Research Institute (IARI), prompting a call for a high-level inquiry into the past five years of recruitment within the Indian Council of Agricultural Research (ICAR). Venugopal Badaravada, a Governing Body member, criticized the abrupt reassignment of Srinivasa Rao from the National Academy of Agricultural Research Management (NAARM) to IARI, describing it as "unprecedented" and lacking transparency. He alleged that unauthorized changes to recruitment rules invalidated the advertisement for the IARI Director position and accused the Agriculture Scientists Recruitment Board of failing to object to these alterations. Additionally, Badaravada highlighted ongoing legal challenges regarding the selection process, including allegations of a candidate using a forged certificate. He called for Prime Minister Narendra Modi's intervention and emphasized the need for a comprehensive overhaul of ICAR's recruitment system, which he claims is marred by manipulation and favoritism.
Published: Dec 27 2024, 10 pmeznews.inSanjay Malhotra, the newly appointed Governor of the Reserve Bank of India (RBI), expressed deep sorrow over the passing of former Prime Minister Dr. Manmohan Singh, acknowledging his pivotal role as the architect of India's economic reforms. Malhotra highlighted Singh's significant contributions during his tenure as RBI Governor from 1982 to 1985, a period marked by economic challenges, including severe droughts and inflationary pressures. Under Singh's leadership, the RBI implemented crucial monetary policies aimed at stabilizing the economy, such as lowering lending rates and adjusting the Cash Reserve Ratio (CRR) to stimulate credit flow. Notably, Singh's tenure saw the establishment of a committee to review the monetary system and the RBI's golden jubilee celebrations in 1985. Malhotra's tribute underscores Singh's lasting impact on India's economic landscape, reflecting a legacy that continues to influence the nation today.
Published: Dec 27 2024, 9 pmeznews.inFormer Prime Minister Manmohan Singh, who passed away on Thursday, is widely celebrated for his pivotal role in transforming India's economy during two significant periods in its post-independence history. Economists have lauded his leadership during the 1991-92 reforms, which included major policy overhauls, currency devaluations, and a shift towards a more market-oriented economy, resulting in an average GDP growth of 5.1%. His second impactful tenure from 2005-06 to 2007-08 saw India's global trade participation surge, with exports constituting nearly a quarter of GDP and real GDP growth reaching an impressive 7.9%. Experts like DK Srivastava and Madan Sabnavis credit Singh with revolutionary financial sector reforms, including the establishment of the National Stock Exchange and the opening of banking to private players. His contributions continue to shape India's economic landscape, with future generations expected to recognize his lasting impact.
Published: Dec 27 2024, 10 pmeznews.inIndia's current account deficit (CAD) slightly decreased to 1.2% of GDP in the second quarter of FY25, down from 1.3% in the same period last year, with the absolute CAD at $11.2 billion compared to $11.3 billion previously. This moderation is attributed to increased net services receipts, private transfer receipts, and foreign portfolio investment inflows. Despite a rise in the merchandise trade deficit to $75.3 billion, services exports surged to $44.5 billion, driven by growth in computer, business, travel, and transportation services. Private remittances also rose to $31.9 billion. However, net foreign direct investment saw a higher outflow of $2.2 billion, while foreign portfolio investment inflows increased significantly to $19.9 billion. Looking ahead, analysts predict a potential rise in the CAD to 2.5-2.7% of GDP in the current quarter due to a record-high trade deficit in November 2024.
Published: Dec 27 2024, 8 pmeznews.inIn a significant boost for the accounting profession, the Institute of Chartered Accountants of India (ICAI) announced that 11,500 candidates qualified as Chartered Accountants in the November 2024 exams, marking the highest number of new CAs since the pandemic. This brings the total for the year to 31,946, surpassing the 22,080 who qualified in 2023 and the 26,250 in 2022. Notably, Heramb Maheshwari from Hyderabad and Rishab Ostwal from Tirupati achieved the top two ranks in the recent exams. Currently, ICAI boasts a membership of 425,000, making it the largest accounting body globally. Additionally, ICAI has completed its 26th Central Council and 25th Regional Councils elections, with approximately 164,500 members participating. The newly elected council members will assume their roles on February 12, 2025, as ICAI President Ranjeet Kumar Agarwal expressed optimism for the future of the profession.
Published: Dec 27 2024, 8 pmeznews.inIndia's power sector experienced significant developments in 2024, achieving a peak demand of 250 GW and adding approximately 30 GW of installed capacity, predominantly from renewable energy sources. Analysts highlight the increasing pressure on transmission grids due to rising air conditioning usage amid extended heatwaves, with the International Energy Agency projecting a 4% annual growth in power demand until 2050. The government is focusing on financial reforms for distribution companies (discoms) through initiatives like the Revamped Distribution Sector Scheme, although discoms face a daunting ₹7.14 lakh crore debt. Key upcoming measures include the potential listing of state power utilities and enhanced private sector participation. However, supply chain constraints for thermal power plants pose risks to grid stability, while states are hesitant to sign power purchase agreements, which could hinder progress towards renewable energy targets. The sector's future hinges on robust infrastructure development and effective policy implementation.
Published: Dec 27 2024, 6 pmeznews.inA Coimbatore-based start-up, Buyofuel, is transforming guava seeds, typically discarded as waste, into biodiesel and biomass, capitalizing on their oil content of 15-20%. Founder Kishan Karunakaran highlighted the initiative's dual benefits: addressing agricultural waste management and meeting the growing demand for alternative energy. By converting guava seeds into biofuel, Buyofuel aims to reduce carbon emissions by up to 80% compared to conventional diesel, while also minimizing landfill use and reliance on chemical fertilizers. Despite challenges in logistics and initial capital investment, the company has developed innovative solutions to streamline seed collection and processing. Currently, Buyofuel has 4-5 clients interested in utilizing guava seeds for co-firing with fossil fuels. Additionally, the start-up is exploring other biofuel sources, including mango seeds and mustard husk, to diversify its offerings and support industries in their transition to renewable energy.
Published: Dec 27 2024, 7 pmeznews.inCaptains of industry are paying tribute to Dr. Manmohan Singh, the former Prime Minister and Finance Minister, who is widely regarded as the architect of India's economic transformation. Singh's tenure from 1991 to 2014 is celebrated for pivotal reforms, particularly the abolition of the 'License Raj' in 1991, which liberated businesses from bureaucratic constraints and fostered a competitive environment. His policies facilitated the rise of multinational firms like Tata and Infosys, while sectors such as IT, pharmaceuticals, and automobiles flourished. Industry leaders, including N Chandrasekaran of Tata Sons and Narayana Murthy of Infosys, praised Singh's visionary leadership and commitment to governance reforms that enhanced corporate accountability. His initiatives in foreign direct investment, banking reforms, and infrastructure development laid a robust foundation for India's emergence as a global economic player, with lasting impacts on entrepreneurship and inclusive growth across the nation.
Published: Dec 27 2024, 7 pmeznews.inIn an interview with Deloitte India Partner Anujesh Dwivedi, he highlighted the power sector's significant milestones in 2024, including a peak demand of 250 GW and an anticipated addition of 30 GW in installed power generation capacity. The PM Surya Ghar: Muft Bijli Yojna has seen impressive uptake, with 630,000 installations in nine months. Despite these advancements, discoms continue to face challenges with debt sustainability, with outstanding debt reaching ₹7.14 lakh crore as of March 2023. Looking ahead to 2025, Dwivedi anticipates further policy actions to address discom debt and rising power demand, alongside a push for private sector involvement. Key developments to monitor include the potential extension of the waiver on ISTS charges for renewable energy, the listing of State power utilities, and the introduction of demand response mechanisms and peer-to-peer trading, facilitated by advancements in smart metering and digital infrastructure.
Published: Dec 27 2024, 5 pm
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