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Tata Sons Chairman N. Chandrasekaran announced the successful merger of Air India and Vistara on November 12, 2024, marking a significant step in Air India's transformation into a "world-class global airline with an Indian heart." This merger follows the integration of AIX Connect and Air India Express on October 1, 2024, consolidating four airlines into one cohesive group. Chandrasekaran highlighted that Air India's fleet has expanded over 2.5 times since its pre-privatisation days, now comprising 300 aircraft that serve nearly 200,000 passengers daily across 100 global destinations. He acknowledged the challenges of merging distinct corporate cultures and emphasized the importance of meaningful change in operations, including investments in staff, technology, and training facilities. As new aircraft are introduced and the legacy fleet is upgraded, he expressed confidence in meeting high expectations for the revitalised Air India. 
Published: Nov 14 2024, 9 pmeznews.inThe board of Vadhvan Port Project Ltd (VPPL) has approved modifications to the Hybrid Annuity Model (HAM) to attract more bidders for the Vadhvan port project in Maharashtra, which involves reclaiming 1,227 hectares of land. The reclamation will occur in two phases: 850 hectares over three years and an additional 350 hectares thereafter, with a total construction period of five years and a concession period of 15 years. The revised payment structure aims to facilitate better price discovery and reduce financial risks for bidders, with 60% of reclamation costs paid within the initial phases. The project, estimated to cost ₹22,000 crore, has garnered interest from major firms like Adani Ports and DP World. Funding commitments have been made by Power Finance Corporation and REC Ltd, with potential backing from JICA and the World Bank, while JNPA plans to invest ₹7,000 crore and the Maharashtra government ₹3,000 crore.
Published: Nov 14 2024, 9 pmeznews.inAs the Asia-Pacific (APAC) region grapples with a downturn in deal activity, India stands out with an impressive 11.9% year-on-year increase in deal volume from January to October 2024, according to GlobalData. This growth contrasts sharply with a 4.8% decline in mergers, acquisitions, private equity, and venture financing across the broader APAC region, which has been adversely affected by significant drops in countries like China, Singapore, and Malaysia. While global deal activity fell by 10.2%, India, alongside Japan, Australia, South Korea, and Thailand, has shown resilience, contributing to a more balanced regional outlook. Experts suggest that India's robust economic performance and favorable government policies have attracted investor interest, providing a glimmer of hope for the region's economic prospects amidst a challenging global landscape.
Published: Nov 15 2024, 10 ameznews.inOnion exports from Gujarat have resumed, with Malaysia purchasing the bulbs as a substitute for expensive Bangalore rose onions, which are currently priced at $1,300 per tonne. M Madan Prakash, President of the Agricultural Commodities Exporters Association, noted that the export volume is expected to increase as kharif onions arrive in greater quantities in the coming weeks. Domestic onion prices are at a five-year high, with the modal price in Maharashtra's Lasalgaon reaching ₹5,651 for April-harvested onions and ₹4,600 for kharif onions. The surge in prices is attributed to a 6 million tonne drop in production for the 2023-24 season, influenced by adverse weather conditions, including the El Niño phenomenon. While the Centre initially banned exports due to low production, it lifted the ban in May, imposing a minimum export price and later reducing export duties, facilitating the current trade.
Published: Nov 15 2024, 9 ameznews.inIndia's economic integration with the United States is expected to continue growing, regardless of political changes in the US, according to Commerce Secretary Sunil Barthwal. Speaking to the media, Barthwal emphasized the bipartisan support for this relationship, noting that trade has steadily increased since 2001, with US imports from India rising from $9.7 billion to $87.3 billion by 2023. However, there is uncertainty regarding the trade policies of President-elect Donald Trump, particularly concerning China, where a potential resumption of trade tensions could create opportunities for India to fill supply gaps in the US market. Barthwal indicated that India's export strategy will adapt to these developments, while also confirming that the US remains India's top export destination, with shipments valued at $77.51 billion in FY24. Decisions on pursuing a proposed mini-trade deal will be made once Trump's administration is established.
Published: Nov 14 2024, 9 pmeznews.inAs of November 14, 2024, India's major reservoirs are at 85% capacity, slightly down from last week but significantly higher than last year and the 10-year average, according to the Central Water Commission (CWC). The total storage stands at 152.911 billion cubic metres, with key rabi growing states showing above-normal levels, although Punjab, Himachal Pradesh, Bihar, and Nagaland report lower-than-average storage. The Indian Meteorological Department (IMD) noted a 10% deficiency in post-monsoon rainfall, with 64% of districts experiencing below-normal precipitation. Rabi sowing is lagging by 7.4% as of November 8. The western region boasts the highest storage at 96% capacity, while the central and southern regions maintain levels of 88% and 87%, respectively. The IMD forecasts normal to above-average rainfall for southern India, although the Indian Ocean Dipole's emergence could impact western regions.
Published: Nov 14 2024, 9 pmeznews.inUnion Minister of New & Renewable Energy Pralhad Joshi, speaking at a Chintan Shivir in Bhubaneswar, underscored the urgency of achieving India's ambitious target of 500 gigawatts (GW) of installed non-fossil fuel capacity by 2030, describing it as a "clarion call for action." He proposed the establishment of a task force, in collaboration with the Power Ministry, to address critical challenges such as land acquisition, transmission infrastructure, and power purchase agreements. The two-day brainstorming session, organized by the Ministry of New and Renewable Energy (MNRE), involves top government officials and industry experts aiming to devise a comprehensive roadmap for the sector. Joshi expressed optimism about the potential of over ₹32 lakh crore in commitments made during the RE-Invest Summit, emphasizing the need for collaboration among industry players, government bodies, and financial institutions to turn these commitments into reality.
Published: Nov 14 2024, 7 pmeznews.inAs of November 8, 2024, the total area under rabi crops in India has decreased by 7.4% to 146.06 lakh hectares compared to the previous year, with significant declines in wheat, chana, mustard, and jowar sowing. Wheat acreage has dropped by 15.5% to 41.3 lakh hectares, while chana and mustard have seen reductions of 10.4% and 1.6%, respectively. Conversely, paddy coverage remains stable at 7.04 lakh hectares, and rabi maize sowing has surged by 50.3% to 2.71 lakh hectares. The government has set ambitious production targets for various crops, including 115 million tonnes for wheat. Experts warn that delayed sowing could adversely affect yields, particularly in the north-western plains, where optimal sowing should conclude by November 20. Additionally, farmers in Uttar Pradesh are weighing their options between wheat and sugarcane due to fluctuating prices and delayed state pricing announcements.
Published: Nov 14 2024, 8 pmeznews.inThe Bureau of Indian Standards has launched the fourth phase of mandatory hallmarking for gold jewellery and artifacts, effective November 5, 2024, expanding coverage to an additional 18 districts. This initiative, part of the Hallmarking of Gold Jewellery and Gold Artefacts Amendment Order, 2024, aims to enhance consumer trust and transparency in the gold market. Since the program's inception on June 23, 2021, over 40 crore gold items have been hallmarked with a unique identification number, with the total number of districts now reaching 361. The hallmarking initiative has significantly increased the number of registered jewellers from 34,647 to 194,039 and expanded Assaying and Hallmarking Centers from 945 to 1,622. The government reports that more than 400,000 gold items are hallmarked daily, reflecting the program's growing impact on the industry.
Published: Nov 14 2024, 8 pmeznews.inIndia's goods exports surged by 17.23% year-on-year in October 2024, reaching $39.2 billion, driven by increased festive demand in Western markets, according to the Commerce Department. However, the trade deficit widened to a two-month high of $27.14 billion as imports rose by 3.9% to $66.34 billion, largely due to a spike in crude oil and gold imports. Commerce Secretary Sunil Barthwal expressed optimism about the export outlook, noting that Christmas sales appear stronger than last year. Despite a modest 3.18% increase in total exports for the April-October 2024 period, declines in key sectors like petroleum and diamonds were offset by growth in engineering goods, electronics, and pharmaceuticals. Exporters remain hopeful for continued growth, urging government support for the garment sector amid shifting supply chains due to geopolitical tensions. Overall, imports during the same period increased by 5.77%, contributing to a trade deficit of $164.65 billion.
Published: Nov 14 2024, 8 pm
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