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India's ambition to establish a comprehensive cross-border insolvency framework is still in development, according to a senior official from the Ministry of Corporate Affairs (MCA). Joint Secretary Anita Shah Akella expressed optimism about the framework's future during the 8th Foundation Day of the Indian Institute of Insolvency Professionals of ICAI, despite indications that the anticipated amendment to the Insolvency and Bankruptcy Code (IBC) may not be introduced in the current Winter Session. The proposed framework is crucial for managing bankruptcy cases involving multinational corporations, as it would enhance the efficiency of claims resolution and provide legal certainty for creditors. However, experts highlight that legal and procedural challenges, including jurisdictional conflicts and the need to protect domestic creditors, have hindered progress. As India positions itself as a global investment hub, the urgency for such a framework is expected to increase, making it a vital reform on the economic agenda. 
Published: Nov 27 2024, 9 pmeznews.inDemand for complex fertilizers in India has surged as farmers increasingly turn to these products amid a shortage of di-ammonium phosphate (DAP). Domestic production of complex fertilizers rose by 11% to 62.55 lakh tonnes during the April-October period of the current fiscal year, driven by improved awareness of nutrient balance following the introduction of soil health cards in 2017. A recent study by the Indian Council of Agricultural Research (ICAR) revealed that 90% of agricultural land suffers from nitrogen and phosphorus deficiencies. Overall fertilizer production increased by 2% to 302.41 lakh tonnes, with complex fertilizers seeing a 22.7% rise in sales. However, imports of fertilizers fell by 24.2%, with significant declines in urea and DAP. Despite fluctuating prices, the maximum retail price for DAP was ₹1,350 per 50 kg bag, while urea remains unchanged at ₹267 per 45 kg bag for over a decade.
Published: Nov 27 2024, 8 pmeznews.inCotton farmers in Telangana are grappling with significant challenges as unseasonal rains and pink bollworm infestations have severely impacted crop yields, plummeting from 8-10 quintals per acre to just 3-4 quintals. Farmers report dissatisfaction with the Cotton Corporation of India (CCI), which has procured around 43 lakh quintals at an average rate of ₹7,400 per quintal, below the Minimum Support Price (MSP) of ₹7,500. Allegations have emerged from the Opposition Bharat Rashtra Samithi (BRS) that middlemen are exploiting farmers by purchasing cotton at ₹6,500 and reselling it to the CCI at the higher MSP. In response, the Telangana Rythu Sangham has called for a bonus of ₹475 per quintal. The CCI has urged farmers to utilize its app, ‘Cott-Ally,’ to locate procurement centers and report grievances, emphasizing that they should not sell below the MSP as procurement operations continue.
Published: Nov 27 2024, 8 pmeznews.inThe Allana Group has officially entered the poultry sector with the launch of the Indian Poultry Alliance, aiming for a revenue target of $300 million by 2026 following an initial investment of $120 million. Announced at Poultry India 2024 in Hyderabad, the initiative seeks to enhance poultry production and consumption through fully integrated operations and advanced processing technologies. The Alliance will manage end-to-end operations, including breeder farms, hatcheries, and value-added products, strategically located across various regions in India. Collaborating with industry leaders such as Premium Chick Feed and Kwality Animal Feeds, the Alliance aims to ensure high-quality inputs and innovative products. Moiz Chunawala, Director of Strategic Business Development, emphasized the commitment to leveraging the group's extensive experience and infrastructure to foster a sustainable poultry market in India through advanced technologies and sustainable practices.
Published: Nov 27 2024, 8 pmeznews.inThe Indian Department of Financial Services (DFS) has mandated public sector banks (PSBs), including the State Bank of India, to overhaul their employee transfer policies amid rising complaints. The initiative aims to enhance transparency and establish a uniform, non-discretionary transfer policy. Banks are required to automate the transfer process and create an online portal that allows employees to express location preferences, access transfer guidelines, and view seniority lists and vacancies. The DFS has outlined that transfer exercises should be completed annually by June, with mid-year transfers minimized, and has emphasized the need for clear definitions of administrative layers and tenure limits. Additionally, the DFS has called for special considerations for employees in difficult areas, as well as for women and those with family obligations, ensuring their safety and basic amenities are prioritized. Grievances regarding transfer violations must be addressed promptly, with a committee established to handle appeals within 15 days.
Published: Nov 27 2024, 7 pmeznews.inIndia's engineering exports are poised to exceed targets for the fiscal year 2025, with a goal of $125 billion set by the Engineering Export Promotion Council (EEPC) India, surpassing the government's projection of $118 billion. At the International Engineering Sourcing Show in Chennai, officials highlighted the positive impact of recent free trade agreements (FTAs) and the "China Plus One" strategy, which is increasing demand for Indian goods in global markets. Despite strong performances in sectors like automobiles and electrical equipment, challenges persist, particularly in steel exports, which have declined this fiscal year. Pankaj Chadha, Chairman of EEPC India, emphasized the need to navigate geopolitical tensions and protectionist policies from major trade partners to achieve the government's ambitious target of $300 billion in engineering exports by 2030. The Ministry of Commerce's dynamic foreign trade policy aims to bolster exports, with new partnerships being explored in Africa and Latin America.
Published: Nov 27 2024, 7 pmeznews.inThe Agricultural and Processed Food Products Export Development Authority (Apeda) is intensifying efforts to promote Indian cashews as a global product, according to board member Parashram Patil. Apeda is launching a branding campaign to highlight the health benefits of cashews and is adopting a cluster-based approach for sector development, focusing on regions like Kollam in Kerala and Chandgad in Maharashtra. Collaborating with the Maharashtra State Cashew Board, Apeda aims to enhance exports through financial assistance schemes that support infrastructure improvements and machinery upgrades. Despite once holding an 80% share of the global cashew export market, India's share has plummeted to just 8%, with exports dropping from $917 million in 2017-18 to $368 million in 2023-24. The sector faces challenges including modernization, rising labor costs, and competition from Vietnam, prompting Apeda to explore new markets while revitalizing traditional ones.
Published: Nov 27 2024, 6 pmeznews.inThe Indian Council of Agricultural Research (ICAR) has issued a warning to state governments regarding the unchecked establishment of new agricultural colleges and universities, which could jeopardize the quality of agricultural education in India. In a letter to Chief Secretaries, ICAR Director-General Himanshu Pathak highlighted concerns over inadequate infrastructure and a shortage of qualified faculty at these newly formed institutions. He noted that the National Agricultural Research and Education System (NARS) has been instrumental in transforming India into a food surplus nation, but the recent proliferation of universities—often created without proper planning—has negatively impacted the performance of State Agricultural Universities (SAUs). Pathak urged states to consult ICAR before approving new agricultural institutions to ensure they meet necessary standards for quality education, emphasizing the importance of adequate resources and infrastructure. He called for immediate action from state officials to adhere to ICAR's recommendations.
Published: Nov 27 2024, 6 pmeznews.inFarmers in Gujarat and Rajasthan are facing delays in cumin (jeera) sowing due to higher temperatures affecting germination, with only 57,915 hectares planted in Gujarat as of November 25, compared to 2.44 lakh hectares last year. The sowing window may extend until December 20, allowing for potential resowing. Tejus Gandhi, Secretary of the Federation of Indian Spice Stakeholders, noted that while sowing has been delayed by 20-25 days, it is gradually improving, with expectations of good acreages this year. Bhagirath Chaudhary from the South Asia Biotechnology Centre highlighted that farmers experiencing germination issues may opt to resow jeera, as temperatures are beginning to drop. The ideal sowing period is late October to mid-November, and while current jeera prices have dipped, production increased to 8.6 lakh tonnes in 2023-24, up from 5.77 lakh tonnes the previous year, according to Spices Board data.
Published: Nov 27 2024, 6 pmeznews.inIn a recent Lok Sabha session, Railways Minister Ashwini Vaishnaw announced that ₹1,547 crore has been allocated for the Kavach train collision avoidance system during FY25, surpassing the proposed budget of ₹1,112.57 crore. The funding will be adjusted based on project progress. Kavach has been deployed across 1,548 route kilometers on South Central and North Central Railways, with ongoing work on the Delhi-Mumbai and Delhi-Howrah corridors covering approximately 3,000 rkm. Significant advancements include the installation of optical fibre cables over 4,960 kms, 378 telecom towers, and Kavach systems at 381 stations. The next phase aims to equip 10,000 locomotives, with bids for trackside works on 15,000 rkm already invited. Additionally, over 9,000 technicians have been trained in Kavach technology through specialized programs developed with IRISET, as the Railways seeks to enhance safety and operational efficiency.
Published: Nov 27 2024, 6 pm
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