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The 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 Department of Financial Services (DFS) has called on microfinance institutions (MFIs) to develop a sustainable growth strategy during a recent meeting in New Delhi. DFS Secretary M. Nagaraju highlighted the need for MFIs to become more robust and financially sound, particularly in serving rural populations. He urged the sector to adopt digital loan disbursements and repayments while enhancing cybersecurity and governance standards. The meeting, attended by industry bodies like MFIN and Sa-Dhan, also addressed challenges faced by MFIs, including difficulties in securing low-cost long-term funding. Jiji Mammen, CEO of Sa-Dhan, advocated for credit guarantee schemes and special funds for MFIs in the Northeast. The MFI sector has grown significantly, with its portfolio expanding from ₹17,264 crores in March 2012 to ₹3.93 lakh crore by November 2024, impacting nearly eight crore borrowers and contributing 2.03% to India's GDP.
Published: Jan 08 2025, 10 pmeznews.inIndian Railways is set to enhance connectivity in Kashmir with the upcoming operationalization of the Udhampur-Srinagar-Baramulla Rail Link (USBRL), a project valued at nearly ₹40,000 crore. The Jammu-Srinagar Vande Bharat Express will soon commence operations, marking the first direct train service between Jammu and the Kashmir Valley, with a journey time of just over three hours. These specially designed trains are equipped with anti-freezing features and snow removal systems, enabling all-weather operations in temperatures as low as -20 degrees Celsius. The Katra-Banihal section, which includes extensive tunneling and the world’s highest railway arch bridge, has recently passed safety inspections. Additionally, plans for Vande Bharat sleeper trains are progressing, with production expected to begin in late 2025. The project, first conceived in 2002, also incorporates seismic safety measures to ensure commuter safety in the earthquake-prone Himalayan region.
Published: Jan 08 2025, 8 pmeznews.inIn an interview with *BusinessLine*, Sanjiv Puri, President of the Confederation of Indian Industry (CII), expressed cautious optimism regarding India's economic outlook, following the Central Statistics Office's advance GDP growth estimate of 6.4% for 2024-25. Puri noted that while this figure is decent, he anticipates growth could reach 7% in the next fiscal year, driven by strong performance in sectors like agriculture, hospitality, and real estate. He emphasized the need for further policy reforms, particularly in land, labour, power, and agriculture, to sustain momentum. Puri also highlighted the importance of increasing public capital expenditure by 25% in the upcoming budget and targeted interventions in employment-intensive sectors. He called for measures to boost consumption, such as tax cuts and wage hikes, and suggested that the Reserve Bank of India should consider monetary easing to support economic growth.
Published: Jan 08 2025, 9 pmeznews.inSamunnati, an agri value chain enabler, has announced a leadership restructuring aimed at enhancing its support for smallholder farmers and fostering growth within the agricultural ecosystem. Anil Kumar SG, the company's Founder and Group CEO, has been elevated to Founder and Managing Director, allowing him to focus on long-term strategic initiatives and impactful partnerships. Meanwhile, Badri Narayanan, a former Unilever executive with over 24 years of experience, has been appointed Group CEO Designate. Narayanan will concentrate on operational excellence and the execution of Samunnati’s vision, transitioning to the Group CEO role in the next 6-8 months. This strategic shift is expected to bolster Samunnati's commitment to sustainable solutions and resilient value chains, as highlighted by Anil Kumar, who emphasized the importance of this realignment in steering the organization’s future direction.
Published: Jan 08 2025, 8 pmeznews.inEconomists are divided on India's economic recovery prospects for the second half of FY25, following the Central Statistical Office's (CSO) advance GDP growth estimate of 6.4%. With the first half achieving 6%, a robust 6.8% growth is needed in the latter half to meet the annual target. While some analysts, like Anubhuti Sahay from Standard Chartered, express caution, predicting a more modest 6.4% for H2, others, including Madan Sabnavis of Bank of Baroda, foresee potential growth exceeding the CSO's estimate, citing improvements in private investments and urban consumption. Factors influencing growth include mixed urban and rural demand, moderate private investments, and government capital expenditure. Deloitte's Rumki Mazumdar remains optimistic, forecasting a GDP growth of 6.5-6.8% for FY25, driven by festive demand and a recovery in consumption. The upcoming Union Budget is expected to play a crucial role in sustaining economic momentum as India navigates these challenges.
Published: Jan 08 2025, 8 pmeznews.inIndia's gold import estimates for the April-November 2024 period have been dramatically revised down by $11.7 billion to $37.38 billion, following a $5 billion reduction for November alone, which now stands at $9.84 billion. This revision comes after industry requests to reassess previously reported figures, which had indicated a surge in imports to $14.86 billion for November, contributing to a record trade deficit of $37.84 billion. The government has not clarified the reasons behind this significant adjustment, leading to speculation about potential calculation errors, including double-counting related to Special Economic Zones and other unique economic regulations. Trade expert Ajay Srivastava emphasized the need for transparency, warning that such revisions could undermine trust in official statistics. The increase in gold imports follows a reduction in import duty from 15% to 6% in July 2024, which has further complicated the trade landscape.
Published: Jan 08 2025, 8 pmeznews.inPrivate equity investments in India surged to a two-year high of approximately $15 billion in 2024, marking a 50% increase from the previous year's $10 billion, according to LSEG Deals Intelligence. Despite this growth, the number of deals declined by 3.1% to 1,281. Elaine Tan, Senior Manager at LSEG, attributed the investment boom to India's expanding middle class, a vibrant start-up ecosystem, and a robust IPO market, with significant activity in healthcare, pharmaceuticals, consumer industries, and technology. India accounted for 28% of total equity investments in the Asia Pacific, up from 15% the previous year. However, private equity funds raised in India fell by 29% year-on-year to $4.3 billion. Looking ahead, experts anticipate that favorable government initiatives, global monetary easing, and a focus on ESG integration will further stimulate private equity activity in 2025.
Published: Jan 08 2025, 8 pmeznews.inIn a bid to enhance corporate dispute resolution, India's Ministry of Corporate Affairs (MCA) has appointed 24 new members to the National Company Law Tribunal (NCLT) in New Delhi, including 11 Judicial and 13 Technical Members. Announced on January 7, these appointments aim to expedite case handling in areas such as insolvency and mergers, addressing the tribunal's increasing workload. The members, who will serve a five-year term or until the age of 65, include notable figures like Justice Jyotsna Sharma and Reena Sinha Puri. Their expertise is expected to improve the adjudicative process at the NCLT. With salaries ranging from ₹1,82,200 to ₹2,24,100 per month, the new appointees are anticipated to reduce case backlogs and enhance investor confidence, aligning with India's goal of becoming a global business hub and reinforcing its corporate governance framework.
Published: Jan 08 2025, 8 pmeznews.inIndia's trade deficit has widened significantly, exerting pressure on the rupee, which has depreciated nearly 3% over the past year, reaching a record low of 85.87 per dollar on Wednesday. The Directorate General of Commercial Intelligence and Statistics (DGCIS) revealed discrepancies in gold import figures, reporting imports for November at $9.84 billion—about a third lower than the previously stated $14.86 billion. This adjustment has revised India's November trade deficit to $31.83 billion, down from $37.8 billion. The government is finalizing these revisions and is expected to release updated trade statistics next week. While officials have not provided a formal explanation for the discrepancies, reports suggest that some gold imports may have been double-counted, leading to the earlier overestimation. The DGCIS also adjusted total gold imports from April to November to $37.39 billion, down from $49.08 billion.
Published: Jan 08 2025, 6 pmeznews.inNova Dairy has celebrated the 25th anniversary of its Malanpur plant, which was established on December 26, 1999. The plant has been instrumental in the company's mission to provide high-quality dairy products to millions of households across India. Ravin Saluja, Director of Sterling Agro Industries Ltd (Nova Dairy), emphasized that this milestone is a testament to the trust and support from employees, partners, and consumers. He highlighted the importance of collective efforts from farmers, employees, distributors, and consumers in achieving this success. As the company commemorates this significant occasion, it remains committed to enhancing its legacy in the dairy industry and contributing to its growth in India. The anniversary not only celebrates past achievements but also serves as a foundation for a promising future in dairy production.
Published: Jan 08 2025, 5 pm
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