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The Ministry of Heavy Industries (MHI) has unveiled draft guidelines for the Prime Minister Electric Drive Revolution in Innovative Vehicle Enhancement (PM E-DRIVE) Scheme, aimed at establishing a robust electric vehicle (EV) charging infrastructure across India. The initiative plans to install over 22,000 chargers for electric four-wheelers and 1,800 for e-buses, alongside provisions for light EVs, including two- and three-wheelers. With a budget of ₹2,000 crore, the scheme offers up to 80% subsidy for upstream infrastructure, potentially reaching 100% in exceptional cases. Stakeholder engagement is crucial, involving charge point operators, state governments, and various ministries, which are encouraged to conduct feasibility studies for optimal charging station locations. A technical committee will evaluate proposals, and incentives will be disbursed in three phases based on project milestones. The MHI emphasized that all upstream infrastructure will remain under the jurisdiction of the relevant distribution companies. 
Published: Dec 30 2024, 1 pmeznews.inAs the New Year unfolds, North-West India is experiencing a shift in weather patterns due to back-to-back western disturbances originating from Iran and Pakistan. The India Meteorological Department (IMD) reports that these systems are expected to raise minimum night temperatures by 1-2°C in regions like Jammu and Kashmir, Himachal Pradesh, and parts of Gujarat, which had recently faced frigid conditions. The disturbances will bring moisture-laden winds, resulting in light to scattered rain and snow across the Himalayan region from Thursday, with heavier precipitation anticipated in Jammu-Kashmir-Ladakh on Sunday and Monday. Additionally, isolated thunderstorms are likely in Jammu-Kashmir-Ladakh and Himachal Pradesh. While temperatures in Central India have dropped by 2-4°C, a gradual rise of 2-3°C is expected in North-West India over the next five days, although no significant changes are forecasted for Central and East India during this period.
Published: Jan 02 2025, 4 pmeznews.inIn a recent update from New Delhi, the Indian agriculture ministry has reported a record Kharif rice production of 119.93 million tonnes for the 2024-25 season, marking a 6% increase from the previous year. Despite this overall growth, procurement in key states like Punjab and Haryana fell short of targets, with Punjab achieving 116.30 lakh tonnes—6.5% lower than last year—and Haryana at 35.99 lakh tonnes, down from 39.49 lakh tonnes. In contrast, states such as Madhya Pradesh, Bihar, and Andhra Pradesh saw significant increases in procurement, with Madhya Pradesh reporting a 43.5% surge. The Food Corporation of India has managed to procure 313.13 lakh tonnes of rice from October to December 2024, a 4.3% rise from the same period last year. Experts suggest that while initial procurement trends are lower in Punjab and Haryana, overall government targets may still be met.
Published: Jan 02 2025, 3 pmeznews.inOperating profits for companies in the consumer sector are projected to decline by 2.5% due to high raw material prices impacting gross profit margins, according to a report by Nomura. Despite a noted improvement in rural demand, weak urban sales and price hikes have pressured overall sales volumes in the December quarter. Nomura estimates annual sales growth in the consumer sector at 4.5%, but warns that volumes remain under strain, particularly for products affected by the delayed winter. Major companies like Marico, Nestle, and Godrej Consumer Products have implemented significant price increases, particularly in categories such as soaps and edible oils, yet these hikes have not kept pace with commodity inflation, further squeezing margins. The report anticipates varied revenue growth across the FMCG sector, with Tata Consumer Products and Marico expected to perform better, while companies like Tata Consumer and Godrej may face the most significant margin contractions.
Published: Jan 02 2025, 3 pmeznews.inIn 2024, hybrid vehicle sales in India experienced a 7% increase, reaching over 3.55 lakh units, driven by new launches from major manufacturers. Petrol hybrids led the segment with approximately 2.94 lakh units sold, despite a slight decline from the previous year. Notably, plug-in hybrids made their debut with 41 units sold, while strong hybrids recorded over 56,000 units. Maruti Suzuki and Toyota dominated the market, accounting for 96% of sales, with Maruti's figures dropping to 2.36 lakh units, while Toyota's surged to 1.05 lakh units, bolstered by new models. Mercedes-Benz emerged as a significant player, more than doubling its hybrid sales to over 11,000 units. Industry experts predict that hybrids will play a crucial role in the transition from internal combustion engines to electric vehicles, addressing range anxiety amid limited charging infrastructure, as highlighted in a recent S&P Ratings report.
Published: Jan 02 2025, 3 pmeznews.inThe first train set for Bengaluru Metro's Yellow Line, which will connect key areas including Jayadeva Hospital and Electronics City, is set for dispatch on January 6, 2025, as confirmed by Bengaluru South MP Tejasvi Surya. He announced the readiness of the initial train and outlined a schedule for subsequent deliveries, with the second train expected by late January or early February and a third in April. Supplier Titagarh Rail Systems Ltd plans to deliver one train per month initially, increasing to two by September. Surya highlighted the need for the Bangalore Metro Rail Corporation Ltd (BMRCL) to secure necessary approvals to prevent delays. Challenges such as visa issues for engineers have previously hindered production, but a dedicated production line has been established. Surya has requested the Minister of Housing and Urban Affairs to visit the Kolkata plant on January 6 to inspect and flag off the trains.
Published: Jan 02 2025, 2 pmeznews.inMaldivian Foreign Minister Abdulla Khaleel is in India from January 2 to January 4 to strengthen bilateral political, strategic, and economic ties with Indian counterpart S. Jaishankar. This visit comes amid reports of an alleged plot by the opposition Maldivian Democratic Party (MDP) to impeach President Mohamed Muizzu, which reportedly sought financial support from India but ultimately did not materialize. Muizzu, who assumed office in November 2023 after an anti-India campaign, has since worked to improve relations with India, referring to it as a "valued partner" during his October 2024 visit to New Delhi. India has responded by offering two currency swap agreements worth $400 million and ₹3,000 crore to assist the Maldives with its foreign currency challenges, while discussions on a potential Free Trade Agreement are also on the agenda.
Published: Jan 02 2025, 2 pmeznews.inAs of December 28, 2024, the growth of assets under management (AUM) in India's National Pension System (NPS) has slowed to 25.49%, reaching ₹13.69 lakh crore, according to the Pension Fund Regulatory and Development Authority (PFRDA). This decline follows a significant drop in equity benchmarks, with the Nifty50 and Sensex falling over 10% since their record highs in September 2024. Annual returns on NPS equity schemes have decreased to 15.86%, down from nearly 40% in September. Despite this, 2024 marked the ninth consecutive year of positive returns for Indian equities, with a record fund mop-up of over $16 billion in primary markets. The private sector's NPS AUM grew by 33.33% year-on-year, highlighting its increasing popularity as a retirement savings option. The corporate sector also showed robust growth, with AUM reaching ₹2.04 lakh crore, while the number of private sector subscribers rose by 22.43% to 62.71 lakh.
Published: Jan 02 2025, 12 pmeznews.inThe India Cellular and Electronics Association (ICEA) has urged the government to allocate approximately ₹40,000 crore in the upcoming Union Budget 2025-26 to bolster the country's electronics manufacturing sector. In a comprehensive set of recommendations, ICEA emphasized the need for a robust components and sub-assembly ecosystem to increase electronics production from an estimated $115 billion to $500 billion, while also raising value addition from 15-20% to 30-35%. The association called for amendments to customs notifications to broaden the list of exempt materials for mobile phone manufacturing, noting that India produced 97% of its mobile phone demand locally in FY 2024, with 30% earmarked for export. Additionally, ICEA highlighted the need for clearer guidelines on the Manufacturing and Other Operations in Warehouse (MOOWR) scheme and its integration with the Remission of Duties and Taxes on Export Products (RoDTEP) to enhance operational efficiency.
Published: Jan 02 2025, 12 pmeznews.inThe Indian government is poised to grant clearance for the construction of three greenfield airports in Parandur, Tamil Nadu; Kota, Rajasthan; and Puri, Odisha, as part of its Greenfield Airports (GFA) policy. These projects have reached the second stage of approval, which involves 'in-principle' consent for land acquisition and further development. The Ministry of Civil Aviation, alongside other agencies, is currently evaluating these proposals, which aim to enhance connectivity and stimulate economic growth. The Parandur airport will serve as a second facility for Chennai, while the Puri airport will benefit both the pilgrimage town and nearby Bhubaneswar. The Kota airport is set to replace the existing facility. To date, the Centre has granted 'in-principle' approval for 21 greenfield airports, with 12 already operational, contributing to India's total of 159 airports.
Published: Jan 02 2025, 12 pmeznews.inThe Food Safety and Standards Authority of India (FSSAI) has clarified the use of methylcobalamin, a vital form of Vitamin B12, in health supplements and nutraceuticals, amid ongoing regulatory uncertainty following the Union Health Ministry's decision to lift its ban. Despite scientific endorsement and rising demand for methylcobalamin, particularly for treating diabetic neuropathy, the official notification to formalize this change remains pending. Dr. Sanjay Agrawal, a pharmaceutical consultant, noted that current regulations permit only cyanocobalamin and hydroxocobalamin, although methylcobalamin may be allowed under specific conditions. With a significant portion of the Indian population, especially vegetarians, facing methylcobalamin deficiency, the FSSAI's guidance aims to help manufacturers comply with safety standards while meeting the increasing need for diverse Vitamin B12 forms. Vitamin B12 is essential for DNA synthesis, red blood cell production, and neurological health, making its availability crucial for public health.
Published: Jan 02 2025, 11 am
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