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The Employees' Provident Fund Organisation (EPFO) has credited an interest rate of 8.2% for the financial year 2023-24 to its subscribers, while also announcing that 7.7 million Employees’ Pension Scheme members will be able to withdraw pensions from any bank starting next month. The Central Board of Trustees (CBT) has simplified the criteria for banks to collect EPF contributions, expanding eligibility to more Scheduled Commercial Banks. Additionally, the CBT has amended the EPF Scheme to allow interest payments up to the date of settlement. The Ministry of Labour reported that registrations on the e-Shram portal have exceeded 300 million, and the National Career Service portal has listed nearly 19 million job vacancies. Efforts are underway to develop a social security framework for gig and platform workers, with a report expected early next year. All states are anticipated to complete the harmonization of new labour codes by March 2025. 
Published: Dec 28 2024, 6 pmeznews.inAir Kerala, a new airline backed by UAE-based investors, is set to launch operations in the second quarter of 2025, with its base in Kochi and significant operations planned from Kannur airport. The airline has signed a memorandum of understanding with Kannur airport to enhance connectivity across South India and has secured a letter of intent for three ATR-72 aircraft, aiming to expand its fleet to six within the first year. Air Kerala plans to operate 40 daily flights in its inaugural year. Kannur airport, the smallest in Kerala by passenger numbers, has been operational for six years and connects to various cities in West Asia and major Indian metros. Airline Chairman Afi Ahmad expressed confidence in the partnership with Kannur International Airport Ltd, emphasizing its potential to meet regional travel demands, while KIAL's Managing Director Dinesh Kumar pledged full support for the airline's success.
Published: Dec 30 2024, 8 pmeznews.inSyama Prasad Mookerjee Port in Kolkata is set to develop three processing zones—agro, tea, and marine products—on port land in Kidderpore and surrounding areas as part of its land monetisation strategy. Deputy Chairperson Samrat Rahi indicated that discussions are currently at the conceptual stage, with land expected to be allocated within three months and the zones anticipated to be operational within two to three years. The port, which comprises the Kolkata Dock System and Haldia Dock Complex, aims to enhance its revenue from land leasing, having generated approximately ₹654 crore in the last financial year from 4,488 acres of rented land. The port is targeting a revenue collection of ₹1,000 crore over the next five years, focusing on port-led industrialisation projects, including cold storage and warehousing facilities. Established in 1870, it is India's only riverine all-weather port.
Published: Dec 30 2024, 8 pmeznews.inThe latest Financial Stability Report (FSR) highlights the resilience of the Indian economy, despite a slowdown in industrial activity and urban demand. RBI Governor Sanjay Malhotra noted that while real GDP growth decelerated to 6% in the first half of FY25, structural growth drivers remain intact, with expectations of recovery in the latter half of the fiscal year, bolstered by public consumption and investment. Retail inflation has eased to 5.5% in November 2024, aided by lower food prices, although extreme weather events and geopolitical tensions pose ongoing risks. The report also indicates that scheduled commercial banks (SCBs) are in a strong position, with low non-performing assets and high profitability, ensuring they can withstand adverse scenarios. Overall, the FSR suggests that the financial system is well-equipped to support economic growth, despite external challenges.
Published: Dec 30 2024, 8 pmeznews.inAs of December 27, 2024, India's rabi crop acreage has reached 614.94 lakh hectares, slightly up from 611.80 lakh hectares last year, with 97% of the normal area sown. Wheat, a key rabi cereal, saw a 2.2% increase in acreage to 319.74 lakh hectares, while maize and paddy also reported gains of 8% and 5.6%, respectively. However, oilseed coverage remains a concern, with mustard sowing appearing complete at 88.50 lakh hectares, down 5.6% from last year. Groundnut acreage improved slightly, while overall rabi oilseed area fell by 5.2%. The government has set ambitious production targets for various crops, including 115 million tonnes for wheat and 14.55 million tonnes for rice, as the rabi season is crucial for meeting the total foodgrain target of 341.55 million tonnes for the 2024-25 crop year.
Published: Dec 30 2024, 8 pmeznews.inThe impending expiration of the interest equalisation scheme for rupee-export credit on December 31, 2024, has left Indian exporters anxious about their future access to subsidised credit. The Commerce Department has urged the Finance Ministry to extend the scheme, which currently benefits only MSME units, but no confirmation has been provided regarding its continuation or potential modifications. Exporters argue that the uncertainty hampers their ability to make informed decisions on contracts and pricing, crucial in a competitive global market. Initially launched in April 2015, the scheme has undergone several short-term extensions, with the subsidy rates fluctuating between 2% and 5% for different categories. The Federation of Indian Export Organisations (FIEO) has highlighted the scheme's importance, noting that India's credit costs are significantly higher than those of competing nations, and has called for both the scheme's continuation and an increase in the subsidy rate to 5% to help exporters maintain viability.
Published: Dec 30 2024, 8 pmeznews.inIn anticipation of a Union Council of Ministers reshuffle, political dynamics in New Delhi are shifting, particularly with the upcoming Bihar Assembly elections and recent Maharashtra State poll results. The ruling BJP must consider its alliances with the NCP (Ajit Pawar faction) and Shiv Sena (Shinde faction), as both parties seek greater representation in the Cabinet. Rajya Sabha MP Praful Patel from the NCP is a leading candidate for elevation, although negotiations have stalled over the proposed Minister of State position, which the NCP views as a demotion. To accommodate Patel, the government may need to drop an existing minister, adhering to the 91st amendment, which limits the Council of Ministers to 15% of Lok Sabha members. Additionally, fresh faces from Bihar are expected to be included to reflect the state's caste dynamics ahead of the elections, with current representation comprising eight ministers from various parties.
Published: Dec 30 2024, 8 pmeznews.inIn a crucial pre-Budget consultation held in New Delhi, Finance Minister Nirmala Sitharaman met with leaders from Indian industry, who urged the government to address the ongoing demand slowdown and stimulate economic growth through various fiscal measures. Key recommendations included cuts to both personal and corporate tax rates, a reduction in fuel prices via excise duty cuts, and an increase in public capital expenditure by 25% over the previous fiscal year's budget. Industry representatives emphasized the need for easier access to finance for Micro, Small, and Medium Enterprises (MSMEs) and proposed expanding the scope of Production Linked Incentives to include additional sectors like gems and jewellery. They also called for a reduction in the maximum personal income tax rate to enhance consumption and compliance. Other suggestions included establishing a Sovereign Wealth Fund and expediting Free Trade Agreements with the EU and UK to bolster economic resilience.
Published: Dec 30 2024, 8 pmeznews.inThe Indian Ministry of Defence has signed two significant contracts to enhance the capabilities of its submarine fleet. The first, valued at approximately ₹1,990 crore, is with Mazagon Dock Shipbuilders Limited (MDL) for the construction of an Air Independent Propulsion (AIP) plug, developed by the Defence Research and Development Organisation (DRDO), which will improve the endurance of conventional submarines. The second contract, costing ₹877 crore, is with France's Naval Group for the integration of Electronic Heavy Weight Torpedoes (EHWT) onto the Kalvari-Class submarines, also developed by the DRDO. Both agreements were finalized in New Delhi, with Defence Secretary Rajesh Kumar Singh present. The Ministry anticipates that these initiatives will not only bolster the Indian Navy's firepower but also support the 'Aatmanirbhar Bharat' initiative, generating approximately three lakh man-days of employment. Currently, the Indian Navy operates six Kalvari-Class submarines, with plans to acquire three more.
Published: Dec 30 2024, 6 pmeznews.inThe Ministry of New & Renewable Energy (MNRE) has announced the establishment of a ₹100 crore payment security fund to support Renewable Energy Service Company (RESCO) and Utility-Led Aggregation (ULA) models under the PM Surya Ghar: Muft Bijli Yojana. This initiative aims to de-risk investments in rooftop solar installations by ensuring timely payments to RESCO developers, shielding them from delays by distribution companies (Discoms). The fund will be managed by the National Programme Implementation Agency (NPIA) and will require ULA-selected RESCOs to contribute a one-time fee of ₹2,000 per installation. States must guarantee payment of dues to RESCOs and commit to covering interest on delayed payments. If Discoms fail to settle claims within 15 days, the NPIA will step in to make payments. The guidelines also allow for additional funding sources to supplement the payment security mechanism, ensuring robust support for renewable energy projects.
Published: Dec 30 2024, 7 pmeznews.inThe GST Council has clarified the tax rates applicable to popcorn sold in various forms, following a request from Uttar Pradesh. Ready-to-eat popcorn mixed with salt and spices will attract a 5% GST, while pre-packaged and labelled popcorn will incur a 12% tax. Caramel popcorn, however, will be taxed at 18%. Loose and salted popcorn served in theatres will generally attract a 5% rate, aligning with restaurant service, unless bundled with movie tickets, which could raise the rate to 12% or 18% depending on the ticket price. The distinction between composite and mixed supply is crucial; if food and beverages are sold together with tickets, the entire transaction may be taxed at the higher rate if deemed a mixed supply. This nuanced taxation approach reflects the complexities of bundled services in the cinema industry, as explained by tax experts.
Published: Dec 30 2024, 7 pm
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