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The 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 exporters to Russia have been warned by the US and EU to scrutinize their shipments to avoid sanctions related to components that could support Moscow's military efforts in Ukraine. Officials from US and EU sanctions teams recently met with Indian industry representatives to discuss a list of 50 high-priority items that are prohibited for export, emphasizing that even civilian goods could attract sanctions if their components have military applications. The list includes critical electronic components and materials essential for manufacturing. Despite a significant increase in India's exports to Russia—up 35.41% to $4.26 billion in FY24—companies are urged to comply with stringent regulations to avoid severe penalties, including asset freezes. While some speculate that US pressure may ease with the upcoming Trump administration, other nations are expected to maintain strict oversight, necessitating caution among Indian exporters.
Published: Jan 09 2025, 2 pmeznews.inbigbasket, a TATA Enterprise, has entered into a Memorandum of Understanding (MoU) with the Government of Andhra Pradesh to enhance the organic produce market. This partnership will allow bigbasket to source organic fruits, vegetables, and staple items directly from local farmers, establishing four new collection centres in the state to ensure a consistent supply of fresh organic produce. The initiative aims to improve the livelihoods of organic farmers while increasing consumer access to sustainable products. Seshu Kumar Tirumala, Chief Buying and Merchandising Officer at bigbasket, emphasized the company's commitment to creating a thriving ecosystem for both farmers and consumers, which includes reducing the carbon footprint of their supply chain. Currently, bigbasket operates over 80 collection centres across India, collaborating with more than 1,500 organic farmers, as part of its mission to make organic food more accessible and affordable nationwide.
Published: Jan 09 2025, 1 pmeznews.inMaple Infrastructure Trust (MIT) has sought approval from the Competition Commission of India (CCI) for the acquisition of five major toll road projects, marking a significant expansion in India's road infrastructure sector. The proposed acquisitions include Ashoka Dhankuni Kharagpur Tollway Limited, Ashoka Sambalpur Baragarh Tollway Limited, Ashoka Belgaum Dharwad Tollway Limited, Ashoka Highways (Bhandara) Limited, and Ashoka Highways (Durg) Limited, covering over 400 km across key states such as West Bengal, Odisha, Karnataka, Maharashtra, and Chhattisgarh. Developed under concession agreements with the National Highway Authority of India, these projects align with MIT's growth strategy under the SEBI Infrastructure Investment Trusts framework. The transactions involve key stakeholders, including CDPQ Infrastructures Asia III Inc. and 360 ONE Private Equity Fund, and are expected to enhance operational efficiencies while reinforcing MIT's position in the toll road sector, crucial for driving economic growth in India.
Published: Jan 09 2025, 1 pmeznews.inMilma, the Kerala-based dairy cooperative, has partnered with Kerala Bank to enhance credit access for dairy farmers through the Ksheera Mithra Credit Scheme. The memorandum of understanding (MoU) was signed by Milma Managing Director Asif K Yusuf and Kerala Bank CEO Jorty M Chacko, with key officials from both organizations present. The scheme will offer loans of up to ₹3 lakh at low interest rates for farmers, alongside a cash credit facility of up to ₹1 lakh for franchisees based on their stock or sales turnover. Milma Chairman KS Mani emphasized the partnership's potential to boost entrepreneurship and milk production in the state, while Kerala Bank President Gopi Kottamurickkal expressed enthusiasm for collaborating with Milma to support the welfare of dairy farmers. This initiative is part of Milma's broader efforts to enhance milk production and improve the livelihoods of those in the dairy sector.
Published: Jan 09 2025, 12 pmeznews.inFranklin Templeton's annual outlook for India indicates that the domestic economic slowdown has likely bottomed out in the second quarter of fiscal year 2025 (Q2FY25), with signs of recovery driven by festive demand and rural activities. Despite a lower-than-expected growth rate of 5.4% in Q2FY25, the report forecasts an average growth of over 7% in the following four quarters, bolstered by strong domestic demand and government policies. Industrial activities are expected to normalize, supported by increased capital expenditure, while the services sector continues to expand, as evidenced by a rise in the HSBC PMI for services to 58.4 in November. Agricultural growth is also anticipated to improve due to favorable kharif production and better rabi sowing. Although inflation has fluctuated, remaining within the Reserve Bank of India's tolerance band, core inflation has moderated, reflecting a broader trend seen globally.
Published: Jan 09 2025, 12 pmeznews.inThe Indian government is set to introduce a new credit guarantee scheme for the Micro, Small, and Medium Enterprises (MSME) sector, which will cover loans up to ₹100 crore without requiring collateral. Financial Services Secretary M Nagaraju announced that the scheme, initially proposed by Finance Minister Nirmala Sitharaman in the 2024-25 Budget, aims to facilitate term loans for purchasing machinery and equipment. The scheme will operate on a self-financing guarantee fund, providing applicants with guarantee cover while requiring an upfront and annual fee. The MSME sector, which employs 50 million people and has seen exports surge from ₹3.95 lakh crore in 2020-21 to ₹12.39 lakh crore in 2024-25, plays a vital role in India's economy, contributing 30.1% to the GDP. The government is also focusing on enhancing support for rural entrepreneurship to further bolster economic growth.
Published: Jan 09 2025, 12 pmeznews.inThe INROAD (Indian Natural Rubber Operations for Assisted Development) project in Northeast India has secured ₹100 crore to enhance the quality of natural rubber, marking a significant milestone as it completes its fourth planting year. The initiative, which has established 1,25,272 hectares of new rubber plantations across 94 districts, aims to empower growers through technical training and infrastructure development. Arnab Banerjee, Chairman of the Automotive Tyre Manufacturers Association (ATMA), emphasized the importance of skill development and the establishment of model infrastructure, including smokehouses and processing centres. The first model smokehouse was inaugurated for a women’s cooperative in Assam, aimed at improving the quality of rubber sheets and boosting local economies. The project, supported by major tyre manufacturers like Apollo and MRF, represents a pioneering effort in the global tyre industry to directly contribute to rubber plantation development.
Published: Jan 09 2025, 11 ameznews.inArcelorMittal Nippon Steel India (AM/NS India) has supplied approximately 7,000 metric tonnes of flat steel for the Anji Khad rail bridge, the first cable-stayed bridge of its kind in India, located in Jammu and Kashmir. This bridge is a crucial link between the Katra and Reasi sections of the Udhampur-Srinagar-Baramulla Rail Link (USBRL). Ranjan Dhar, Director and Vice President of Sales & Marketing at AM/NS India, expressed pride in the company's contribution to this significant infrastructure project, highlighting that the steel was fabricated at their Hazira plant in Gujarat, adhering to stringent specifications. The company has also played a vital role in the construction of the Chenab Bridge, the world’s highest rail bridge, supplying over 70% of its flat steel requirements. The successful trial run of a loaded train on the Anji Khad bridge marks a significant milestone in India's rail infrastructure development.
Published: Jan 09 2025, 9 ameznews.inRoyal Jordanian Airlines is set to resume operations in India after a decade, launching non-stop flights from Amman to Mumbai on April 17 and to Delhi on September 17. The airline will operate these routes four times a week using Airbus A320neo aircraft. This move is part of Jordan's strategy to enhance trade and tourism from India, particularly as the country seeks to diversify its inbound travel sources amid a 6% decline in tourist arrivals this year due to regional tensions. Karim Makhlouf, the airline's chief commercial officer, emphasized that India will be pivotal to their growth strategy in Asia, targeting 40,000 passengers in the first year and aiming for 80,000 in the second. Jordan's ambassador to India, Yousef Abdelghani, highlighted the peaceful nature of Jordan and expressed a desire to attract Indian tourists and investments in tourism and technology sectors.
Published: Jan 09 2025, 9 ameznews.inGlobal rice prices have fallen over five percent in the past three weeks due to increased production and reduced demand, with Sona Masuri rice prices in Chennai dropping from ₹62 to ₹42 per kg. Trade analysts attribute this decline to a strong dollar and higher exchange rates, which have dampened demand for Indian rice, particularly from Sri Lanka, where government price caps have limited imports. While Indian rice remains competitively priced compared to other countries, exporters are reluctant to lower their quotes amid rising freight costs. The Indian Ministry of Agriculture has reported a record kharif rice output of 119.34 million tonnes, contributing to ample supply. Additionally, about 500 containers of Vietnamese rice are stuck in Malaysia due to falling prices, further impacting the market. Despite these challenges, demand from Africa remains stable, and India has secured a deal to export one million tonnes of rice to Indonesia.
Published: Jan 09 2025, 9 am
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