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In its 54th meeting, the GST Council, led by Union Finance Minister Nirmala Sitharaman, announced significant decisions including the exemption of service imports by foreign airline companies. A Group of Ministers (GoM) will be established to evaluate potential tax rate reductions on life and health insurance, with a report expected by the end of October for consideration in November. Currently, health and life insurance premiums are subject to an 18% GST, with varying rates for endowment plans. The Council also formed another GoM to assess the future of a cess on luxury goods, which is set to expire in March 2026. Sitharaman highlighted a substantial increase in revenue from online gaming and casinos, following the implementation of a 28% GST. Additionally, the Council recommended a reduction in GST rates for specific cancer drugs and the initiation of a pilot for B2C e-invoicing. 
Published: Sep 09 2024, 9 pmeznews.inIn a significant development for India's pension landscape, the Finance Ministry has urged the newly established "Association of NPS Intermediaries" to actively promote the National Pension System (NPS) to enhance its adoption among individuals. Launched during a virtual event by Department of Financial Services Secretary M Nagaraju, the association unites key stakeholders, including banks, record-keeping agencies, and pension advisors, with the aim of advocating for the NPS as a reliable and tax-efficient retirement solution. The NPS, which has grown substantially since its inception in 2004, now boasts assets exceeding ₹13.8 lakh crore, reflecting a 28% year-on-year increase. Nagaraju highlighted the necessity of early pension planning amid changing demographics, while PFRDA Chairperson Deepak Mohanty emphasized the association's role in expanding pension coverage through collective efforts. The initiative aims to streamline processes and boost voluntary participation, particularly among self-employed individuals and private sector workers.
Published: Dec 21 2024, 6 pmeznews.inDCM Shriram Ltd has been acknowledged for its strong Environmental, Social, and Governance (ESG) performance, ranking among the top 7% of 523 global chemical companies in the S&P Global Corporate Sustainability Assessment (CSA) 2024. The company achieved a CSA score of 59 out of 100, reflecting a 5-point increase from the previous year, underscoring its commitment to sustainable practices. In a statement, DCM Shriram highlighted that this recognition showcases its dedication to environmental stewardship, social responsibility, and effective governance. The firm expressed satisfaction with its sustainability journey, viewing this milestone as a validation of its efforts to enhance transparency and align with global sustainability objectives. DCM Shriram remains focused on integrating sustainable practices throughout its operations to contribute positively to the future.
Published: Dec 21 2024, 5 pmeznews.inIn a recent meeting chaired by Union Minister for Finance Nirmala Sitharaman in Jaisalmer, the GST Council proposed new tax rates for various food items, recommending a 5% GST on ready-to-eat popcorn with salt and spices (if not pre-packaged), 12% on pre-packaged popcorn, and 18% on caramel popcorn. Additionally, fortified rice kernels will also be taxed at 5%. The Council deferred discussions on restructuring GST for insurance premiums, with plans for further meetings to address health insurance exemptions for senior citizens and potential reductions in GST rates. A proposal to lower the tax on food delivery charges from e-commerce operators was also postponed. Furthermore, the Council suggested increasing the GST on the sale of old and used electric vehicles and smaller vehicles from 12% to 18%, while maintaining the 18% rate for larger vehicles, including SUVs.
Published: Dec 21 2024, 1 pmeznews.inIndia's agriculture sector, vital to the economy and employing nearly 50% of the workforce, is undergoing a transformative shift through automation technologies such as drones, IoT, and robotics. With over 3,000 agricultural drones currently operational and projections to exceed 7,000 by 2025, these innovations promise to enhance productivity and reduce resource dependency. The government's ₹1,261 crore investment in initiatives like the "Namo Drone Didi" scheme empowers women-led Self Help Groups to provide drone rental services, fostering rural entrepreneurship. Automation is also addressing critical issues like resource management, enabling farmers to reduce water usage by up to 70% and fertiliser consumption by 20-30%. Training programs for rural youth are equipping them with skills in drone operations, creating new career opportunities. As farmers evolve into informed decision-makers, the integration of technology is set to modernise Indian agriculture, paving the way for a sustainable and prosperous future.
Published: Dec 21 2024, 12 pmeznews.inInnovations in wooden packaging are significantly transforming India's agriculture and allied sectors, driven by a rising demand for sustainable and efficient solutions. The wooden packaging market is projected to grow by $18.8 billion at a CAGR of 4.6% from 2023 to 2028, as customized crates and advanced ventilation systems enhance product protection and freshness during transport. These innovations address challenges such as spoilage and damage, while eco-friendly treatments like heat treatment ensure compliance with international standards, making wooden packaging suitable for global trade. Additionally, modern wooden pallets have been reinforced to support heavier loads, facilitating bulk transport. As the industry shifts towards sustainability, responsible sourcing practices and certifications like PEFC and FSC® promote biodiversity and resource conservation. Overall, these advancements not only improve logistics efficiency but also position Indian agriculture competitively in both domestic and international markets.
Published: Dec 21 2024, 12 pmeznews.inA recent Reserve Bank of India (RBI) report highlights the ongoing financial strain posed by electricity distribution companies (DISCOMs) on state finances, with their total accumulated losses reaching ₹6.5 lakh crore by 2022-23, equivalent to 2.4% of India's GDP. Despite various reform efforts, DISCOMs' outstanding debt has surged at an average annual rate of 8.7% since 2016-17. The RBI emphasizes the need for measures such as improving productivity, reducing transmission losses, and aligning tariffs with actual power supply costs. It advocates for the unbundling and privatization of the electricity sector to enhance financial health. On a positive note, the report indicates that states have improved fiscal discipline, with the gross fiscal deficit (GFD) contained at 2.91% of GDP in 2023-24, below the 3% limit, and capital outlay rising to 2.6% of GDP, suggesting a commitment to responsible financial management.
Published: Dec 21 2024, 11 ameznews.inIndia's coffee industry is increasingly embracing sustainable practices, particularly through shade-grown coffee, which is cultivated under tree canopies. This method not only preserves the country's rich biodiversity, especially in regions like the Western Ghats, but also supports over 100 bird species that help maintain ecological balance. Shade-grown coffee farms mitigate soil erosion by up to 30% and enhance soil fertility, reducing reliance on synthetic fertilizers. Farmers adopting this approach can earn up to 25% more per kilogram of coffee compared to conventional methods, while also diversifying their income by growing crops like pepper and cardamom. Although yields may be slightly lower, the premium prices and reduced chemical inputs make shade-grown coffee economically viable. This sustainable model not only benefits farmers but also uplifts rural communities, improving living standards and access to education and healthcare, as consumer demand for ethically sourced coffee continues to rise.
Published: Dec 21 2024, 11 ameznews.inIn a significant market update, the SENSEX closed at 78,041.59, down 1,176.46 points, while the NIFTY fell by 364.20 points to 23,587.50. In contrast, crude oil prices saw a slight increase, rising by 6.00 to reach 5,944.00, and silver prices also gained, up 51.00 to 88,443.00. Meanwhile, the 55th GST Council meeting, led by Finance Minister Nirmala Sitharaman in Jaisalmer, is set to address key issues, including the tax treatment of gift vouchers, which the Fitment Committee has recommended be exempt from GST, and the taxation of Floor Space Index (FSI) charges under the reverse charge mechanism. Additionally, proposals to lower GST on health insurance for senior citizens and micro-insurance are gaining support, while discussions around potential GST increases on used electric vehicles are anticipated to create controversy.
Published: Dec 21 2024, 9 ameznews.inRishi Agrawal, CEO and Co-Founder of Teamlease Regtech, discussed India's evolving social security framework for gig workers, highlighting the government's efforts to enhance protections as the gig economy expands. A 2022 NITI Aayog report indicates that India's gig workforce, numbering 7.7 million in 2020-21, is expected to reach 23.5 million by 2029-30. Key initiatives include the Code on Social Security, 2020, which recognizes gig workers and provides benefits such as life insurance and health coverage, alongside the e-Shram portal for welfare scheme access. States like Rajasthan and Karnataka are also enacting welfare laws. Comparatively, the US, China, and Southeast Asia have adopted varied approaches, with California's mixed framework and China's regulations on wages and insurance. While India's Labour Codes await full implementation, interim measures like health insurance and pensions are being considered to bolster worker welfare in the gig economy.
Published: Dec 20 2024, 10 pmeznews.inIn 2024, India’s labour market is at a crossroads, navigating the burgeoning gig economy while confronting persistent challenges such as informal work and social security deficits. The gig workforce is projected to expand to 23.5 million by 2030, constituting 4.1% of the total workforce, driven by technological advancements and a rising demand for skilled professionals. However, many gig workers remain vulnerable, lacking access to essential protections like pensions and insurance. The government is responding with initiatives such as the e-Shram portal to map gig workers' skills and socio-economic conditions, alongside progress on the Code on Social Security, which aims to provide better welfare measures. Experts stress the need for a balanced approach that ensures flexibility while safeguarding worker rights. As India moves towards 2025, the focus will be on creating a sustainable framework that addresses traditional labour issues and supports the evolving gig economy.
Published: Dec 20 2024, 10 pm
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