eznews.inAs of December 14, 2024, the National Pension System (NPS) assets under management have risen to ₹13.79 lakh crore, reflecting a year-on-year growth of 27.34%. This increase comes despite a significant decline in equity market performance, with both the Sensex and Nifty50 indices falling nearly 10% from their record highs in September 2024. The annual returns on NPS equity schemes have dropped to 24.37%, down from nearly 40% in late September, influenced by disappointing corporate earnings and foreign portfolio investor withdrawals. The private sector's NPS assets have also seen robust growth, reaching ₹2.77 lakh crore, while the number of private sector subscribers rose by 21.21% to 61.54 lakh. The corporate sector's NPS assets reached ₹2.06 lakh crore, indicating a growing recognition of NPS as a viable retirement savings option among individuals and companies alike. 
Published: Dec 21 2024, 8 pmeznews.inForeign Portfolio Investors (FPIs) have shown a mixed trend in December, with net inflows reaching ₹21,789 crore as of December 20, despite a recent selling spree. This follows significant outflows in October and November, which totaled ₹21,612 crore and ₹94,017 crore, respectively. After a strong start to the month, where FPIs purchased ₹14,435 crore in equities by December 13, they shifted to selling, offloading ₹15,828 crore in the week ending December 20. Factors influencing this reversal include a rising dollar, increasing US bond yields, and concerns over India's economic growth and corporate earnings. Analysts suggest that FPIs are adopting a cautious "wait and watch" approach amid uncertainties surrounding US Federal Reserve policies and India's economic indicators. The recent Fed rate cut, while easing some pressure, has not significantly improved investor sentiment, compounded by high inflation and disappointing corporate earnings forecasts.
Published: Dec 21 2024, 8 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 am
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