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Great Eastern Shipping Company Limited (G E Shipping) has announced the sale of its medium-range product tanker, Jag Padma, to an undisclosed buyer, with delivery expected by the third quarter of fiscal year 2025. The vessel, constructed in 2005 and weighing 47,999 deadweight tons, is part of a strategic move following the company's earlier decision to sell a Suezmax crude tanker, also set for delivery in the same timeframe. Following this transaction, G E Shipping's fleet will comprise 41 vessels, totaling 3.31 million deadweight tons, including 28 tankers—six crude carriers, 18 product tankers, and four LPG carriers—alongside 13 dry bulk carriers. As of midday trading on the National Stock Exchange, G E Shipping shares were priced at ₹1,285.75, reflecting a slight decline of 0.17%. 
Published: Oct 31 2024, 12 pmeznews.inIn a bid to stimulate economic growth amid a slowdown in capital expenditure, India's Finance Ministry is set to allow certain ministries and departments to exceed their quarterly and monthly spending limits during the January-March quarter. This decision follows a report indicating that total expenditure from April to November reached only 57% of the Budget Estimates, the lowest in four years, adversely affecting growth in the July-September quarter. While the standard expenditure cap is 25% for the first three quarters and 33% for the final quarter, officials noted that relaxations will be considered on a case-by-case basis rather than as a blanket policy. The government previously announced similar relaxations for significant expenditures exceeding ₹500 crore, contingent on compliance with established guidelines. Studies suggest that every ₹1 spent on capital expenditure yields a multiplier effect of ₹2.45 in the same year and ₹3.14 in subsequent years, underscoring the importance of increased spending.
Published: Jan 02 2025, 10 pmeznews.inThe Karnataka cabinet has approved a 15% fare increase for four state-run bus corporations, effective January 5, 2025, marking the first fare revision since 2015. H.K. Patil, the state's Minister for Law and Parliamentary Affairs, attributed the hike to rising operational costs, including a significant increase in diesel prices and staff salaries. The fare adjustment is expected to generate an additional ₹74.85 crore per month for the Karnataka State Road Transport Corporation (KSRTC), Bengaluru Metropolitan Transport Corporation (BMTC), North West Karnataka Road Transport Corporation (NWKRTC), and Kalyana Karnataka Road Transport Corporation (KKRTC). Patil emphasized that despite the increase, Karnataka's bus fares will remain lower than those in neighboring states such as Andhra Pradesh, Telangana, and Maharashtra. He also confirmed that the 'Shakti' scheme, which provides free rides for women on non-AC buses, will not be affected by the fare hike.
Published: Jan 02 2025, 9 pmeznews.inIndia's sugar production has seen a significant decline of 15.6% in the first quarter of the 2024-25 season, totaling 95.40 lakh tonnes, down from 113.01 lakh tonnes the previous year, according to the Indian Sugar and Bio-Energy Manufacturers Association (ISMA). This drop is attributed to increased diversion of sugar for ethanol production, projected at 40 lakh tonnes for the season, and delays in the start of sugar mills in key states like Maharashtra and Karnataka. Despite a better crushing rate in major producing states, Uttar Pradesh's output fell to 32.80 lakh tonnes from 34.35 lakh tonnes, while Maharashtra's production dropped to 30 lakh tonnes from 38.20 lakh tonnes. ISMA anticipates a total sugar output of 333 lakh tonnes for the year, with domestic consumption expected to decrease to 280 lakh tonnes, partly due to lower sales quotas compared to the previous year.
Published: Jan 02 2025, 8 pmeznews.inExcess rainfall in December has significantly improved reservoir levels in southern India, with storage reaching 76% of capacity, nearly double that of the previous year. However, overall, India's 155 major reservoirs have seen a decline to 73% capacity due to a lack of major rainfall in the past week. The India Meteorological Department reported that while December's rainfall was the highest since 2001, November's 55% deficiency hindered crop area expansion. Concerns remain for farmers as forecasts predict below-normal rainfall from January to March, compounded by the potential emergence of La Niña. Regionally, the northern reservoirs are particularly concerning, with levels dropping to 44%, while the western region boasts the highest storage at 84%. The IMD anticipates above-normal rainfall in January, which could further enhance reservoir levels across the country.
Published: Jan 02 2025, 8 pmeznews.inThe Supreme Court of India has clarified that the hospitalization of farmers' leader Jagjit Singh Dallewal is not intended to interrupt his ongoing hunger strike, which has now surpassed 35 days. Justice Surya Kant criticized the Punjab government and certain farmer leaders for suggesting otherwise, emphasizing the need for the Centre to openly address the farmers' grievances. Union Agriculture Minister Shivraj Singh Chouhan stated that the government would abide by the court's decision regarding Dallewal's situation. The farmers are demanding a law to guarantee minimum crop prices to stabilize their income. The court has scheduled a hearing for January 6, amid concerns over Dallewal's health and the ongoing protests at the Punjab and Haryana borders. Justice Kant described Dallewal as a "precious leader" dedicated to farmers' issues, while Punjab's Advocate General assured that the state is working towards a peaceful resolution.
Published: Jan 02 2025, 8 pmeznews.inUnion Finance Minister Nirmala Sitharaman convened the seventh Pre-Budget Consultation in New Delhi, focusing on the upcoming Union Budget for 2025-26. Stakeholders from the financial sector, including the Finance Industry Development Council (FIDC), urged the government to establish a dedicated refinance window for Non-Banking Financial Companies (NBFCs) to diversify funding sources and support MSMEs, priority sectors, and green initiatives. FIDC Director Raman Aggarwal noted a significant rise in foreign borrowings by NBFCs, attributed to reduced bank lending, with $16 billion borrowed in 2024 alone. The council also proposed lowering the loan threshold for enforcing security interests under the SARFAESI Act and exempting NBFCs from TDS deductions. Other suggestions included enhancing the Social Stock Exchange and allowing employees to choose between the provident fund and the National Pension System. Prominent figures from the financial sector attended the meeting, emphasizing the need for continued government support to strengthen India's alternative capital ecosystem.
Published: Jan 02 2025, 8 pmeznews.inIndia's traditional retail sector is raising alarms over the rapid rise of quick commerce platforms such as Blinkit, Zepto, and Instamart, which are accused of disrupting the market through aggressive pricing strategies backed by foreign investment. The All India Consumer Products Distributors Federation (AICPDF), representing 450,000 distributors and 13 million kirana stores, has approached the Parliamentary Standing Committee on Commerce, seeking urgent legislative intervention. They allege that these platforms operate dark stores and evade regulatory scrutiny, leading to significant revenue declines for traditional retailers. Additionally, concerns about labor exploitation among delivery personnel and the exploitative nature of franchise models have been highlighted. The AICPDF is advocating for social security protections and comprehensive franchise laws. The committee has requested a response from the Ministry of Commerce by January 6, 2025, as the debate intensifies over balancing innovation with the protection of traditional retail interests.
Published: Jan 02 2025, 7 pmeznews.inThe Competition Commission of India (CCI) has significantly enhanced its regulatory efficiency in handling merger and acquisition (M&A) filings, achieving an average clearance time of just 16 days in its FY 2023-24 report. The introduction of the Green Channel Scheme in August 2019 has been pivotal, allowing automatic approvals for eligible combinations, although its usage slightly declined from 27% to 22% over the past two fiscal years. The CCI also offers voluntary pre-filing consultations to help businesses navigate regulatory complexities. The recent Competition Amendment Act 2023 introduces a deal value threshold aimed at capturing high-value transactions, particularly in digital markets. While the CCI's streamlined processes have bolstered confidence in M&A activities, challenges remain, especially with the increasing complexity of filings. Overall, the CCI's commitment to balancing competitive oversight with a business-friendly approach positions it as a crucial player in India's economic growth.
Published: Jan 02 2025, 7 pmeznews.inUnion Minister of Commerce and Industry Piyush Goyal is set to convene a meeting on January 3 with key stakeholders from the electric vehicle (EV) sector to address critical issues surrounding battery charging and swapping infrastructure in India. Senior officials from major EV original equipment manufacturers (OEMs) such as Tata Motors, Mahindra & Mahindra, and Ola Electric are expected to attend, alongside representatives from the Ministry of Heavy Industries, the Power Ministry, and Niti Aayog. The Society of Indian Automobile Manufacturers (SIAM) has been tasked with inviting industry experts and battery manufacturers to the discussion. This meeting follows the Ministry of Heavy Industries' recent release of draft guidelines for the Prime Minister Electric Drive Revolution in Innovative Vehicle Enhancement (PM E-DRIVE) Scheme, which aims to establish extensive public charging infrastructure, including over 22,000 chargers for electric four-wheelers and 1,800 for e-buses, to enhance EV adoption across the country.
Published: Jan 02 2025, 7 pmeznews.inIndian airlines and airports have experienced a significant decline in global punctuality rankings, according to aviation analytics firm Cirium. In 2023, IndiGo boasted an on-time arrival rate of 82%, ranking fourth in the Asia Pacific, but this dropped to 69.69% in 2024. Similarly, Hyderabad and Bengaluru airports, which ranked second and third globally for on-time departures last year, failed to make the list this year. Other Indian carriers, including Air India and Vistara, reported on-time performance rates of 63.69% and 62.28%, respectively, while Air India Express and SpiceJet fell below 60%. The decline is attributed to increased domestic flights and congestion in Mumbai, although Cirium did not specify exact reasons. Despite these challenges, IndiGo has reclaimed the top position in India's OTP rankings, emphasizing its commitment to operational excellence amid infrastructural hurdles and adverse weather conditions.
Published: Jan 02 2025, 7 pm
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