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India is poised to become a major player in geothermal energy, with an estimated potential of around 10,600 MW, according to the International Energy Agency (IEA). By 2050, India is expected to rank as the third-largest market for next-generation geothermal power, alongside China and the US, which together account for three-quarters of global capacity. Key regions for geothermal development include the eastern coast of Andhra Pradesh, Gujarat, and the Son-Narmada fault zone, with promising sites in Ladakh, particularly Puga and Chumathang. State-run ONGC is actively pursuing geothermal projects in these areas and exploring existing oil and gas wells for geothermal energy extraction. Additionally, India has signed agreements with Iceland and Saudi Arabia to enhance its geothermal capabilities. The Ministry of New and Renewable Energy is also promoting indigenous technologies to support this renewable resource, which could significantly contribute to a cleaner energy mix and reduce reliance on solar and battery systems. 
Published: Dec 28 2024, 4 pmeznews.inAs climate change escalates, the agricultural sector faces increasing scrutiny due to its significant role in greenhouse gas emissions and environmental degradation. Regenerative agriculture has emerged as a crucial solution, focusing on restoring soil health, enhancing biodiversity, and building resilience against climate challenges. Research indicates that implementing regenerative practices on 40% of global cropland could potentially reduce emissions by 600 million tonnes annually. Key methods include no-till farming and cover cropping, which improve soil structure and sequester carbon. Beyond environmental benefits, regenerative agriculture can enhance crop yields and profitability, with studies showing a 15-25% return on investment for farmers. However, transitioning to these practices poses challenges, including initial costs and the need for technical training. Government policies and collaboration among stakeholders are vital for scaling this movement, which not only addresses climate issues but also fosters sustainable food systems and revitalizes rural economies.
Published: Dec 29 2024, 9 ameznews.inAs agricultural supply chains face increasing challenges, including price volatility and post-harvest losses, collateral management emerges as a vital tool for enhancing resilience and ensuring food security. This structured approach involves securing loans through the management of stored commodities, which helps mitigate risks by safeguarding quality and providing transparency in transactions. Key strategies include using technology for real-time monitoring, implementing comprehensive insurance, and conducting regular quality checks. The integration of innovations such as ERP systems and AI algorithms further strengthens these practices, promoting trust among stakeholders. To fully realize the benefits of collateral management, collaboration among farmers, traders, and financial institutions is essential, alongside government support for regulatory frameworks. By fostering skill development and financial literacy, the agricultural sector can leverage collateral management to create a more stable and efficient ecosystem, paving the way for a sustainable agricultural future.
Published: Dec 29 2024, 10 ameznews.inThe 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.inRussian President Vladimir Putin has expressed condolences to Azerbaijani President Ilham Aliyev following the crash of an Azerbaijani airliner in Kazakhstan that resulted in 38 fatalities. While Putin referred to the incident as "tragic," he did not accept responsibility amid growing allegations that the plane was shot down by Russian air defences responding to Ukrainian drone activity near Grozny. The Kremlin confirmed that air defence systems were active at the time of the crash, but did not explicitly state that one of these systems hit the aircraft. Survivors reported hearing loud noises before the plane, which was attempting to land in Grozny, diverted to Kazakhstan. Both Russian and Azerbaijani authorities are conducting investigations, with Azerbaijan Airlines citing "physical and technical interference" as a potential cause. The incident has led to several airlines suspending flights to Russian cities due to safety concerns.
Published: Dec 28 2024, 9 pmeznews.inUnion Minister of Ports, Shipping and Waterways Sarbananda Sonowal, alongside Labour and Employment Minister Mansukh Mandaviya and Gujarat Chief Minister Bhupendra Patel, conducted a review of the National Maritime Heritage Complex (NMHC) project in Lothal, Gujarat, on Saturday. The NMHC, part of the Sagarmala Programme, aims to celebrate India's maritime heritage through an innovative "edutainment" approach, utilizing advanced technology to attract international tourists. During their visit, the ministers inspected key project sites, including INS Nishank and the Lothal Jetty Walkway, and engaged with onsite workers to address their challenges. Sonowal reported that 65 percent of Phase 1A of the project is complete and remains on schedule, positioning Lothal, an ancient city known for its advanced dockyard and trade, as a global maritime heritage hub. The project is set to highlight India's rich maritime history from ancient to modern times.
Published: Dec 28 2024, 6 pmeznews.inForeign Portfolio Investors (FPIs) have experienced a holiday slowdown, net selling ₹656 crore in Indian equities as of December 27, 2024, while simultaneously investing ₹17,331 crore in the primary market, indicating ongoing confidence in the Indian economy. Despite the recent outflows, FPIs have net invested ₹16,675 crore in equities this month, although this is significantly lower than the record ₹1.71 lakh crore invested in 2023. Analysts suggest that the trend of selling through exchanges and buying in the primary market reflects a cautious approach due to high valuations. Looking ahead to 2025, mixed sentiments prevail regarding FPI inflows, with potential recovery linked to corporate earnings growth, though challenges such as elevated valuations and a strengthening US dollar may hinder this. Meanwhile, FPIs have shown a strong preference for Indian debt markets, investing ₹1.12 lakh crore in 2024, bolstered by India's inclusion in global bond indices.
Published: Dec 28 2024, 8 pmeznews.inThe Indian auto industry is witnessing a shift in consumer purchasing behavior, with December sales of passenger vehicles (PVs) expected to surpass last year's figures. According to the Society of Indian Automobile Manufacturers (SIAM), December sales have shown consistent growth over the past five years, except for a dip in 2021 due to the pandemic. This year, sales rose to 242,920 units, reflecting a positive trend. Consumers like South Delhi entrepreneur Vandana Khullar are now prioritizing immediate needs and discounts over long-term resale value, driven by attractive end-of-year offers and anticipated price hikes in January. This change in mindset is echoed by CS Vigneshwar, President of the Federation of Automobile Dealers Associations, who noted that buyers are now eager to capitalize on discounts and avoid price increases. The two-wheeler segment is also experiencing similar growth, with sales rising from 1,050,038 units in December 2022 to 1,211,966 units in December 2023.
Published: Dec 28 2024, 7 pmeznews.inIndia is on a transformative path to become a global leader in drone manufacturing by 2030, driven by initiatives like the Production-Linked Incentive (PLI) scheme. Originally limited to defense, drones are now revolutionizing sectors such as agriculture and healthcare, promising to create around 500,000 jobs and enhance economic prospects. The PLI scheme, with a budget of ₹120 crore, incentivizes local manufacturers with 20% financial support for value addition over three years, aiming to generate ₹5,000 crore in investments and ₹1,500 crore in incremental revenues. Additionally, the government has banned the import of commercial drones to bolster domestic production, while initiatives like the Namo Drone Didi scheme empower women-led Self-Help Groups with drone technology for agricultural services. This comprehensive strategy not only aims to boost innovation and competitiveness but also aligns with sustainable practices, positioning India as a key player in the global drone industry.
Published: Dec 28 2024, 10 ameznews.inThe shift towards private sector participation in India's electricity generation has significantly transformed the landscape, with private entities now accounting for 52% of the country's installed capacity, up from 15% in 2008. Notably, Rajasthan has emerged as a leader, experiencing a remarkable 125% growth in private electricity supply over the past five years, while Odisha and Chhattisgarh also saw increases of over 60%. In total, private sector electricity generation rose from 5.35 lakh million units (MUs) in 2019-20 to 6.9 lakh MUs in 2023-24. Gujarat remains the top producer, generating 97,000 MUs in 2023-24, followed by Chhattisgarh with 85,000 MUs. Experts attribute this growth to targeted policy reforms, infrastructure improvements, and a focus on renewable energy, particularly in states like Odisha and Rajasthan, which have enhanced their operational efficiencies and energy mixes.
Published: Dec 28 2024, 6 pmeznews.inAs the deadline for filing income tax returns for Assessment Year 2024-25 approaches, individuals have until December 31 to submit their returns, albeit with a potential belated fee. Non-compliance could lead to severe consequences, including jail terms for serious offences. Eligible taxpayers can file their returns by the due date or opt for a belated submission, incurring penalties ranging from ₹1,000 to ₹5,000, unless their income falls below the basic exemption limit. Notably, those with an income exceeding ₹2.5 lakh (under the old regime) or ₹3 lakh (under the new regime) are required to file. Failure to file may result in higher TDS rates and potential prosecution, with penalties including imprisonment. The Income Tax Department aims to increase the number of new filers by 10% this fiscal year, building on previous years' growth rates.
Published: Dec 28 2024, 5 pm
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