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The International Rice Research Institute (IRRI) has launched a 'Released Variety Panel' featuring over 130 sequenced rice varieties, aimed at enhancing the accessibility and utilization of improved rice types among farmers. Scientists and breeders can request seeds through the International Rice Genebank, with access facilitated via the SNP-Seek Database. While some requests may incur a fee to cover Genebank costs, the process is expected to take around six weeks from order to shipment. This initiative, supported by the Bill and Melinda Gates Foundation, the Zegar Family Foundation, and the Chinese Academy of Agricultural Sciences, seeks to connect upstream rice research with practical applications, potentially increasing the adoption of resilient rice varieties that can withstand climate change. The RVP is designed to serve as a benchmark for beneficial traits in rice, thereby enhancing the impact of research on agricultural practices. 
Published: Oct 12 2024, 12 pmeznews.inThe Indian Ministry of Defence has signed two significant contracts to enhance the capabilities of its submarine fleet. The first, valued at approximately ₹1,990 crore, is with Mazagon Dock Shipbuilders Limited (MDL) for the construction of an Air Independent Propulsion (AIP) plug, developed by the Defence Research and Development Organisation (DRDO), which will improve the endurance of conventional submarines. The second contract, costing ₹877 crore, is with France's Naval Group for the integration of Electronic Heavy Weight Torpedoes (EHWT) onto the Kalvari-Class submarines, also developed by the DRDO. Both agreements were finalized in New Delhi, with Defence Secretary Rajesh Kumar Singh present. The Ministry anticipates that these initiatives will not only bolster the Indian Navy's firepower but also support the 'Aatmanirbhar Bharat' initiative, generating approximately three lakh man-days of employment. Currently, the Indian Navy operates six Kalvari-Class submarines, with plans to acquire three more.
Published: Dec 30 2024, 6 pmeznews.inThe Ministry of New & Renewable Energy (MNRE) has announced the establishment of a ₹100 crore payment security fund to support Renewable Energy Service Company (RESCO) and Utility-Led Aggregation (ULA) models under the PM Surya Ghar: Muft Bijli Yojana. This initiative aims to de-risk investments in rooftop solar installations by ensuring timely payments to RESCO developers, shielding them from delays by distribution companies (Discoms). The fund will be managed by the National Programme Implementation Agency (NPIA) and will require ULA-selected RESCOs to contribute a one-time fee of ₹2,000 per installation. States must guarantee payment of dues to RESCOs and commit to covering interest on delayed payments. If Discoms fail to settle claims within 15 days, the NPIA will step in to make payments. The guidelines also allow for additional funding sources to supplement the payment security mechanism, ensuring robust support for renewable energy projects.
Published: Dec 30 2024, 7 pmeznews.inThe GST Council has clarified the tax rates applicable to popcorn sold in various forms, following a request from Uttar Pradesh. Ready-to-eat popcorn mixed with salt and spices will attract a 5% GST, while pre-packaged and labelled popcorn will incur a 12% tax. Caramel popcorn, however, will be taxed at 18%. Loose and salted popcorn served in theatres will generally attract a 5% rate, aligning with restaurant service, unless bundled with movie tickets, which could raise the rate to 12% or 18% depending on the ticket price. The distinction between composite and mixed supply is crucial; if food and beverages are sold together with tickets, the entire transaction may be taxed at the higher rate if deemed a mixed supply. This nuanced taxation approach reflects the complexities of bundled services in the cinema industry, as explained by tax experts.
Published: Dec 30 2024, 7 pmeznews.inThe success of India's new Production Linked Incentive (PLI) scheme for electronics components manufacturing hinges on access to global markets and financial support, according to A Gururaj, Managing Director of Optiemus Electronics. The Ministry of Electronics and Information Technology is currently evaluating a ₹40,000-crore initiative aimed at reducing reliance on imports from China and Hong Kong. Gururaj emphasized the need for a comprehensive strategy that includes capital and operational expenditure incentives, addressing non-tariff barriers, and fostering global market access to enhance competitiveness. He also highlighted the importance of developing high-value jobs and a skilled workforce to establish a robust electronics manufacturing ecosystem. Looking ahead, Optiemus plans to collaborate with telecom and IT brands to nearly double its revenues by 2025, while expanding its role in the electronics supply chain and enhancing original design manufacturing capabilities in India.
Published: Dec 30 2024, 4 pmeznews.inIndia's coffee sector is poised for a record export year in 2024, with projections exceeding 400,000 tonnes, driven by rising global prices amid tight supplies from major producers like Brazil and Vietnam. The surge in prices, with farmgate values increasing by 40-60%, has been bolstered by European buyers preemptively purchasing ahead of the now-deferred EU Deforestation Regulations. However, adverse climatic conditions, including severe droughts and excessive rains, threaten production stability, with estimates for 2024-25 at 363,000 tonnes, slightly up from the previous year. Despite the price increases, Indian growers face rising input costs, which may offset potential profits. The domestic market is witnessing a shift towards premium coffee consumption, particularly among younger consumers, while sustainability and innovation are expected to shape the industry's future. Experts emphasize the need for better promotion of Indian coffee to secure higher premiums in export markets.
Published: Dec 30 2024, 6 pmeznews.inIndia is poised to address its trade deficit with Russia as the latter seeks a diverse range of imports, particularly in the medical sector. During a recent meeting of the Russian-Indian Inter-Governmental Commission, Russian importers expressed interest in medical devices, including ultrasound equipment, catheters, and artificial body parts, alongside other commodities such as rum, malt beer, jewellery, and machinery. The Union Ministry of Commerce has circulated this list to Indian exporters, encouraging those already operating in Russia and new entrants to seize this opportunity. Bilateral trade between the two nations reached a record $65.70 billion in FY 2023-24, with India exporting $4.26 billion and importing $61.44 billion, primarily in oil and fertilizers. A senior ministry official emphasized that this initiative could help narrow the trade gap, benefiting both economies.
Published: Dec 30 2024, 6 pmeznews.inA recent study by smallcase warns that the US economy may be on the brink of recession, driven by a record debt-to-GDP ratio of 124% and over $1 trillion spent on public debt interest in 2023. The report highlights alarming economic indicators, including a rise in credit card delinquencies surpassing 4% for the first time since 2010 and a historically high S&P 500 P/E ratio of 31.2, which often precedes market corrections. Amidst this uncertainty, gold and silver have emerged as safe havens, with historical data showing significant gains during past recessions. Central banks, including the Reserve Bank of India and the People's Bank of China, have increased their gold purchases, reflecting a growing demand for these precious metals. Ujjwal Kumar, smallcase's Chief Investment Officer, advises investors to adopt a balanced portfolio strategy focused on value, anticipating that gold and silver will perform well if a recession materializes.
Published: Dec 30 2024, 6 pmeznews.inThe Indian pepper sector experienced a positive year in 2024, with production rising to 100,000 tonnes from 80,000-85,000 tonnes in 2023, driven by strong demand and new planting areas in Tamil Nadu, Karnataka, and Andhra Pradesh. Despite a carryover stock of 51,000 tonnes, the industry faces challenges from rising imports, which reached 40,000 tonnes, impacting local farmers as imported pepper is sold at lower prices. Looking ahead to 2025, concerns mount over erratic weather patterns potentially leading to a 25-30% drop in output, necessitating increased imports to meet demand. Global pepper production is also projected to decline, particularly in Vietnam, which is expected to produce 170,000 tonnes in 2024, down from 190,000 tonnes. Meanwhile, Indian exports rose slightly to 10,150 tonnes in the first half of 2024, with current prices around ₹665 per kg for garbled pepper.
Published: Dec 30 2024, 4 pmeznews.inThe Indian Council of Agricultural Research (ICAR) has strongly refuted allegations of irregularities in recent appointments of agricultural scientists, asserting that all recruitments adhered to approved Model Qualifications. The controversy arose after Venugopal Badaravada, a Governing Body member, called for a high-level inquiry into the appointment of the Director of the Indian Agricultural Research Institute (IARI), citing concerns over the reassignment of Ch. Srinivasa Rao during an official tour. ICAR dismissed these claims as "baseless" and "misleading," emphasizing that there have been no changes to the Essential Qualifications for the Director position in the last five years. A senior scientist suggested that ICAR leadership should address internal issues collaboratively rather than engaging in public disputes. ICAR clarified that procedural approvals for appointments can be conducted via e-mail, countering claims of abruptness in the process.
Published: Dec 30 2024, 3 pmeznews.inThe Ministry of Heavy Industries (MHI) has unveiled draft guidelines for the Prime Minister Electric Drive Revolution in Innovative Vehicle Enhancement (PM E-DRIVE) Scheme, aimed at establishing a robust electric vehicle (EV) charging infrastructure across India. The initiative plans to install over 22,000 chargers for electric four-wheelers and 1,800 for e-buses, alongside provisions for light EVs, including two- and three-wheelers. With a budget of ₹2,000 crore, the scheme offers up to 80% subsidy for upstream infrastructure, potentially reaching 100% in exceptional cases. Stakeholder engagement is crucial, involving charge point operators, state governments, and various ministries, which are encouraged to conduct feasibility studies for optimal charging station locations. A technical committee will evaluate proposals, and incentives will be disbursed in three phases based on project milestones. The MHI emphasized that all upstream infrastructure will remain under the jurisdiction of the relevant distribution companies.
Published: Dec 30 2024, 1 pm
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