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In a recent meeting at the World Trade Organization (WTO), India has firmly reiterated its stance on prioritizing the public stockholding issue, which is crucial for food and livelihood security, despite WTO Director-General Ngozi Okonjo-Iweala's proposal for a facilitator-led process aimed at advancing agriculture trade negotiations. Indian officials expressed concerns that this new approach could undermine existing ministerial mandates and regress negotiations, emphasizing the need for dedicated sessions to address long-standing issues such as public stockholding and the special safeguard mechanism. Okonjo-Iweala acknowledged a growing convergence among members but insisted that the facilitator-led initiative would promote progress, countering fears that it might complicate negotiations further. Additionally, the African Group echoed India's concerns, advocating for a more inclusive approach focused on developing countries facing food crises. India remains steadfast in its demand for provisions that protect its Minimum Support Price (MSP) program, essential for supporting impoverished farmers. 
Published: Oct 22 2024, 7 pmeznews.inIn a significant push for indigenisation, the Indian Navy has unveiled 22 proposals worth approximately ₹2,200 crore aimed at enhancing domestic defence capabilities, according to Vice Admiral Krishna Swaminathan. Speaking at the launch of the Naval Innovation and Indigenisation Organisation (NIIO) seminar, Swavlamban 2024, he noted that 13 of these proposals have already transitioned into acquisition contracts valued at ₹1,194 crore. The Navy has accepted 171 projects from over 2,000 challenges posed to MSMEs and start-ups since 2022, focusing on innovative solutions for next-generation technologies. Two task forces have been established to expedite technological advancements, while the Navy aims to increase indigenous content in shipbuilding to 90% by 2047. The upcoming seminar, scheduled for October 28, will address future warfare technologies and include a Naval Hackathon to tackle pressing challenges in maritime operations.
Published: Oct 22 2024, 9 pmeznews.inPrime Minister Narendra Modi met with Russian President Vladimir Putin on the sidelines of the 16th BRICS Summit in Kazan, where they discussed enhancing bilateral cooperation across various sectors. Modi emphasized India's commitment to facilitating a peaceful resolution to the ongoing Russia-Ukraine conflict, stating, "We believe that problems should be resolved in a peaceful manner." The leaders highlighted the deep-rooted ties between India and Russia, with bilateral trade reaching a record $65.7 billion in 2023-24, making Russia India's top crude supplier. Modi's visit, his second to Russia in three months, underscores the close coordination and trust between the two nations. Additionally, both leaders acknowledged the significance of the BRICS forum in addressing global issues, with Modi noting the group's expansion and its role in fostering dialogue on development, climate change, and economic cooperation. Putin welcomed the opening of India's new consulate in Kazan, further solidifying their partnership.
Published: Oct 22 2024, 8 pmeznews.inAutomobile manufacturers in India are navigating the Corporate Average Fuel Efficiency (CAFE) norms, which were established in 2018 to limit CO2 emissions from vehicles. The targets are set at 130g/km for 2022-23 and 113g/km from 2022-23 onwards. Market leader Maruti Suzuki has surpassed the requirements with emissions of 104.73g/km, while Tata Motors has achieved 105.75g/km. However, companies like Hyundai Motor India, Skoda Auto Volkswagen, and Mahindra & Mahindra face penalties for non-compliance, with Hyundai confirming its commitment to meet the norms through hybrid and electric vehicle technologies. Honda Cars India also reported emissions of 127.72g/km, slightly above its target, but is optimistic about future compliance. As the industry adapts to these regulations, the focus remains on enhancing fuel efficiency and reducing environmental impact, with ongoing monitoring and adjustments to strategies.
Published: Oct 22 2024, 8 pmeznews.inTriveni Engineering & Industries has officially entered the Indian-Made Foreign Liquor (IMFL) market with the launch of two premium whisky brands, 'Matsya Triple Reserve Blended Whisky' and 'The Crafters Stamp Rare Artisan Blended Whisky', in Uttar Pradesh. Announced on October 22, 2024, the company aims to tap into the growing demand for premium spirits, with production capacities of 135,000 liters and 420,000 liters, respectively. Both brands were introduced across 25 districts in July 2024, with plans to expand to over 5,000 retail outlets by the 2025-26 fiscal year. Priced at ₹690 and ₹950 for a 750 ml bottle, the launch reflects Triveni's commitment to quality and innovation in a market where premium whisky is growing at a CAGR of 5% and super premium at 9%. The company, known for its sugar production, also operates distilleries for various alcohol products across Uttar Pradesh.
Published: Oct 22 2024, 9 pmeznews.inDelhi Police has registered eight FIRs following bomb threats to over 90 domestic and international flights in the past week, affecting carriers such as Akasa, Air India, IndiGo, and Vistara. The threats originated from anonymous posts on social media platform X, with three accounts identified as responsible. The first incident occurred on October 16, when a Bengaluru-bound Akasa Air flight was forced to return to Delhi due to a bomb threat. Authorities suspect the accounts were created using VPNs or dark web browsers, complicating the investigation. In response to the escalating situation, the government is considering legislative amendments to The Suppression of Unlawful Acts against Safety of Civil Aviation Act, 1982, which would allow for immediate arrests and investigations without court orders for threats made while aircraft are on the ground. Enhanced security measures are also being proposed to impose stricter penalties on those making such threats.
Published: Oct 22 2024, 9 pmeznews.inIndia's sugar production for the 2024-25 season is projected to reach approximately 320 lakh tonnes, factoring in the diversion for ethanol. However, the delay in announcing a price hike for ethanol could hinder the blending target of 18%, potentially reducing the ethanol blending with petrol below this threshold. While the government anticipates that 40-45 lakh tonnes of sugar will be diverted for ethanol, industry experts warn that actual requirements may exceed this if the blending goal is to be met. The decision on ethanol production methods will depend on the government's pricing strategy, with some mills considering alternatives like B-Heavy molasses to increase sugar output. Despite uncertainties, the opening stock of sugar is robust at 79 lakh tonnes, ensuring sufficient supply to meet domestic demand. Analysts remain skeptical about achieving the Centre's ambitious target of 15% ethanol blending, with current estimates suggesting a rate closer to 14%.
Published: Oct 22 2024, 8 pmeznews.inPrime Minister Narendra Modi met with Russian President Vladimir Putin on the sidelines of the 16th BRICS Summit in Kazan, Russia, on October 22, 2024, to discuss enhancing bilateral cooperation across various sectors. Modi emphasized India's commitment to facilitating a peaceful resolution to the ongoing Russia-Ukraine conflict, stating, "We believe that problems should be resolved in a peaceful manner." The leaders highlighted the deep-rooted ties between India and Russia, with bilateral trade reaching a record $65.7 billion in 2023-24, making Russia India's top crude supplier. Modi's visit, his second to Russia in three months, underscores the close coordination and trust between the two nations. Additionally, both leaders acknowledged the significance of the BRICS forum in addressing global issues, with Modi expressing anticipation for discussions on expanding BRICS membership, which could include countries like Iran and Egypt.
Published: Oct 22 2024, 8 pmeznews.inThe Department of Financial Services has implemented revised salaries for the Chairperson and Members of the Insurance Regulatory and Development Authority of India (IRDAI), effective retroactively from January 1, 2024. The new rules stipulate a consolidated monthly salary of ₹5,62,500 for the IRDAI Chairman, an increase from the previous ₹4.5 lakh. Meanwhile, the monthly pay for IRDAI Members has been raised to ₹5 lakh, up from ₹4 lakh. This adjustment follows the approval of the revised salaries by the Expenditure Department in June 2024, reflecting a significant increase in compensation for the regulatory body's leadership.
Published: Oct 22 2024, 8 pmeznews.inThe Indian government has closed the onboarding window for corporates participating in the Prime Minister Internship Scheme (PMIS), which has seen 280 companies offer a total of 127,046 internship opportunities. Launched as part of this year's Union Budget, the PMIS aims to enhance the employability of young Indians by bridging the gap between academic learning and industry needs. The registration for youth began on October 12 and will continue until early November. Corporates eligible to participate include the top 500 by CSR spending, with notable contributors such as Tata Consultancy Services and Reliance Industries. Internships are available across various sectors, including technology, finance, and healthcare, in 737 districts nationwide. Participants will receive a monthly allowance of ₹5,000 and a one-time grant of ₹6,000, with the government allocating ₹800 crore for the initiative, targeting 1.25 lakh internships for youth aged 21 to 24 in FY’25.
Published: Oct 22 2024, 7 pm
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