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At the UN climate conference in Baku, Azerbaijan, India has firmly rejected a newly agreed climate finance package of $300 billion for the Global South, deeming it "too little and too late." Chandni Raina, an adviser in India's Department of Economic Affairs, expressed dissatisfaction with the process, stating that the amount fails to meet the needs of developing nations and does not align with the principle of Common but Differentiated Responsibilities (CBDR). Raina emphasized India's disappointment with the adoption of the deal, which she argued inadequately addresses the challenges posed by climate change. India's stance was echoed by Nigeria, which criticized the package as a "joke," while Malawi and Bolivia also voiced their support for India's objections. The rejection highlights ongoing tensions regarding climate finance and equity among nations at the conference. 
Published: Nov 24 2024, 9 ameznews.inIndia is set to replace the 90-year-old Aircraft Act of 1934 with the Bharatiya Vayuyan Vidheyak 2024, aimed at enhancing air travel safety and efficiency while improving consumer protection. Union Civil Aviation Minister Kinjarapu Ram Mohan Naidu will present the bill in the Rajya Sabha on Monday, following its passage in the Lok Sabha. The new legislation seeks to establish a streamlined online mechanism for addressing passenger grievances and will empower regulators in areas such as air traffic management and drone operations. Additionally, it aims to align Indian aviation regulations with global standards, particularly in aircraft leasing, and promote domestic aircraft manufacturing by regulating design and technology. The existing Aircraft Act has undergone 21 amendments since its inception, highlighting the need for a comprehensive overhaul to meet contemporary aviation demands.
Published: Nov 24 2024, 8 pmeznews.inVintage Coffee, a homegrown brand founded by Tati Balakrishna, is poised to capitalize on the growing coffee culture among India's youth, who are increasingly opting for coffee over traditional tea. With a significant shift in consumption patterns, coffee consumption in India has surged from 55-60,000 metric tons pre-COVID to an estimated 70-80,000 metric tons currently. Vintage Coffee, which began production in 2018, is launching e-commerce sales and expanding its cafe network, starting with a new outlet in Navi Mumbai and plans for additional locations in Mumbai, Gurugram, Pune, and potentially Hyderabad. Currently, exports account for 85% of the company's ₹131 crore turnover, but Balakrishna aims to boost domestic sales and achieve a turnover of ₹300 crore this financial year. The company is also investing $2 million to increase production capacity from 4,500 to 6,000 metric tons next year, reflecting its commitment to meet rising demand.
Published: Nov 24 2024, 7 pmeznews.inNegotiations for the UK-India Free Trade Agreement (FTA) are set to resume in January 2025, but officials warn that the new Labour government, led by Prime Minister Keir Starmer, may adopt a tougher stance on key issues such as immigration, labor, and environmental regulations. While the Labour government is keen on establishing an FTA, it is expected to impose stricter conditions, particularly regarding work visas for Indian professionals, which may face increased resistance compared to the previous Conservative administration. Additionally, India's hopes for leniency on the proposed Carbon Border Adjustment Mechanism (CBAM) could be challenged, as the Labour government prioritizes environmental concerns. The FTA aims to double bilateral trade to $100 billion by 2030, but the evolving political landscape may complicate these ambitions, with the initial negotiations having begun in early 2022 under Boris Johnson's leadership.
Published: Nov 24 2024, 5 pmeznews.inThe World Gold Council (WGC) has reported a 7% year-on-year increase in gold usage for technology, particularly driven by artificial intelligence (AI), reaching 83 tonnes in the September quarter of 2024. Experts Louise Street and Trevor Keel highlighted that gold's superior conductivity and corrosion resistance make it essential for AI-enabled devices, including smartphones and autonomous vehicles. As AI technology expands, so does the demand for reliable electronic components, with gold prices surging over 30% this year, recently hitting $2,715.85 per troy ounce amid geopolitical tensions. While gold demand in electronics peaked at 328 tonnes in 2010, it has seen a modest recovery after falling to 249 tonnes in 2023. Despite ongoing pressures to reduce gold usage due to rising costs, the WGC experts believe gold will remain vital in the electronics sector, although manufacturers may innovate to adapt to market changes.
Published: Nov 24 2024, 4 pmeznews.inPunjab National Bank (PNB), India's second-largest public sector bank, has joined the Partnership for Carbon Accounting Financials (PCAF), a global initiative aimed at enhancing transparency in climate action. This commitment, announced on November 24, 2024, involves PNB adopting the PCAF Standard to measure and disclose its financed greenhouse gas (GHG) emissions in its Business Responsibility and Sustainability Report for the financial year 2023-24. This move aligns with the Reserve Bank of India's upcoming framework on climate-related financial risk disclosures, which mandates banks to report on governance and risk management related to climate risks starting in FY 2025-26. As a PCAF signatory, PNB gains access to technical support, training, and emission data tailored for India, while also participating in global working groups to refine GHG accounting standards. This initiative underscores PNB's commitment to sustainability and proactive climate action.
Published: Nov 24 2024, 4 pmeznews.inA recent survey by Knight Frank indicates a significant shift in urban living preferences, with 87% of respondents expressing a desire to relocate to suburban areas, driven by the pandemic's impact on lifestyle choices. This trend has led to a rise in managed farmlands as a sustainable investment option, appealing to urbanites seeking eco-friendly living spaces that combine nature with professional management. These farmlands not only promote environmental stewardship through regenerative farming practices but also offer urban investors a chance to engage in sustainable agriculture while ensuring food traceability. Additionally, the mental health benefits of spending time in natural settings are increasingly recognized, making these investments attractive for families looking to reconnect with nature. As demand for organic produce grows, managed farmlands present a dual opportunity for financial returns and a commitment to sustainability, addressing contemporary needs for climate resilience and well-being.
Published: Nov 24 2024, 12 pmeznews.inAir India Express has announced a significant increase in its flight operations from Guwahati, Agartala, and Imphal as part of its winter schedule, enhancing connectivity in the northeast. The airline will operate 106 weekly flights from Guwahati, up from 63 last winter, providing direct access to eight domestic destinations, including Bengaluru, Chennai, and Delhi, as well as one-stop connectivity to 18 domestic and six international locations. In Imphal, weekly flights have risen to 34, an increase of 20, while Agartala has seen its weekly flights grow from 14 to 21 since being added as a station in September 2024. Chief Commercial Officer Ankur Garg emphasized that this expansion not only facilitates travel within the region but also reinforces Guwahati's significance as a key link to the rest of India, supported by a growing fleet of over 90 aircraft.
Published: Nov 24 2024, 12 pmeznews.inIndia, the world's third-largest fish producer, contributes nearly 8% to global seafood production, exporting 1.78 million tonnes worth $7.38 billion in 2023-24. To enhance its position in the international market, the Indian seafood industry is urged to adopt traceable quality assurance measures that meet global standards. This focus on traceability can help combat illegal fishing, food fraud, and substandard products, thereby boosting consumer trust and export credibility. Challenges such as inconsistent labeling and lack of transparency hinder growth, but implementing standardized systems could mitigate these issues. By aligning with international regulations, such as the US Seafood Import Monitoring Program, India can improve its market access and sustainability practices. Collaborative efforts among government, seafood companies, and processing units are essential to ensure product quality and responsible sourcing, ultimately positioning India as a trusted supplier in the global seafood market.
Published: Nov 24 2024, 11 ameznews.inThe food processing industry in India is poised for significant growth, projected to double from $263 billion in 2019-20 to $535 billion by 2025-26, with a compound annual growth rate (CAGR) of 12.6%. This expansion is driving a surge in hiring within the Fast-Moving Consumer Goods (FMCG) sector, with freshers' hiring intent rising to 32% in the latter half of 2024, up from 27% earlier in the year, according to a report by TeamLease EdTech. Key product segments such as dairy, ready-to-eat foods, frozen meat, and snacks are creating new job roles in supply chain and market research. The demand for talent is particularly high in cities like Bengaluru, Delhi, and Hyderabad, where roles in food engineering, logistics, and brand management are seeing notable hiring intent. This trend underscores the FMCG sector's critical role in employment growth across India, particularly in rural and semi-urban markets.
Published: Nov 24 2024, 9 am
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