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India is poised to scrutinize transactions involving Indian entities recently sanctioned by the US for allegedly supplying dual-use goods to Russia, potentially aiding its military operations in Ukraine. Sources indicate that while many exports may comply with Indian laws, the government is open to investigating claims that items covered under its SCOMET (Special Chemicals, Organisms, Materials, Equipment and Technologies) policy are being misused for military purposes. The US imposed sanctions on nearly 400 entities, including 19 Indian firms, to disrupt sanctions evasion. US Ambassador to India Eric Garcetti warned that Indian companies must be aware of the consequences of violating global sanctions. However, India's Ministry of External Affairs maintains that the sanctioned transactions do not breach Indian laws, emphasizing the country's commitment to non-proliferation and the need to educate companies on export control regulations. 
Published: Nov 15 2024, 8 pmeznews.inThe Climate Prediction Centre (CPC) has reduced the likelihood of a La Niña weather event developing before December, now estimating a 56% chance that it will persist from January to March 2025. This marks a decrease from previous predictions of 60% and 66%. In contrast, Australia's Bureau of Meteorology suggests that La Niña may not materialize until February 2025. The CPC indicates that if La Niña does occur, it is expected to be weak and of shorter duration than typical, potentially leading to less severe winter impacts. Meanwhile, the Indian Ocean Dipole (IOD) is anticipated to turn negative this month, continuing through December. Despite initial forecasts for La Niña to emerge in July, meteorological agencies have noted its absence, attributing this to significant global ocean heat that may alter the behavior of climate indicators like ENSO and IOD.
Published: Nov 15 2024, 9 pmeznews.inThe Union Agriculture Ministry of India is shifting its focus to the Public Private Partnership for Agriculture Value Chain Development (PPPAVCD) programme, moving its implementation from the extension division to the investment division. This initiative aims to enhance crop production and improve farmers' returns, with standard operating procedures set to be released soon. Currently, only a few states have adopted the PPPAVCD model, and its success hinges on state governments allowing direct purchasing of raw materials by the private sector, bypassing traditional agricultural markets. The programme will form clusters of 500-10,000 farmers, providing access to new technologies and direct financial support through government schemes. Key areas of focus include pulses, oilseeds, maize, millets, and horticulture, while paddy and wheat are excluded. The government plans to implement a Price Deficit Payment Scheme to ensure farmers receive at least the minimum support price.
Published: Nov 15 2024, 8 pmeznews.inA liquidity crisis is affecting India's pulses market, driven by price declines across all pulse varieties, particularly chana (gram). Despite a slow start to the rabi cropping season, sowing of chana is expected to match last year's levels, aided by favorable weather. However, high imports of yellow peas, projected to reach 3 million tonnes by December, and falling Australian pulse prices have pressured domestic chana prices, which have dropped over 11% in two months. The price gap between yellow peas and chana dal has led to a 40% decline in chana dal demand. While private trade stocks of chana are low, delayed sowing may postpone arrivals. In Madhya Pradesh, farmers are shifting towards wheat and chana due to last year's lentil diseases, while Uttar Pradesh may see a slight increase in lentil cultivation. The market's future hinges on weather conditions and government stock management.
Published: Nov 15 2024, 8 pmeznews.inA recent study by the Tata-Cornell Institute for Agriculture and Nutrition highlights the economic benefits for small farmers selling to supermarkets, revealing a 14% income increase for those who do. However, the research indicates that not all farmers can capitalize on this opportunity, particularly smaller, asset-poor farms lacking resources. The study, which surveyed farm households across four Indian states, found that farmers selling to supermarkets earned an average net income of ₹83,461, compared to ₹71,169 for those using traditional markets. Specialised vegetable farms with irrigation were more likely to engage with modern retail. Lead author Chandra Nuthalapati urged policymakers to enhance rural procurement centres and invest in irrigation and agricultural services to empower more farmers. While the rapid growth of supermarkets in India offers potential market access, concerns remain about the exclusion of smallholders due to stringent quality and volume requirements.
Published: Nov 15 2024, 8 pmeznews.inIn a significant step towards regional energy integration, India, Bangladesh, and Nepal inaugurated the first trilateral electricity supply through the Indian grid, allowing up to 40 megawatts (MW) of power to flow from Nepal to Bangladesh. This initiative underscores India's ambition to become a central hub for electricity and refined petroleum trading in South Asia. The move aligns with the South Asian Association for Regional Cooperation (SAARC) Framework Agreement for Energy Cooperation, signed in 2014, which aims to enhance cross-border electricity trading. Currently, power trading occurs through bilateral agreements, with NTPC Vidyut Vyapar Nigam and PTC India facilitating transactions. Additionally, India is advancing its One Sun One World One Grid (OSOWOG) initiative, which envisions a transnational power market linking Southeast Asia to Europe, promoting renewable energy trade and reducing reliance on costly storage solutions.
Published: Nov 15 2024, 8 pmeznews.inAs Kashmir faces a harsh winter, declining water levels in rivers are severely impacting power generation, with state-owned plants producing only 304 MW, far below their 1,140 MW capacity. The region, known for its water resources, is grappling with prolonged power cuts and unannounced outages, particularly during the frosty months. Chief Minister Omar Abdullah highlighted the Indus Water Treaty (IWT) as a significant barrier to fully utilizing local water resources, as it restricts Jammu and Kashmir to developing only run-of-the-river projects. He called for compensation from the Centre to address the economic challenges posed by these limitations. In response, PDP president Mehbooba Mufti urged Abdullah to seek the return of power projects from the Centre, warning that reopening discussions on the IWT could escalate tensions with Pakistan. Local economists argue that the treaty has hindered economic growth, emphasizing the need for improved electricity supply to foster industrial development.
Published: Nov 15 2024, 7 pmeznews.inIndian Railways is enhancing its super-app to streamline passenger services, with plans to introduce station-specific porter booking for luggage handling and real-time updates on ticket status. The app aims to consolidate various services, including ticket booking, platform passes, and taxi bookings, into a single platform, improving user convenience. Internal testing has yielded positive feedback, prompting further development ahead of a beta testing deadline set for the end of December. Additionally, discussions are ongoing regarding the convenience fees charged by IRCTC during online bookings, which are crucial for revenue protection. Officials are also considering a revenue-sharing model with the Centre for Railway Information Systems (CRIS) for app development. The initiative follows past controversies over convenience fee sharing, which previously led to a decline in IRCTC shares, prompting the government to retract its earlier orders.
Published: Nov 15 2024, 5 pmeznews.inMoody's Ratings has forecasted a robust 7.2% growth for India's economy in 2024, supported by strong private sector health and a revival in household consumption, investment, and manufacturing activity. The agency's Global Macro Outlook 2025-26 highlights that high-frequency indicators, such as expanding manufacturing and services PMIs, signal steady economic momentum. However, growth is expected to taper to 6.6% in 2025 and 6.5% in 2026, with the Reserve Bank of India likely to maintain a tight monetary policy due to inflation risks exacerbated by geopolitical tensions and extreme weather. October saw inflation rise to a 14-month high of 6.2%, driven by surging vegetable prices, although easing food prices may help moderate this in the coming months. Additionally, India's economic resilience is bolstered by increased festive spending and government infrastructure initiatives, while trade barriers may reshape global supply chains, presenting opportunities for India and other G-20 economies.
Published: Nov 15 2024, 6 pmeznews.inIn a significant boost for the Indian automobile sector, dealers reported an 11.76% increase in sales during the recent festival season, selling 42.88 lakh vehicles compared to 38.37 lakh units last year. Two-wheeler sales led the charge with a 13.79% rise, reaching 33.11 lakh units, driven by strong rural demand. Passenger vehicles also saw a resurgence, growing by 7.10% to 6.03 lakh units, aided by attractive discounts. Despite this success, the Federation of Automobile Dealers Association (FADA) noted that unseasonal rains and Cyclone Dana hindered sales from reaching their target of 45 lakh units. FADA urged automakers to reduce inventory levels to 21 days by the start of 2025, emphasizing the need for a focus on liquidating 2024 stock. Looking ahead, FADA anticipates further growth in commercial vehicle sales, bolstered by government infrastructure spending and increased support for farmers.
Published: Nov 15 2024, 7 pm
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