eznews.inThe Employees' Provident Fund Organisation (EPFO) reported a significant increase in net member additions for November 2024, with a total of 14.63 lakh new members, marking a 9.07% rise from October. This growth is attributed to improved job opportunities and heightened awareness of employee benefits, bolstered by EPFO's outreach initiatives. Notably, the 18-25 age group accounted for 54.97% of new memberships, with 4.81 lakh additions, reflecting a 9.56% increase from the previous month. The data also revealed that approximately 14.39 lakh members exited and rejoined EPFO, a rise of 11.47% month-on-month. Gender analysis showed that around 2.40 lakh new female members were added, a 14.94% increase from October. Maharashtra led the states in net member additions, contributing 20.86% of the total, while other states like Karnataka and Tamil Nadu also showed significant growth. 
Published: Jan 22 2025, 2 pmeznews.inOn the opening day of the World Economic Forum in Davos, Maharashtra secured investment agreements totaling ₹6,25,457 crore, as Chief Minister Devendra Fadnavis engaged with prominent business leaders. Notably, Tata Group Chairman N. Chandrasekaran announced a ₹30,000 crore investment in the state. Fadnavis also met with Carlsberg Group CEO Jacob Aarup-Andersen, who expressed interest in investing in Maharashtra, and Lulu Group's M.A. Yusuff Ali, who aims to expand operations in Nagpur. Discussions with ReNew Power's Sumant Sinha focused on a significant wind energy project in Beed district, while Schneider Electric's Deepak Sharma explored collaboration on ITI empowerment and AI in energy. Additionally, Fadnavis met Mastercard Asia-Pacific President Ling Hai and Louis Dreyfus CEO Michael Gelchie to discuss agriculture and food processing, alongside a meeting with Cognizant's CEO Ravi Kumar S. The engagements highlight Maharashtra's proactive approach to attracting substantial investments.
Published: Jan 22 2025, 2 pmeznews.inIndia's government is set to increase its spending on food, fertiliser, and cooking gas subsidies to ₹4.1 lakh crore ($47.41 billion) for the upcoming fiscal year, marking an 8% rise from the previous year. This increase is primarily driven by higher food and energy costs, with the food subsidy alone projected to rise by 5% to nearly ₹2.15 lakh crore ($24.86 billion). The budget for the current fiscal year, ending March 31, stands at ₹2.05 lakh crore ($23.70 billion). The government is also expected to allocate approximately ₹25,000 crore ($2.89 billion) for cooking gas subsidies, a significant increase from ₹11,900 crore ($1.38 billion) this year. The fertiliser subsidy is likely to remain unchanged at ₹1.7 lakh crore ($19.66 billion). Finance Minister Nirmala Sitharaman will unveil the national budget on February 1, amid concerns over slowing economic growth and rising global uncertainties.
Published: Jan 22 2025, 2 pmeznews.inFarmers in India could see substantial earnings from a new initiative focused on the Bajra-Napier hybrid grass, which has the potential to generate over ₹12 lakh per hectare annually. Reliance Industries (RIL) is set to invest approximately ₹100 crore in collaboration with the Indian Council of Agricultural Research (ICAR) to develop 11 grass species for compressed biogas production. The project, spanning five years, aims to enhance yields, particularly in southern states where the Bajra-Napier hybrid can produce up to 350 tonnes per hectare annually. However, challenges remain in achieving consistent yields across varying climates and seasons, especially in northern regions. While the initiative could provide farmers with lucrative returns, concerns over food versus fuel have previously hindered its promotion. Currently, farmers can earn around ₹5,000 per tonne, translating to significant annual profits, although costs for irrigation and manual harvesting must be considered.
Published: Jan 22 2025, 12 pmeznews.inA training programme aimed at combating antimicrobial resistance (AMR) in India's fisheries and animal sciences sectors was inaugurated by George Ninan, Director of the ICAR-Central Institute of Fisheries Technology (CIFT). Funded by the Food and Agriculture Organization (FAO) and USAID, the initiative gathered 31 researchers from the Indian Network for Fisheries and Animal Sciences on Antimicrobial Resistance (INFAAR). Participants were trained in the use of the FAO Assessment Tool for Laboratories and Antimicrobial Resistance Surveillance Systems (FAO ATLASS), which is designed to enhance monitoring and response capabilities against AMR. The programme, organized by CIFT's Microbiology, Fermentation, and Biotechnology Division, featured expert guidance from FAO representatives, including Nicolas Keck and Michael Treilles from FAO Rome. This initiative is expected to significantly bolster India's efforts in developing effective containment strategies for AMR in these vital sectors.
Published: Jan 22 2025, 11 ameznews.inNew investment announcements in India surged by 39% year-on-year in the first nine months of FY25, exceeding ₹32 lakh crore, with the power sector leading at 42% of total announcements, according to SBI Research. Infrastructure and manufacturing followed, contributing 23% and 19%, respectively. The report highlights a significant increase in private sector participation, rising from 50% in FY21 to over 70% in 9MFY25. Government investment also saw a notable rise, reaching 4.1% of GDP in FY23, the highest since FY12. The gross block of Indian corporations, representing around 4,500 listed entities, grew from ₹73.94 lakh crore in March 2020 to ₹106.50 lakh crore by March 2024, with an average annual addition of over ₹8 lakh crore. This trend indicates a robust outlook for future investments, bolstered by a substantial capital work in progress of ₹13.63 lakh crore as of March 2024.
Published: Jan 22 2025, 11 ameznews.inAgTech platform DeHaat has announced the all-cash acquisition of AgriCentral, a farm advisory service owned by Olam Agri, significantly expanding its reach to over 12 million smallholder farmers in India. While the financial details of the deal remain undisclosed, DeHaat aims to enhance its digital services and value chain offerings through AgriCentral's established platform, which boasts over 10 million users. Shashank Kumar, DeHaat's Co-founder and CEO, emphasized that the integration will allow for the introduction of value-added services such as precision advisory, mechanization, insurance, and cattle advisory, ultimately improving farmers' livelihoods. Founded in 2018, AgriCentral provides essential tools like real-time crop price data and personalized crop planning, aligning with DeHaat's mission to leverage technology for the benefit of Indian farmers. Ramanarayanan Mahadevan, CEO of Jiva AG PTE, expressed confidence in DeHaat's ability to scale AgriCentral's impact further.
Published: Jan 22 2025, 11 ameznews.inIn a bid to boost cruise tourism in India, the government has introduced a presumptive taxation regime for non-resident cruise ship operators, as outlined in the Finance Act, 2024. This new provision, under Section 44BBC of the Income Tax Act, 1961, allows foreign shipping companies to calculate their tax based on 20% of their total earnings from cruise operations. To qualify, operators must run passenger ships with a capacity exceeding 200 passengers or measuring over 75 meters, primarily for leisure, and must adhere to guidelines set by the Ministry of Tourism or Ministry of Shipping. The initiative aligns with the Cruise Bharat Mission, launched in September 2024, which aims to attract 1 million sea cruise tourists by 2029. Additionally, foreign companies leasing cruise ships will benefit from income tax exemptions until the 2030-31 assessment year, effective from April 1, 2025.
Published: Jan 22 2025, 9 ameznews.inBuyofuel has launched the Buyo Inventory App, designed to enhance inventory management for the biofuel industry, which has long struggled with issues such as stock mismanagement and production inefficiencies. Available for download on major app stores, the app allows biofuel manufacturers, suppliers, and traders to track the real-time inflow of raw materials and outflow of finished products, helping to prevent overstocking and shortages. It also integrates with machinery maintenance schedules to minimize downtime. Kishan Karunakaran, CEO of Buyofuel, emphasized that the app represents a significant advancement for the sector, aiming to streamline operations and improve profitability through its user-friendly interface. This initiative aligns with Buyofuel's commitment to innovation and sustainability, fostering a more efficient ecosystem for biofuel trade and management, ultimately contributing to a greener future.
Published: Jan 22 2025, 8 ameznews.inAs the Trump administration's "America First" trade policy raises concerns over potential tariff threats to India, experts advise the Indian government to engage in consultations with the U.S. before considering retaliation. While the policy primarily targets China, it includes provisions for investigating trade deficits with other nations, including India. Analysts suggest that India should monitor developments closely and initiate discussions with U.S. officials to address any trade imbalances. Biswajit Dhar, a distinguished professor, emphasized the importance of a measured response, advocating for consultations first, with retaliation only if necessary. India previously retaliated against U.S. tariffs on steel and aluminum in 2018 by increasing tariffs on 29 American products. With the U.S. being India's largest export market, accounting for $77.51 billion in FY24, any trade actions could significantly impact both economies.
Published: Jan 21 2025, 9 pm
For the fastest, latest, not so wokest news, 'experts say' you need to visit Eznews
India
World
Economy
Science
Health
Showbiz
Contact