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In response to the growing prevalence of low-quality teas in India, Hemant Bangur, Chairman of the Indian Tea Association (ITA), has advocated for a scientific quality grading system for tea retail packets. Speaking at the ITA's 141st Annual General Meeting in Kolkata, Bangur emphasized the need for consumers to be informed about the quality of tea blends, which currently remains opaque due to proprietary blending practices. He proposed a rating system ranging from one to five leaf marks, allowing consumers to make educated choices based on quality rather than just price, which can vary significantly from ₹200 to ₹2,000 per kg. Bangur highlighted the industry's financial struggles, noting that production costs have surged while tea prices have stagnated, leading to losses. He argued that a quality rating could enable premium pricing for high-quality teas, thereby addressing the ongoing crisis in the sector. 
Published: Nov 08 2024, 9 pmeznews.inHousing sales in India's top seven cities experienced a slight decline of 4% in 2024, with over 4.5 lakh units sold compared to 4.7 lakh in 2023, according to ANAROCK. This downturn was attributed to strong homebuyer demand, rising property prices, and the impact of general and state elections, which slowed project approvals. Despite the drop in sales volume, the overall sales value increased by 1%, reaching approximately ₹5.68 lakh crore, driven by a 16% rise in average prices and larger unit sizes. The Mumbai Metropolitan Region (MMR) led sales with a 1% increase, while new launches fell by 7% to around 4.12 lakh units. Notably, Delhi-NCR saw the highest price surge, with a 30% increase in average residential prices. Looking ahead, ANAROCK's Chairman Anuj Puri expects price hikes to stabilize in 2025, alongside a boost in new supply from developers.
Published: Dec 26 2024, 3 pmeznews.inIndia's finished steel imports surged to 6.5 million tonnes (MT) from April to November 2024, marking a 26.6% increase, while exports plummeted by 23.6% to 3.154 MT, resulting in a trade deficit of ₹26,468 crore—the highest in five years. The Steel Ministry's report highlights that imports, valued at ₹52,862 crore, nearly double the ₹26,394 crore from exports. China emerged as the dominant supplier, accounting for nearly one-third of imports, with shipments rising by 23% year-on-year to 2.0 MT. Meanwhile, imports from Japan also doubled to 1.4 MT. The Indian steel industry faces challenges in export markets, particularly in Europe, where shipments to Italy and Spain fell by 22% and 32%, respectively. Despite stable export offers to the Middle East, Indian steelmakers struggle against competitive pricing from China, which has led to a slowdown in trading activity in the region.
Published: Dec 26 2024, 2 pmeznews.inIndia's IRCTC, the online ticket booking and catering service for the Railways, experienced a significant outage on Thursday morning due to a "technical glitch" linked to scheduled maintenance activities. Users reported being unable to access both the website and mobile application, with Downdetector noting approximately 2,500 complaints—56% related to the website, 30% to the app, and 14% to ticketing issues. The spike in complaints began after 9 AM, with one user highlighting the disruption on social media around 10 AM. An IRCTC official confirmed that the issue had been resolved, although the website had previously displayed a message indicating that e-ticketing services were unavailable. This incident marks the second disruption for the IRCTC portal in December. In light of the outage, the company advised passengers needing to cancel tickets to contact customer care or email their details for a Ticket Deposit Receipt (TDR).
Published: Dec 26 2024, 12 pmeznews.inMundra Port in Gujarat has made history by welcoming the CMA CGM Fort Diamant, the first Liquefied Natural Gas (LNG)-powered container vessel to dock at its Container Terminal-CT4. Measuring 268 meters in length and 43 meters in beam, this ship is the third in a series capable of carrying 7,000 containers and operates on the CIMEX2K/AS-1 service, linking the Indian subcontinent with China. Adani Ports and Special Economic Zone (APSEZ) highlighted that the vessel's arrival underscores its commitment to innovation and sustainability in logistics. As India's largest port operator, APSEZ manages nearly a quarter of the country's cargo movement across 13 ports. The adoption of LNG reflects the shipping industry's shift towards reducing carbon emissions, positioning Mundra as a leading container hub in South Asia, equipped with advanced infrastructure to accommodate the largest vessels and diverse cargo types.
Published: Dec 26 2024, 12 pmeznews.inIndia is poised to enhance its domestic aviation capabilities by proposing the establishment of a special purpose vehicle (SPV) dedicated to manufacturing commuter aircraft. Currently in the proposal stage, the SPV will be created under Section 8 of the Companies Act, with the Ministry of Civil Aviation seeking approval from the Ministry of Finance. The initiative, part of the recently passed Bhartiya Vayuyan Adhiniyam, 2024, aims to assemble a team of experts from both public and private sectors to oversee the project, which will focus on developing a commuter aircraft with a range of 600-700 km. The SPV will operate without initial seed funding, relying on budgetary grants tied to achieving specific milestones. This project is expected to bolster India's aviation manufacturing ecosystem, reduce travel costs, and create jobs, while also considering the RTA-90 regional airliner project designed by the National Aerospace Laboratories.
Published: Dec 26 2024, 11 ameznews.inSugar prices are anticipated to face downward pressure in the 2024-25 season, with analysts predicting a surplus of approximately four million tonnes. The US Department of Agriculture (USDA) forecasts a 1.5% increase in global sugar production, while demand is expected to rise by 1.2% to 179.63 million tonnes. Recent rains in Brazil's Center-South region have alleviated some concerns regarding crop yields, although drought and fires earlier in the year raised risks for both the 2024-25 and 2025-26 harvests. The International Sugar Organization has revised its global sugar deficit forecast, contributing to a 5% year-to-date drop in sugar prices. Additionally, India's sugar production is projected to decline to 28 million tonnes due to increased ethanol production, although a rise in minimum support prices may bolster the sector. Overall, while supply risks persist, stronger production in Thailand and the EU could limit price increases.
Published: Dec 26 2024, 9 ameznews.inSyama Prasad Mookerjee Port in Kolkata is set to enhance the cargo handling capacity of its Haldia Dock Complex by 50% over the next five years, with an investment of approximately ₹2,000 crore through public-private partnerships (PPP). Currently managing around 50 million metric tonnes (MMT) of cargo, the port aims to increase this to 75 MMT by 2030. The port recently achieved its highest cargo volume ever, handling 49.54 MMT in the last financial year. A consortium led by Ripley & Co and Bothra Shipping has won a tender to operate a berth at HDC, planning to invest ₹600 crore in modernization efforts. Additionally, projects are underway to boost liquid cargo handling capacity and develop an outer terminal at the Kolkata Dock System, which is expected to increase container capacity from 0.65 million TEUs to 1 million TEUs. The port aims to maintain a cargo throughput of 65-66 MMT in the current financial year.
Published: Dec 25 2024, 8 pmeznews.inJapan Airlines Co. is grappling with significant system issues following a cyberattack that began early Thursday morning, potentially disrupting both local and international flights. In response to the incident, the airline has suspended ticket sales, as it works to resolve the technical difficulties. The situation has also impacted the airline's stock, with shares dropping by as much as 2.5% during trading in Tokyo. This incident follows a similar disruption experienced by American Airlines Group Inc. on Christmas Eve, when a technical problem with a third-party vendor led to a brief ground stop affecting all US flights for about an hour. The airline industry continues to face challenges from cyber threats, raising concerns about operational security and customer service.
Published: Dec 26 2024, 8 ameznews.inKey sectors such as deeptech, artificial intelligence (AI), and mobility are gaining traction in India, particularly in traditionally closed industries like defence and aerospace, according to Vipul Patel, Partner at IIMA Ventures. He highlighted a resurgence in early-stage investments, especially in Seed and Series A funding, as indicative of recovery from the recent funding winter. Patel noted that domestic consumption and application-driven models are set to dominate investor interest, with a strong focus on sectors like semiconductors and spacetech. The IPO landscape has also seen success, exemplified by startups like Swiggy, which has enhanced liquidity and investor confidence. While challenges persist due to global interest rate fluctuations and foreign investment declines, domestic capital is increasingly stepping in, supported by robust asset performance and a bullish market outlook. Patel anticipates a maturation of the M&A market for tech startups over the next five years as the capital cycle evolves.
Published: Dec 26 2024, 6 ameznews.inCo-operation Minister Amit Shah announced the establishment of 10,000 new Primary Agricultural Cooperative Societies (PACS) in India, aiming to reach a target of 200,000 within five years. Speaking at an event in New Delhi, Shah highlighted that 11,695 PACS have already been registered under new model laws, which allow these societies to expand their operations. He emphasized the importance of effective co-operatives at the grassroots level for integrating farmers' produce into global markets and fostering social equality. The initiative will be implemented in two phases, with various national boards tasked with establishing new co-operatives across agriculture, dairy, and fisheries. Shah also introduced standard operating procedures for liquidating defunct PACS, facilitating the creation of new societies in 15,000 villages. He underscored the need for trained personnel to ensure the success of these initiatives, while also commemorating the contributions of former Prime Minister Atal Bihari Vajpayee to the co-operative sector.
Published: Dec 25 2024, 8 pm
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