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The Indian automotive industry has surpassed the ₹20 lakh crore mark in FY24, contributing 14-15% of the nation's total GST, according to Vinod Aggarwal, President of the Society of Indian Automobile Manufacturers (SIAM). Speaking at the 64th Automotive Components Manufacturers Association (ACMA) annual convention, Aggarwal highlighted the sector's role in employment generation and its ambition to enhance indigenous manufacturing. The industry aims to reduce import content from 60% to 20% by 2025, having already achieved a 5.8% reduction in the first two years. ACMA President Shradha Suri Marwah emphasized the need for collaboration with educational institutions to address skill gaps and maintain international quality standards. Maruti Suzuki's CEO, Hisashi Takeuchi, stressed the importance of self-reliance in semiconductor production to reduce import dependency, while advocating for the adoption of digital technologies to enhance competitiveness in manufacturing processes. 
Published: Sep 09 2024, 6 pmeznews.inIndia and Japan have reached an agreement on design modifications for the high-speed Bullet Train project along the Mumbai-Ahmedabad route, with formal approvals anticipated soon. The redesign aims to enhance load-bearing capacities, accommodate larger luggage, and ensure operation in extreme temperatures, including up to 50 degrees Celsius. The ₹1,08,000 crore project, a joint venture involving the Union government and the states of Gujarat and Maharashtra, is primarily funded by a soft loan from the Japan International Cooperation Agency (JICA) at a low interest rate. The train will cover over 500 km in just over two hours, stopping at several key stations. Additionally, India is progressing on developing indigenous high-speed trains based on the Vande Bharat platform, with the Integral Coach Factory tasked to manufacture trains capable of speeds between 250-280 km/h, in collaboration with BEML for a total contract value of ₹866.87 crore.
Published: Dec 22 2024, 10 ameznews.inIn 2024, women farmers in India are increasingly taking charge of agricultural collectives known as farmer producer organisations (FPOs), challenging traditional male dominance in decision-making roles. Historically, men have led these groups due to societal norms, but women are now stepping into leadership positions, enhancing their negotiation skills and financial autonomy. This shift is transforming their status within households, fostering respect and shared decision-making. Women are becoming shareholders and actively participating in all aspects of agriculture, from production to marketing, even as they face barriers such as limited access to larger markets and initial resistance from male family members. To sustain this momentum, there is a need for gender-sensitive training and support, as well as the aggregation of smaller FPOs into larger coalitions to amplify their collective voice and negotiating power in the agricultural sector.
Published: Dec 22 2024, 9 ameznews.inThe GST Council has approved a proposal to implement a Track and Trace Mechanism for tobacco products, which contribute approximately 5% to total GST revenue, making them the fifth largest contributor. This system will involve affixing a unique identifier on cigarette packs and gutka pouches to combat GST evasion. The identifier, which may include a digital stamp or mark, will be non-sequential and tamper-proof, containing key information such as manufacturing details and retail price. Manufacturers, dealers, and wholesalers will be required to record product movements, with data transmitted to a government-appointed independent provider. Retailers will be exempt from this requirement. Violations of the new regulations could incur penalties of ₹1 lakh or 10% of the tax payable, whichever is higher. This initiative aligns with the World Health Organisation's Protocol aimed at eliminating illicit tobacco trade, necessitating a global tracking system within five years.
Published: Dec 22 2024, 8 ameznews.inAs of December 14, 2024, the National Pension System (NPS) assets under management have risen to ₹13.79 lakh crore, reflecting a year-on-year growth of 27.34%. Despite this increase, the ongoing volatility in equity markets has led to a significant decline in annual returns from equity schemes, which have dropped to 24.37% from nearly 40% in September. The Nifty50 and Sensex indices have both fallen close to 10% since their record highs in September, attributed to disappointing corporate earnings and foreign portfolio investor withdrawals. The private sector's NPS assets have shown robust growth, reaching ₹2.77 lakh crore, while the number of private sector subscribers has increased by 21.21% to 61.54 lakh. The corporate sector's NPS assets also grew to ₹2.06 lakh crore, indicating a rising trend in NPS as a preferred retirement savings option among individuals and companies alike.
Published: Dec 21 2024, 8 pmeznews.inAs of December 14, 2024, the National Pension System (NPS) assets under management have risen to ₹13.79 lakh crore, reflecting a year-on-year growth of 27.34%. This increase comes despite a significant decline in equity market performance, with both the Sensex and Nifty50 indices falling nearly 10% from their record highs in September 2024. The annual returns on NPS equity schemes have dropped to 24.37%, down from nearly 40% in late September, influenced by disappointing corporate earnings and foreign portfolio investor withdrawals. The private sector's NPS assets have also seen robust growth, reaching ₹2.77 lakh crore, while the number of private sector subscribers rose by 21.21% to 61.54 lakh. The corporate sector's NPS assets reached ₹2.06 lakh crore, indicating a growing recognition of NPS as a viable retirement savings option among individuals and companies alike.
Published: Dec 21 2024, 8 pmeznews.inForeign Portfolio Investors (FPIs) have shown a mixed trend in December, with net inflows reaching ₹21,789 crore as of December 20, despite a recent selling spree. This follows significant outflows in October and November, which totaled ₹21,612 crore and ₹94,017 crore, respectively. After a strong start to the month, where FPIs purchased ₹14,435 crore in equities by December 13, they shifted to selling, offloading ₹15,828 crore in the week ending December 20. Factors influencing this reversal include a rising dollar, increasing US bond yields, and concerns over India's economic growth and corporate earnings. Analysts suggest that FPIs are adopting a cautious "wait and watch" approach amid uncertainties surrounding US Federal Reserve policies and India's economic indicators. The recent Fed rate cut, while easing some pressure, has not significantly improved investor sentiment, compounded by high inflation and disappointing corporate earnings forecasts.
Published: Dec 21 2024, 8 pmeznews.inIn a significant development for India's pension landscape, the Finance Ministry has urged the newly established "Association of NPS Intermediaries" to actively promote the National Pension System (NPS) to enhance its adoption among individuals. Launched during a virtual event by Department of Financial Services Secretary M Nagaraju, the association unites key stakeholders, including banks, record-keeping agencies, and pension advisors, with the aim of advocating for the NPS as a reliable and tax-efficient retirement solution. The NPS, which has grown substantially since its inception in 2004, now boasts assets exceeding ₹13.8 lakh crore, reflecting a 28% year-on-year increase. Nagaraju highlighted the necessity of early pension planning amid changing demographics, while PFRDA Chairperson Deepak Mohanty emphasized the association's role in expanding pension coverage through collective efforts. The initiative aims to streamline processes and boost voluntary participation, particularly among self-employed individuals and private sector workers.
Published: Dec 21 2024, 6 pmeznews.inDCM Shriram Ltd has been acknowledged for its strong Environmental, Social, and Governance (ESG) performance, ranking among the top 7% of 523 global chemical companies in the S&P Global Corporate Sustainability Assessment (CSA) 2024. The company achieved a CSA score of 59 out of 100, reflecting a 5-point increase from the previous year, underscoring its commitment to sustainable practices. In a statement, DCM Shriram highlighted that this recognition showcases its dedication to environmental stewardship, social responsibility, and effective governance. The firm expressed satisfaction with its sustainability journey, viewing this milestone as a validation of its efforts to enhance transparency and align with global sustainability objectives. DCM Shriram remains focused on integrating sustainable practices throughout its operations to contribute positively to the future.
Published: Dec 21 2024, 5 pmeznews.inIn a recent meeting chaired by Union Minister for Finance Nirmala Sitharaman in Jaisalmer, the GST Council proposed new tax rates for various food items, recommending a 5% GST on ready-to-eat popcorn with salt and spices (if not pre-packaged), 12% on pre-packaged popcorn, and 18% on caramel popcorn. Additionally, fortified rice kernels will also be taxed at 5%. The Council deferred discussions on restructuring GST for insurance premiums, with plans for further meetings to address health insurance exemptions for senior citizens and potential reductions in GST rates. A proposal to lower the tax on food delivery charges from e-commerce operators was also postponed. Furthermore, the Council suggested increasing the GST on the sale of old and used electric vehicles and smaller vehicles from 12% to 18%, while maintaining the 18% rate for larger vehicles, including SUVs.
Published: Dec 21 2024, 1 pmeznews.inIndia's agriculture sector, vital to the economy and employing nearly 50% of the workforce, is undergoing a transformative shift through automation technologies such as drones, IoT, and robotics. With over 3,000 agricultural drones currently operational and projections to exceed 7,000 by 2025, these innovations promise to enhance productivity and reduce resource dependency. The government's ₹1,261 crore investment in initiatives like the "Namo Drone Didi" scheme empowers women-led Self Help Groups to provide drone rental services, fostering rural entrepreneurship. Automation is also addressing critical issues like resource management, enabling farmers to reduce water usage by up to 70% and fertiliser consumption by 20-30%. Training programs for rural youth are equipping them with skills in drone operations, creating new career opportunities. As farmers evolve into informed decision-makers, the integration of technology is set to modernise Indian agriculture, paving the way for a sustainable and prosperous future.
Published: Dec 21 2024, 12 pm
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