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India's pharmaceutical industry is set for significant growth, with projections indicating an increase from its current market value of $55 billion to $130 billion by 2030, and potentially reaching $450 billion by 2047. This expansion is fueled by innovations in biologics and specialty generics, alongside a strong export performance, which currently stands at $27.85 billion. Dr. Veeramani, Chairman of Pharmexcil, highlighted the sector's global leadership, exporting to over 200 countries and providing comprehensive healthcare solutions. The recent CPHI and PMEC India expo showcased over 2,000 exhibitors and 50,000 visitors, underscoring the industry's importance, which contributes approximately 2% to India's GDP. With a competitive edge in manufacturing costs and a skilled workforce, India aims to solidify its status as the 'Pharmacy of the World' and targets a $1 trillion industry by 2047, positioning itself as a key player in global healthcare solutions. 
Published: Nov 27 2024, 1 pmeznews.inAir India is set to enhance its service by deploying ex-Vistara Airbus A320neo aircraft on five key metro routes—Delhi-Mumbai, Delhi-Bengaluru, Delhi-Hyderabad, Mumbai-Bengaluru, and Mumbai-Hyderabad—starting December 1. This strategic move aims to optimize flight schedules throughout the day and strengthen competition against IndiGo, which is launching a business class offering on similar routes. With a three-class configuration, Vistara's aircraft will bolster Air India's existing capacity, which already exceeds a thousand weekly flights on these routes. Campbell Wilson, CEO and Managing Director of Air India, highlighted that the merger with Vistara has created opportunities to enhance customer offerings by leveraging the strengths of both airlines. He also indicated plans for further expansion as Air India continues to induct new aircraft and retrofit its legacy fleet throughout 2025.
Published: Nov 27 2024, 4 pmeznews.inThe Indian rupee experienced a notable decline of 15 paise against the US dollar, trading at 84.44 in early Wednesday sessions, following a muted performance in domestic equity markets. Opening at 84.38, the rupee's drop was attributed to a deficit in banking liquidity, exacerbated by significant GST payments totaling ₹1.6-1.8 lakh crore, alongside the Reserve Bank of India's interventions in the forex market. Despite the rupee's fall, a slight decrease in the dollar index, which was down 0.15% to 106.84, and a marginal dip in Brent crude prices to $72.74 per barrel helped mitigate further losses. The Sensex, India's benchmark equity index, also reflected a downturn, trading 46.69 points lower at 79,957.57. Analysts suggest the rupee may fluctuate within the 84.00 to 84.50 range as markets await key US economic data later in the day.
Published: Nov 27 2024, 3 pmeznews.inSteel companies in India are facing significant challenges due to declining prices and reduced demand, exacerbated by increasing imports that threaten local market share. In an interview with _businessline_, Tata Steel's CEO, TV Narendran, noted that while overall steel demand remains robust, particularly in the rural economy, there has been a slowdown in the automobile sector and construction activities, largely attributed to seasonal factors and reduced government spending. Narendran expressed concern over the impact of Chinese imports on margins rather than demand itself. He highlighted the need for the Indian government to consider imposing duties on steel imports to protect domestic producers. Additionally, he provided updates on Tata Steel's UK project, which may face delays due to political changes, and mentioned ongoing discussions in the Netherlands regarding future operations. Despite these hurdles, Narendran remains optimistic about a recovery in demand in the latter half of the year.
Published: Nov 27 2024, 3 pmeznews.inThe India Meteorological Department (IMD) has issued warnings of heavy to very heavy rainfall across coastal Tamil Nadu and Puducherry as cyclone Fengal approaches the region. Currently, a deep depression over the south-west Bay of Bengal is situated approximately 120 km east-southeast of Trincomalee, Sri Lanka, and is expected to track west-northwest towards the Tamil Nadu coast. The IMD forecasts isolated heavy to very heavy rainfall today, with extremely heavy falls in certain areas, and continued heavy rain through the weekend. Coastal Andhra Pradesh and Yanam are also expected to experience similar weather conditions. Fishermen have been advised to avoid venturing into the sea along the affected coasts and are urged to return to shore immediately if already at sea, as the cyclone's proximity poses significant risks.
Published: Nov 27 2024, 2 pmeznews.inA recent survey highlights that 90% of intercity trips in India are under 750 km, with air travel currently accounting for only 3% of these journeys. Jean-Pierre Clercin, Head of Commercial Sales for ATR in the Asia-Pacific, suggests that enhancing last-mile air connectivity could potentially add 80 million annual passengers to India's regional air transport network. This growth is supported by government investments in new airports and expanded airfields. ATR forecasts the addition of up to 200 turboprop aircraft over the next decade, with 70 currently in operation, primarily the ATR-72 model, known for its fuel efficiency and suitability for shorter flights. Clercin emphasizes the importance of regional air mobility in connecting smaller communities to urban centers, asserting that India's aviation market is a significant growth area that cannot be overlooked. The government's regional connectivity scheme is also driving demand for ATR aircraft among Indian airlines.
Published: Nov 27 2024, 12 pmeznews.inIndia's fiscal outlook for FY25 appears optimistic, with the fiscal deficit projected to be 19 basis points lower than budget estimates, according to India Ratings & Research (Ind-Ra). Finance Minister Nirmala Sitharaman had set the deficit target at 4.9% of GDP, aiming for a reduction to below 4.5% by FY26. Ind-Ra noted that despite a slowdown in economic activity and reduced government spending, the tax-to-GDP ratio is expected to exceed previous estimates, with gross tax revenue anticipated to reach a 17-year high. Corporate and income tax collections have shown robust growth, contributing significantly to the revenue increase. However, shortfalls in customs and excise duties are expected. Overall, the government remains committed to fiscal consolidation, with plans to maintain a declining debt-to-GDP ratio from 2026-27 onwards, despite some anticipated slippage in capital expenditure.
Published: Nov 27 2024, 12 pmeznews.inG.G. Tronics India Private Limited, a subsidiary of CG Power and Industrial Solutions Limited, has secured a significant order from Chittaranjan Locomotive Works for the KAVACH railway safety system, valued between ₹500-600 crores. The contract entails the supply, installation, testing, and commissioning of KAVACH equipment for Indian Railways, including comprehensive wiring and connections, with a one-year execution timeframe. CG Power, part of the Murugappa Group since November 2020, reported consolidated revenues of ₹8,046 crores for fiscal year 2024, reflecting its robust performance in the power and industrial solutions sector. As of midday trading, CG Power's shares rose by 3.19% to ₹758.90 on the NSE. Headquartered in Bengaluru, G.G. Tronics specializes in electronic safety and embedded signalling systems, playing a crucial role in the modernization of railway safety in India.
Published: Nov 27 2024, 12 pmeznews.inThe Amul Clean Fuel Rallies concluded in New Delhi on November 26, coinciding with National Milk Day, after 77 participants drove biofuel cars over 5,000 kilometres from various starting points, including Himmatnagar, Kolkata, Pune, and Jammu. Organised by Amul and supported by Maruti Suzuki and Bajaj Auto, the initiative aimed to promote awareness of the circular economy and sustainability, engaging with state cooperatives, institutions, and farmers along the route. Minister of State for Animal Husbandry and Dairying, SP Baghel, acknowledged the contributions of Verghese Kurien and Tribhuvandas Patel to the cooperative sector and the White Revolution during the reception of the participants. The government reported that in the 2023-24 period, India produced 239.30 million tonnes of milk, with Uttar Pradesh, Rajasthan, Madhya Pradesh, Gujarat, and Maharashtra accounting for nearly 54% of the total output.
Published: Nov 27 2024, 11 ameznews.inThe Indian stock market showed modest gains on November 27, 2024, with the SENSEX rising by 53.21 points to close at 80,057.27, while the NIFTY increased by 15.25 points to reach 24,209.75. In commodities, crude oil prices climbed by 47.00 to settle at 5,823.00, gold surged by 589.00 to 75,800.00, and silver rose by 520.00 to 88,770.00. Meanwhile, the India Meteorological Department (IMD) has warned that the coastal regions of Tamil Nadu, from Puducherry to Palayamkottai, are expected to experience heavy to very heavy rainfall until Wednesday due to a deep depression likely to be upgraded to cyclone Fengal. The cyclone is anticipated to maintain its status until midnight Saturday before weakening, with its future movement potentially influenced by a western disturbance from North-West India. Close monitoring of the situation is advised.
Published: Nov 27 2024, 11 am
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