eznews.in
Water storage in India's 155 major reservoirs has fallen for the 12th consecutive week, with Punjab's Thein dam dipping below 20% of its capacity, according to the Central Water Commission. This decline is attributed to significant deficiencies in post-monsoon and winter rainfall, with the India Meteorological Department reporting that 83% of the country experienced scanty or no rainfall from January 1 to 24. While overall storage stands at 66% of the total capacity, it is still higher than last year and the 10-year average. The northern region's reservoirs are particularly affected, with levels at 38% of capacity, while the western region fared better at 78%. The IMD has forecasted below-normal rainfall until February 5, raising concerns that storage levels may continue to drop in the coming weeks. 
Published: Jan 24 2025, 4 pmeznews.inIndia's policymakers must enhance their engagement with state governments to address local realities and policy gaps, according to Arvind Panagariya, Chairman of the 16th Finance Commission. Speaking at the launch of the inaugural 'Fiscal Health Index 2025' report by NITI Aayog, Panagariya emphasized the importance of focusing on state-level fiscal health, which is assessed through five key sub-indices. Odisha topped the index with a score of 67.8, followed by Chhattisgarh and Goa, while states like Karnataka showed declines in fiscal performance. The FHI aims to guide policy reforms for sustainable growth and improve transparency in state finances. NITI Aayog plans to launch a new portal for real-time data on state finances, further supporting fiscal discipline and aligning state strategies with national objectives. This initiative is part of India's broader vision for economic transformation by 2047, promoting healthy competition among states.
Published: Jan 25 2025, 12 ameznews.inInterGlobe Aviation, the parent company of IndiGo, reported an 18.3% decline in net profit for the third quarter of FY25, totaling ₹2,448 crore, primarily due to rupee depreciation that offset strong passenger demand and a 13.7% increase in revenue from operations, which reached ₹22,110 crore. Excluding foreign exchange losses, net profit actually rose by 26.1% to ₹3,846 crore. The airline is proactively hedging against currency volatility and plans to expand its international network, adding two new destinations by March, bringing the total to 40. IndiGo's capacity is set to increase by 20% year-on-year, with a reported load factor exceeding 90% in late 2024. The airline's fleet grew by 27 aircraft to 437, and CFO Gaurav Negi noted that aircraft groundings have peaked, with expectations to reduce grounded aircraft from 60 to the 40s by the next financial year.
Published: Jan 24 2025, 7 pmeznews.inThe Indian government is contemplating the establishment of a ₹500-crore oilseed buffer corpus to stabilize prices and enhance production, mirroring a similar initiative for pulses. This fund would enable states to procure and store oilseeds at the minimum support price (MSP), protecting farmers from market fluctuations, particularly during harvest when prices can drop significantly. The initiative aligns with the National Oilseeds Mission, which aims to boost oilseed production from 39 million tonnes to 69.7 million tonnes by 2030-31. However, a shift towards maize cultivation is concerning, as farmers are opting for more lucrative crops due to better returns. The government has also launched a survey on edible oil preferences via the "My Gov" platform to tailor policies that benefit farmers and promote self-sufficiency in edible oil production, with the survey closing on February 23.
Published: Jan 24 2025, 9 pmeznews.inAgrochemical companies in India are urging the government to implement a 200% weighted deduction on R&D expenses in the upcoming Budget, alongside a uniform basic customs duty of 10% and a reduction in GST on agrochemicals from 18% to 12%. CropLife India emphasizes that these measures would foster innovation, enabling farmers to access greener crop protection products essential for addressing pest resistance and climate change challenges. Industry leaders, including Ankur Aggarwal and Ravi Annavarapu, advocate for prioritizing agricultural R&D investments and reducing import duties to lower farming costs. They argue that enhancing local manufacturing through Production Linked Incentive (PLI) schemes and public-private partnerships will bolster India's agrochemical sector, making it globally competitive. The call for a supportive regulatory framework aims to transition from reliance on imports to domestic production, ultimately benefiting farmers and boosting agricultural productivity.
Published: Jan 24 2025, 9 pmeznews.inA working paper from the Economic Advisory Council to the Prime Minister (EAC-PM) reveals significant disparities in working hours between government and corporate employees in India. Authored by Shamika Ravi, the paper highlights that while Indians average 422 minutes (about 7 hours) of paid work daily, this is notably lower than the expected 700 minutes. Urban corporate workers log the most hours, while government employees work considerably less. Northeastern states, Assam, and Goa report the fewest working hours. The study also underscores a gender divide, with women in urban areas working two hours less than men daily, largely due to traditional roles that allocate more time to unpaid household tasks. This analysis comes amid ongoing discussions about work culture in India, sparked by remarks from corporate leaders advocating for longer work weeks to boost productivity.
Published: Jan 24 2025, 9 pmeznews.inAmendments to citizenship laws and stricter immigration policies under the Trump administration are causing hesitation among prospective Indian students considering higher education in the United States. With 331,602 Indian students enrolled in the 2023-24 academic year, experts warn of a potential decline in numbers due to increasing uncertainties surrounding visa processing and financial challenges. Dr. Ramakrishnan Raman of Symbiosis International noted that the administration's policies could undermine the diversity and inclusion that US universities are known for. As a result, students are increasingly looking to alternative destinations like the UK and Australia, which offer attractive post-study work opportunities. The demand for dual degree programs is also rising, with significant interest in programs like the one with Macquarie University in Sydney. Despite these challenges, experts believe that the resilience of Indian talent will persist, with a shift towards fields such as AI and cybersecurity.
Published: Jan 24 2025, 8 pmeznews.inIndia's Ministry of External Affairs has expressed a commitment to resolving trade tensions with the United States under President Donald Trump through "constructive dialogue." Spokesperson Randhir Jaiswal emphasized the importance of enhancing bilateral trade, responding to Trump's previous characterization of India as a "tariff king" and his threats of reciprocal tariffs. The US remains India's largest trading partner, with exports valued at $77.5 billion in FY24, resulting in a trade surplus of over $35 billion. Jaiswal reiterated India's approach to addressing trade issues collaboratively, highlighting ongoing communication with the US administration. Additionally, he noted that External Affairs Minister S. Jaishankar raised concerns about delays in US visa issuance during his recent visit, stressing that timely visa processing is crucial for strengthening people-to-people and economic ties between the two nations.
Published: Jan 24 2025, 8 pmeznews.inThe effectiveness of India's Insolvency and Bankruptcy Code (IBC) is under scrutiny as banks increasingly prefer bilateral settlements over the IBC for recovering distressed debts. Data from the Reserve Bank of India reveals that case admissions under the IBC have fallen to a six-year low, with recovery rates plummeting to 28% in 2023-24 from 40% the previous year. Delays in case admissions, which often extend from the prescribed 14 days to 400-600 days, are eroding the value of non-performing assets (NPAs) and undermining banks' confidence in the IBC. Experts advocate for operational improvements within the National Company Law Tribunal (NCLT) and suggest that restructuring loans may be a more effective strategy for banks, particularly in cases of liquidity issues rather than mismanagement. Strengthening the IBC's framework and providing bankers with immunity for commercial decisions are seen as essential steps to enhance its recovery potential.
Published: Jan 24 2025, 7 pmeznews.inThe dry fruits market in India, the world's second-largest consumer after the US, is projected to reach $12 billion by 2029, growing at an 18% CAGR, according to the Nuts and Dry Fruits Council (India) (NDFC). In its pre-Budget proposals, the NDFC has called for a rationalisation of walnut import duties to a fixed ₹150 per kg and a reduction of GST from 18% to 5%. NDFC President Gunjan V Jain emphasized the need to protect local walnut farmers, as Kashmir produces over 90% of India's walnuts. The council also seeks increased subsidies to expand walnut and dry fruit production areas, addressing challenges like land fragmentation and high interest rates. The NDFC is actively promoting walnut plantation drives in northern states and has partnered with Chilean industry bodies for technology transfer. The upcoming MEWA India trade show in Mumbai will feature over 300 exhibitors from more than 50 countries.
Published: Jan 24 2025, 5 pm
For the fastest, latest, not so wokest news, 'experts say' you need to visit Eznews
India
World
Economy
Science
Health
Showbiz
Contact