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India's economic growth showed signs of slowing in January 2025, with the HSBC flash India Composite Purchasing Managers' Index dropping to 57.9, the lowest since November 2023, from December's 59.2. While the manufacturing sector thrived, reaching a six-month high of 58.0, the services sector experienced a significant decline, with its index falling to 56.8, the weakest in 26 months. This divergence raises concerns about the sustainability of India's robust economic performance, particularly as government forecasts predict a slowdown to 6.4% growth for the fiscal year. Despite record job creation and improved international demand, inflationary pressures intensified, particularly in services, complicating the outlook for monetary policy. The Reserve Bank of India's upcoming meeting may be influenced by these inflationary risks, as the business sentiment remains mixed, with manufacturing optimism contrasting with a decline in services confidence. 
Published: Jan 24 2025, 11 ameznews.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 pmeznews.inWater 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.inThe Supreme Court of India has stayed a Delhi High Court ruling that favored Tiger Global International III Holdings regarding the India-Mauritius Double Taxation Avoidance Agreement (DTAA), a decision that could create uncertainty for foreign investors. The Supreme Court, which will revisit the case on February 18, emphasized the need for thorough consideration due to the ruling's "pan India implications." The High Court had previously overturned a decision by the Authority for Advance Ruling (AAR), which denied tax benefits to Tiger Global on capital gains from shares sold in 2018. The High Court ruled that, under Article 13(3A) of the DTAA, capital gains from shares acquired before April 1, 2017, are exempt from Indian taxation. Legal experts warn that the stay may lead to ambiguity regarding DTAA benefits, potentially impacting investor confidence and prompting a reassessment of tax positions among entities relying on the High Court's decision.
Published: Jan 24 2025, 3 pmeznews.inIn a pivotal move for India's renewable energy sector, AMG Green Power B.V. (AMG Power) and ORIX Corporation have sought approval from the Competition Commission of India for a transaction involving Greenko Energy Holdings. This deal will see AMG Power acquire a stake in Greenko from ORIX, while ORIX plans to invest in convertible notes issued by AMG Lux, reinforcing its commitment to the sector. Greenko, a key player in India's clean energy landscape with a diverse portfolio in wind, solar, hydro, and energy storage, is central to this realignment, which aims to strengthen investment ties and shareholding within the renewable ecosystem. The transaction is expected to enhance foreign participation and technological advancements in clean energy, aligning with India's strategic goals for sustainable energy solutions. Economy experts view this development as a significant step in bolstering India's position as a global leader in renewable energy initiatives.
Published: Jan 24 2025, 1 pmeznews.inSalam Kisan (PRYM Solutions) has announced a significant investment of ₹300 crore over the next seven years to enhance agricultural practices in India through drone technology. This initiative, formalized in a memorandum of understanding with the Maharashtra government and Microsoft at the World Economic Forum 2025, aims to democratize access to drones for smallholder farmers. The plan includes manufacturing drones, establishing training centres, and creating a network of 200,000 trained drone service providers (DSPs), potentially generating ₹5 lakh annually for each entrepreneur. The Maharashtra government will match this investment to support infrastructure and training in Marathwada, targeting 5 million acres of farmland by 2030. Leveraging AI and cloud computing, Microsoft will provide data-driven insights to improve crop productivity. The initiative is expected to save 238 billion litres of water and reduce farming costs by 30%, while creating 200,000 rural jobs and promoting sustainable agricultural practices.
Published: Jan 24 2025, 12 pmeznews.inThe Supreme Court of India has dismissed a Public Interest Litigation (PIL) challenging the Tax Deducted at Source (TDS) system, which the petitioner argued imposes disproportionate administrative burdens on taxpayers. Advocate Ashwini Upadhyay contended that the TDS framework is "manifestly arbitrary" and violates fundamental rights, including the right to equality and the right to life. The court, led by Chief Justice Sanjiv Khanna, advised Upadhyay to approach the High Court instead, citing the poorly drafted nature of the petition. The plea called for a review of the TDS system by the Law Commission and urged NITI Aayog to consider necessary reforms. It highlighted that the TDS system, while ensuring government revenue, places significant compliance demands on individuals, particularly affecting economically weaker sections who may lack the expertise to navigate its complexities. The TDS framework requires tax deductions at the point of payment across various income types, with strict compliance obligations for taxpayers.
Published: Jan 24 2025, 12 pmeznews.inIn the latest Kochi tea auctions, CTC dust prices saw a ₹2 increase in average price realization, driven by strong demand from blenders, who absorbed 59% of the 652,759 kg offered. Auctioneers Forbes, Ewart & Figgis reported a steady to firm market, particularly for popular Kerala marks, although some export inquiries were noted at the lower end. Conversely, the orthodox dust market faced a decline, with only 9,000 kg offered and a sales percentage of 78, as exporters and upcountry buyers showed limited interest. The leaf market struggled due to low-quality teas, resulting in a ₹9 drop in average price realization to ₹186 per kg. Despite these challenges, traders remain optimistic about potential increases in prices in future auctions, citing a lower quantity of upcoming offerings and improved geopolitical conditions that may boost overseas demand for tea.
Published: Jan 24 2025, 11 ameznews.inThe Central Board of Indirect Taxes and Customs (CBIC) has introduced a temporary identification number mechanism under the Goods and Services Tax (GST) for businesses not required to register, following recommendations from the GST Council. This allows entities to obtain a temporary ID for making payments under the GST Act. Additionally, the CBIC has waived late fees for the delayed filing of annual returns (Form GSTR-9) and reconciliation statements (Form GSTR-9C) for the financial years 2017-18 to 2022-23, provided GSTR-9C is submitted by March 31, 2025. Currently, there are 1.49 crore registered taxpayers under GST, with mandatory registration thresholds set at ₹40 lakh for manufacturing and ₹20 lakh for services. The waiver applies only to late fees exceeding the standard payable amount, and no refunds will be issued for fees already paid.
Published: Jan 24 2025, 11 ameznews.inSuhana Masala has partnered with the Ecofactory Foundation to establish a Centre of Excellence (CoE) for spice production in Sangareddy, Telangana, aimed at enhancing the skills and resources of local farmers. The initiative, announced following a meeting between Suhana Director Anand Chordia and Telangana IT and Industries Minister D Sridhar Babu at the World Economic Forum in Davos, will train 25,000 to 30,000 farmers over the next two to three years. The CoE will focus on modern farming techniques to ensure that spice production meets global standards, thereby improving market access and income for farmers. Additionally, the initiative will promote eco-friendly farming practices, contributing to the preservation of natural resources in the region. The project underscores a commitment to elevating the quality of agricultural produce while fostering sustainable practices in Telangana's farming community.
Published: Jan 24 2025, 8 am
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