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India's domestic coal production for the April-December 2024 period reached 726.29 million tonnes (MT), a 6.11% increase from 684.45 MT in the same timeframe last year, reflecting the government's commitment to enhancing energy security. Meanwhile, coal imports remained stable at 201.30 MT, slightly down from 201.52 MT in the previous year, with December imports dropping to 19.28 MT from 23.35 MT. Non-coking coal imports fell to 128.85 MT, while coking coal imports decreased to 40.64 MT. Mjunction MD & CEO Vinaya Varma attributed the decline in imports to high domestic stock levels and lower demand, a trend expected to continue. Coal and Mines Minister G Kishan Reddy emphasized the government's focus on reducing imports and boosting domestic production, as coal remains vital for India's energy mix, accounting for 55% of the national energy supply and supporting 74% of power generation through thermal plants. 
Published: Feb 23 2025, 10 ameznews.inThe Indian government is set to tighten regulations on virtual digital assets (VDAs) by including them in the definition of undisclosed income under the block assessment scheme, as outlined in the Finance Bill 2025. This change, effective from February 1, 2025, will impose a 60% tax on undisclosed earnings from VDAs, alongside a 50% penalty for non-disclosure. The block assessment scheme, revised in July 2024, aims to streamline tax administration and reduce litigation. The definition of VDAs encompasses various crypto assets, including cryptocurrencies and NFTs, but excludes gift cards and vouchers. Additionally, starting April 1, 2026, reporting entities will be required to disclose transactions involving crypto assets, with a broader definition of VDAs to include any digital representation of value secured by cryptographic technology. This move reflects the government's ongoing efforts to regulate the burgeoning crypto market and enhance tax compliance.
Published: Feb 23 2025, 6 pmeznews.inAt the recent India Energy Week 2025, Maurits Van Tol, CEO of Catalyst Technologies, a division of Johnson Matthey, emphasized India's potential for a hydrogen energy transition, primarily through the utilization of its abundant biomass resources. With a robust agricultural sector generating significant waste, Van Tol advocated for the conversion of these residues into energy using advanced technology. He highlighted India's ample sunlight and land availability for large-scale solar parks, which could lower electricity costs and make green hydrogen production more economically viable. Van Tol also stressed the importance of integrating various renewable resources—biomass, wind, and solar—to reduce reliance on fossil fuels and enhance decarbonization efforts. He called for clear industrial policies and subsidies to support this transition, noting that both blue and green hydrogen have roles in the energy landscape. Johnson Matthey, with revenues exceeding £12 billion, is actively contributing to these developments through its engineering center in Mumbai.
Published: Feb 23 2025, 4 pmeznews.inIndia's ambitious bullet train project, aimed at connecting Mumbai and Ahmedabad, is facing significant delays primarily due to issues with train availability from Japan and late tendering processes. The project has already missed its initial deadlines of 2022 and 2024, with completion now projected for August 2027 for certain sections in Gujarat. An internal report from the National High Speed Rail Corporation Ltd (NHSRCL) indicates that construction progress stands at 49.09%, falling short of the 62.2% target. Delays in Maharashtra are attributed to land acquisition issues, while equipment mobilization has been hampered by COVID-19 restrictions. As India seeks to introduce an updated Shinkansen E-10 design, there are plans to initially operate domestically manufactured trains before transitioning to Japanese models. The urgency is heightened by upcoming assembly elections in Gujarat, scheduled for late 2027, prompting discussions on feasible milestones for project completion.
Published: Feb 23 2025, 5 pmeznews.inIn a significant boost to Kashmir's handicraft sector, officials announced that the region exported products worth ₹2,567 crore over the past two fiscal years, with expectations to reach ₹3,000 crore by March 2025. Despite challenges posed by global conflicts affecting current exports, the Handicrafts and Handloom Department reported strong figures, particularly in Kani and Sozni shawls, and hand-knotted carpets. To support artisans, the department has implemented various welfare schemes, including financial assistance and training programs, which have seen 17,182 women trained in crafts over the last four years. Additionally, a subsidy scheme incentivizes exporters, while efforts to enhance product quality and authenticity include testing and QR coding initiatives. The department is also investing in modern equipment and training to improve testing processes, aiming to further elevate the region's handicraft industry and support its artisan community.
Published: Feb 23 2025, 4 pmeznews.inThe All-India Consumer Products Distributors Federation (AICPDF) is mobilizing retailers and distributors to address the challenges posed by the rapid rise of quick commerce in India, which they claim threatens the livelihoods of over 1.3 crore retailers and 8 lakh distributors. By March 31, the federation plans to hold meetings across 500 districts and 700 talukas to strategize against the adverse effects of predatory pricing and deep discounting practices by quick commerce companies. Distributors report significant business declines, with some experiencing up to a 30% drop in 2024 due to the shift in consumer behavior towards e-commerce. NielsenIQ data indicates that traditional trade still dominates FMCG sales, contributing 89% compared to 11% from modern trade. AICPDF leaders are urging government intervention to ensure fair competition and protect traditional retail, which has reportedly lost 4-5% market share to alternative channels.
Published: Feb 23 2025, 4 pmeznews.inBengaluru Metro's ridership has plummeted following a fare hike implemented on February 9, 2025, which raised the maximum fare from ₹60 to ₹90. Daily ridership fell from over 8 lakh in January to approximately 6.7 lakh by February 22, with commuters expressing frustration over the increased financial burden. Many, like college student Arushi Srivastava, have reconsidered their travel options, while others, such as marketing professional Sujay Sudharshan, are opting for personal vehicles to avoid the rising costs. The fare increase, justified by the Bengaluru Metro Rail Corporation Limited (BMRCL) as necessary to cover operational costs, has drawn criticism from activists like KN Krishnaprasad, who argue it disproportionately affects middle-class commuters and encourages private transport use. Despite calls for a rollback, BMRCL has yet to respond to inquiries regarding the fare adjustments.
Published: Feb 23 2025, 3 pmeznews.inIndia is emerging as a significant player in the global pharmaceutical Contract Development and Manufacturing Organization (CDMO) sector, according to a report by Nuvama. The country's growth in fine chemicals, agrochemicals, and specialty chemicals is bolstered by government incentives and lower operational costs, positioning it as a viable alternative to Europe, where rising energy and labor costs are diminishing competitiveness. Multinational companies are increasingly relocating production to India, highlighting a shift in the global manufacturing landscape. While Europe maintains a stronghold in high-value active pharmaceutical ingredients (APIs) and advanced drug formulations, it is losing ground in low-cost generic API production to India and China. The report notes that Europe's share of global chemical sales has plummeted from 23% in 2008 to 13% in 2023, further threatening its market position amid ongoing supply chain vulnerabilities.
Published: Feb 23 2025, 1 pmeznews.inIndia's trade with the ASEAN bloc remains significant, with exports reaching $41.2 billion and imports totaling $80 billion in the 2023-24 fiscal year. The upcoming round of negotiations to review the India-ASEAN free trade agreement, originally signed in 2009 and effective since January 2010, is scheduled for April, although progress has been described as slow. This review, a long-standing request from Indian industry, aims to address existing trade imbalances and enhance the agreement's effectiveness. India seeks to eliminate barriers and prevent misuse of the pact, which currently accounts for approximately 11% of its global trade. The ASEAN group includes ten nations: Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand, and Vietnam. The review is expected to lead to a more balanced and sustainable trade relationship between India and ASEAN.
Published: Feb 23 2025, 2 pmeznews.inA recent analysis by Boston Consulting Group (BCG) warns that by 2030, 42% of India's districts could face temperature increases of up to 2 degrees Celsius, potentially affecting 321 districts within the next five years. This rise in temperature, attributed to climate change, is expected to increase default risks in 30% of agricultural and housing loans, as extreme weather events lead to reduced agricultural output and lower per capita incomes. While the average global temperature has already risen by 1.2 degrees Celsius, creating significant economic challenges, the report highlights a potential opportunity for banks to fund India's energy transition, estimated at $150 billion annually. However, current climate finance falls short, with only $40-60 billion available. BCG emphasizes the need for banks to raise awareness of climate risks and promote green technologies, while also advocating for blended finance to ensure adequate funding for climate resilience.
Published: Feb 23 2025, 1 pmeznews.inIndia and the UK are set to resume negotiations for a free trade agreement (FTA) on February 24, after an eight-month hiatus. UK Secretary of State for Business and Trade, Jonathan Reynolds, will meet with Indian Commerce and Industry Minister Piyush Goyal to discuss the FTA, which aims to eliminate or significantly reduce customs duties on a wide range of goods and ease trade in services and investments. Launched in January 2022, the talks have seen 13 rounds of discussions, with the latest round paused in May 2024 due to UK elections. The Indian industry seeks greater access for skilled professionals and reduced tariffs on goods, while the UK is pushing for lower import duties on products like Scotch whisky and electric vehicles. The agreement could enhance bilateral trade, which rose to $21.34 billion in 2023-24, and includes provisions for a bilateral investment treaty.
Published: Feb 23 2025, 12 pm
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