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India's leather and footwear exports are projected to rise by over 12% to $5.3 billion in the current financial year, driven by strong demand from key markets, particularly the US and UK, according to Rajendra Kumar Jalan, Chairman of the Council for Leather Exports (CLE). The sector, which employs approximately 4.2 million people and has a total turnover of $19 billion, is also attracting interest from global companies looking to establish manufacturing bases in India. Jalan highlighted the potential for the industry to reach a turnover of $47 billion by 2030, contingent on government support, including the extension of the Production-Linked Incentive Scheme. He also called for the removal of export duties on wet blue and crust leather, as well as import duties on finished leather. Industry leaders emphasize the need for branding Indian leather goods and addressing challenges related to skilled labor and design development to enhance export growth. 
Published: Dec 22 2024, 2 pmeznews.inRoyal Jordanian Airlines is set to resume flights to Mumbai in March 2025 after a decade-long hiatus, while Spanish airline Iberojet plans to launch a weekly service between Madrid and Delhi starting April 2025. This development marks a significant expansion in international connectivity for Indian travelers, who will soon have direct access to both Amman and Madrid. The new routes are part of a broader trend, with several international airlines, including Royal Brunei and VietJet, recently entering the Indian market. The push for increased connectivity follows a rise in international travel to and from India, with over 61 lakh foreign tourists visiting the country from January to August 2024. Additionally, the Indian government has noted a strong outbound travel trend, with over a million Indian tourists visiting Malaysia alone in 2025. Airlines like Wizz Air and Aegean Airlines are also exploring new routes to capitalize on this growing demand.
Published: Dec 22 2024, 5 pmeznews.inThe Indian government is set to revise corn seed specifications to include ethanol content, aiming to encourage farmers to select higher-yielding varieties that can command better prices. Research is underway at the Indian Institute of Maize Research (IIMR) to develop maize varieties with ethanol recovery levels of 41-42%, up from the current 38%. The Indian Council of Agricultural Research (ICAR) is expected to mandate that new maize seeds disclose their ethanol content during approval processes. Experts suggest that this transparency will empower farmers to negotiate better prices with distilleries, potentially leading to a model similar to that of sugarcane, where prices are fixed based on recovery rates. However, maize scientist Sain Dass cautioned that the cross-pollination risk in maize could complicate this model, emphasizing the need for contract farming and controlled growing environments to ensure high ethanol yields. Currently, India has a capacity of 742 crore litres for grain-based distilleries.
Published: Dec 22 2024, 5 pmeznews.inMinister for Dairy Development J. Chinchurani inaugurated the International Livestock Conclave at Pookode Veterinary College in Wayanad, emphasizing the state government's mission to rehabilitate landslide-affected communities and their livestock. The recent landslides in Mundakkai and Chooralmala severely impacted the dairy farming sector, leading to significant losses in both human and animal lives, as well as biodiversity. The conclave, which will run for ten days, aims to address critical issues in dairy farming and promote entrepreneurship within the sector. Chinchurani expressed hope for a supportive response from the central government regarding a comprehensive rehabilitation package for the disaster-stricken areas. The event was presided over by Anil K S, Vice-Chancellor of Kerala Veterinary and Animal Sciences University, which recently ranked fourth in the Kerala Institutional Ranking Framework, with Pookode and Mannuthy Veterinary Colleges taking the top two spots in the Agricultural and Allied College category.
Published: Dec 22 2024, 4 pmeznews.inThe Noida International Airport (NIA) is set to significantly enhance the local economy with the establishment of a 172-acre Commercial District, which will feature hotels, restaurants, bars, shopping centres, and recreational facilities. Christoph Schnellmann, CEO of NIA, emphasized the airport's vision to create a sustainable and innovative commercial hub that integrates seamlessly with the airport and supports regional growth. Roseate Hotels and Resorts is expected to be one of the first developers, planning a 240-room airport hotel. The concept of aerotropolises is gaining traction in India, with similar developments in Delhi and Hyderabad. The Noida airport, the second in the Delhi-National Capital Region, aims to handle 12 million passengers annually after its first phase, which includes one runway and terminal. Recently, a validation flight test was completed, confirming the airport's navigational and air traffic control systems, as the project is managed by Zurich Airport International AG through its subsidiary, Yamuna International Airport.
Published: Dec 22 2024, 4 pmeznews.inIndia, currently the third-largest producer and consumer of ethanol, is poised to become a significant player in the sustainable aviation fuel (SAF) market, according to Hemant Mistry, Director of Net Zero Transition at the International Air Transport Association (IATA). Leveraging its existing ethanol supplies and abundant lipids feedstocks, such as non-edible industrial oils, India has the potential to produce 8-10 million tonnes of SAF by 2040, requiring investments of $70-85 billion. While global SAF production is projected to reach 2.1 million tonnes by 2025, Mistry emphasized the need for technological maturity before implementing mandates for SAF use. He noted that India's surplus biomass availability exceeds 200 million tonnes, presenting opportunities for innovative feedstock utilization. As the aviation sector seeks to decarbonize, IATA advocates for universal sustainability criteria and increased investment in SAF production pathways, highlighting the interconnectedness of aviation decarbonization with broader energy transitions.
Published: Dec 22 2024, 2 pmeznews.inMalaysia has extended its 30-day visa exemption for Indian nationals until December 31, 2026, as part of its Visa Liberalisation Plan aimed at enhancing tourism and economic ties with India. This policy, effective from December 1, 2023, allows Indian visitors to enter Malaysia by presenting a return flight ticket and proof of sufficient funds. Saravana Kumar Kumaravasagam, Malaysia's Consul General in Chennai, highlighted the opportunity for Indian tourists to explore Malaysia's diverse culture and attractions without the visa application process. Hishamuddin Mustafa, Director of Tourism Malaysia Chennai, emphasized the initiative's potential to position Malaysia as a preferred destination for Indian tourists, with tailored travel packages being developed for various segments, including leisure and business tourism. Following the visa exemption, Indian tourist arrivals surged, with over one million visitors recorded in 2024, marking a significant increase from previous years.
Published: Dec 22 2024, 2 pmeznews.inThe Confederation of Indian Industry (CII) has called for significant reforms to India's priority sector lending (PSL) framework, urging the inclusion of emerging sectors such as digital infrastructure, green initiatives, healthcare, and innovative manufacturing. CII Director General Chandrajit Banerjee emphasized the need for a high-level committee to review PSL norms every 3-4 years, aligning them with the evolving economic landscape and sectoral growth potential. The chamber advocates for prioritizing funding for green projects, digital technologies, and healthcare innovations, as well as establishing new development finance institutions (DFIs) to support these areas. While PSL has been instrumental in ensuring equitable credit distribution, CII argues that a shift to outcome-based metrics is necessary to enhance the impact of financial resources, aligning with India's vision of Viksit Bharat 2047. The Reserve Bank of India mandates PSL to ensure that critical sectors receive adequate financial support for socio-economic growth.
Published: Dec 22 2024, 1 pmeznews.inHDFC Securities has projected India's GDP growth at 6.4% for the fiscal year 2024-25, with potential downside risks stemming from a slowdown in urban demand and limited recovery in private capital expenditure. The firm anticipates a slight improvement to 6.7% in 2025-26, driven by rising rural demand and increased government spending. The Reserve Bank of India recently revised its growth forecast down to 6.6% from 7.2%, following a disappointing 5.4% growth in the July-September quarter. The report highlights that while urban consumption is faltering due to persistent inflation, rural consumption is recovering, aided by favorable monsoon conditions and strong crop yields. Dhiraj Relli, MD and CEO of HDFC Securities, noted that India is expected to stand out in global GDP growth, with key sectors such as BFSI, industrials, and IT leading the charge.
Published: Dec 22 2024, 1 pmeznews.inA recent report by the Confederation of Indian Industry (CII) in collaboration with Ernst & Young (EY) highlights significant challenges facing India's hospitality sector, primarily due to inadequate data collection. This lack of accurate information has led to the underreporting of the industry's contribution to national employment statistics, potentially hindering investment and policy focus. The report notes that informal employment, regional disparities, and skill gaps contribute to wage differences and career prospects within the sector. While the tourism and hospitality industry employed around 80 million people in 2019, this figure plummeted to approximately 32 million during the COVID-19 pandemic. However, the sector is on a recovery trajectory, with an estimated contribution of ₹21,15,000 crore to the economy in 2024, projected to double by 2034, largely driven by a surge in domestic tourism and increased local spending.
Published: Dec 22 2024, 12 pm
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