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India's industrial sector is projected to grow at a slower rate of 6.2% in FY25, down from 9.5% in FY24, primarily due to base effects and subdued manufacturing performance in the first half, according to a Bank of Baroda report. However, signs of recovery are emerging for the latter half of the fiscal year, bolstered by improved GST collections, steady Purchasing Managers' Indices (PMIs), and increased capital expenditure. The upcoming Union Budget is expected to introduce measures to stimulate manufacturing growth and enhance the investment cycle. Notably, industrial production reached a six-month high in November 2024, with a robust 5.2% growth driven by broad-based expansion across manufacturing, mining, and electricity sectors. Infrastructure and capital goods output saw remarkable increases of 10% and 9%, respectively, while consumer durable goods surged to a 13-month high of 13.1%. Despite this momentum, year-to-date growth has moderated, prompting attention towards forthcoming budget and policy announcements. 
Published: Jan 11 2025, 10 ameznews.inThe Indian Finance Ministry has issued an internal advisory prohibiting the use of artificial intelligence tools, including popular applications like ChatGPT and DeepSeek, on official devices due to concerns over data confidentiality. This directive, communicated to key departments, highlights the potential risks these AI applications pose to government data security. The advisory comes as India prepares to launch its own indigenous AI model, aimed at providing secure and affordable solutions tailored to the Indian context, including support for local languages. Union Minister for Electronics and Information Technology, Ashwini Vaishnaw, announced that the Indian AI model is expected to be ready within six months, backed by a robust computing facility featuring 18,693 GPUs. This initiative positions India as a reliable player in the ethical AI landscape, with plans to host DeepSeek on Indian servers after security evaluations to benefit local developers.
Published: Feb 05 2025, 6 pmeznews.inThe Indian government is contemplating the annual export of 15,000 tonnes of specialty sugar, which would be exempt from any export restrictions, even if imposed. Currently, sugar exports are regulated through a permit system by the Food Ministry, with no specific classification for specialty sugars, which include value-added products like brown sugar and icing sugar. An inter-ministerial panel discussed the proposal from the Commerce Ministry last week but postponed a decision due to insufficient information. Sources indicate that the Commerce Ministry is expected to gather the necessary data before revisiting the issue. Concerns have been raised following previous issues with organic sugar exports, where some traders misused the system for regular sugar. The proposed quantity for specialty sugar is considered minimal compared to India's overall sugar production.
Published: Feb 05 2025, 6 pmeznews.inThe National Bank for Agriculture and Rural Development (Nabard) has projected a credit potential of ₹9.38 lakh crore for Tamil Nadu's priority sector in 2025-26, reflecting a 12.41% increase from the previous year. This announcement was made during a State Credit Seminar chaired by Tamil Nadu Finance Minister Thangam Thennarasu, which brought together senior bankers, government officials, and industry experts. The 'State Focus Paper for 2025-26' revealed that agriculture is expected to account for 46% of the total credit projection, while the Micro, Small, and Medium Enterprises (MSME) sector will contribute around 37%. Thennarasu praised Nabard's contribution of ₹31,887 crore towards rural infrastructure, which has improved irrigation, rural roads, and drinking water access. Chief Secretary N Muruganandam emphasized the need for equitable credit distribution, particularly for small farmers and tribal development initiatives, during the seminar attended by key financial leaders.
Published: Feb 05 2025, 6 pmeznews.inTruck rentals on major routes in India experienced a significant rebound in January 2025, driven by an influx of winter fruits and vegetables that boosted cargo availability, according to the Shriram Mobility Bulletin. Rental rates for an 18-tonne vehicle on the Delhi-Mumbai route rose by 4%, while the Mumbai-Kolkata route saw a 3.7% increase. Despite this positive trend, a cold wave affecting parts of the country has disrupted vehicle movement, leading to supply chain bottlenecks and a 4% decline in diesel consumption. FASTag transaction volumes also dipped slightly, indicating fewer commercial vehicles on the roads. However, the logistics sector is expected to gain momentum in the March quarter, bolstered by recent Union Budget measures and the upcoming Kharif sowing season, which could further enhance demand for agricultural vehicles and freight services. Overall, the sector remains poised for growth despite temporary disruptions.
Published: Feb 05 2025, 4 pmeznews.inThe ICAR-Central Institute of Fisheries Technology (CIFT) in Kochi has launched a two-day training programme focused on the Sensory Analysis of Shrimp Decomposition, aimed at enhancing quality standards in India's burgeoning $8 billion seafood industry. Inaugurated by KN Raghavan, Secretary-General of the Seafood Exporters Association of India, the initiative addresses the need for exporters to maintain high quality amid global competition. George Ninan, Director of CIFT, emphasized the importance of sensory analysis in preventing trade disruptions caused by rejected shipments. The programme is tailored for seafood technologists and quality assurance personnel, equipping them with essential skills to assess shrimp quality in line with FDA protocols. Eleven participants from various seafood export units across India are taking part, gaining valuable insights into sensory evaluation as a regulatory tool for consumer safety and export compliance.
Published: Feb 05 2025, 3 pmeznews.inIndia's services sector experienced its slowest growth in over two years in January, according to a recent survey. The HSBC India Services PMI Business Activity Index dropped to 56.5 from 59.3 in December, marking its lowest level since November 2022. Despite remaining above the 50-mark that indicates expansion, the decline reflects softer increases in sales and output. However, international sales saw a notable rise, with gains reported from clients across Asia, Europe, the Middle East, and the Americas. The survey also highlighted a significant uptick in job creation, with service providers filling positions at one of the fastest rates since data collection began in 2005. While service companies faced rising costs, particularly in staffing and food prices, they remain optimistic about future business activity, driven by competitive pricing and new client inquiries. Overall, the HSBC India Composite Output Index fell to a 14-month low of 57.7, indicating a loss of growth momentum in the private sector.
Published: Feb 05 2025, 11 ameznews.inThe Indian Ministry of Ports, Shipping and Waterways is accelerating a $2-3 billion initiative to modernize and establish shipbuilding yards, responding to interest from global shipping giants like the Mediterranean Shipping Company (MSC). The policy aims to enhance capacity, upgrade technology, and develop workforce skills at shipyards, particularly in coastal states such as Andhra Pradesh and Odisha. With China currently at full capacity for shipbuilding, there is a growing demand for new vessels, prompting this strategic push. The Indian government is expected to cover about 50% of the funding, with the remainder sourced from financial institutions and multilateral agencies. Recent discussions with South Korean and Japanese investors have also taken place, with further visits anticipated. This initiative complements existing efforts, including a ₹25,000-crore Maritime Development Fund and the pending approval of the ₹18,000-crore Shipbuilding Financial Assistance Policy (SBFA 2.0).
Published: Feb 04 2025, 8 pmeznews.inHyperlocal logistics start-up Shadowfax has appointed Bijou Kurien, Ruchira Shukla, and Pirojshaw Sarkari as independent directors, enhancing its governance and commitment to operational excellence ahead of its IPO. Kurien, with over 35 years in FMCG and retail, is a founding member of Titan Industries and Reliance Retail, while Shukla brings 25 years of venture capital and investment banking experience. Shadowfax's CEO, Abhishek Bansal, highlighted the significance of these appointments in aligning with the company's vision to transform third-party logistics in India. Founded in 2015 by IIT Delhi alumni, Shadowfax operates in over 2,500 cities and serves e-commerce and direct-to-consumer brands. The company recently raised $100 million in funding led by TPG NewQuest, further solidifying its position in the logistics sector.
Published: Feb 05 2025, 8 ameznews.inTwo weeks after India permitted the export of one million tonnes of sugar, shipments remain minimal as mills hold out for higher prices amid rising domestic costs. With domestic sugar prices climbing to ₹41,000 per tonne, mills are seeking export prices above ₹45,000, according to Dilip Patil, Managing Director of Samarth SKK Ltd. So far, approximately 3 lakh tonnes have been traded for export, primarily from Uttar Pradesh. Despite limited transactions, some mills have sold export licenses for over ₹44,000 per tonne. Current production estimates vary, with the Indian Sugar and Bio Energy Manufacturers estimating 27.27 million tonnes for the season, while government forecasts suggest 32 million tonnes. Meanwhile, global sugar prices are under pressure due to a strong dollar and anticipated large production in Brazil, which could impact Indian exports. The Indian government allowed these exports to assist mills in settling dues to sugarcane farmers.
Published: Feb 05 2025, 9 ameznews.inGlobal rating agencies have expressed mixed views on India's fiscal outlook following the Union Budget for FY26. S&P and Fitch have reaffirmed their confidence in the government's gradual deficit reduction strategy, with S&P maintaining a 'BBB-' rating and a positive outlook, while Fitch also holds a 'BBB-' rating with a stable outlook. However, Moody's cautioned that proposed income tax relief could hinder fiscal consolidation efforts, despite potential boosts to consumer spending. The Indian government has revised its fiscal deficit estimates, lowering FY25 to 4.8% and projecting 4.4% for FY26. Fitch noted that the budget aligns with its expectations, but warned of possible revenue collection slippage due to slower economic growth. Moody's highlighted that while tax cuts may benefit the middle class, they could impede fiscal progress as debt servicing costs rise. The overall sentiment remains cautiously optimistic, with potential for rating upgrades contingent on improved fiscal management.
Published: Feb 04 2025, 10 pm
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