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In a crucial pre-Budget consultation held in New Delhi, Finance Minister Nirmala Sitharaman met with leaders from Indian industry, who urged the government to address the ongoing demand slowdown and stimulate economic growth through various fiscal measures. Key recommendations included cuts to both personal and corporate tax rates, a reduction in fuel prices via excise duty cuts, and an increase in public capital expenditure by 25% over the previous fiscal year's budget. Industry representatives emphasized the need for easier access to finance for Micro, Small, and Medium Enterprises (MSMEs) and proposed expanding the scope of Production Linked Incentives to include additional sectors like gems and jewellery. They also called for a reduction in the maximum personal income tax rate to enhance consumption and compliance. Other suggestions included establishing a Sovereign Wealth Fund and expediting Free Trade Agreements with the EU and UK to bolster economic resilience. 
Published: Dec 30 2024, 8 pmeznews.inChennai Metro Rail Limited (CMRL) has reported a significant 15% increase in ridership for 2024, with 11 crore passengers using the service, up from 9 crore in 2023. Since its launch on June 29, 2015, the metro has served a total of 36 crore passengers, establishing itself as a vital transportation option for the city. To further boost patronage, CMRL is offering a 20% discount on all ticketing options, including Metro Travel Cards, QR code tickets, and group passes. Passengers can conveniently book tickets through various platforms, including WhatsApp and Paytm, enhancing accessibility. This initiative aims to encourage more residents to utilize the metro system, reinforcing its role as a key component of Chennai's urban infrastructure.
Published: Jan 02 2025, 6 pmeznews.inMangaluru is set to host a two-day fair dedicated to tubers, turnips, and green leafy vegetables on January 4 and 5, 2025, organized by the Savayava Krishika Grahakara Balaga (R). The event aims to raise awareness about the health benefits of these crops, showcasing nearly 350 varieties of tubers and turnips, alongside 150 varieties of green leafy vegetables. GR Prasad, a representative of the organizing committee, noted that 16 farmers from Maharashtra, Odisha, Andhra Pradesh, and Kerala, along with around 100 farmers from Karnataka, will participate. He emphasized that many of these crops can thrive in drought conditions, making them viable for both rural and urban cultivation, including terrace gardens. The fair will also feature dishes made from these nutritious ingredients, highlighting their potential to enhance daily diets and provide income opportunities for farmers during challenging agricultural conditions.
Published: Jan 02 2025, 5 pmeznews.inIn a promising sign for the Indian job market, the Naukri JobSpeak report revealed a 9% year-on-year increase in white-collar hiring for December 2024, reaching an index of 2,651 points. This growth was largely driven by high-skill roles in sectors such as AI/ML, which saw a remarkable 36% rise, alongside significant contributions from Oil and Gas, FMCG, and Healthcare. Notably, fresher hiring also rebounded with a 6% increase, particularly in creative and lifestyle sectors, with Architecture and Interior Design leading at 39%. Major cities like Chennai and Bangalore continued to show strong performance, while Coimbatore experienced a notable 14% growth, bolstered by foreign MNC hiring. Naukri.com’s Chief Business Officer, Pawan Goyal, emphasized that the job market is evolving, blending fresh talent with strategic expertise, particularly in traditional sectors adapting to new demands.
Published: Jan 02 2025, 5 pmeznews.inAs the New Year unfolds, North-West India is experiencing a shift in weather patterns due to back-to-back western disturbances originating from Iran and Pakistan. The India Meteorological Department (IMD) reports that these systems are expected to raise minimum night temperatures by 1-2°C in regions like Jammu and Kashmir, Himachal Pradesh, and parts of Gujarat, which had recently faced frigid conditions. The disturbances will bring moisture-laden winds, resulting in light to scattered rain and snow across the Himalayan region from Thursday, with heavier precipitation anticipated in Jammu-Kashmir-Ladakh on Sunday and Monday. Additionally, isolated thunderstorms are likely in Jammu-Kashmir-Ladakh and Himachal Pradesh. While temperatures in Central India have dropped by 2-4°C, a gradual rise of 2-3°C is expected in North-West India over the next five days, although no significant changes are forecasted for Central and East India during this period.
Published: Jan 02 2025, 4 pmeznews.inIn a recent update from New Delhi, the Indian agriculture ministry has reported a record Kharif rice production of 119.93 million tonnes for the 2024-25 season, marking a 6% increase from the previous year. Despite this overall growth, procurement in key states like Punjab and Haryana fell short of targets, with Punjab achieving 116.30 lakh tonnes—6.5% lower than last year—and Haryana at 35.99 lakh tonnes, down from 39.49 lakh tonnes. In contrast, states such as Madhya Pradesh, Bihar, and Andhra Pradesh saw significant increases in procurement, with Madhya Pradesh reporting a 43.5% surge. The Food Corporation of India has managed to procure 313.13 lakh tonnes of rice from October to December 2024, a 4.3% rise from the same period last year. Experts suggest that while initial procurement trends are lower in Punjab and Haryana, overall government targets may still be met.
Published: Jan 02 2025, 3 pmeznews.inOperating profits for companies in the consumer sector are projected to decline by 2.5% due to high raw material prices impacting gross profit margins, according to a report by Nomura. Despite a noted improvement in rural demand, weak urban sales and price hikes have pressured overall sales volumes in the December quarter. Nomura estimates annual sales growth in the consumer sector at 4.5%, but warns that volumes remain under strain, particularly for products affected by the delayed winter. Major companies like Marico, Nestle, and Godrej Consumer Products have implemented significant price increases, particularly in categories such as soaps and edible oils, yet these hikes have not kept pace with commodity inflation, further squeezing margins. The report anticipates varied revenue growth across the FMCG sector, with Tata Consumer Products and Marico expected to perform better, while companies like Tata Consumer and Godrej may face the most significant margin contractions.
Published: Jan 02 2025, 3 pmeznews.inIn 2024, hybrid vehicle sales in India experienced a 7% increase, reaching over 3.55 lakh units, driven by new launches from major manufacturers. Petrol hybrids led the segment with approximately 2.94 lakh units sold, despite a slight decline from the previous year. Notably, plug-in hybrids made their debut with 41 units sold, while strong hybrids recorded over 56,000 units. Maruti Suzuki and Toyota dominated the market, accounting for 96% of sales, with Maruti's figures dropping to 2.36 lakh units, while Toyota's surged to 1.05 lakh units, bolstered by new models. Mercedes-Benz emerged as a significant player, more than doubling its hybrid sales to over 11,000 units. Industry experts predict that hybrids will play a crucial role in the transition from internal combustion engines to electric vehicles, addressing range anxiety amid limited charging infrastructure, as highlighted in a recent S&P Ratings report.
Published: Jan 02 2025, 3 pmeznews.inThe first train set for Bengaluru Metro's Yellow Line, which will connect key areas including Jayadeva Hospital and Electronics City, is set for dispatch on January 6, 2025, as confirmed by Bengaluru South MP Tejasvi Surya. He announced the readiness of the initial train and outlined a schedule for subsequent deliveries, with the second train expected by late January or early February and a third in April. Supplier Titagarh Rail Systems Ltd plans to deliver one train per month initially, increasing to two by September. Surya highlighted the need for the Bangalore Metro Rail Corporation Ltd (BMRCL) to secure necessary approvals to prevent delays. Challenges such as visa issues for engineers have previously hindered production, but a dedicated production line has been established. Surya has requested the Minister of Housing and Urban Affairs to visit the Kolkata plant on January 6 to inspect and flag off the trains.
Published: Jan 02 2025, 2 pmeznews.inMaldivian Foreign Minister Abdulla Khaleel is in India from January 2 to January 4 to strengthen bilateral political, strategic, and economic ties with Indian counterpart S. Jaishankar. This visit comes amid reports of an alleged plot by the opposition Maldivian Democratic Party (MDP) to impeach President Mohamed Muizzu, which reportedly sought financial support from India but ultimately did not materialize. Muizzu, who assumed office in November 2023 after an anti-India campaign, has since worked to improve relations with India, referring to it as a "valued partner" during his October 2024 visit to New Delhi. India has responded by offering two currency swap agreements worth $400 million and ₹3,000 crore to assist the Maldives with its foreign currency challenges, while discussions on a potential Free Trade Agreement are also on the agenda.
Published: Jan 02 2025, 2 pmeznews.inAs of December 28, 2024, the growth of assets under management (AUM) in India's National Pension System (NPS) has slowed to 25.49%, reaching ₹13.69 lakh crore, according to the Pension Fund Regulatory and Development Authority (PFRDA). This decline follows a significant drop in equity benchmarks, with the Nifty50 and Sensex falling over 10% since their record highs in September 2024. Annual returns on NPS equity schemes have decreased to 15.86%, down from nearly 40% in September. Despite this, 2024 marked the ninth consecutive year of positive returns for Indian equities, with a record fund mop-up of over $16 billion in primary markets. The private sector's NPS AUM grew by 33.33% year-on-year, highlighting its increasing popularity as a retirement savings option. The corporate sector also showed robust growth, with AUM reaching ₹2.04 lakh crore, while the number of private sector subscribers rose by 22.43% to 62.71 lakh.
Published: Jan 02 2025, 12 pm
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