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A Aravind Rao has been elected as the chairman of the Karnataka Planters Association (KPA) for the 2024-25 term, with M Salman Baseer serving as vice chairman. The announcement was made during the KPA's 66th annual general meeting held in Madikeri. Alongside Rao and Baseer, the newly elected executive committee members include Yeshwant R. Gurjer, Sameer Gurjer, A.P. Rajaram, M.C. Kariappa, I.B. Bopanna, Pavan Monnappa, K.P. Appaiah, Krishanth Chowdlu, and Khalid Saleem. The KPA plays a crucial role in representing the interests of planters in Karnataka, focusing on agricultural policies and practices that impact the region's economy. The leadership transition aims to enhance the association's efforts in addressing the challenges faced by the agricultural sector in the state. 
Published: Nov 21 2024, 6 pmeznews.inThe Reserve Bank of India (RBI) has reaffirmed its commitment to maintaining a liquid and orderly foreign exchange (FX) market, utilizing its reserves to bolster investor confidence and mitigate financial risks. In its latest monthly bulletin, RBI officials highlighted the importance of these reserves, particularly during periods of significant capital outflows, to ensure market stability. They noted that since 2020, the global economy, including India, has faced unprecedented uncertainty, yet the RBI's net interventions relative to GDP have remained consistent with past crises. The Indian rupee (INR) experienced a depreciation of 7.8% in 2022-23, but only 1.4% in 2023-24, reflecting improved macroeconomic fundamentals. Officials dismissed claims that exchange rate policies adversely affect export competitiveness, citing a decline in sensitivity to real exchange rate changes due to diversification and technological advancements in manufacturing. The focus is now on enhancing market share through quality and innovation rather than relying on an undervalued currency.
Published: Nov 21 2024, 10 pmeznews.inIndia Infrastructure Finance Company Ltd (IIFCL), a state-owned infrastructure lender, plans to raise approximately $200 million through external commercial borrowing (ECB) by January 2025, marking its first foray into overseas debt markets in the US and Japan since its establishment in 2007. Managing Director PR Jaishankar noted that the decision comes amid a challenging domestic debt environment, with international markets currently offering more favorable conditions. IIFCL is also considering green bonds to attract specialized investors. The lender aims to increase its renewable energy portfolio from 12% to 25% by 2030 and is exploring funding opportunities in aviation and emerging sectors like electric vehicles and data centers. With a reported net profit of ₹1,551 crore for FY24 and ₹811 crore for the first half of FY25, IIFCL is also contemplating a public listing through an initial public offering (IPO) in the near future.
Published: Nov 21 2024, 9 pmeznews.inThe Insolvency and Bankruptcy Board of India (IBBI) has proposed a mandatory framework for the constitution of monitoring committees to oversee the implementation of resolution plans under the Corporate Insolvency Resolution Process (CIRP). This initiative follows a Supreme Court ruling that highlighted the need for statutory recognition of such committees. The discussion paper invites public comments until December 9. The proposed framework empowers the Committee of Creditors (CoC) to determine the committee's structure and duration, ensuring representation from both creditors and successful resolution applicants. The monitoring committee will be responsible for supervising plan implementation, ensuring compliance, and submitting quarterly progress reports to the Adjudicating Authority. Legal experts have welcomed the move, asserting it will enhance transparency, accountability, and the overall effectiveness of insolvency proceedings, aligning with the objectives of the Insolvency and Bankruptcy Code, 2016.
Published: Nov 21 2024, 9 pmeznews.inIn a bid to bolster bilateral trade relations, Australian Consul General in South India, Silai Zaki, visited the Kochi office of Harrisons Malayalam Limited (HML) on November 21, 2024. During her visit, Zaki expressed support for marketing Indian horticultural products in Australia and explored the potential for implementing Australian research and development standards in India. She noted a significant 67% increase in trade between the two nations over the past five years, emphasizing the untapped potential for further growth. Zaki commended HML's sustainable development initiatives and the integration of artificial intelligence in their operations. Discussions also covered the export of commodities such as tea, rubber, fruits, and spices, with Zaki highlighting the strong demand for value-added products in Australia. HML executives, Cherian M George and Santhosh Kumar, engaged in detailed talks regarding challenges in the plantation sector and emerging opportunities.
Published: Nov 21 2024, 5 pmeznews.inAs of November 21, 2024, water storage in India's 155 major reservoirs has decreased to 83% of capacity, down 2 percentage points from the previous week, according to the Central Water Commission (CWC). This decline follows the withdrawal of the South-West Monsoon, despite an overall 8% excess rainfall during the season. The India Meteorological Department (IMD) reported that 64% of districts experienced deficient post-monsoon rainfall, contributing to a national deficiency of 11%. Punjab, Bihar, and Himachal Pradesh reported the lowest storage levels, at 52%, 36%, and 30% below normal, respectively. However, the situation remains favorable for the upcoming rabi season, with overall storage higher than last year. Notably, the western region boasts the highest storage at 95%, while forecasts suggest improved conditions in the North-East and South due to expected above-normal rainfall.
Published: Nov 21 2024, 8 pmeznews.inIndia's automotive components industry is poised for significant growth, with the Automotive Component Manufacturers Association projecting a 7-10% increase in revenue during FY25, potentially surpassing $80.1 billion. This growth is largely driven by a robust two-wheeler segment and a notable rise in electric vehicle (EV) components, which doubled to 6% of total production in FY24. The EV market has experienced a remarkable 76% compound annual growth rate (CAGR) from FY20 to FY24, while exports reached $21.3 billion, with the US as the largest market. Additionally, a trade surplus of $300 million in FY24 highlights India's evolving role in global automotive supply chains. Experts emphasize the importance of supporting small and medium enterprises (SMEs) to maintain India's competitive edge, as the country emerges as a key sourcing hub for global original equipment manufacturers (OEMs).
Published: Nov 21 2024, 5 pmeznews.inZopper, an Indian insurtech platform, has successfully raised $25 million in a Series D funding round co-led by Elevation Capital and Dharana Capital, with participation from existing investor Blume Ventures. The funds will be utilized to enhance Zopper's digital technology infrastructure, focusing on its insurance distribution platform, data science, and artificial intelligence capabilities. Currently partnered with 40 insurance companies and over 2,500 ecosystem players, Zopper aims to transform the insurtech landscape in India by providing customized, byte-sized insurance solutions through its extensive API offerings. Co-Founder and CEO Surjendu Kuila emphasized the company's commitment to democratizing access to insurance, while Elevation Capital's Mridul Arora praised Zopper's innovative approach and growth trajectory. As Zopper aligns with India's 'Insurance for All' vision by 2047, it seeks to streamline the insurance distribution model, enhancing customer experiences and operational efficiency.
Published: Nov 21 2024, 5 pmeznews.inThe APEC Climate Center (APCC) has forecasted a 62% likelihood of La Niña conditions persisting in India from December 2024 to February 2025, with a transition to neutral conditions expected by April 2025. The APCC's ENSO alert indicates a "La Niña Watch," predicting the Niño3.4 index to drop to -0.8°C in January 2025 before rising to -0.3°C by May. Meanwhile, Australia's Bureau of Meteorology suggests La Niña may not develop until February 2025, while the US Climate Prediction Center estimates a 57% chance of its emergence between October and December. Despite these developments, the APCC anticipates above-normal rainfall for India during the December 2024-May 2025 period, alongside a global trend of elevated temperatures, particularly in the Indian Ocean and Southeast Asia, while predicting below-normal rainfall in the western Indian Ocean and equatorial Pacific regions.
Published: Nov 21 2024, 5 pmeznews.inThe Solvent Extractors’ Association of India (SEA) has highlighted the potential of genetically modified (GMO) rapeseed to significantly enhance oilseed productivity in India, addressing a growing demand-supply gap. President Sanjeev Asthana noted that while oilseed production is expected to rise from 35 million tonnes to 45-50 million tonnes by 2029-30, consumption could reach 32 million tonnes, driven by the increasing popularity of convenience foods. To support farmers and boost exports of rapeseed meal, which fell by 25% in early 2024, SEA has called for a 15% export incentive. Additionally, the association urged the government to ensure full-scale procurement at minimum support prices (MSP) for soyabean, which is currently trading below MSP. Asthana also criticized the ban on futures trading in key commodities, asserting it hampers price discovery, and recommended protective measures for the domestic oleochemical industry against low-cost imports.
Published: Nov 21 2024, 4 pm
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