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Karnataka Governor Thawar Chand Gehlot has returned the Mineral Tax Bill, which proposes a tax ranging from ₹20 to ₹100 per tonne on various minerals, citing concerns raised by mining associations. The bill, passed by the Cabinet in December 2024, aims to generate approximately ₹4,207.95 crore in revenue, with an additional ₹505.9 crore from taxing land-bearing minerals. The proposed tax rates include ₹100 for bauxite, laterite, manganese, and iron ore, ₹50 for copper ore, and ₹20 for limeshell. Congress spokesperson BL Shankar emphasized that the bill was introduced for community benefit and had bipartisan support, while former Lok Sabha member VS Ugrappa criticized the lack of traditional legislative discussion surrounding the bill. He warned that the return of the bill could hinder the state's development, noting that this is the 12th bill to be returned by the Governor. 
Published: Jan 23 2025, 8 pmeznews.inThe Parliamentary Standing Committee on Consumer Affairs has urged the government to address significant vacancies in Consumer Commissions, highlighting that 18 out of 36 sanctioned posts for Presidents are unfilled, alongside 433 vacant member positions at the district level. The committee emphasized the need for immediate action from the Department of Consumer Affairs (DoCA) to prioritize these appointments, as the current vacancies hinder operational capacity. Additionally, it noted a decline in funding for consumer awareness programs, with the budget remaining stagnant at ₹17.99 crore since 2023-24, despite a 136.59% increase in actual expenditure for 2023-24. The report called for enhanced outreach through social media and regional languages, as consumer complaints surged from 54,516 in 2020 to 111,951 in 2024. The committee also recommended improving the National Consumer Helpline and expanding gold hallmarking services, particularly in rural areas.
Published: Mar 14 2025, 10 ameznews.inIn 2024, the warehousing market in Gujarat saw significant growth, with Ahmedabad, Surat, Vadodara, and Vapi collectively recording 8.26 million square feet of transactions, a 27% increase from 2023. Surat emerged as a standout performer, achieving a remarkable 98% year-on-year growth by adding 1.6 million square feet, driven by major players like Reliance Retail and Whirlpool. Ahmedabad contributed 5.8 million square feet, reflecting a 25% growth, with key transactions from Coca-Cola and Nestle India. The manufacturing sector was the primary demand driver, accounting for 49% of Ahmedabad's transactions and 72% in Surat. However, Vadodara and Vapi experienced declines of 2% and 24%, respectively. Knight Frank India's Chairman, Shishir Baijal, attributed the growth to government initiatives and robust infrastructure, positioning Ahmedabad as a vital industrial hub for chemicals, textiles, and pharmaceuticals, while Surat's expansion is linked to the chemical industry in the Bharuch-Ankleshwar belt.
Published: Mar 14 2025, 10 ameznews.inAs of February 2025, India has made significant strides in its infrastructure development, with 6,669 km of high-speed greenfield corridors awarded and 4,610 km completed, according to Union Minister of Road Transport and Highways Nitin Gadkari. The Bharatmala Pariyojana, initiated in 2017, aims to enhance logistics efficiency and connectivity, particularly in tribal and aspirational districts, while improving road safety. A total of 26,425 km of Bharatmala projects have been awarded, with 19,826 km constructed. The initiative also incorporates advanced technologies like AI-assisted construction and drone analytics to ensure quality and safety. Additionally, the PM Gati Shakti initiative has reviewed 115 national highway projects spanning approximately 13,500 km, amounting to ₹6.38 lakh crore, facilitating better planning and execution of infrastructure projects. The Ministry of Road Transport and Highways oversees these developments, aligning them with the PM Gati Shakti National Master Plan principles.
Published: Mar 14 2025, 9 ameznews.inIn a significant day for Tamil Nadu, the state government is set to present its Budget for 2025-26 in the Legislative Assembly at 9:30 AM, led by Finance Minister Thangam Thennarasu. Key discussions are anticipated around the alleged inadequacy of funds from the Union Budget, the National Education Policy, and pressing issues such as law and order and crimes against women and children. The ruling DMK is expected to announce expansions to the _Magalir Urimai Thogai_ scheme, as hinted by Deputy Chief Minister Udhayanidhi Stalin. The Budget session will be broadcast live across 100 locations in Chennai, including major public areas. Additionally, Tamil Nadu is projected to receive ₹58,021 crore in tax devolutions for FY2025-26, a slight increase from the previous year, amidst ongoing debates about revenue-sharing models and the state's financial management challenges.
Published: Mar 14 2025, 7 ameznews.inIndia's Ministry of Housing and Urban Affairs (MoHUA) is facing significant challenges in executing its flagship 'Housing for All' initiative, particularly the Pradhan Mantri Awas Yojana-Urban (PMAY-U). A Parliamentary committee revealed that only 50% of the revised budget of ₹63,669 crore for FY25 has been spent by mid-February, with low demand from states for central funds exacerbating the issue. Rising inflation and construction costs are making affordable housing less attractive for private investors, particularly for beneficiaries with annual incomes up to ₹9 lakh. The committee has urged a reassessment of financial assistance per dwelling unit to align with increased costs. Additionally, delays in scheme implementation, such as the PM-eBus Sewa and the National Urban Digital Mission, have hindered progress. The committee emphasized the need for better coordination among states and the Ministry to stimulate demand and ensure timely project completion.
Published: Mar 14 2025, 12 ameznews.inThe banking sector's credit flow to Micro, Small, and Medium Enterprises (MSMEs) has seen a remarkable increase, doubling from ₹10.06 lakh crore in 2019 to ₹21 lakh crore in 2024, according to Finance Minister Nirmala Sitharaman. Private sector banks have been pivotal in this growth, with their lending to MSMEs soaring from ₹4.56 lakh crore to ₹12.64 lakh crore over the same period, while public sector banks recorded a more modest rise from ₹5.5 lakh crore to ₹7.26 lakh crore. This shift highlights the aggressive expansion of private banks, which have utilized digital innovations and risk-based lending models to enhance financial inclusion. Despite these advancements, MSMEs still face challenges, including stringent collateral requirements and high interest rates. To address these issues, the government and the Reserve Bank of India are implementing reforms, such as expanding credit guarantee schemes and promoting digital infrastructure to facilitate easier access to financing for small businesses.
Published: Mar 14 2025, 12 ameznews.inIndia is exploring the possibility of sourcing products currently imported from China directly from the United States, as part of efforts to enhance bilateral trade relations. During a recent meeting led by Commerce Minister Piyush Goyal, industry representatives discussed strategies to provide the US with greater market access while safeguarding Indian exporters' interests. The government is keen to avoid protectionist measures, especially in light of US President Donald Trump's threats of reciprocal tariffs on countries with high import duties on American goods. Currently, India's tariffs on US products average 15.30%, significantly higher than the US's 3.83% on Indian goods. The discussions highlighted potential replacements for Chinese imports, including polymers and chemicals, with some sectors expressing willingness to adopt a zero-for-zero tariff approach. Agriculture was noted as a sensitive area for future discussions, as the US seeks access to India's agricultural market. In FY24, the US was India's largest trading partner, with significant trade volumes.
Published: Mar 13 2025, 9 pmeznews.inIndusInd Bank has acknowledged accounting discrepancies amounting to an estimated ₹1,530 crore, primarily related to derivative transactions, raising concerns over potential misreporting and non-compliance with accounting standards. The Financial Reporting Review Board (FRRB) of the Institute of Chartered Accountants of India (ICAI) may investigate the matter, although no formal probe has been initiated yet. The discrepancies, which reportedly went unnoticed for five to seven years, stem from the bank's internal trading desk hedging foreign currency risks using differing valuation methods. Corporate governance experts are calling for scrutiny of the board's oversight and the role of the bank's five auditors during this period. The FRRB's upcoming discussions will determine if further investigations are warranted, with potential consequences including regulatory penalties and reputational damage for the bank and its auditors. The situation highlights the importance of accurate financial reporting in maintaining investor confidence.
Published: Mar 13 2025, 8 pmeznews.inIndia's micro, small, and medium enterprises (MSMEs) are set to benefit from preferential pricing agreements with major steel producers, including Tata Steel and JSW Steel, aimed at shielding them from rising domestic prices amid potential safeguard duties on imported alloys. The new pricing structure, effective retroactively from March, will allow MSMEs to procure steel at export parity prices, which are typically lower than current market rates. This move comes as the Directorate General of Trade Remedies (DGTR) has recommended a 12-15% safeguard duty on imports, pending approval from the Finance Ministry. The Indian Steel Association has advocated for import curbs, particularly from China, to protect domestic profitability, while MSMEs have expressed concerns over unchecked price increases post-safeguard implementation. The agreement represents a compromise to balance the interests of both large producers and MSMEs in a deregulated steel market.
Published: Mar 13 2025, 8 pmeznews.inA recent report by Insurance Samadhan reveals a notable trend of younger consumers, particularly millennials, actively seeking redress for insurance grievances, accounting for 46% of all complaints. The study analyzed nearly 10,000 grievances, highlighting that individuals aged 39-52 and 53-66 contributed 29% and 16% of complaints, respectively. Claim rejection emerged as the primary issue for millennials, comprising 88% of their grievances, alongside concerns over short settlements and policy mis-selling. Gender disparities were also noted, with men filing the majority of complaints, while women represented 42% among millennials. The report underscores the need for greater transparency and improved customer support in the insurance sector, as 31% of Indians remain uninsured. Shilpa Arora, co-founder of Insurance Samadhan, emphasized the importance of tailored products and simplified grievance processes to foster trust and ensure equitable access, particularly for women and rural consumers.
Published: Mar 13 2025, 7 pm
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