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Farmers in Kenya's Kisumu County are successfully cultivating basmati rice, posing a challenge to the Indian subcontinent's traditional dominance in the market. While they harvest only 20 bags of 25 kg each of basmati compared to 40 bags of the IR27 variety, they benefit from lower cultivation costs, receiving 70 Kenyan shillings per bag. This shift is supported by local cooperatives and follows Kenya's collaboration with research scientists to combat counterfeit basmati rice. Meanwhile, Sri Lanka has developed a new red basmati rice variety, enhancing its health properties, while Egypt and Thailand are also entering the basmati market, with Egypt aiming to export to Europe and Thailand targeting Saudi Arabia. Experts suggest that India must expedite its international registration process to protect its basmati rice brand, which has seen exports valued at $3.38 billion this fiscal year alone. 
Published: Jan 21 2025, 8 ameznews.inThe Indian government has extended its duty-free import policy for tur (arhar/red gram) until March 31, 2026, as part of efforts to stabilize prices and enhance domestic availability. The Directorate General of Foreign Trade announced this extension, which was initially set to expire in March 2025. Current estimates indicate tur production will reach approximately 35.02 lakh tonnes, a 2.5% increase from last year's 34.17 lakh tonnes. As harvesting progresses in key states like Karnataka and Maharashtra, mandi prices have fallen below the minimum support price (MSP) of ₹7,550 per quintal for the kharif 2024 season. The government is also monitoring the prices of other pulses, with expectations of good production for chana and masur due to favorable conditions. Recent measures, including the sale of various dals under the Bharat brand, have successfully reduced the Consumer Price Index (CPI) for pulses inflation from 19.54% in January 2024 to 3.83% in December 2024.
Published: Jan 21 2025, 10 ameznews.inIn the December quarter of 2024, domestic rubber prices stabilized, yet international prices continued to rise, prompting tyre manufacturers to consider further price hikes in Q4 FY25 to safeguard their profit margins. Industry analysts predict that the ongoing demand coupled with restricted supply will keep natural rubber prices elevated, potentially tripling the market deficit in 2024 due to reduced tappable areas and lower yields. CEAT, a major tyre maker, reported a 46.4% drop in Q3 profits, attributing this to soaring raw material costs, and plans additional price increases across various segments. Experts highlight that global supply chain disruptions are exacerbating the volatility of raw material prices, although initiatives like INROAD aim to enhance local rubber production. Credit rating agency ICRA forecasts a moderation in domestic tyre volume growth to 4-6% in FY2025, with revenues expected to rise by 5-7%, but margins may decline by 200-300 basis points due to high rubber and crude prices.
Published: Jan 21 2025, 9 ameznews.inInfrastructure firm PNC Infratech has secured in-principle approvals from the National Highways Authority of India (NHAI) to transfer its 100% stake in two subsidiaries involved in the Bundelkhand and Khajuraho road projects to the KKR-backed Highways Infrastructure Trust. This development positions the PNC-KKR deal for closure by the end of March 2025, as PNC works to meet the necessary conditions. Key conditions precedent (CPs) include obtaining change in control approvals from highway authorities and no objection certificates (NOCs) from project lenders. PNC has received approvals for eight of the twelve highway assets, with two more expected by January 2025. The company anticipates completing the transactions for ten assets by the end of the financial year, representing 85% of the deal's total value, which is pegged at ₹9,006 crore. The remaining two assets are expected to close by the first half of FY26.
Published: Jan 21 2025, 9 ameznews.inKarnataka is set to host the sixth edition of its international millets festival in Bengaluru from January 23, showcasing over 300 processors and manufacturers of millet-based products. Agriculture Minister N Cheluvarayaswamy announced the event, which will feature a symposium titled “Transformation of Agrifood Systems through Agri-Ecology: A Global Perspective.” This symposium, in collaboration with international agencies like GIZ Germany and FiBL Switzerland, will see participation from experts across ten countries, including Germany, Spain, and Australia. Since its inception in 2017, the festival has highlighted Karnataka's status as a significant producer of nutri cereals, with millets cultivated across 18.37 lakh hectares in the state. Major varieties include ragi, jowar, and bajra, while minor millets such as fox, kodo, and proso millets are also grown, reflecting the region's agricultural diversity and commitment to promoting sustainable food systems.
Published: Jan 21 2025, 9 ameznews.inIn a surprising statement during his inaugural address on January 20, 2025, U.S. President Donald Trump announced plans to reclaim control of the Panama Canal, asserting that the original treaty's intent had been "totally violated." While Trump did not elaborate on the specifics of this controversial claim, his remarks signal a potential shift in U.S. foreign policy regarding the strategic waterway, which has been under Panamanian control since the end of the U.S. administration in 1999. The announcement has raised eyebrows among international observers, who are keen to understand the implications of such a move on U.S.-Panama relations and global trade routes. The Panama Canal remains a critical conduit for maritime traffic, and any attempt to alter its governance could have significant geopolitical repercussions.
Published: Jan 20 2025, 11 pmeznews.inThe National Company Law Tribunal (NCLT) has approved the liquidation of budget airline Go First, following unsuccessful attempts to revive its operations. The decision comes after the airline's committee of creditors, which includes major lenders like Bank of Baroda and Central Bank of India, voted unanimously for liquidation last July. Go First, which ceased operations on May 3, 2023, faced significant financial difficulties, exacerbated by ongoing issues with Pratt & Whitney engines that grounded its fleet of 54 aircraft. The airline's assets are estimated at ₹3,000 crore, while its liabilities exceed ₹11,000 crore. The NCLT appointed Dinkar Tiruvannadapuram Venkatasubramanian as the liquidator, relieving the previous resolution professional, Shailendra Ajmera. Additionally, the tribunal declined to allow foreign funding for Go First's arbitration case against Pratt & Whitney in Singapore, emphasizing the need to respect the creditors' decision.
Published: Jan 20 2025, 8 pmeznews.inChief Economic Advisor V. Anantha Nageswaran has criticized large corporations for their push to repeal a Budget 2023 provision that mandates timely payments to micro, small, and medium enterprises (MSMEs) for tax deductions. Speaking at an Exim Bank event in New Delhi, he highlighted the precarious financial situation of MSMEs, emphasizing that delays in payments create uncertainty and hinder banks from extending credit. Nageswaran pointed out that large enterprises often view MSMEs merely as a source of working capital, neglecting the critical need for timely payments to ensure their survival. He described the tax provision, which allows deductions only for actual payments made to MSMEs, as a progressive step. Additionally, he has previously raised concerns about stagnant employee compensation in the private sector, warning that low wages could ultimately harm corporate profitability and economic growth. Nageswaran reaffirmed the government's commitment to supporting MSMEs and fostering equitable economic development.
Published: Jan 20 2025, 9 pmeznews.inDonald Trump is set to implement a sweeping agenda of over 200 executive orders and directives on his first day back in office, aimed at reshaping U.S. policy across various sectors. Key initiatives include a crackdown on immigration, with plans to declare a national emergency at the U.S.-Mexico border, halt asylum access, and challenge birthright citizenship for children of undocumented immigrants. In energy, Trump will declare a national energy emergency and may withdraw from the Paris climate agreement, while also targeting electric vehicle support and imposing tariffs on battery materials. Additionally, he plans to restrict transgender rights in military and sports, end diversity programs in federal agencies, and classify drug cartels as foreign terrorist organizations. Trump also intends to mandate federal workers return to the office, potentially leading to significant resignations within the federal bureaucracy.
Published: Jan 20 2025, 9 pmeznews.inAgriculture sector companies are urging the Indian government to provide budgetary support in the upcoming Union Budget to enhance investments in research and development, infrastructure, and sustainable practices. Key industry leaders emphasize the need for granting infrastructure status to micro-irrigation, which could significantly lower operational costs and promote the adoption of renewable energy. Initiatives like the Per Drop More Crop scheme are highlighted for their potential to improve irrigation and mechanization, but require central oversight to ensure effective implementation. Stakeholders also call for increased investment in yield improvement, digital agriculture, and eco-friendly practices, alongside reforms in credit access and rural infrastructure. The focus on sustainable farming, including organic practices and climate-resilient crops, is seen as vital for enhancing food security and farmer incomes. Overall, a forward-thinking budget is viewed as essential for fostering a resilient agricultural ecosystem in India.
Published: Jan 20 2025, 7 pm
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