India
World
Economy
Science
Health
Showbiz
ContactTrending Economy
Kisanserv, a Pune-based company, is set to expand its reach by opening 250 retail outlets for fruits and vegetables in Pune and Mumbai over the next three years. With 25 stores already established in the two cities, the company prides itself on offering fresh, premium-packed produce at prices 15-25 per cent lower than the market average. By directly sourcing from over 10,000 farmers in Maharashtra and cutting out middlemen, Kisanserv ensures fair compensation for farmers and affordable prices for consumers. The company operates physical stores as well as the Kisanserv Express app for home delivery within 30 minutes. With an annual revenue per square foot of ₹36,000, Kisanserv is focused on providing high-quality produce while supporting local farmers and communities. 
Despite the Power Ministry's directive against taxing renewable energy, the Kerala State Electricity Board (KSEB) has raised charges, causing financial disincentives for solar adoption. The move has been criticized by domestic solar power producers in Kerala, who argue that it goes against efforts to promote renewable energy adoption. Solar Prosumers-Domestic Only, a community advocating for solar power prosumers, has proposed solutions to address the challenges faced by consumers, including reframing the fixed charge system and adjusting the annual settlement month for solar energy prosumers. With over 1.20 lakh solar power prosumers in Kerala, the community recommends a multi-pronged approach to encourage continued participation in the solar energy program, such as adjusting the average power purchase cost rate and implementing incentive programs. Founder Jameskutty Thomas believes that by addressing these challenges and incentivizing renewable energy adoption, Kerala can reduce grid load, lower operational costs, and contribute to environmental sustainability.
Tea prices at the Kochi auction have seen a boost due to active participation from exporters and strong overseas demand, with orthodox tea prices rising. In sale 20, the average price realization increased to ₹177 from ₹172 the previous week, with exporters from CIS and Middle East countries showing interest. The auctioneers Forbes, Ewart & Figgis reported that 91% of the offered quantity of 1,14,678 kg was sold. CTC leaf also saw a strong demand, with a 100% sales percentage out of the offered quantity of 20,500 kg. The dust market remained strong, with a 94% sales percentage out of the offered quantity of 5,49,179 kg. Exporters were actively participating in the orthodox dust market, with primary grades seeing higher prices and secondaries lower.
Finance Minister Nirmala Sitharaman has reassured that the inclusion of Indian bonds in global indices will not pose significant challenges, stating that it will not make life difficult. In an interview with BusinessLine, she emphasized the importance of oversight to ensure that fluctuations do not have a negative impact on the country's financial stability. Sitharaman highlighted that the decision to open up to global indices was made after extensive discussions and groundwork, including consultations with the Reserve Bank of India. She expressed confidence in the decision-making process and stated that she is not particularly worried about the potential consequences. The Finance Minister's comments come amidst concerns about the impact of sudden dollar inflows on the Indian economy.
In an exclusive interview with BusinessLine, Finance Minister Nirmala Sitharaman discussed the BJP's performance in the South, stating that the party has met its expectations and delivered on its promises. Sitharaman highlighted the positive reception of Prime Minister Modi's achievements in states like Andhra Pradesh, Tamil Nadu, Kerala, and Karnataka, emphasizing the tangible development seen in areas such as infrastructure, ports, and hospitals. She noted that the BJP has fulfilled commitments on initiatives like Ujjwala, housing, water, and electricity, benefiting the poorer sections of society. Sitharaman emphasized that the public recognizes and associates this progress with PM Modi, indicating a strong support base for the party in the upcoming 2024 elections.
Finance Minister Nirmala Sitharaman discussed the regulation of crypto currency in an interview with BusinessLine, emphasizing the need for a global understanding on how to regulate this asset. She highlighted that discussions have been ongoing since 2020 within the Finance Ministry, with the RBI also sharing its views. Sitharaman stressed the importance of consensus at a global level, citing discussions at G20 meetings under India's Presidency. She noted that regulating crypto currency within one country without international cooperation would not be effective. Sitharaman addressed concerns about conflicting opinions among regulators, stating that while differences exist, they are not at a stage where a decision has been made. The full interview can be accessed on the BusinessLine website.
In a recent development, crews conducted a controlled demolition on May 13 to break down the largest remaining span of the collapsed Francis Scott Key Bridge in Baltimore. The container ship, Dali, which caused the deadly collapse on March 26 resulting in the deaths of six construction workers, is set to be refloated on Monday and moved to a nearby marine terminal. The ship had lost power and crashed into one of the bridge's supporting columns, leading to traffic disruptions in Baltimore Harbour. The refloating process is expected to take at least 21 hours, with up to five tugboats escorting the Dali on its 2.5-mile journey. The incident, which saw the Dali experience multiple electrical blackouts before the collision, involved a crew of 20 Indians and one Sri Lankan.
The Panama Canal, a crucial waterway connecting the Atlantic and Pacific Oceans, is slowly returning to normal operations after facing challenges due to a prolonged drought. The Panama Canal Authority has announced measures to optimize transit operations, including increasing the number of daily transits through the locks and raising the maximum draft for vessels. The canal, which supports over $440 billion worth of cargo annually, plays a vital role in international trade, connecting ports in 170 countries. However, the recent drought has highlighted the vulnerability of the water system, prompting the need for innovative solutions to ensure sustainable operations in the face of climate change. The canal's Deputy Administrator emphasized the importance of technology, policy reforms, and community engagement in addressing water scarcity challenges for the future.
In an interview with BusinessLine, Finance Minister Nirmala Sitharaman emphasized the need for scheduled commercial banks to focus on core banking rather than high-risk long-term project financing. She clarified that banks should stick to their core functions and not engage in risky lending practices. The RBI recently issued a draft framework requiring lenders to set aside provisions for project financing, which has raised concerns among project developers. Sitharaman also discussed the next phase of GST reform, stating that rate rationalization needs to be addressed soon. Additionally, she addressed concerns about the inclusion of Indian bonds in global indices and the regulation of cryptocurrency, emphasizing the need for a global understanding before implementing any regulations. The Finance Minister highlighted the importance of effective resource utilization, particularly in eastern states, to enhance banking services.
As the General Elections near conclusion, Finance Minister Nirmala Sitharaman discussed with _businessline_ about navigating the economy post-Covid towards stability and growth. She highlighted the resolution of GST and IBC issues, evolving regulatory frameworks, and the government's focus on entrepreneurship and poverty alleviation. Reflecting on her tenure, she emphasized the challenges faced, including Covid-19 and geopolitical tensions. Sitharaman also addressed ongoing reforms in GST, direct taxes, and infrastructure financing. She defended the government's approach to redistribution, emphasizing empowerment over curbing entrepreneurship. Regarding the elections, she expressed confidence in the BJP's performance in the South and dismissed claims of voter apathy. The interview concluded with Sitharaman outlining key priorities for the incoming Finance Minister, focusing on India's development goals and economic growth.
India and the United Kingdom have reached an agreement to allow carriers from both countries to operate an additional 14 flights per week from London Heathrow to Delhi and Mumbai airports. The memorandum of understanding, signed on May 1, aims to boost air travel between the two nations, with the UK Department for Transport highlighting the potential for increased business, trade, and tourism. The move benefits UK carriers that had reached their previous flight entitlement limit, while Indian carriers like Air India and Vistara will also benefit from the increased capacity. Industry experts see this as a positive development, addressing long-standing demand-supply constraints and potentially stabilizing airfares on the popular route. The revised agreement is expected to further strengthen the strong relationship between India and the UK, with airlines now having the flexibility to decide when and how many additional flights to add.
