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Farmer leader Swaran Singh Pandher, president of the Kisan Mazdoor Sangarash Committee (KMSC), has emphasized the necessity of a legal guarantee for the minimum support price (MSP) to facilitate the long-standing government goal of transitioning Punjab's paddy farmers to alternative crops. Addressing the media in New Delhi, Pandher criticized misinformation regarding the MSP demand, asserting that farmers are compelled to grow paddy despite preferring other crops due to financial insecurity. He announced plans for a renewed march to Delhi starting December 6, alongside a hunger strike by fellow leader Jagjit Singh Dallewal from November 26. Pandher highlighted that a legal framework for MSP could address critical issues such as groundwater depletion, air pollution, and soil degradation, while also enhancing domestic production of oilseeds and pulses. He expressed readiness for discussions with the government, noting that previous talks had stalled since February. 
Published: Nov 23 2024, 9 ameznews.inThe Department of Financial Services (DFS) has granted in-principle approval for the consolidation of the IFCI Group, which includes the merger of IFCI Limited with StockHolding Corporation of India Limited and other group entities. The Finance Ministry has instructed IFCI Limited to initiate the necessary actions in compliance with relevant laws. The consolidation plan will merge several subsidiaries, including IFCI Factors Limited and IFCI Infrastructure Development Ltd, into IFCI Limited, which is publicly listed. Additionally, other group companies will become direct subsidiaries of the newly consolidated entity. This move follows a ₹500 crore capital infusion from the Centre in April 2024, with shares of IFCI closing at ₹58.02 on the BSE. For the quarter ending September 30, 2024, IFCI reported a consolidated net profit of ₹185 crore, a 7% increase from the previous year, recovering from a net loss of ₹88 crore in the June quarter.
Published: Nov 23 2024, 12 pmeznews.inIndia's agricultural sector, crucial for the livelihood of 42.3% of its population and contributing 18.2% to the GDP, has demonstrated resilience with an average annual growth rate of 4.18% over the past five years, despite a provisional estimate of just 1.4% for 2023-24. However, challenges such as income insecurity, lack of access to credit, and inadequate infrastructure persist, hindering farmers' economic independence. Microfinance is emerging as a vital solution, offering tailored financial products like crop loans and insurance, particularly through Non-Banking Financial Companies (NBFCs) in underserved areas. These institutions have disbursed 205 lakh loans, significantly enhancing financial inclusion and productivity. By integrating financial services with agricultural training and technology, microfinance can empower farmers, improve supply chains, and promote sustainable practices, ultimately fostering a more resilient rural economy and ensuring better livelihoods for farmers across India.
Published: Nov 23 2024, 12 pmeznews.inThe Department of Financial Services (DFS) has granted in-principle approval for the consolidation of the IFCI Group, which includes the merger of IFCI Limited with StockHolding Corporation of India Limited and other subsidiaries. The Finance Ministry has instructed IFCI Limited to initiate the necessary actions in compliance with relevant laws. The consolidation plan will merge several entities, including IFCI Factors, IFCI Infrastructure Development, and IIDL Realtors, into IFCI Limited, a listed company. Additionally, StockHolding Services and other group companies will become direct subsidiaries of the newly consolidated entity. This move follows a ₹500 crore capital infusion from the Centre in April 2024, with IFCI shares recently closing at ₹58.02. For the quarter ending September 30, 2024, IFCI reported a consolidated net profit of ₹185 crore, a 7% increase from the previous year, recovering from a net loss of ₹88 crore in the June quarter.
Published: Nov 23 2024, 12 pmeznews.inIn a bid to stabilize tomato supply and prices, the Indian government has selected 28 innovative ideas from the Tomato Grand Challenge (TGC) hackathon, which received 1,376 submissions. Consumer Affairs Secretary Nidhi Khare announced that approximately ₹76 lakh will be allocated to fund these initiatives, with 14 already patented. Among the proposals is the creation of tomato wine, which aims to enhance the nutritional benefits of tomatoes while promoting a zero-waste circular economy through biofortified compost. Other notable ideas include a solar-powered storage unit designed to extend the shelf life of tomatoes, and a water-resistant coating for food packaging made from tomato waste. Additionally, a patented product called "Tomatolixir" offers a non-chemical solution for enhancing soil fertility and plant growth. These innovations come as India grapples with significant price fluctuations, with retail tomato prices soaring from ₹20 to ₹80 per kilogram in just a month.
Published: Nov 22 2024, 9 pmeznews.inA two-day agri-export training program was recently held in Jodhpur, organized by a coalition including Nabard's Agri Export Facilitation Centre, APEDA, and the Spices Board of India, among others. Over 50 representatives from 12 farmer producer organizations (FPOs) in Rajasthan participated, engaging with prominent exporters from Unjha, Gujarat. The event culminated in agreements for the production of pesticide-free cumin and sustainably sourced isabgol, alongside on-farm sourcing of spices and medicinal plants. Bhagirath Choudhary, of the South Asia Biotechnology Centre, emphasized the importance of adhering to export norms and promoting organic, residue-free spices. Rahul Patil from Nabard highlighted the challenges FPOs face in management and value addition, while also discussing Nabard's support for investment and infrastructure. The program also featured the launch of "The Agri Exporters Roadmap: From Local to Global," a guidebook aimed at assisting FPOs and farmers in navigating the export landscape.
Published: Nov 22 2024, 9 pmeznews.inCotton prices in India are stabilizing after hitting a seasonal low of ₹53,000 per candy, driven by increased demand from spinning mills, despite a lower crop yield and weak overall demand. The Cotton Corporation of India (CCI) has been purchasing raw cotton at the minimum support price (MSP) of ₹7,521, with current prices for raw cotton ranging between ₹6,500 and ₹7,000 per quintal. While daily arrivals of cotton are rising, over half are being procured by the CCI due to insufficient demand from mills. Farmers, particularly in Gujarat, are holding back their cotton, anticipating higher prices, which has slowed ginning activity. The Cotton Association of India forecasts a 7% dip in output for the 2024-25 season, estimating production at 302 lakh bales, while consumption remains flat at 313 lakh bales. The market outlook remains uncertain amid tight liquidity and fluctuating international prices.
Published: Nov 22 2024, 8 pmeznews.inLegal experts in India are calling for an investigation into the US indictment of industrialist Gautam Adani, citing potential breaches of Indian law under the amended Prevention of Corruption Act (PCA). The 2018 amendments hold both bribe givers and takers accountable, with penalties including fines and imprisonment. Senior advocate Sidharth Luthra emphasized the need for Indian authorities to collaborate with the US Securities and Exchange Commission (SEC) and the Department of Justice to examine the evidence presented in the US. Sonam Chandwani, Managing Partner at KS Legal & Associates, urged for an independent probe involving the Central Bureau of Investigation (CBI) and the Anti-Corruption Bureau (ACB) to address both domestic and international dimensions of the allegations. Former CA Institute President Amarjit Chopra echoed these sentiments, stressing the importance of transparency and accountability in light of serious bribery allegations against government officials.
Published: Nov 22 2024, 8 pmeznews.inIndia's engineering goods exports surged by 38.53% year-on-year in October 2024, reaching $11.19 billion and marking the first time this fiscal year that exports exceeded $10 billion, according to EEPC India. This growth was largely driven by significant increases in the export of aircraft, spacecraft, ships, and boats. Notably, iron and steel exports turned positive for the first time this fiscal year, alongside gains in electric and industrial machinery and automobiles. Cumulatively, engineering exports from April to October 2024 rose by 8.27% to $66.59 billion, accounting for 28.72% of total merchandise exports in October. The US remained the top market, with a 16% increase in shipments to $1.61 billion, while exports to the UAE skyrocketed by 137%. Despite a positive outlook bolstered by lower inflation and interest rates, risks from geopolitical tensions and policy uncertainty persist, according to EEPC Chairperson Pankaj Chadha.
Published: Nov 22 2024, 8 pmeznews.inIndia is carefully considering its response to the European Union's (EU) extension of safeguard tariffs on Indian steel, which it deems wrongful. The EU initially imposed these measures in 2019 following U.S. tariffs during the Trump administration, applying a 25% duty on imports exceeding set quotas. Despite notifying the World Trade Organization (WTO) of its intent to impose retaliatory duties, India has yet to act, weighing diplomatic relations and the responses of other affected countries, including Russia, Brazil, China, and Turkey. The safeguard measures have reportedly cost India $4.412 billion in trade losses from 2018 to 2023, with potential duties amounting to $1.103 billion. While India retains the right to impose retaliatory duties, it must consider the implications for its ongoing free trade negotiations and overall economic ties with the EU, which remain significant.
Published: Nov 22 2024, 8 pm
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