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Former Secretary in the Coal Ministry, Anil Swarup, discussed the NDA's handling of the coal controversy and production issues in an interview with BusinessLine. Swarup highlighted the crisis faced between 2014 and 2016, attributing it to a shortage of coal rather than the perceived scams. He emphasized the importance of increasing coal production through an auction process and addressing land, environmental, and evacuation issues. Swarup expressed concern over the stagnation in coal production post-increase and criticized the diversion of funds from Coal India's reserves for other government purposes, hindering production growth. He called for a focus on the core work of coal mining to improve the sector's performance. 
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.
Maldives Foreign Minister Moosa Zameer's official visit to India comes at a time of strained diplomatic ties, with President Mohamed Muizzu's push for the withdrawal of Indian military personnel causing tension. Zameer, the first Maldivian leader to visit India since Muizzu took office, met with External Affairs Minister S Jaishankar to discuss ways to strengthen relations. Jaishankar highlighted India's role as a key provider of development assistance to the Maldives, emphasizing the importance of cooperation between neighbors in uncertain times. Zameer acknowledged the benefits of economic cooperation with India, expressing eagerness for productive discussions and a stronger bilateral relationship. The meeting focused on enhancing ties through shared activities, capacity building, and training, in line with India's 'neighbourhood first' policy and SAGAR vision.
In the latest economic update from China, monthly imports of iron ore, a crucial component for steel production, have surpassed 100 million tons for the third time this year. This surge in imports comes amidst concerns of overcapacity in the steel industry, with Chinese steel exports remaining above 9 million tons in April. The ongoing trade tensions have also extended to other sectors, such as clean energy, where China's dominance has raised objections from foreign competitors. Despite efforts to address historical overcapacity issues, the steel industry continues to face challenges, with steel exports expected to decline in the coming months due to crackdowns on tax evasion. Additionally, in the metals sector, copper imports have dropped while aluminum exports have reached a three-month high. The energy market sees an increase in coal purchases and stable natural gas imports, while crude oil imports have decreased from a seven-month high. Agricultural goods like soybeans have seen a rise in shipments, but edible oils have faced a decline due to higher overseas prices and a sluggish economy. Overall, China's trade performance in April has shown some positive signs, but challenges in domestic consumption and the property market persist.
The Indian startup ecosystem has seen a significant rise in job opportunities, with a 37 per cent increase in new companies leading to a 14 per cent increase in job openings, particularly targeting fresh graduates. The overall hiring index has also shown a positive shift, with a 9 per cent increase compared to the previous year. Sales positions have seen a notable increase, as have product-related roles, while IT, consulting, and marketing jobs are less in demand. Startups are expanding beyond metropolitan areas to non-metro regions, with Bengaluru, Delhi-NCR, and Mumbai remaining key hubs. Sectors like production, manufacturing, home appliances, and healthcare have seen a surge in hiring, while industries like agro-based, shipping, FMCG, and printing/packaging have experienced a downtrend. Companies are also expanding their workforce in Tier-2 and Tier-3 cities, with hiring demand for experienced professionals showing positive growth.
In a groundbreaking move, ag-biotech start-up BioPrime AgriSolutions has partnered with crop nutrition company Yara India, a subsidiary of Yara International, to introduce sustainable solutions for farmers in India. The collaboration combines BioPrime's innovative "Chiron" technology with Yara India's expertise in crop nutrition to address the challenges faced by farmers due to weather uncertainties. Chiron, powered by cutting-edge SNIPR technology, aims to enhance crop yields by improving flower count, flower-to-fruit conversion, and overall produce quality. The partnership seeks to cater to the unmet needs of farmers and provide them with nature-based solutions to boost their agricultural productivity. Yara India's commitment to promoting balanced crop nutrition through Yara Crop Nutrition Centres has already benefited over 1.2 million farmers across India, showcasing a shared vision of a greener and more sustainable future for agriculture in the country.
Air India Express has terminated 25 cabin crew members after a mass sick leave incident led to disruptions in flights, with 85 flights cancelled and 283 planned for operation on Thursday. The airline cited unprofessional behavior and inconvenience to passengers as reasons for the terminations, with a town hall meeting scheduled to address the issue. CEO Aloke Singh emphasized efforts to minimize guest inconvenience and urged passengers to check flight statuses. The Ministry of Civil Aviation has requested a detailed report and adherence to DGCA norms for passenger facilities, highlighting the need for prompt resolution of the situation.
A fire at Lahore airport's lounge area disrupted international flights, including the inaugural Hajj journeys, but swift action from emergency responders contained the flames, ensuring no harm to individuals. The fire, originating from the immigration counter's ceiling, filled the lounge with smoke, leading to passenger evacuation. Images showed the chaotic scene, with a specialised team investigating the cause and significant damage to the immigration counter. Flight schedules were affected, with delays for the first Hajj departure and five other international flights, including Qatar Airways flight QR 629. Despite concerns, incoming international flights continued to land at Lahore airport without diversions. The Civil Aviation Authority managed operations from the domestic departure lounge, with efforts to resume regular operations and prioritise seamless immigration processes for arriving flights.
Passengers at Thiruvananthapuram, Kochi, and Kannur airports in Kerala were left stranded as Air India Express abruptly canceled flights to Gulf nations for the second consecutive day, causing frustration and inconvenience among travelers who relied on the airline's assurances. Some passengers, including those with expiring work visas, faced the risk of losing their jobs due to the sudden cancellations. The airline has issued termination letters to cabin crew members who reported sick, leading to the cancellation of over 90 flights, and has canceled at least 60 flights for Thursday due to the non-availability of staff. This mass leave by cabin crew has caused significant disruptions for passengers, with some expressing disappointment at the lack of assistance in securing alternative travel arrangements.
Bain & Company, a global consultancy, predicts that Private Equity-Venture Capital deals in India will remain cautious in 2024, despite a decline in activity in 2023. Prabhav Kashyap, a Partner at Bain & Company, believes that India has the potential to become an $80-100 billion market for such activities within the next 4-5 years. Traditional sectors like healthcare, advanced manufacturing, infrastructure, and renewable energy are expected to attract significant investments. While the Indian PE-VC deal activity decreased in 2023, Kashyap remains optimistic about the future, anticipating a potential increase in private equity flows in 2024. He also expects a rise in buyout activity and emphasizes the importance of quality deals in the coming quarters. Healthcare investments, in particular, are projected to be prominent in 2024, with a record $5.5 billion invested in 2023.
The Indian Rupee strengthened by 8 paise against the US dollar, trading at 83.44 in early trade on Thursday, with the American currency easing from its recent highs. However, the rupee remained under pressure due to negative trends in domestic equities and continued foreign fund outflows. Anil Kumar Bhansali, from Finrex Treasury Advisors LLP, noted that Foreign Portfolio Investors (FPIs) sold stocks worth over ₹6,000 crore, leading to increased dollar buying. Despite efforts by the Reserve Bank of India to support the rupee, the dollar index was trading lower at 105.51. Additionally, Brent crude futures rose to $83.94 per barrel, while the domestic equity market saw a decline with the BSE Sensex dropping 176.2 points and the NSE Nifty falling 49.75 points. Foreign Institutional Investors were net sellers, offloading shares worth ₹6,669.10 crore.
