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Milma, the Kerala-based dairy cooperative, has partnered with Kerala Bank to enhance credit access for dairy farmers through the Ksheera Mithra Credit Scheme. The memorandum of understanding (MoU) was signed by Milma Managing Director Asif K Yusuf and Kerala Bank CEO Jorty M Chacko, with key officials from both organizations present. The scheme will offer loans of up to ₹3 lakh at low interest rates for farmers, alongside a cash credit facility of up to ₹1 lakh for franchisees based on their stock or sales turnover. Milma Chairman KS Mani emphasized the partnership's potential to boost entrepreneurship and milk production in the state, while Kerala Bank President Gopi Kottamurickkal expressed enthusiasm for collaborating with Milma to support the welfare of dairy farmers. This initiative is part of Milma's broader efforts to enhance milk production and improve the livelihoods of those in the dairy sector. 
Published: Jan 09 2025, 12 pmeznews.inThe Indian government has revised its import data for April-November 2024, revealing a significant $11.7 billion drop in gold imports, now estimated at $37.38 billion, down from $49.08 billion. This adjustment, attributed to double counting during the migration of data transmission from Special Economic Zones (SEZs) to ICEGATE, also affected silver and electronics imports, which were revised to $2.33 billion and $61.2 billion, respectively. The Directorate General of Commercial Intelligence and Statistics (DGCI&S) emphasized the importance of accurate trade documentation for effective policy-making. In response to these discrepancies, a committee has been established to enhance data consistency. Experts warn that such inaccuracies could hinder the government's ability to implement trade remedies and make informed economic decisions, underscoring the need for improved data collection and verification mechanisms to ensure a reliable overview of India's trade performance.
Published: Jan 09 2025, 10 pmeznews.inIndia's start-up ecosystem has emerged as a formidable global player in 2024, with the addition of seven new unicorns, raising the total valuation of Indian unicorns to $385 billion. A report by Orios Venture Partners highlighted that India led the global IPO market with 327 listings, including 13 from the tech sector, with Swiggy's $1.34 billion IPO being the largest tech IPO worldwide. Notably, Zomato's entry into the Sensex marked a significant milestone for tech companies in India. The report also revealed that one-fifth of Indian unicorns are based overseas, indicating a strategic push towards international markets. In total, $11.4 billion was raised across 1,547 deals, with late-stage funding making up 62% of investments. Bengaluru emerged as a key hub, contributing to six of the new unicorns, as the tech sector showcased its maturity with 29 unicorns reporting profitability.
Published: Jan 09 2025, 9 pmeznews.inKredX, a supply chain finance platform, has received final approval from the Reserve Bank of India (RBI) to launch its Trade Receivables Discounting System (TReDS) platform, branded as DTX (Domestic Trade Exchange). This milestone makes KredX the fifth RBI-regulated TReDS platform in India, aimed at enhancing supply chain financing for micro, small, and medium enterprises (MSMEs). CEO Manish Kumar emphasized that the TReDS license reflects KredX's commitment to innovation and aligns with government efforts to improve transparency in MSME payments. With new regulations mandating companies with a turnover of ₹250 crore or more to register with TReDS, DTX is poised to drive compliance nationwide. Founded in 2015, KredX collaborates with over 70,000 MSME suppliers and large corporations, and holds both TReDS and International Financial Services Centre Authority (IFSCA) licenses, positioning it to influence domestic and cross-border trade financing.
Published: Jan 09 2025, 9 pmeznews.inIndia has unveiled the eighth edition of the National Programme for Organic Production (NPOP), introducing new regulations designed to enhance clarity and transparency in organic product standards while aligning with global benchmarks. Announced by Commerce Minister Piyush Goyal, the updated guidelines aim to boost organic farming and exports, with potential growth from ₹5,000-6,000 crore to ₹20,000 crore over the next three years as more farmers transition to organic practices. Goyal emphasized India's position as a leader in organic farming, with the global demand for organic products projected to rise significantly. The revamped NPOP portal, TraceNet 2.0, was also launched to improve operational efficiency for stakeholders. Additional provisions in the new guidelines allow for a quicker transition from non-organic to organic farming and ensure fair compensation for farmers' produce. The initiative aligns with Prime Minister Narendra Modi's vision of positioning India as the world's organic food hub.
Published: Jan 09 2025, 8 pmeznews.inIndia's crude oil imports saw a significant shift in December 2024, as shipments from Russia declined sharply, prompting refiners to turn to the Middle East and Africa for supply. According to energy intelligence firm Vortexa, imports from the Middle East surged to 51% of India's total crude imports, reaching 2.3 million barrels per day (mb/d), the highest level since January 2024. This increase was driven by a drop in Russian crude, particularly the Urals grade, which fell by 13% month-on-month. Angola emerged as a key supplier, overtaking the US to become the fifth largest source of crude for India. While imports from Iraq and Kuwait hit an 11-month high, those from Saudi Arabia fell to a four-month low. Overall, India's crude imports decreased to their lowest level in three months but still rose by 4% year-on-year, indicating a strategic pivot towards Middle Eastern and African oil sources.
Published: Jan 09 2025, 8 pmeznews.inThe Indian government is set to introduce a new credit guarantee scheme for Micro, Small, and Medium Enterprises (MSMEs), allowing loans up to ₹100 crore without collateral, as announced by Department of Financial Services Secretary M. Nagaraju during the Grameen Bharat Mahotsav (GMB) 2025 in New Delhi. This initiative, part of the 2024-25 Budget, aims to facilitate term loans for MSMEs to purchase machinery and equipment, with a self-financing guarantee fund to cover risks. The GMB, inaugurated by Prime Minister Narendra Modi, highlighted the government's commitment to rural transformation and achieving a "Viksit Bharat" by 2047. Nagaraju emphasized the need for increased rural credit, which has surged from ₹8.5 lakh crore in 2015 to ₹25 lakh crore in 2023-24, and underscored the importance of grassroots innovation and support for women entrepreneurs through various initiatives.
Published: Jan 09 2025, 8 pmeznews.inThe Business Correspondent Resource Council (BCRC) has urged the Department of Financial Services (DFS) to implement key measures in the upcoming budget to bolster Bank Mitras and Corporate Business Correspondents (CBCs) in India. In a letter to DFS Secretary M Nagaraju, BCRC CEO D Tripathy emphasized the need for enhanced financial support and incentives to expand banking access in underserved areas. He proposed the creation of a dedicated infrastructure grant fund to help Bank Mitras upgrade their technology and equipment. Additionally, Tripathy suggested establishing the India Business Correspondent Equity Fund (IBCEF) to provide equity support for CBCs, ensuring their growth and operational efficiency. These initiatives aim to empower frontline financial service providers, particularly in remote regions, thereby reinforcing the national priority of financial inclusion and contributing to socioeconomic development across India.
Published: Jan 09 2025, 8 pmeznews.inAir India, under the Tata Group, has initiated an asset optimisation programme titled "Route to Profitability 2027," aiming to save over ₹1,800 crore by the end of FY27. This initiative focuses on renegotiating contracts in key operational areas, including fuel, lounges, ground handling, and catering, and has been in development for ten months, yielding significant results. The airline's five-year transformation plan, Vihaan.AI, has entered its third phase, "Climb," which aims to integrate Air India with Vistara, enhance customer value, and drive profitability. CEO Campbell Wilson is overseeing the strategy, which includes specific cost-reduction targets across departments, particularly in fuel management, where weight reduction measures are expected to lower operational costs. While the programme seeks to cut unproductive services, Air India assures that passenger amenities will remain unaffected, with a strong emphasis on utilising technology to enhance efficiency.
Published: Jan 09 2025, 7 pmeznews.inIndia's major reservoirs are currently at 71% of their total capacity, with a total storage of 127.921 billion cubic metres, marking a decline for the tenth consecutive week due to deficient rainfall affecting over 90% of the country since January 1. The Central Water Commission reported that while this level is higher than last year and the ten-year average, concerns are rising, particularly in Punjab, where the lone reservoir has dropped to nearly 20% capacity. Data from the India Meteorological Department indicates that 89% of districts received no rainfall, with only 3% experiencing deficient levels. In the northern region, reservoir storage is at 42%, while the eastern region stands at 67%. The western region shows a healthier 81% storage, and the southern region is at 73%. The IMD forecasts above-normal rainfall starting January 11, which may help stabilize reservoir levels.
Published: Jan 09 2025, 7 pmeznews.inIndia's steel imports surged over 20% year-on-year to 7.3 million tonnes (MT) in the first nine months of FY25, while exports plummeted by 25% to 3.6 MT, according to an internal Steel Ministry report accessed by BusinessLine. This trend has positioned India as a net importer of steel, with imports nearly double exports. Non-alloy steel imports rose 23% to 5.4 MT, while alloyed steel imports increased by 15% to nearly 2 MT. Conversely, non-alloy steel exports fell 27% to 3.1 MT. Despite a recent slowdown in imports and stable export figures, domestic steel consumption grew by 11.17% to 111.25 MT, with production reaching 107 MT, up 4% year-on-year. Officials noted that policy interventions, including quality standards for imports, are beginning to take effect, although the market remains volatile amid challenges in the Chinese economy.
Published: Jan 09 2025, 6 pm
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