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As of December 28, 2024, the growth of assets under management (AUM) in India's National Pension System (NPS) has slowed to 25.49%, reaching ₹13.69 lakh crore, according to the Pension Fund Regulatory and Development Authority (PFRDA). This decline follows a significant drop in equity benchmarks, with the Nifty50 and Sensex falling over 10% since their record highs in September 2024. Annual returns on NPS equity schemes have decreased to 15.86%, down from nearly 40% in September. Despite this, 2024 marked the ninth consecutive year of positive returns for Indian equities, with a record fund mop-up of over $16 billion in primary markets. The private sector's NPS AUM grew by 33.33% year-on-year, highlighting its increasing popularity as a retirement savings option. The corporate sector also showed robust growth, with AUM reaching ₹2.04 lakh crore, while the number of private sector subscribers rose by 22.43% to 62.71 lakh. 
Published: Jan 02 2025, 12 pmeznews.inAdani Wilmar, a joint venture between Adani Group and Singapore's Wilmar Group, reported a 6% increase in sales volumes and a 33% rise in revenue for the December quarter, despite facing price hikes due to rising raw material costs. The company, known for its Fortune brand of edible oils and food products, attributed its success to a diverse brand portfolio that helped maintain market share amid consumer downtrading. In its regulatory filing, Adani Wilmar noted a 4% growth in sales volumes and a 39% revenue increase in the edible oils segment. The company’s integrated distribution model has enhanced its urban market penetration, while rural markets have also contributed to rapid growth, particularly in southern India, where it achieved over 15% year-on-year volume growth. E-commerce sales surged by 41%, reflecting the company's strategic focus on expanding its reach in both urban and rural areas.
Published: Jan 04 2025, 10 pmeznews.inTata Sons Chairman N. Chandrasekaran reaffirmed the company's commitment to transforming Air India into a premier global airline during a discussion at the Global Alumni Meet of NIT Trichy on January 4, 2025. Following Tata Group's acquisition of Air India in 2022 for ₹18,000 crore, Chandrasekaran emphasized the airline's focus on enhancing customer experience, technology, and overall service quality. He humorously urged attendees to encourage aircraft manufacturers Boeing and Airbus to expedite the delivery of Air India's substantial order of 470 planes, which includes recent additions of 100 A350 and 90 A320 aircraft. Additionally, he highlighted Tata Sons' significant investment in the semiconductor industry, amounting to USD 18 billion, with plans for a semiconductor fabrication facility to be operational by 2026. Chandrasekaran called for a collaborative effort involving government support and academic institutions to foster growth in this sector.
Published: Jan 04 2025, 6 pmeznews.inFast-moving consumer goods (FMCG) companies are implementing significant price hikes to counteract soaring raw material costs, impacting household budgets and sales volumes. In the third quarter, prices for staples and household products rose by up to 10%, with further increases anticipated in the fourth quarter. Analysts from Nuvama Institutional Equities noted that commodity inflation is a pressing issue, particularly as urban demand remains weak while rural markets show signs of recovery. Key categories affected include soaps, tea, coffee, and edible oils, with companies like Marico, Nestle, and Godrej Consumer Products leading the price increases. For instance, Marico raised its Parachute coconut oil prices by 10%, while Tata Consumer Products is expected to hike tea prices by 25-30%. Despite these adjustments, analysts suggest that price hikes have not fully matched raw material cost increases, prompting companies to focus on premium products to enhance margins in a challenging market.
Published: Jan 04 2025, 7 pmeznews.inUnion Finance Minister Nirmala Sitharaman emphasized the vital role of public sector banks (PSBs) in promoting rural empowerment during the inauguration of the Grameen Bharat Mahotsav 2025 in New Delhi. She noted that since 2014, the Modi government has prioritized rural development through various Central Government schemes, providing collateral-free loans to small businesses and artisans. Sitharaman highlighted initiatives like PM MUDRA Yojana and PM Awas Yojana, which are crucial for credit saturation in the rural sector. The festival showcases India's cultural heritage and rural aspirations, featuring over 50 Geographical Indication (GI) tagged products and programs aimed at women's empowerment, such as Drone Didis and Lakhpati Didis. The event underscores the government's commitment to fostering small-scale industries and supporting organic farmers, women, and Self-Help Groups (SHGs), thereby driving economic growth and skill development in rural communities.
Published: Jan 04 2025, 8 pmeznews.inUnion Agriculture Minister Shivraj Singh Chouhan has outlined significant advancements in key agricultural schemes during a recent virtual meeting with state agriculture ministers. He expressed optimism that the growth rate for the agriculture and allied sectors will reach between 3.5% and 4% in the 2024-25 fiscal year, urging states to accelerate their efforts. Chouhan highlighted the government's six-point strategy aimed at enhancing farm productivity, which includes research initiatives, new seed varieties, and cost-reduction measures. He noted progress in programs such as PM-KISAN, Pradhan Mantri Fasal Bima Yojana, and the DAP fertiliser subsidy, which saw an increase of ₹3,800 crore to maintain affordable prices. Additionally, he welcomed a State Bank of India report indicating a drop in rural poverty to below 5% for the first time in FY24. Chouhan reaffirmed the government's commitment to agricultural development and farmer welfare in the new year.
Published: Jan 04 2025, 6 pmeznews.inThe Competition Commission of India (CCI) has granted automatic approval for the acquisition of MHM Holding GmbH by Avenue India Emergence Pte. Ltd. and Mavco Investments Private Ltd. through its Green Channel route, which facilitates faster clearance for transactions with no significant competition concerns. This acquisition will see Avenue and Mavco jointly acquire 100% ownership of MHM Holding, the parent company of Hubergroup, a leader in printing inks and chemicals. The deal includes establishing a joint venture in India to manage local operations. Avenue, part of the Avenue Capital Group, specializes in specialty lending and investments, while Mavco is a newer entity. This transaction not only aligns with the CCI's aim to promote compliant business combinations but also highlights the growing global interest in India's economy, promising to enhance the printing ink and chemicals sector and foster innovation and growth opportunities.
Published: Jan 04 2025, 5 pmeznews.inThe Apparel Export Promotion Council (AEPC) has called on the Indian government to implement key tax incentives ahead of the upcoming Union Budget, scheduled for February 1, 2025. Among its requests, AEPC seeks the removal of a provision mandating payments to micro, small, and medium enterprises (MSMEs) within 45 days to claim tax deductions, which they argue disrupts cash flow and increases tax liabilities for exporters. The council also advocates for a 5% interest equalisation rate, an extension of concessional tax rates for new manufacturing units, and simplification of import procedures for garment machinery. AEPC Chairman Sudhir Sekhri emphasized the need for long-term policy support to enhance the sector's competitiveness against countries like Bangladesh and Vietnam, while Secretary General Mithileshwar Thakur highlighted the potential for the Indian apparel sector to grow significantly through strategic investments and reforms.
Published: Jan 04 2025, 4 pmeznews.inThe "Mission Bee" initiative in Gujarat has successfully engaged 284 milk producers from Amul Dairy, resulting in the production of approximately 16,000 kilograms of honey. Launched by the Horticulture Department in 2022-23, the program aims to promote beekeeping among farmers, providing them with training, resources, and financial support. Each participant received ₹10,000, ten bee boxes, and a honey extractor, enabling them to recover about 75% of their initial investment within the first year. The initiative not only boosts honey production but also creates alternative income streams through bee-related products, contributing to the broader goal of increasing farmers' incomes and enhancing environmental sustainability through improved crop yields. Additionally, the program has allocated ₹53 lakh for a bee breeding project at Junagadh Agricultural University and received ₹127.43 lakh in assistance for Amul Dairy's project in 2024-25, further supporting rural self-employment and agricultural productivity.
Published: Jan 04 2025, 4 pmeznews.inThe Retailers Association of India (RAI) has reported a moderate 7% growth in the retail sector for the October-December 2024 period, primarily driven by festival season spending. Despite this increase, concerns linger over sluggish consumption trends, particularly among lower middle-class consumers, which could hinder a full recovery. West India led regional sales with an 8% growth, while North, South, and East India each recorded a 7% rise. Key product categories such as food and grocery saw significant gains, with food growing by 14%, quick-service restaurants by 10%, and jewellery by 9%. RAI CEO Kumar Rajagopalan expressed optimism for 2025, hoping for a return to double-digit growth, but cautioned that inflation and rising operational costs pose challenges. The industry remains focused on sustaining consumption trends beyond the festive season to ensure profitability.
Published: Jan 04 2025, 3 pmeznews.inThe Department for Promotion of Industry and Internal Trade (DPIIT) has partnered with venture debt firm Stride Ventures to bolster funding for high-growth potential start-ups in India. This collaboration aims to create significant opportunities by combining financial support with strategic mentorship and market access. Joint Secretary Sanjiv emphasized that Stride Ventures will develop dedicated programmes and engage in initiatives like the Bharat Grand Challenge to foster entrepreneurship and innovation. Ishpreet Singh Gandhi, Founder and Managing Partner of Stride Ventures, highlighted their commitment to nurturing start-ups, reinforcing the partnership's role in strengthening India's start-up ecosystem. The initiative will particularly focus on supporting start-ups from tier-2 and tier-3 cities, providing them with targeted guidance, mentorship, and access to a global network of mentors. Additionally, it aims to raise awareness about various fundraising instruments, including venture debt, to help start-ups achieve their growth ambitions.
Published: Jan 04 2025, 3 pm
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