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K.V. Shaji, Chairman of NABARD, announced plans to establish a Shared Services Entity aimed at enhancing digital adoption among rural cooperatives and regional rural banks (RRBs) during the CII Fintech and Financial Inclusion Summit. With the support of the government and the Reserve Bank of India, this initiative will create opportunities for fintech firms to collaborate with these smaller banking entities, which often lack the resources to invest in technology. Shaji emphasized the need for fintechs to focus on developing tech solutions for digitizing cooperatives and RRBs, particularly in relation to government schemes like the PM Vishwakarma scheme. He also highlighted the potential for a "One State, One RRB" model, which would streamline the RRB sector. Currently, approximately 75 million rural residents remain outside the digital banking ecosystem, underscoring the urgency of these initiatives. 
Published: Nov 26 2024, 6 pmeznews.inThe Congress party has raised alarms over significant economic challenges impacting consumption patterns in India, particularly affecting the urban middle class. Congress general secretary Jairam Ramesh highlighted a report from Marcellus Investment Managers, which points to deteriorating household balance sheets, the lowest net household savings in nearly 50 years, and rising unsecured loans. He noted that these factors have left families with diminished disposable income, exacerbated by a cyclical economic downturn and a faltering post-Covid recovery. Ramesh emphasized that corporate earnings in Q2 FY25 experienced their steepest decline in two decades, while technological disruptions are replacing traditional middle-class jobs with automation. He questioned when Prime Minister Narendra Modi would acknowledge these realities, as the Congress continues to criticize the government for its economic management amid rising unemployment and inflation concerns.
Published: Nov 27 2024, 10 ameznews.inRailTel, the public sector enterprise providing broadband and VPN services for Indian Railways, has refrained from participating in tenders for the KAVACH train collision avoidance system due to concerns over the product's readiness, which is still under testing in collaboration with Quadrant Future Tek. Despite signing a Memorandum of Understanding with Quadrant earlier this year, RailTel's Chairman Sanjai Kumar emphasized the need for caution, stating that the company is actively monitoring the situation and making informed decisions regarding future tenders. The Indian Railways has broken down KAVACH tenders into smaller components, with a total value exceeding ₹2000 crore, and anticipates new LTE tenders in December. Currently, KAVACH 4.0 has been installed across 1,568 route kilometers, with ongoing work on an additional 3,000 kilometers, while bids for 14,735 kilometers are also being invited.
Published: Nov 27 2024, 10 ameznews.inThe India Meteorological Department (IMD) is closely monitoring a deep depression over the south-west Bay of Bengal, which is expected to intensify into cyclone Fengal within the next 12 hours. This system, located approximately 130 km east-southeast of Trincomalee, Sri Lanka, and moving towards the Tamil Nadu coast, has already triggered heavy to very heavy rainfall along the region. Unlike the previous cyclone Dana, which veered away from Tamil Nadu, Fengal is projected to bring significant precipitation to the area. The IMD anticipates that the cyclone will continue to develop and track towards the Tamil Nadu coast over the next two days, while avoiding direct interaction with Sri Lanka. Residents are advised to remain vigilant as the situation evolves.
Published: Nov 27 2024, 10 ameznews.inabCoffee has appointed Rohit Tiwari as its new President of Operations, bringing extensive experience from his previous roles at OYO, Prepladder, and Airtel Payments Bank. Tiwari has a proven track record in scaling businesses and enhancing customer acquisition, having expanded Airtel Payments Bank's network to over 600,000 touchpoints. His leadership experience also includes significant positions at FMCG giants Unilever and Marico. This strategic appointment is seen as a pivotal move for abCoffee as it aims to strengthen its presence in the takeout coffee market, focusing on convenience, affordability, and quality through technology-driven operations. Tiwari's expertise in operational efficiency and distribution network management is expected to align well with abCoffee's growth strategy, targeting new markets and innovative customer engagement channels, as the company seeks to solidify its position as a leading player in the industry.
Published: Nov 27 2024, 9 ameznews.inThe India Meteorological Department (IMD) has yet to officially declare cyclone 'Fengal', which is currently located off the coast of Sri Lanka and is projected to impact Tamil Nadu. An announcement from the IMD is anticipated soon, although the intensity of the rains may diminish shortly. Satellite imagery from 7:15 AM indicates that the coastal region from Mayiladuthurai to Tondi is already experiencing significant rainfall, affecting several towns including Nagapattinam, Velankanni, and Thiruvarur. Additionally, a concentrated area of storm activity has been identified in the Delta districts, encompassing Kalakyarkoil, Karaikudi, and surrounding areas. As the situation develops, local authorities are closely monitoring the cyclone's trajectory and potential impact on the region.
Published: Nov 27 2024, 8 ameznews.inRajasthan is set to become a new hub for IT development, with plans for an IT city just 50 kilometers from Gurugram, as announced by State Industry and IT Minister Rajyavardhan Singh Rathore. The state government, in collaboration with the Tata Group, will invest ₹10,000 crore to upgrade 100 Industrial Training Institutes (ITIs) to enhance the skilled workforce for various industries. Rajasthan has introduced 21 new policies to attract investment, including land aggregation and a lottery system for smaller units. With significant infrastructure improvements, including two expressways and a freight corridor, the state aims to capitalize on its geographical advantages. Rathore emphasized the urgency of establishing the IT city, promising immediate land availability for companies willing to invest. The state's Gross State Domestic Product is projected to grow significantly, positioning Rajasthan as a key player in India's economic ambitions by 2029.
Published: Nov 26 2024, 8 pmeznews.inUday Shankar Awasthi, Managing Director of the Indian Farmers Fertiliser Cooperative (Iffco), has been awarded the 2024 Rochdale Pioneers Award by the International Cooperative Alliance (ICA) for his significant contributions to the cooperative sector. Awasthi is only the second Indian to receive this prestigious accolade, following Verghese Kurien, who was instrumental in India's white revolution. Under Awasthi's leadership, Iffco has emerged as the largest fertilizer producer in India and the world's largest cooperative by GDP per capita. The award, presented by ICA President Ariel Guarco at the ongoing ICA Global Conference in New Delhi, recognizes innovative and sustainable cooperative practices. Awasthi highlighted the award as a reflection of Prime Minister Narendra Modi's vision of "Sahkar se Samriddhi" and Iffco's commitment to enhancing India's cooperative movement globally, noting the company's development of the world's first Nano Fertilizer.
Published: Nov 26 2024, 8 pmeznews.inIndia is facing challenges in its ongoing negotiations for a free trade agreement (FTA) with the European Union (EU), particularly regarding the EU's carbon border adjustment mechanism (CBAM), which will impose carbon taxes on key imports like steel and cement starting in 2026. While India is unlikely to receive an exemption from these taxes, the EU is open to discussing alternative solutions, including capacity building and mutual recognition of equivalent measures, to address the uncertainties posed by future regulations. Recent talks in Brussels highlighted the need for flexibility from both sides, with the EU seeking tariff reductions and India aiming to mitigate trade barriers. Analysts estimate that the CBAM could impact about 10% of India's exports to the EU, potentially costing the country up to 0.05% of its GDP. The EU, India's largest trading partner, accounted for €124 billion in trade in 2023, and both parties anticipate significant export growth post-FTA implementation.
Published: Nov 26 2024, 8 pmeznews.inThe trend towards temporary hiring in the IT sector has surged over the past five years, with a report from talent solutions provider Careernet revealing that 12-15% of IT professionals now prefer temporary roles for their flexibility and opportunities to enhance skills. This shift is particularly pronounced in major metro areas like Bengaluru, Hyderabad, and Mumbai, where temporary positions are seen as stepping stones to permanent employment in stable organizations. Companies are increasingly opting for temporary staff to meet short-term project needs, especially in IT Infrastructure, ERP, and Software Development. The report highlights a growing demand for temporary talent in emerging fields such as AI and cybersecurity, despite limited availability. Neelabh Shukla, Careernet's CBO, noted that this evolving employment landscape offers significant opportunities for both employers and employees, with expectations of increased demand for temporary IT roles in the upcoming quarters, particularly in data and digital skills.
Published: Nov 26 2024, 6 pmeznews.inAs the new tur crop for the 2024-25 season begins to arrive in small quantities across Maharashtra, Karnataka, and Telangana, millers are poised to start operations in anticipation of a full-scale harvest expected in the coming weeks. Current prices for the new tur range from ₹9,300 to ₹11,251 per quintal, depending on the region, while old tur prices hover between ₹8,519 and ₹10,862. The government has set a minimum support price of ₹7,550 per quintal for this season. Demand for desi tur remains strong, driven by civil supplies corporations, with millers eager to replenish stocks. The area under tur cultivation has increased by over 14% to 46.50 lakh hectares, with production estimates rising to 35.02 lakh tonnes, reflecting farmers' response to favorable pricing conditions. Experts suggest that prices will be influenced by the volume of the crop harvested and moisture levels.
Published: Nov 26 2024, 7 pm
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