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The GST Council has approved a proposal to implement a Track and Trace Mechanism for tobacco products, which contribute approximately 5% to total GST revenue, making them the fifth largest contributor. This system will involve affixing a unique identifier on cigarette packs and gutka pouches to combat GST evasion. The identifier, which may include a digital stamp or mark, will be non-sequential and tamper-proof, containing key information such as manufacturing details and retail price. Manufacturers, dealers, and wholesalers will be required to record product movements, with data transmitted to a government-appointed independent provider. Retailers will be exempt from this requirement. Violations of the new regulations could incur penalties of ₹1 lakh or 10% of the tax payable, whichever is higher. This initiative aligns with the World Health Organisation's Protocol aimed at eliminating illicit tobacco trade, necessitating a global tracking system within five years. 
Published: Dec 22 2024, 8 ameznews.inIndia, currently the third-largest producer and consumer of ethanol, is poised to become a significant player in the sustainable aviation fuel (SAF) market, according to Hemant Mistry, Director of Net Zero Transition at the International Air Transport Association (IATA). Leveraging its existing ethanol supplies and abundant lipids feedstocks, such as non-edible industrial oils, India has the potential to produce 8-10 million tonnes of SAF by 2040, requiring investments of $70-85 billion. While global SAF production is projected to reach 2.1 million tonnes by 2025, Mistry emphasized the need for technological maturity before implementing mandates for SAF use. He noted that India's surplus biomass availability exceeds 200 million tonnes, presenting opportunities for innovative feedstock utilization. As the aviation sector seeks to decarbonize, IATA advocates for universal sustainability criteria and increased investment in SAF production pathways, highlighting the interconnectedness of aviation decarbonization with broader energy transitions.
Published: Dec 22 2024, 2 pmeznews.inMalaysia has extended its 30-day visa exemption for Indian nationals until December 31, 2026, as part of its Visa Liberalisation Plan aimed at enhancing tourism and economic ties with India. This policy, effective from December 1, 2023, allows Indian visitors to enter Malaysia by presenting a return flight ticket and proof of sufficient funds. Saravana Kumar Kumaravasagam, Malaysia's Consul General in Chennai, highlighted the opportunity for Indian tourists to explore Malaysia's diverse culture and attractions without the visa application process. Hishamuddin Mustafa, Director of Tourism Malaysia Chennai, emphasized the initiative's potential to position Malaysia as a preferred destination for Indian tourists, with tailored travel packages being developed for various segments, including leisure and business tourism. Following the visa exemption, Indian tourist arrivals surged, with over one million visitors recorded in 2024, marking a significant increase from previous years.
Published: Dec 22 2024, 2 pmeznews.inIndia's leather and footwear exports are projected to rise by over 12% to $5.3 billion in the current financial year, driven by strong demand from key markets, particularly the US and UK, according to Rajendra Kumar Jalan, Chairman of the Council for Leather Exports (CLE). The sector, which employs approximately 4.2 million people and has a total turnover of $19 billion, is also attracting interest from global companies looking to establish manufacturing bases in India. Jalan highlighted the potential for the industry to reach a turnover of $47 billion by 2030, contingent on government support, including the extension of the Production-Linked Incentive Scheme. He also called for the removal of export duties on wet blue and crust leather, as well as import duties on finished leather. Industry leaders emphasize the need for branding Indian leather goods and addressing challenges related to skilled labor and design development to enhance export growth.
Published: Dec 22 2024, 2 pmeznews.inThe Confederation of Indian Industry (CII) has called for significant reforms to India's priority sector lending (PSL) framework, urging the inclusion of emerging sectors such as digital infrastructure, green initiatives, healthcare, and innovative manufacturing. CII Director General Chandrajit Banerjee emphasized the need for a high-level committee to review PSL norms every 3-4 years, aligning them with the evolving economic landscape and sectoral growth potential. The chamber advocates for prioritizing funding for green projects, digital technologies, and healthcare innovations, as well as establishing new development finance institutions (DFIs) to support these areas. While PSL has been instrumental in ensuring equitable credit distribution, CII argues that a shift to outcome-based metrics is necessary to enhance the impact of financial resources, aligning with India's vision of Viksit Bharat 2047. The Reserve Bank of India mandates PSL to ensure that critical sectors receive adequate financial support for socio-economic growth.
Published: Dec 22 2024, 1 pmeznews.inHDFC Securities has projected India's GDP growth at 6.4% for the fiscal year 2024-25, with potential downside risks stemming from a slowdown in urban demand and limited recovery in private capital expenditure. The firm anticipates a slight improvement to 6.7% in 2025-26, driven by rising rural demand and increased government spending. The Reserve Bank of India recently revised its growth forecast down to 6.6% from 7.2%, following a disappointing 5.4% growth in the July-September quarter. The report highlights that while urban consumption is faltering due to persistent inflation, rural consumption is recovering, aided by favorable monsoon conditions and strong crop yields. Dhiraj Relli, MD and CEO of HDFC Securities, noted that India is expected to stand out in global GDP growth, with key sectors such as BFSI, industrials, and IT leading the charge.
Published: Dec 22 2024, 1 pmeznews.inA recent report by the Confederation of Indian Industry (CII) in collaboration with Ernst & Young (EY) highlights significant challenges facing India's hospitality sector, primarily due to inadequate data collection. This lack of accurate information has led to the underreporting of the industry's contribution to national employment statistics, potentially hindering investment and policy focus. The report notes that informal employment, regional disparities, and skill gaps contribute to wage differences and career prospects within the sector. While the tourism and hospitality industry employed around 80 million people in 2019, this figure plummeted to approximately 32 million during the COVID-19 pandemic. However, the sector is on a recovery trajectory, with an estimated contribution of ₹21,15,000 crore to the economy in 2024, projected to double by 2034, largely driven by a surge in domestic tourism and increased local spending.
Published: Dec 22 2024, 12 pmeznews.inIn a significant push to tackle unemployment, Prime Minister Narendra Modi is set to distribute 71,000 appointment letters to new recruits across various central government departments on December 22, 2024. This initiative is part of the government's broader employment drive, aiming to create over 2.2 lakh jobs through Rozgar Melas throughout the year. The event will be conducted via video conferencing, with ceremonies held at 45 locations nationwide. The new recruits will join ministries including Home Affairs, Health, and Financial Services, among others. The Rozgar Mela is designed to empower youth and enhance their participation in nation-building, reflecting Modi's commitment to prioritizing job creation. Earlier this year, over 51,000 appointment letters were distributed, and the government has introduced an online training module, 'Karmayogi Prarambh,' to equip recruits with essential skills for their roles.
Published: Dec 22 2024, 11 ameznews.inIndia and Japan have reached an agreement on design modifications for the high-speed Bullet Train project along the Mumbai-Ahmedabad route, with formal approvals anticipated soon. The redesign aims to enhance load-bearing capacities, accommodate larger luggage, and ensure operation in extreme temperatures, including up to 50 degrees Celsius. The ₹1,08,000 crore project, a joint venture involving the Union government and the states of Gujarat and Maharashtra, is primarily funded by a soft loan from the Japan International Cooperation Agency (JICA) at a low interest rate. The train will cover over 500 km in just over two hours, stopping at several key stations. Additionally, India is progressing on developing indigenous high-speed trains based on the Vande Bharat platform, with the Integral Coach Factory tasked to manufacture trains capable of speeds between 250-280 km/h, in collaboration with BEML for a total contract value of ₹866.87 crore.
Published: Dec 22 2024, 10 ameznews.inIn 2024, women farmers in India are increasingly taking charge of agricultural collectives known as farmer producer organisations (FPOs), challenging traditional male dominance in decision-making roles. Historically, men have led these groups due to societal norms, but women are now stepping into leadership positions, enhancing their negotiation skills and financial autonomy. This shift is transforming their status within households, fostering respect and shared decision-making. Women are becoming shareholders and actively participating in all aspects of agriculture, from production to marketing, even as they face barriers such as limited access to larger markets and initial resistance from male family members. To sustain this momentum, there is a need for gender-sensitive training and support, as well as the aggregation of smaller FPOs into larger coalitions to amplify their collective voice and negotiating power in the agricultural sector.
Published: Dec 22 2024, 9 am
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