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The Indian rupee experienced a notable decline of 15 paise against the US dollar, trading at 84.44 in early Wednesday sessions, following a muted performance in domestic equity markets. Opening at 84.38, the rupee's drop was attributed to a deficit in banking liquidity, exacerbated by significant GST payments totaling ₹1.6-1.8 lakh crore, alongside the Reserve Bank of India's interventions in the forex market. Despite the rupee's fall, a slight decrease in the dollar index, which was down 0.15% to 106.84, and a marginal dip in Brent crude prices to $72.74 per barrel helped mitigate further losses. The Sensex, India's benchmark equity index, also reflected a downturn, trading 46.69 points lower at 79,957.57. Analysts suggest the rupee may fluctuate within the 84.00 to 84.50 range as markets await key US economic data later in the day. 
Published: Nov 27 2024, 3 pmeznews.inThe Agricultural and Processed Food Products Export Development Authority (Apeda) is intensifying efforts to promote Indian cashews as a global product, according to board member Parashram Patil. Apeda is launching a branding campaign to highlight the health benefits of cashews and is adopting a cluster-based approach for sector development, focusing on regions like Kollam in Kerala and Chandgad in Maharashtra. Collaborating with the Maharashtra State Cashew Board, Apeda aims to enhance exports through financial assistance schemes that support infrastructure improvements and machinery upgrades. Despite once holding an 80% share of the global cashew export market, India's share has plummeted to just 8%, with exports dropping from $917 million in 2017-18 to $368 million in 2023-24. The sector faces challenges including modernization, rising labor costs, and competition from Vietnam, prompting Apeda to explore new markets while revitalizing traditional ones.
Published: Nov 27 2024, 6 pmeznews.inThe Indian Council of Agricultural Research (ICAR) has issued a warning to state governments regarding the unchecked establishment of new agricultural colleges and universities, which could jeopardize the quality of agricultural education in India. In a letter to Chief Secretaries, ICAR Director-General Himanshu Pathak highlighted concerns over inadequate infrastructure and a shortage of qualified faculty at these newly formed institutions. He noted that the National Agricultural Research and Education System (NARS) has been instrumental in transforming India into a food surplus nation, but the recent proliferation of universities—often created without proper planning—has negatively impacted the performance of State Agricultural Universities (SAUs). Pathak urged states to consult ICAR before approving new agricultural institutions to ensure they meet necessary standards for quality education, emphasizing the importance of adequate resources and infrastructure. He called for immediate action from state officials to adhere to ICAR's recommendations.
Published: Nov 27 2024, 6 pmeznews.inFarmers in Gujarat and Rajasthan are facing delays in cumin (jeera) sowing due to higher temperatures affecting germination, with only 57,915 hectares planted in Gujarat as of November 25, compared to 2.44 lakh hectares last year. The sowing window may extend until December 20, allowing for potential resowing. Tejus Gandhi, Secretary of the Federation of Indian Spice Stakeholders, noted that while sowing has been delayed by 20-25 days, it is gradually improving, with expectations of good acreages this year. Bhagirath Chaudhary from the South Asia Biotechnology Centre highlighted that farmers experiencing germination issues may opt to resow jeera, as temperatures are beginning to drop. The ideal sowing period is late October to mid-November, and while current jeera prices have dipped, production increased to 8.6 lakh tonnes in 2023-24, up from 5.77 lakh tonnes the previous year, according to Spices Board data.
Published: Nov 27 2024, 6 pmeznews.inIn a recent Lok Sabha session, Railways Minister Ashwini Vaishnaw announced that ₹1,547 crore has been allocated for the Kavach train collision avoidance system during FY25, surpassing the proposed budget of ₹1,112.57 crore. The funding will be adjusted based on project progress. Kavach has been deployed across 1,548 route kilometers on South Central and North Central Railways, with ongoing work on the Delhi-Mumbai and Delhi-Howrah corridors covering approximately 3,000 rkm. Significant advancements include the installation of optical fibre cables over 4,960 kms, 378 telecom towers, and Kavach systems at 381 stations. The next phase aims to equip 10,000 locomotives, with bids for trackside works on 15,000 rkm already invited. Additionally, over 9,000 technicians have been trained in Kavach technology through specialized programs developed with IRISET, as the Railways seeks to enhance safety and operational efficiency.
Published: Nov 27 2024, 6 pmeznews.inThe Competition Commission of India (CCI) is unlikely to pursue allegations of predatory pricing against quick commerce platforms like Zepto, Blinkit, and Swiggy’s Instamart, according to sources. The All India Consumer Products Distributors Federation (AICPDF) has raised concerns that these platforms are selling products up to 25% below the Maximum Retail Price (MRP), threatening the viability of local Kirana stores. However, the CCI views the market as highly competitive and evolving, lacking any single dominant player, which limits regulatory intervention under the Competition Act of 2002. This stance mirrors the CCI's previous approach during Jio's entry into the telecom sector, where it similarly refrained from action due to the absence of market dominance. Additionally, while AICPDF has highlighted concerns over foreign ownership in these platforms, experts assert that such issues fall outside the CCI's jurisdiction, necessitating a policy-level review instead.
Published: Nov 27 2024, 6 pmeznews.inAt a recent World Trade Organization (WTO) agriculture committee meeting, India firmly rejected a counter-notification from five countries— the US, Australia, Canada, Argentina, and Ukraine—accusing it of under-reporting market price support (MPS) for rice and wheat. India’s representative described the counter-notification as "hasty, misleading, and superfluous," asserting that the country has complied with its domestic support notification obligations. The counter-notification claimed India's MPS for rice exceeded 87% of the value of production (VoP) and ranged between 67-75% for wheat during the 2021-23 period. India argued that the calculations were inflated as they included all production eligible for subsidies rather than just those receiving them. Additionally, India criticized the reliance on outdated price references and defended its use of US dollars for notifications, stating that WTO rules do not mandate a specific currency. The ongoing debate highlights the complexities of agricultural support within WTO frameworks.
Published: Nov 27 2024, 5 pmeznews.inKerala is launching a new insurance scheme for its cattle population, approved by the Centre, as part of a broader initiative to support the dairy sector, announced J Chinchurani, the State Dairy Development and Animal Husbandry Minister. The government has allocated ₹22 crore for calf maintenance and plans to extend veterinary ambulance services to all block panchayats. This comes in the wake of climate change challenges, with 550 cows reportedly lost to extreme heat this year, prompting compensation of ₹37,500 per cow to affected owners. Additionally, two new schemes were introduced: ‘Arunodayam’ to enhance heifer milk production and ‘Snehamitram,’ a life insurance plan for dairy farmers at a nominal premium of ₹10. Milma Federation Chairman KS Mani emphasized the cooperative's commitment to competing with corporate entities while ensuring that 83% of its income supports farmers, reinforcing its role as a model for public welfare initiatives.
Published: Nov 27 2024, 5 pmeznews.inAir India is set to enhance its service by deploying ex-Vistara Airbus A320neo aircraft on five key metro routes—Delhi-Mumbai, Delhi-Bengaluru, Delhi-Hyderabad, Mumbai-Bengaluru, and Mumbai-Hyderabad—starting December 1. This strategic move aims to optimize flight schedules throughout the day and strengthen competition against IndiGo, which is launching a business class offering on similar routes. With a three-class configuration, Vistara's aircraft will bolster Air India's existing capacity, which already exceeds a thousand weekly flights on these routes. Campbell Wilson, CEO and Managing Director of Air India, highlighted that the merger with Vistara has created opportunities to enhance customer offerings by leveraging the strengths of both airlines. He also indicated plans for further expansion as Air India continues to induct new aircraft and retrofit its legacy fleet throughout 2025.
Published: Nov 27 2024, 4 pmeznews.inSteel companies in India are facing significant challenges due to declining prices and reduced demand, exacerbated by increasing imports that threaten local market share. In an interview with _businessline_, Tata Steel's CEO, TV Narendran, noted that while overall steel demand remains robust, particularly in the rural economy, there has been a slowdown in the automobile sector and construction activities, largely attributed to seasonal factors and reduced government spending. Narendran expressed concern over the impact of Chinese imports on margins rather than demand itself. He highlighted the need for the Indian government to consider imposing duties on steel imports to protect domestic producers. Additionally, he provided updates on Tata Steel's UK project, which may face delays due to political changes, and mentioned ongoing discussions in the Netherlands regarding future operations. Despite these hurdles, Narendran remains optimistic about a recovery in demand in the latter half of the year.
Published: Nov 27 2024, 3 pm
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