eznews.in
During a two-day visit to India, Russia’s First Deputy Prime Minister Denis Manturov reaffirmed his country’s commitment to signing a free trade agreement with India and the Eurasian Economic Union (EAEU), aiming to boost bilateral trade to $100 billion by 2030. Co-chairing the India-Russia Inter-governmental Commission on Trade, Economic, Scientific, Technological and Cultural Cooperation, External Affairs Minister S. Jaishankar emphasized the need for a more balanced trade relationship, addressing current constraints, particularly in payments and logistics, exacerbated by Western sanctions on Russia. In the fiscal year 2024, bilateral trade reached $66 billion, heavily skewed by Russian oil exports. The proposed EAEU agreement is expected to enhance market access for Indian exporters in sectors like engineering and agriculture, while also helping India mitigate China's influence in the region. Both nations are also exploring enhanced connectivity projects to facilitate trade and cooperation. 
Published: Nov 12 2024, 9 pmeznews.inCareEdge Ratings has projected that India's cumulative grid-level energy storage capacity from Battery Energy Storage Systems (BESS) will reach approximately 100 gigawatt hours (GWh) by March 2030. However, the government's goal for electric vehicles (EVs) to constitute 30% of annual automobile sales by FY30 faces challenges, particularly in the slow adoption of electric four-wheelers and inadequate charging infrastructure. The report anticipates only 20% EV penetration by FY30, with lithium-ion battery demand expected to surge from 15 GWh to 127 GWh by FY30, driven by increased EV usage and renewable energy storage needs. Currently, India relies heavily on imports for lithium-ion batteries, but this dependence is projected to decrease to 20% by FY27 as domestic manufacturing capacity expands, supported by government incentives like the Production Linked Incentive scheme. The cost of lithium-ion batteries has significantly dropped, enhancing their market viability.
Published: Nov 14 2024, 11 ameznews.inA recent study by Datum Intelligence reveals a significant shift in consumer behavior towards quick commerce in India, with around 75% of online grocery buyers increasing their unplanned purchases in the past six months, often spending over ₹400 per order. The report highlights that 46% of consumers have reduced their spending at traditional Kirana shops, as the quick commerce market is projected to grow from $6.1 billion in 2024 to $40 billion by 2030. This rapid adoption is attributed to the convenience of receiving groceries within 10-30 minutes, with platforms like Blinkit, Zepto, and Swiggy Instamart leading the charge. The study indicates that over 82% of consumers have shifted at least a quarter of their grocery spending to these platforms, which are expected to capture $1.28 billion of Kirana sales by 2024. The findings underscore the existential threat faced by traditional retailers as consumer preferences evolve.
Published: Nov 14 2024, 9 ameznews.inThe new Income Tax Regime, which offers lower rates but fewer exemptions, has seen over 70% adoption among taxpayers in FY 2023-24, leading to a decline in inflows into small savings schemes. These schemes, including Post Office Savings Accounts and Public Provident Funds, typically yield returns between 4% and 8.2% per annum. A senior Finance Ministry official indicated that collections from these schemes may fall short of budget estimates, prompting a reduction in projections for small savings to ₹4.2 lakh crore for FY 2024-25. In contrast, the Mahila Samman Scheme is performing well, with over ₹30,000 crore deposited, although it is set to conclude on March 31, 2025. This scheme allows deposits of up to ₹2 lakh at a fixed interest rate of 7.5% for women and girls, with no TDS on interest earned, although it will be included in total income for tax purposes.
Published: Nov 14 2024, 8 ameznews.inFlying taxi startup ePlane Company has secured $14 million in a funding round co-led by Speciale Invest and Antares Ventures, with contributions from notable investors including Micelio Mobility and Naval Ravikant. This investment positions ePlane to become India's leading player in the electric vertical take-off and landing (eVTOL) sector. The funds will primarily be used for obtaining global regulatory certifications and accelerating the commercialization of ePlane's manned aircraft, with flight testing scheduled for mid-2025. The company plans to enhance its prototyping and testing facilities to meet international eVTOL standards and expand its drone technology through a subsidiary. Founder and CEO Satya Chakravarthy emphasized the importance of safety, sustainability, and innovation in their strategy. Speciale Invest's Managing Partner, Vishesh Rajaram, praised ePlane's leadership in addressing urban mobility challenges, highlighting the transformative potential of their technology in reshaping transport in India and beyond.
Published: Nov 14 2024, 7 ameznews.inThe tax burden on India's middle class has significantly eased over the past decade, with over 76% of income tax now collected from individuals earning more than ₹50 lakh, according to a senior official. The share of tax paid by those earning less than ₹10 lakh has dropped to 6.22% from 10.17% in 2014, reflecting a substantial reduction in tax liability for this group. The increase in the exemption limit to ₹7 lakh has led to a rise in 'Zero Income Tax Filing' to 4.9 crore in 2024, up from 1.8 crore a decade ago. Additionally, the number of returns filed by high earners has surged nearly fivefold, attributed to stringent anti-tax evasion measures. Overall, the total income tax returns filed rose by 120% from 2014 to 2024, indicating a robust compliance environment and a hopeful outlook for exceeding income tax targets this fiscal year.
Published: Nov 13 2024, 9 pmeznews.inIndia and Saudi Arabia are enhancing their partnership by focusing on new collaborative areas such as technology, energy, renewable energy, connectivity, health, and education, according to External Affairs Minister S. Jaishankar. During a meeting with Saudi Foreign Minister Faisal bin Farhan Al Saud in New Delhi, Jaishankar expressed concern over the ongoing crisis in Gaza, condemning terrorism and the loss of innocent lives, while advocating for adherence to international humanitarian law and an early ceasefire. He reiterated India's commitment to a two-State solution for the Palestinian issue and highlighted the strong ties between the two nations, noting the significant Indian community in Saudi Arabia. Jaishankar emphasized the alignment of Saudi Arabia's Vision 2030 and India's Viksit Bharat 2047 initiatives, which present opportunities for industrial collaboration and investment, reinforcing trade as a cornerstone of their bilateral relationship.
Published: Nov 13 2024, 9 pmeznews.inOnion prices in India are anticipated to decline in the coming weeks as the fresh kharif crop begins to arrive, according to the Consumer Affairs Ministry. Currently, the average retail price stands at ₹54 per kg, with notable regional variations—Uttar Pradesh at ₹51.36, Bihar at ₹56.11, Madhya Pradesh at ₹49.18, and Rajasthan at ₹47.57. To alleviate consumer burden, the government is selling buffer stock onions at a subsidised rate of ₹35 per kg in Delhi-NCR and other cities. This initiative includes the novel use of rail transport to distribute approximately 4,850 tonnes of onions to major markets, with Delhi receiving the bulk. Despite a recent price uptick due to labour shortages during _Chhat Puja_, officials report that trading is resuming and the kharif crop's increased sowing area is expected to enhance production and stabilize prices further.
Published: Nov 13 2024, 8 pmeznews.inIndia's fresh apple imports are projected to reach 600,000 tonnes in the 2024-25 marketing year, marking a 10% increase from the previous year, according to the USDA India Post. This surge is attributed to rising consumer demand for high-quality apples, despite a robust domestic harvest expected to rise by 6% to 2.55 million tonnes. The Indian apple season runs from July to November, with key production areas in Jammu & Kashmir and Himachal Pradesh. While the domestic supply remains strong, imports are increasingly vital, with countries like Iran, Turkey, and Poland emerging as significant suppliers. The shift in consumer preferences towards premium varieties has further fueled this trend, as health consciousness and availability drive apple consumption in India, which is anticipated to reach 2.979 million tonnes in the upcoming year.
Published: Nov 13 2024, 8 pmeznews.inThe Prime Minister Internship Scheme (PMIS) has garnered significant interest, with over 500,000 applications received from youth as the registration deadline has been extended to November 15. Launched to enhance employability among young Indians, the PMIS offers 1.25 lakh internship opportunities across 745 districts and 25 sectors, with 280 companies already participating. The initiative, which is part of the government's ₹800 crore budget allocation for FY’25, aims to bridge the gap between academic learning and industry needs, targeting youth aged 21-24 who have completed at least 10th grade. Participants will receive a monthly allowance of ₹5,000 and a one-time grant of ₹6,000. Major corporates, including Tata Consultancy Services and Reliance Industries, are among those providing internships, particularly in sectors like oil and gas, automotive, and banking. The Ministry of Corporate Affairs is overseeing the scheme, which is expected to meet its internship target by December 2.
Published: Nov 13 2024, 8 pmeznews.inThe Confederation of All India Traders (CAIT) has raised serious concerns regarding quick commerce platforms, alleging they exploit Foreign Direct Investment (FDI) to dominate suppliers and engage in predatory pricing, thereby threatening the survival of approximately 30 million kirana stores. In a recent white paper, CAIT accused these platforms of employing "vertical agreements" to manipulate supply, pricing, and distribution, significantly harming market competition. With an FDI inflow of ₹54,000 crore, these companies are reportedly prioritizing operational subsidies over infrastructure development, capturing 25-30% of the market previously held by traditional retailers. CAIT's Secretary General, Praveen Khandelwal, emphasized that exclusive deals with preferred sellers limit competition and obscure vital seller information from consumers. The organization has called for regulatory intervention to ensure fair practices and protect the interests of small traders, highlighting the urgent need for transparency in the retail ecosystem.
Published: Nov 13 2024, 8 pm
For the fastest, latest, not so wokest news, 'experts say' you need to visit Eznews
India
World
Economy
Science
Health
Showbiz
Contact