Trending Economy

Listen as Radio

SC affirms validity of Citizenship Act's Section 6A

In a significant ruling on October 17, 2024, a Supreme Court Constitution Bench upheld the constitutionality of Section 6A of the Citizenship Act, which grants Indian citizenship to immigrants from Bangladesh who entered Assam before January 1, 1966. The majority opinion, led by Justice Surya Kant, emphasized that the principle of fraternity must apply universally, rejecting claims that the provision discriminates against Assamese citizens. While acknowledging the challenges posed by ongoing migration from Bangladesh, the Court attributed the burden to government failures in managing post-1971 immigration rather than Section 6A itself. Chief Justice DY Chandrachud supported the cut-off date as a reasonable measure, linking it to historical events during the Bangladesh Liberation War. Dissenting Justice JB Pardiwala deemed Section 6A unconstitutional, but the majority maintained that it does not infringe on the cultural rights of Assamese people, asserting that sustainable development and immigration can coexist. sources

Published:
Oct 17 2024, 9 pm

Millets: A Complete Source of Essential Nutrients, Says Expert

Experts at the ongoing International Millets Conference in Hyderabad emphasize the need to sustain the momentum generated by last year's International Year of Millets. Raj Bhandari from the National Technical Board on Nutrition highlighted millets as a nutrient-rich alternative to industrial food fortification, addressing global nutritional deficiencies amid declining agricultural productivity. With projections indicating a 20% drop in productivity by 2050, millets are seen as a viable solution to feed a projected 9.2 billion people. Sagar Hanuman Singh, Director-General of the National Institute of Plant Health Management, noted the potential for expanding millet exports beyond Africa and the Middle East to markets in Europe, the US, and Southeast Asia. Experts also called for addressing production barriers and promoting regional food habits to make millet cultivation more profitable, underscoring the importance of consumer choice in dietary options. sources

Published:
Oct 18 2024, 8 am

Sitharaman promotes responsible capitalism for equitable growth

Union Minister for Finance and Corporate Affairs, Nirmala Sitharaman, emphasized the need for collaboration between India and Mexico during the Tech Leaders Roundtable in Guadalajara, focusing on sectors such as artificial intelligence, agriculture, and healthcare. She advocated for responsible capitalism to ensure equitable growth, highlighting Mexico's success in nearshoring and its potential for talent exchange. Sitharaman announced the establishment of Centres of Excellence in India, particularly in AI and sustainable development, which align with Mexico's interests. Her visit includes a bilateral meeting with Mexico's Finance Minister Rogelio Ramirez de la O and participation in the India-Mexico Trade and Investment Summit, aimed at attracting foreign investment. Following her Mexico trip, she will attend key international meetings in the USA, including the IMF and World Bank Annual Meetings, and engage with academic institutions and industry leaders to discuss global economic challenges and opportunities. sources

Published:
Oct 18 2024, 7 am

Labour Ministry developing gig workers' social security policy by February

The Union Labour Ministry of India is set to launch a module for enrolling platform workers on the eShram portal on Monday, as part of its efforts to establish a social security policy for gig workers by February 2025. This policy aims to provide unique IDs for gig workers and create a mechanism for social security contributions based on platform transactions. A committee is finalizing the draft, which will clarify the relationship between gig workers and employers, including employer contributions. Additionally, the Labour Ministry has approved the indefinite extension of benefits under the Employees’ Deposit Linked Insurance Scheme (EDLI) from April 28, 2024, ensuring continued insurance coverage for employees. Labour Secretary Sumita Dawra has also initiated a review of welfare measures for unorganised workers, directing the development of guidelines to align various welfare schemes with different worker categories. sources

Published:
Oct 17 2024, 9 pm

India blames Trudeau's baseless claims for Canada relationship crisis

India's Ministry of External Affairs (MEA) has reaffirmed the strength of its economic ties with Canada, emphasizing that the current diplomatic crisis stems from "baseless allegations" made by Prime Minister Justin Trudeau's government. MEA Spokesperson Randhir Jaiswal highlighted the significant Indian diaspora in Canada, which includes the largest group of international students, and noted substantial Canadian investments in India. He reiterated that there has been no halt in processing Indian visas for Canadians, despite ongoing tensions. Addressing the investigation into the killing of Canadian Sikh separatist leader Hardeep Singh Nijjar, Jaiswal stated that Canada has not provided any evidence to support its claims of Indian involvement. He pointed out that Trudeau himself acknowledged the lack of hard evidence during a public inquiry, asserting that the responsibility for the deterioration in relations lies solely with the Canadian Prime Minister. sources

Published:
Oct 17 2024, 9 pm

IT Department Issues New Guidelines for Offence Compounding

The Central Board of Direct Taxes (CBDT) has unveiled revised guidelines for the compounding of offences under the Income Tax Act, aimed at simplifying procedures and reducing charges. Announced by Finance Minister Nirmala Sitharaman during the Budget, these guidelines replace all previous regulations and apply to both new and pending applications. Key changes include the elimination of offence categorisation, removal of limits on application submissions, and the abolition of a 36-month filing deadline for complaints. Additionally, the requirement for the main accused to file applications has been lifted, allowing any co-accused to settle charges. Compounding fees have been rationalised, with interest on delayed payments abolished and TDS default rates reduced to a single 1.5% per month. The CBDT stated that these measures are designed to ease compliance and reduce complexities for stakeholders in the tax system. sources

Published:
Oct 17 2024, 9 pm

IFBA report on food waste urges policy and global cooperation

The Indian Food & Beverage Association (IFBA) has unveiled a report addressing the critical issue of food wastage in India, advocating for an integrated approach that combines policy reform, technological innovation, and public awareness. Presented to the Ministry of Agriculture, the report highlights the challenges within India's pre-harvest supply chain, including limited access to quality inputs and poor infrastructure. IFBA Chairman Deepak Jolly emphasized the moral and economic imperative of reducing food waste, proposing a data-driven roadmap to tackle the issue. The report suggests adopting a standard metric for measuring food loss, integrating circular economy principles, and identifying key loss points. It argues that reducing food wastage can enhance food security, improve farmer incomes, and contribute to sustainability. Rajeev Ranjan of McDonald’s India noted that the real challenge lies in distribution inefficiencies rather than scarcity, underscoring the need for technological and logistical improvements to combat hunger effectively. sources

Published:
Oct 17 2024, 9 pm

Commerce Department braces for impacts of Iran-Israel conflict

India's Commerce Department is closely monitoring the escalating conflict between Israel and Iran, which threatens to disrupt the country's exports to West Asia and Africa. With bilateral trade already affected, exports to the region, including Israel, Jordan, Lebanon, and Yemen, have seen significant declines. For instance, exports to West Asia (excluding GCC countries) plummeted by 28.57% to $3.53 billion from April to August 2024, while exports to Israel fell by 58.67% during the same period. The ongoing conflict has led to increased transit times and freight costs, complicating supply chains for Indian exporters. The Commerce Department is consulting with the Shipping Ministry to explore solutions, including potential internal movement of containers, to mitigate the impact on trade. Experts predict that while oil prices may rise, overall trade volume with the Middle East is unlikely to grow significantly amid the ongoing tensions. sources

Published:
Oct 17 2024, 8 pm

Reservoirs below 50% storage drop to single digits

As of October 17, 2024, water levels in India's major reservoirs remain stable at 87% of capacity, according to the Central Water Commission (CWC). The total storage across 155 key dams is 157.671 billion cubic metres, surpassing both last year's levels and the decade's average. Notably, only nine reservoirs are below 50% capacity, while 108 exceed 80%. The current rainfall is expected to benefit rabi sowing by improving soil moisture, despite 62% of districts reporting rain deficits since October 1. States like Himachal Pradesh, Punjab, Bihar, Nagaland, and Kerala are experiencing below-normal storage levels. In contrast, the western region's reservoirs are nearly full at 97%, and the central region is at 90%. The India Meteorological Department forecasts above-normal rainfall for October, suggesting that reservoir levels may remain elevated compared to last year. sources

Published:
Oct 17 2024, 8 pm

"Kanda Express" Launched for Onion Transport to Cities

In a bid to control rising onion prices ahead of Diwali, the Indian government is set to transport 1,600 tonnes of onions from Nashik to Delhi via a special train, the 'Kanda Express', on October 20. This initiative, described as a "historic first" by Consumer Affairs Secretary Nidhi Khare, aims to enhance supply and stabilize prices, which currently range from ₹60-70 per kg in Delhi's markets. The bulk transport by rail is significantly more cost-effective, saving ₹14 lakh per rake compared to road transport. The government will also sell onions directly to consumers at ₹35/kg through cooperatives, while discussions with e-commerce platforms are underway for similar sales. Additionally, the government plans to expand its mobile van operations from 600 to 1,000 to facilitate retail sales. The current buffer stock stands at 4.7 lakh tonnes, with no subsidies involved in the sales process. sources

Published:
Oct 17 2024, 8 pm

For the fastest, latest, not so wokest news, 'experts say' you need to visit Eznews

End of news stories. Come back in an hour!