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The Indian tea plantation industry is facing significant financial stress, primarily due to high wage costs, which account for 65% of production expenses, while revenues have not kept pace with rising costs. This situation threatens the livelihoods of thousands of workers and the industry's sustainability. To address these challenges, a balanced approach is essential, focusing on economic viability, worker welfare, biodiversity conservation, and climate change mitigation. Strategies include diversifying crops, revising outdated labor housing policies, and allowing land monetization for alternative uses. Additionally, improving domestic consumption and export strategies, particularly in the Northeast, is crucial for maintaining supply-demand equilibrium. The industry must also enhance skill development and mechanization to address labor shortages. In Darjeeling, low productivity and competition necessitate a shift towards cooperative ownership models. The government is urged to facilitate stakeholder dialogues to implement necessary policy changes for revitalizing this vital sector. 
Published: Jul 27 2024, 10 ameznews.inAir India has reported a significant turnaround in its financial performance for FY24, with consolidated annual operating revenues reaching ₹51,365 crore, a 24.5% increase from the previous year. The Tata Group-owned airline also reduced its losses by 60%, amounting to ₹4,444.10 crore, compared to ₹11,387.96 crore in FY23. The annual report highlighted a 23.69% rise in turnover to ₹38,812 crore, driven by an increase in capacity to 1,059 million available seat kilometres, up 21% year-on-year. Passenger load factor improved to 85%, with 40.45 million passengers flown across 800 daily flights. The Tata Group is consolidating its aviation operations, with the merger of AirAsia India (AIX Connect) into Air India Express set for October 1, and Vistara's operations transitioning to Air India on November 12.
Published: Sep 07 2024, 7 pmeznews.inThe Food Safety and Standards Authority of India (FSSAI) has emphasized the urgent need to control chemical contamination in agricultural products to enhance the food industry. Speaking at a Bharat Chamber of Commerce event in Kolkata, FSSAI Executive Director Inoshi Sharma highlighted the challenges of enforcing Maximum Residue Levels (MRLs) in crops, fruits, and spices. She called for regular audits and the rejection of non-compliant produce at farm gates, while also stressing the importance of educating consumers about the risks of excessive pesticide use. To tackle these issues, Sharma announced plans to establish a committee involving various ministries. Additionally, she advocated for accurate labeling and self-compliance among Food Business Organizations (FBOs), suggesting they engage certified third parties for adherence to standards. Naresh Pachisia, senior vice-president of the Bharat Chamber, noted that chemical residue detection often leads to penalties for food processors and can jeopardize export consignments.
Published: Sep 07 2024, 6 pmeznews.inThe Indian two-wheeler (2W) market is witnessing a significant resurgence, with wholesale growth of 14% year-on-year in FY24, outpacing the 8% growth in passenger vehicles (PVs). Following a challenging period during FY21-23 due to the COVID-19 pandemic and rising regulatory costs, 2W demand is projected to achieve a compound annual growth rate (CAGR) of 14% from FY24 to FY27. Meanwhile, the electric vehicle (EV) segment within 2Ws is also expanding, with its market share expected to rise from 5% in early 2023 to 13% by FY27. Despite this growth, 2W volumes remain 13% below FY19 levels. The tractor segment is also set for recovery, with a projected 12% CAGR in FY26-27, driven by strong rural demand. Overall, the auto sector is recovering from previous margin pressures, with improved EBITDA margins anticipated through FY27.
Published: Sep 07 2024, 5 pmeznews.inIndia's private credit market has shown significant growth in the first half of 2024, with total investments reaching USD 6 billion, according to an EY report. This figure surpasses the previous year's deal flow and indicates heightened activity in the sector, despite being slightly lower than the USD 8.6 billion recorded in 2023. Key transactions driving this growth included Reliance Logistics raising USD 697 million and Vedanta Semiconductors securing USD 301 million. Notably, global funds contributed 53% of total investments, a decrease from previous years, allowing domestic funds to expand their market share. Real estate and manufacturing emerged as the most attractive sectors for investment, with capital expenditure seen as a primary driver of demand. Looking ahead, 58% of fund managers anticipate private credit investments to remain robust, although concerns about the interconnectedness of private credit with banks and non-banking financial companies persist.
Published: Sep 07 2024, 4 pmeznews.inRajasthan has experienced significant rainfall as the monsoon season nears its end, contrasting sharply with the shortfalls affecting other regions in North-West India. On Friday, East Rajasthan recorded very heavy rain, while West Rajasthan and parts of Gujarat also saw substantial precipitation, attributed to the favorable positioning of the monsoon trough. The India Meteorological Department (IMD) forecasts continued heavy rainfall in Rajasthan and other regions, including Konkan & Goa and Madhya Maharashtra. Meanwhile, a low-pressure area in the Bay of Bengal is expected to intensify into a depression, potentially enhancing rainfall across central and eastern India. In related weather news, super typhoon Yagi, which recently impacted Hainan, China, is forecasted to weaken but may influence monsoon conditions in the Bay of Bengal. The typhoon has been noted as one of the strongest storms to hit the region this year, causing significant disruption.
Published: Sep 07 2024, 11 ameznews.inIndia is facing a significant challenge in agriculture, needing to increase food production by 70% to meet the demands of a projected 9 billion global population by 2050, all while addressing climate change impacts like extreme weather. The agro-food manufacturing sector, a major contributor to greenhouse gas emissions, is urged to adopt sustainable practices, including the use of renewable energy sources such as solar and wind, which can significantly reduce CO2 emissions. Despite challenges like reliance on coal and high costs for renewable technologies, Indian manufacturers, including Cargill, are making strides in decarbonisation, with initiatives that have cut coal consumption and greenhouse gas emissions. India is also taking a proactive role in global climate discussions, integrating agricultural emissions into climate action plans and promoting its National Green Hydrogen Mission to foster a sustainable energy economy. With strong leadership and supportive policies, India aims to enhance its sustainability efforts and contribute to a greener future.
Published: Sep 07 2024, 10 ameznews.inThe National Dairy Research Institute (NDRI) is set to implant gene-edited embryos into surrogate animals to create climate-resilient livestock, a move aimed at enhancing sustainable dairy farming amid climate change challenges. NDRI Director Dheer Singh highlighted that while high milk-producing animals often lack climate resilience, gene editing can replace non-resilient genes to improve their adaptability. The institute is also addressing issues related to artificial insemination, including semen availability and infrastructure, by developing cold storage systems and cloning bulls to enhance high-quality semen supply. Additionally, NDRI is tackling lower milk productivity per animal in India through advanced breeding techniques and exploring alternative fodder solutions, such as silage, to combat summer shortages. Singh emphasized the importance of leveraging resources like Krishi Vigyan Kendras (KVKs) to adopt new technologies for better livestock management, as India remains the world's largest milk producer.
Published: Sep 07 2024, 10 ameznews.inSpiceJet has reached a significant settlement with aircraft lessor Carlyle Aviation Management Ltd, agreeing to issue shares valued at over ₹250 crore ($30 million) to settle lease dues. This marks the second such agreement between the two parties, with Carlyle set to receive equity shares priced at ₹100 each, representing a 62% premium over SpiceJet's recent closing price of ₹61.46, which saw a 2.4% decline. The airline, which has a market capitalisation of ₹4,877 crore, also indicated that lessors may acquire compulsorily convertible debentures worth $20 million from its subsidiary, SpiceXpress & Logistics Private Limited. SpiceJet, facing financial challenges, noted that its lease dues, originally exceeding $137 million, have been adjusted to $97.5 million and will be restructured through this share issuance.
Published: Sep 07 2024, 9 ameznews.inIndia, with a population exceeding 1.4 billion, faces a pressing need to enhance food production, aiming for nearly 400 million metric tons (MMT) to ensure food security. Despite producing over 329 MMT in FY23, the country grapples with misconceptions surrounding agrochemicals, often viewed negatively despite their crucial role in boosting agricultural productivity and farmer incomes. The experience of Sri Lanka, which suffered severe food shortages after banning chemical fertilizers in 2021, underscores the risks of abandoning agrochemicals. Currently, India ranks as the fourth-largest agrochemical producer globally, yet usage remains low at 0.27 kg per hectare. To unlock the potential of agrochemicals, experts advocate for streamlined regulatory processes, increased R&D investment, and awareness campaigns on safe usage. By responsibly leveraging agrochemicals, India could significantly enhance agricultural output and farmer incomes, ultimately transforming its agricultural landscape.
Published: Sep 07 2024, 9 ameznews.inAs the global population surpasses 8 billion, the demand for food is intensifying, yet cultivable land is diminishing due to soil degradation and climate change. Sustainable farming practices are essential to enhance crop quality and yield while preserving soil health. Biogas plants emerge as a pivotal solution, converting organic waste into energy and biofertilizer, thereby addressing waste management and reducing reliance on fossil fuels. India has significant biogas potential, with an estimated annual output of 74.795 billion cubic meters, primarily from agricultural residues and animal waste. This shift not only supports energy security but also improves soil fertility and farmer economics by providing organic fertilizers and reducing costs. The Indian government is promoting biogas technology through subsidies and incentives, yet greater awareness among farmers is crucial for maximizing its socio-economic and environmental benefits. Successful implementations in states like Gujarat and Maharashtra highlight the transformative potential of biogas in agriculture.
Published: Sep 07 2024, 10 am
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