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Tata Sons Chairman N. Chandrasekaran reaffirmed the company's commitment to transforming Air India into a premier global airline during a discussion at the Global Alumni Meet of NIT Trichy on January 4, 2025. Following Tata Group's acquisition of Air India in 2022 for ₹18,000 crore, Chandrasekaran emphasized the airline's focus on enhancing customer experience, technology, and overall service quality. He humorously urged attendees to encourage aircraft manufacturers Boeing and Airbus to expedite the delivery of Air India's substantial order of 470 planes, which includes recent additions of 100 A350 and 90 A320 aircraft. Additionally, he highlighted Tata Sons' significant investment in the semiconductor industry, amounting to USD 18 billion, with plans for a semiconductor fabrication facility to be operational by 2026. Chandrasekaran called for a collaborative effort involving government support and academic institutions to foster growth in this sector. 
Published: Jan 04 2025, 6 pmeznews.inCanadian Prime Minister Justin Trudeau announced his resignation as leader of the Liberal Party on January 6, 2025, after more than nine years in office, amid declining approval ratings and internal party dissent. He will remain in his role as prime minister until a successor is chosen, with Parliament suspended until March 24 for the leadership selection process. The new leader will face an imminent election, likely before the scheduled national vote in October, as the Conservative Party currently leads in polls. Trudeau's political troubles intensified following a resignation letter from his deputy, Chrystia Freeland, which criticized his leadership. His tenure has been marked by significant challenges, including economic downturns, the COVID-19 pandemic, and rising inflation, which have eroded public support. Potential successors include Freeland, Dominic LeBlanc, and Mark Carney, as the party seeks to regain its footing ahead of a likely election campaign.
Published: Jan 06 2025, 11 pmeznews.inIn the fiscal year 2025, Indian Railways has made significant strides in capital expenditure, with over ₹2,00,000 crore spent, representing nearly 76% of its ₹2.65 lakh crore budget allocation. As of early January, ₹2,02,003 crore has been utilized, with a notable focus on capacity augmentation projects, which accounted for over ₹82,000 crore. This includes investments in new lines, gauge conversions, and railway electrification. Additionally, spending on rolling stock reached around ₹40,000 crore, while safety initiatives saw an expenditure of ₹28,000 crore, already at 82% of its budget. Despite a decrease in market borrowings, the Railways has effectively utilized its own funds, reflecting a 4% year-on-year increase in Gross Budgetary Support spending. The ongoing modernization of Vande Bharat trains and improvements in freight movement remain key priorities for the Railways, as it aims to enhance overall efficiency and customer amenities.
Published: Jan 06 2025, 8 pmeznews.inIndia's Steel Ministry has announced a revision of the Performance Linked Incentive (PLI) scheme, now termed PLI 1.1, aimed at facilitating easier applications and claims for incentives in select high-end specialty steel categories. The updated guidelines require companies to install new mills, a move welcomed by the industry to safeguard investments and enhance the scheme's appeal for niche products. The second round will encompass five product categories, including coated steel and electrical steel, with an expected additional investment of ₹10,000 crore. Investment thresholds have been relaxed, allowing companies to carry forward excess production to the following year for incentive claims. The first round of the PLI scheme, initiated in July 2021, has seen 44 projects with a committed investment of ₹27,106 crore, while actual investments reached ₹18,300 crore. The payout for participants from the first round is projected to be around ₹2,000 crore over the coming years.
Published: Jan 06 2025, 9 pmeznews.inAs India enters 2025, the middle class remains hopeful for relief from persistent food inflation and improved disposable incomes, following a challenging 2024 marked by rising costs and stagnant wages. Despite being the fastest-growing major economy, many households struggled with soaring prices for staples like grains and vegetables, exacerbated by erratic monsoons, global supply chain issues, and high fuel costs. Government interventions, including the release of buffer stocks, provided limited respite, forcing families to cut discretionary spending. Healthcare expenses also surged, outpacing general inflation, while high fuel prices impacted both urban and rural communities. Amid these challenges, the middle class increasingly turned to stock markets for better returns, although market volatility posed risks. Looking ahead, effective inflation management, healthcare affordability, and bridging rural-urban disparities will be crucial for a balanced economic narrative that addresses the everyday concerns of citizens.
Published: Jan 06 2025, 10 pmeznews.inIn a recent interview, DK Srivastava, Chief Policy Advisor at EY India, assessed the economic landscape for 2024, highlighting that the common man has faced subdued conditions, with employment opportunities compromised due to lower growth rates. He emphasized the need for India to achieve a GDP growth of 6.5-7% to improve employment and disposable incomes, as the current forecast remains below this threshold. Despite a favorable decline in global crude oil prices, minimal relief has been passed on to consumers, limiting expectations for lower petrol prices in 2025. Srivastava noted that the recent Q2 GDP growth of 5.4% was unexpected and could significantly impact urban incomes and spending. He anticipates a potential 25 basis point rate cut by the RBI in February, although any benefits from this would take time to materialize. He urged the government to maintain its investment expenditure growth while pursuing fiscal consolidation over the medium term.
Published: Jan 06 2025, 10 pmeznews.inThe average weighted market clearing price (MCP) for electricity on the Indian Energy Exchange (IEX) fell by 17% year-on-year in 2024, dropping to ₹4.59 per kilowatt hour from ₹5.53 in 2023, driven by increased electricity generation and improved supply. According to India Ratings and Research (Ind-Ra), this trend is expected to continue, with average merchant market prices projected to remain between ₹4.5 and ₹5 per unit over FY25-FY26, supported by ongoing capacity additions. The national energy shortage has decreased to just 0.1% in FY25, as total installed power generation capacity surged to 457 GW. Enhanced government measures, including better fuel supply and the sale of surplus power, have bolstered liquidity in power exchanges. Additionally, energy consumption reached nearly 1,700 billion units in 2024, reflecting a 6% increase, while rural and urban areas now enjoy improved electricity availability.
Published: Jan 06 2025, 8 pmeznews.inThe Indian government is poised to unveil a new Production-Linked Incentive (PLI) scheme aimed at fostering a self-sustaining drone ecosystem, with an anticipated budget allocation of over ₹500 crore. This initiative will replace a previous scheme that allocated ₹120 crore over three years to boost domestic drone manufacturing and reduce import reliance. The updated PLI 2.0 will not only incentivize local production of drones and components but also support services such as drone leasing and software development for Unmanned Aircraft Systems (UAS). Industry experts highlight the need for increased localization, as currently, 50-60% of drone parts are imported, with a target to raise domestic production to 30%. With growing demand across sectors like agriculture and infrastructure, stakeholders advocate for a comprehensive approach to enhance India's competitiveness in the global drone market, building on existing government initiatives that have already spurred innovation and growth in the sector.
Published: Jan 06 2025, 8 pmeznews.inIn a positive turn for consumers, vegetable prices in India have seen a significant decline, with inflation moderating to 28.6% in November 2024, down from 63% in October. Favorable weather conditions have led to improved yields, resulting in a drop in the all-India average prices of various seasonal vegetables, including radish, coriander, and cauliflower, by 1-71% as of January 3. However, prices for capsicum, onion, cucumber, and potato have risen sharply, with potato prices increasing by 85% year-on-year. Overall, primary food inflation decreased to 8.63% in November, contributing to a drop in the wholesale price index-based inflation to 1.89%. Analysts suggest that while vegetable price inflation has moderated, it remains historically high, and if trends continue, retail inflation could stabilize around 4.5-5% in early 2025.
Published: Jan 06 2025, 8 pmeznews.inThe Department of Financial Services (DFS) has called on the India Infrastructure Finance Company Ltd (IIFCL) to enhance its lending activities, aiming to increase its asset book by ₹1 lakh crore over the next three years. Speaking at the National Summit on Indian Infrastructure for Viksit Bharat 2047, DFS Secretary M Nagaraju highlighted IIFCL's significant achievements, having sanctioned ₹2.8 lakh crore and disbursed ₹1.4 lakh crore for infrastructure projects, with half of this occurring in the last four-and-a-half years. Nagaraju emphasized the need for world-class infrastructure that is both functional and aesthetically pleasing, urging IIFCL to collaborate with banks and other lenders for large-scale projects. Additional Secretary MP Tangirala noted the improved financial health of India's banks and non-banking financial companies, while IIFCL's Managing Director PR Jaishankar stressed the growing demand for high-quality infrastructure, advocating for strategic categorization and public-private partnerships in sectors like railways and airports.
Published: Jan 06 2025, 8 pmeznews.inAhead of the Union Budget for 2025-26, Finance Minister Nirmala Sitharaman held her eighth Pre-Budget Consultation in New Delhi, engaging with trade union representatives who urged for significant enhancements to worker benefits. Key proposals included raising the income tax exemption threshold to ₹10 lakh, exempting pensions from income tax, and restoring the old pension system in place of the National Pension System. Trade unions also called for an increase in minimum pensions for EPS-95 pensioners, from ₹1,000 to ₹5,000, and suggested expanding the MGNREGA employment guarantee programme to ensure 200 days of work per family. Additionally, they advocated for increasing gratuity calculation days from 15 to 30 per year, reducing the threshold for the Employees Provident Fund Act from 20 to 10 workers, and raising coverage limits for EPF and ESIC to include more contract workers.
Published: Jan 06 2025, 8 pm
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