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In a significant advancement for urban mobility, Titagarh Rail Systems has delivered its first driverless trainset to the Bengaluru Metro Rail Corporation for the Yellow Line, marking a milestone as the first fully Indian-manufactured passenger rolling stock. The automated train, designed for state-of-the-art performance, will operate on an 18-km stretch in Bengaluru, a city renowned for its IT innovation. This handover underscores India’s growing status as a global hub for railway manufacturing, with Titagarh Rail Systems highlighting its commitment to excellence and innovation in the sector. The event, attended virtually by Minister for Housing and Urban Affairs Manohar Lal, celebrated the expansion of metro connectivity in India, which now boasts over 1,000 km of operational metro rail. Titagarh plans to deliver two additional trainsets by April 2025, ramping up production to two trains per month by September 2025. 
Published: Jan 07 2025, 7 ameznews.inThe Indian government has released draft Digital Personal Data Protection (DPDP) Rules 2025 for public consultation until February 18, 2025, aimed at operationalising the Digital Personal Data Protection Act 2023. The rules mandate parental consent for processing children's data and outline the controlled transfer of personal data outside India. They establish a framework for a Data Protection Board (DPB) to handle grievances digitally, allowing users to manage their personal information. The DPDP Act, passed in August 2023, obligates data fiduciaries—entities like social media and e-commerce platforms—to protect personal data and obtain user consent in a language of their choice. The Act also addresses spam calls and provides a mechanism for penalties, potentially reaching ₹250 crore for violations. Final rules will be presented to Parliament after the consultation, with implementation expected to take around two years, ensuring compliance across digital entities.
Published: Jan 08 2025, 11 ameznews.inAkasa Air, which marked its first anniversary in August 2023 by becoming one of the fastest-growing airlines globally, is now facing significant challenges. The airline is set to operate approximately 138 flights daily in January, reflecting a 20% year-on-year increase, but has only added six aircraft since August due to ongoing issues with Boeing's 737 MAX production. Regulatory lapses have marred its record, leading to fines and the suspension of its director of training. Recently appointed COO Belson Coutinho will oversee critical operations amid complaints from pilots about management practices and overwork. Despite these hurdles, Akasa Air aims to grow its fleet to 28 aircraft by March 2025 and remains committed to safety and service excellence, with CEO Vinay Dube emphasizing the airline's focus on reliability. While concerns persist, some within the airline express optimism about overcoming current setbacks.
Published: Jan 08 2025, 10 ameznews.inA report by industry chamber Assocham highlights a significant structural shift in India's economy, projecting that by 2047, the manufacturing and services sectors will employ approximately 67% of the workforce and contribute over 75% of the GDP. The report, part of pre-Budget recommendations, emphasizes the need for increased investment in agricultural infrastructure to address persistent food inflation driven by supply chain disruptions and climate change. It advocates for sustainable farming practices to stabilize food production and prices. The Reserve Bank of India (RBI) maintains its inflation forecast at 4.5% for the current fiscal year, despite rising food and oil prices. Assocham also recommends tax exemptions for farmer producer organizations (FPOs) and digital platforms aiding farmers, arguing that the current tax deductions could further burden farmers lacking PAN or income tax filings, ultimately reducing their net earnings.
Published: Jan 08 2025, 9 ameznews.inCement companies in India are bracing for disappointing financial results in the December quarter, with demand forecasts for FY25 revised down to 2-3% due to factors such as general elections, labour shortages, and project delays. Despite attempts to raise prices in late 2023, weak private capital expenditure and reduced government infrastructure spending have stifled demand recovery. Major players like UltraTech Cement and Ambuja Cements are expected to report an 8% year-on-year growth in demand, but EBITDA is projected to fall by 18% amid declining realisations. Analysts highlight the impact of volatile raw material prices, although recent drops in imported pet coke and non-coking coal prices have provided some cost relief. Experts anticipate further consolidation in the fragmented southern market, while long-term growth is expected to align with GDP growth, projected at 1.2 times.
Published: Jan 08 2025, 9 ameznews.inIndia's economy grew by 8.2% in FY24, but the government's advance estimate for FY25 has been set at 6.4%, falling short of the Finance Ministry's forecast of 6.5% and the Reserve Bank of India's projection of 6.6%. Nomura has indicated that this estimate is likely to be revised downward, citing the preliminary nature of the data and the current economic slowdown. The firm anticipates a growth rate closer to its own estimate of 6.2%, as recent trends show weak performance in consumption, industrial output, and investment during the festive season. Early December data does not indicate a significant recovery, with the economy facing challenges such as diminishing urban demand, stringent monetary policy, household financial stress, and a decline in nominal income growth. These factors suggest that India is experiencing a cyclical slowdown, according to Nomura's analysis.
Published: Jan 08 2025, 9 ameznews.inIndia is contemplating lifting a three-year ban on futures trading for seven agricultural commodities, including wheat and unprocessed rice, following a SEBI-commissioned study that deemed the restrictions counterproductive. Initially imposed in 2021 to control rising food prices amid a pandemic-induced inflation surge, the ban has disrupted market-price discovery and failed to stabilize costs, according to a government panel. With local crop rates stabilizing after recent harvests, a decision is expected soon from a group of ministers in Prime Minister Narendra Modi's administration. This potential revocation aligns with the government's broader efforts to ease pandemic-era restrictions, having already lifted bans on certain rice exports and sold grains from state reserves. The study also indicated that the ban eroded trust in the derivatives market, complicating efforts to attract investors.
Published: Jan 08 2025, 9 ameznews.inSteel Authority of India Ltd (SAIL) is reviewing its capital expenditure (capex) plans due to a significant decline in steel prices and rising imports from China, which have adversely affected international pricing. While SAIL's ₹6,500 crore capex for FY25 remains on track, its ambitious ₹100,000 crore expansion plan, aimed at increasing capacity to 35 million tonnes per annum, is under scrutiny. Concerns are growing that continued depressed market conditions could lead to staggered investments, with potential delays in projects such as the modernization of IISCO and upgrades at Durgapur. SAIL's net debt has risen to ₹35,000 crore, exacerbated by increased finished goods inventory. Meanwhile, other Central Public Sector Enterprises (CPSEs) like NMDC are maintaining their capex plans, although the iron ore outlook remains bearish. Officials anticipate some recovery in steel prices and iron ore demand in the coming months, contingent on policy interventions and investigations into Chinese dumping practices.
Published: Jan 07 2025, 10 pmeznews.inStarting January 10, 2025, the Thiruvananthapuram Central–Kasaragod Vande Bharat Express will expand its capacity from 16 to 20 coaches, featuring 18 chair cars and 2 executive chair cars, enhancing the travel experience for passengers. This change follows directives from the Railway Board aimed at improving operational and commercial feasibility. Additionally, from January 11, the Tirunelveli–Chennai Egmore Vande Bharat Express will also increase its capacity, transitioning to a 16-coach configuration that includes 14 chair cars and 2 executive chair cars, doubling its current capacity. These adjustments reflect the Southern Railway's commitment to providing more seating options on these semi-high-speed trains, catering to growing passenger demand.
Published: Jan 08 2025, 8 ameznews.inIn November 2024, central banks significantly increased their gold purchases, capitalizing on a decline in prices following Donald Trump's election victory. The Reserve Bank of India (RBI) acquired eight tonnes, bringing its total purchases for the year to 73 tonnes, making it the second-largest buyer after Poland's National Bank, which added 21 tonnes to reach 90 tonnes. Notably, the People's Bank of China resumed buying after a six-month hiatus, adding five tonnes to its total of 2,264 tonnes. Other notable purchases included nine tonnes by Uzbekistan and five tonnes by Kazakhstan. Conversely, the Monetary Authority of Singapore was the largest seller, reducing its reserves by five tonnes. Additional purchases were made by the Central Banks of Jordan, Turkey, and Ghana, while Finland cut its reserves by 10%, citing exchange rate risks. Overall, these trends reflect a strategic shift among central banks towards gold accumulation amid fluctuating market conditions.
Published: Jan 08 2025, 8 ameznews.inThe Department of Financial Services (DFS) has emphasized the importance of enhancing digital payment systems, particularly in rural and northeastern regions, to drive growth in India's fintech sector. Secretary M. Nagaraju highlighted the potential of digital footprint-based lending for micro, small, and medium enterprises (MSMEs) during a meeting with fintech leaders and officials from the Reserve Bank of India (RBI) and other regulatory bodies. The discussions aimed to foster innovation while ensuring compliance with regulations, as the government seeks to create a supportive environment for fintech development. Key initiatives such as Aadhaar, UPI, and the Regulatory Sandbox have been instrumental in this growth. The RBI also announced efforts to improve fintech infrastructure, including the launch of the Unified Lending Interface (ULI) and the development of an Emerging Tech and Fintech Repository, to enhance collaboration and streamline processes within the sector.
Published: Jan 07 2025, 10 pm
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