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Chief Economic Advisor V. Anantha Nageswaran has dismissed concerns over a potential trade war following Donald Trump's election as U.S. President, asserting that fears of restrictive trade policies are premature. Speaking at an event in Mumbai, Nageswaran emphasized that external trade growth is more influenced by global economic conditions than by U.S. trade policies. He acknowledged the uncertainty surrounding global growth but suggested that the new U.S. administration could create opportunities for India. Analysts have raised alarms about possible short-term disruptions for Indian industries, particularly in steel, textiles, and IT, due to Trump's "America First" agenda and potential reciprocal tariffs. However, Nageswaran expressed optimism regarding government capital expenditure, predicting it will surpass last year's levels, with a notable recovery since October. He urged preparedness but cautioned against undue pessimism regarding the economic outlook. 
Published: Nov 08 2024, 9 pmeznews.inThe Directorate-General of Shipping has mandated the installation of Closed Circuit Television (CCTV) systems on all Indian-flagged merchant vessels exceeding 500 gross tonnage, following a series of alarming incidents, including potential suicides, collisions, and personnel disappearances. This decision aims to enhance maritime safety and security, particularly in man-overboard situations and cases of missing seafarers, where inadequate information has hampered Search and Rescue (SAR) operations. The directive emphasizes the need for 24/7 recording capabilities and a minimum of 90 days of footage storage, with a centralized monitoring station established on the vessel's bridge or in a dedicated security office. The move reflects the Directorate's commitment to safeguarding the well-being of seafarers and improving response times during emergencies, as outlined in a recent circular addressing these critical maritime concerns.
Published: Dec 26 2024, 6 pmeznews.inThe recent Supreme Court ruling dismissing the Competition Commission of India’s (CCI) appeal in the JCB case raises significant concerns about the role of private settlements in market regulation. While mediation can expedite dispute resolution, the court's endorsement of a private settlement between JCB and Bull Machines Private Limited (BMPL) risks undermining the CCI's authority to address systemic market failures. The ruling allows parties to resolve disputes without regulatory oversight, potentially enabling anti-competitive practices to go unchecked. This contrasts with the Competition Amendment Act of 2023, which mandates regulatory scrutiny of settlements to protect public interest. The decision sends mixed signals about the government's commitment to robust market oversight, highlighting the need for a balanced approach where private settlements complement, rather than replace, the CCI's role in ensuring fair competition. As India strives for a fair market economy, maintaining the CCI's authority is crucial to safeguarding consumer and competitive interests.
Published: Dec 26 2024, 4 pmeznews.inCardamom farmers in India are facing one of the worst years in the crop's history due to severe drought conditions and subsequent fungal outbreaks, leading to a projected 30-40% drop in productivity. The drought, exacerbated by the El Niño phenomenon, has devastated small and marginal farmers, who lack irrigation access, resulting in a significant reduction in high-quality cardamom supply. Production is expected to plummet to between 15,000 and 18,000 tonnes in 2024, down from 25,000 tonnes in 2023, while prices have surged from ₹1,650 to ₹2,950 per kg. Despite the challenges, there are optimistic export prospects due to a shortfall in Guatemalan cardamom production, with Indian exports expected to rise. However, the future remains uncertain, hinging on farmers' ability to manage the upcoming summer and the potential for recovery in production by late 2025.
Published: Dec 26 2024, 4 pmeznews.inHousing sales in India's top seven cities experienced a slight decline of 4% in 2024, with over 4.5 lakh units sold compared to 4.7 lakh in 2023, according to ANAROCK. This downturn was attributed to strong homebuyer demand, rising property prices, and the impact of general and state elections, which slowed project approvals. Despite the drop in sales volume, the overall sales value increased by 1%, reaching approximately ₹5.68 lakh crore, driven by a 16% rise in average prices and larger unit sizes. The Mumbai Metropolitan Region (MMR) led sales with a 1% increase, while new launches fell by 7% to around 4.12 lakh units. Notably, Delhi-NCR saw the highest price surge, with a 30% increase in average residential prices. Looking ahead, ANAROCK's Chairman Anuj Puri expects price hikes to stabilize in 2025, alongside a boost in new supply from developers.
Published: Dec 26 2024, 3 pmeznews.inIndia's finished steel imports surged to 6.5 million tonnes (MT) from April to November 2024, marking a 26.6% increase, while exports plummeted by 23.6% to 3.154 MT, resulting in a trade deficit of ₹26,468 crore—the highest in five years. The Steel Ministry's report highlights that imports, valued at ₹52,862 crore, nearly double the ₹26,394 crore from exports. China emerged as the dominant supplier, accounting for nearly one-third of imports, with shipments rising by 23% year-on-year to 2.0 MT. Meanwhile, imports from Japan also doubled to 1.4 MT. The Indian steel industry faces challenges in export markets, particularly in Europe, where shipments to Italy and Spain fell by 22% and 32%, respectively. Despite stable export offers to the Middle East, Indian steelmakers struggle against competitive pricing from China, which has led to a slowdown in trading activity in the region.
Published: Dec 26 2024, 2 pmeznews.inIndia's IRCTC, the online ticket booking and catering service for the Railways, experienced a significant outage on Thursday morning due to a "technical glitch" linked to scheduled maintenance activities. Users reported being unable to access both the website and mobile application, with Downdetector noting approximately 2,500 complaints—56% related to the website, 30% to the app, and 14% to ticketing issues. The spike in complaints began after 9 AM, with one user highlighting the disruption on social media around 10 AM. An IRCTC official confirmed that the issue had been resolved, although the website had previously displayed a message indicating that e-ticketing services were unavailable. This incident marks the second disruption for the IRCTC portal in December. In light of the outage, the company advised passengers needing to cancel tickets to contact customer care or email their details for a Ticket Deposit Receipt (TDR).
Published: Dec 26 2024, 12 pmeznews.inMundra Port in Gujarat has made history by welcoming the CMA CGM Fort Diamant, the first Liquefied Natural Gas (LNG)-powered container vessel to dock at its Container Terminal-CT4. Measuring 268 meters in length and 43 meters in beam, this ship is the third in a series capable of carrying 7,000 containers and operates on the CIMEX2K/AS-1 service, linking the Indian subcontinent with China. Adani Ports and Special Economic Zone (APSEZ) highlighted that the vessel's arrival underscores its commitment to innovation and sustainability in logistics. As India's largest port operator, APSEZ manages nearly a quarter of the country's cargo movement across 13 ports. The adoption of LNG reflects the shipping industry's shift towards reducing carbon emissions, positioning Mundra as a leading container hub in South Asia, equipped with advanced infrastructure to accommodate the largest vessels and diverse cargo types.
Published: Dec 26 2024, 12 pmeznews.inIndia is poised to enhance its domestic aviation capabilities by proposing the establishment of a special purpose vehicle (SPV) dedicated to manufacturing commuter aircraft. Currently in the proposal stage, the SPV will be created under Section 8 of the Companies Act, with the Ministry of Civil Aviation seeking approval from the Ministry of Finance. The initiative, part of the recently passed Bhartiya Vayuyan Adhiniyam, 2024, aims to assemble a team of experts from both public and private sectors to oversee the project, which will focus on developing a commuter aircraft with a range of 600-700 km. The SPV will operate without initial seed funding, relying on budgetary grants tied to achieving specific milestones. This project is expected to bolster India's aviation manufacturing ecosystem, reduce travel costs, and create jobs, while also considering the RTA-90 regional airliner project designed by the National Aerospace Laboratories.
Published: Dec 26 2024, 11 ameznews.inSugar prices are anticipated to face downward pressure in the 2024-25 season, with analysts predicting a surplus of approximately four million tonnes. The US Department of Agriculture (USDA) forecasts a 1.5% increase in global sugar production, while demand is expected to rise by 1.2% to 179.63 million tonnes. Recent rains in Brazil's Center-South region have alleviated some concerns regarding crop yields, although drought and fires earlier in the year raised risks for both the 2024-25 and 2025-26 harvests. The International Sugar Organization has revised its global sugar deficit forecast, contributing to a 5% year-to-date drop in sugar prices. Additionally, India's sugar production is projected to decline to 28 million tonnes due to increased ethanol production, although a rise in minimum support prices may bolster the sector. Overall, while supply risks persist, stronger production in Thailand and the EU could limit price increases.
Published: Dec 26 2024, 9 ameznews.inSyama Prasad Mookerjee Port in Kolkata is set to enhance the cargo handling capacity of its Haldia Dock Complex by 50% over the next five years, with an investment of approximately ₹2,000 crore through public-private partnerships (PPP). Currently managing around 50 million metric tonnes (MMT) of cargo, the port aims to increase this to 75 MMT by 2030. The port recently achieved its highest cargo volume ever, handling 49.54 MMT in the last financial year. A consortium led by Ripley & Co and Bothra Shipping has won a tender to operate a berth at HDC, planning to invest ₹600 crore in modernization efforts. Additionally, projects are underway to boost liquid cargo handling capacity and develop an outer terminal at the Kolkata Dock System, which is expected to increase container capacity from 0.65 million TEUs to 1 million TEUs. The port aims to maintain a cargo throughput of 65-66 MMT in the current financial year.
Published: Dec 25 2024, 8 pm
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