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In its latest monthly bulletin, the Reserve Bank of India (RBI) has raised concerns over rising inflation, particularly highlighting a sharp increase in food prices and a notable uptick in core inflation, which could threaten the real economy, including industry and exports. The Consumer Price Index (CPI) inflation for October stood at 6.2%, following a spike in September, prompting warnings against complacency after sub-target outcomes in previous months. The RBI noted that elevated food prices are beginning to affect processed food costs and household service wages, indicating broader cost-of-living pressures. Urban consumption demand is already feeling the impact, with potential repercussions for corporate earnings and capital expenditure. Despite these challenges, the Indian economy shows resilience, bolstered by festival-related spending and a recovering agricultural sector, with officials optimistic about the medium-term outlook as private consumption drives domestic demand. 
Published: Nov 20 2024, 9 pmeznews.inThe Udhampur-Srinagar-Baramulla Rail Link (USBRL) is set to transform the region's economy, which has faced challenges from militancy and instability for the past 30 years. With direct train services between Srinagar and Delhi anticipated to commence in January 2025, the 272-kilometre rail project, sanctioned decades ago at an estimated cost of Rs 37,012 crore, is nearing completion. Union Minister of State for Railways, Ranveet Singh, confirmed that major construction is finished, with only minor tasks like track linking and electrification remaining. The USBRL features 38 tunnels, including the country's longest at 12.75 kilometres, and 917 bridges. Railway officials believe the new connectivity will enhance economic development, particularly for perishable goods like fresh fruits. However, industry leaders stress the need for improved infrastructure, such as loading facilities and stockyards, to fully capitalize on the rail link's potential benefits.
Published: Nov 21 2024, 3 pmeznews.inIndia's domestic aviation sector is experiencing robust growth, with seat capacity in 2024 rising 12.7% compared to 2019 and 8% higher than in 2023, according to OAG, an aviation data provider. This surge is largely attributed to the addition of aircraft by Air India and IndiGo, alongside the introduction of new routes. During the winter season, domestic airlines are set to operate over 3,500 daily flights, marking a 5% increase year-on-year. Among the world's top twenty aviation markets, only Saudi Arabia has outpaced India in growth, with a 17.1% increase, while the UAE reported a 15% rise in international seat capacity. Despite global capacity growth of 6.4% year-on-year, challenges such as geopolitical issues, aviation taxes, and sustainability pressures have hindered recovery for many markets, with half still below 2019 levels.
Published: Nov 21 2024, 2 pmeznews.inIn a recent address at a high-level policy conference, Reserve Bank of India (RBI) Governor Shaktikanta Das emphasized the critical importance of price stability for sustainable economic growth, particularly in the context of rising inflation. With India's retail inflation hitting a 14-month high of 6.21% in October, surpassing the RBI's tolerance band, Das highlighted the need for a balanced approach to monetary policy. He noted that while resilient growth allows for a focus on reducing inflation towards the 4% target, high inflation disproportionately affects the poor. Das urged countries in the global south to enhance per capita income and productivity through increased investment in infrastructure and technology, while maintaining a stable economic environment. He acknowledged the ongoing uncertainties in the global economy, calling for central banks to adopt more flexible and integrated policy frameworks to navigate these challenges effectively.
Published: Nov 21 2024, 2 pmeznews.inSynergy Marine Group has launched a pilot project to cultivate fresh vegetables aboard its Suezmax tanker, ‘EFFIE MAERSK’, utilizing Agwa’s AI-directed cultivation devices since September. These self-contained units, comparable in size to refrigerators, employ AI, cameras, and sensors to optimize conditions for plant growth, enabling the crew to enjoy fresh salads and herbs while at sea. The initiative not only enhances onboard nutrition but also reduces food waste and the need for costly deliveries, which often result in nutrient loss. Agwa's Chief Commercial Officer, Eli Feiglin, emphasized the sustainability benefits of the fully automated system, which requires minimal crew intervention. Synergy’s founder, Captain Rajesh Unni, highlighted the importance of nutritious food for crew morale and well-being, noting a shift towards healthier eating habits among seafarers. This collaboration marks a significant step towards a greener maritime industry, enhancing both crew welfare and sustainability.
Published: Nov 21 2024, 1 pmeznews.inFarmers in Punjab, led by the Kisan Mazdoor Sangharsh Committee (KMSC), are intensifying their protests against the government, demanding timely paddy procurement and a guarantee for Minimum Support Price (MSP). On October 26, large gatherings took place in Sangrur district, with plans to march towards Delhi on December 6. KMSC General Secretary Sarwan Singh Pandhair announced a meeting at Gurdwara Rakab Ganj Sahib to outline their strategy, emphasizing that the protest, now in its 284th day, will continue until their demands are met. He criticized the ruling Bharatiya Janata Party (BJP) for neglecting key issues post-elections and urged Prime Minister Narendra Modi to address the ongoing violence in Manipur, highlighting the plight of local residents. Farmers have also blocked national highways in several areas, expressing frustration over the lack of solutions from both state and central governments.
Published: Nov 21 2024, 12 pmeznews.inNamma Yatri, a Bengaluru-based mobility app, has officially launched its services in Mangaluru, following a successful month-long trial that garnered positive feedback from local drivers. The initiative has already completed nearly 500 trips in November and onboarded 300 drivers, with plans to expand to nearby cities like Manipal and Udupi. Karnataka Legislative Assembly Speaker UT Khader inaugurated the launch, emphasizing the importance of reliable and affordable transportation in the region's economic development. Namma Yatri aims to empower local drivers while enhancing commuting experiences, having previously seen success in Tumakuru and Kalaburagi, where drivers completed over 280,000 trips and earned around ₹2 crore. With a network of 2.3 lakh drivers and over 50 lakh customers, the app facilitates an average of 1.6 lakh trips daily across Karnataka, promoting community involvement and driver-led growth.
Published: Nov 21 2024, 12 pmeznews.inRapido, the ride-sharing platform, is set to introduce airport pooling services, aiming to enhance accessibility and affordability in transportation, according to co-founder and CEO Aravind Sanka. The company has been expanding its offerings in 2-wheeler, 3-wheeler, and 4-wheeler services while creating significant employment opportunities. Following a successful fiscal year, Rapido reported a 46% increase in operating revenue to ₹648 crore and a 45% reduction in net loss to ₹371 crore. In the September quarter, net losses narrowed to ₹17 crore, with order fulfillment nearly doubling to 207 million. The shift towards sustainable mobility in India is being propelled by advancements in shared mobility and digital public infrastructure (DPI), which are essential for electrification. Industry leaders emphasize the importance of battery swapping and collaborative ecosystems to reduce costs and scale electric vehicle adoption effectively.
Published: Nov 21 2024, 10 ameznews.inMindsprint, formerly Olam Technology and Business Services, is shifting its focus towards the food and agriculture sectors, leveraging its extensive industry knowledge, according to CEO Dharmendra Kapoor. The company is collaborating with major firms like Bayer and Costco to provide both produce and technological services, aiming to enhance efficiency and reduce food wastage. Mindsprint has developed a digital platform that connects farmers directly to the marketplace, offering free solutions to thousands of farmers to optimize their operations. The firm has also introduced Mindverse, a generative AI tool designed to analyze data and improve decision-making for farmers and businesses. Additionally, Mindsprint is implementing the European Union Deforestation Regulation and its "True Trace" solution to ensure ethical sourcing in the food supply chain. With a presence in 65 countries, Mindsprint is poised to expand its technological offerings, particularly in India, despite current automation challenges.
Published: Nov 21 2024, 9 ameznews.inA recent report by the Access to Medicine Foundation (ATMF) highlights a significant decline in non-exclusive voluntary licensing (NE-VL) agreements within the global pharmaceutical industry, dropping from six in 2022 to just two in the past two years. This slowdown, attributed to companies underestimating the value of expanding access to medicines, poses risks for Indian drugmakers involved in global licensing and technology transfer initiatives. The report emphasizes the need for pharmaceutical firms to prioritize low- and middle-income countries (LMICs) and improve access to essential treatments, particularly in regions like sub-Saharan Africa. Despite public health organizations identifying key patented treatments for licensing, only 43% of clinical trials occur in LMICs, which house 80% of the global population. The report ranks Novartis as the top company for governance of access, research, and product delivery, underscoring the urgent need for enhanced collaboration between industry, governments, and communities to address health inequities.
Published: Nov 21 2024, 9 ameznews.inThe Department of Consumer Affairs (DoCA) announced on November 21, 2024, that radar equipment used for measuring vehicle speed will soon be regulated under the Legal Metrology (General) Rules, 2011. This move aims to enhance the accuracy and standardization of traffic speed measurement devices following stakeholder consultations. The new regulations will require microwave Doppler radar equipment to be verified and stamped, ensuring compliance with industry standards and reducing the risk of malfunctions. DoCA emphasized that precise speed measurements are vital for effective traffic enforcement, accident prevention, and maintaining public trust, as inaccuracies can undermine road safety. Additionally, the department is working on regulations for other weighing and measuring instruments in line with international OIML standards to further protect stakeholder interests. The updated rules are expected to be notified shortly.
Published: Nov 21 2024, 9 am
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