eznews.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 pmeznews.inJapan Airlines Co. is grappling with significant system issues following a cyberattack that began early Thursday morning, potentially disrupting both local and international flights. In response to the incident, the airline has suspended ticket sales, as it works to resolve the technical difficulties. The situation has also impacted the airline's stock, with shares dropping by as much as 2.5% during trading in Tokyo. This incident follows a similar disruption experienced by American Airlines Group Inc. on Christmas Eve, when a technical problem with a third-party vendor led to a brief ground stop affecting all US flights for about an hour. The airline industry continues to face challenges from cyber threats, raising concerns about operational security and customer service.
Published: Dec 26 2024, 8 ameznews.inKey sectors such as deeptech, artificial intelligence (AI), and mobility are gaining traction in India, particularly in traditionally closed industries like defence and aerospace, according to Vipul Patel, Partner at IIMA Ventures. He highlighted a resurgence in early-stage investments, especially in Seed and Series A funding, as indicative of recovery from the recent funding winter. Patel noted that domestic consumption and application-driven models are set to dominate investor interest, with a strong focus on sectors like semiconductors and spacetech. The IPO landscape has also seen success, exemplified by startups like Swiggy, which has enhanced liquidity and investor confidence. While challenges persist due to global interest rate fluctuations and foreign investment declines, domestic capital is increasingly stepping in, supported by robust asset performance and a bullish market outlook. Patel anticipates a maturation of the M&A market for tech startups over the next five years as the capital cycle evolves.
Published: Dec 26 2024, 6 ameznews.inCo-operation Minister Amit Shah announced the establishment of 10,000 new Primary Agricultural Cooperative Societies (PACS) in India, aiming to reach a target of 200,000 within five years. Speaking at an event in New Delhi, Shah highlighted that 11,695 PACS have already been registered under new model laws, which allow these societies to expand their operations. He emphasized the importance of effective co-operatives at the grassroots level for integrating farmers' produce into global markets and fostering social equality. The initiative will be implemented in two phases, with various national boards tasked with establishing new co-operatives across agriculture, dairy, and fisheries. Shah also introduced standard operating procedures for liquidating defunct PACS, facilitating the creation of new societies in 15,000 villages. He underscored the need for trained personnel to ensure the success of these initiatives, while also commemorating the contributions of former Prime Minister Atal Bihari Vajpayee to the co-operative sector.
Published: Dec 25 2024, 8 pmeznews.inThe Indian government has received over ₹48,000 crore in dividends from Central Public Sector Enterprises (CPSEs), surpassing 85% of the budget estimate of ₹56,000 crore for FY25. This trend suggests that total dividend payouts could exceed last year's ₹63,000 crore, aiding the Finance Ministry in maintaining a fiscal deficit below the projected 4.9%. Key contributors to this increase are CPSEs in the oil, coal, and power sectors, which have benefited from stable fuel prices and favorable weather conditions. The government recently revised its dividend policy, mandating a minimum annual payout of 30% of profit after tax or 4% of net worth, encouraging CPSEs to aim for higher dividends based on profitability and cash reserves. In FY24, 212 of the 272 operating CPSEs reported a net profit of ₹3.43 lakh crore, a significant rise from the previous year, with dividends declared increasing by over 16%.
Published: Dec 25 2024, 8 pmeznews.inThe Indian government has appointed Arunish Chawla as the new Revenue Secretary, succeeding Sanjay Malhotra, who recently became the RBI Governor. Chawla, a 1992-batch IAS officer from the Bihar cadre with a PhD in Economics from the London School of Economics, previously served as Pharmaceutical Secretary and has extensive experience in the Finance Ministry, including a role as Joint Secretary in the Expenditure Department. His immediate responsibilities will include finalizing revenue figures ahead of the Union Budget presentation on February 1 and overseeing a review of the Income-tax Act. Additionally, Neelam Shami Rao has been appointed as the new Textiles Secretary, replacing Rachna Shah, who will now head the Department of Personnel and Training. Other notable appointments include Amit Agrawal as Pharmaceutical Secretary and Vineet Joshi as Higher Education Secretary, as part of a broader bureaucratic reshuffle.
Published: Dec 25 2024, 8 pmeznews.inAhead of the Union Budget on February 1, 2024, economists are calling for a significant revision of India's Fiscal Responsibility and Budget Management (FRBM) Act to align with the Viksit Bharat vision for 2047. The current framework, established in 2003 and amended in 2018, is deemed outdated, particularly regarding fiscal deficit targets and debt-to-GDP ratios. The EY Economy Watch report advocates for a combined debt-GDP ratio of 60%, split equally between the Centre and States, and emphasizes the need to reinstate the revenue account balance as a key target to eliminate government dissavings. Additionally, it suggests maintaining a fiscal deficit target of 3% of GDP for both levels of government, with flexibility to adjust during economic downturns. Experts believe these changes are crucial for sustainable growth, increased investment, and ultimately achieving India's development aspirations.
Published: Dec 25 2024, 8 pmeznews.inThe Indian government has approved the purchase of 9.66 lakh tonnes of tur (arhar) at the minimum support price (MSP) for the kharif 2024 season, despite a recent easing of prices due to new crop arrivals in states like Karnataka and Maharashtra. The sanctioned procurement includes 3.95 lakh tonnes from Uttar Pradesh and 3.06 lakh tonnes from Karnataka, with the MSP set at ₹7,550 per quintal. As market arrivals have begun, mandi prices have dropped significantly, with Kalaburgi prices falling from ₹11,000 to around ₹8,000-8,500 per quintal. Farmers are concerned about the impact of declining prices and erratic weather conditions on their yields. Additionally, imported tur from countries like Mozambique and Kenya is being traded at lower prices, further complicating the market dynamics. The Agriculture Ministry's first advance estimates indicate a slight increase in tur production to 35.02 lakh tonnes this year.
Published: Dec 25 2024, 7 pm
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