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The World Trade Organization's (WTO) latest report, "World Trade Report 2024," highlights significant economic convergence since its establishment in 1995, with low and middle-income economies increasing their share of global trade from 21% to 38% by 2022. However, this trend has slowed post-global financial crisis and was exacerbated by the COVID-19 pandemic, which disproportionately affected poorer nations. The report emphasizes the need for complementary policies across various sectors to ensure equitable distribution of trade benefits and to address emerging challenges in digital and green trade. WTO Director-General Ngozi Okonjo-Iweala underscored trade's vital role in reducing poverty and fostering shared prosperity, countering the narrative that globalization has worsened inequality. The report calls for a more proactive WTO role in implementing existing agreements and restoring effective dispute resolution mechanisms to enhance trade policy certainty and stimulate growth. 
Published: Sep 09 2024, 8 pmeznews.inIn a recent meeting chaired by Union Minister for Finance Nirmala Sitharaman in Jaisalmer, the GST Council proposed new tax rates for various food items, recommending a 5% GST on ready-to-eat popcorn with salt and spices (if not pre-packaged), 12% on pre-packaged popcorn, and 18% on caramel popcorn. Additionally, fortified rice kernels will also be taxed at 5%. The Council deferred discussions on restructuring GST for insurance premiums, with plans for further meetings to address health insurance exemptions for senior citizens and potential reductions in GST rates. A proposal to lower the tax on food delivery charges from e-commerce operators was also postponed. Furthermore, the Council suggested increasing the GST on the sale of old and used electric vehicles and smaller vehicles from 12% to 18%, while maintaining the 18% rate for larger vehicles, including SUVs.
Published: Dec 21 2024, 1 pmeznews.inIndia's agriculture sector, vital to the economy and employing nearly 50% of the workforce, is undergoing a transformative shift through automation technologies such as drones, IoT, and robotics. With over 3,000 agricultural drones currently operational and projections to exceed 7,000 by 2025, these innovations promise to enhance productivity and reduce resource dependency. The government's ₹1,261 crore investment in initiatives like the "Namo Drone Didi" scheme empowers women-led Self Help Groups to provide drone rental services, fostering rural entrepreneurship. Automation is also addressing critical issues like resource management, enabling farmers to reduce water usage by up to 70% and fertiliser consumption by 20-30%. Training programs for rural youth are equipping them with skills in drone operations, creating new career opportunities. As farmers evolve into informed decision-makers, the integration of technology is set to modernise Indian agriculture, paving the way for a sustainable and prosperous future.
Published: Dec 21 2024, 12 pmeznews.inInnovations in wooden packaging are significantly transforming India's agriculture and allied sectors, driven by a rising demand for sustainable and efficient solutions. The wooden packaging market is projected to grow by $18.8 billion at a CAGR of 4.6% from 2023 to 2028, as customized crates and advanced ventilation systems enhance product protection and freshness during transport. These innovations address challenges such as spoilage and damage, while eco-friendly treatments like heat treatment ensure compliance with international standards, making wooden packaging suitable for global trade. Additionally, modern wooden pallets have been reinforced to support heavier loads, facilitating bulk transport. As the industry shifts towards sustainability, responsible sourcing practices and certifications like PEFC and FSC® promote biodiversity and resource conservation. Overall, these advancements not only improve logistics efficiency but also position Indian agriculture competitively in both domestic and international markets.
Published: Dec 21 2024, 12 pmeznews.inA recent Reserve Bank of India (RBI) report highlights the ongoing financial strain posed by electricity distribution companies (DISCOMs) on state finances, with their total accumulated losses reaching ₹6.5 lakh crore by 2022-23, equivalent to 2.4% of India's GDP. Despite various reform efforts, DISCOMs' outstanding debt has surged at an average annual rate of 8.7% since 2016-17. The RBI emphasizes the need for measures such as improving productivity, reducing transmission losses, and aligning tariffs with actual power supply costs. It advocates for the unbundling and privatization of the electricity sector to enhance financial health. On a positive note, the report indicates that states have improved fiscal discipline, with the gross fiscal deficit (GFD) contained at 2.91% of GDP in 2023-24, below the 3% limit, and capital outlay rising to 2.6% of GDP, suggesting a commitment to responsible financial management.
Published: Dec 21 2024, 11 ameznews.inIndia's coffee industry is increasingly embracing sustainable practices, particularly through shade-grown coffee, which is cultivated under tree canopies. This method not only preserves the country's rich biodiversity, especially in regions like the Western Ghats, but also supports over 100 bird species that help maintain ecological balance. Shade-grown coffee farms mitigate soil erosion by up to 30% and enhance soil fertility, reducing reliance on synthetic fertilizers. Farmers adopting this approach can earn up to 25% more per kilogram of coffee compared to conventional methods, while also diversifying their income by growing crops like pepper and cardamom. Although yields may be slightly lower, the premium prices and reduced chemical inputs make shade-grown coffee economically viable. This sustainable model not only benefits farmers but also uplifts rural communities, improving living standards and access to education and healthcare, as consumer demand for ethically sourced coffee continues to rise.
Published: Dec 21 2024, 11 ameznews.inIn a significant market update, the SENSEX closed at 78,041.59, down 1,176.46 points, while the NIFTY fell by 364.20 points to 23,587.50. In contrast, crude oil prices saw a slight increase, rising by 6.00 to reach 5,944.00, and silver prices also gained, up 51.00 to 88,443.00. Meanwhile, the 55th GST Council meeting, led by Finance Minister Nirmala Sitharaman in Jaisalmer, is set to address key issues, including the tax treatment of gift vouchers, which the Fitment Committee has recommended be exempt from GST, and the taxation of Floor Space Index (FSI) charges under the reverse charge mechanism. Additionally, proposals to lower GST on health insurance for senior citizens and micro-insurance are gaining support, while discussions around potential GST increases on used electric vehicles are anticipated to create controversy.
Published: Dec 21 2024, 9 ameznews.inRishi Agrawal, CEO and Co-Founder of Teamlease Regtech, discussed India's evolving social security framework for gig workers, highlighting the government's efforts to enhance protections as the gig economy expands. A 2022 NITI Aayog report indicates that India's gig workforce, numbering 7.7 million in 2020-21, is expected to reach 23.5 million by 2029-30. Key initiatives include the Code on Social Security, 2020, which recognizes gig workers and provides benefits such as life insurance and health coverage, alongside the e-Shram portal for welfare scheme access. States like Rajasthan and Karnataka are also enacting welfare laws. Comparatively, the US, China, and Southeast Asia have adopted varied approaches, with California's mixed framework and China's regulations on wages and insurance. While India's Labour Codes await full implementation, interim measures like health insurance and pensions are being considered to bolster worker welfare in the gig economy.
Published: Dec 20 2024, 10 pmeznews.inIn 2024, India’s labour market is at a crossroads, navigating the burgeoning gig economy while confronting persistent challenges such as informal work and social security deficits. The gig workforce is projected to expand to 23.5 million by 2030, constituting 4.1% of the total workforce, driven by technological advancements and a rising demand for skilled professionals. However, many gig workers remain vulnerable, lacking access to essential protections like pensions and insurance. The government is responding with initiatives such as the e-Shram portal to map gig workers' skills and socio-economic conditions, alongside progress on the Code on Social Security, which aims to provide better welfare measures. Experts stress the need for a balanced approach that ensures flexibility while safeguarding worker rights. As India moves towards 2025, the focus will be on creating a sustainable framework that addresses traditional labour issues and supports the evolving gig economy.
Published: Dec 20 2024, 10 pmeznews.inBudget airline SpiceJet has announced a services agreement with US-based MRO provider StandardAero to restore its grounded Boeing 737-8 MAX fleet, with plans to return three aircraft to service by April 2025. This agreement follows prior arrangements with engine manufacturer CFM International and the aircraft's lessor. SpiceJet aims to enhance its operational reliability and expand its network, having already added over 50 new flights in the past two months. The airline's Chairman, Ajay Singh, emphasized that the return of these fuel-efficient aircraft will not only bolster operations but also significantly improve the airline's financial health. The collaboration with StandardAero and CFM International underscores SpiceJet's commitment to timely aircraft restoration, positioning the airline to strengthen its market presence and offer passengers increased flight options and destinations.
Published: Dec 20 2024, 10 pmeznews.inIn a significant move, the Indian government has allocated ₹30,000 crore as untied funds under the Scheme for Special Assistance to States for Capital Investment (SASCI) for the fiscal year 2024-25. Union Finance Minister Nirmala Sitharaman announced this during a pre-budget consultation meeting in Jaisalmer, highlighting that funds devolved to states under the 15th Finance Commission have surpassed those from the previous commission. The SASCI scheme, first introduced in the 2020-21 budget, has been well-received, prompting states to request increased funding for essential capital projects. Additionally, states affected by severe disasters will be eligible for up to 50% of their allocation under SASCI to aid in infrastructure reconstruction. Various state leaders, including those from Goa and West Bengal, voiced their needs for enhanced disaster management funding and flexibility in using central funds, while Punjab called for an incentive package for border states.
Published: Dec 20 2024, 10 pm
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