Daily News - Friday, 13 September 2024
PM Modi: India has become ‘aviation inclusive’ in past decade (The Indian Express)
India aims to become a leading global aviation hub by the end of this decade, driven by unprecedented growth in civil aviation, making air travel more affordable and accessible for the common citizen. With a doubling of airports in the past decade and major aircraft orders placed by Indian airlines, India is now the third-largest and one of the fastest-growing aviation markets globally. The government’s focus on enhanced connectivity, particularly through the UDAN scheme, along with the development of a $4 billion MRO industry, positions India for significant economic growth and high-skill job creation.
Food inflation second lowest since June 2023 (Financial Express)
Retail food inflation in India rose slightly to 5.66% in August, driven by high prices of pulses, cereals, and vegetables, although it declined by 0.44% compared to July. Key contributors to the inflation included sharp increases in the prices of potatoes (64.03%), onions (54.04%), and pulses (13.6%), with the rise mainly attributed to lower production. Despite some declines in prices, such as in tomatoes (-47.91%) and edible oils, inflation is expected to stabilize as new crop arrivals and strong imports are anticipated to ease pressure on food prices.
Produce start-up Origin eyes quick commerce app rollout (The Hindu)
Bengaluru-based fresh produce start-up Origin is launching a quick commerce service across India and several international markets, offering 250 varieties of fresh fruits and vegetables sourced from 15,000 farmers and global regions like Europe, Vietnam, and Africa. Initially rolling out in Bengaluru with 40 "dark stores" for quick deliveries, the service will expand to Indian metro cities and international markets by next year, promising deliveries within 20 minutes. Origin is finalizing its first funding round of $10 million to support R&D and expansion, tapping into the growing quick commerce market projected to reach $5.5 billion by 2025.
HAL may get Maharatna tag by yr-end (Business Standard)
Hindustan Aeronautics Limited (HAL) is expected to be upgraded from Navratna to Maharatna status by the end of the year, granting it greater operational and financial autonomy to make investments up to ₹5,000 crore without government approval. This move comes as HAL has seen significant growth, securing major defence contracts under the government's self-reliance initiative, and achieving a record profit of ₹4,000 crore in the fourth quarter of FY24. The government is also reviewing the Ratna categorization criteria, with potential downgrades for underperforming CPSEs.
OilMin in talks with FinMin over windfall tax review (Business Standard)
The Ministry of Petroleum and Natural Gas is in talks with the finance ministry to review the windfall tax on domestically produced crude oil and fuel exports, following a significant drop in global crude prices. As of August 30, the windfall tax on crude oil was reduced to ₹1,850 per tonne, with discussions ongoing to potentially eliminate it for refined fuels if low product prices persist. While oil marketing companies may consider cutting pump prices for petrol and diesel, the government is closely monitoring global crude trends before making any decisions on retail price reductions.
