The Ministry of Commerce is working to enhance India’s food exports by expanding food-testing infrastructure. The Export Inspection Council (EIC) has launched a detailed gap assessment study to identify deficiencies in food testing systems across regions and commodities. The study will be completed within 2–3 months, after which a comprehensive plan for infrastructure expansion will be developed. The EIC is also adopting advanced technologies like IoT-based sampling and launching an integrated traceability module to streamline inspection, testing, and certification processes. New laboratories are being set up in key locations, and the EIC is entering into mutual-recognition agreements with various countries to facilitate global trade. With the number of accredited laboratories increasing and the introduction of a user-friendly online portal, the EIC aims to strengthen India’s position in the international food export market.

State Bank of India (SBI), the largest bank in India, has introduced two new deposit schemes aimed at providing customers with greater financial flexibility. The Har Ghar Lakhpati scheme is a pre-calculated recurring deposit designed to help customers accumulate ₹1,00,000 or its multiples, with a tenure ranging from 12 months to 10 years. This scheme is also available to minors, promoting early savings habits.The SBI Patrons scheme is a specialized term deposit product for senior citizens aged 80 and above, offering an additional 10 basis points in interest rates compared to regular senior citizen deposits. The bank also updated its fixed deposit rates, with offerings ranging from 6.50% to 7.00% based on tenure.Additionally, SBI has introduced a TAB-based end-to-end digital onboarding procedure for Non-Resident Indians (NRIs), making it easier to open NRE and NRO accounts with greater efficiency.

Union Minister of Commerce & Industry, Shri Piyush Goyal, highlighted the importance of public-private sector collaboration in developing action plans to boost logistics business and attract investments. Speaking at the release of the “Logistics Ease Across Different States (LEADS) 2024” report in New Delhi, he emphasized the need for regional and city-level logistics plans, green logistics, workforce inclusivity, and technological advancements like AI and Machine Learning. Goyal also urged states to leverage public-private partnerships (PPPs) and focus on multi-modal hubs for inland container depots. The LEADS 2024 report evaluates logistics performance across key pillars, including infrastructure, services, and sustainable logistics. The event also recognized exceptional contributions to the logistics sector with the LEAPS 2024 awards. Additionally, Goyal launched a PM GatiShakti course for efficient infrastructure planning and unveiled a report on logistics cost assessment, contributing to India’s vision of becoming a $32 trillion economy by 2047.

The Indian Institute of Technology (IIT) Madras has collaborated with the Ministry of Agriculture and Farmers' Welfare on Project VISTAAR, a digital initiative aimed at enhancing the agricultural extension system's efficiency. The partnership, formalized through a Memorandum of Understanding (MoU), will integrate information about over 12,000 start-ups in the agriculture and allied sectors into the VISTAAR platform. This will enable farmers and stakeholders to access valuable start-up resources easily. The initiative aims to provide farmers with timely, contextual, and accurate advisory services on crop production, marketing, and government schemes. By digitalising agricultural extension services, the project is set to significantly improve support for farmers, fostering innovation and sustainability in the sector.

The government has launched a revamped e-auction portal, 'Baanknet,' to consolidate and simplify access to properties being auctioned by Public Sector Banks (PSBs). The portal, unveiled by M. Nagaraju, Secretary of the Department of Financial Services, offers a comprehensive platform for buyers and investors to explore a wide range of residential, commercial, and industrial properties, as well as vehicles and land. With enhanced features such as a frictionless user experience, automated payment systems, and integrated KYC tools, Baanknet aims to improve the recovery process for PSBs and enhance credit availability. Over 122,500 properties have already been migrated to the portal for auction.

On Thursday, the government announced the formation of a panel to revise the base year of the Wholesale Price Index (WPI) from 2011-12 to 2022-23 and to develop a roadmap for transitioning to the Producer Price Index (PPI). The panel, headed by Ramesh Chand of NITI Aayog, will include 18 other members from various sectors such as government, rating agencies, and the Reserve Bank of India. The panel's task includes revising the commodity basket for WPI and PPI, improving the price collection system, and determining the computational methodology for both indices. While the transition to PPI is underway, both WPI and PPI will run concurrently. PPI is seen as a more accurate measure of price movements as it excludes indirect taxes and multiple counting biases present in WPI. The panel is expected to submit its final report within 18 months.

The Union Cabinet, chaired by Prime Minister Narendra Modi, has approved the extension of the One-time Special Package for Di-Ammonium Phosphate (DAP) under the Nutrient Based Subsidy (NBS) scheme. The package, effective from January 1, 2025, will provide a subsidy of Rs 3,500 per metric ton (MT) of DAP to ensure its affordable availability for farmers. The extension aims to stabilize prices amid global market fluctuations and geopolitical tensions. This subsidy will be in addition to the existing NBS subsidy, continuing the government's commitment to supporting farmers and ensuring their access to essential agricultural inputs. The decision follows a similar package approved in July 2024 for the period from April 1 to December 31, 2024, with a financial implication of Rs 2,625 crore.

The Tobacco Board of India has achieved a milestone by recording ₹12,005 crores in tobacco exports for the financial year 2023-24. This success reflects the board's focus on sustainability and industry growth through initiatives like eco-friendly farming, quality improvement, and farmer education. Key export destinations include Europe, the Middle East, and Southeast Asia. Despite challenges such as market fluctuations and climate impacts, the board continues to enhance productivity and expand global market reach while aligning with environmental goals.

India will host the World Audio Visual Entertainment Summit (WAVES) for the first time from February 5 to 9, 2024 in Delhi. Prime Minister Narendra Modi, in his monthly 'Mann ki Baat' radio address, highlighted the summit's importance in positioning India as a global leader in content production. The event will bring together international media and entertainment leaders, showcasing India’s advancements in cinema, gaming, animation, and entertainment technologies. PM Modi emphasized the involvement of young artists, encouraging them to participate in the summit and contribute to the nation's growing creative economy.

India's cargo-handling capacity at ports has surged by 87% over the past nine years, increasing from 871.52 million tonnes per annum (MTPA) in 2014-15 to 1629.86 MTPA in 2023-24. Tamil Nadu's Kamarajar Port led the growth with a remarkable increase of 154%, and three other ports also reported a rise of over 100% in their load capacity. India, with a coastline of 7,517 km, handles 95% of trade by volume and 70% by value through maritime transport, with 80% of its energy coming by sea. The country boasts a total of 12 major ports and 205 minor ports, contributing to a combined cargo-handling capacity of 1,629.96 MTPA. Additionally, the Sagarmala Programme envisions the development of 14 Coastal Economic Zones to boost port-led industrialisation.

The Reserve Bank of India (RBI) has established the 'FREE-AI' committee to create a framework for the integration of Artificial Intelligence (AI) in India's financial sector. The committee, consisting of experts from various fields, will focus on ensuring the safe and effective use of AI technologies in banking and financial services. Its primary objectives include addressing ethical concerns, safeguarding data privacy, and establishing regulatory oversight. The 'FREE-AI' initiative aims to improve financial inclusion, streamline banking operations, and reduce risks in financial transactions, playing a key role in shaping the future of AI in India's financial landscape.

The Household Consumption Expenditure Survey (HCES) for 2023-24, released by the National Statistical Office (NSO), reveals significant changes in the consumption patterns of Indian households. Food continues to be the largest expenditure, but there has been a noticeable rise in spending on non-food items like education, healthcare, and housing. The survey also highlights regional disparities, with urban households spending more on non-essential goods compared to rural households. Additionally, there is a growing trend towards allocating budgets for digital services, reflecting the increasing role of technology in daily life. The survey provides valuable insights for policymakers, businesses, and economists to make informed decisions and shape future policies aimed at improving household welfare amidst economic challenges.

The Multi-Stakeholder Convention held in New Delhi focused on the revival of agro-biodiversity in rainfed areas through traditional agricultural varieties. Dr. Devesh Chaturvedi, Union Secretary of the Ministry of Agriculture & Farmers' Welfare, highlighted the Ministry's commitment to promoting traditional varieties via schemes like NMNF, FPOs, and NFSM. He emphasized the unique qualities of traditional varieties, including better taste, aroma, and nutritional value, and suggested growing them in clusters for better market realization. Dr. Faiz Ahmed Kidwai from the National Rainfed Areas Authority (NRAA) stressed the need for increased investment in rainfed areas, which are vulnerable despite their significant role in Indian agriculture. Experts like Dr. K.S. Varaprasad and Gyanendra Singh discussed the co-existence of released and traditional varieties, urging for greater support for in-situ conservation. Farmers and seed saviors from various states shared their experiences in conserving traditional varieties, with discussions highlighting the importance of formalizing community-managed seed systems and government support in infrastructure and Minimum Support Price (MSP). The convention concluded with a call to develop an action plan and recommendations to the Ministry of Agriculture and Farmers' Welfare, focusing on linking traditional varieties to the market and integrating them into natural farming schemes.

The Indian rupee has fallen to a new record low against the US dollar and other major currencies, raising concerns in the financial markets. At the same time, the Real Effective Exchange Rate (REER), which adjusts for inflation differences with trading partners, has soared to an all-time high. This indicates that the rupee is overvalued in real terms, potentially affecting India's export competitiveness by making goods and services more expensive globally. Experts point to persistent foreign capital outflows, a stronger US dollar, and geopolitical uncertainties as key factors behind the rupee's depreciation. Meanwhile, the high REER reflects inflationary pressures and the relative strength of India's economy. The Reserve Bank of India (RBI) is closely monitoring the situation and intervening in the forex market, but the dual challenges of a weakening rupee and elevated REER may require policymakers to focus on boosting exports and attracting foreign investments for economic stability.

Income inequality in India has become a pressing issue, with the wealth gap between the rich and the poor widening. The top 1% of the population now holds a significant portion of the nation's wealth, leading to discussions about reintroducing wealth tax. Abolished in 2015, wealth tax was once levied on individuals with assets above a certain threshold to reduce economic inequality. Supporters argue that it could fund social welfare programs and help bridge the wealth gap, while critics warn it may discourage investment, lead to capital flight, and pose administrative challenges. The debate centers on whether wealth tax should be reintroduced or if alternative solutions exist to address inequality without harming economic growth.