Top headlines: Rail freight's 1st dip after Covid, Kharif sowing falls 9%

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Rail freight sees first YoY decline since Covid in June; sea cargo flat

Freight volumes for the national transporter, Indian Railways, contracted year-on-year for the first time since the coronavirus outbreak, shows the data for June released by the Ministry of Railways. The Railways ferried 123 million tonnes (mt) of goods last month, almost 2 per cent less than in June 2022. Read more...

FinMin tells PSBs to explore AI-powered collab in tech, HR training
 

In a first, the finance ministry has asked public-sector banks (PSBs) to explore resource sharing and collaboration in implementing emerging technologies such as account aggregators and generative artificial intelligence to enhance their operational efficiency and customer experience. Read more...

Kharif sowing falls 9% even as rains pick up across most parts of India
 

The acreage under kharif crops was almost 8.6 per cent less year-on-year (YoY) until the week ended Friday, despite a pick-up in monsoon rainfall across most parts of India. Acreage is significantly down for kharif crops like rice, pulses (arhar or tur, and urad), soybean, and cotton. Read more...

Centre calls alleged FAME scheme defaulters for hearing from July 13
 

The Ministry of Heavy Industries (MHI), starting July 13, will hold court with electric two-wheeler manufacturers that have allegedly violated Phased Manufacturing Programme (PMP) guidelines under the Faster Adoption and Manufacturing of (Hybrid &) Electric Vehicles in India (FAME-II) scheme. The manufacturers include top electric two-wheeler players like Hero Electric and Okinawa.  Read more...

GST Council meet: Stricter tax regime for tobacco items likely in phases
 

The government’s decision to levy tax on the retail sale prices of some of the evasion-prone commodities, such as pan masala and tobacco products, may have hit a roadblock. However, a tighter regime proposed to plug the revenue leakage in these commodities could be implemented in a phased manner. Read more...