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An Air India Boeing 787 en route from Tokyo to Delhi was diverted to Kolkata on Sunday due to air conditioning issues that resulted in "persistent warm temperatures" inside the cabin. The airline confirmed that the precautionary landing was made to ensure passenger safety and comfort. Ground teams are currently assisting affected passengers while the aircraft undergoes necessary checks. Air India has not disclosed the number of passengers on board or the expected timeline for the aircraft's return to service. The incident highlights ongoing challenges faced by airlines in maintaining cabin conditions, particularly during long-haul flights. 
Published: Jun 30 2025, 1 pmeznews.inData from the Controller of General Accounts (CGA) reveals that the Indian government received over ₹7.32 lakh crore, accounting for 21% of the Budget Estimate for the current fiscal year. This revenue includes more than ₹3.5 lakh crore from net tax collections and ₹3.56 lakh crore from non-tax revenues, marking a 10% increase in tax revenues and a significant 41.8% rise in non-tax revenues year-on-year. The government transferred over ₹1.63 lakh crore to states as tax devolution, exceeding last year's figures by ₹23,720 crore. Despite a 54% surge in capital expenditure during April-May, the fiscal deficit remained manageable at just over ₹13,000 crore, aided by RBI surplus. Economists suggest that the government could increase capital expenditure beyond the Budget Estimate, potentially reaching nearly ₹12 lakh crore, while cautioning about slower tax collection growth amid changing economic conditions.
Published: Jun 30 2025, 6 pmeznews.inThe Indian delegation, led by Rajesh Agrawal, special secretary in the commerce department, has extended its stay in Washington until June 30 to continue negotiations on an interim trade agreement with the United States. Initially set for a two-day visit starting June 26, the talks have been prolonged as both nations aim to finalize a deal before the July 9 deadline for the expiration of reciprocal tariffs imposed by the Trump administration. The US has suspended a 26% additional tariff on Indian goods for 90 days, while India seeks full exemption from this tariff. Key negotiation points include India's reluctance to concede in agriculture and dairy sectors, while the US is pushing for concessions on industrial goods and automobiles. Both countries aim to conclude discussions for a broader bilateral trade agreement by fall, targeting a significant increase in bilateral trade to USD 500 billion by 2030.
Published: Jun 30 2025, 6 pmeznews.inShaikh Khader Rahman, Chief Commissioner of Central Tax, Central Excise & Customs for the Thiruvananthapuram Zone, announced an impressive 18% growth in GST revenue and a 14% increase in Central Excise revenue during the first two months of FY 2025-26. Speaking at a press conference in Kochi, he highlighted the enforcement and audit wings' efforts, which led to the identification of tax evasion cases amounting to ₹580 crore. The Thiruvananthapuram CGST Zone received a ‘Commendation Certificate’ from the Central Board of Indirect Taxes and Customs for its exceptional performance in GST administration, notably processing 55% of GST registration applications within seven days and resolving 83% of GST appeals. As part of GST Pakhwada 2025, help-desks were established to assist taxpayers, resolving around 200 grievances. The GST Day celebrations, themed ‘GST – Simplifying Taxes: Empowering Citizens,’ will take place on July 1, featuring Finance Minister K. N. Balagopal and actor Mohanlal as guests.
Published: Jun 30 2025, 6 pmeznews.inInterest rates on India's small savings schemes, including the Public Provident Fund and Sukanya Samriddhi Scheme, will remain unchanged for the seventh consecutive quarter starting July 1, as confirmed by a Finance Ministry memorandum. This decision, aimed at bolstering household savings amid declining interest rates in the banking sector, poses challenges for banks struggling to attract deposits. With recent cuts in policy interest rates and the Cash Reserve Ratio, banks have lowered their deposit rates, which now hover around 6.5-7 percent, making government-backed schemes, offering rates between 7.1 and 8.2 percent along with tax benefits, more appealing to risk-averse savers. The longer tenures of these schemes, such as the 15-year Public Provident Fund, further enhance their attractiveness compared to the shorter average tenors of retail bank deposits. Experts warn that this widening gap could hinder banks' ability to mobilize retail deposits amid robust credit demand.
Published: Jun 30 2025, 6 pmeznews.inIndia continues to grapple with a significant trade deficit in steel, remaining a net importer despite a 30% year-on-year reduction in imports to 0.95 million tonnes (mt), valued at ₹9,167 crore, during April-May. Exports also fell by 18% to 0.77 mt (₹6,519 crore), resulting in a net import of 0.18 mt and a trade deficit of ₹2,648 crore. Notably, imports from China have plummeted nearly 50% to 0.2 mt, attributed to a 12% safeguard duty and quality control measures, while shipments from Japan dropped 66% to 0.12 mt. In contrast, South Korea emerged as the leading exporter of finished steel, with 0.37 mt. India's steel production and domestic consumption both rose by 7% to 25.5 mt and 25.2 mt, respectively, although steel prices exhibited mixed trends, with rebar prices declining due to weak demand.
Published: Jun 30 2025, 6 pmeznews.inIndia's Ministry of Environment has unveiled a draft notification proposing legally binding greenhouse gas (GHG) emission targets for over 460 industrial units, marking the establishment of the country's first compliance-based carbon market. The initiative, part of the Carbon Credit Trading Scheme (CCTS) 2023, aims to reduce emissions in key sectors including aluminium, steel, petroleum refining, petrochemicals, and textiles. Under the Greenhouse Gas Emission Intensity Target Rules, 2025, designated industries must either lower their GHG emissions per unit of output or purchase carbon credits from the Indian Carbon Market. Non-compliance will result in financial penalties under the Environment (Protection) Act, 1986. The draft outlines specific reduction targets for compliance years 2025-26 and 2026-27, with the Bureau of Energy Efficiency determining benchmarks. The ministry is currently seeking public feedback on the proposal, with comments due within 60 days of publication.
Published: Jun 30 2025, 5 pmeznews.inThe Soyabean Processors Association of India (SOPA) anticipates a 5% decline in soyabean acreage for the upcoming kharif season, primarily due to farmers opting for more profitable crops like maize and cotton after experiencing poor returns over the past two years. As of June 30, sowing has progressed in key states, with approximately 42.98 lakh hectares planted, although poor germination in regions of Madhya Pradesh and Maharashtra has necessitated re-sowing. Last year, soyabean was cultivated on about 117.48 lakh hectares, and SOPA estimates production for the 2024 season at 125 lakh tonnes, with an average yield of 1,064 kg per hectare. The government has raised the minimum support price for soyabean to ₹5,328 per quintal for the 2025 kharif season, yet current market prices remain below this level, with modal prices in Madhya Pradesh ranging from ₹3,800 to ₹4,350 per quintal.
Published: Jun 30 2025, 5 pmeznews.inIndia is set to experience above-normal rainfall in July, driven by the South-West monsoon, according to the India Meteorological Department (IMD). The forecast, released on June 30, 2025, indicates that the country will receive approximately 106 per cent of the long period average (LPA) rainfall for the month. This follows a robust June, during which India recorded 109 per cent of the LPA rainfall, suggesting a strong monsoon season. The anticipated precipitation is expected to benefit agricultural activities across the nation, which relies heavily on the monsoon for its water supply. As the monsoon progresses, the IMD will continue to monitor and update its forecasts to provide timely information to farmers and stakeholders.
Published: Jun 30 2025, 5 pmeznews.inDMK MP Kanimozhi Karunanidhi has expressed grave concerns over the plight of mango farmers in Tamil Nadu in a letter to Union Food Processing Minister Chirag Paswan. She highlighted a significant decline in demand for mango pulp from beverage manufacturers, which has plummeted from 20% in 2022 to just 11% in 2024, largely due to the current Goods and Services Tax (GST) structure. Under this regime, beverages with over 10% real fruit content face a 28% GST, prompting manufacturers to reduce mango pulp to avoid higher taxes. Kanimozhi also criticized the practice of relabelling products as 'Fruit-Based Beverages' to circumvent stricter regulations, further harming farmers. She urged Paswan to intervene by restoring the mango pulp content to previous levels and enforcing Food Safety and Standards Authority of India (FSSAI) norms to prevent regulatory evasion.
Published: Jun 30 2025, 4 pmeznews.inEggoz, an innovative agri-consumer brand founded by IIT Kharagpur alumni Abhishek Negi, Aditya Singh, and Uttam Kumar in 2017, has successfully raised $20 million in a Series C funding round led by Gaja Capital, with participation from several existing investors. The company, which aims to revolutionize the egg industry in India, reported a remarkable 76% year-on-year revenue growth, reaching ₹130 crore in net cash revenue for 2024-25. Eggoz offers a variety of branded eggs and has introduced India's first line of egg-based snacks, available in over 11 major cities. Co-Founder Negi emphasized the importance of safety and nutrition, stating that the funding will enhance their market presence and technological infrastructure. Gaja Capital's CEO highlighted Eggoz's scalable, tech-first approach, while IvyCap Ventures noted the critical need for quality and traceability in India's egg production, underscoring Eggoz's role in addressing these challenges.
Published: Jun 30 2025, 4 pm
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