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India's basmati rice exports to Iran are facing significant disruptions, with approximately 100,000 tonnes of rice stranded at Indian ports due to the ongoing Israel-Iran conflict. Satish Goyal, president of the All India Rice Exporters Association, highlighted that Iran accounts for 18-20% of India's basmati rice exports, and the shipments are primarily held up at Kandla and Mundra ports in Gujarat. The conflict has rendered vessels and insurance unavailable for Iran-bound cargo, as standard shipping policies typically exclude international conflicts. This situation has already led to a ₹4-5 per kg drop in domestic basmati rice prices, causing financial strain for exporters. The association is coordinating with the agri-export promotion body APEDA and has scheduled a meeting with Union Commerce Minister Piyush Goyal on June 30 to address the crisis. Iran is India's second-largest market for basmati rice, following Saudi Arabia. 
Published: Jun 23 2025, 3 pmeznews.inWest Asian airlines have issued warnings to customers about potential delays and schedule changes due to ongoing airspace closures in the region. While local carriers like Emirates and flydubai continue to operate flights to most destinations, they have suspended services to Iran and Iraq until June 30. The situation has led to some delays for flights bound for West Asia, including those departing from Chennai. In response, Dubai's government has activated support protocols at its airport to assist affected passengers. Qatar Airways has also indicated that it will adjust its schedules to enhance connectivity in Doha amid the evolving situation. The airspace restrictions follow a series of attacks that have prompted airlines to reroute flights to Europe and the US via Egypt. Major international carriers, including American Airlines and British Airways, have already cancelled flights to Dubai and Doha in light of the heightened tensions following a US attack on Iranian nuclear facilities.
Published: Jun 23 2025, 8 pmeznews.inIn a significant boost for India's aerospace manufacturing sector, JJG Aero is set to invest ₹500 crore in a new integrated facility in Bengaluru, which will house up to 1,000 machines and enhance capabilities in heat treatment, mechanical assemblies, and testing. Anuj Jhunjhunwala, Managing Director of JJG Aero, highlighted that while India currently exports over $2 billion in aircraft micro-assemblies, local value addition remains below 30%. However, with Indian mills gaining OEM approvals for materials like steel and titanium, the supply chain is evolving towards higher-value production. The company, which has recorded revenues of ₹110 crore in FY24 and serves clients such as Boeing and GE Aerospace, aims to shift its production mix from 98% built-to-print to more built-to-spec manufacturing. Recently, JJG Aero secured $12 million in funding from CX Partners to support its expansion and vertical integration efforts.
Published: Jun 23 2025, 8 pmeznews.inIn FY25, India’s tur imports soared to over 12.23 lakh tonnes, marking a 59% increase from the previous year's 7.71 lakh tonnes, significantly impacting tur dal prices. In key producing regions like Kalaburgi and Latur, prices have dipped below ₹100 per kg, the lowest in nearly three years, providing relief to consumers. The average price of tur dal is currently between ₹89-90 per kg, with premium quality at ₹104-105 per kg, reflecting a nearly 50% decrease from last year due to weak demand and ample supply. The government’s extension of the duty-free import window until March 2026 has contributed to this price moderation. Market sentiment remains weak, but prices may rise as demand increases ahead of the festive season. Additionally, the availability of cheaper yellow peas is influencing consumption patterns, prompting calls for extended procurement periods to support farmers.
Published: Jun 23 2025, 8 pmeznews.inSowing for kharif crops in India has commenced earlier than usual this year, with overall acreage increasing by 10% to 137.84 lakh hectares as of June 20, according to the Agriculture Ministry. The revival of the monsoon on June 15 has facilitated this surge, covering nearly the entire country except for parts of Punjab, Haryana, and north Rajasthan. Notably, paddy acreage has surged by 58% to 13.22 lakh hectares, while pulses have seen a 42% increase to 9.44 lakh hectares. However, oilseed coverage has declined by 2%, raising concerns for the government's Oilseeds Mission set for 2024. Cotton acreage has improved by 7% to 31.25 lakh hectares, but jute and mesta have decreased by 3%. Agriculture scientists warn that while early sowing may enhance yields, prolonged rainfall could lead to pest issues. Sugarcane planting remains stable at 55.07 lakh hectares.
Published: Jun 23 2025, 8 pmeznews.inAbout 100,000 tonnes of Basmati rice destined for Iran have become stranded at Indian ports, including Kandla and Mundra, amid the escalating Israel-Iran conflict. Experts suggest that India's Basmati rice exports to Iran may reach last year's level of 0.86 million tonnes, despite a significant drop in shipments due to the ongoing tensions. Iranian buyers have indicated they will accept shipments at their own risk, as Israeli bombings pose a delivery threat. The All India Rice Exporters Association noted that rice imports in Iran are regulated, with permits typically not issued from July to September to protect domestic crops. While Iran's domestic rice production has increased, it still relies on Basmati imports, which remain a preferred food item. Exporters are currently facing lower realisation rates, receiving an average of $881 per tonne from Iran, compared to $980 from other markets.
Published: Jun 23 2025, 7 pmeznews.inThe Finance Ministry has extended the deadline for eligible employees, past retirees, and spouses of deceased retirees to opt into the Unified Pension Scheme (UPS) until September 30, 2025, following a lackluster response to the initial three-month window that ended on June 30. Launched on April 1, the UPS aims to provide a comprehensive pension package, including assured pensions, family pensions, and inflation indexation, primarily for government servants who joined after January 1, 2004. The government will increase its contribution to 18.5% from 14%, while employee contributions remain at 10% of basic pay plus Dearness Allowance. The scheme features two funds: an individual pension fund for employee contributions and a separate pool for additional government contributions. Subscribers can choose their investment options, including government securities or life cycle funds, with the flexibility to adjust their choices annually.
Published: Jun 23 2025, 7 pmeznews.inAir India, under the Tata Group, has rerouted its flights to Europe and the east coast of the US and Canada via the Red Sea due to escalating military tensions involving Iran, Israel, and the US, as well as the closure of Pakistan's airspace. The airline is now utilizing a western India route through the Arabian Sea and Egyptian airspace, allowing direct flights from western India to Europe without refueling, although flights from North India will require stops. Currently, Air India operates over 100 weekly flights to 10 European destinations, with the UK being its largest market. However, some flights to the US and Canada now necessitate refueling in Vienna, while inbound flights from the West Coast are stopping in Kolkata. The airline is closely monitoring the situation and has implemented a 15% reduction in international services on wide-body aircraft due to safety checks and geopolitical factors, resulting in 83 flight cancellations over six days.
Published: Jun 23 2025, 7 pmeznews.inThe ongoing conflict between Israel and Iran, particularly the potential closure of the Strait of Hormuz—a crucial transit point for nearly one-fifth of global oil supply—has raised concerns about its impact on Indian inflation. Despite Iran's current export of 1.7 million barrels per day, experts suggest that any disruption in supply may be mitigated by the spare capacity of other Gulf producers, particularly Saudi Arabia. While Brent crude prices surged to $77 per barrel, analysts predict they could exceed $100 if the Strait is blocked. However, economists like DK Srivastava and Rajni Sinha believe that the blockade will be temporary and unlikely to significantly affect India's Consumer Price Index (CPI) inflation or GDP growth. They anticipate CPI inflation to remain around 4-4.5% and GDP growth between 6.3-6.5% for FY26, as domestic fuel prices are expected to remain stable.
Published: Jun 23 2025, 7 pmeznews.inIn a notable development for Chennai's public transport, the air-conditioned EMU (sub-urban) train service on the Beach-Tambaram-Chengalpattu route has seen a significant rise in ridership since its launch in April 2025. Average daily passengers increased from 1,488 in April to 2,571 in May, reaching 2,800 in June. The service operates eight AC EMU trains, with routes connecting key areas, and has adjusted timings based on commuter feedback to enhance convenience. While fares for the AC EMUs are slightly higher than non-AC options, they remain competitive with Chennai Metro and AC bus fares for similar distances. The service is expected to attract even more users with the upcoming Phase II extension of the St. Thomas Mount–Velachery MRTS, which will integrate with the Chennai Metro Rail, creating a unified multimodal transport system.
Published: Jun 23 2025, 7 pmeznews.inThe monsoon remains active across parts of North-West and eastern India, while Central India experiences a relative lull, according to the India Meteorological Department (IMD). As of Monday, the country has a slight overall rain deficit of 1%, but regions like Vidarbha and Telangana face significant shortfalls of 57% and 44%, respectively. Heavy rainfall is forecasted for West Madhya Pradesh over the next few days, with isolated heavy showers expected in Bihar, Jharkhand, and Odisha. The northern limit of the monsoon is advancing, with conditions favorable for its spread into parts of Haryana, Chandigarh, and Delhi. A low-pressure area is anticipated to develop over the north-west Bay of Bengal, potentially enhancing monsoon activity. Predictions suggest that the heaviest rainfall may occur in Rajasthan, Punjab, and Gujarat by early July, as the monsoon continues to evolve.
Published: Jun 23 2025, 6 pm
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