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Uttar Pradesh, despite having the highest number of GST Identification Numbers (GSTINs) in India, reports the lowest per GSTIN collection among major states, according to recent data. For April 2025, the average GST collection per assessee by the Centre stands at approximately ₹1.4 lakh, compared to around ₹1.14 lakh for states. Haryana and Maharashtra lead in per GSTIN collections, with Haryana exceeding ₹3 lakh. Experts suggest that disparities in revenue sharing, particularly between inter-State and intra-State supplies, contribute to this issue. Central enforcement mechanisms are deemed more efficient than state systems, which often lack the necessary technological infrastructure. Recommendations for improvement include enhancing technology and data analytics within the GST Network, expanding e-invoicing, and reforming the Integrated GST apportionment formula. The GST Council is expected to address these concerns in its upcoming meeting, aiming for equitable treatment of assesses across both central and state administrations. 
Published: May 06 2025, 7 pmeznews.inIndia and the UK have finalized a significant free trade agreement (FTA) and a double contribution convention for social security after three years of negotiations, amid concerns over US reciprocal tariffs. Prime Ministers Narendra Modi and Keir Starmer announced the deal during a phone call, with Modi describing it as a "historic milestone" that will enhance their strategic partnership and stimulate trade, investment, and job creation. The FTA will eliminate tariffs on 99% of trade value, benefiting sectors like textiles, automotive, and services, while India will reduce tariffs on Scotch and gin. The UK government anticipates the agreement will boost bilateral trade by £25.5 billion and increase GDP and wages. However, experts caution that the effectiveness of the deal may hinge on the UK's Carbon Border Adjustment Mechanism, which could impact the balance of trade if not managed carefully.
Published: May 06 2025, 9 pmeznews.inThe Inland Waterways Authority of India (IWAI) has signed a Memorandum of Understanding (MoU) with the Rhenus Group to enhance inland waterways transport in India, focusing on efficient cargo movement and the adoption of global best practices. Under this agreement, Rhenus will introduce 100 barges in phases, starting with 20 barges and six pushers aimed at transporting over one million tonnes of cargo annually by 2025. Union Minister Sarbananda Sonowal highlighted the potential of inland waterways to create a greener and more cost-effective logistics network. Rhenus will initially operate on National Waterways 1, 2, and 16, as well as the Indo-Bangladesh Protocol route, facilitating bulk cargo movement across North, East, and Northeast India. The IWAI is also advancing infrastructure improvements under the Jal Marg Vikas project, with operational national waterways increasing from three in 2014-15 to 24 by 2023-24, and cargo movement rising significantly during the same period.
Published: May 06 2025, 9 pmeznews.inAt the CII Smart Metering Conference, a pivotal theme paper was presented, focusing on cybersecurity, privacy, and the necessity for advanced communication infrastructure to safeguard India's energy grid. The country’s ambitious initiative to install 250 million smart meters is gaining momentum, with daily installations surging to over 112,000, a significant increase from 15,000 last year. Power Ministry Joint Secretary Shashank Misra highlighted the benefits of smart meters for consumers and distribution companies, while Ghanshyam Prasad, Chairman of the Central Electricity Authority, underscored the importance of data analytics in enhancing smart metering efficiency. The theme paper, titled “Protecting the Future of Energy,” outlines potential cybersecurity risks and emphasizes the need for robust security measures, including advanced communication technologies like 5G. It advocates for regular audits and adherence to national standards to ensure the reliability and safety of the energy grid, crucial for the success of smart metering initiatives.
Published: May 06 2025, 9 pmeznews.inThe recently finalized India-UK Free Trade Agreement (FTA) has sparked optimism among exporters of labour-intensive goods, including textiles, gems, leather, pharmaceuticals, and processed foods, by eliminating tariffs in the UK market. The agreement also introduces a double contribution convention, exempting Indian workers temporarily employed in the UK from social security contributions for three years, addressing a significant challenge for service providers. Exporters' body FIEO highlighted that the FTA enhances competitiveness for textiles against rivals like Bangladesh and Vietnam, while also boosting access for leather and footwear in high-end UK markets. The gems and jewellery sector anticipates a surge in exports, projected to reach $2.5 billion within two years, doubling bilateral trade to $7 billion. Additionally, the FTA's emphasis on digital services aligns with the Indian tech sector's goals, fostering collaboration in areas like AI and cybersecurity, and easing mobility for professionals.
Published: May 06 2025, 9 pmeznews.inLuminis, a leader in microbiome intelligence and precision agri-tech, has forged a strategic partnership with Forvis Mazars in India to enhance its influence in aquaculture and expand into the soil microbiome sector for agriculture. This collaboration aims to address critical issues such as soil degradation, yield instability, and climate resilience while promoting sustainable practices that reduce antibiotic use. Facilitated by Nalanda Capital Partners, the partnership will leverage Luminis' Omni Biome AI platform and advanced genomics capabilities to develop innovative bioproducts tailored for India's agri-food systems. Rachelle Jensen, CEO of Luminis, emphasized the potential of combining scientific solutions with industry networks to revolutionize farming. Ajay Kakra from Forvis Mazars highlighted the partnership's role in unlocking value for farmers, while Ayan Desai of Nalanda Capital Partners expressed confidence in fostering a healthier food system through this initiative. The collaboration marks a significant step towards sustainable agriculture in India.
Published: May 06 2025, 8 pmeznews.inWheat prices in India have continued their upward trend for the fourth consecutive year, remaining above the minimum support price (MSP) of ₹2,425 per quintal during March and April, following early arrivals of rabi crops. The average farmgate price for wheat was ₹2,476 per quintal, though it dipped to ₹2,451 in April. Barley also saw prices above its MSP, averaging ₹2,098 per quintal in March-April, with a further increase to ₹2,223 in early May. Conversely, prices for mustard, chana, and masur were 2-9% below their respective MSPs, mirroring trends from the previous year. Chana prices fell to ₹5,514 per quintal, masur to ₹6,127, and mustard to ₹5,702. Experts suggest that increased government procurement and market releases could stabilize prices, while the Agriculture Ministry forecasts a record wheat production of 115.43 million tonnes for the 2024-25 crop year.
Published: May 06 2025, 8 pmeznews.inThe Uttar Pradesh government is set to establish a Kalanamak Rice Research Centre in Siddharthnagar, in collaboration with the International Rice Research Institute (IRRI), following the successful exemption of this traditional aromatic rice from last year's export ban. Kalanamak, known for its distinctive black husk and fragrance, is steeped in cultural significance, believed to be a gift from Lord Buddha. The state has already initiated the Kalanamak Rice Export Development Board and permitted the export of 1,000 tonnes for the 2024-25 fiscal year, with 500 tonnes shipped primarily to Singapore and Nepal. Minister Nand Gopal Gupta Nandi emphasized plans to boost cultivation and explore new markets, including participation in international fairs. Local farmer Dileep Chauhan aims to expand production through contract farming, despite challenges in funding and availability. The rice is cultivated across 11 districts in eastern Uttar Pradesh, supported by a new Common Facility Centre for post-harvest processing.
Published: May 06 2025, 8 pmeznews.inIndia and the UK have finalized a significant multi-billion-pound Free Trade Agreement (FTA), which is expected to enhance the British economy by £4.8 billion annually by 2040. The deal, confirmed by Prime Ministers Narendra Modi and Keir Starmer, covers 90% of tariff lines, including substantial reductions on Scotch whisky and automotive exports. Tariffs on Scotch will be halved from 150% to 75%, while automotive tariffs will drop from 100% to 10% under a quota. The agreement, which awaits legal formalization and parliamentary approval in the UK, aims to boost bilateral trade, currently valued at £41 billion, by an additional £25.5 billion. Indian Commerce Minister Piyush Goyal and UK Trade Secretary Jonathan Reynolds highlighted the deal's potential to create jobs and stimulate growth across various sectors. Additionally, India seeks to address professional visa regulations and social security contributions in the agreement.
Published: May 06 2025, 7 pmeznews.inIndian pepper prices are currently at a premium in international markets, trading at $8,650 per tonne, significantly higher than competitors such as Sri Lanka ($7,200), Vietnam ($7,100), Brazil ($7,000), and Indonesia ($7,500). This disparity has led to a ₹25 per kg decline in domestic prices over the past fortnight, with the Kochi terminal market reporting prices of ₹695 for ungarbled and ₹715 for garbled varieties. The influx of Sri Lankan pepper, which is priced between ₹675-690, has prompted masala manufacturers to seek cheaper imports to meet production needs. Kishore Shamji, President of the Indian Pepper and Spice Trade Association, noted that buyers are hesitant to purchase amid falling prices, while farmers in Tamil Nadu are releasing stocks. With Sri Lankan imports expected to rise further, particularly as the harvest begins in June, India's production for the year is projected at around 75,000 tonnes.
Published: May 06 2025, 3 pm
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