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Ahead of the Budget 2026, Finance Minister Nirmala Sitharaman announced plans to simplify customs regulations, marking it as a key reform agenda for the government. Speaking at the HT Leadership Summit, she emphasized the need for a comprehensive overhaul to enhance transparency and ease compliance, drawing parallels with recent income tax and Goods and Services Tax (GST) reforms aimed at boosting consumer spending. Sitharaman indicated that proposed customs reforms, including duty rate rationalisation, could be unveiled in the upcoming Budget on February 1. She noted a steady reduction in customs duties over the past two years and highlighted the elimination of additional tariff rates on industrial goods. On the depreciating rupee, which recently hit a record low against the dollar, she expressed confidence that it would find its natural level. Meanwhile, India's economy is projected to grow by 7% or more this financial year, bolstered by strong factory production and a robust services sector. 
Published: Dec 06 2025, 3 pmeznews.inUnion Home and Cooperation Minister Amit Shah has expressed optimism that the adoption of a circular economy model in the dairy sector could boost farmers' incomes by 20% over the next five years. Speaking at an event in Gujarat's Vav-Tharad district, Shah highlighted the successful initiatives of Banas Dairy, which include converting cattle dung into biogas and bio-fertiliser, thereby generating additional income for farmers. He announced that a concrete plan for nationwide implementation of this model would be developed during a meeting with MPs in Banaskantha. Shah emphasized the potential for dairy farmers to diversify their income through global demand for various dairy products not currently produced in India. He also praised women dairy farmers for their significant contributions and assured that the government is committed to providing the necessary finance and technology to support this initiative, aligning with Prime Minister Modi's 'White Revolution 2.0' goals.
Published: Dec 06 2025, 4 pmeznews.inIndia's economy has outperformed expectations, growing by 8.2% in the fiscal second quarter ending September, driven by strong consumer spending and increased production ahead of local festivals, despite challenges from US tariffs. Finance Minister Nirmala Sitharaman announced that the economy is projected to maintain a growth rate of at least 7% for the year, bolstered by low inflation and recent tax cuts. The Reserve Bank of India has also revised its GDP growth forecast for the fiscal year to 7.3%, while lowering its inflation estimate to 2%. Amidst global economic pressures, the Indian government is implementing reforms to enhance domestic growth, including tax reductions and regulatory changes. Sitharaman noted that the depreciation of the rupee is benefiting exporters, and she expressed confidence in the resilience of the economy's fundamentals, which is reflected in increased retail participation in stock markets and home loan demand.
Published: Dec 06 2025, 4 pmeznews.inAir India has taken proactive measures to cap economy class fares on non-stop domestic flights, effective Thursday, in response to soaring airfares amid widespread flight cancellations by IndiGo due to pilot shortages. The airline announced its fare cap to mitigate the impact of demand and supply fluctuations, acknowledging the challenges posed by various flight permutations on third-party platforms. Air India is also working to increase capacity to assist stranded passengers and their baggage. Other airlines, including SpiceJet and regional carrier Fly91, are following suit by adding extra flights to accommodate affected travelers. SpiceJet Chairman Ajay Singh expressed concern over the situation, emphasizing the government's efforts to resolve the ongoing issues swiftly. The airline industry is currently facing significant disruptions, leading to considerable inconvenience for passengers across the country.
Published: Dec 06 2025, 4 pmeznews.inIndiGo Airlines faced significant operational disruptions over the weekend, cancelling over 1,000 flights on Friday and more than 400 on Saturday due to a pilot shortage. The chaos particularly affected Kempegowda International Airport in Bengaluru, where 104 flights were cancelled, including 61 arrivals and 63 departures. Major airports in Delhi and Mumbai also saw substantial cancellations, with 109 flights grounded in Mumbai and 106 in Delhi. Following the crisis, IndiGo CEO Pieter Elbers issued a video apology after three days of silence, acknowledging the inconvenience caused to passengers. The Directorate General of Civil Aviation (DGCA) provided temporary relief by relaxing flight duty and rest period regulations for pilots, allowing for a return to fewer than 1,000 flights on Saturday. The airline is grappling with the implications of new court-mandated regulations while attempting to restore normalcy in its operations.
Published: Dec 06 2025, 3 pmeznews.inEconomic Affairs Secretary Anuradha Thakur has highlighted India's enhanced fiscal discipline under the Fiscal Responsibility and Budget Management (FRBM) framework, alongside the expansion of the formal tax base and increased transparency in fiscal systems at both Union and State levels. Speaking at a seminar on public financial management (PFM) for Global South countries, Thakur noted that innovations such as paperless budget preparation and electronic fund releases have fostered a transparent fiscal ecosystem. She emphasized the transformative impact of the Goods and Services Tax (GST) and the integration of budgetary workflows through systems like the Public Financial Management System (PFMS). Controller General of Accounts TCA Kalyani echoed these sentiments, underscoring India's commitment to custodial integrity in public finance. The seminar served as a platform for knowledge exchange, with participants discussing India's digital solutions and their applicability to treasury reforms in developing economies.
Published: Dec 06 2025, 1 pmeznews.inThe Reserve Bank of India (RBI) has cut the repo rate by 25 basis points to 5.25%, marking what rating agency ICRA believes is the final reduction in the current easing cycle. ICRA anticipates an extended pause on policy rates unless India's economic growth significantly underperforms projections. The RBI has revised its inflation forecast for 2025-26 down to 2.0% from earlier estimates, attributing some of the decline to tax policy changes, particularly GST rate cuts, which have cooled core-CPI inflation. Additionally, the RBI plans to inject durable liquidity through open market operations, amounting to Rs. 1 trillion, which is expected to positively impact G-sec yields. Governor Sanjay Malhotra described the current economic climate as a "rare goldilocks period," highlighting robust growth alongside low inflation, as the central bank aims to support and accelerate economic progress into the new year.
Published: Dec 06 2025, 1 pmeznews.inAir travel in India has faced significant disruption this week as IndiGo cancelled over 1,000 flights, prompting the Ministry of Civil Aviation (MoCA) to impose fare caps to prevent opportunistic pricing. The ministry's directive aims to protect passengers, particularly vulnerable groups such as senior citizens and students, from financial strain during this period of operational irregularities. MoCA will monitor fare levels closely and enforce compliance, with corrective actions for any violations. The Directorate General of Civil Aviation (DGCA) has granted IndiGo a temporary exemption to address severe rostering issues linked to new Flight Duty Time Limitations. Civil Aviation Minister Ram Mohan Naidu expressed optimism that flight schedules would stabilise within three days, while IndiGo's CEO Pieter Elbers noted that operational disruptions were expected to improve, with cancellations anticipated to drop below 1,000 by Saturday and a return to normalcy projected between December 10 and 15.
Published: Dec 06 2025, 1 pmeznews.inIndia could significantly boost its merchandise exports to Russia from approximately $5 billion to nearly $35 billion by 2030, according to a GTRI report coinciding with President Vladimir Putin's visit to Delhi. Despite bilateral trade reaching $70 billion, India's exports remain low, primarily due to a heavy reliance on crude oil imports from Russia, which totaled $63.8 billion in FY2025, resulting in a trade deficit of $58.9 billion. The report highlights that India captures only 2.4% of Russia's $202.6 billion import market, with substantial opportunities in food, agriculture, pharmaceuticals, and consumer goods. However, challenges such as payment delays due to limited access to SWIFT for Russian banks hinder progress. The GTRI suggests establishing a modern rupee-rouble settlement system and enhancing institutional support to diversify India's trade with Russia beyond energy, tapping into a broader range of goods.
Published: Dec 06 2025, 11 ameznews.inIndiGo, India's largest domestic airline, has cancelled over 200 flights from Delhi and Mumbai following a tumultuous week marked by disruptions due to new flight duty and rest period (FDTL) norms for pilots. The cancellations occurred a day after the Directorate General of Civil Aviation (DGCA) granted temporary relaxations to IndiGo, including a rollback of night duty definitions and an increase in permitted night landings. IndiGo's CEO, Pieter Elbers, issued an apology for the inconvenience caused to passengers after the airline had previously cancelled over 1,000 flights. The Airlines' Pilots Association (ALPA) India has expressed strong objections to the DGCA's selective relaxations, arguing they compromise safety and regulatory parity. The Ministry of Civil Aviation has since decided to suspend the implementation of the revised FDTL norms, which were initially mandated by the Delhi High Court to enhance pilot fatigue management and passenger safety.
Published: Dec 06 2025, 11 am
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