eznews.in
In a significant move to protect the integrity of Devgad Alphonso (Hapus) mangoes, the Devgad Taluka Mango Growers Cooperative Society has implemented a Tamper-Proof UID Seal (TP Seal) system. This new regulation mandates that all genuine Devgad Hapus mangoes must display a TP Seal sticker to be legally marketed as such. The initiative addresses the alarming issue of counterfeit mangoes, with over 80% of those sold as Devgad Hapus reportedly originating from outside the region, undermining local farmers and their livelihoods. The TP Seal features a unique alphanumeric code that consumers can verify via WhatsApp, ensuring authenticity and enhancing consumer confidence. This system not only curbs misrepresentation but also aims to preserve the esteemed reputation of the Devgad Alphonso mango, known for its distinct aroma and taste, which has been cultivated in the Sindhudurg district for over a century. 
Published: Mar 18 2025, 4 pmeznews.inThe Indian government has established an inter-ministerial-industry committee on fintech (IMICF) to develop a long-term strategy for the sector's growth. Chaired by DFS Secretary M Nagaraju, the panel will address various issues impacting fintech, including its influence on the banking and financial services industry, obstacles to growth, and global best practices in governance and regulation. The committee aims to assess the fintech sector's contributions to the broader BFSI landscape, identify challenges, and review regulatory developments. It will also formulate a "vision strategy" outlining policy interventions and industry recommendations. The committee includes senior officials from the Department of Financial Services, Ministry of Electronics and Information Technology, and representatives from regulatory bodies like SEBI and RBI. Notable fintech leaders, such as Ajay Kaushal of BillDesk and Ashish Garg from McKinsey, are also part of the panel, which is expected to submit its report within three months.
Published: Mar 18 2025, 9 pmeznews.inThe Reserve Bank of India (RBI) and the Bank of Mauritius (BOM) have signed a Memorandum of Understanding (MoU) aimed at promoting the use of local currencies—Indian Rupee (INR) and Mauritian Rupee (MUR)—for cross-border transactions. This agreement, which encompasses all current account transactions and certain capital account transactions, is designed to facilitate invoicing and payments in domestic currencies, thereby fostering a market for the INR-MUR pair. The RBI stated that utilizing local currencies would optimize transaction costs and settlement times, enhancing bilateral trade between India and Mauritius. This collaboration is seen as a significant step in strengthening financial integration and reinforcing the historical and economic ties between the two nations. The MoU was signed in Port Louis, Mauritius, on March 12, 2025, in the presence of Indian Prime Minister Narendra Modi and his Mauritian counterpart, Navinchandra Ramgoolam.
Published: Mar 18 2025, 9 pmeznews.inIndia's gem and jewellery exports experienced a significant downturn in February, with a 23% decline to $2.42 billion compared to $3.17 billion in the same month last year, largely attributed to global economic uncertainties and tariff threats from the US. The Gems and Jewellery Export Promotion Council reported that cut and polished diamond exports fell by 20% to $1.36 billion, while rough diamond imports dropped 26% to $9.50 billion. Additionally, polished lab-grown diamond exports decreased by 20% to $112 million, and gold jewellery exports fell 18% to $753 million, reflecting weak consumer demand in key markets like the US and China. Overall, gem and jewellery imports also plummeted by 40% to $1.36 billion, with cut and polished diamond imports down 8% to $120 million, indicating a broader slowdown in the sector amid rising prices and inventory accumulation.
Published: Mar 18 2025, 9 pmeznews.inAir India’s chief executive, Campbell Wilson, highlighted the challenges posed by global supply chain constraints on the airline's growth plans during a recent event. He noted that the slower pace of aircraft deliveries, exacerbated by a strike at Boeing's facilities, is expected to persist for another four to five years, delaying the refurbishment of legacy widebody aircraft until mid-2027. While the retrofit of Airbus A320Neo aircraft is underway, the airline anticipates most of its expansion in 2025 will focus on domestic and short-haul international routes, supported by the addition of more narrow-body planes to its fleet. Last year, Air India announced a $400 million initiative to upgrade its Boeing 777 and 787 aircraft. The airline, which ferried 40.45 million passengers in the last fiscal year, is currently in the final phase of its five-year transformation plan, “Vihaan.AI,” aimed at revitalizing its operations.
Published: Mar 18 2025, 9 pmeznews.inThe Insolvency and Bankruptcy Board of India (IBBI) has issued a new directive requiring Insolvency Professionals (IPs) to enhance the Information Memorandum (IM) by including a dedicated section on the carry forward of losses under the Income Tax Act, 1961. This move aims to improve financial clarity for potential bidders in the insolvency resolution process, allowing them to better assess the corporate debtor's financial position. The IM must detail the quantum of carry forward losses, their classification, applicable time limits for utilization, and explicitly state if no losses are available. Experts, including Hari Hara Mishra and Anjali Jain, have welcomed the initiative, noting that it will facilitate informed decision-making and enhance the attractiveness of resolution plans. The IBBI's directive is seen as a significant step towards greater transparency in the Corporate Insolvency Resolution Process, ultimately promoting more effective and viable resolutions.
Published: Mar 18 2025, 8 pmeznews.inThe Indian government is set to introduce a new fund, informally dubbed the New Drone Fund, aimed at fostering a self-sustaining drone ecosystem and replacing the now-defunct Production-Linked Incentive (PLI) scheme. With a budget of approximately ₹1,000 crore over three years, the fund will focus on promoting domestic manufacturing of civilian anti-Unmanned Aircraft Systems (UAS) and reducing reliance on imports, which currently account for 50-60% of drone components used in India. The initiative will incentivize local manufacturers to increase localization levels to 30% and will also support drone exports and the development of related services, including leasing and software coding. The proposal is currently under inter-ministerial consultation, with expectations for its launch in the early part of the new financial year. The drone industry, which includes around 300 manufacturers, is poised for growth across various sectors, including agriculture and infrastructure.
Published: Mar 18 2025, 8 pmeznews.inIndia's former Pharmaceuticals Export Promotion Council Director-General, R Uday Bhaskar, has urged the government to negotiate import duties from a position of strength, cautioning against reducing tariffs under pressure from the United States. Bhaskar highlighted India's significant role in the global pharmaceutical market, noting that the country hosts over 700 USFDA-approved manufacturing plants and supplies over 40% of generic prescriptions in the US, which translates to substantial healthcare savings. His comments come as the Indian pharmaceutical industry faces potential higher import tariffs from the US starting April 2. While some industry voices advocate for zero import tariffs to lower costs for patients, Bhaskar warns that such concessions could adversely affect medium and small companies across various sectors, including medical devices. Current estimates indicate Indian pharma exports to the US at $8.7 billion, with imports around $800 million, underscoring the importance of maintaining a balanced trade relationship.
Published: Mar 18 2025, 8 pmeznews.inIndia's pulses import bill has surged past $5 billion for the fiscal year 2024-25, driven by record purchases of tur (pigeon peas) and chickpeas, according to the Commerce Ministry. The import figure reached $5.03 billion from April to February, marking a 58.75% increase from $3.17 billion the previous year. In rupee terms, imports hit ₹42,629 crore, up 62% from ₹26,318 crore in the same period last year. The government has facilitated this surge by removing import duties on several pulses to address domestic shortages, with the duty-free window for chickpeas ending on March 31, 2025. However, industry experts warn that these policies are adversely affecting local farmers by driving prices below minimum support levels, benefiting foreign producers instead. Bimal Kothari, Chairman of the India Pulses and Grains Association, urged a reassessment of the import policy to protect domestic agriculture and conserve foreign exchange.
Published: Mar 18 2025, 8 pmeznews.inAt the Raisina Dialogue 2025 in New Delhi, US Director of National Intelligence Tulsi Gabbard emphasized the importance of strengthening the security partnership between the United States and India, particularly in areas such as cybersecurity and emerging technologies. Gabbard highlighted the personal friendship between US President Donald Trump and Indian Prime Minister Narendra Modi, noting that their leadership styles reflect a commitment to prioritizing their nations' interests while fostering international cooperation. Defending Trump's "America First" policy, she argued that it does not equate to isolationism but rather underscores the significance of global relationships. Gabbard also acknowledged India's security concerns and expressed a desire to build on the existing partnership, leveraging the new administration to explore further opportunities for collaboration in technology and security. She stressed the need to address evolving cybersecurity challenges as integral to both nations' security interests.
Published: Mar 18 2025, 8 pmeznews.inAquaBiz 2.0, held in Kochi, has emerged as a pivotal entrepreneurship meet aimed at revolutionizing India's fisheries and aquaculture sectors through innovation and sustainability. Organized by the Zonal Technology Management-Agribusiness Incubation Centre of ICAR, alongside AgrInnovate India and the National Fisheries Development Board (NFDB), the event showcased the latest technologies from fisheries research institutes. Bijay Kumar Behera, NFDB's Chief Executive, highlighted funding initiatives like the Pradhan Mantri Matsya Sampada Yojana, which supports various aquaculture practices. Former Secretary Tarun Shridhar emphasized the importance of maintaining fish freshness for value addition, while Alex Ninan from the Seafood Exporters Association of India pointed out challenges such as overfishing and climate change. The event attracted over 200 participants, including entrepreneurs, researchers, and policymakers, fostering collaboration to enhance India's position in global aquaculture technology.
Published: Mar 18 2025, 7 pm
For the fastest, latest, not so wokest news, 'experts say' you need to visit Eznews
India
World
Economy
Science
Health
Showbiz
Contact