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India has made significant strides in reducing its reliance on foreign defence imports, marking a pivotal shift in its military strategy over the past 14 years. Once the world's largest importer of defence equipment, accounting for 11% of global imports in 2010, India has now dropped to fourth place, sharing this position with Qatar, Saudi Arabia, South Korea, and Australia, each holding a 4% share. This decline is attributed to a concerted effort towards indigenisation and bolstering domestic manufacturing capabilities. A recent report by Kotak Mutual Fund highlights that India's defence exports have surged, achieving a compound annual growth rate of 41% since 2017, rising from ₹15 billion to ₹236 billion by 2024. This transformation not only enhances national security but also fosters economic growth, as India increasingly positions itself as a self-reliant player in the global defence market. 
Published: Jun 23 2025, 12 pmeznews.inAndhra Pradesh Chief Minister N Chandrababu Naidu has unveiled the state's new Aerospace and Defence Policy 4.0, targeting investments between ₹50,000 crore and ₹1 lakh crore over the next five years to position Andhra Pradesh as India's leading aerospace and defence manufacturing hub. During a review meeting in Amaravati, Naidu emphasized the importance of advanced technologies and innovation, directing officials to establish a ₹100 crore annual fund to support MSMEs in these sectors. The policy outlines specialized manufacturing corridors for naval systems, missile production, drone technologies, and aerospace electronics, with Tirupati set to become a research and development centre. Notably, companies like Bharat Forge and MMW are poised to invest in the Madakasira cluster. Currently, 23 firms have invested ₹22,000 crore in the state's aerospace and defence sectors, generating 17,000 jobs, as India’s annual defence market is valued at ₹1.27 lakh crore.
Published: Jun 23 2025, 4 pmeznews.inThe Balanagar custard apple, a distinctive variety from Telangana, is seeking Geographical Indication (GI) registration to safeguard its unique identity. Known for its high pulp content, minimal seeds, and long shelf life, the fruit has garnered attention from three farmer-based organisations, which have applied for the GI tag with support from the National Bank for Agriculture and Rural Development (NABARD). Saidaiah Pidigam, a scientist at Sri Konda Laxman Telangana Horticultural University, played a crucial role in documenting the fruit's unique characteristics. The Balanagar custard apple's exceptional qualities stem from the region's diverse agro-climatic conditions, making it suitable for both fresh consumption and industrial processing. If granted, the GI tag will enhance its brand identity and provide access to premium markets, marking it as the fourth custard apple variety to receive such recognition in India. This application is part of Telangana's broader initiative, with 6-8 GI filings planned for various products.
Published: Jun 23 2025, 5 pmeznews.inDimitra Incorporated, based in the British Virgin Islands, is at the forefront of transforming verified agricultural data into blockchain-based financial instruments through its digital token, $DTMR. This ERC-20 token, built on the Ethereum blockchain, aims to enhance financing and market access for farmers in regions like Kenya, Mexico, and Brazil. CEO Jon Trask emphasized that the tokenization of real-world assets, including crops and carbon credits, empowers small and medium-sized farmers by connecting them to digital markets. Dimitra's Agriculture Operating System integrates blockchain, AI, IoT, and satellite services to optimize farming practices. The company also supports compliance with sustainability regulations, such as the EU Deforestation Regulation, by providing tools for traceability and documentation. With a presence in key regions like India and Indonesia, Dimitra is committed to bridging the technology gap in agriculture and fostering climate-resilient farming systems globally.
Published: Jun 23 2025, 5 pmeznews.inBritish Airways and Singapore Airlines have canceled multiple flights to the Persian Gulf amid escalating tensions following U.S. military strikes on Iranian nuclear sites. British Airways, based in London, has halted flights to Dubai and Doha, diverting two aircraft already en route, with one returning to Heathrow from as far as Egypt. The airline cited operational constraints and airspace restrictions for these cancellations, emphasizing passenger safety. Singapore Airlines also suspended two flights to Dubai, warning of potential further disruptions. Other carriers, including Japan Airlines and Air India, are rerouting flights to avoid the Persian Gulf airspace, adding extra travel time. This wave of cancellations and adjustments follows President Trump's unprecedented military action against Iran, raising concerns about potential retaliation and further aviation disruptions in the region. The situation remains fluid, with airlines closely monitoring developments.
Published: Jun 23 2025, 4 pmeznews.inA recent ICRA report highlights that escalating tensions in West Asia could significantly impact India's economy, with crude oil prices potentially rising by $10 per barrel, leading to an increase in net oil imports by $13-14 billion and widening the current account deficit (CAD) by 0.3% of GDP. If average crude prices reach $80-90 per barrel in FY2026, the CAD may expand to 1.5-1.6% of GDP, up from the current estimate of 1.2-1.3%. The report attributes the price surge to the ongoing conflict between Iran and Israel, which has already pushed prices from $64-65 to $74-75 per barrel. With Iran threatening to close the Strait of Hormuz, a critical global energy transit route, supply disruptions could further elevate energy prices. Additionally, the report notes that any sustained supply issues could lead to increased reliance on the spot LNG market, as 54% of India's natural gas imports transit through this chokepoint.
Published: Jun 23 2025, 4 pmeznews.inIn a significant development for India's defense sector, drone technology firm ideaForge Technology has secured a ₹137 crore order from the Indian Army for its high-performance hybrid mini unmanned aerial vehicles (UAVs). This procurement, conducted through an emergency route, underscores the Army's focus on acquiring battle-tested systems for Intelligence, Surveillance, and Reconnaissance (ISR) operations. A key criterion for the selection was that all critical sub-components be sourced from non-border-sharing nations, ensuring a substantial indigenous capability and design. ideaForge, which operates research and development and manufacturing facilities in Navi Mumbai, Bengaluru, Delhi, and the US, highlighted the importance of this order in enhancing the Army's operational capabilities. The announcement comes amid ongoing efforts to bolster India's defense technology and self-reliance in military equipment.
Published: Jun 23 2025, 4 pmeznews.inThe ongoing conflict between Iran and Israel has severely disrupted rice exports from Haryana, which supplies 30% of India's basmati rice to Iran. Sushil Jain, president of the Rice Exporters Association's state unit, reported that around 100,000 metric tonnes of basmati rice are currently stuck at ports, with payments of ₹1,500 to ₹2,000 crore for nearly 200,000 metric tonnes also delayed. The situation has led to a decline in rice prices in India, as exporters face additional challenges, including a lack of insurance for vessels amid the conflict. Iran is India's second-largest basmati rice market, with exports reaching approximately 1 million tonnes in the 2024-25 fiscal year. Prime Minister Narendra Modi has expressed India's concern over the escalating hostilities, advocating for dialogue and diplomacy to resolve the situation, which has intensified following recent US military actions against Iranian nuclear sites.
Published: Jun 23 2025, 4 pmeznews.inIndia'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.inThe Indian Army has ordered approximately 450 NAGASTRA-1R loitering munitions from Solar Defence and Aerospace Limited (SDAL), which boasts a cost-effective design featuring a reusable launcher and advanced capabilities, including a 360-degree gimbal camera and thermal imaging for night operations. The system, with over 80% indigenous content, offers high precision targeting with a 2-meter Circular Error Probable (CEP) and secure video and telemetry communication. Recent trials conducted in Ladakh and Uttar Pradesh confirmed the system's operational effectiveness. Additionally, SDAL successfully tested its hybrid VTOL UAV, Rudrastra, at the Pokharan Firing Range, demonstrating a mission radius exceeding 50 km and a total operational range of over 170 km. The UAV's trial included the deployment of a precision-guided anti-personnel warhead, achieving significant tactical effectiveness. These advancements underscore India's commitment to indigenized defense technologies and the Aatmanirbhar Bharat initiative.
Published: Jun 23 2025, 3 pmeznews.inUnion Minister for Petroleum and Natural Gas, Hardeep Singh Puri, has stated that India is closely monitoring the geopolitical tensions in the Middle East, particularly in light of the recent Iran-Israel conflict. He emphasized that India has diversified its oil procurement sources, significantly reducing reliance on the Strait of Hormuz, which now accounts for only 1.5-2 million of the 5.5 million barrels of crude oil consumed daily. Puri assured that India's Oil Marketing Companies have sufficient supplies and are prepared to ensure fuel stability for citizens. A recent review of maritime security for oil and gas installations highlighted the potential risks posed by the conflict, which could lead to increased global freight rates and inflationary pressures on energy costs. Experts warn that any blockade, while unlikely, could disrupt India's oil trade and refining system, further complicating logistics and trade routes.
Published: Jun 23 2025, 2 pm
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