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As air freight prices surge amid overbooked cargo flights, the impending US tariffs set to take effect on April 9 are prompting a significant shift in global shipping strategies. Exporters are racing to secure space on vessels and aircraft to ensure their goods reach the US before the new duty structure is implemented. Capt KG Ramakrishnan likens the urgency to filling a vehicle with petrol just before a price hike, highlighting the unprecedented nature of such rapid changes. Industry experts, including CK Govil of the Air Cargo Agents Association of India, report that many exporters aimed to ship goods by April 2 to avoid the tariffs, leading to a spike in freight costs as airlines prioritize express shipments. Lars Jensen, a container shipping expert, warns that the new tariffs have effectively ignited a global trade war, complicating logistics and increasing pressure on shippers to adapt swiftly. 
Published: Apr 04 2025, 1 pmeznews.inMaharashtra’s Authority for Advance Ruling (MAAR) has determined that General Motors India’s (GMI) transfer of leasehold land and assets to Hyundai Motor India Ltd (HMIL) is subject to an 18% Goods and Services Tax (GST). The ruling follows GMI's decision to transfer assets from its Talegaon plant, valued at ₹787 crore, including land lease rights, machinery, and buildings. MAAR clarified that the transfer of leasehold rights constitutes a taxable service, as the land is leased from the Maharashtra Industrial Development Corporation (MIDC) for 95 years, requiring MIDC's consent for any assignment. The ruling also rejected GMI's argument that the transfer of buildings fell outside GST's scope. Tax expert Sandeep Sehgal emphasized the importance of clear asset segmentation in sale agreements and highlighted that exemptions for initial government allotments do not apply to subsequent transfers, expanding the GST implications for industrial asset relocations.
Published: Apr 11 2025, 7 pmeznews.inThe European Centre for Medium-Range Weather Forecasts has predicted moderate rain across several regions in India, including Delhi, Chandigarh, West Uttar Pradesh, and parts of West Bengal, Odisha, and Coastal Andhra Pradesh on Wednesday. This weather pattern is influenced by a dominant western disturbance and cyclonic circulations over North-West Rajasthan and Madhya Pradesh, which are generating thunderstorms and lightning. The India Meteorological Department (IMD) anticipates widespread rainfall and gusty winds in Jammu-Kashmir, Himachal Pradesh, and Uttarakhand, with heavy rain expected in Uttarakhand, Bihar, and parts of the North-East. Additionally, isolated hailstorms may occur in various northern states over the next week. In the south, heavy rain is forecast for Kerala, Karnataka, and Tamil Nadu until Saturday, while scattered thunderstorms and gusty winds are expected across Central and Eastern India. Dust storms may also affect parts of Rajasthan.
Published: Apr 11 2025, 7 pmeznews.inMining production growth in India has significantly slowed, dropping to 1.6% in February 2025 from 8.1% a year earlier, contributing to a broader decline in industrial growth. The Index of Industrial Production (IIP) recorded a growth of just 2.9% in February, down from 5.2% in January, marking the lowest rate in six months, according to the National Statistics Office. Manufacturing output also fell to 2.9%, while power output growth decreased to 3.6%. Despite these declines, the capital goods sector saw an increase of 8.2%. Economists predict continued sluggishness in mining for March, although a rise in electricity generation may provide some balance. Aastha Gudwani from Barclays noted potential acceleration in manufacturing due to fiscal year-end dynamics and a rush to export smartphones ahead of impending US tariffs, although uncertainty surrounding US trade policies could dampen overall manufacturing growth.
Published: Apr 11 2025, 7 pmeznews.inIndia's iron ore exports to China, its largest buyer, have plummeted nearly 50% in FY25, dropping to 24.14 million tonnes from 45.36 million tonnes the previous year, primarily due to an economic slowdown and excess steel production in China. This decline has resulted in average realisations for Indian exporters falling to around $100 per tonne, a 17% decrease year-on-year, compared to $120 per tonne in FY24. Overall, India's iron ore shipments have decreased by 35% to 30.92 million tonnes, with iron ore fines and lumps accounting for nearly 24 million tonnes and pellet sales at 6.8 million tonnes. The slowdown in steel production, attributed to a debt crisis and overcapacity in key sectors, has led to increased port inventories in China, further dampening demand. Major Indian ports, including Paradip and Vizag, have also reported significant declines in traffic, contributing to an overall 18% drop in iron ore shipments for FY25.
Published: Apr 11 2025, 7 pmeznews.inBrijesh Chowta, the Member of Parliament for Dakshina Kannada, has called for a renewed focus on port-led development in Karnataka to enhance the state's economic growth. Speaking at a workshop on 'Maritime Adversities' organized by the New Mangalore Port Authority in Mangaluru, Chowta highlighted the success of Gujarat under Prime Minister Narendra Modi, attributing its emergence as a trade hub to similar development strategies. He criticized the state government for neglecting the potential benefits of port-led initiatives, urging improvements in road connectivity, particularly for the Shiradi ghat bypass project. Chowta also proposed the establishment of a maritime university in Mangaluru, to be named after Rani Abbakka, the 16th-century queen known for her resistance against Portuguese colonization. He emphasized that such developments could significantly boost Karnataka's GDP, especially as the New Mangalore Port celebrates its 50th anniversary this year.
Published: Apr 11 2025, 6 pmeznews.inPalle Ganga Reddy, Chairman of the newly formed Turmeric Board, has set an ambitious target for India to increase turmeric exports from ₹1,876 crore to ₹5,000 crore by 2030. Speaking at the 'Turmeric Stakeholders Conclave' in Rajahmundry, he urged farmers to cultivate high-curcumin varieties to enhance their earnings, while also addressing the challenges posed by pesticide residues and heavy metal contamination that affect export potential. Reddy emphasized the need for promoting domestic consumption through value-added products, including a new turmeric-infused milk, branded as Golden Milk, to be served on Indian Railways and flights. He highlighted the diverse cultivation of turmeric across India, except in Goa, and called for the development of low-cost farming technologies to mitigate high input costs. Maganti Sheshu Madhav, Director of NIRCA, announced plans to boost turmeric exports from 1.6 lakh tonnes to 2.7 lakh tonnes over the next five years.
Published: Apr 11 2025, 6 pmeznews.inKashmir's poultry industry is in crisis, with local farmers facing significant challenges due to a sharp decline in demand for homegrown birds and increased competition from cheaper imports. Once meeting 85% of regional demand, local production has plummeted to just 20% since 2020, following the government's removal of toll taxes on imported poultry. Ghulam Mohammad Bhat, President of the Kashmir Valley Poultry Farm Association, highlighted that low-priced chicken from other states is undercutting local producers, jeopardizing the livelihoods of approximately 400,000 people reliant on the sector. With around 8,000 poultry units in the region, farmers are struggling under mounting debts and rising costs. Bhat has called for government intervention to reinstate toll taxes on imports to protect the beleaguered industry. The Animal Husbandry Department reports that Jammu and Kashmir has a poultry population of 2.2 to 2.3 million, with significant monthly production from private farmers.
Published: Apr 11 2025, 6 pmeznews.inThe Reserve Bank of India (RBI) has been actively increasing its gold reserves, averaging 6.3 tonnes per month over the past 14 months, resulting in a total of 879 tonnes as of January 2025. This shift comes as India diversifies its foreign exchange reserves, with its holdings of US Treasury securities declining by $10.4 billion to $225.7 billion during the same period. The gold component now represents approximately 11% of total forex reserves, up from 8% a year earlier. Madan Sabnavis, Chief Economist at Bank of Baroda, suggested that the reduction in US Treasury holdings may stem from either valuation effects or matured securities, with proceeds potentially redirected towards gold or other foreign assets. As of January 2025, India ranks 14th among foreign holders of US Treasury securities, while maintaining the second highest forex reserves among BRICS nations at $665.4 billion.
Published: Apr 11 2025, 6 pmeznews.inCoromandel International Limited, part of the Murugappa Group, has entered into a long-term agreement with Saudi Arabia's Ma’aden for the supply of di-ammonium phosphate (DAP) and NP/NPK fertilisers. This partnership aims to enhance the reliability and sustainability of fertiliser supplies to support Indian agriculture, particularly in light of recent global supply disruptions affecting DAP availability in India. Narayanan Vellayan, Coromandel's Director of Strategic Sourcing, emphasized that this collaboration builds on their existing relationship with Ma’aden, which has been a key ammonia supplier. Ma’aden, the largest supplier of phosphate fertilisers to India for over a decade, plans to increase its production capacity from 6 million tonnes to 9 million tonnes to meet the growing demands of the Indian agricultural sector, according to Saud Al Tamimi, Director of Fertiliser Sales Commercial at Ma’aden.
Published: Apr 11 2025, 5 pmeznews.inIndia's soyabean imports have plummeted significantly during the October-March period of the 2024-25 oil year, totaling just 0.02 lakh tonnes, a stark decline from 5.06 lakh tonnes in the same timeframe last year. The Soyabean Oil Processors Association (SOPA) has revised its import forecast down to 1 lakh tonnes for the year, a sharp reduction from the previously projected 6.25 lakh tonnes, citing muted demand. Market arrivals also fell to 72 lakh tonnes, down from 77 lakh tonnes, while crushing decreased to 60.50 lakh tonnes from 67.50 lakh tonnes. Soyameal production dropped to 47.74 lakh tonnes, with domestic food sector demand remaining flat and feed sector demand declining. Exports of soyameal fell by 17% to 11.12 lakh tonnes, with Germany and France being the largest importers. The current stock levels are estimated at 38.51 lakh tonnes with plants and farmers, alongside 20 lakh tonnes held by government agencies.
Published: Apr 11 2025, 5 pm
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