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In response to escalating tensions between India and Pakistan, Finance Minister Nirmala Sitharaman has urged banks to remain vigilant and prepared for any potential crises. During a high-level meeting with bank and insurance executives, she emphasized the importance of ensuring the safety of employees, particularly in border areas, and maintaining uninterrupted banking services nationwide. Sitharaman directed banks to prioritize cash availability at ATMs and the seamless operation of digital banking services, while also mandating regular audits of cybersecurity systems to prevent breaches. She instructed banks to appoint senior officials responsible for reporting cyber incidents and operational matters in real-time. The meeting revealed that banks have enhanced their cybersecurity measures, including the implementation of anti-DDoS systems and mock drills for disaster recovery. Bank officials confirmed that their Security Operations Centres are fully operational and coordinating with national cybersecurity agencies to monitor threats effectively. 
Published: May 09 2025, 8 pmeznews.inIn response to ongoing tensions with Pakistan, the Indian government has extended the suspension of civilian flight operations at 24 airports until May 15, 2025. A Notice to Airmen (NOTAM) announced the extension, affecting airports in Jammu and Kashmir, Punjab, Himachal Pradesh, Rajasthan, and Gujarat, including Leh, Jammu, Srinagar, and Amritsar. Air India and IndiGo have both announced cancellations of flights to and from these regions, with Air India offering customers a one-time waiver on rescheduling fees or full refunds for cancellations. The precautionary measures, aimed at ensuring passenger safety, have led to the cancellation of over 360 flights as of May 9. Meanwhile, operations at Delhi's Indira Gandhi International Airport remain normal, although passengers may experience delays due to heightened security measures.
Published: May 09 2025, 9 pmeznews.inIndia has expressed strong objections to the International Monetary Fund (IMF) regarding its financial support for Pakistan, which includes a $1 billion Extended Fund Facility (EFF) and a $1.3 billion Resilience and Sustainability Facility (RSF). Although India abstained from voting, it raised concerns about the potential misuse of these funds for military and terrorism-related activities, citing Pakistan's poor track record with IMF programs. India's Finance Ministry highlighted that Pakistan has been a frequent borrower, receiving IMF assistance in 28 of the last 35 years, yet has failed to implement effective macroeconomic policies. The statement also criticized the significant influence of Pakistan's military in economic affairs, which poses risks to reform efforts. India warned that continued financial support could send a harmful message regarding the sponsorship of cross-border terrorism, undermining global values and exposing funding agencies to reputational risks.
Published: May 09 2025, 10 pmeznews.inThe Indian government has announced a significant reduction in the annual guarantee fee for start-ups in 27 champion sectors, lowering it from 2% to 1% per annum. This move is part of an expanded Credit Guarantee Scheme for Start-ups (CGSS), which aims to enhance lending confidence among financial institutions by doubling the guarantee cover per borrower from ₹10 crore to ₹20 crore. The scheme now offers 85% coverage for defaults on loans up to ₹10 crore and 75% for larger amounts. These initiatives are designed to stimulate financial flows, enabling start-ups to invest in research and development and foster innovation in manufacturing and services, as identified under the 'Make in India' initiative. Launched in 2016, the Startup India initiative aims to create a robust ecosystem for start-ups, with the CGSS introduced in October 2022 to support credit access through various financial institutions.
Published: May 09 2025, 10 pmeznews.inIn a significant escalation of drone warfare, Pakistan reportedly launched between 300 to 400 drones towards India on May 8, which India successfully intercepted using various defensive measures. This incident underscores the growing reliance on Unmanned Aerial Vehicles (UAVs) in modern conflicts, prompting India to enhance its drone capabilities. Companies like ideaForge and Zuppa Geo Navigation Technologies are actively engaging with the government to develop advanced UAV systems, including those for electronic warfare and surveillance. The Indian defence sector has seen increased procurement of cutting-edge drone technology, spurred by initiatives like iDEX, with over 100 start-ups now catering to military needs. Experts warn that the conflict's trajectory may mirror the Russia-Ukraine war, necessitating rapid advancements in drone technology. The Drone Rules of 2021 have further catalyzed local R&D, solidifying drones as a preferred choice in global military strategies due to their cost-effectiveness and operational safety.
Published: May 09 2025, 8 pmeznews.inRamraj Cotton, a textile manufacturer based in Tiruppur, has inaugurated a new showroom at the Puratchi Thalaivar Dr MG. Ramachandran Central Railway Station, marking the start of a five-year licensed store. Located in the station's newly developed concourse, this initiative aims to enhance the commercial offerings at the station and aligns with Southern Railways' strategy to optimize retail spaces at key transit hubs. The addition of the Ramraj Cotton store is expected to enrich the station's retail ecosystem and support the local textile industry. Alongside Ramraj, the new concourse also features outlets from A2B and Madras Coffee House, further diversifying the station's commercial landscape. This development reflects a broader effort to improve accessibility and economic viability within railway stations, as highlighted in a recent release.
Published: May 09 2025, 9 pmeznews.inIndia's textile sector is poised for significant growth, with management consulting firm Primus Partners projecting exports could exceed $100 billion within five years, up from approximately $36.6 billion in FY25. The firm’s roadmap emphasizes diversifying export offerings, enhancing skilled manpower, and improving infrastructure to position India as a leading global textile manufacturer amid shifting trade dynamics. Key strategies include integrating Industry 4.0 technologies to reduce operational waste by 15%, establishing specialized training centers in Tier 2 and Tier 3 cities, and leveraging recent free trade agreements, particularly with the UK and the US. Kanishk Maheshwari, Co-Founder of Primus Partners, highlighted the importance of these recommendations in boosting India's competitiveness and attracting investments. The textile industry, a cornerstone of India's economy contributing 2.3% to GDP and 10.5% to total exports, stands ready to capitalize on these opportunities for sustained growth and global leadership.
Published: May 09 2025, 9 pmeznews.inThe Indian government has announced a sufficient supply of quality seeds for the upcoming Kharif season, with 171.47 lakh quintals available against a demand of 158.18 lakh quintals. This surplus is expected to support the country in achieving its foodgrain production targets, particularly amid forecasts of an "above normal monsoon." While some states report lower seed availability, the Centre has committed to addressing these issues to ensure timely access for farmers. Notably, the Indian Council of Agricultural Research (ICAR) highlighted a surplus of 13.29 lakh quintals of certified seeds, although certain crops like groundnut and sesame face shortages in specific states. The government aims for a foodgrain production target of 168.88 million tonnes for Kharif 2025, reflecting a 1.5% increase from the previous year. The success of recent climate-resilient seed varieties has contributed to maintaining crop yields despite adverse weather conditions in recent years.
Published: May 09 2025, 8 pmeznews.inTravel companies have reported a significant slowdown in fresh bookings amid rising tensions along the India-Pakistan border, prompting many leisure travellers to adopt a cautious approach. Jyoti Mayal, former president of the Travel Agents Association of India, noted that the industry is increasingly limiting non-essential travel due to geopolitical instability and security concerns, highlighted by the suspension of major public events like IPL matches. Government authorities have ordered the suspension of commercial operations at 27 airports in North and West India until May 10, further discouraging travel as fears of being stranded in a conflict escalate. Airline executives have observed a softening demand, with no fare increases, while hotel cancellations are on the rise. In response, travel firms are prioritising customer support, offering rescheduling and full refunds, including convenience fees, to affected passengers, as they navigate these disruptions.
Published: May 09 2025, 7 pmeznews.inIndia has received a credit rating upgrade to ‘BBB’ with a ‘Stable’ outlook from Morningstar DBRS, as announced by the Finance Ministry on Friday. Previously rated ‘BBB-Low’, this upgrade reflects the agency's recognition of India's structural reforms, including infrastructure investments and digitalisation, alongside fiscal consolidation and sustained high growth amid macroeconomic stability. The agency highlighted that these reforms have facilitated fiscal improvements and supported a resilient banking system, with non-performing loans at a 13-year low of 2.5%. Despite global growth concerns, the IMF projects India’s GDP growth at 6.2% for the current fiscal year, while the Reserve Bank of India is slightly more optimistic at 6.5%. The agency noted that India's favorable demographics and ongoing government efforts to enhance the investment climate bolster its medium-term growth prospects, despite potential external risks such as trade tensions and geopolitical uncertainties.
Published: May 09 2025, 7 pm
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