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The Group of Ministers (GoM) on Compensation Cess, led by Minister of State for Finance Pankaj Chaudhary, is exploring options to retain cess revenue beyond March 2026 and determine its distribution between the Centre and the states. A forthcoming meeting of the GST Council is expected to address the simplification and rationalisation of GST rates, alongside discussions on the future of the compensation cess. Currently, the cess, imposed on luxury and sin goods, is primarily used to repay loans incurred during the COVID-19 pandemic to offset GST revenue losses for states. The GoM is tasked with investigating how to sustain cess revenue in a different format and establish a fair sharing mechanism. Previous meetings of the GST Council have not yet addressed the GoM's recommendations on rate adjustments for health and life insurance, with final reports still pending. 
Published: May 23 2025, 3 pmeznews.inAndhra Pradesh Chief Minister N Chandrababu Naidu has formally requested the Indian government's support for the Polavaram–Banakacherla Link project, aimed at addressing water scarcity in south-central Andhra Pradesh by diverting surplus water from the Godavari River. During a meeting with Union Finance Minister Nirmala Sitharaman in New Delhi, Naidu presented a detailed proposal that outlines a financing plan and emphasizes the project's potential to benefit millions in drought-affected regions. The initiative, which will employ lift irrigation and tunneling methods across three phases, is also positioned as a model for future river-linking projects in India. Naidu has shared the proposal with Union Jal Shakti Minister C R Patil, urging inter-departmental coordination to expedite the project's progress, with a Detailed Project Report (DPR) anticipated by June 2025.
Published: May 23 2025, 6 pmeznews.inPakistan has extended its ban on Indian flights using its airspace until June 24, 2025, according to a new Notice to Airmen (NOTAM) issued by the Pakistan Airports Authority (PAA). This decision follows a previous month-long closure initiated last month in response to India's actions following the April 22 Pahalgam terrorist attack, which resulted in 26 fatalities. The PAA confirmed that the ban applies to all Indian-registered, operated, owned, or leased aircraft, including military flights, prohibiting any Indian airline from entering or transiting through Pakistani airspace. The extension aligns with International Civil Aviation Organisation (ICAO) regulations, which limit airspace restrictions to one month at a time. Notably, the ban was reinforced just days after an IndiGo pilot sought permission to use Pakistani airspace to avoid turbulence during a flight but was denied.
Published: May 23 2025, 7 pmeznews.inIn April, Pakistan's rice exports plummeted to just under 44,000 tonnes, marking the lowest figure for the current fiscal year, according to the State Bank of Pakistan. The decline is attributed to multiple factors, including unrest in Sindh, which has disrupted shipping operations at key ports like Karachi and Qasim. Tensions with India, exacerbated by recent military actions and the closure of the Iran border—crucial for Basmati rice shipments—have further complicated logistics. Protests in Sindh over water distribution have also blocked transport routes, leading to significant backlogs. As a result, shipping costs have surged, with traders noting that containers are avoiding Karachi due to the ongoing dispute with India. Meanwhile, India is poised to benefit from the situation, with expectations of increased rice exports as it holds substantial stocks, while Pakistan's agricultural output faces potential threats from water shortages linked to the Indus Water Treaty.
Published: May 23 2025, 7 pmeznews.inIn a recent investor call, Sivaramakrishnan Ganapathi, Vice Chairman and Managing Director of Gokaldas Exports, highlighted the company's strategic shift towards the UK and European markets amid global tariff uncertainties. Historically focused on the US for its profitability, Gokaldas aims to mitigate competition from duty-free players like Bangladesh in Europe. The company reported a 19% year-on-year increase in consolidated profit after tax for Q4 FY25, reaching ₹53 crore, with total revenue rising 27% to ₹1,035 crore. Ganapathi acknowledged potential challenges related to tariffs, noting that buyers are cautious, operating under the assumption that the current 10% tariff will persist beyond its initial 90-day window. He anticipates that clarity on trade agreements with the US and UK will emerge in the latter half of the financial year, which may alleviate some of the uncertainties currently affecting order placements.
Published: May 23 2025, 5 pmeznews.inIn a positive turn for the Indian stock market, the SENSEX rose by 769.09 points to close at 81,721.08, while the NIFTY gained 243.45 points, reaching 24,853.15. In commodities, gold prices increased by ₹548 to ₹96,084, whereas silver fell by ₹417 to ₹97,379, and crude oil prices dropped by ₹77 to ₹5,188. Meanwhile, Bharat Earth Movers Limited (BEML) reported a net profit of ₹288 crore for the fourth quarter of FY25, marking a 12% increase from the previous year. Revenue from operations rose by 6% to ₹1,653 crore, with a notable 14% growth in EBITDA to ₹427 crore. Despite a slight decline in annual revenue to ₹4,022 crore, BEML's operational efficiency improved, leading to an EBITDA margin of 13.20%. The company is set to expand its manufacturing capabilities with new facilities in Madhya Pradesh and Chhattisgarh.
Published: May 23 2025, 5 pmeznews.inThe US House of Representatives has approved the "One Big Beautiful Bill," which introduces a 3.5% tax on overseas remittances, down from an initial proposal of 5%. Set to take effect on January 1, 2026, this tax is expected to impact Indian professionals in the US who send money back home, with experts warning of potential economic repercussions. Shefali Mundra, a chartered accountant, noted that while the reduced rate offers some relief, it could still lead to significant annual outflows, affecting household incomes and economic activities reliant on these funds. In 2023, overseas Indians sent approximately $120 billion in remittances, with the US contributing 27.7% of this total, according to the Reserve Bank of India. The bill retains an exemption for verified US citizens or nationals, highlighting the importance of remittances for the 2.7 million-strong Indian diaspora in the US, who support families through various expenses and investments.
Published: May 23 2025, 5 pmeznews.inExperts at a national symposium have underscored the vital role of precision-driven omics technologies in tackling pressing agricultural challenges, including climate change and increasing food demand. Sanjay Kumar Singh, Deputy Director General of Crop Science at the Indian Council of Agricultural Research (ICAR), highlighted the necessity of integrating advanced scientific fields such as genomics and computational biology with traditional agricultural practices. Speaking at the event organized by the Bioinformatics and Integrative Genomics Facility of the Indian Institute of Spices Research, Singh emphasized that high-throughput technologies are essential for enhancing crop productivity and adapting to environmental stresses. R. Dinesh, Director of IISR, echoed this sentiment, advocating for integrative approaches that extend beyond conventional research. Additionally, Sudhakar Pandey, Assistant Director General at ICAR, called for collaborative research efforts to expedite innovation in agriculture. The symposium aimed to foster discussions on recent trends in omics in plant biology.
Published: May 23 2025, 4 pmeznews.inGlobal cocoa production is anticipated to rebound after the 2024-25 season, driven by rising prices that are expected to encourage increased farm care and new plantings, particularly outside the traditional producers of Côte d’Ivoire and Ghana. According to a Rabobank report, while cocoa prices may gradually decline in the short to medium term due to a forecasted global surplus, they will remain above pre-2023 levels. The report highlights a potential structural shift in production, which could stabilize the market but also risks oversupply and subsequent price collapses by the 2027-28 season. Global production is projected to reach 4.76 million tonnes in 2024-25, with Côte d’Ivoire and Ghana expected to contribute significantly. However, volatility in the cocoa market is likely to persist due to low global stocks, erratic weather patterns, and ongoing issues with illegal exports, complicating accurate forecasting and market stability.
Published: May 23 2025, 3 pmeznews.inGMR Airports Ltd (GAL), which operates Delhi, Hyderabad, and Mopa airports, reported a consolidated loss of ₹253 crore for the quarter ending March 2025, an increase from a loss of ₹168 crore in the same period last year, despite a rise in total income to ₹2,977 crore. For the fiscal year 2024-25, the company's loss narrowed slightly to ₹817 crore from ₹829 crore the previous year. Passenger traffic at GAL-owned airports grew by 9% year-on-year, reaching 31.5 million in Q4 and 120.5 million for the fiscal year. GAL also manages Medan Airport in Indonesia and is developing Crete Airport in Greece and Bhogapuram Airport in Andhra Pradesh. A new tariff order from the Airports Economic Regulatory Authority (AERA) is expected to enhance revenue and profitability for Delhi International Airport Ltd (DIAL), which operates Indira Gandhi International Airport. Following the announcement, GAL's shares fell over 2% to ₹87.08.
Published: May 23 2025, 3 pm
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