eznews.in
The Indian government is contemplating the annual export of 15,000 tonnes of specialty sugar, which would be exempt from any export restrictions, even if imposed. Currently, sugar exports are regulated through a permit system by the Food Ministry, with no specific classification for specialty sugars, which include value-added products like brown sugar and icing sugar. An inter-ministerial panel discussed the proposal from the Commerce Ministry last week but postponed a decision due to insufficient information. Sources indicate that the Commerce Ministry is expected to gather the necessary data before revisiting the issue. Concerns have been raised following previous issues with organic sugar exports, where some traders misused the system for regular sugar. The proposed quantity for specialty sugar is considered minimal compared to India's overall sugar production. 
Published: Feb 05 2025, 6 pmeznews.inWest Bengal Chief Minister Mamata Banerjee announced the launch of her flagship project for basalt mining on 326 acres at the Deucha-Pachami coal mine in Birbhum district, during the eighth Bengal Global Business Summit. The Deucha-Pachami site, which holds reserves of 1,240 million tonnes of coal and 2,600 million tonnes of basalt, is noted as Asia's second-largest coal mine. Banerjee highlighted that the West Bengal government has attracted over ₹90.51 lakh crore in investment proposals across the summit's seven previous editions, with projects worth over ₹12 lakh crore already underway. She emphasized the state's potential for further investment, citing the availability of around 5,000 acres of land for industrial development. Banerjee's remarks aimed to address political skepticism, asserting her commitment to transparency for the common people regarding the state's economic prospects.
Published: Feb 05 2025, 9 pmeznews.inThe Indian government has launched a five-year "Mission for Cotton Productivity," allocating ₹500 crore for FY25-26, aimed at enhancing cotton yields and addressing a significant supply gap of 25 lakh bales. Led by the ICAR-Central Institute of Cotton Research (CICR) and the Agriculture Ministry, the initiative will explore advanced technologies, including gene editing, to develop high-yield, disease-resistant seeds, particularly against pests like the pink bollworm. CICR Director YG Prasad emphasized the need for a comprehensive approach, from farm to foreign markets, to ensure a stable cotton supply, which is crucial for the livelihoods of around 60 lakh farmers. The mission also seeks to tackle issues of cotton contamination and promote mechanization in farming practices. With India's cotton output currently estimated at 299.26 lakh bales, the goal is to boost production to 360 lakh bales in three years and potentially reach 400 lakh bales in five years.
Published: Feb 05 2025, 8 pmeznews.inAhead of Prime Minister Narendra Modi's upcoming visits to the White House and Paris, discussions within the Indian government are intensifying regarding potential tariff adjustments to facilitate a mini free trade deal with the United States. Sources indicate that India may be open to reviving negotiations that stalled during the Trump administration, contingent on the US offering significant concessions in return. Modi's visit to Paris on February 10-11 will see him co-chairing an AI Summit with French President Emmanuel Macron, as both nations seek to strengthen ties amid US tariff threats. The recent Indian Union Budget included customs duty cuts on items like Harley-Davidson motorcycles, signaling a willingness to address trade tensions. With the US being India's largest export market, valued at $77.5 billion in FY24, the outcome of these discussions could significantly impact bilateral trade relations.
Published: Feb 05 2025, 8 pmeznews.inIndia's gold demand is expected to remain strong in 2025, projected between 700-800 tonnes, according to Sachin Jain, Regional CEO of the World Gold Council (WGC). This follows a record 802.8 tonnes in 2024, a 5% increase from 2023, with a total value of ₹5,15,390 crore, up 31% year-on-year. Jain attributes the anticipated stability in 2025 to increased disposable income from a new tax regime and a post-election economic environment. While investment demand for gold is expected to rise, jewellery demand may moderate. The WGC also noted a significant increase in gold purchases by the Reserve Bank of India, which acquired 73 tonnes in 2024, compared to 16 tonnes in 2023. Despite a flat demand of 266 tonnes in the December quarter due to high prices, investment demand surged by 14%, indicating a growing interest in gold ETFs and digital investments.
Published: Feb 05 2025, 8 pmeznews.inBharat Tex 2025, India’s largest textile event, is set to take place from February 14-17 in New Delhi and Greater Noida, showcasing the nation’s growing prominence as a textile manufacturing hub. Organised by the Textiles Ministry, the event is expected to draw over 5,000 exhibitors, 6,000 international buyers from 120 countries, and more than 120,000 visitors. Attendees will see a diverse array of products, including apparel, dyes, machinery, and handicrafts. The event will feature over 70 conference sessions led by nearly 100 international experts, focusing on key industry issues such as sustainability, smart manufacturing, and future fashion trends. Textiles Secretary Neelam Shami Rao highlighted the event's role in promoting India as a reliable sourcing and investment destination, while the newly launched Bharat Tex 2025 app will provide insights into the latest developments across the textile value chain.
Published: Feb 05 2025, 8 pmeznews.inIn a significant reform for homebuyers, the Insolvency and Bankruptcy Board of India (IBBI) has amended regulations to allow the transfer of property possession during ongoing insolvency proceedings. This change aims to alleviate the prolonged uncertainty faced by buyers who have made payments but were left waiting due to insolvency issues. By enabling possession transfer during the Corporate Insolvency Resolution Process (CIRP), the amendment enhances homebuyers' roles as key stakeholders, potentially boosting confidence and investment in the real estate sector. Additionally, the IBBI will appoint facilitators to improve communication between homebuyers and the insolvency process, while regulatory bodies will now participate in resolution meetings to ensure compliance with land regulations. Other amendments include requirements for detailed project viability reports and relaxed eligibility criteria for homebuyers to engage as resolution applicants, further empowering them in stalled projects.
Published: Feb 05 2025, 7 pmeznews.inIndia's services sector experienced a slowdown in January, with the Purchasing Managers' Index (PMI) dropping to 56.5, the lowest since November 2022, according to S&P Global. Despite this decline, new job creation surged to its fastest rate in over two decades, driven by increased business activity and capacity pressures. The PMI, which indicates expansion above 50, reflects a decrease in sales and output, with business activity indices also falling to their lowest levels since late 2022. However, the report highlighted strong demand for services, particularly in international markets, with exports rebounding and capturing a larger share of global trade. Pranjul Bhandari, Chief India Economist at HSBC, noted that while overall new business growth softened, the services sector, which constitutes over 53% of Gross Value Added, remains a critical component of the economy.
Published: Feb 05 2025, 7 pmeznews.inThe Indian Finance Ministry has issued an internal advisory prohibiting the use of artificial intelligence tools, including popular applications like ChatGPT and DeepSeek, on official devices due to concerns over data confidentiality. This directive, communicated to key departments, highlights the potential risks these AI applications pose to government data security. The advisory comes as India prepares to launch its own indigenous AI model, aimed at providing secure and affordable solutions tailored to the Indian context, including support for local languages. Union Minister for Electronics and Information Technology, Ashwini Vaishnaw, announced that the Indian AI model is expected to be ready within six months, backed by a robust computing facility featuring 18,693 GPUs. This initiative positions India as a reliable player in the ethical AI landscape, with plans to host DeepSeek on Indian servers after security evaluations to benefit local developers.
Published: Feb 05 2025, 6 pmeznews.inThe National Bank for Agriculture and Rural Development (Nabard) has projected a credit potential of ₹9.38 lakh crore for Tamil Nadu's priority sector in 2025-26, reflecting a 12.41% increase from the previous year. This announcement was made during a State Credit Seminar chaired by Tamil Nadu Finance Minister Thangam Thennarasu, which brought together senior bankers, government officials, and industry experts. The 'State Focus Paper for 2025-26' revealed that agriculture is expected to account for 46% of the total credit projection, while the Micro, Small, and Medium Enterprises (MSME) sector will contribute around 37%. Thennarasu praised Nabard's contribution of ₹31,887 crore towards rural infrastructure, which has improved irrigation, rural roads, and drinking water access. Chief Secretary N Muruganandam emphasized the need for equitable credit distribution, particularly for small farmers and tribal development initiatives, during the seminar attended by key financial leaders.
Published: Feb 05 2025, 6 pm
For the fastest, latest, not so wokest news, 'experts say' you need to visit Eznews
India
World
Economy
Science
Health
Showbiz
Contact