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The Indian government has confirmed an interest rate of 8.25% for the Employees' Provident Fund (EPF) for the financial year 2024-25, maintaining the same rate as the previous year. This decision, made during the 237th meeting of the EPFO's central board of trustees, chaired by Labour Minister Mansukh Mandaviya, will benefit over 70 million subscribers as the interest will be credited to their post-retirement accounts. The Ministry of Finance has approved this rate, which is seen as a stable and attractive option compared to other fixed-income instruments. The EPFO had previously raised the interest rate from 8.15% in 2022-23 to 8.25% for 2023-24, following a significant drop to 8.1% in 2021-22, the lowest in over four decades. The EPF continues to provide reliable growth for retirement savings. 
Published: May 24 2025, 4 pmeznews.inIndia's Unified Payments Interface (UPI) recorded 18.40 billion transactions worth ₹24.04-lakh crore in June, according to the National Payments Corporation of India (NPCI). This marks a 32% increase in transaction volume and a 20% rise in transaction value compared to the previous year. On average, UPI facilitated 613 million transactions daily, with an average daily transaction value of ₹80,131 crore. In May, UPI had seen slightly higher figures, with 18.68 billion transactions totaling ₹25.14-lakh crore. Deepak Chand Thakur, CEO of NPST, noted that while growth has moderated, it indicates UPI's maturation rather than a decline in adoption. He emphasized that future expansion will hinge on innovative applications, including embedded credit and B2B payments. Ramakrishnan Ramamurthy from Worldline attributed the monthly decline to seasonal trends, asserting that annual growth remains strong.
Published: Jul 01 2025, 6 pmeznews.inThe Goods and Services Tax (GST) has significantly enhanced the Ease of Doing Business in India, particularly benefiting small and medium enterprises, according to Prime Minister Narendra Modi. As the ninth year of GST collections began, the government reported a modest 6.2% growth in June, with total collections reaching over ₹1.84 lakh crore. This figure, however, is approximately 8.5% lower than April's collections. Despite the overall muted growth, experts noted strong regional performance in states like Nagaland and Sikkim, indicating increased consumer activity and government infrastructure spending. Tax buoyancy remains above 1, suggesting a stable economic outlook, while analysts anticipate improved consumer sentiment as geopolitical conditions stabilize. With expectations of rising private investment, India is poised to meet its GST revenue targets for FY26, reflecting a resilient economic landscape amid global uncertainties.
Published: Jul 01 2025, 6 pmeznews.inThe Indian government is advancing a "co-operative stack" initiative, akin to the Agri Stack, aimed at integrating various rural schemes through Primary Agricultural Credit Societies (PACS) to enhance transparency and efficiency. Ashish Bhutani, Secretary in the Cooperation Ministry, highlighted the ongoing digitisation of PACS, funded by the Centre and executed via the National Bank for Agriculture and Rural Development (Nabard), which is set to transform rural institutional frameworks. With 63,000 PACS nearing computerisation, the initiative seeks to streamline government benefits delivery, moving away from the fragmented approach currently reliant on Self-Help Groups (SHGs). While acknowledging the effectiveness of SHGs, experts caution against solely relying on PACS, advocating for a balanced approach that includes SHGs and Farmer Producer Organisations (FPOs). An inter-ministerial committee is working to establish a unified system for dispensing rural benefits, with technology playing a crucial role in linking all schemes through PACS.
Published: Jul 01 2025, 6 pmeznews.inThe European Centre for Medium-Range Weather Forecasts has predicted heavy rainfall across East Rajasthan, Madhya Pradesh, Chhattisgarh, and Vidarbha until Wednesday, driven by a persistent low-pressure area over Jharkhand. The India Meteorological Department (IMD) reported that this system is expected to move slowly west-northwest, enhancing rainfall in the region. The monsoon trough, crucial for rain distribution, is currently well-aligned, extending from Rajasthan to the Bay of Bengal, which facilitates moisture supply. Isolated areas in East Uttar Pradesh, Himachal Pradesh, and West Madhya Pradesh experienced extremely heavy rain, with forecasts indicating continued heavy rainfall across various states, including Odisha and Uttarakhand. The Climate Forecast System anticipates normal to above-normal rainfall across most of India until July 20, although some regions, particularly in Gujarat and Maharashtra, may experience below-normal conditions in early August.
Published: Jul 01 2025, 5 pmeznews.inIndia's finished steel imports saw a significant decline of 27.6% in the first two months of the financial year starting in April, with provisional government data indicating a drop to 0.9 million tonnes. Notably, imports from China plummeted by 47.7% and from Japan by 65.6%, following India's imposition of a 12% safeguard duty on certain steel imports to combat a surge in cheap shipments. South Korea emerged as the largest exporter to India during this period, with an 8.2% increase in shipments to 0.4 million tonnes. Despite the drop in imports, India's finished steel consumption rose by 7.1% to 25.1 million tonnes, and crude steel production increased by 9.5% to 26.9 million tonnes. Meanwhile, India's steel exports fell 18.1% to 0.8 million tonnes, with Belgium being the largest market for Indian steel exports.
Published: Jul 01 2025, 3 pmeznews.inThe Kerala Cooperative Milk Marketing Federation, known as Milma, has raised concerns over the proposed Free Trade Agreement (FTA) between India and the US, warning it could severely harm India's dairy sector. K.S. Mani, Milma's Chairman, emphasized that the influx of low-cost US milk and dairy products would threaten the livelihoods of small and marginal farmers who rely on a cooperative system for production. He argued that the FTA could undermine decades of progress in the dairy industry, jeopardizing the socio-economic stability of rural communities. Milma's Malabar Regional Union has called for the Indian government to reject any unconditional opening of the domestic market to US dairy products, citing the risk of financial losses for local farmers unable to compete with subsidized American goods. The organization insists that agricultural products should remain excluded from such agreements to protect India's agricultural integrity.
Published: Jul 01 2025, 3 pmeznews.inIndia's renewable energy sector faces increased financial strain as a crucial subsidy ends, requiring solar and wind projects commissioned after June to pay 25% of inter-state power transmission costs. This policy shift, implemented by the federal power regulator, comes despite extensive lobbying from industry leaders who argue it will complicate power purchase agreements and potentially raise green energy tariffs by 0.4 rupees per kilowatt-hour, marking a 16% increase from the lowest auction prices in fiscal year 2025. With nearly 30 gigawatts of upcoming capacity already struggling due to high power prices and low demand, the change could prompt states to localize energy production, moving away from reliance on the five states with optimal conditions for renewable projects. Karnataka, a major clean energy producer, plans to continue developing local projects to avoid additional costs associated with federal transmission fees.
Published: Jul 01 2025, 3 pmeznews.inIndian Railways has introduced significant reforms to its passenger reservation system as of July 1, marking its first fare increase since 2020. Non-AC Mail/Express train fares will rise by one paisa per kilometer, while AC class fares will increase by two paisa per kilometer, although suburban trains and short journeys under 500 kilometers remain exempt. A key procedural change now mandates that reservation charts be prepared eight hours before departure, enhancing clarity for waitlisted travelers. Additionally, waiting list capacities have been restructured, allowing AC coaches to accommodate up to 60% of total berths. New security measures require Aadhaar-based verification for Tatkal bookings, with restrictions on agents during peak booking times. The reforms also extend to premium services, and a modernized Passenger Reservation System is set to launch by December 2025, aiming to process 1.5 lakh bookings per minute and improve accessibility for various passenger groups.
Published: Jul 01 2025, 1 pmeznews.inAgritech firm Eeki has secured $7 million in funding from Sixth Sense Ventures to enhance its sustainable food ecosystem, which aims to provide nutritious and affordable food while using 95% less water than traditional farming methods. The investment will facilitate the nationwide scale-up of Eeki's aeroponic technology, including the deployment of its advanced Gen 3 Growing Chambers, which utilize climate-controlled, soil-free environments to optimize plant growth. Eeki's innovative approach not only conserves water but also ensures higher yields and pesticide-free produce year-round. CEO Abhay Singh emphasized the significance of this funding in advancing climate-resilient farming in India and beyond. Co-founder Amit Kumar noted that 30% of their team is dedicated to maximizing crop yields with minimal resources. Sixth Sense Ventures' founder, Nikhil Vora, praised Eeki's model for its cost efficiency and potential for global scalability, highlighting the company's promise in addressing future food security challenges.
Published: Jul 01 2025, 1 pmeznews.inTea prices at Coonoor auctions experienced a decline last week, influenced by uncertainty in the export market and increased arrivals. Traders noted that elevated transport costs to various overseas destinations, exacerbated by ongoing conflicts in West Asia, have led to shipment rescheduling. The auctions saw a total offered quantity of 2,047,153 kg of leaf tea, with a sales percentage of 77%, while dust grades fared slightly worse at 72% from 534,010 kg. Global Tea Auctioneers reported that high-priced, quality teas remained steady, with some lots increasing by ₹3 to ₹4, although certain lower-quality lots dropped by ₹4 to ₹5. Demand for CTC leaf was generally subdued, while orthodox leaf grades saw a slight uptick in prices. Overall, the market reflected a mixed performance, with some categories experiencing price increases and others facing declines.
Published: Jul 01 2025, 1 pm
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