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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.inInnoterra, the Swiss-Indian food and agri-tech platform, has appointed Avinash Kasinathan as Group Co-Chief Executive Officer, effective immediately. Kasinathan, who previously led Innoterra's India operations, will collaborate with Group CEO Pascal Foehn to drive the company's expansion and prepare for a potential public listing within three years. His appointment underscores India's growing significance in Innoterra's global strategy, positioning the country as a hub for innovation and sustainable food systems. Kasinathan emphasized the need to leverage India's agri-tech ecosystem and digital transformation to foster inclusive growth and capitalize on emerging opportunities. Foehn highlighted Kasinathan's leadership as crucial for harnessing India's potential for innovation and partnerships. Recently, Kasinathan played a key role in acquiring Fasal’s fresh produce distribution business and securing a partnership with Milky Mist valued at over $40 million, further solidifying Innoterra's market presence.
Published: Jun 16 2025, 1 pmeznews.inIn a recent update from Mumbai, the SENSEX rose by 536.24 points to close at 81,654.84, while the NIFTY gained 183.55 points, reaching 24,902.15. Crude oil prices increased by 47.00, settling at 6,332.00, whereas gold prices fell by 401.00 to 99,875.00. Silver, however, saw a rise of 137.00, reaching 106,630.00. In a separate incident, an Air India flight from Hong Kong to Delhi returned to its origin after the pilot detected a potential technical issue. The flight, which took off at 12:16 PM local time, landed safely back in Hong Kong, with all passengers disembarking as the aircraft underwent inspection. This story is still developing, and further updates are expected.
Published: Jun 16 2025, 12 pmeznews.inThe Tea Board has revised pan India auction rules in accordance with the Ramaseshan Committee's recommendations, introducing key changes to sampling norms under the Bharat Auction model, effective July 1 for South India’s registered tea auction centres. However, these changes will not apply to North India until further notice. The amendments aim to enhance price discovery and market structure within the tea industry, particularly benefiting bought leaf tea manufacturers. Notable reforms include standardising lots and allowing sellers to determine the eligibility for free or paid trade samples, a long-sought change by industry stakeholders. Dhananjayan Krishnamurthy, president of the Nilgiris Bought Leaf Tea Manufacturers Association, emphasized that this shift empowers sellers to better protect their commercial interests. The implementation of third-party services for sample collection will be considered in future consultations with the industry, as outlined in the Tea Board's circular.
Published: Jun 16 2025, 12 pmeznews.inWholesale inflation in India eased to 0.39% in May, down from 0.85% in April, primarily due to falling prices in minerals and non-food items, according to the Ministry of Commerce and Industry. The WPI Food Index inflation rate also declined significantly from 2.55% in April to 1.72% in May. The index for primary articles saw a slight decrease of 0.05%, with mineral prices dropping by 7.16%, while food articles rose by 0.56%. The fuel and power index fell by 0.95%, driven by a 2.06% decrease in mineral oil prices, although coal and electricity prices increased. The manufactured products index remained stable, with mixed price movements across various sectors. Notably, prices for pharmaceuticals and textiles rose, while food product prices saw a decline. The overall trend indicates a complex inflation landscape influenced by various commodity price shifts.
Published: Jun 16 2025, 12 pmeznews.inIn a tragic incident, an Air India Boeing 787-8 Dreamliner crashed shortly after takeoff from Sardar Vallabhbhai Patel International Airport in Ahmedabad on June 12, 2025, resulting in the deaths of 241 individuals, including former Gujarat Chief Minister Vijay Rupani. The Additional Medical Superintendent of Ahmedabad's Civil Hospital, Dr. Rajnish Patel, confirmed that DNA matching for 92 body remains has been completed, corresponding to 87 individuals due to duplication, with 47 bodies already dispatched to various districts. The crash also claimed the lives of at least 33 local residents and MBBS students when the aircraft struck a hostel complex. The sole survivor, Vishwashkumar Ramesh, a British national of Indian origin, is receiving treatment for his injuries. Rupani's cremation will take place in Rajkot with full state honors, as authorities continue to ensure the respectful identification and handling of the victims' remains.
Published: Jun 16 2025, 11 ameznews.inIndia's economy has shown remarkable resilience amid global uncertainties, with real GDP growing by 7.4% in the fourth quarter of FY25, leading to a full-year growth of 6.5%, according to the CareEdge Economic Pathways report. While this represents a slowdown from the previous two years' average of 8.4%, growth is projected to remain robust at 6.2% for FY26, driven by strong performances in the services and construction sectors. Urban demand has been mixed, but rural demand remains stable, bolstered by wage growth. Retail inflation has significantly eased to 3.2%, the lowest since August 2019, aided by improved food supply conditions. The central government maintained a fiscal deficit of 4.8% of GDP, supported by strong corporate tax revenues. The Reserve Bank of India recently cut the repo rate to 5.5% to enhance liquidity, while the rupee has weakened slightly but remains stronger than previous lows.
Published: Jun 16 2025, 11 ameznews.inIn May, vehicle sales across various segments in India experienced a decline compared to the previous year, with the exception of two-wheelers, which saw a rise in demand from rural markets. The Society of Indian Automobile Manufacturers (SIAM) reported that passenger vehicle wholesales fell by 0.8% to 344,656 units, down from 347,492 units in May 2024. Three-wheeler sales also dropped by 3.3% to 53,942 units, compared to 55,763 units last year. Conversely, two-wheeler sales increased by 2.2% to 1,655,927 units, bolstered by a 7.1% rise in scooter sales to 579,507 units. Motorcycles saw a slight increase, reaching 1,039,156 units. Rajesh Menon, SIAM's Director General, noted that recent repo rate cuts by the RBI and predictions of above-normal monsoons could enhance affordability and consumer sentiment, potentially benefiting the auto sector in the months ahead.
Published: Jun 16 2025, 11 ameznews.inIndia is poised to achieve self-reliance in lab-grown diamonds, crucial for both jewellery and industrial applications, through the efforts of the India Centre for Lab Grown Diamond (InCent-LGD) at IIT Madras. Led by Professor MS Ramachandra Rao, the centre plans to produce high-quality, 2 square cm diamond seeds and wafers, which are currently imported from China. By the end of 2026, InCent-LGD aims to establish its own Chemical Vapor Deposition (CVD) process and high-pressure high-temperature (HPHT) machines for diamond production. This initiative aligns with Prime Minister Narendra Modi's vision to position India as a leader in lab-grown diamonds, a sector with significant employment potential. Beyond jewellery, these diamonds are valuable as next-generation semiconducting materials. The centre has received a ₹242 crore research grant over five years to support its work, with plans for technology transfer to the private sector and the emergence of start-ups.
Published: Jun 16 2025, 11 ameznews.inAs tensions escalate in the Israel-Iran conflict, the Global Trade Research Initiative (GTRI) has urged the Indian government to reassess its energy risk strategies and diversify crude oil sources. GTRI Founder Ajay Srivastava highlighted that India's economic stability is increasingly threatened, given its significant trade ties with both nations—$1.24 billion in exports to Iran and $2.15 billion to Israel in 2024-25. With two-thirds of India's crude oil and half of its LNG imports transiting through the strategically vital Strait of Hormuz, any disruption could lead to soaring oil prices and inflation, complicating fiscal management. Recent missile strikes by Iran on Israeli ports, crucial for Indian commercial interests, and heightened tensions in the Red Sea further exacerbate these risks. Srivastava emphasized the need for India to act swiftly to secure its energy supplies and mitigate potential economic fallout from the ongoing conflict.
Published: Jun 16 2025, 10 ameznews.inLufthansa's flight LH752 from Frankfurt to Hyderabad was diverted back to Frankfurt on Sunday due to a bomb threat reported on social media. The airline confirmed that, out of an abundance of caution, the Boeing 787-9 Dreamliner returned to its origin shortly after departing at 14:29, delayed from its original schedule of 13:05. Passengers were accommodated in Frankfurt and are set to continue their journey to Hyderabad on Monday. The flight was initially expected to land in Hyderabad at 1:20 AM. Lufthansa's spokesperson emphasized the airline's commitment to passenger safety in light of the threat. The incident highlights ongoing concerns regarding aviation security and the impact of social media on flight operations.
Published: Jun 16 2025, 10 am
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