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Commerce and Industry Minister Piyush Goyal met with European Commissioner for Trade Maros Sefcovic in Brussels to advance discussions on a proposed free trade agreement (FTA) between India and the European Union. This marks their second meeting in a month, with Goyal's visit following negotiations already underway by India's chief negotiator and his team at the EU headquarters. Both officials expressed optimism about maintaining momentum towards an early harvest trade agreement, which could address key issues such as intellectual property rights, tariffs, and government procurement. The aim is to finalize the agreement by July, paving the way for a comprehensive FTA covering 23 policy areas. With bilateral trade in goods reaching $137.41 billion in 2023-24, the EU remains India's largest trading partner, accounting for 17% of India's total exports. The negotiations, which resumed in June 2022 after an eight-year hiatus, are crucial for enhancing trade competitiveness. 
Published: May 24 2025, 3 pmeznews.inThe Indian government is set to engage with IndiGo regarding its codeshare and aircraft-leasing agreements with Turkish Airlines, as announced by Union Civil Aviation Minister Ram Mohan Naidu. This discussion, prompted by national security concerns, follows IndiGo CEO Pieter Elbers' assertion that the airline complies with all regulations. The scrutiny comes amid public backlash against Turkey for its support of Pakistan during 'Operation Sindhoor,' leading to calls for the cancellation of civil aviation ties. IndiGo currently operates two damp-leased Boeing 777s on the Delhi-Istanbul and Mumbai-Istanbul routes, and is reportedly preparing a contingency plan should these aircraft be returned. The airline has defended its partnership with Turkish Airlines, highlighting benefits for Indian travelers and the economy, including increased seat availability and affordable international travel options. The codeshare agreement operates under the Air Services Agreement between India and Turkey, allowing for 56 flights weekly.
Published: May 24 2025, 9 pmeznews.inUnion Minister for Development of North Eastern Region (DoNER), Jyotiraditya Scindia, announced significant investment interests of ₹4.3 lakh crore at the Investors Summit 2025, emphasizing a new institutional framework comprising eight sectoral verticals led by Chief Ministers to facilitate the implementation of signed MoUs. During the summit, which Scindia described as the start of a "New Economic Revolution" for the Northeast, several major agreements were inked, including a ₹4,000 crore deal between the Meghalaya government and Agri-Bio Fuels Global Ltd, and a ₹250-300 crore partnership between Sikkim and SM Hotels and Resorts. The summit generated a total of 803 investment intents, with roadshows and public-private proposals contributing around ₹1 lakh crore. Scindia highlighted the government's commitment to the region, noting that the Cabinet has visited the Northeast 730 times in the past 11 years, and the event attracted delegations from over 80 countries.
Published: May 24 2025, 7 pmeznews.inThe Kerala State Disaster Management Authority (KSDMA) has issued a public warning regarding the potential environmental hazards following the listing of the Liberian-registered container ship MSC Elsa III, which lost several containers off the Alappuzha coast on Saturday. The vessel, en route from Vizhinjam to Kochi, was carrying dangerous materials, including low sulphur fuel oil and marine gas oil, raising concerns about safety and environmental risks. Coast guard officials have been alerted and are intensifying surveillance in the area, urging the public to report any sightings of containers or oil leaks. The incident, attributed to possible stability issues or container lashing failures, poses a threat to fishing boats and other vessels. Prakash Iyer, chairman of the Cochin Port Users Forum, emphasized the need to prioritize the safety of the crew while the exact cause of the listing is investigated.
Published: May 24 2025, 7 pmeznews.inThe Union Budget has set a fiscal deficit target of 4.4% for FY26, incorporating a projected surplus transfer of ₹2.56 lakh crore from the Reserve Bank of India (RBI) and other financial institutions. Despite the RBI's announcement of a higher-than-expected surplus transfer of ₹2.69 lakh crore for FY25, economists remain cautious, with some, like Aditi Nayar of ICRA, suggesting that the surplus will only marginally ease the fiscal deficit, potentially lowering it by 20 basis points to 4.2%. The revised Economic Capital Framework has influenced the RBI's transfer, which fell short of market expectations of ₹3 lakh crore due to increased risk buffers. Analysts from Barclays believe the government's revenue targets for FY25-26 are credible, while SBI's research indicates that the surplus could allow for additional spending of around ₹70,000 crore, provided other factors remain constant.
Published: May 24 2025, 5 pmeznews.inThe 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.inAt the Rising North East Investor Summit 2025 in New Delhi, Union Minister for Development of North Eastern Region Jyotiraditya Scindia announced that memorandums of understanding (MoUs) worth ₹4.18 lakh crore have been signed, marking a significant step in promoting investment in the region. Inaugurated by Prime Minister Narendra Modi, the summit aims to position the Northeast as a hub for global and domestic investment, uniting key stakeholders, investors, and policymakers. Scindia highlighted that this is the first joint initiative for all eight northeastern states, with roadshows conducted in major cities including Bengaluru and Mumbai. Each state is set to receive investment proposals of ₹20,000 crore, with participation from industrial leaders, new entrepreneurs, and ambassadors from 50 countries. Key sectors for investment include tourism, agro-food processing, textiles, healthcare, and information technology, reflecting the government's commitment to fostering economic growth in the region.
Published: May 24 2025, 4 pmeznews.inA recent report by Jefferies suggests that Asian currencies are poised for long-term appreciation against the US dollar, driven by significantly higher gross national savings in emerging Asian economies compared to G7 nations. The report highlights that emerging Asia's savings rate stands at 39% of GDP, in stark contrast to the G7's 20.1%. This shift marks a reversal of the dynamics seen during the Asian Financial Crisis nearly 30 years ago. Factors contributing to this trend include changes in US trade policies under the Trump administration, which has targeted mercantilist economies like Taiwan, and the overall financial strength of Asian countries. Meanwhile, the risk of a near-term recession in the US has diminished, as the administration has stepped back from potentially harmful tariff plans. These economic trends underscore the evolving landscape of currency movements in the years ahead.
Published: May 24 2025, 3 pmeznews.inRajasthan is enduring a severe heatwave, with temperatures soaring between 44°C and 48°C across several districts, as reported by the Indian Meteorological Department (IMD). Jaisalmer recorded the highest temperature at 48°C, while heatwave conditions are prevalent in Jaipur, Jodhpur, and Bikaner. The IMD has issued a red alert for western Rajasthan's border areas, anticipating extreme temperatures for the next three days. In eastern Rajasthan, districts such as Bhilwara, Tonk, and Kota are also expected to experience high temperatures ranging from 44°C to 46°C. Radheshyam Sharma, Director of the Meteorological Centre in Jaipur, indicated that these conditions will persist for at least five days, particularly affecting regions like Barmer and Ganganagar. However, there is a possibility of thunderstorms and light rain in Kota, Bharatpur, and Jaipur within the next 48 hours, offering a glimmer of relief from the oppressive heat.
Published: May 24 2025, 3 pmeznews.inDomestic air travel in India saw a robust 10.2% year-on-year increase in passenger traffic for April 2025, with an estimated 145.5 lakh passengers compared to 132.0 lakh in April 2024, according to a report by ratings agency ICRA. However, month-on-month growth remained flat, and airline capacity deployment rose by 6.9% year-on-year but fell by 4.2% from March 2025, indicating a slight slowdown. For the financial year 2024-25, domestic air passenger traffic reached approximately 1,653.8 lakh, marking a 7.6% increase over FY24 and a 16.8% rise compared to pre-Covid levels in FY20. International travel also surged, with Indian carriers reporting a 14.1% year-on-year growth in international passenger traffic, totaling 338.6 lakh, significantly surpassing pre-Covid figures. ICRA maintains a "stable" outlook for the aviation industry, projecting continued growth of 7-10% in domestic air traffic for FY26.
Published: May 24 2025, 2 pm
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