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The Institute of Chartered Accountants of India (ICAI) will evaluate the financial implications of the proposed 'One Nation One Election' (ONOE) reform, aiding a Parliamentary panel currently reviewing relevant bills. This initiative follows a report from a high-level committee led by former President Ram Nath Kovind, which recommended synchronizing Lok Sabha, Assembly, and local body elections. In December, the government introduced two bills in the Lok Sabha to establish a legal framework for these simultaneous elections. A 39-member Joint Parliamentary Committee, chaired by BJP member P P Chaudhary, is examining the draft bills based on Kovind's recommendations. ICAI President Charanjot Singh Nanda confirmed that the institute will submit its financial assessment to the Parliamentary panel. The Kovind report suggests that simultaneous elections could enhance governance, optimize resources, and boost voter participation, while a related research paper indicates potential economic benefits, including higher growth and lower inflation. 
Published: May 04 2025, 1 pmeznews.inThe ro-pax ferry service between Ghogha and Hazira, launched in 2017 as part of Gujarat's ambitious project to connect rural Saurashtra with Surat, has transported 4.5 lakh vehicles and 12.59 lakh passengers to date. Despite achieving 55% passenger and 87% cargo capacity utilization, the service is facing significant financial challenges, with a reported net loss of ₹325 crore. Chetan Contractor, Chairman of Indigo Seaways, which operates the service, highlighted the burden of ₹242 crore in unsecured loans and unrecouped terminal operation costs of ₹90 crore. The project, initially envisioned in 1995, has struggled with operational issues, including breakdowns and siltation at terminals. To remain viable, Contractor has sought government support, arguing that the ferry service cannot compete with subsidized road and rail transport. The service, which reduces travel distance by 400 km, has set ticket prices at half the actual cost to attract more passengers.
Published: May 04 2025, 7 pmeznews.inTitagarh Rail Systems has received approval to establish a new shipyard in Kolkata for the construction of warships, marking a strategic shift towards expanding its shipbuilding operations. The company, which has been involved in small-scale shipbuilding for nearly a decade, plans to invest significantly in this sector, aiming to enhance its revenue contribution beyond the low single-digit share it currently holds. Deputy Managing Director Prithish Chowdhary highlighted the need for a greenfield site due to geographical constraints at the existing yard, with potential locations being explored in West Bengal, Andhra Pradesh, Tamil Nadu, Maharashtra, and Gujarat. The new shipyard will focus on both naval and commercial vessels, building on past projects like fast patrol vessels and passenger ferries. Additionally, the company is developing safety and signalling systems for Indian Railways, leveraging its joint venture with Italy’s MERMEC to enhance railway safety.
Published: May 04 2025, 7 pmeznews.inThe Income Tax Department has recovered ₹1,400 crore from 63,000 donors who evaded taxes by donating to registered unrecognised political parties (RUPPs) between 2022 and 2024. RUPPs, which fail to meet the vote threshold for state or national party status, and their donors benefit from tax exemptions. A report revealed that over 3,264 RUPPs received more than ₹10,000 crore in donations during this period, with many allegedly facilitating money laundering. Following intelligence-led investigations, the department initiated a 'nudging exercise' to encourage compliance, resulting in over ₹1,000 crore in deductions being withdrawn by donors. Those who missed the deadline paid an additional ₹400 crore in penalties. Despite RUPPs declaring only ₹4,858 crore of the ₹10,975 crore claimed in tax exemptions, a significant portion of funds appears to have been diverted for non-electoral purposes, raising concerns about the integrity of electoral funding in India.
Published: May 04 2025, 7 pmeznews.inIndian exporters are urging the government to negotiate relaxed rules of origin (ROO) in the upcoming India-US bilateral trade agreement (BTA) to leverage opportunities arising from the US-China tariff war. They seek to facilitate the export of products like garments and machinery, which may include components manufactured in China, by easing the criteria for value addition. The Commerce Department has advised caution, emphasizing adherence to existing non-preferential ROO, which requires either complete domestic production or substantial transformation of imported inputs. Industry representatives have highlighted the need for clear and objective value addition norms to avoid penalties from US authorities. With China facing high tariffs, Indian exporters see a significant opportunity to capture market share, but they stress the urgency of establishing these rules to prepare for potential demand. The US currently imposes a 10% baseline duty on imports, while Chinese goods face an average tariff of 124%.
Published: May 04 2025, 7 pmeznews.inIndia aims to reduce rice cultivation by 5 million hectares while increasing production by 10 million tonnes to boost oilseed and pulse farming, as announced by Union Agriculture Minister Shivraj Singh Chouhan during the launch of two genome-edited rice varieties by the Indian Council of Agricultural Research (ICAR) in New Delhi. The "-5,+10" plan is part of a broader strategy to achieve self-sufficiency in these crops, with Chouhan emphasizing the role of agricultural scientists in this initiative. While the Minister refrained from commenting on genetically modified crops due to ongoing legal matters, he clarified that genome editing differs as it does not involve foreign gene insertion. ICAR's director general highlighted the potential for increased yields by targeting low-performing areas, and the organization is shifting towards demand-driven research, integrating farmer feedback into its development processes.
Published: May 04 2025, 6 pmeznews.inIndia's Steel Ministry is closely monitoring the effects of a newly imposed 12% safeguard duty on steel imports from China and Vietnam, aimed at shielding domestic producers from a surge in low-cost imports. Union Minister for Steel and Heavy Industries, HD Kumaraswamy, emphasized that this temporary measure is crucial for preventing "serious injury" to the local industry, allowing it to compete fairly. The government has also introduced anti-dumping duties on select imports from South Korea, Japan, and Singapore. As part of ongoing trade negotiations with the US, India aims to enhance bilateral trade, targeting $500 billion by 2030. Steel demand is projected to grow by 11-12% in FY26, driven by infrastructure projects and urbanization. To address coking coal dependency, India is diversifying import sources and encouraging public sector undertakings to acquire mining assets abroad, while also prioritizing greener steel production in line with global decarbonization goals.
Published: May 04 2025, 6 pmeznews.inIn a bid to reduce operational costs for pilot training schools, the Indian government plans to make hull insurance optional for trainer aircraft, responding to rising insurance premiums linked to recent accidents. Currently, the Directorate General of Civil Aviation (DGCA) mandates insurance covering hull loss, alongside coverage for instructors and trainees. The Association of Flight Training Organisations (AFTO) has welcomed this proposed amendment, suggesting it could lower training costs and attract more students. In 2024, the DGCA issued 1,342 commercial pilot licences, a significant drop from the previous year, largely due to a shortage of flight instructors. The DGCA is also considering easing licensing requirements, such as removing the need for Class XII physics and mathematics. With India's aviation sector projected to require 20,000 new pilots, the government is exploring technological solutions to streamline training and licensing processes.
Published: May 04 2025, 6 pmeznews.inThe Chennai-Vladivostok eastern maritime corridor (EMC) is emerging as a vital sea link between India’s East Coast and Russia’s Far East, significantly shorter than the Mumbai-St Petersburg route. Recent data indicates a remarkable surge in cargo volumes, with coal shipments up by 87% and crude oil transport increasing by 48% year-on-year for FY 2024-25. The corridor, established following a 2019 memorandum between India and Russia, is 45% shorter than the Mumbai route, potentially reducing freight costs and transit times. As geopolitical tensions prompt ships to avoid the Suez Canal, the EMC is expected to attract more traffic. The Chennai Port Authority is exploring trade patterns and aims to establish a dedicated vessel service, while financial mechanisms for trade in rupees and roubles are being considered. This corridor not only enhances trade but also promises industrial growth and job creation along India’s East Coast, positioning India as a key player in Eurasian trade.
Published: May 04 2025, 6 pmeznews.inUnion Finance Minister Nirmala Sitharaman will head the Indian delegation to the 58th Annual Meeting of the Board of Governors of the Asian Development Bank (ADB) in Milan, Italy, from May 4 to 7. The event will gather officials from ADB member countries and international financial institutions. Sitharaman is set to engage in key sessions, including the Governors' Business session and a panel discussion on "Cross-Border Collaboration for Future Resilience." Additionally, she will conduct bilateral meetings with her counterparts from Italy, Japan, and Bhutan, as well as discussions with the ADB President and leaders from the International Fund for Agricultural Development and the Japan Bank for International Cooperation. On the sidelines, she will connect with the Indian diaspora and participate in a Plenary Session at Bocconi University focused on balancing economic and climate resilience.
Published: May 04 2025, 4 pmeznews.inAir India has diverted its flight AI139 from Delhi to Tel Aviv to Abu Dhabi following a missile attack near Ben Gurion Airport in Tel Aviv on Sunday. The incident occurred less than an hour before the flight was scheduled to land. In response to the security threat, the airline has suspended all flights to and from Tel Aviv until May 6, prioritizing the safety of its passengers and crew. The diverted flight landed safely in Abu Dhabi and is set to return to Delhi. Additionally, Air India's flight from Tel Aviv to Delhi has been cancelled for the day. Passengers with valid tickets for flights between May 4 and 6 will be offered a one-time waiver for rescheduling or full refunds. The missile, reportedly launched from Yemen, briefly halted air traffic at the airport.
Published: May 04 2025, 4 pm
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