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IIM-Calcutta Innovation Park (IIMCIP) has entered into a strategic partnership with the UAE-India CEPA Council (UICC) to facilitate the entry of promising Indian startups into the UAE market, aiming to enhance their global expansion. A Memorandum of Understanding (MoU) was signed to formalize this collaboration, which is part of the CEPA Start-up Series initiative designed to promote trade and innovation under the UAE-India Comprehensive Economic Partnership Agreement. Subhrangshu Sanyal, CEO of IIMCIP, emphasized the initiative's potential to connect Indian startups with the UAE ecosystem, offering free support for establishing operations and market access. He noted that this opportunity could also open doors to European and African markets. Since its inception in 2014, IIMCIP has mentored around 1,500 startups and funded over 130, reinforcing its commitment to fostering entrepreneurship in India. 
Published: Jul 28 2025, 8 pmeznews.inThe Finance Ministry revealed that eleven public sector banks (PSBs) collected approximately ₹9,000 crore in penalties over the past five years for customers failing to maintain minimum balances in their savings accounts. This information was disclosed in the Rajya Sabha on Tuesday in response to a query from Congress President Mallikarjun Kharge. Notably, the State Bank of India eliminated average monthly minimum balance charges in March 2020, with several other PSBs following suit from the second quarter of FY26. In contrast, private sector banks, which impose higher fees, have not yet announced similar waivers. Minister of State for Finance Pankaj Chaudhary indicated that the Department of Financial Services has advised banks to reconsider these charges, particularly for customers in semi-urban and rural areas. The Reserve Bank of India has established guidelines for such penalties, allowing banks to set charges based on their policies while ensuring transparency.
Published: Jul 29 2025, 7 pmeznews.inRail Vikas Nigam Ltd (RVNL), a public sector undertaking under the Ministry of Railways, has secured a ₹447 crore contract to construct a metro link between Lajpat Nagar and Saket G Block for the Delhi Metro Rail Corporation (DMRC) as part of the Delhi MRTS Phase IV project. This initiative, which marks RVNL's first collaboration with DMRC, involves the design and construction of a 7.298 km elevated viaduct and seven elevated stations, each featuring 74-meter-long platforms. The planned stations include Saket G Block, Pushp Vihar, Saket District Centre, Pushpa Bhawan, Chirag Delhi, Greater Kailash-1, Andrews Ganj, and Lajpat Nagar. The project is expected to be completed within 36 months. RVNL's Chairman and Managing Director, Pradeep Gaur, emphasized the company's commitment to enhancing India's infrastructure, noting that RVNL is already involved in metro projects across eight cities.
Published: Jul 29 2025, 7 pmeznews.inA price war among poultry-producing states, coupled with weak domestic demand during the austere month of Shravan, has led to a significant decline in egg prices, dropping over 20% in recent weeks. Traders in northern regions, particularly Haryana, are reportedly sourcing eggs at lower prices, prompting southern producers to cut their prices in a bid to remain competitive. The National Egg Coordination Committee noted that the farmgate price per egg in Namakkal fell from ₹5.75 on July 1 to ₹4.20 by July 29. Exports have also decreased by 20-30% due to reduced consumption in the Middle East and a seasonal drop in demand from northern states and Kerala. This bearish trend is expected to persist until Dussehra, although chicken prices remain stable, with farmgate rates in Tamil Nadu above ₹100 per kg. The situation is anticipated to improve as the month of Shravan concludes.
Published: Jul 29 2025, 7 pmeznews.inParadip Port Authority (PPA) has achieved a significant milestone by handling 50 million tonnes of cargo throughput within the first four months of the current financial year, marking the fastest rate in the port's history and surpassing last year's record by four days. The port's Chairman, P L Haranadh, credited the accomplishment to the dedicated workforce and strong customer support, expressing optimism for continued success. Notably, coal cargo reached 22.06 million tonnes, reflecting a modest year-on-year growth of 0.53%, while container cargo surged by an impressive 27.80%. The overall increase in cargo volume was further bolstered by a rise in crude oil and fertilizer raw material shipments, according to a recent release from the PPA. This achievement underscores the port's growing significance in the logistics and shipping sectors.
Published: Jul 29 2025, 6 pmeznews.inThe Indian government reported a significant surge in cotton imports, with volumes from Brazil increasing tenfold and those from the US doubling in the 2024-25 season, driven by high demand for extra long staple varieties. Union Minister Ramnath Thakur revealed that imports from Brazil rose from 67,805 bales valued at ₹152 crore in 2023-24 to 6,54,819 bales worth ₹1,620 crore by May 2025. Similarly, US exports grew from 2,68,728 bales valued at ₹1,361 crore to 5,25,523 bales valued at ₹1,802 crore. Overall, India imported 27 lakh bales by May 31, surpassing the total of 15.19 lakh bales for the entire previous season. In other agricultural updates, tea exports to Iran increased despite regional conflicts, while the dairy sector reported a procurement price of ₹47.70 per kg for farmers. Additionally, 10,000 farmer producer organizations (FPOs) have been registered, with a notable representation of women members.
Published: Jul 29 2025, 6 pmeznews.inThe International Monetary Fund (IMF) has revised India's growth forecast for the current fiscal year to 6.4%, a slight increase from previous estimates but still below the Reserve Bank of India's projection of 6.5%. This forecast aligns with the Economic Survey's range of 6.3-6.8%. The IMF also anticipates growth of 6.4% for fiscal years 2025-26 and 2026-27, reflecting a more favorable external environment than previously expected. However, recent forecasts from the Asian Development Bank and India Ratings & Research have lowered India's growth estimates for FY26 due to concerns over US tariffs and a weaker investment climate. Despite these challenges, the Finance Ministry's monthly economic review indicates robust domestic supply and demand, with inflation remaining within target ranges. On a global scale, growth is projected at 3.0% for 2025 and 3.1% for 2026, with inflation expected to decline to 4.2% and 3.6%, respectively.
Published: Jul 29 2025, 6 pmeznews.inIndia is bracing for potential U.S. tariffs of 20% to 25% on its exports as it navigates trade negotiations ahead of a looming August 1 deadline. While New Delhi has proposed tariff cuts on various goods and is working to reduce non-tariff barriers, it is holding off on new concessions until a U.S. delegation arrives in mid-August. The aim is to finalize a comprehensive bilateral trade agreement by September or October. U.S. Trade Representative Jamieson Greer emphasized the need for more negotiations, noting that President Trump is focused on securing favorable deals. Despite India's willingness to open parts of its market, agriculture and dairy remain off-limits, particularly concerning genetically modified imports. With bilateral trade reaching approximately $129 billion in 2024, Indian officials remain optimistic about achieving preferential access for exporters, despite the threat of increased tariffs that could disadvantage them compared to other nations.
Published: Jul 29 2025, 6 pmeznews.inThe Sriperumbudur-Oragadam cluster in Tamil Nadu is a pivotal hub for tyre manufacturing in India, producing nearly 30% of the country's annual output of 3 million tonnes. This region has attracted over ₹15,000 crore in investments from major tyre manufacturers, including Apollo Tyres, CEAT, and JK Tyre, which cater to a diverse range of vehicles. The cluster's strategic location near Chennai, coupled with excellent logistics and infrastructure, has positioned it as the largest tyre manufacturing base in India, facilitating both domestic and export markets. Hyundai Motor India sources over half of its tyres from this region, highlighting its significance in the automotive supply chain. Recent investments, such as CEAT's ₹450 crore expansion and Apollo's ₹5,500 crore commitment to Asia's largest tyre unit, underscore the area's growth potential, driven by a combination of government support, skilled manpower, and proximity to raw materials.
Published: Jul 29 2025, 5 pmeznews.inAt ₹40,000 per kilogram, Silver Tips Imperial tea from the Makaibari estate in Kurseong, Darjeeling, is a luxury steeped in tradition and meticulous care. Harvested only during specific full moon nights when celestial bodies align, the tea is plucked by hand, ensuring only the finest unopened buds are selected. This biodynamic approach, coupled with a commitment to organic farming, enhances the tea's unique flavor profile, which features notes of honey and wildflowers. The production process, overseen by experienced estate manager Sanjay Das, involves careful withering, hand-rolling, and precise oxidation to preserve the tea's delicate qualities. Makaibari, now part of the Luxmi Group, produces over 90,000 kg of tea annually, with a significant portion exported globally. The estate's rich heritage includes notable gifts to figures like Queen Elizabeth II and King Charles III, while plans for expansion include new retail outlets and a lifestyle space in Kolkata.
Published: Jul 29 2025, 5 pmeznews.inIn a significant initiative to enhance coastal resilience, a mangrove sapling plantation drive was held in the Kovalam coastal region to mark World Mangrove Day. Organised by the SRM Institute of Science and Technology (SRMIST) in collaboration with various environmental organisations, the event saw the planting of 1,350 mangrove saplings, with participation from multiple educational institutions and community volunteers. A key highlight of the drive was the introduction of the innovative ‘Bio-Roll’ technique, developed by the NGO NEEDS, which aims to improve sapling survival rates, combat coastal erosion, and restore degraded shorelines. This initiative not only addresses climate change but also aligns with Sustainable Development Goals (SDGs) by promoting community-based conservation efforts. The drive underscored the vital role of mangroves in protecting coastal ecosystems, enhancing biodiversity, and serving as natural buffers against extreme weather, thereby ensuring the sustainability of coastal regions.
Published: Jul 29 2025, 5 pm
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