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In a speech ahead of the upcoming IMF and World Bank Spring meetings, Kristalina Georgieva, managing director of the International Monetary Fund (IMF), indicated that while global economic growth is expected to face "notable markdowns," a recession is not anticipated. Georgieva highlighted the impact of rising trade barriers, noting that uncertainty in tariff rates complicates planning and can lead to postponed investments and volatile financial markets. She emphasized that tariffs raise costs for both importers and consumers, affecting growth immediately, while long-term protectionism can erode productivity, particularly in smaller economies. Despite ruling out a recession, she warned that prolonged uncertainty could heighten the risk of financial market stress, citing unusual movements in bond and currency markets as potential warning signs. Georgieva concluded that disruptions in trade, akin to water diverted by obstacles, incur significant costs for all involved. 
Published: Apr 17 2025, 9 pmeznews.inTravel companies have reported a significant slowdown in fresh bookings amid rising tensions along the India-Pakistan border, prompting many leisure travellers to adopt a cautious approach. Jyoti Mayal, former president of the Travel Agents Association of India, noted that the industry is increasingly limiting non-essential travel due to geopolitical instability and security concerns, highlighted by the suspension of major public events like IPL matches. Government authorities have ordered the suspension of commercial operations at 27 airports in North and West India until May 10, further discouraging travel as fears of being stranded in a conflict escalate. Airline executives have observed a softening demand, with no fare increases, while hotel cancellations are on the rise. In response, travel firms are prioritising customer support, offering rescheduling and full refunds, including convenience fees, to affected passengers, as they navigate these disruptions.
Published: May 09 2025, 7 pmeznews.inIndia has received a credit rating upgrade to ‘BBB’ with a ‘Stable’ outlook from Morningstar DBRS, as announced by the Finance Ministry on Friday. Previously rated ‘BBB-Low’, this upgrade reflects the agency's recognition of India's structural reforms, including infrastructure investments and digitalisation, alongside fiscal consolidation and sustained high growth amid macroeconomic stability. The agency highlighted that these reforms have facilitated fiscal improvements and supported a resilient banking system, with non-performing loans at a 13-year low of 2.5%. Despite global growth concerns, the IMF projects India’s GDP growth at 6.2% for the current fiscal year, while the Reserve Bank of India is slightly more optimistic at 6.5%. The agency noted that India's favorable demographics and ongoing government efforts to enhance the investment climate bolster its medium-term growth prospects, despite potential external risks such as trade tensions and geopolitical uncertainties.
Published: May 09 2025, 7 pmeznews.inThe Central Consumer Protection Authority (CCPA) has issued thirteen notices to major e-commerce platforms, including Amazon and Flipkart, for the unauthorized sale of walkie-talkies lacking essential disclosures. These devices were found to be listed without necessary frequency disclosures, licensing information, or Equipment Type Approval (ETA), violating the Consumer Protection Act, 2019. The CCPA highlighted that many listings failed to clarify whether a wireless operating license was required, breaching the Indian Telegraph Act and the Wireless Telegraphy Act. A preliminary analysis revealed a significant number of non-compliant listings, with hundreds identified across various platforms. In response, the CCPA plans to introduce guidelines to enhance compliance, including seller verification and automated monitoring of listings. The authority has reached out to the Ministry of Home Affairs and the Department of Telecommunications for input on these measures, aiming to protect consumer interests and ensure adherence to legal standards.
Published: May 09 2025, 7 pmeznews.inUnion Minister Pralhad Joshi reassured consumers on Friday that India has sufficient food stocks, urging the public not to panic amid rising tensions with Pakistan. The Ministry of Consumer Affairs, Food and Public Distribution emphasized that current rice stocks stand at 356.42 lakh tonnes, significantly above the buffer norm of 135 lakh tonnes, while wheat stocks are at 383.32 lakh tonnes, exceeding the 276 lakh tonnes requirement. Joshi warned against hoarding, stating that individuals engaging in stockpiling would face prosecution under the Essential Commodities Act. He urged traders and retailers to cooperate with law enforcement to maintain supply chain integrity. Additionally, the Ministry reported a robust sugar production outlook and ample edible oil availability, particularly mustard oil, during the peak production season. Joshi dismissed rumors about food shortages, encouraging citizens to disregard misleading information regarding the nation’s food security.
Published: May 09 2025, 7 pmeznews.inThe Supreme Court of India has dismissed an appeal by the Revenue Department regarding the classification of badam-flavoured milk, affirming a ruling by the Andhra Pradesh High Court that imposes a 5 per cent Goods and Services Tax (GST) on the product. The High Court determined that flavoured milk falls under the category of 'milk' as per Entry 0402 9990, contrasting with the Revenue Department's view that it should be classified as a beverage subject to a higher 12 per cent GST. This decision aligns with a previous ruling from the Madras High Court. Experts suggest that the GST Council may now consider revising the tax rate for flavoured milk to reflect this classification. The ruling clarifies that products like badam-flavoured milk, despite their added ingredients, should be treated as milk, potentially prompting a reassessment of the current tax structure.
Published: May 09 2025, 7 pmeznews.inThe European Centre for Medium-Range Weather Forecasts has predicted moderate to heavy rainfall for the West Coast and parts of interior Maharashtra and Karnataka next week, with lighter rain expected across North-West and Central India. The forecast indicates that cross-equatorial winds are shifting to carry monsoon moisture, likely leading to the monsoon's advance into the South Andaman Sea by Tuesday. Wind speeds over the Bay of Bengal are expected to reach 36-54 km/hr, surpassing the typical threshold. A US forecaster anticipates widespread rain across India from this weekend into mid-June, particularly in Kerala, Tamil Nadu, and Rayalaseema. Meanwhile, pre-monsoon systems are reducing the national rainfall deficit to just -7%, with Central India and the South Peninsula reporting surpluses. No heat wave warnings are currently in effect, as weather disturbances are expected to bring beneficial rain and thunderstorms to deficit-affected regions.
Published: May 09 2025, 6 pmeznews.inJim Sutter, CEO of the US Soybean Export Council (USSEC), expressed cautious optimism regarding India's potential market access for US soybeans, advocating for minimal import duties. He highlighted that India could benefit from importing soybeans to produce oil and oilmeal, reducing its reliance on imported cooking oils. Sutter noted that the US administration supports "free, fair and open trading," and USSEC has been engaging with India since 1996, particularly targeting the poultry, dairy, and aquaculture sectors. With China’s soybean imports declining due to trade tensions, the US is keen to expand exports to South Asia. Sutter emphasized that India’s current edible oil imports could be supplemented by US soybeans, which would enhance local crushing capacity. The US soybean industry remains unconcerned about genetically modified (GM) crops, viewing sustainability as a priority, while ongoing discussions between US and Indian officials may shape future trade dynamics.
Published: May 09 2025, 6 pmeznews.inUS Vice President J D Vance has stated that the ongoing military tensions between India and Pakistan are not a concern for Washington, emphasizing that the conflict is "none of our business." While the US is advocating for immediate de-escalation, experts suggest that the Biden administration is wary of becoming entangled in another conflict, particularly after the limited success of previous interventions. Vance reiterated the US's desire for a swift resolution but acknowledged that it cannot control the situation. Secretary of State Marco Rubio has engaged with Indian External Affairs Minister S Jaishankar, stressing the importance of direct dialogue between the two nations. The tensions escalated following India's missile strikes targeting terrorist infrastructure in response to recent attacks that killed civilians. As the US navigates its relationships with both India and Pakistan, its strategic interests in the region remain complex, particularly in light of China's growing influence.
Published: May 09 2025, 6 pmeznews.inIndia has initiated a collaborative pilot study to explore untapped deep-sea resources within its exclusive economic zone (EEZ), focusing on mesopelagic species, which are abundant yet largely unexploited. The Central Marine Fisheries Research Institute (CMFRI) and the Central Institute of Fisheries Technology (CIFT) are leading the research, supported financially by the National Fisheries Development Board under the Pradhan Mantri Matsya Sampada Yojana. The project aims to assess the potential of these resources, which span depths of 200-1,000 meters, and develop sustainable harvesting methods to alleviate pressure on traditional fish stocks. Grinson George, Director of CMFRI, highlighted the importance of this initiative in addressing global overfishing concerns. With an estimated 2 million tonnes of mesopelagic resources in Indian waters, the study, led by Principal Scientist Sujitha Thomas and CIFT's Ramesan MP, is expected to provide vital insights for commercial exploitation while ensuring ecological sustainability.
Published: May 09 2025, 5 pmeznews.inThe Commission for Agricultural Costs and Prices (CACP) has urged Indian farmers to adopt pest and disease-resistant sugarcane varieties and integrated pest management (IPM) strategies to combat rising infestations, particularly red rot and top borer attacks that have affected yields. In its recommendations for the 2025-26 sugarcane price policy, the CACP highlighted the need for awareness campaigns to promote these practices and address the significant gap in quality seed cane availability, which impacts productivity and profitability. The government has raised the Fair and Remunerative Price (FRP) for sugarcane to ₹355 per quintal, while the CACP also called for the establishment of Custom Hiring Centers to facilitate access to machinery for farmers. Additionally, it recommended discontinuing the State Advised Price (SAP) system, which distorts markets and burdens sugar mills, advocating instead for a shift to the FRP or Revenue Sharing Formula to ensure fair compensation for farmers.
Published: May 09 2025, 3 pm
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