eznews.in
The Ministry of External Affairs (MEA) has refuted US President Donald Trump's assertion that trade negotiations played a role in de-escalating military tensions between India and Pakistan. During a press conference in New Delhi, MEA Spokesperson Randhir Jaiswal emphasized that discussions with US officials during the standoff, which began with Operation Sindoor on May 7 and concluded with a cessation of hostilities on May 10, did not include trade topics. Jaiswal stated that it was the "force of Indian arms" that compelled Pakistan to halt its firing, following a significant attack on Pakistani Air Force bases. He clarified that the understanding to cease military action was established through a phone call between the Directors General of Military Operations (DGMOs) of both nations, initiated by Pakistan's High Commission. The call took place at 1535 hrs on May 10, after initial technical difficulties were resolved. 
Published: May 13 2025, 8 pmeznews.inAndhra Pradesh Chief Minister N. Chandrababu Naidu has unveiled an ambitious strategic plan aimed at transforming the state into a port-based economy, capitalizing on its extensive 1,000-kilometre coastline. The initiative, which includes establishing ports or fishing harbours every 50 kilometres, is expected to stimulate economic growth and create significant employment opportunities. A key component of the plan is the development of a Ship Building and Repair Cluster at Dugarajapatnam in Nellore district, covering 2,000 acres, with half allocated for core ship-building and the other for ancillary industries. The project, backed by an estimated ₹3,500 crore central investment, aims to attract ₹26,000 crore in total investments, generating 5,000 direct and 30,000 indirect jobs. Naidu has directed officials to expedite the project and enhance cargo movement through Visakhapatnam Port, which is vital for the state's economic development.
Published: May 14 2025, 7 ameznews.inUnion Minister Piyush Goyal is set to meet US Trade Representative Jamieson Greer and Commerce Secretary Howard Lutnick in Washington DC from May 17-20 to advance discussions on the India-US bilateral trade agreement (BTA). Key negotiators from both nations will focus on critical areas including market access, rules of origin, and non-tariff measures. The aim is to finalize the first phase of the BTA by Fall 2025, with hopes for preliminary results within two months to avert the resumption of US tariffs, which have been paused for 90 days. Following recent US-China tariff agreements, India is keen to secure favorable terms to maintain and expand its market share in the US, which remains its largest trading partner, with bilateral trade reaching $131.84 billion in 2024-25 and a trade surplus of $41.8 billion.
Published: May 13 2025, 8 pmeznews.inThe Gem and Jewellery Export Promotion Council (GJEPC) reported a 5% decline in gem and jewellery exports last month, totaling $2.04 billion, down from $2.13 billion a year earlier, attributed to rising geopolitical tensions and Trump-era tariffs. Imports also fell to $1.57 billion from $1.90 billion. Exports of cut and polished diamonds decreased by 6% to $1.11 billion, as major markets like the US and China experience reduced demand, with consumers increasingly investing in gold amid uncertainty. Additionally, the rise of lab-grown diamonds is challenging natural diamond sales. Imports of cut and polished diamonds plummeted by 46% to $48 million, while rough diamond imports saw a slight increase. Gold jewellery exports dropped 5% to $685 million due to rising prices, although coloured gemstone shipments rose by 12%. Experts suggest that recent US-China tariff discussions may boost trade in the coming months.
Published: May 13 2025, 6 pmeznews.inBalaji Ramakrishnan, Director of the National Institute of Ocean Technology (NIOT), announced that 'Matsya', India's first manned submersible vehicle, is set to launch by the end of 2026 as part of the Samudrayaan mission, which aims to explore depths of 6,000 meters. This 25-tonne, fourth-generation vehicle, constructed from titanium, is designed to endure extreme oceanic conditions and will facilitate critical research into deep-sea resources and potential tourism opportunities. The mission will include a crucial 500-meter depth trial by year-end. Ramakrishnan also introduced 'Samudrajivah', an innovative technology for large-scale open sea cage farming, which allows for remote monitoring of fish growth and water quality, enhancing India's food security. The training program, 'Advancing India’s Blue Economy: Role of Fisheries Sector', co-organized by the ICAR-Central Marine Fisheries Research Institute (CMFRI) and Vijnana Bharati, aims to integrate NIOT's advancements with CMFRI's research to bolster India's blue economy.
Published: May 13 2025, 7 pmeznews.inIndia's retail inflation, as measured by the Consumer Price Index (CPI), fell to 3.16% in April, the lowest since July 2019, driven by a decline in food prices, particularly vegetables, pulses, and cereals. This marks a decrease from 3.34% in March, with food inflation dropping to 1.78%, the lowest since October 2021. Rural areas saw a sharper decline in headline inflation, falling to 2.92%, while urban inflation eased to 3.36%. Experts predict that low food inflation may keep overall inflation around 3% in the coming months, although concerns remain regarding agricultural productivity due to climate factors. Barclays forecasts inflation to remain near 3% in May, leading to an average CPI of 3-3.1% for the April-June quarter, prompting expectations of a potential 25 basis point cut in the policy repo rate by the Monetary Policy Committee in June.
Published: May 13 2025, 7 pmeznews.inAs global geopolitical tensions rise, multinational corporations are reassessing their risk strategies, yet India remains a favored destination for Global Capability Centers (GCCs). Experts note that while conflicts may prompt temporary pauses in operations, companies seldom abandon their investments in India, which offers regional diversity that enhances resilience. Gaurav Gupta from Deloitte India highlighted that business continuity planning is crucial, with firms adopting a wait-and-watch approach during uncertain times. Alouk Kumar, CEO of Inductus, emphasized the importance of peace and favorable government policies for attracting global businesses, while also noting India's demographic potential for job creation. Optimism persists, with over 40 new GCCs established in early 2025, as firms like JPMorgan Chase and Micron expand their Indian operations. India's appeal lies in its digital maturity, operational resilience, and geopolitical neutrality, positioning it as a strategic hub for global corporations amidst ongoing global uncertainties.
Published: May 13 2025, 5 pmeznews.inIndia's tea production saw a 2% increase in March 2025, reaching 65.14 million kilograms, up from 63.78 million kilograms in the same month last year, primarily driven by a significant rise in Assam, the country's largest tea-producing state. Assam's output surged by 28% to 27.52 million kilograms, with the Assam Valley alone reporting a 33% increase to 26.66 million kilograms. However, West Bengal experienced a decline of approximately 15%, producing 20.51 million kilograms. In North India, overall production rose by 5.39% to 49.43 million kilograms, while South India saw a 7% drop to 15.71 million kilograms. Notably, big growers increased their output by 6.3% to 26.29 million kilograms, while small growers' production slightly decreased. For the January-March 2025 period, total tea production in India was recorded at 107.92 million kilograms.
Published: May 13 2025, 6 pmeznews.inApple growers in Jammu and Kashmir are grappling with a difficult season, exacerbated by Indo-Pak border tensions and adverse weather conditions that have disrupted exports and driven down market prices. Following recent military operations and skirmishes, the transportation of stored apples to external markets has been severely hindered. Heavy rainfall has triggered landslides, leading to frequent closures of the Jammu-Srinagar National Highway, a crucial route for fruit-laden trucks. As a result, thousands of tonnes of apples remain unsold in controlled atmosphere storages across the Kashmir Valley, with farmers holding out for better prices. Mohammad Ashraf Wani, President of the Fruit Mandi Shop, noted that prices in key wholesale markets have fallen significantly, with apple crate prices currently ₹200-₹250 lower than usual. With an estimated 20.3 lakh metric tonnes of apple production for 2024-25, the ongoing challenges pose a substantial risk to the livelihoods of local farmers.
Published: May 13 2025, 6 pmeznews.inIn a significant economic update, India's retail inflation has dipped to 3.16% in April 2025, marking the lowest rate since July 2019, down from 3.34% in March. This decline is primarily attributed to falling prices in key food categories, including vegetables, pulses, and cereals, with the year-on-year Consumer Food Price Index (CFPI) inflation recorded at 1.78%. Rural inflation also saw a notable decrease, falling to 2.92% from 3.25% in March, while urban inflation slightly declined to 3.36%. Food inflation in urban areas dropped sharply from 2.48% to 1.64%. Additionally, housing inflation rose marginally to 3% and education inflation increased to 4.13%. The latest figures reflect a broader trend of easing inflationary pressures across various sectors, providing a more stable economic outlook for consumers. Meanwhile, the stock market saw declines, with the SENSEX down 1,281.68 points to 81,148.22 and NIFTY down 346.35 points to 24,578.35.
Published: May 13 2025, 4 pm
For the fastest, latest, not so wokest news, 'experts say' you need to visit Eznews
India
World
Economy
Science
Health
Showbiz
Contact