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Union Minister of Petroleum and Natural Gas, Hardeep Puri, expressed confidence that India can secure its energy needs from alternative sources amid potential disruptions to Russian supplies due to US sanctions. Speaking at the Urja Varta annual conference, Puri noted India's diversification of supply sources, expanding from 27 to 40 countries, and highlighted new suppliers like Guyana, alongside increased output from Brazil and Canada. His remarks follow US President Donald Trump's warning that nations purchasing Russian energy could face sanctions, as Congress considers the bipartisan Sanctioning Russia Act of 2025, which proposes steep tariffs on countries, including India, that continue such purchases. Puri reassured that India is prepared to manage any supply disruptions, stating, “I’m not worried at all.” He also indicated that if crude oil prices stabilize, there may be room for fuel price reductions in India, which currently relies on Russia for about 35% of its oil imports. 
Published: Jul 17 2025, 4 pmeznews.inThe Indian Finance Ministry, led by Finance Minister Nirmala Sitharaman, is considering significant amendments to the Indian Insurance Companies (Foreign Investment) Rules, 2015, which could pave the way for 100% foreign direct investment (FDI) in the insurance sector. Currently, FDI is capped at 74%, but the proposed changes aim to eliminate the requirement for a majority of directors and key managerial positions to be held by Indian residents, retaining only the stipulation for at least one resident Indian in top leadership roles. Legal experts suggest that these reforms will streamline regulations, reduce compliance burdens, and enhance foreign participation in the Indian insurance market. The draft also proposes to update references to outdated regulations, aligning them with the Foreign Exchange Management (Non-Debt Instrument) Rules, 2019. This move is seen as a step towards modernizing the legal framework and increasing insurance penetration in India.
Published: Aug 31 2025, 5 pmeznews.inThe Cotton Corporation of India (CCI) is set to implement a bulk quantity discount scheme starting September 1, aimed at reducing its stock of over 27 lakh bales ahead of the new harvest season. The initiative offers a ₹400 discount per candy (356 kg) for buyers, including KVIC Units and co-operative spinning mills, purchasing between 2,500 and 4,999 bales daily, with a higher discount of ₹600 for larger orders. This scheme, valid from September 1-15, 2025, follows the government's recent removal of an 11% import duty on cotton, which is expected to increase imports to a record 40 lakh bales for the season ending September 2025. CCI has already reduced its prices by ₹1,700 per candy since August 19 to remain competitive. However, farmers have expressed concerns that the duty removal could negatively impact their earnings, as cotton acreage has decreased compared to last year.
Published: Aug 31 2025, 4 pmeznews.inIn the financial year 2024-25, Mehsana in Gujarat exported spice seeds worth ₹3,995 crore, with cumin, isabgol, and fennel seeds leading the shipments. Notably, 25% of these exports were sent to China, followed by 16% to Bangladesh, and 10% to the UAE. The Unjha Agricultural Produce Market Committee (APMC), a major trading hub for spice seeds, reported a 17.5% increase in cumin arrivals, totaling 54,410 tonnes between February 15 and April 10, 2025. Despite a significant growth of over 42% in exports from ₹2,904 crore in 2022-23 to ₹4,127 crore in 2023-24, there was a slight decline of 3% in 2024-25, attributed to adverse weather affecting cumin production. The state government anticipates that favorable monsoon conditions will enhance sowing areas for spices in the upcoming season.
Published: Aug 31 2025, 4 pmeznews.inPrivate sector capital investment in India is projected to surge by 21.5% to ₹2.67 lakh crore in the fiscal year 2025-26, bolstered by strong macroeconomic fundamentals and a 100-basis point cut in policy rates, according to an article in the Reserve Bank of India's August bulletin. Despite global uncertainties, Indian companies are entering this fiscal year with healthier balance sheets and improved access to diverse funding sources. The article highlights that ongoing infrastructure initiatives, sustained disinflation, and favorable liquidity conditions are creating a conducive environment for investment, particularly in the power sector. While external risks such as geopolitical tensions may impact sentiment, domestic fundamentals remain robust. The authors emphasize the importance of translating investment intentions into execution, underscoring the need for continuous monitoring and supportive policies to ensure sustainable economic growth. The views expressed are those of the authors and do not reflect the RBI's official stance.
Published: Aug 31 2025, 3 pmeznews.inIn a significant ruling, the Supreme Court of India has clarified that motor vehicle tax is compensatory in nature and should not be levied if a vehicle is not used or kept for use in a 'public place.' The verdict, delivered by Justices Manoj Misra and Ujjal Bhuyan, stemmed from an appeal regarding a December 2024 judgment by the Andhra Pradesh High Court. The court emphasized that the tax is applicable only when vehicles are utilized in public infrastructure, such as roads. The case involved a logistics firm that had deployed 36 vehicles within the restricted premises of the Rashtriya Ispat Nigam Limited (RINL) in Visakhapatnam, which is not accessible to the public. The Supreme Court ruled in favor of the firm, stating that it should not be liable for motor vehicle tax during the period its vehicles were confined to the central dispatch yard, thus allowing the appeal and ordering a refund of ₹22,71,700.
Published: Aug 31 2025, 2 pmeznews.inIndia's reliance on Chinese specialty fertiliser imports has surged since 2005, with the country now sourcing 80% of its specialty fertilisers directly from China. As China prepares to reimpose export restrictions from October, industry officials warn of potential price hikes that could adversely affect farmers. Rajiv Chakraborty, President of the Soluble Fertilizer Industry Association, noted that while a temporary resumption of exports has provided short-term relief, the tightening of controls will soon resume, leading to increased inspections and consignment delays. Indian companies are racing to secure supplies during this brief window, with global sourcing firms working to meet seasonal demands. Although domestic production is expected to alleviate some supply issues by mid-season, price increases are anticipated, directly impacting farmers. The recent halt in exports previously caused a 40% price surge, but the peak demand period for specialty fertilisers coincides with the farming season, limiting immediate disruption.
Published: Aug 31 2025, 1 pmeznews.inThe Gems and Jewellery Export Promotion Council (GJEPC) has called on the Indian government to implement urgent relief measures following the imposition of a 50% tariff by the United States on Indian goods, effective August 27. GJEPC Executive Director Sabyasachi Ray noted that exporters had preemptively increased shipments to the US, but the sudden tariff has severely impacted the industry, particularly in Surat, which processes 90% of the world's diamonds. The council has submitted a memorandum requesting an extension of credit timelines, a moratorium on loan payments, and reimbursement for additional tariffs. Key demands also include extending the export obligation period for duty-free gold imports and support for workers facing job losses. Despite the challenges, Ray remains optimistic that the tariff will be temporary, emphasizing the importance of the broader India-US relationship.
Published: Aug 31 2025, 1 pmeznews.inIn a significant bilateral meeting in Tianjin, Prime Minister Narendra Modi and Chinese President Xi Jinping sought to mend strained relations following the Galwan Valley clashes of 2020. Emphasizing the importance of mutual trust, Modi highlighted the resumption of the Kailash Mansarovar Yatra and direct flights between the two nations, which he described as vital for the 2.8 billion people they represent. Xi echoed the sentiment, calling for the "dragon and the elephant" to unite amid global transformations. Modi's visit, his first to China in seven years, comes as he prepares to attend the Shanghai Cooperation Organisation Summit and meet with Russian President Vladimir Putin. The backdrop of rising tariffs imposed by US President Donald Trump on India, China, and Russia adds urgency to their discussions, as these three countries collectively account for a significant portion of the world's GDP. Recent diplomatic gestures from China, including addressing India's concerns over essential supplies, signal a potential thaw in relations.
Published: Aug 31 2025, 1 pmeznews.inThe Indian Railway Catering and Tourism Corporation (IRCTC) has solidified its position in the online ticketing sector, capturing nearly 88% of reserved railway bookings in the first quarter of FY26. As part of its digital expansion, IRCTC plans to enhance its fintech capabilities by introducing UPI-linked credit card bookings and developing an AI-driven advertising strategy to boost cross-selling. The company has received preliminary approval from the Reserve Bank of India for a payment aggregator license, which is expected to broaden its revenue streams beyond ticketing within the next 12 to 18 months. In the April-June quarter, IRCTC's internet ticketing revenue rose 9% year-on-year to ₹360 crore, contributing to a consolidated net profit increase of 7% to ₹330 crore. While catering and Rail Neer divisions faced challenges, tourism saw a robust 21% growth, driven by initiatives like Bharat Gaurav trains and luxury offerings.
Published: Aug 31 2025, 12 pmeznews.inIn his latest 'Mann Ki Baat' broadcast, Prime Minister Narendra Modi called on citizens to support local products during the festive season, emphasizing the importance of 'Swadeshi' goods. As the nation celebrates 'Ganesh Utsav', he urged people to choose Indian-made gifts, attire, and decorations, reinforcing the mantra of 'Vocal for Local' and the vision of 'Atmanirbhar Bharat' (self-reliant India). This appeal comes amid challenges faced by Indian exporters, particularly in textiles and gems, due to high tariffs imposed by the Trump administration. Modi also highlighted the growing adoption of solar power, noting its transformative impact on farmers' lives, exemplified by the story of Devki from Muzaffarpur, who has gained respect and financial independence through solar initiatives. He encouraged the nation to harness solar energy, stating it not only provides electricity but also empowers communities.
Published: Aug 31 2025, 12 pm
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