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India's Union Minister for Petroleum and Natural Gas, Hardeep Singh Puri, expressed confidence on Thursday that the country can secure its oil needs from alternative sources amid potential disruptions to Russian supplies due to secondary sanctions. This statement follows US President Donald Trump's warning that nations purchasing Russian oil could face penalties if a peace agreement with Ukraine is not reached within 50 days. Puri highlighted India's efforts to diversify its oil supply, noting an increase in suppliers from 27 to 40 countries, including emerging markets like Guyana and established producers such as Brazil and Canada. Despite a slight rise in Russian oil imports in the first half of the year, with private refiners Reliance Industries and Nayara Energy accounting for half of these purchases, Puri reassured that India is prepared to revert to pre-crisis supply strategies if necessary, as Russian oil currently constitutes about 35% of India's total imports. 
Published: Jul 17 2025, 2 pmeznews.inIn a letter to Prime Minister Narendra Modi, Rampal Jat of Kisan Mahapanchayat has raised concerns over the forced sale of nano urea to farmers, who are reportedly left with excess bottles and unnecessary expenses. Jat highlighted a July 21 circular from the Department of Fertilisers, which acknowledges ongoing complaints about the compulsory sale of non-subsidised fertilizers but has seen no action against the companies involved. He criticized the government's inaction despite promises from Agriculture Minister Shivraj Singh Chouhan to establish a helpline for farmers to report such practices. The issue of tagging nano fertilizers with subsidised urea and DAP has persisted, with the Competition Commission yet to investigate a complaint filed by Jat in October 2022. Meanwhile, the government has confirmed the establishment of seven nano urea plants, producing millions of bottles annually, while urging state governments to promote their use among farmers.
Published: Jul 30 2025, 2 pmeznews.inThe Indian Tea Association (ITA) has warned of a challenging future for the tea industry, projecting a 15% to 20% decline in the July crop compared to 2024. The association highlighted a significant production shortfall in 2024, with output dropping by 109 million kilograms due to adverse weather and pest issues. This decline is particularly concerning for major tea-producing regions like West Bengal and Assam, where production levels are already lagging. Additionally, rising temperatures and reduced rainfall have exacerbated dry conditions, further impacting growth. The industry is also facing a downward trend in auction prices, with CTC and dust tea prices falling by 7% and 9.5% respectively. Compounding these issues, tea imports surged by 82% in 2024, primarily from Nepal and Kenya, which has further depressed local prices. Despite a slight decrease in exports, the overall outlook for the industry remains precarious.
Published: Jul 30 2025, 12 pmeznews.inIn FY25, India exported approximately $14.3 billion worth of petroleum products to the European Union (EU), a slight decrease from the previous year. This marks the first anticipated decline in export earnings since FY23, as ICRA's latest report suggests that the EU's 18th sanctions package may limit Indian refiners' access to the EU market. The sanctions specifically target products derived from Russian crude oil processed in third countries, impacting nations like India, Turkey, and the UAE, which have been supplying refined products to Europe amid reduced Russian supplies due to the ongoing Russia-Ukraine conflict. Despite this, ICRA notes that Russian crude discounts may increase following the EU's recent price cap adjustments. While Russian oil accounts for about 7% of global consumption, Brent crude prices have remained stable, indicating limited immediate supply disruptions. ICRA forecasts crude prices to average between $65 and $75 per barrel in FY26.
Published: Jul 30 2025, 12 pmeznews.inIndia is poised to emerge as a global hub for aircraft components manufacturing, with a projected market size of $29.5 billion by 2033, according to a whitepaper by B2B startup Venttup. This growth is fueled by government initiatives like Make in India and Atmanirbhar Bharat, prompting small and medium enterprises (SMEs) to invest in skilled manufacturing sectors such as precision engineering and semiconductors. Major players like Airbus and Boeing are partnering with Indian firms Mahindra and Tata to establish manufacturing operations. The Prime Minister aims to position India as a $4 billion maintenance, repair, and overhaul (MRO) hub by 2030. The report emphasizes the need for revamping industrial training institutes and modernizing curricula to meet industry demands, alongside promoting structured apprenticeship programs. Venttup's CEO, Sanddep Nair, highlighted the potential for Indian MSMEs to attract global buyers through advancements in technology and manufacturing practices.
Published: Jul 30 2025, 12 pmeznews.inThe owners of three tankers chartered by India's Nayara Energy have requested to terminate their contracts due to the impact of European Union sanctions on the Russian-owned refiner, according to sources. Nayara, which is majority-owned by Russian entities including Rosneft, operates India's third-largest refinery and has faced operational disruptions since the EU imposed new sanctions on July 18 in response to Russia's actions in Ukraine. Shipping companies Seven Islands Shipping Ltd and Great Eastern Shipping Co have sought the release of their vessels, citing concerns over compliance with the sanctions. Meanwhile, another tanker chartered by Hindustan Petroleum Corp was diverted from Nayara to another refinery due to insurance issues linked to the sanctions. The situation has led to Nayara's CEO resigning and the company filing a lawsuit against Microsoft after the tech giant suspended its services.
Published: Jul 30 2025, 10 ameznews.inThe Finance Ministry has set August 1, 2025, as the date for implementing key provisions of the Banking Laws (Amendment) Act, 2025, which aims to modernize banking regulations. Notably, the threshold for "substantial interest" in a company has been raised from ₹5 lakh to ₹2 crore, reflecting inflation since the last adjustment in 1968. The amendments also extend the maximum tenure for directors of co-operative banks from eight to ten years and allow certain directors to serve on multiple boards. Additionally, the law expands the types of unclaimed funds that must be transferred to the Investor Education and Protection Fund (IEPF) after seven years, including unpaid dividends and bond dues. Furthermore, banks will now have the authority to determine auditor remuneration, previously set by the Reserve Bank of India. The date for allowing four nominees in bank accounts is pending, awaiting software upgrades.
Published: Jul 30 2025, 10 ameznews.inRussia's oil exports are facing significant challenges, with a reported 4% decline in crude shipments during the first seven months of 2025 compared to the same period in 2024, and a 7% drop from 2023. This downturn comes amid speculation that U.S. President Donald Trump may impose secondary tariffs on countries purchasing Russian oil, further complicating Moscow's export situation. Recent data indicates that average crude shipments fell to 3.22 million barrels per day, with a sharp decline in weekly flows attributed to reduced volumes from the Baltic and Pacific regions. Additionally, the gross value of Russia's oil exports dropped by 17% to $1.14 billion in the week ending July 27, driven by lower prices for Urals crude. As Russia navigates these export challenges, the impact of geopolitical tensions and production restrictions under the OPEC+ initiative remains a critical factor in its oil market dynamics.
Published: Jul 30 2025, 10 ameznews.inUS President Donald Trump has confirmed that a trade deal with India is not yet finalised, highlighting that India imposes some of the highest tariffs globally. Speaking to reporters aboard Air Force One, Trump acknowledged the possibility of India facing increased US tariffs of 20-25 percent. He described Indian Prime Minister Narendra Modi as a friend and claimed credit for mediating peace between India and Pakistan. Trump reiterated that India has historically charged high tariffs, stating, "you just can't do that" under his administration. A US delegation is set to visit India on August 25 for further negotiations on the bilateral trade agreement, with both nations aiming to resolve differences before the August 1 deadline, which marks the end of a suspension period for tariffs imposed by the US. The fifth round of talks concluded last week in Washington, as the US seeks to negotiate trade deals with multiple countries.
Published: Jul 30 2025, 9 ameznews.inParadeep Phosphates Ltd (PPL) reported a remarkable financial performance for the June quarter, with net profit soaring to ₹256 crore, a significant increase from ₹6.33 crore in the same period last year. Revenues from operations rose 58% to ₹3,754 crore, while EBITDA, including other income, doubled to ₹493 crore, and profit before tax reached ₹342 crore. The company achieved production of 6.64 lakh tonnes and primary sales of 7.42 lakh tonnes, marking year-on-year growth of 23% and 34%, respectively. PPL served over 9.5 million farmers across 15 states, driven by strong demand for crop- and soil-specific NPK grades. Despite rising raw material costs, PPL maintained cost efficiency through strategic sourcing and supplier relationships. Managing Director Suresh Krishnan highlighted the company's operational momentum and commitment to enhancing profitability, alongside advancing its merger with MCFL through final regulatory stages.
Published: Jul 30 2025, 7 ameznews.inAir India has asserted its commitment to transparency following a recent safety audit by the Directorate General of Civil Aviation (DGCA), which identified 51 findings during its annual review in July. The airline clarified that the audit was unrelated to a Boeing 787 crash in Ahmedabad last month. An Air India spokesperson stated that the airline is dedicated to continuous improvement and will respond to the DGCA's findings, including corrective actions, within the required timeframe. The 11-page DGCA report highlighted several Level I breaches that must be addressed by July 30, along with 44 non-compliances due by August 23. Key issues included recurrent training gaps for some pilots, inadequate route assessments for Category C airports, and concerns over crew fatigue management. The DGCA has previously criticized Air India's rostering system and noted lapses in emergency equipment checks and timely engine part replacements.
Published: Jul 29 2025, 10 pm
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