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In a significant development for India's maritime sector, Union Minister of Ports, Shipping and Waterways Sarbananda Sonowal oversaw the signing of a Memorandum of Understanding (MoU) between Kolkata's Garden Reach Shipbuilders and Engineers Ltd (GRSE) and Norway's Kongsberg in Oslo on June 3, 2025. This partnership aims to construct India's first indigenous Polar Research Vessel (PRV), equipped with advanced scientific tools for ocean exploration and climate research. Sonowal emphasized the MoU as a commitment to innovation and international collaboration, aligning with Prime Minister Narendra Modi's 'Make In India' initiative. GRSE will leverage its expertise in building complex maritime platforms to develop the vessel, tailored to the needs of the National Centre for Polar and Ocean Research. Additionally, Sonowal encouraged Norwegian investments in India's maritime sector, highlighting opportunities under the Sagarmala programme and the $2.9 billion Maritime Development Fund, as India seeks to enhance its shipbuilding capabilities. 
Published: Jun 03 2025, 7 pmeznews.inThe National Company Law Tribunal (NCLT) has instructed three aircraft lessors of low-cost carrier SpiceJet to submit a valid Power of Attorney during ongoing insolvency proceedings. The lessors—AWAS 36698 Ireland, AWAS 36694 Ireland, and AWAS 36695 Ireland—filed petitions against SpiceJet over a ₹77 crore default in April 2024. During a hearing on June 2, it was revealed that the Power of Attorney for the petitioning party was only valid until February 11, 2025, prompting SpiceJet's counsel to highlight the absence of a current authorization. The NCLT emphasized the necessity of a valid Power of Attorney for the proceedings to continue. In response, the lessors' counsel requested time to file a new Power of Attorney, leading the NCLT to schedule the next hearing for July 3, 2025. SpiceJet, operational for 19 years, is grappling with multiple insolvency petitions from various creditors.
Published: Jun 05 2025, 9 pmeznews.inOil marketing companies (OMCs) are set to increase their ethanol orders from distilleries to 1,050 crore litres for the current ethanol supply year (ESY), up from 947 crore litres, as part of a strategy to reduce energy import dependence and support the agriculture sector. This adjustment comes as the government aims for an 18% ethanol blending target in petrol, with aspirations to reach 20% by the 2025-26 ESY. Notably, the blending rate exceeded 18.5% between November 2024 and April 2025. The increase in orders follows the Centre's decision to allocate an additional 28 lakh tonnes of rice for ethanol production, raising the total to 52 lakh tonnes. However, industry sources suggest that OMCs should have requested an additional 130 crore litres instead of 50 crore. The government’s subsidy for this initiative is projected at ₹10,000 crore, with distilleries producing approximately 245 crore litres of ethanol from the allocated rice.
Published: Jun 05 2025, 8 pmeznews.inIn a bid to enhance agricultural trade and boost farmer incomes, corporates have started directly procuring produce from farmer producer organisations (FPOs), following a government initiative that connects FPOs with major companies through weekly webinars. Many FPOs were previously unaware of direct selling opportunities, but officials report improved prices for crops like wheat due to reduced transaction costs. Key players such as Olam India have already purchased significant quantities of maize and wheat from FPOs in Uttar Pradesh and Bihar, with other companies like Britannia and Mother Dairy also expressing interest. The government is encouraging states to waive mandi fees to enhance market competitiveness and is promoting branding and online sales through the Open Network for Digital Commerce (ONDC). With a focus on maintaining quality, the government aims to increase FPO incomes after successfully establishing 10,000 FPOs.
Published: Jun 05 2025, 8 pmeznews.inIndia has reported a 7.4% growth rate for the January-March quarter of FY25, contributing to an annual growth of 6.5%, the lowest in four years but still positioning India as the fastest-growing major economy. In light of this performance, Indian officials recently engaged with Moody’s to advocate for a credit rating upgrade from its current ‘Baa3’ status, the lowest investment grade. Finance Minister Nirmala Sitharaman highlighted the government's commitment to fiscal consolidation, successfully keeping the fiscal deficit within the revised estimate of 4.8% of GDP. Meanwhile, Chief Economic Advisor V Anantha Nageswaran, alongside adviser Rajiv Mishra, has called for reforms in credit rating methodologies, arguing they favor advanced economies and lack transparency. They noted that despite significant economic growth, India’s rating has stagnated at BBB- for 15 years, raising concerns about potential biases in the assessment processes of rating agencies.
Published: Jun 05 2025, 8 pmeznews.inRussia has solidified its status as India's top crude oil supplier, driven by the country's reliance on discounted barrels and its logistical capabilities. Recent data indicates that India's crude imports fell slightly to approximately 4.87 million barrels per day in May, with Russian oil accounting for about 1.87 mb/d, despite a minor decrease from April. Analysts attribute this trend to Indian refiners prioritizing cost-effective sourcing strategies amid geopolitical uncertainties. Urals crude, averaging $50 a barrel, remains a preferred choice due to its competitive pricing compared to benchmark alternatives. Iraq and Saudi Arabia follow as significant suppliers, while the US is also increasing its share, reflecting India's ongoing diversification efforts. Experts emphasize that while geopolitical factors play a role, the primary driver for procurement remains refining economics, with Indian refiners adeptly navigating the complexities of global oil markets to optimize margins.
Published: Jun 05 2025, 8 pmeznews.inTax experts warn that the government's insistence on the significance of a recent amendment to the Central Goods and Services Tax (CGST) Act, despite the Supreme Court's dismissal of a review petition, could spark further legal disputes. The Supreme Court's ruling on October 3, 2024, determined that buildings used for services like renting could be classified as "plant," thus qualifying for input tax credit (ITC) under GST. This decision upheld an earlier Odisha High Court ruling, which allowed taxpayers to claim ITC on construction costs. However, following the ruling, the government enacted a retrospective amendment through the Finance Act 2025, altering the definition of "plant or machinery" to "plant and machinery" in Section 17(5)(d), effective from July 1, 2017. This change aims to counter the implications of the Supreme Court's decision, potentially requiring taxpayers to repay claimed ITC, raising concerns of ongoing litigation.
Published: Jun 05 2025, 7 pmeznews.inIrcon International, a Railways-owned turnkey construction firm, is pursuing diversification by exploring new verticals, including Kavach contracts and railway signalling. The company plans to monetise its strategic assets, particularly public-private partnership (PPP) projects, pending approvals from the Ministry of Railways and the Department of Investment and Public Asset Management (DIPAM). Ircon has invested approximately ₹2,300 crore in its subsidiaries and joint ventures, with an additional ₹1,000 crore earmarked for future investments. The firm’s order book stands at around ₹20,000 crore. During a recent investor call, Chairman Hari Mohan Gupta expressed a commitment to expedite asset monetisation, with two proposals already in progress. However, Ircon's minority stake in certain mining projects complicates monetisation discussions. The company has also faced operational losses in some projects, but remains optimistic about future profitability as it continues to bid for new Kavach tenders, with each order valued between ₹250-300 crore.
Published: Jun 05 2025, 7 pmeznews.inIn a meeting with the House Foreign Affairs Committee in Washington, D.C., Congress MP Shashi Tharoor, leading an all-party delegation, emphasized India's stance against seeking U.S. mediation in its relations with Pakistan, asserting that India can manage its own affairs. This comes amid U.S. President Donald Trump's claims of facilitating peace between the two nations, which India has dismissed. Concurrently, senior officials from India and the U.S. are negotiating a bilateral trade agreement, focusing on tariff reductions despite Trump's insistence that trade deals hinge on the resolution of Indo-Pak tensions. Tharoor reiterated that India will not engage in dialogue under duress, stating, "We will not dialogue with people who are pointing a gun at our heads." Meanwhile, U.S. Commerce Secretary Howard Lutnick highlighted the potential for a trade deal, urging India to lower its tariffs to address the significant trade deficit.
Published: Jun 05 2025, 7 pmeznews.inIn a pivotal step towards sustainable agriculture, the ICAR–Central Institute of Fisheries Technology (CIFT) in Kochi has signed a Memorandum of Agreement (MoA) with Kolkata-based entrepreneurs Varalikka Manaksia and her father, Aditya B. Manaksia. The agreement focuses on the innovative technology of creating agro-nutrient formulations from fish waste, aimed at enhancing seed priming and stress resilience. CIFT Director George Ninan emphasized that this collaboration marks a significant advancement in promoting circular economy practices through the effective reuse of fishery by-products. Under the MoA, CIFT will provide comprehensive technical guidance and a detailed project report to aid in the technology's implementation and scaling. This initiative not only aligns with national sustainable development goals but also underscores the increasing involvement of young entrepreneurs in the agri-startup sector, showcasing CIFT's commitment to fostering innovation and enterprise through its incubation platform.
Published: Jun 05 2025, 6 pmeznews.inA report released by the Federation of All India Farmer Associations (FAIFA) highlights the urgent need for climate-resilient agricultural practices in India, citing erratic rainfall, unseasonal droughts, and rising pest incidents as significant threats to crop cycles. During a seminar in New Delhi, FAIFA's general secretary, Murali Babu, emphasized the necessity of transitioning from a "grow more" to a "grow better" approach, advocating for increased public investment in research and development of climate-resilient seed varieties and expanded farmer training programs. The report also called for collaboration among policymakers, research institutions, and private stakeholders to promote sustainable farming practices. While acknowledging government initiatives like the Pradhan Mantri Fasal Bima Yojana for crop insurance, it urged targeted subsidies for renewable energy and organic inputs. The findings underscore the challenges faced by small and marginal farmers, who are disproportionately affected by climate change, as India strives to balance food security with environmental sustainability.
Published: Jun 05 2025, 6 pm
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