eznews.in
In a groundbreaking initiative, Indian banks are being encouraged to accept ships as collateral for shipbuilding loans, a move aimed at revitalizing the country's maritime sector, according to senior officials from the Ministry of Ports, Shipping and Waterways (MoPSW). The ministry is finalizing the Maritime Development Fund and the Shipbuilding Financial Assistance Policy 2.0 to facilitate this shift. Currently, few banks possess the expertise to finance shipping projects, with many expressing concerns over asset recovery in case of loan defaults. To address these issues, India is considering the principles of the Brussels Arrest Convention, which governs the arrest of ships for maritime claims, despite not being a signatory. The government has also identified land for shipyards in Andhra Pradesh, Gujarat, and Tamil Nadu, while international shipping companies are exploring partnerships with Indian shipyards. This policy push aims to enhance manufacturing and financing in the maritime industry. 
Published: May 11 2025, 4 pmeznews.inCivilian operations at 32 airports across northern and western India have resumed following a ceasefire agreement between India and Pakistan, which had previously led to the temporary closure of these airports due to security concerns. The Airports Authority of India (AAI) announced that flights can now operate from these locations, effective immediately, and advised travelers to check flight statuses directly with airlines. Major airline IndiGo confirmed it would gradually restart services on the affected routes, although passengers may experience delays and last-minute changes. Additionally, the airline is offering waivers on change and cancellation fees for travel to and from these airports until May 22, 2025. Prior to the ceasefire, the suspension of flights had been extended until May 15 due to ongoing hostilities, with a 'Notice to Airmen' (NOTAM) issued to cover the affected Flight Information Regions.
Published: May 12 2025, 2 pmeznews.inCivil aviation authorities in India have announced the reopening of 32 airports, including key locations such as Srinagar and Amritsar, which were closed for civilian flight operations from May 9 to May 15 due to a military standoff with Pakistan. The Airports Authority of India (AAI) had issued Notices to Airmen (NOTAMs) to inform about the temporary suspension of operations amid heightened tensions. A formal announcement regarding the resumption of flights is expected shortly, as officials work to restore normalcy in air travel across northern and western India. The decision comes as the situation stabilizes following the recent armed conflict, allowing for the safe operation of civil flights once again.
Published: May 12 2025, 11 ameznews.inIndia has emerged as a global leader in manufacturing and services activity, according to the latest Purchasing Managers' Index (PMI) data released by J.P. Morgan. For April 2025, India's manufacturing PMI was recorded at 58.2, while its services PMI reached 58.7, both significantly outperforming other major economies. In contrast, China's manufacturing PMI stood at 50.4 and its services PMI at 50.7, indicating moderate growth but still lagging behind India. Other economies, including the U.S., Eurozone, UK, and Japan, displayed mixed signals, with the U.S. manufacturing PMI at 48.7 and the Eurozone's manufacturing PMI at 49, both suggesting sluggish growth. The robust PMI figures for India reflect strong domestic demand and business optimism, underscoring the country's steady economic momentum as it continues to thrive amid global uncertainties.
Published: May 12 2025, 9 ameznews.inFarmers in ten border districts of Rajasthan and Punjab, who cultivate Kharif crops such as paddy, moong, and bajra across approximately 30 lakh hectares, remain resolute despite ongoing tensions with Pakistan. With a ceasefire now in place, they are optimistic about resuming normal agricultural activities as the monsoon approaches. Naik Mal Singh, a retired army personnel from Jaisalmer, expressed a willingness to sacrifice crops for national security, a sentiment echoed by fellow farmers like Harnam Singh and Chhinder Pal, who feel secure due to police and military presence. In Punjab, farmers produced 34.03 lakh tonnes of foodgrains this season, while Rajasthan yielded 8.84 lakh tonnes. Union Agriculture Minister Shivraj Singh Chauhan has directed officials to ensure adequate supplies of seeds and fertilizers, and to assess cultivable land near the border to support farmers in these regions.
Published: May 11 2025, 9 pmeznews.inIndia's stock market faced a downturn, with the SENSEX dropping by 880.34 points to close at 79,454.47, while the NIFTY fell by 265.80 points to 24,008.00. In contrast, crude oil prices rose by 44.00 to reach 5,207.00, and gold and silver saw increases of 342.00 and 19.00, respectively, closing at 96,510.00 and 96,748.00. Amid these economic fluctuations, Smit Shah, President of the Drone Federation India, emphasized the urgent need for robust counter-drone systems to protect critical civilian infrastructure, including power plants and airports, from potential threats. He highlighted the risks posed by drones, particularly in the context of terrorism, and noted that the Indian government is considering a new scheme to promote the development of these systems, with an estimated fund of ₹1,000 crore over three years, aimed at enhancing national security and manufacturing capabilities.
Published: May 11 2025, 7 pmeznews.inIndia's economy is projected to have grown between 6.5% and 6.9% in the January-March quarter of Fiscal Year 2024-25 (FY25), buoyed by increased consumption following the post-festival season surge from September to December 2024. The official growth figures will be released on May 30. While the anticipated Q4 growth could be the highest in a year, it remains below earlier expectations for the quarter. Economists predict a full-year growth rate of 6.2% to 6.4%, with revisions expected for the first three quarters. The Maha Kumbh festival significantly boosted demand, particularly in rural markets, contributing to an 11% year-on-year growth in the FMCG sector. Additionally, urban demand is stabilizing, aided by a reduction in personal income tax. Despite a modest recovery in passenger vehicle sales, the overall economic outlook remains positive, driven by private consumption and a resilient services sector.
Published: May 11 2025, 7 pmeznews.inRising tensions between India and Pakistan are poised to impact the energy markets, raising concerns over the supply and movement of crude oil and gas, as both nations heavily rely on imports. Rystad Energy warns that prolonged conflict could hinder their energy needs, with India importing about 85% of its crude oil, primarily from the Middle East. Disruptions in maritime routes could lead to increased shipping risks and higher freight costs, potentially triggering price spikes that may widen India's current account deficit. Additionally, ongoing disputes with Saudi Arabia over crude supply terms complicate India's energy security. While India has strategic reserves to sustain supply for over a month, Pakistan's reserves last only 20 days. The situation could also affect long-term energy projects, with the suspension of the Indus Water Treaty posing risks to Pakistan's hydropower capacity, further exacerbating the energy crisis in the region.
Published: May 11 2025, 6 pmeznews.inIndia is poised to significantly enhance its presence in the UK's ready-made garment (RMG) market, with a projected market share increase from 6% to 12% by 2024, according to CareEdge Ratings. This shift is attributed to a newly established Free Trade Agreement (FTA) between India and the UK, which will allow 99% of Indian exports to benefit from zero duty, creating an estimated annual export opportunity of $1.1-1.2 billion. Currently, India exports approximately $1.2 billion in RMG to the UK, which is part of a global RMG market valued at $525 billion. The FTA is seen as a "game changer," particularly as China, the current market leader, faces declining competitiveness due to rising labor costs and shifting sourcing strategies. Additionally, socio-political uncertainties in Bangladesh may further drive brands to diversify their sourcing, potentially benefiting India’s RMG sector amid recovering demand in the UK.
Published: May 11 2025, 3 pmeznews.inIndia's economy is projected to grow by 6.5% in the current fiscal year, according to Sanjiv Puri, president of the Confederation of Indian Industry (CII). In an interview, Puri emphasized the resilience of the Indian economy in navigating short-term geopolitical challenges and highlighted the importance of pursuing bilateral trade agreements with key partners, particularly the US and EU, to safeguard national interests amid rising global trade barriers. He noted a positive trend in private investment across sectors such as energy and transportation, although geopolitical uncertainties may induce caution among investors. Puri also pointed to easing interest rates and declining inflation as factors supporting growth, while stressing the need to enhance domestic competitiveness, particularly in agriculture and climate adaptation. He expressed optimism about rural demand and anticipated a gradual recovery in urban markets over the coming quarters.
Published: May 11 2025, 2 pm
For the fastest, latest, not so wokest news, 'experts say' you need to visit Eznews
India
World
Economy
Science
Health
Showbiz
Contact