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India's engineering goods exports saw a slight decline of 0.82% year-on-year in May 2025, totaling $9.89 billion, primarily due to rising geopolitical tensions in the Middle East and a high statistical base from the previous year, according to EEPC India. A notable contributor to this downturn was an 85% drop in exports of aircraft and spacecraft parts, alongside a 25% decrease in shipments of ships and boats. While exports to the US, India's largest engineering market, grew by 4.6% to $1.74 billion, other key markets like the UAE, Saudi Arabia, and Turkey faced significant declines. Additionally, aluminium exports were impacted by intensified competition in the ASEAN region, and exports to China fell by 5.1%. Despite the monthly dip, cumulative engineering exports for April-May 2025-26 rose by 4.77% to $19.40 billion, prompting calls for strategic support from the Ministry of Commerce and Industry. 
Published: Jun 26 2025, 2 pmeznews.inFormer US President Donald Trump has suggested that the recent cessation of hostilities between Iran and Israel could pave the way for China to resume its oil purchases from Iran. In a post on his social media platform, Trump claimed credit for this development, indicating that Iran might now be able to sell oil without facing US sanctions. However, India remains cautious about reinitiating its oil imports from Iran, with the Ministry of External Affairs stating that its energy decisions depend on market conditions and the global landscape. India halted its oil purchases from Iran in 2019 after the US revoked waivers for several countries. Should the US clarify that Iran can export oil without sanctions, India might consider resuming imports, potentially revitalizing its exports of goods like rice and pharmaceuticals, which have significantly declined in recent years.
Published: Jun 26 2025, 7 pmeznews.inCotton acreage in India is projected to rise by 7% this season, reaching 113.60 lakh hectares, despite challenges in Telangana and Andhra Pradesh due to a dry spell threatening initial sowings. As of June 20, cotton cultivation covered 31.25 lakh hectares, with Karnataka reporting a significant 40% increase. However, Gujarat may see a 5% decline as farmers shift to groundnut. The India Meteorological Department noted a 23% rainfall deficit in Telangana, where two-thirds of districts are affected, prompting state efforts to ensure seed availability. Experts predict an overall increase of 8-10% in cotton coverage, particularly in northern states like Rajasthan and Punjab, although farmer enthusiasm remains lukewarm due to profitability concerns and pest issues. The Punjab government's subsidies on Bt cotton have not significantly boosted planting, while a lack of canal water during the crucial sowing period has led many farmers to opt for paddy instead.
Published: Jun 26 2025, 7 pmeznews.inMalaysia, the world's second-largest palm oil producer, is set to explore increasing the palm oil content in biofuels, following Indonesia's lead with a 40% biodiesel blend. Currently, Malaysia mandates a B10 blend for transportation and B20 for industrial use, but the latter is limited to select regions. Ongoing research into palm-based aviation fuel and next-generation biodiesel aligns with Malaysia's climate commitments and aims to diversify the palm oil market. However, rising geopolitical tensions and crude oil prices are driving interest in biofuels, potentially boosting demand in ASEAN, India, and West Asia. Despite optimism in the biodiesel sector, concerns over food security and fluctuating edible oil demand, particularly from India, pose challenges. Malaysia's palm oil output is expected to rise moderately, but productivity may be hindered by labor shortages and climate unpredictability, leading to price volatility in the global market.
Published: Jun 26 2025, 6 pmeznews.inNew Zealand Prime Minister Christopher Luxon and Indian Prime Minister Narendra Modi are actively pursuing the early conclusion of a Free Trade Agreement (FTA) between their nations, with India initiating extensive consultations across various industry sectors regarding market access requests from Wellington. The Indian government is assessing New Zealand's requests for duty cuts, encouraging industries to evaluate whether these should be phased out or simply reduced, while also considering tariff reductions through quotas to protect domestic producers, particularly in sensitive areas like agriculture and dairy. Following a five-year hiatus in negotiations that ended in 2015, discussions resumed in March 2025, with the first round held in May and a second planned for July. Both countries are showing increased flexibility, with New Zealand focusing on agricultural goods and India potentially conceding on high-end dairy products. The FTA aims to significantly boost bilateral trade, which reached $1.3 billion in FY25.
Published: Jun 26 2025, 6 pmeznews.inIndia's engineering goods exports saw a slight decline of 0.82% year-on-year in May 2025, totaling $9.89 billion, primarily due to geopolitical tensions in West Asia and a higher statistical base, according to EEPC India. Notably, exports to key markets such as the UAE, Saudi Arabia, and Turkey fell significantly, while shipments to the US and EU increased. Pankaj Chadha, Chairman of EEPC India, attributed the downturn to rising geopolitical risks affecting logistics. The export of aluminium and related products faced stiff competition from the ASEAN region, contributing to declines in metals like zinc and lead, as well as a staggering 85% drop in aircraft and spacecraft exports. Despite these challenges, engineering exports to the US rose by 4.6% to $1.74 billion, while cumulative exports for April-May 2025 grew by 4.77% to $19.40 billion.
Published: Jun 26 2025, 6 pmeznews.inAt the ICAI MSME and Startup Conclave in Mumbai on June 26, 2025, ICAI President Charanjot Singh Nanda announced an ambitious plan to increase the number of chartered accountants in India to 30 lakh by 2047, addressing the current shortfall of 5 lakh professionals for a population of 1.4 billion. The initiative includes a dedicated AI committee, which has already trained over 16,000 chartered accountants in AI applications. Nanda emphasized that AI will serve as an enabler in the profession, enhancing rather than replacing human intelligence. The ICAI has also expanded its examination system and established MSME clinics across 179 branches to support small businesses with pro bono services. Acknowledging challenges such as awareness, finance accessibility, and governance, Nanda expressed confidence in India's economic resilience despite global uncertainties, asserting that chartered accountants play a vital role in nation-building. The integration of AI is projected to be complete within the next seven to eight years.
Published: Jun 26 2025, 5 pmeznews.inA low-pressure area has formed over the north-west Bay of Bengal and the coastal regions of Odisha and West Bengal, as reported by the India Meteorological Department (IMD) on Thursday. This development has facilitated the monsoon's advance into parts of Rajasthan, Punjab, and Haryana. The low-pressure system is expected to move west-northwest across West Bengal, Jharkhand, and Chhattisgarh. However, Delhi will have to wait longer for the monsoon, with the northern limit progressing slowly. The IMD anticipates that the monsoon will cover the remaining areas of North-West India, including Delhi, within the next 3-4 days. Meanwhile, heavy rainfall has been reported across various states, including Kerala, Odisha, and Madhya Pradesh, contributing to a national rainfall surplus of 9.1% as of Wednesday. The IMD forecasts above-normal rainfall for June, with significant recoveries noted in the East and North-East regions.
Published: Jun 26 2025, 4 pmeznews.inSagarmala Finance Corp Ltd is actively seeking to raise up to ₹4,000 crore (approximately $467 million) to bolster the shipping sector, which is currently facing a significant funding gap. Managing Director Dilip Kumar Gupta announced the initiative during an industry event in New Delhi, emphasizing the need for a dedicated government entity to support the sector's substantial financial requirements. The company, recently approved by the Reserve Bank of India to operate as a non-banking financial institution, aims to provide loans to small businesses, including barge operators and fishing vessels, that struggle to secure financing from traditional banks. Sagarmala is in discussions with major banks, such as Punjab National Bank and HDFC Bank, to achieve its lending targets for the fiscal year. Gupta noted that while the firm can independently lend up to ₹150 crore per project, it plans to collaborate with other public financial institutions for larger funding needs.
Published: Jun 26 2025, 4 pmeznews.inChina is set to relax its ban on urea exports, a decision that could help stabilize international prices affected by recent tensions in the Middle East. Starting this month, Chinese companies will face quotas and minimum price requirements for shipments, although exports to India will remain restricted. Urea, a vital nitrogen fertilizer for global food production, saw prices surge over 15% last week due to production cuts in the Middle East, exacerbated by reduced natural gas supplies from Israel. Analysts suggest that the easing of export controls is aimed at balancing domestic supply and farmer affordability, as local prices have stabilized. India, a significant urea importer, has been striving for self-sufficiency amid strained relations with China since 2020. Following the announcement, shares of global fertilizer exporter Yara International fell by 3%, reflecting market concerns over the implications of China's policy shift.
Published: Jun 26 2025, 3 pmeznews.inThe Food Corporation of India (FCI) has made a historic allocation of 5.2 million metric tons of rice for ethanol production, representing nearly 9% of global rice shipments for the 2024/25 marketing year. This decision comes as India grapples with record rice inventories, which are expected to increase with the upcoming harvest, reversing previous shortages that led to export restrictions. The shift to using rice for ethanol is part of India's strategy to maintain its ambitious ethanol blending target of 20% by 2025/26, especially after a decline in sugar cane supplies due to drought. With current rice reserves at 59.5 million metric tons, far exceeding the government's target, experts predict that more rice will be diverted to ethanol if prices are adjusted. India, which already accounts for over 40% of global rice exports, is set to increase shipments significantly, potentially impacting competitors like Thailand and Vietnam.
Published: Jun 26 2025, 2 pm
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