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The Indian delegation, led by Rajesh Agrawal, special secretary in the commerce department, has extended its stay in Washington until June 30 to continue negotiations on an interim trade agreement with the United States. Initially set for a two-day visit starting June 26, the talks have been prolonged as both nations aim to finalize a deal before the July 9 deadline for the expiration of reciprocal tariffs imposed by the Trump administration. The US has suspended a 26% additional tariff on Indian goods for 90 days, while India seeks full exemption from this tariff. Key negotiation points include India's reluctance to concede in agriculture and dairy sectors, while the US is pushing for concessions on industrial goods and automobiles. Both countries aim to conclude discussions for a broader bilateral trade agreement by fall, targeting a significant increase in bilateral trade to USD 500 billion by 2030. 
Published: Jun 30 2025, 6 pmeznews.inThe Indian government has set a cap on the Mahatma Gandhi National Rural Employment Guarantee Scheme (MGNREGS) allocation for the first half of fiscal year 2026, allowing the Rural Development Department to spend up to 60% of the annual budget of ₹86,000 crore. A senior official revealed that approximately ₹40,000 crore has already been utilized from April to June, accounting for nearly 78% of the capped allocation. Finance Minister Nirmala Sitharaman emphasized that this capping is a measure of financial management, noting that MGNREGS is demand-driven and funds will be released as needed. A recent Parliamentary Committee report highlighted the scheme's critical role in providing employment to economically disadvantaged rural populations and called for a reassessment of fund allocation to meet ongoing high demand. The committee also raised concerns about the deletion of job cards, which has hindered access to work for eligible individuals.
Published: Jun 30 2025, 9 pmeznews.inA senior official from India's Ministry of External Affairs has emphasized that the US dollar will remain a dominant force in global trade, despite BRICS nations exploring alternative mechanisms for trading in national currencies to mitigate geopolitical risks. Dammu Ravi, Secretary (ER), clarified that this initiative does not equate to de-dollarisation but reflects countries' efforts to seek alternatives. Prime Minister Narendra Modi is set to attend the BRICS Summit in Rio de Janeiro on July 6-7, where discussions will focus on global governance, artificial intelligence, climate finance, and health issues. While US President Donald Trump has previously criticized BRICS for promoting de-dollarisation, many member countries are already engaging in trade using their national currencies. Ravi noted that this trend is a natural response to the vulnerabilities faced by Global South nations amid global economic challenges. Modi's participation will signify India's commitment to the bloc and its interests.
Published: Jun 30 2025, 9 pmeznews.inLivestock feed manufacturers anticipate a 5 to 10 percent increase in maize production this year, driven by farmers expanding cultivation areas due to rising demand from the livestock feed and ethanol sectors. The total maize output for the 2024-25 cropping seasons is projected to reach a record 42.28 million tonnes, a 12.26 percent rise from the previous year. As of June 27, the kharif season has seen an 11 percent increase in maize acreage, particularly in Karnataka, where timely rains have facilitated sowing. Divya Kumar Gulati, Chairman of the Compound Livestock Manufacturers Association (CLFMA) of India, noted that the government's increased minimum support price of Rs 2,400 per quintal is encouraging farmers to grow more maize. Additionally, CLFMA is conducting a comprehensive crop survey using satellite imagery to assess maize production across 274 districts, covering all three cropping seasons.
Published: Jun 30 2025, 8 pmeznews.inIn FY25, India's Goods and Services Tax (GST) achieved a record gross collection of ₹22.08 lakh crore, marking a 9.4% increase from the previous year, according to the Finance Ministry. This milestone reflects a near doubling of collections over five years, with the average monthly collection rising to ₹1.84 lakh crore. Since its introduction on July 1, 2017, GST has expanded its taxpayer base from 65 lakh to over 1.51 crore, streamlining the tax regime by subsuming 17 local taxes and 13 cesses. Experts, including Deloitte's Mahesh Jaising, attribute the consistent revenue growth to improved compliance and consumption patterns. However, calls for further simplification of the GST structure have emerged, with recommendations to reduce the current four-tier system to three and include petroleum products under GST to enhance competitiveness and attract investment.
Published: Jun 30 2025, 8 pmeznews.inIndia's negotiating team is remaining in Washington DC for several days as trade talks with the US continue, with a deadline set for July 9. The Indian government has firmly resisted US demands for greater market access in sensitive agricultural sectors, including dairy and genetically modified crops, which it considers non-negotiable. If an agreement is not reached by the deadline, India could face a 26% reciprocal tariff on its exports to the US, a situation that could significantly impact trade relations. The US, under President Trump, had previously announced these tariffs in response to trade deficits. India is seeking not only the rollback of these tariffs but also the removal of sector-specific duties on steel, aluminum, and automobiles. While India has made concessions in other areas, it remains steadfast on key agricultural issues, emphasizing the importance of food security. Negotiators hope for a resolution before the deadline, or at least a postponement of tariff imposition.
Published: Jun 30 2025, 8 pmeznews.inFarmers in India have increased the acreage under kharif crops this season, aided by an early monsoon, with the India Meteorological Department (IMD) reporting widespread rainfall ahead of schedule across most states, barring parts of Chhattisgarh and Odisha. As of June 27, the area planted reached 258.57 lakh hectares, an 11.5% rise from last year. Notably, paddy acreage surged by 47.3% to 35.02 lakh hectares, while pulses saw a 34% increase. Oilseeds, initially lagging, improved to 47.83 lakh hectares, with significant gains in groundnut and soyabean. Maize coverage also rose by 11% to 23.69 lakh hectares, and jowar and bajra saw substantial increases. However, cotton acreage fell by 8.8%, and jute and mesta coverage decreased by 3%. Sugarcane planting showed a slight increase, reaching 55.16 lakh hectares. The IMD anticipates normal to above-normal rainfall in July, easing farmers' concerns.
Published: Jun 30 2025, 8 pmeznews.inDelhi International Airport Ltd (DIAL) is set to transform the Indira Gandhi International Airport (IGIA) complex into a global logistics and trade hub with the development of a ‘Cargo City and Special Economic Zone’ (SEZ). DIAL's CEO, Videh Kumar Jaipuriar, emphasized that this initiative aims to integrate passenger and cargo operations, enhancing the airport's global standing. The 50-acre Cargo City will feature general and express warehouses, a Cargo SEZ, and supporting infrastructure, with the first phase expected to be completed by early FY2028. This project aligns with the National Logistics Policy, aiming to reduce logistics costs and boost the competitiveness of Indian products in the global market, supporting the 'Make in India' initiative. The SEZ will offer duty-free imports and other incentives, positioning IGIA as a leading cargo and logistics hub in Asia, with planned capacities of 1.8 million tonnes per annum and 0.5 million square feet.
Published: Jun 30 2025, 7 pmeznews.inVedanta Metal Bazaar, the e-commerce platform of Vedanta Limited, has reported total sales of ₹40,000 crore (approximately $4.7 billion) since its launch in February 2024. Claimed to be the world's largest non-ferrous metals e-store, it offers over 1,200 stock keeping units (SKUs) including aluminium, zinc, lead, and copper. The platform's direct sales model has significantly benefited small and medium enterprises (SMEs), leading to a 240% increase in active users and a 35% rise in SME registrations within six months. Currently, 60% of its customer base comprises MSMEs. Additionally, the e-store provides hedging services to mitigate price risks and offers embedded financing through partnerships with major Indian banks and non-banking financial companies, facilitating over ₹1,150 crore in sales. The product range includes various metals and access to Vedanta’s low-carbon “green” offerings.
Published: Jun 30 2025, 7 pmeznews.inIn the latest Financial Stability Report (FSR), Reserve Bank of India (RBI) Governor Sanjay Malhotra warned that escalating trade disruptions and geopolitical tensions could hinder domestic growth and diminish bank credit demand, which has already slowed to 9.8% in May 2025 from 16.2%. The report highlights that a 100 basis points decline in global growth could reduce India's growth by 30 basis points. While risks from unsecured retail loans are contained, the accumulation of household debt among lower-rated borrowers necessitates vigilance. Despite these challenges, the Indian economy is buoyed by strong domestic drivers and sound fundamentals, with inflation aligning with the RBI's 4% target. The financial system remains resilient, supported by robust capital and liquidity buffers, although external factors may induce risk aversion among investors. Overall, while the financial landscape is stable, some stress is evident, particularly in financial markets due to global influences.
Published: Jun 30 2025, 7 pmeznews.inData from the Controller of General Accounts (CGA) reveals that the Indian government received over ₹7.32 lakh crore, accounting for 21% of the Budget Estimate for the current fiscal year. This revenue includes more than ₹3.5 lakh crore from net tax collections and ₹3.56 lakh crore from non-tax revenues, marking a 10% increase in tax revenues and a significant 41.8% rise in non-tax revenues year-on-year. The government transferred over ₹1.63 lakh crore to states as tax devolution, exceeding last year's figures by ₹23,720 crore. Despite a 54% surge in capital expenditure during April-May, the fiscal deficit remained manageable at just over ₹13,000 crore, aided by RBI surplus. Economists suggest that the government could increase capital expenditure beyond the Budget Estimate, potentially reaching nearly ₹12 lakh crore, while cautioning about slower tax collection growth amid changing economic conditions.
Published: Jun 30 2025, 6 pm
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