eznews.inIndia is set to experience the world's fastest growth in ultra-high-net-worth individuals (UHNWIs), with their numbers projected to rise by 50% from 2023 to 2028, according to a report by McKinsey & Company and BoF. The Indian luxury market is anticipated to expand by 15-20% in 2025, driven by demographic changes and new luxury retail developments, including Jio World Plaza and Galeries Lafayette. While increased taxes on imported goods over ₹700,000 ($8,400) may boost domestic spending, the Goods and Services Tax on luxury items remains high at 28%. In contrast, Japan's luxury market is expected to grow by 6-10% in 2025, supported by strong domestic demand and tourism. Notably, India has surpassed Japan to become the world's fourth-largest economy, with a nominal GDP projected at $4.187 trillion, slightly ahead of Japan's $4.186 trillion. However, the luxury sector is currently facing a slowdown, marking the first decline in value creation since 2016. 
Published: Jun 01 2025, 1 pmeznews.inIn a recent update, the Maharashtra Goseva Ayog has mandated the closure of livestock markets from June 3 to June 8 in anticipation of the Bakrid festival, which falls on June 7. This directive, communicated to Agriculture Produce Market Committees (APMCs) on May 27, emphasizes adherence to the state's law prohibiting the slaughter of cow progeny, which has been in effect since March 4, 2015. The commission has urged APMCs to remain vigilant against illegal activities related to the transportation, sale, and storage of bovine animals. This move aims to uphold the legal framework surrounding livestock management during the festival period, reflecting the state's commitment to animal welfare and regulatory compliance. The announcement comes amid fluctuating market conditions, with the SENSEX and NIFTY both experiencing declines, alongside drops in crude oil, gold, and silver prices.
Published: Jun 01 2025, 1 pmeznews.inIndustry stakeholders anticipate a surge in demand for construction equipment in India, driven by an expected 'above normal' rainfall and the government's commitment to infrastructure development, according to Deepak Shetty, President designate of the Indian Construction Equipment Manufacturers Association (ICEMA). The India Meteorological Department's forecast is expected to benefit the rural market, where most construction machinery operates. Shetty, also CEO of JCB India, noted that the construction equipment sector has seen a 26% growth in recent years and is optimistic about achieving double-digit growth this fiscal year. Despite a modest 3% growth in 2024-25, reaching 140,000 units sold, the industry remains resilient. JCB India, a leading manufacturer, reported record exports, including over 10,000 machines to the U.S. last year. The industry faced challenges due to general elections and new emission norms but continues to focus on long-term growth as India solidifies its position as the world's fourth-largest economy.
Published: Jun 01 2025, 11 ameznews.inThe price of aviation turbine fuel (ATF) was reduced by 3% on Sunday, marking the third consecutive monthly decrease due to declining international benchmark prices. The new rate in the national capital is ₹83,072.55 per kilolitre, following previous cuts of 4.4% and 6.15% in May and April, respectively. This reduction is expected to alleviate financial pressure on commercial airlines, where fuel accounts for nearly 40% of operating costs. Additionally, the price of commercial LPG used in hotels and restaurants was cut by ₹24 per 19-kg cylinder, now costing ₹1,723.50 in Delhi. Despite these reductions, the price of domestic cooking gas remains unchanged at ₹853 per 14.2-kg cylinder. While international oil prices have softened, domestic petrol and diesel rates remain frozen, with petrol priced at ₹94.72 per litre in Delhi. State-owned oil firms adjust these prices monthly based on international fuel costs and exchange rates.
Published: Jun 01 2025, 11 ameznews.inAn onion growers' association in Maharashtra has called for ₹1 lakh per acre in compensation for farmers affected by severe rainfall last month, which devastated crops across the state, the largest onion producer in India. In a letter to Chief Minister Devendra Fadnavis, the Maharashtra Rajya Kanda Utpadak Sanghatna highlighted the unprecedented rainfall since May 6, which severely impacted districts including Jalgaon, Nashik, and Pune. Many farmers lost their entire Rabi season crop before harvest, while others faced losses from harvested onions that were not stored properly. The association also requested a subsidy of ₹2,000 per quintal for those forced to sell at low prices and urged the government to procure three lakh tonnes of onions at a minimum rate of ₹3,000 per quintal to support farmers. They emphasized the need for an urgent and accurate damage assessment to facilitate immediate compensation.
Published: Jun 01 2025, 9 ameznews.inIndia's dairy sector has undergone significant transformation, emerging as a global leader and a vital source of livelihood for millions, particularly women, who make up 75% of the 10 crore people engaged in dairy farming. On World Milk Day, the Economic Survey 2024-25 highlights the industry’s revenue surpassing ₹11.16 lakh crore, with ambitions to contribute 30% of global milk production by 2030. Initiatives like Operation Flood, spearheaded by Dr. Verghese Kurien, have empowered farmers through cooperative strategies and technological advancements, enhancing productivity and quality. The National Dairy Development Board (NDDB) continues to champion sustainable practices, integrating renewable energy and waste management. As digital technologies reshape distribution and consumer engagement, the sector is poised for further growth, fostering inclusive development and innovation. This World Milk Day, India celebrates not just milk as a commodity, but as a lifeline connecting rural producers to urban consumers, embodying national pride and resilience.
Published: Jun 01 2025, 9 ameznews.inAs World Milk Day is celebrated on June 1, India reflects on its remarkable transformation from a milk-deficient nation post-independence to the world's largest milk producer, with a production of 239 million tonnes in 2023-24. However, the sector faces challenges due to its fragmented nature, with 60% of milk sourced from small-scale farmers using traditional methods. To meet rising demand, the industry must leverage technology to enhance productivity and efficiency. Innovations like precision feeding and automated milking systems can significantly improve animal health and yield, while digital engagement tools, such as QR-code traceability, foster consumer trust. Despite these advancements, barriers like high costs, lack of skilled labor, and cybersecurity risks persist. Collaboration among stakeholders, including government and cooperatives, is essential to ensure equitable technology adoption and infrastructure development, securing India's position in global dairy production for the future.
Published: Jun 01 2025, 9 ameznews.inThe Goa Transport Department has unveiled the draft Transport Aggregator Guidelines 2025, aiming to regulate app-based ride-hailing services in the state, a move that has garnered support from major mobility companies. The proposed framework stipulates that only vehicles registered in Goa or holding valid state permits can operate, addressing local taxi operators' concerns regarding the impact of out-of-state vehicles on their livelihoods. To enhance safety and compliance, all drivers must possess a Public Vehicle Service Badge as per the Goa Motor Vehicles Rules, 1991. Industry stakeholders, including Uber and Rapido, have praised the initiative, highlighting its potential to create structured mobility solutions and generate significant job opportunities. They emphasize the importance of providing diverse transport options for both tourists and locals, while also committing to safety features such as SOS alerts and trip tracking to ensure rider security.
Published: May 31 2025, 9 pmeznews.inIndiGo will host the 81st Annual General Meeting (AGM) and World Air Transport Summit (WATS) of the International Air Transport Association (IATA) in New Delhi from June 1 to 3, marking the event's return to India after 42 years. With approximately 1,700 participants, including industry leaders and government officials, the AGM will highlight India's burgeoning aviation sector, which has seen significant growth and infrastructure development over the past decade. IATA's Director General, Willie Walsh, emphasized the importance of this gathering in showcasing India's role in global aviation, which directly employs nearly 370,000 people and contributes $5.6 billion to GDP. The WATS will address critical industry issues, including financial outlooks and sustainable aviation practices. IndiGo's CEO, Pieter Elbers, expressed pride in hosting the event, underscoring the airline's commitment to advancing India's aviation market and its socio-economic impact.
Published: May 31 2025, 6 pmeznews.inThe Indian government has launched the Krishi Nivesh portal, a comprehensive platform aimed at enhancing agribusinesses, attracting investments, and improving farmers' incomes. Announced on May 29, 2024, the portal consolidates various agricultural investment schemes from seven central ministries, including Agriculture and Farmers Welfare, and aims to include additional ministries in the future. State governments are yet to join, but officials are urging them to identify and share relevant schemes for integration. The portal is designed to streamline the investment process, making it more transparent and efficient, allowing users to track applications and submit project proposals digitally. By centralising investment opportunities and information, the Krishi Nivesh portal is expected to modernise agriculture in India, boost private sector investments, and enhance productivity and sustainability in the sector.
Published: May 31 2025, 6 pm
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