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India's crude oil imports surged to a record 5.13 million barrels per day (mb/d) in March 2025, the highest monthly volume in over 15 years, driven by strong domestic demand and high refining capacity. This increase is largely attributed to the procurement of discounted Russian barrels, which rose to approximately 1.9 mb/d, despite ongoing sanctions. Analysts from Kpler noted that the availability of Russian Urals crude at prices below the $60 cap has allowed Indian refiners to navigate logistical challenges effectively. The surge in imports reflects a combination of seasonal factors, including the fiscal year-end for public sector oil marketing companies, robust fuel demand, and agricultural activity. As geopolitical tensions persist, India remains a key market for Russian oil, with expectations of continued strong flows unless secondary sanctions are imposed. OPEC forecasts India's oil demand will grow significantly in 2025, further solidifying its role in the global energy landscape. 
Published: Mar 30 2025, 9 pmeznews.inSouth Central Railway (SCR) has reported a record performance in freight operations for the financial year 2024-25, achieving a freight loading of 144.140 million tonnes (MT), a 2% increase from the previous year's 141.120 MT. The zone also saw a rise in freight revenue, reaching ₹13,825 crores, again up by 2% compared to the prior year. This growth is attributed to SCR's strategic focus on attracting new freight streams and enhancing infrastructure at freight terminals. Notably, coal remained the dominant commodity, contributing 70.147 MT, followed by cement and clinker at 37.604 MT. Other significant commodities included fertilizers, food grains, and iron ore. The overall buoyancy in freight loading across various commodity streams underscores SCR's commitment to strengthening its freight business.
Published: Apr 01 2025, 9 pmeznews.inIn March 2025, the Indian passenger vehicle market showed mixed results, with leading manufacturers Maruti Suzuki India (MSIL) and Hyundai Motor India (HMIL) reporting year-on-year declines in wholesales. This trend is attributed to a high base from the previous year and ongoing macroeconomic challenges, including sluggish consumption growth and inflation. The dominance of sports utility vehicles (SUVs) in both urban and rural markets is expected to further impact the sales of other vehicle types, according to industry experts. The Society of Indian Automobile Manufacturers (SIAM) forecasts a modest growth of 1-2% for the passenger vehicle sector. Despite these challenges, MSIL achieved record exports of over 300,000 units in FY25, bolstered by strong demand for new models like the Fronx and 5-door Jimny. Meanwhile, Mahindra & Mahindra reported unprecedented sales, selling over 500,000 SUVs domestically, highlighting a shift in consumer preferences and innovation in the sector.
Published: Apr 01 2025, 9 pmeznews.inUnion Finance Minister Nirmala Sitharaman launched the "NITI NCAER States Economic Forum" portal in New Delhi on April 1, 2025, aimed at enhancing state-level economic decision-making. Developed by NITI Aayog in collaboration with the National Council of Applied Economic Research (NCAER), the portal serves as a comprehensive repository of data spanning 30 years, covering social, economic, and fiscal parameters. Sitharaman emphasized the portal's role in enabling states to make informed interventions, manage debts, and learn from peer experiences while maintaining a balance in public finances. The platform will facilitate benchmarking against national figures and foster discussions among policymakers and researchers. NCAER's Director General, Dr. Poonam Gupta, highlighted the need for such a resource to appreciate the fiscal positions of various states, while NITI Aayog CEO BVR Subrahamanyam noted its potential to enhance public knowledge and fiscal learning across states.
Published: Apr 01 2025, 9 pmeznews.inUnion Finance Minister Nirmala Sitharaman has firmly rebutted former Finance Minister P. Chidambaram's claims of a reduction in the central government's capital expenditure (capex), asserting that there has been no cut. In a statement to the Rajya Sabha, she highlighted that the actual release under the Scheme for Special Assistance to States for Capital Investment (SASCI) for FY25 is nearing the budget estimate of ₹1.5 lakh crore, surpassing the revised estimate of ₹1.25 lakh crore. Sitharaman described Chidambaram's assertions as "misleading" and based on "flawed comparisons," emphasizing that budget estimates evolve into revised estimates based on various factors, including the Model Code of Conduct during elections and extreme weather events. She noted a year-on-year increase in capex, with allocations rising from ₹10.01 lakh crore in FY24 to ₹11.11 lakh crore in FY25, and criticized Chidambaram's selective arithmetic as politically motivated.
Published: Apr 01 2025, 9 pmeznews.inThe wheat procurement season in India has commenced with the Food Corporation of India (FCI) reporting a significant increase in purchases, reaching approximately 8.5 lakh tonnes by March 31, compared to just 2.5 lakh tonnes last year. This year's procurement began earlier, on March 10, particularly in Rajasthan, and experts suggest the government could meet its ambitious target of 313 lakh tonnes within two months. In Madhya Pradesh, a bonus of ₹175 per quintal over the minimum support price has spurred procurement, while Rajasthan has relaxed quality norms to facilitate smoother purchases amid adverse weather conditions. The Centre has also urged Uttar Pradesh to adopt similar incentives to encourage farmer participation. As of April 1, total arrivals at purchase centres have reached around 23 lakh tonnes, with expectations of wheat production exceeding 115 million tonnes for the 2024-25 crop year.
Published: Apr 01 2025, 8 pmeznews.inUnion Minister of Labour and Employment, Mansukh Mandaviya, highlighted the pivotal role of the Employees' Provident Fund Organisation (EPFO) in shaping India's future during a recent announcement. The EPFO has expanded its banking network by empaneling 15 additional banks, bringing the total to 32, which will facilitate direct payments of nearly ₹12,000 crore in annual contributions from employers. The new banks include prominent names such as HSBC, Standard Chartered, and IndusInd Bank. Mandaviya noted that the EPFO serves nearly 8 crore active members and over 78 lakh pensioners, providing essential social security benefits. He also pointed out the successful implementation of EPFO 2.01, an advanced IT system that has enhanced claim settlements, with the organisation settling a record 6 crore claims in the financial year 2024-25, marking a 35% increase from the previous year.
Published: Apr 01 2025, 8 pmeznews.inAhead of a significant tariff announcement on April 2, U.S. President Donald Trump indicated that India is poised to make substantial cuts to tariffs on American goods. Speaking from the Oval Office, Trump expressed surprise that such reductions had not occurred sooner, following four days of trade discussions between U.S. and Indian officials in New Delhi. While specific details of India's tariff commitments remain undisclosed, sources suggest that the U.S. has demanded steep cuts on various products, including automobiles and agricultural items. White House Press Secretary Karoline Leavitt highlighted India's high tariffs on American agricultural products, although India's average applied tariffs are around 39%. The negotiations also encompass non-tariff barriers, with both nations presenting lists of issues to address. As the U.S. maintains a trade deficit of approximately $35 billion with India, the outcome of these discussions could significantly impact bilateral trade relations.
Published: Apr 01 2025, 8 pmeznews.inThe Tamil Nadu Generation and Distribution Corporation (TANGEDCO) is advancing the construction of an 8-kilometre open sea jetty to facilitate coal delivery for its 1,320 MW Udangudi Super Critical Thermal Power Project in Thoothukudi District, with completion expected by May 2025. This development was highlighted in a recent policy note submitted to the Tamil Nadu Assembly, which detailed the establishment of a captive port to streamline coal transport via a closed conveyor system to the power plant. Additionally, the Tamil Nadu Maritime Board is working on floating jetties at Rameswaram, supported by a Detailed Project Report from the Indian Institute of Technology and fully funded by the Government of India under the Sagarmala scheme. From April to December 2024, Tamil Nadu's ports handled over 8.7 million tonnes of cargo, generating approximately ₹61 crore in revenue for the Maritime Board.
Published: Apr 01 2025, 8 pmeznews.inThe Maha Kumbh festival in Uttar Pradesh has significantly boosted the state's economy, achieving an average growth rate of approximately 12.5% from January to March 2025. This surge is attributed to the influx of devotees, which led to a record Goods and Services Tax (GST) collection of nearly ₹10,000 crore in March, marking an 11-month high. Despite this, experts caution that the growth may not be sustainable, as the state experienced single-digit growth in most months from July to December 2024. While the festival spurred spending in tourism and hospitality, much of the economic activity involved sectors that do not contribute to GST, such as small vendors and religious offerings. Overall, FY25 concluded with GST collections reaching ₹1.96 lakh crore in March, reflecting a 10% increase compared to the previous fiscal year, although the long-term benefits of the Kumbh on infrastructure and tourism may outweigh immediate tax gains.
Published: Apr 01 2025, 8 pmeznews.inIndia's coffee exports have surged to a record $1.816 billion for FY25, marking a 46% increase from the previous year's $1.286 billion, driven by strong global demand and rising prices. The volume of coffee shipped rose by 1.56% to 3.89 lakh tonnes, with exports more than doubling since 2020-21. KG Jagadeesha, CEO of the Coffee Board, attributed this growth to supply disruptions in Brazil and Vietnam, alongside increased domestic production, which has consistently exceeded 3.5 lakh tonnes in recent years. The trend towards value-added and premium coffees has also contributed to the record figures, with European nations like Italy and Germany being key markets. Despite the robust demand, challenges remain in production levels, which have stagnated, prompting calls for increased output to meet the growing interest in Indian coffees. In rupee terms, exports reached ₹15,465 crore, up 49% from the previous year.
Published: Apr 01 2025, 7 pm
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