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Fitch Ratings has projected that Indian power generation companies (Gencos) will maintain resilient credit profiles despite a slowdown in power demand growth, which is expected to rise by 4-5% annually over the medium term. This growth is supported by increased economic activity and heightened demand for cooling during hotter summers. However, the agency noted that the anticipated demand growth for FY25 is lower than previous years, reflecting a GDP growth estimate of 6.2%, down from 9.2% in FY24. Risks to this outlook include geopolitical tensions and global trade uncertainties, which could dampen economic performance and, consequently, power demand. Despite these challenges, Fitch expects robust capacity to meet peak demand, bolstered by adequate coal inventories and rising renewable energy generation. The government aims to expand renewable capacity to 500 GW by 2030, which may reduce coal demand and impact thermal plant load factors in the coming years. 
Published: May 14 2025, 8 pmeznews.inIndia's steel imports fell by 21% in April, the first month of FY26, due to a 12% safeguard duty imposed on imports from China and Vietnam. This decline saw imports drop to 0.46 million tonnes (mt) from 0.58 mt in March, while exports decreased by 17% to 0.38 mt. Year-on-year, finished steel imports fell 21% to 0.59 mt, with non-alloyed steel imports experiencing a significant 28% decline. Despite the reduction in imports, India remained a net steel importer. The safeguard duty aimed to protect domestic producers but has not alleviated the challenges posed by global demand issues, particularly from China's aggressive exports. Exports of Indian steel also suffered, down 28% year-on-year. Tata Steel's CEO noted that while imports are decreasing, the market remains cautious about potential surges in Chinese steel imports, which could prompt further government intervention.
Published: May 14 2025, 9 pmeznews.inA MakeMyTrip spokesperson has reported a dramatic 60% drop in bookings and a staggering 250% increase in cancellations for travel to Azerbaijan and Turkey over the past week, amid rising public anger towards these nations for their support of Pakistan during ‘Operation Sindoor.’ BJP MP Praveen Khandelwal has called on the Indian government to reassess aviation partnerships, particularly with Turkish Airlines, citing concerns over national sovereignty and security. He urged a temporary suspension of collaborations with Turkey and increased scrutiny of ties with Azerbaijan and China. The Confederation of All India Traders (CAIT) has also advocated for a travel boycott, warning that the decline in Indian tourists could severely impact the economies of these countries, which previously welcomed hundreds of thousands of Indian visitors. Following these developments, MakeMyTrip has ceased promotions for these destinations, while ixigo has suspended all bookings for Turkey, Azerbaijan, and China.
Published: May 14 2025, 8 pmeznews.inThe sowing of summer or _zaid_ crops in India has seen a notable increase of nearly 7% compared to last year, with 78.82 lakh hectares (lh) cultivated as of May 9, according to the Ministry of Agriculture. This rise is attributed to favorable weather conditions and improved irrigation in key states like Gujarat, Maharashtra, and Madhya Pradesh. The increased acreage is expected to lead to record production levels for rice and maize. Specifically, paddy sowing rose over 3% to 32.02 lh, while pulses increased by 1.5% to 22.70 lh. Notably, green gram and black matpe saw significant gains, with coverage at 19.45 lh each. Additionally, oilseeds experienced a slight uptick of 0.28% to 9.51 lh, although some categories, like groundnut, showed mixed results. Overall, the trend indicates a robust agricultural performance ahead of the kharif season.
Published: May 14 2025, 8 pmeznews.inGold prices fell by ₹485 per 10 grams on Wednesday, settling at ₹93,859, reflecting a broader decline in the global market. The yellow metal opened at ₹93,776, down from ₹94,344 the previous day, amid lacklustre demand attributed to recent price volatility. Prices have fluctuated significantly, peaking at ₹98,102 in mid-April before dipping to ₹93,076 earlier this week. In the global arena, gold prices dropped from a record $3,426.1 an ounce to $3,182, with US prices down $21 to $3,230 following eased trade tensions. Experts predict a 15% decline in gold demand volume, although value may rise due to price increases. Analysts suggest that while gold may regain its value amid ongoing uncertainties, a potential decline to $3,000 is possible if prices fall below $3,200. Meanwhile, silver prices are expected to rise as tariff tensions ease.
Published: May 14 2025, 8 pmeznews.inExperts are advocating for cocoa to be recognized as a strategic crop in India, highlighting its potential to enhance rural income and reduce the country's reliance on cocoa imports, which currently stand at over 1.26 lakh tonnes annually, valued at ₹4,247 crore. Femina, Director of the Directorate of Cashewnut and Cocoa Development, emphasized that with a focused, cluster-based approach, India could cut its cocoa import dependency by 50%, unlocking new economic opportunities for farmers. Despite the domestic cocoa production meeting only 22% of national demand, initiatives are underway to boost cultivation, particularly in states like Kerala and Karnataka. The Kerala Agricultural University (KAU) is leading efforts by developing hybrid seedlings, which now dominate 90% of the cocoa cultivation area in India, contributing to the country's high productivity levels. Collaborative efforts with industry partners aim to further enhance the quality and availability of planting materials, ensuring the sector's growth and sustainability.
Published: May 14 2025, 7 pmeznews.inGlobal coffee prices saw a slight decline in April 2025, influenced by a lack of clear market direction, despite a drop in certified robusta stocks in London. The International Coffee Organisation (ICO) reported that the Composite Indicator Price averaged 335.76 US cents per pound, marking a 3.5% decrease from March. Prices for Colombian Milds and Other Milds fell by 2.7% and 2.8%, while Brazilian Naturals decreased by 3.6%. In India, farmgate coffee prices also eased, reflecting global trends, with arabica parchment prices ranging from ₹26,200-27,200 per 50-kg bag. The Indian Meteorological Department noted significant pre-monsoon rainfall, enhancing crop prospects for the upcoming season. However, the US Department of Agriculture projected a 2.4% dip in India's coffee crop for 2025-26 due to weather-related yield issues. Exports from January to May 2025 also declined, attributed to high prices affecting buyer behavior.
Published: May 14 2025, 7 pmeznews.inIn April, food articles experienced a deflation of 0.86%, a significant shift from the 1.57% inflation recorded in March, contributing to a decrease in producers' inflation based on the Wholesale Price Index (WPI) to 0.85%, the lowest in 13 months. The WPI inflation was 2.05% in March and 1.19% a year earlier. The industry ministry attributed the positive inflation rate to rising prices in various manufacturing sectors, despite notable deflation in vegetables, with an 18.26% drop. Additionally, fuel and power saw a deflation of 2.18%. Experts, including Rajni Sinha from CareEdge, suggest that favorable agricultural conditions and an anticipated above-normal monsoon could keep food inflation manageable, although caution is advised regarding potential weather disruptions. International commodity prices have also declined, reflecting concerns over global economic growth, with Brent crude prices falling by approximately 25% year-on-year.
Published: May 14 2025, 7 pmeznews.inTraders in Indian states, including Uttar Pradesh and Maharashtra, have initiated a boycott of Turkish apples and marble, reacting to Turkey's support for Pakistan during India's recent anti-terror operations. Despite these calls, the Indian government has yet to impose any trade restrictions, as exports to Turkey represent a mere 1.5% of India's total exports. A source indicated that while the boycott may impact a few engineering goods, the overall effect on Indian exports is expected to be minimal. Turkey's foreign ministry condemned India's military actions against terror infrastructure in Pakistan, labeling them as "unprovoked aggression" and warning of escalating tensions. An online campaign urging a "Boycott Turkey" is gaining traction on Indian social media. In the fiscal year 2024-25, India's exports to Turkey fell by nearly 15%, totaling $5.2 billion, while imports from Turkey also decreased significantly.
Published: May 14 2025, 7 pmeznews.inThunderstorms have erupted across Kerala, Konkan, Mumbai, and parts of central India, coinciding with the anticipated onset of the monsoon next week. The India Meteorological Department (IMD) forecasts that the monsoon will reach the Kerala coast by May 27, with a possible error margin of four days. The Arabian Sea arm of the monsoon is expected to make a stronger initial impact on mainland India compared to the Bay of Bengal arm, which may face delays due to a lack of cyclonic circulation. A monsoon vortex, crucial for the onset, is likely to form off the Konkan coast, aided by warm ocean temperatures exceeding 31°C. The US National Weather Service predicts a robust monsoon onset with above-normal rainfall expected in the coming weeks, while potential storm formations in the north-west Pacific and the Bay of Bengal could influence moisture distribution across the region.
Published: May 14 2025, 6 pm
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