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The Commerce Department is closely monitoring freight rates amid concerns over the ongoing Iran-Israel conflict, particularly the potential closure of the Strait of Hormuz by Iran, which could significantly disrupt shipping routes and inflate prices. Currently, shipping rates from India remain stable, but officials warn that a blockade could lead to major disruptions in freight movement through West Asia, impacting India's energy security as approximately 60-65% of its crude imports transit through this vital corridor. The government is in contact with various stakeholders, including air cargo companies and insurance firms, to prepare for any escalation. With the U.S. involvement in the conflict and Iran's parliament approving the potential closure of the strait, Indian exporters and importers are increasingly anxious. A wider regional conflict could also jeopardize India's substantial trade with West Asian nations, valued at $41.7 billion in exports and imports combined. 
Published: Jun 23 2025, 9 pmeznews.inIndia-based airlines have halted all flight operations to the Middle East and beyond in response to Iran's military strikes on US bases in the Gulf region. Air India announced the suspension of its westbound international flights, affecting routes to the Middle East, the east coast of North America, and Europe, with immediate effect. The airline is diverting India-bound flights from North America back to their origins and rerouting others away from closed airspaces. Air India Express also reported diversions, including a flight from Kochi to Doha redirected to Muscat. IndiGo confirmed disruptions to flights arriving and departing from several Middle Eastern cities, while Akasa Air cancelled flights to and from Doha, Kuwait, and Abu Dhabi for June 23rd and 24th, 2025. Airlines are closely monitoring the situation and prioritizing the safety of passengers and crew amid the escalating tensions.
Published: Jun 24 2025, 1 ameznews.inAir traffic to and from West Asia faced significant disruptions following Iran's missile strike on a US air base in Qatar on Monday night. Multiple flights, including those from India, were forced to divert or return to their departure points as Qatar and the UAE closed their airspace. Airline executives reported chaos, with some regional airports unable to accept diverted flights due to full parking stands. IndiGo confirmed that three Doha-bound flights were redirected to Bahrain and Abu Dhabi, while Air India Express diverted a flight from Kochi to Muscat and returned another from Kannur. The airline emphasized its commitment to passenger safety and security, stating it was closely monitoring the situation. Flydubai also assured that it was keeping a close watch on developments, prioritizing the safety of its passengers and crew amid the ongoing crisis in the Middle East.
Published: Jun 23 2025, 11 pmeznews.inAir India Express, a subsidiary of the Tata Group, has diverted its flights to Doha in response to heightened tensions following Iran's military strikes on US bases in Qatar. The airline's flight from Kochi to Doha was rerouted to Muscat, while another flight from Kannur returned to its origin. The escalation in the Middle East has resulted in the suspension of Qatar's airspace for commercial aviation. An Air India Express spokesperson confirmed that the airline currently has no other flights scheduled for Qatar and no aircraft on the ground there. The airline is closely monitoring the situation and is committed to ensuring the safety and security of its passengers and crew, in coordination with relevant authorities.
Published: Jun 23 2025, 11 pmeznews.inHindustan Copper Ltd, India's sole copper miner, is set to participate in upcoming mine auctions for critical minerals and rare earth elements (REE) within the next few months. The company, led by CMD Sanjiv Kumar Singh, aims to diversify its portfolio by bidding alongside other public sector undertakings, including Indian Oil Corporation and GAIL. Singh confirmed that extensive due diligence has been conducted on potential blocks, although the exact number of bids remains uncertain. The Ministry of Mines recently auctioned 10 out of 15 critical mineral blocks, raising the total to 34. Hindustan Copper is also exploring overseas acquisition opportunities, particularly in Africa and Latin America, through partnerships with public sector entities. Additionally, the company has signed a memorandum of understanding with RITES Ltd to enhance its supply chain and is in discussions with CODELCO of Chile for potential joint ventures. Hindustan Copper aims to boost its production from 4 million tonnes to 12 million tonnes by 2030-31.
Published: Jun 23 2025, 10 pmeznews.inDisruptions in shipping traffic through the Strait of Hormuz (SoH) are creating opportunities for Indian refiners, particularly in the aviation turbine fuel (ATF) sector, as European markets may offer better prices amid supply shortages. According to Kpler, only 44,000 barrels per day of Indian refined exports rely on the SoH, allowing India to explore lucrative deals, especially as the ongoing Iran-Israel conflict tightens the refined product landscape. With 58% of Northwest Europe's jet fuel imports dependent on Middle Eastern supplies via the SoH, any disruption could severely impact European aviation logistics. Indian refiners, including Reliance Industries and Nayara Energy, are well-positioned as net exporters of diesel and jet fuel to Europe and other regions. However, rising crude prices due to regional tensions may offset some margin gains, prompting Indian refiners to pivot towards European and West African markets, potentially tightening diesel supply in Asia.
Published: Jun 23 2025, 9 pmeznews.inThe United States is pushing for significant tariff reductions across a variety of products in ongoing bilateral trade agreement (BTA) negotiations with India, which are aimed at reaching an interim deal before the July 9 deadline. A senior Indian official emphasized that protecting India's interests remains paramount, particularly amid sensitivities surrounding recent India-Pakistan tensions. While the US has imposed a 26% tariff on India, alongside a 10% baseline tariff, India is seeking a rollback of these tariffs, including sector-specific rates on steel, aluminium, and automobiles. However, the US is demanding steep cuts and concessions on sensitive agricultural items, including genetically modified crops, complicating negotiations. Despite the challenges, both sides are hopeful for progress, with Indian officials planning to travel to Washington for further discussions, although the US may lack the authority to reduce its most-favored-nation tariffs until a more comprehensive agreement is reached, potentially in Fall 2025.
Published: Jun 23 2025, 9 pmeznews.inThe ongoing review of the India-ASEAN Free Trade Agreement (FTA) is facing significant delays, with officials accusing ASEAN countries of "stonewalling" progress towards a balanced and sustainable pact. The ASEAN-India trade in goods agreement (AITIGA), implemented in 2010, has led to a widening trade deficit for India, which ballooned from $8 billion in 2010 to $45.2 billion in FY25. Despite nine rounds of negotiations initiated in 2023, little advancement has been made, with India’s exports to ASEAN declining by 5.7% to $38.96 billion, while imports rose by 5.6% to $84.16 billion. Commerce and Industry Minister Piyush Goyal criticized the FTA, suggesting it was unwise to engage with competitors, as it inadvertently opens Indian markets to goods from China. The ten-member ASEAN bloc includes Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand, and Vietnam.
Published: Jun 23 2025, 9 pmeznews.inUnion Minister for Finance and Corporate Affairs Nirmala Sitharaman convened a conclave in New Delhi with Principal Chief Commissioners and Directors General of Income Tax, urging the department to expedite the resolution of disputed tax demands. She emphasized the need to withdraw appeals below the newly established monetary thresholds within three months, as part of efforts to reduce a backlog of approximately 5.49 lakh pending appeals, amounting to ₹18.16 lakh crore. The revised thresholds, announced in the Union Budget 2024-25, are ₹60 lakhs for the Income Tax Appellate Tribunal, ₹2 crore for high courts, and ₹5 crore for the Supreme Court. Sitharaman also highlighted the importance of timely tax refunds and proactive grievance resolution, directing the department to analyze and address the root causes of taxpayer complaints. She called for simplified compliance processes and encouraged the adoption of best practices from regions with superior service delivery to enhance overall taxpayer experience.
Published: Jun 23 2025, 9 pmeznews.inWest Asian airlines have issued warnings to customers about potential delays and schedule changes due to ongoing airspace closures in the region. While local carriers like Emirates and flydubai continue to operate flights to most destinations, they have suspended services to Iran and Iraq until June 30. The situation has led to some delays for flights bound for West Asia, including those departing from Chennai. In response, Dubai's government has activated support protocols at its airport to assist affected passengers. Qatar Airways has also indicated that it will adjust its schedules to enhance connectivity in Doha amid the evolving situation. The airspace restrictions follow a series of attacks that have prompted airlines to reroute flights to Europe and the US via Egypt. Major international carriers, including American Airlines and British Airways, have already cancelled flights to Dubai and Doha in light of the heightened tensions following a US attack on Iranian nuclear facilities.
Published: Jun 23 2025, 8 pm
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