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India 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.inThe International Crops Research Institute for the Semi-Arid Tropics (ICRISAT) has announced the launch of the ICRISAT Centre for Excellence for South-South Cooperation (ISSCA) in collaboration with the Research and Information System for Developing Countries (RIS) and the Indian government initiative DAKSHIN. This new centre aims to enhance agricultural cooperation among Global South nations, particularly in Asia and Africa, by providing a platform for sharing non-patented technologies and addressing common agricultural challenges such as low yields and climate change impacts. ICRISAT's Director General, Himanshu Pathak, emphasized the shared agricultural objectives and challenges faced by these countries, while RIS Director General Sachin Chaturvedi highlighted the centre's role in democratizing agricultural knowledge. Established in 1972 and based in Hyderabad, ICRISAT has identified over 100 technological solutions to support sustainable agricultural practices in semi-arid regions.
Published: Jun 03 2025, 9 pmeznews.inAndhra Pradesh Chief Minister N. Chandrababu Naidu has set a deadline for the completion of Phase-1 works on several key port projects, including Machilipatnam, Ramayapatnam, Mulapeta, and Kakinada Gateway Port, by December 2025. During a review meeting in Amaravati, Naidu emphasized the importance of these ports and fishing harbours as vital economic assets for the state, urging officials to expedite their operationalization. Currently, construction progress stands at 43% for Machilipatnam Port, 64% for Ramayapatnam, 46% for Mulapeta, and 29% for Kakinada Gateway. Additionally, the government plans to initiate Phase-1 works for new airports in Kuppam, Dagadarthi, Amaravati, and Srikakulam, alongside expanding state roads to enhance connectivity with national highways through a Public-Private Partnership (PPP) model. Naidu also announced plans to establish a logistics corporation to further bolster the state's economic infrastructure.
Published: Jun 03 2025, 8 pmeznews.inConcerns are mounting over a potential decline in oilseed acreage during the current kharif season following the Indian government's recent reduction of the import duty on crude edible oils, which has sparked debate among experts and farmer leaders. Agriculture Minister Shivraj Singh Chouhan defended the decision, citing inflationary pressures, but critics argue it undermines domestic oilseed production. A report from the Commission for Agricultural Costs and Prices highlights that gross returns for crops like paddy and maize significantly outpace those for soybeans and other oilseeds, raising fears that farmers may shift away from oilseeds. The duty cut, effective from May 31, lowers the import tax on crude oils to 16.5%, while the refined oils remain at 35.75%. Farmers' groups are calling for a rollback of the duty reduction, arguing it contradicts recent increases in Minimum Support Prices intended to bolster domestic oilseed production.
Published: Jun 03 2025, 8 pmeznews.inAnglo Eastern, a Hong Kong-based shipping conglomerate, has launched its ‘Mission 30’ initiative aimed at increasing the proportion of management-level merchant navy officers under 30 years of age from a mere 1% to 30% by 2030. The programme, which is expected to enhance career prospects for millions of young Indians, aligns with India's growing status as a key provider of skilled maritime professionals, particularly as the nation’s economy is projected to become the third largest globally. With 65% of India's population under 35, ‘Mission 30’ supports Prime Minister Modi's vision of a developed India through youth empowerment. Vinay Singh, Group Managing Director of Marine HR at Anglo Eastern, emphasized that the initiative will facilitate faster career growth for young officers. The company also offers personalized career maps and guarantees placement for graduates of its Anglo Eastern Maritime Academy on cargo ships, reinforcing its commitment to developing the next generation of maritime talent.
Published: Jun 03 2025, 6 pmeznews.inIndia has initiated consultations with the United States at the World Trade Organization (WTO) regarding a 25% tariff increase on imports of passenger vehicles and light trucks, as well as certain auto parts, which India claims should have been reported to the WTO as safeguard measures. This move follows India's previous actions to reserve its rights to retaliate against US tariffs on steel and aluminium. In its WTO submission, India highlighted that the US's tariff measures, effective from May 2025, are designed to protect the domestic industry and constitute safeguard measures under international trade agreements. With Indian auto component exports to the US projected at $6.8 billion for FY24, India is seeking discussions on potential compensation for the impact of these tariffs. The situation is further complicated by the US's plans to double tariffs on steel and aluminium, which could significantly affect India's trade dynamics.
Published: Jun 03 2025, 7 pmeznews.inIn April 2025, India's Overseas Direct Investment (ODI) surged to over $3.4 billion, a remarkable increase of 256% from the previous year, driven primarily by the financial, insurance, and business services sectors, alongside manufacturing and retail. Despite this growth, the April figure was lower than the outflows recorded in the preceding months of February and March. For the fiscal year 2025, total ODI reached over $25.6 billion, marking an 80% rise. Experts attribute this trend to a robust domestic economy and the strategic expansion of Indian companies into international markets, particularly in renewable energy and insurance. Notably, Singapore, Mauritius, and the US emerged as key destinations for these investments. Analysts suggest that recent policy initiatives, including new Overseas Investment Rules and the establishment of GIFT City, have further facilitated this overseas expansion, encouraging Indian businesses to explore global opportunities.
Published: Jun 03 2025, 7 pmeznews.inIndia's quick commerce sector is set to expand significantly, with the market projected to reach $57 billion by 2030, according to Morgan Stanley. Leading the charge are Swiggy's Instamart and Eternal's Blinkit, with Blinkit anticipated to capture a dominant 63.4% market share by FY28, while Swiggy aims for 36.6% through enhanced dark store capacity and increased average order values. Swiggy has nearly doubled its dark store footprint to 4 million sq. ft., aligning with Blinkit, although its throughput remains lower. Both companies are experiencing growth, adding over 2 million monthly transacting users each in the latter half of FY25. Despite this rapid expansion, profitability is challenged by high customer acquisition costs and regulatory uncertainties. With a potential profit pool of $2.3 billion, the report suggests that both players can coexist, but sustained margin improvements may hinge on industry consolidation or operational efficiency.
Published: Jun 03 2025, 7 pmeznews.inIn a significant development for India's maritime sector, Union Minister of Ports, Shipping and Waterways Sarbananda Sonowal oversaw the signing of a Memorandum of Understanding (MoU) between Kolkata's Garden Reach Shipbuilders and Engineers Ltd (GRSE) and Norway's Kongsberg in Oslo on June 3, 2025. This partnership aims to construct India's first indigenous Polar Research Vessel (PRV), equipped with advanced scientific tools for ocean exploration and climate research. Sonowal emphasized the MoU as a commitment to innovation and international collaboration, aligning with Prime Minister Narendra Modi's 'Make In India' initiative. GRSE will leverage its expertise in building complex maritime platforms to develop the vessel, tailored to the needs of the National Centre for Polar and Ocean Research. Additionally, Sonowal encouraged Norwegian investments in India's maritime sector, highlighting opportunities under the Sagarmala programme and the $2.9 billion Maritime Development Fund, as India seeks to enhance its shipbuilding capabilities.
Published: Jun 03 2025, 7 pmeznews.inWillie Walsh, Director General of the International Air Transport Association (IATA), has projected that India's domestic aviation market will outpace China's growth, driven by fleet expansion and new airport developments. Speaking at IATA's annual general meeting in Delhi, Walsh noted that while both countries experienced a compound annual growth rate (CAGR) of 11.2% from 2020 to 2024, India's growth trajectory is set to surpass China's in the coming years. He highlighted the significant potential for growth in India, currently the third-largest domestic air traffic market, thanks to airlines like IndiGo and ongoing airport construction. Walsh emphasized the importance of a straightforward tax regime to unlock India's aviation potential and called for improved collaboration between airlines and airports to ensure that airport developments meet operational needs and remain cost-effective.
Published: Jun 03 2025, 6 pmeznews.inDry and hot conditions dominated North-West, West, and Central India on Tuesday, as the south-west monsoon stalled for a fifth consecutive day. The monsoon's inactivity affected a broad area from Mumbai to Balurghat, with only a weak rain regime observed in the South Peninsula. The European Centre for Medium-Term Weather Forecasts anticipates a revival of the monsoon during the first two weeks of July, typically the peak of the rainy season, with potential circulation off the Tamil Nadu and Andhra Pradesh coasts. The India Meteorological Department suggests intermittent monsoon activity may occur throughout June, driven by a trough from an incoming western disturbance. This could bring rain to several states, including Kerala and Karnataka, although a lull in rainfall is expected from June 16 to 23. By late June, renewed activity is forecasted for the southeast coast, leading to a broader monsoon revival in early July.
Published: Jun 03 2025, 6 pm
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