eznews.inNorwegian Minister of Fisheries and Ocean Policy, Marianne Sivertsen Næss, has highlighted the potential for enhanced collaboration in shipbuilding with India, particularly as Norway seeks to navigate global shipping challenges amid trade tensions and climate goals. In a recent interview, she expressed disappointment over the International Maritime Organisation's decision to defer the adoption of a net-zero framework, emphasizing Norway's commitment to ambitious climate targets. Næss noted that approximately 10% of Norwegian ship orders are now contracted with Indian shipyards, reflecting a growing interest in India's shipbuilding capabilities. Following discussions during Indian Ports and Shipping Minister Sarbananda Sonowal's visit to Norway, both nations are exploring initiatives in green shipping and the operationalization of the Northern Sea Route. With a new trade and economic partnership in place, Næss anticipates accelerated growth in bilateral trade, particularly in seafood and maritime technology, despite competition from countries like Australia and Chile. 
Published: Oct 29 2025, 11 ameznews.inAn India-bound tanker carrying Russian crude has reversed course and is now idling in the Baltic Sea, highlighting potential disruptions in oil trade following recent U.S. sanctions on Russian oil giants Rosneft and Lukoil. The vessel, Furia, was en route from Russia's Baltic port of Primorsk when it turned around in the Fehmarn Belt, just a week after the U.S. imposed sanctions requiring transactions with these companies to be wound down by November 21. Initially destined for India, the Furia has since indicated a new arrival in Egypt's Port Said, a common waypoint for vessels navigating the Suez Canal. Indian refiners, including Reliance Industries, which has a long-term contract with Rosneft, are now cautious about purchasing Russian oil, while European nations, including Denmark, are increasing inspections of tankers to prevent the passage of Russian crude through their waters.
Published: Oct 29 2025, 12 pmeznews.inThe Reserve Bank of India (RBI) has significantly increased its domestic gold reserves, now holding over 65% at home, nearly double the amount from four years ago. This shift follows the freezing of Russian reserves by Western nations after the Ukraine invasion. In the first half of the financial year starting April, the RBI repatriated nearly 64 tons of gold, raising its total gold reserves to 880 tons, with 576 tons stored domestically—an all-time high. Gold now constitutes 13.92% of India's total foreign exchange reserves, up from 11.70% in March. While the RBI did not specify the reasons for this strategic move, it is seen as a way to enhance control over bullion assets amid geopolitical tensions. Additionally, the RBI is diversifying its reserves and reducing reliance on US dollars, as evidenced by its decreasing holdings of US Treasuries. As of October 17, India's foreign-exchange reserves stood at $702.3 billion.
Published: Oct 29 2025, 12 pmeznews.inIndia and the European Union have agreed to continue discussions on sensitive issues such as steel, automobiles, and carbon taxes as part of their proposed free trade agreement (FTA), following a three-day visit by Commerce and Industry Minister Piyush Goyal to Brussels, which concluded on October 28. The Indian government is advocating for the removal of both tariff and non-tariff barriers and the establishment of transparent regulatory frameworks to enhance bilateral trade. The EU's new regulations, including the carbon border adjustment mechanism (CBAM) and deforestation regulation, have raised concerns in India, potentially impacting exports worth $1.3 billion annually. Both sides aim to finalize negotiations by the end of 2025, with an EU technical team set to visit India next week to facilitate progress. The FTA discussions encompass 23 policy areas, reflecting the growing importance of the EU as India's largest trading partner, with bilateral trade reaching $136.53 billion in 2024-25.
Published: Oct 29 2025, 12 pmeznews.inIndia's industrial output growth has slowed to 3% in the first half of the financial year 2025-26 (H1FY26), down from 4.1% in the same period last year, according to a report by Bank of Baroda. The decline is attributed to subdued growth in the mining and electricity sectors, although manufacturing showed resilience with a 4.1% increase, up from 3.8% in H1FY25. The report suggests that the anticipated benefits from Goods and Services Tax (GST) rationalisation, an early festive season, and lower inflation could bolster production and consumption in the coming months. Notably, industrial production rose to 4% in September 2025, compared to 3.2% a year earlier, driven by strong performance in sectors like computers and electronics. The report emphasizes that ongoing reforms and positive economic indicators are expected to support growth momentum in the second half of FY26, despite global uncertainties.
Published: Oct 29 2025, 11 ameznews.inThe remnants of severe cyclone Montha lingered over Coastal Andhra Pradesh on Wednesday morning after making landfall at midnight. Although the cyclone weakened in intensity, it maintained its status for several hours post-landfall, with the India Meteorological Department (IMD) reporting it was still a cyclone at 5:30 am, located approximately 80 km north-west of Narsapur. Heavy rainfall was expected across the region, with satellite imagery indicating a rain belt extending from Warangal in Telangana to various locations in Andhra Pradesh. The IMD forecasted that Montha would transition into a deep depression by the afternoon. Concurrently, a separate depression in the Arabian Sea was moving northeast towards the Mumbai coast, contributing to anticipated rainfall across South Peninsula and East India, with heavy to extremely heavy rainfall expected in parts of Andhra Pradesh, Odisha, Telangana, and other states over the coming days.
Published: Oct 29 2025, 10 ameznews.inIndia has marked a significant achievement in agricultural exports with the inaugural air shipment of Geographical Indication (GI)-tagged Indi Lime from Karnataka and Puliyankudi Lime from Tamil Nadu to the United Kingdom. This milestone, facilitated by the Agricultural and Processed Food Products Export Development Authority (APEDA), was announced by Union Commerce Minister Piyush Goyal, who emphasized its potential to empower farmers and enhance India's presence in global markets. Earlier this year, APEDA also exported three metric tons of GI-tagged Swadeshi Lime to the UAE, showcasing India's growing export portfolio. The GI tag ensures the authenticity and distinctive qualities of products linked to their origin. In addition to limes, Indian exports of Gharwali apples and apricots have expanded to markets in Saudi Arabia, Kuwait, and Qatar. Goyal recently met with EU Commissioner Maros Sefcovic in Brussels to discuss progress on the India-EU Free Trade Agreement negotiations.
Published: Oct 29 2025, 10 ameznews.inIndian importers have resumed purchasing US green lentils but are seeking to renegotiate prices due to a significant drop in market values. Ameer Mehdi Buhari, CEO of Agcore Trading, noted that the prices of green lentils have plummeted following bumper crops in Canada and the US, with current offers from Canada at $640 per tonne, down from $765 in August. This price collapse has been exacerbated by good harvests in Australia, Russia, and African nations. Indian importers had previously halted imports amid fears of retaliation from the Indian government against US tariffs. Despite ongoing negotiations between India and the US, Indian Commerce Minister Piyush Goyal has stated that no trade agreement will be rushed. The bearish trend in the pulses market is expected to continue, although there was a slight uptick in prices last week as Indian buyers began to re-enter the market.
Published: Oct 29 2025, 8 ameznews.inIndia is actively pursuing regional energy transition opportunities in Southeast Asia, beginning with Singapore, where various alternative energy projects are underway. Ghanshyam Prasad, Chairman of the Central Electricity Authority, emphasized the potential benefits of interconnecting South Asia and Southeast Asia's power grids, which could facilitate the export of renewable energy, starting with a proposed 2,000 MW link to Singapore. This initiative aligns with India's "One Sun One World One Grid" vision and aims to diversify energy sources for Southeast Asian nations, reducing reliance on gas. India has already installed over 30,000 MW of renewable capacity this year and plans to expand its hydro and nuclear power capabilities significantly by 2047. Singapore's Minister for Energy, Tan See Leng, highlighted the importance of smart grids and regional collaboration to enhance energy efficiency and sustainability, as the nation transitions from fossil fuels to greener alternatives on Jurong Island.
Published: Oct 29 2025, 8 ameznews.inIndia's Directorate General of Foreign Trade (DGFT) has announced a significant amendment to the procedures for domestic exporters seeking duty concessions under the India-EFTA free trade agreement, which includes Switzerland, Norway, Iceland, and Liechtenstein. Effective from October 1, 2025, exporters can now obtain the Certificate of Origin (CoO) through self-declaration, streamlining the process previously reliant on authorized agencies. The CoO is a crucial document that exporters must present at the destination port to claim duty concessions and verify the origin of their goods. This change aims to simplify the export process and enhance trade relations with EFTA nations, reflecting India's commitment to facilitating international commerce. The amendment was detailed in a public notice issued by the DGFT on October 28, 2025.
Published: Oct 28 2025, 11 pm
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