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Bharat Forge Ltd has inaugurated a new 300,000 sq. ft. defence manufacturing plant in Jejuri, near Pune, aimed at bolstering India's artillery production and meeting global demand for defence equipment. Chairman Baba Kalyani highlighted the growing opportunities in the defence export market, with aspirations to supply to the US, French, and British armies. The facility, part of Kalyani Strategic Systems Ltd, will focus on producing Advanced Towed Artillery Gun Systems (ATAGS) and protected vehicles, with a goal to become the largest artillery producer by 2030. Kalyani noted that last year, 90% of the company's sales were from exports, a figure expected to remain high this year. The plant is strategically located for efficient logistics and is designed to support India's self-reliance in defence production under the 'Aatmanirbhar Bharat' initiative, reinforcing the country's commitment to modernising its military capabilities. 
Published: Apr 02 2025, 8 pmeznews.inChennai Port and its subsidiary, Kamarajar Port, achieved a significant milestone in the fiscal year 2024-25, surpassing a total cargo throughput of 100 million tonnes for the first time, with a combined handling of 103.37 million tonnes. Sunil Paliwal, Chairperson of the Chennai Port Authority and Kamarajar Port Ltd, announced at a press conference that the ports generated ₹2,200 crore in operational income, reflecting a year-over-year increase of 6.7%, exceeding the Union Shipping Minister's target of 6%. Chennai Port handled 54.96 million tonnes, while Kamarajar Port managed 48.41 million tonnes. Paliwal projected a 7% growth in cargo volume for the current fiscal year. Additionally, he highlighted the ongoing development of a ₹1,424 crore multimodal logistics park in Mappedu, expected to be completed by February 2026, aimed at enhancing regional logistics capabilities. The Chennai Port's internal road network will also undergo improvements from 2025 to 2028, with an investment of ₹54 crore.
Published: Apr 03 2025, 4 pmeznews.inIn a significant boost for the commercial real estate sector, office absorption reached a record 28.2 million square feet in the last quarter, marking a 74% increase year-on-year, according to a report by Knight Frank India. Meanwhile, residential sales across the top eight markets rose modestly by 2%, with 88,274 units sold, although five markets experienced stagnant or negative growth. Notably, Pune and Chennai reported strong sales, while the National Capital Region and Bengaluru faced declines due to rising prices, which increased by 7% and 6%, respectively. Over 96,300 new residential units were launched, leading to a 5% rise in unsold inventory, though levels remain manageable at 5.9 quarters of stock. In the office sector, Bengaluru saw a remarkable 3.5-fold increase in leasing, driven primarily by Global Capability Centres, despite a decline in new office supply as developers focus on residential projects.
Published: Apr 03 2025, 5 pmeznews.inMorgan Stanley has revised its outlook for the Indian economy, anticipating a potential 30-60 basis points reduction in its FY26 growth estimate of 6.5% due to new import tariffs imposed by the US. Following President Donald Trump's announcement of a 27% reciprocal tariff on Indian imports, the investment bank noted that the tariffs exceeded expectations and could undermine corporate confidence, thereby delaying capital expenditure (capex) cycles. In response to these challenges, Morgan Stanley predicts that Indian policymakers may pause fiscal consolidation and boost capex spending to bolster domestic demand. The bank also highlighted the importance of a forthcoming trade deal with the US, which could mitigate some of the negative impacts of the tariffs. Additionally, it expects the Reserve Bank of India to cut key lending rates by 25 basis points and adopt a more accommodative stance to support domestic demand amid uncertain external conditions.
Published: Apr 03 2025, 3 pmeznews.inUS President Donald Trump has reiterated his call for the Federal Reserve to cut interest rates during a Cabinet meeting on March 24, 2025, as he continues to influence monetary policy. Meanwhile, economists predict that India's economy may face lower growth due to the Trump Administration's recent imposition of reciprocal tariffs of 27% on Indian goods. A report from Morgan Stanley suggests that growth estimates for India could be revised down by 30-60 basis points from the projected 6.5% for FY26, citing both direct and indirect impacts from the tariffs. While the direct effect on exports is expected to be manageable, a slowdown in US growth and weakened corporate confidence could hinder domestic investment. As the Reserve Bank of India prepares for a Monetary Policy Committee meeting on April 7, analysts anticipate significant interest rate cuts to support economic growth amid these challenges.
Published: Apr 03 2025, 4 pmeznews.inThe installation of over 1.31 crore LED street lights under India's Street Lighting National Programme (SLNP) has led to significant energy savings of approximately 8.8 billion kWh annually, translating to monetary savings of around ₹6,178 crore for municipalities and gram panchayats. Launched in 2015, the initiative, managed by Energy Efficiency Services Limited (EESL), aims to enhance energy efficiency in public lighting. However, as of March 31, 2025, EESL is facing challenges due to outstanding dues of ₹2,700.54 crore from various states and urban local bodies, which the Power Minister, Manohar Lal, highlighted in a Lok Sabha response. Despite these financial hurdles, the SLNP has successfully promoted the adoption of energy-efficient street lighting, with local bodies now exploring alternative funding models to continue the initiative. The programme has been implemented across 69 state bodies, marking a significant step towards sustainable energy practices in India.
Published: Apr 03 2025, 4 pmeznews.inThe Nilgiri Bought Leaf Tea Manufacturers Association has urged the Tea Board to approve a broker billing model in its portal for the new financial year, aiming to enhance market accessibility and competitiveness for Nilgiri teas. Association president Dhananjayan Krishnamoorthy highlighted that this model, already prevalent in North India—which produces 80% of the nation’s tea—would attract a broader range of buyers and improve market visibility. He criticized the current seller billing system, which discourages leading blenders from participating directly in auctions and complicates transactions with multiple GST payments. The proposed broker billing system would streamline purchases by providing buyers with a single consolidated bill, thus simplifying the sales process. The association has called for the Tea Board's immediate intervention to facilitate the adoption of this model, addressing what they see as an unfair competitive disadvantage for Nilgiri manufacturers compared to their northern counterparts.
Published: Apr 03 2025, 4 pmeznews.inThe US Department of Commerce is assessing the impact of President Donald Trump's recent executive order imposing a 27% reciprocal tariff on India, while also exploring potential opportunities arising from this shift in US trade policy. India is optimistic that discussions on a Bilateral Trade Agreement (BTA) will yield exemptions and carve-outs, fostering a mutually beneficial resolution. The Department is engaging with stakeholders, including Indian exporters, to gauge the tariffs' effects and identify competitive advantages, particularly in sectors like textiles and electronics, where India's tariffs are lower than those faced by competitors such as China and Vietnam. Ongoing negotiations aim to enhance bilateral trade, with Prime Minister Narendra Modi and Trump targeting a trade increase to $500 billion by 2030. The executive order, effective from April 2025, establishes additional duties ranging from 10% to 50% on imports from various countries, with India facing a specific duty of 27%.
Published: Apr 03 2025, 2 pmeznews.inIndia's steel industry faces a potential crisis as China, burdened by a 34% US tariff, may redirect excess steel supply into the Indian market, threatening to lower prices and squeeze domestic producers' margins. Despite a 27% reciprocal tariff imposed by the US on Indian imports, steel has so far avoided additional duties, although the influx of nearly 5 million tonnes of low-cost steel from countries like Korea, Japan, and Vietnam could disrupt the sector. Currently, India's steel exports to the US are minimal, with only 95,000 tonnes annually, but the overall steel import volume has risen by 16% year-on-year. The domestic market, primarily driven by infrastructure and construction demand, may provide some relief, and the Directorate General of Trade Remedies has recommended a 12% safeguard duty on imports, which is under consideration. Industry leaders warn that while US tariffs may alter trade dynamics, they could also open new market opportunities for Indian manufacturers.
Published: Apr 03 2025, 3 pmeznews.inUS President Donald Trump unveiled an executive order on tariffs during a press event in the Oval Office, asserting that the new levies were "reciprocal" and reflective of how other nations have treated American goods. While he claimed to halve the tariff rates imposed by other countries on US imports, experts have since scrutinized the methodology behind these figures. Financial writer James Surowiecki highlighted that the rates appeared to be derived from the US trade deficit with each country divided by that country's exports to the US. This formula was corroborated by others, including Flexport CEO Ryan Petersen, who confirmed its consistency across various nations. Indian economists also noted that Trump's calculations aligned with India's trade deficit figures. However, the Office of the US Trade Representative disputed these claims, stating that the rates were based on a comprehensive analysis of both tariff and non-tariff barriers.
Published: Apr 03 2025, 3 pmeznews.inIndia's agricultural exporters are grappling with a new 27% reciprocal tariff imposed by the US, which affects key products including basmati rice, marine goods, and spices. Despite concerns from exporters, the Indian government remains optimistic, aiming to finalize a bilateral trade agreement (BTA) within six months to mitigate the tariff's impact. Previously, import duties ranged from 0-10%, but the new tariffs, effective April 5 and April 9, have raised alarms, particularly among exporters of non-ethnic products. However, basmati rice, which faces no competition from Pakistan due to a higher tariff, may benefit from the situation. Experts suggest that Indian exporters might seek cheaper sourcing options from countries like Brazil to remain competitive. The government is closely monitoring US consumer behavior to assess demand fluctuations, while industry leaders anticipate that the tariff could drive improvements in efficiency and product quality among Indian companies.
Published: Apr 03 2025, 3 pm
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