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Brijesh Chowta, the Member of Parliament for Dakshina Kannada, has called for a renewed focus on port-led development in Karnataka to enhance the state's economic growth. Speaking at a workshop on 'Maritime Adversities' organized by the New Mangalore Port Authority in Mangaluru, Chowta highlighted the success of Gujarat under Prime Minister Narendra Modi, attributing its emergence as a trade hub to similar development strategies. He criticized the state government for neglecting the potential benefits of port-led initiatives, urging improvements in road connectivity, particularly for the Shiradi ghat bypass project. Chowta also proposed the establishment of a maritime university in Mangaluru, to be named after Rani Abbakka, the 16th-century queen known for her resistance against Portuguese colonization. He emphasized that such developments could significantly boost Karnataka's GDP, especially as the New Mangalore Port celebrates its 50th anniversary this year. 
Published: Apr 11 2025, 6 pmeznews.inIndia's goods exports remained stagnant at $437.4 billion in FY2025, impacted by a global economic slowdown and reciprocal tariffs imposed by former US President Donald Trump. In response, the Commerce Department is expediting the Expenditure Finance Committee (EFC) clearance for a new export promotion mission, backed by an annual budget of ₹2,240 crore. This initiative aims to support exporters, particularly in the MSME sector, through schemes like interest equalisation and market promotion funds. The mission seeks a five-year term to ensure stability amid global uncertainties, with plans to reinstate the popular interest equalisation scheme, which was discontinued in December. Exporters are advocating for a 5% interest subvention, up from the previous 3%, to level the playing field. Additionally, the mission will address collateral challenges faced by MSMEs and will incorporate the Market Access Initiative to enhance export opportunities.
Published: Apr 18 2025, 9 pmeznews.inTruJet, formerly known as Turbo Megha Airways, has applied to the Indian government for permission to resume operations after ceasing flights in February 2022 due to financial difficulties stemming from the Covid-19 pandemic. The regional low-cost airline, which operated from Hyderabad's Rajiv Gandhi International Airport from 2015 to 2022, is seeking to renew its No Objection Certificate from the Ministry of Civil Aviation and plans to restart services with ATR turboprop aircraft by August-September 2025. TruJet aims to participate in the government's UDAN scheme to enhance regional connectivity and is also considering the acquisition of second-hand Airbus A320 aircraft to expand its domestic network. The airline has reportedly secured financial backing from new investors and plans to invest ₹100 crore to support its initial operations, which will create around 600 jobs. India's domestic passenger traffic has shown significant growth, further encouraging TruJet's revival efforts.
Published: Apr 18 2025, 7 pmeznews.inIndia's e-commerce sector stands to gain from the US decision to end duty-free imports of goods valued under $800 from China and Hong Kong, effective May 2. This change, which has previously bolstered Chinese companies like Shein and Temu, may create opportunities for Indian exporters, particularly in customized products such as handicrafts and fashion. Amazon's Global Selling program aims to help Indian MSMEs reach global markets, with projections indicating that e-commerce exports could exceed $13 billion by the end of 2024. However, challenges remain, as India's trade infrastructure primarily supports larger exporters, leaving small online sellers facing bureaucratic hurdles. Experts emphasize the need for better education and support for Indian exporters, akin to the assistance provided to Chinese sellers. While the long-term outlook is optimistic, immediate competition with China's established e-commerce giants may prove difficult due to scale and operational expertise disparities.
Published: Apr 18 2025, 7 pmeznews.inDGCpac, a prominent packaging materials supplier in India, is set to launch a rental service for reusable packaging and a product-as-a-service (PAAS) model, according to CEO Suresh Bansal. The company aims to grow its revenue from ₹150 crore to tenfold in five years, leveraging artificial intelligence and new technologies. DGCpac, which currently serves around 200,000 restaurants, is also assisting farmers in creating their own packaging and brands, enabling them to compete effectively in the market. The company offers a variety of sustainable packaging options, including compostable bags and jars, while ensuring competitive pricing for farmers. Additionally, DGCpac has expanded internationally, establishing subsidiaries in Dubai and the UK, and is focused on meeting international packaging standards for exports. With a commitment to sustainability and innovation, DGCpac is positioning itself as a leader in the evolving packaging industry.
Published: Apr 18 2025, 8 pmeznews.inThe processed fish and seafood market in India is projected to reach $21.04 billion, driven by rising disposable incomes and health consciousness, according to industry experts. In response to uncertainties from U.S. tariffs, Indian shrimp producers are shifting focus to the domestic market, aiming to capture 50% of it with ready-to-cook and ready-to-eat products. Currently, only 3-5% of the domestic market is organized, with significant growth potential at a CAGR of 8.55% over the next five years. Industry leaders emphasize the need for improved cold chain logistics and distribution networks to ensure quality and freshness. Additionally, there are calls for the government to reduce the GST on frozen seafood to stimulate domestic consumption, which remains low compared to poultry. As the market evolves, stakeholders are advocating for campaigns to enhance awareness of shrimp's nutritional value, aiming to shift consumer perceptions and increase demand.
Published: Apr 18 2025, 7 pmeznews.inIn a significant bureaucratic reshuffle, the Indian government has appointed 18 Indian Administrative Service (IAS) officers to new roles, including four key secretaries in the Finance Ministry. Vumlunmang Vualnam, a 1992 batch officer from Manipur, will become the new Expenditure Secretary, succeeding Manoj Govil, who moves to the Cabinet Secretariat. Arvind Shrivastava, a 1994 batch officer from Karnataka, will take over as Revenue Secretary, while Anuradha Thakur, also from the 1994 batch of Himachal Pradesh, will assume the role of Economic Affairs Secretary. K Moses Chalai, a 1990 batch officer from Manipur, has been appointed Secretary in the Public Enterprises Department. These appointments will complete the Finance Ministry's team of six secretaries. Additionally, Samir Kumar Sinha will succeed Vualnam in the Civil Aviation Ministry, and Rajesh Agarwal will replace retiring Commerce Secretary Sunil Barthwal.
Published: Apr 18 2025, 7 pmeznews.inThe Reserve Bank of India (RBI) has initiated a monetary policy easing cycle, reducing the repo rate from 6.50% to 6.00% in February and earlier this month, with expectations that the terminal rate will reach 5.50% by December 2025. This shift is anticipated to lower the Centre's average borrowing costs below 7% in FY26, down from 7% in FY25, as the government plans to borrow ₹14.82 lakh crore through government securities. Analysts predict a further decline in yields, with the benchmark 10-year government security potentially falling to 6.20%. RBI Governor Sanjay Malhotra emphasized the commitment to maintaining liquidity, which is expected to support growth amid global economic challenges. Experts highlight India's macroeconomic stability, suggesting that the government's ability to borrow at lower rates could positively impact corporate borrowing costs and enhance the country's credit rating.
Published: Apr 18 2025, 7 pmeznews.inThe area under cotton cultivation in Punjab has plummeted from 2.68 lakh hectares in 2018-19 to just 0.97 lakh hectares in 2024-25, with production dropping from 12.22 lakh bales to 2.72 lakh bales. Farmers attribute this decline to the pink bollworm (PBW) pest and severe water shortages. While a pilot project using AI-based smart pheromone traps has shown promise in improving pest management—resulting in a 38.6% reduction in pesticide use and an 18.54% increase in yield—responses from farmers remain mixed. Some, like Beant Singh, report continued challenges with PBW despite the project's benefits, leading them to reduce their cotton acreage. Conversely, others, such as Roop Singh, have found the project helpful in managing pests and lowering costs. The initiative, funded by the Union Agriculture Ministry and implemented by the ICAR-Central Institute for Cotton Research, aims to enhance pest detection and management efficiency in Punjab's cotton fields.
Published: Apr 18 2025, 7 pmeznews.inITC has announced its acquisition of Sresta Natural Bioproducts, the parent company of the organic food brand 24 Mantra, for ₹472 crore, with the deal expected to finalize in the first quarter of 2025-26. The decision is driven by the brand's strong consumer recall, extensive product range, and significant market potential, estimated at ₹10,000 crore for organic products. ITC highlighted the growing consumer preference for organic foods, noting that current penetration in India is only 0.3%. The acquisition also capitalizes on 24 Mantra's robust presence in the US market, which contributes nearly half of its ₹300 crore turnover. Raj Seelam, the founder of 24 Mantra, will assist in the transition for two years. This move is part of ITC's broader strategy, which has seen multiple acquisitions in recent years, including stakes in Mother Sparsh and Prasuma, as the company seeks to strengthen its position in the organic and natural products sector.
Published: Apr 18 2025, 6 pmeznews.inThe Employees’ Provident Fund Organisation (EPFO) is set to launch a significant digital upgrade, Version 3.0, by May or June 2025, aimed at enhancing services for over 90 million beneficiaries, according to Union Labour and Employment Minister Mansukh Mandaviya. This overhaul will enable faster claim processing, allowing beneficiaries to withdraw funds from ATMs and simplifying the claims process through auto-settlements and digital corrections. The new system will eliminate lengthy form-filling and physical visits, with updates and fund withdrawals facilitated via OTP verification. Currently managing a corpus of ₹27 lakh crore, EPFO also aims to integrate various social security schemes to strengthen pension coverage. Additionally, the Employees’ State Insurance Corporation (ESIC) will expand healthcare access, offering free treatment at Ayushman Bharat hospitals. Mandaviya highlighted efforts to extend social security to gig workers, with a partnership with Swiggy expected to create over 1.2 million job opportunities.
Published: Apr 18 2025, 4 pm
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