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The upcoming Income Tax Bill, set for consideration in the Monsoon Session starting July 21, aims to address the longstanding regulatory-tax mismatch concerning Non-Performing Assets (NPAs). The Select Committee has endorsed amendments to the Bill, which will clarify the definition of NPAs and align tax treatment with regulatory guidelines. Currently, the Reserve Bank of India's (RBI) definition of NPAs conflicts with tax regulations, leading to disputes over the taxation of interest income on defaulted loans. While banks cease to recognize interest income on NPAs after 90 days, tax authorities may still tax it unless the account is in default for 180 days. The new Bill proposes that interest income from NPAs be taxed only when actually received or credited, thereby reducing litigation and ensuring that only real income is taxed. This alignment is expected to harmonize financial, regulatory, and tax frameworks, ultimately minimizing disputes. 
Published: Jul 17 2025, 10 ameznews.inRussia has emerged as the largest supplier of oil to India, with India now positioned as the second-largest buyer of Russian oil, following China. This development comes amid rising tensions over energy purchases from Russia, particularly after NATO Secretary General Mark Rutte warned countries like India, Brazil, and China of potential secondary sanctions if they continue trading with Moscow. In response, India's Ministry of External Affairs emphasized the importance of securing energy needs and cautioned against "double standards" in international trade practices. The backdrop to this situation includes significant discounts on Russian oil following the invasion of Ukraine in 2022, which has driven India's increased imports. Meanwhile, U.S. lawmakers are reportedly considering legislation that could impose steep tariffs on nations supporting Russia, with President Trump suggesting that secondary tariffs could reach up to 500%.
Published: Jul 17 2025, 9 pmeznews.inNegotiations for the India-UK free trade agreement (FTA) concluded in May, with a formal signing anticipated soon after the ongoing legal review is completed. Sources indicate that Prime Minister Narendra Modi may sign the pact in London alongside UK Prime Minister Keir Starmer, potentially within weeks. The FTA aims to eliminate tariffs on approximately 99% of goods, benefiting sectors such as textiles, leather, and engineering, while also providing a three-year exemption from social security payments for Indian workers in the UK. India will reduce tariffs on UK whisky and gin, and UK car manufacturers will see significant tariff reductions, particularly for electric vehicles. The agreement is projected to boost bilateral trade by £25.5 billion ($34 billion), with £15.7 billion ($21 billion) expected from increased UK exports to India. The deal reflects the strengthening economic ties between the two nations, with current trade valued at around $60 billion.
Published: Jul 17 2025, 8 pmeznews.inIndia's major reservoirs have seen a significant increase in storage levels, now at 57.20% of their total capacity, thanks to abundant rainfall from the south-west monsoon. According to the Central Water Commission, this marks a 91 percentage point rise compared to last year and a 69.5 percentage point increase over the past decade's average. The India Meteorological Department reports a 9% surplus in monsoon rainfall, particularly benefiting central and north-west India, which received 30% and 31% more rain, respectively. This positive trend is expected to support kharif sowing this year. While Goa's reservoir is full and Tamil Nadu's dams are nearly at 93% capacity, some regions, including Himachal and Punjab, remain below 40%. The forecast of heavy rains for central and southern India next week suggests that storage levels may continue to rise.
Published: Jul 17 2025, 8 pmeznews.inPunjab is set to conduct field trials of genetically modified (GM) maize this kharif season, despite opposition from anti-GM activists. The Punjab Agricultural University (PAU) is spearheading the trials, with Agriculture Minister Gurmeet Singh Khudian asserting the necessity of developing new crop varieties to address future agricultural challenges, particularly in water-scarce regions. However, activists from the Coalition for a GM-Free India have raised concerns, particularly regarding the trials' compatibility with the state's existing ban on glyphosate, a pesticide that the trials involve. Kavitha Kuruganti, a leading activist, criticized PAU for allegedly violating regulatory guidelines and warned that introducing more chemicals could exacerbate Punjab's environmental health crisis. She emphasized the need for caution with GM technologies, which could lead to increased agro-chemical use, adversely affecting both farmers and consumers. The situation highlights the ongoing debate over agricultural innovation versus environmental safety in India.
Published: Jul 17 2025, 8 pmeznews.inIn a bid to combat rising obesity and diabetes rates, the Central Board of Secondary Education (CBSE) has instructed affiliated schools to display "Oil Boards" in common areas, following a directive from the Health Ministry. This initiative aims to promote healthier lifestyles among students by raising awareness about the fat content in popular snacks, such as samosas and burgers, while also recommending a daily fat intake of 27-30 grams. The Health Ministry emphasized that these boards serve as a "behavioural nudge" to inform the public about hidden fats and sugars in food products, rather than targeting specific items or Indian street food culture. Despite some political backlash, including concerns from West Bengal's Chief Minister and calls for uniform food regulations, experts and branding professionals view this initiative as a necessary step towards addressing public health challenges. The move is seen as crucial for educating consumers, particularly those from lower socio-economic backgrounds, about the health risks associated with excessive oil and sugar consumption.
Published: Jul 17 2025, 8 pmeznews.inThe European Centre for Medium-Range Weather Forecasts has indicated that most of India will experience dry conditions until July 30, with the exception of the West Coast, parts of East India, and the Himalayan foothills. A fresh low-pressure area is expected to develop over the Bay of Bengal around July 25, potentially bringing increased rainfall to East and Central India in the latter part of the month. Currently, a depression over south-east Uttar Pradesh is exacerbating flooding in the region, while a western disturbance is enhancing rainfall across North-West India. The India Meteorological Department has issued warnings for extremely heavy rainfall in Kerala, coastal Karnataka, and parts of Madhya Pradesh and Uttar Pradesh. Despite these localized downpours, significant rainfall deficits persist in East and North-East India, as well as the South Peninsula, with the country overall reporting a 9% surplus above normal rainfall as of mid-July.
Published: Jul 17 2025, 6 pmeznews.inThe Indian government is set to implement stricter quality control measures for public infrastructure projects following a series of failures, including bridge collapses and road erosion during monsoon seasons. In response, several Ministries have been instructed to submit comprehensive reports on ongoing and completed projects, focusing on durability, materials, and post-construction inspections. A high-level review meeting convened by the Prime Minister’s Office emphasized the urgent need for reforms, including third-party audits and real-time project tracking, to enhance accountability and safety. Experts have highlighted the necessity of prioritizing quality over cost in project execution, advocating for a shift from the lowest bidder model to value-based selection. New guidelines are expected to be finalized soon, applying to all major projects executed by Central public sector enterprises and under public-private partnerships, with a potential panel to investigate deeper lapses in construction standards.
Published: Jul 17 2025, 6 pmeznews.inIndia's stock market faced a downturn on July 17, 2025, with the SENSEX closing at 82,259.24, down 375.24 points, and the NIFTY falling to 25,111.45, a decrease of 100.60 points. In commodities, crude oil prices rose by 30.00 to reach 5,743.00, while gold and silver saw declines, with gold priced at 97,262.00, down 526.00, and silver at 111,379.00, down 256.00. Meanwhile, a report from ratings firm CRISIL indicated that India's goods exports may face challenges in fiscal 2026 due to reciprocal tariffs from the US, which is projected to see its growth slow to 1.7% from 2.8%. The World Trade Organisation anticipates a 0.2% decline in global merchandise trade volume in 2025, although India's current account deficit is expected to remain manageable at 1.3% of GDP, supported by a surplus in services trade and strong remittances.
Published: Jul 17 2025, 4 pmeznews.inUnion Minister of Petroleum and Natural Gas, Hardeep Puri, expressed confidence that India can secure its energy needs from alternative sources amid potential disruptions to Russian supplies due to US sanctions. Speaking at the Urja Varta annual conference, Puri noted India's diversification of supply sources, expanding from 27 to 40 countries, and highlighted new suppliers like Guyana, alongside increased output from Brazil and Canada. His remarks follow US President Donald Trump's warning that nations purchasing Russian energy could face sanctions, as Congress considers the bipartisan Sanctioning Russia Act of 2025, which proposes steep tariffs on countries, including India, that continue such purchases. Puri reassured that India is prepared to manage any supply disruptions, stating, “I’m not worried at all.” He also indicated that if crude oil prices stabilize, there may be room for fuel price reductions in India, which currently relies on Russia for about 35% of its oil imports.
Published: Jul 17 2025, 4 pmeznews.inAdvanta Seeds, a global seed company under the UPL Group, has appointed Rajan Gajaria as its new Vice-Chairman. Gajaria, who has been a board member of UPL SAS and Advanta for the past two years, brings over three decades of experience in the agriculture sector, including a notable tenure at Corteva Agriscience. His extensive background includes collaboration with CEOs, venture capitalists, and private equity investors, enhancing his understanding of global business dynamics. In his new role, Gajaria will focus on strategic leadership, driving shareholder value through disciplined investments, and pursuing growth via targeted mergers and acquisitions. He will also continue to serve on Advanta's Board of Directors. UPL Chairman Jai Shroff expressed confidence that Gajaria's expertise will be crucial in advancing the company's strategic initiatives and enhancing stakeholder value. The announcement was made on July 17, 2025.
Published: Jul 17 2025, 4 pm
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