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The Income Tax Department has announced an exemption from Tax Deducted at Source (TDS) for seventeen types of payments made to seven categories of businesses operating within the International Financial Services Centre (IFSC), effective July 1. This exemption applies to various payments, including professional fees to bookkeeping and financial compliance service providers, as well as interest on leases and freight charges. Notably, broker-dealers will not incur TDS on commission incentives from recognized stock exchanges. To benefit from this exemption, payees must submit a statement in Form No. 1 detailing their previous years for the ten consecutive assessment years for which they claim deductions. The TDS framework, designed to collect tax at the source of income, allows deductees to receive credit for taxes deducted, reinforcing the government's commitment to supporting businesses in the IFSC, which are treated as exporters under tax regulations. 
Published: Jun 22 2025, 11 ameznews.inThe Employees' Provident Fund Organization (EPFO) reported a net addition of 1.914 million members in April 2025, marking a 31.31% increase from March and a 1.17% rise compared to April 2024, according to the Labour Ministry. The month saw approximately 849,000 new subscribers, with the 18-25 age group dominating at 57.67% of total additions, reflecting a 10.05% increase from the previous month. Notably, around 1.577 million former members rejoined EPFO, a 19.19% rise from March, opting to transfer their funds rather than settle. Female participation also grew, with 245,000 new female subscribers, a 17.63% increase month-on-month. The top five states, including Maharashtra, which contributed 21.12% of net payroll additions, accounted for 60.10% of the total growth, indicating a robust trend towards a more inclusive workforce.
Published: Jun 22 2025, 5 pmeznews.inThe Strait of Hormuz, a crucial maritime passage that facilitates approximately 26% of the world's oil trade, is currently facing significant disruptions due to the ongoing Israel-Iran conflict. This situation poses serious challenges for India, which relies heavily on this waterway for oil and fertilizer imports. Reports indicate that nearly 50 oil tankers are attempting to navigate the strait, with Indian seafarers aboard many of these vessels now stranded. The potential for a blockade raises concerns over soaring oil prices, increased freight rates, and heightened security risks. While the movement of fertilizers from West Asia is expected to remain largely unaffected, shipments from Iran may cease entirely due to sanctions. Industry experts warn that the safety of crew members and environmental risks from potential oil spills are immediate concerns, as vessels must be safely navigated to secure locations.
Published: Jun 22 2025, 3 pmeznews.inIndia's coffee exports have surged by approximately 125% over the past 11 years, reaching $1.8 billion, according to government data. Exports rose from over $800 million in 2014-15 to $1.28 billion in 2023-24, with Europe being the primary market, particularly Italy, Germany, and Belgium. The Coffee Board of India has implemented several initiatives to boost exports, including digital registration processes, regular exporter consultations, and financial support for value-added products. The government offers incentives for exporting high-value green coffee and assists with machinery costs for processing. Industry leaders emphasize the potential for specialty coffee exports, with sustainable practices like shade-grown coffee helping to protect forests and support biodiversity. India, the seventh-largest coffee producer globally, employs around two million people in the sector, with Karnataka, Kerala, and Tamil Nadu as the main producing states.
Published: Jun 22 2025, 4 pmeznews.inThe ongoing conflict between Iran and Israel is poised to significantly disrupt India's trade with West Asian nations, including Iraq, Jordan, Lebanon, Syria, and Yemen, experts warn. The recent U.S. strikes on Iranian sites have escalated tensions, raising fears of a broader regional conflict that could further strain India's exports to both Iran and Israel. Mumbai-based exporter Sharad Kumar Saraf noted that his company is already withholding shipments due to the conflict's impact on trade routes, particularly the vital Strait of Hormuz, through which a substantial portion of India's crude oil imports transit. The Global Trade Research Initiative highlighted that any disruption in shipping lanes could inflate costs and introduce new supply chain risks, particularly affecting perishable goods. With India's exports to Iran valued at $1.24 billion and to Israel at $2.1 billion, the potential for increased oil prices and inflation poses a significant challenge for the Indian economy.
Published: Jun 22 2025, 3 pmeznews.inBritish Airways has suspended flights to Dubai and Doha amid escalating tensions in the Persian Gulf following US airstrikes on Iranian nuclear sites. The London-based airline canceled multiple flights to Dubai and diverted two aircraft, one of which was rerouted to Zurich after entering Saudi airspace, while another returned to Heathrow from Egypt. Additionally, flights to Qatar's capital were canceled, and routes to Bahrain have been halted until the end of the month due to operational challenges and airspace restrictions. This decision reflects heightened concerns in a region typically viewed as stable, as US President Donald Trump announced the strikes and warned of further action if Iran does not comply. In response, Iran has threatened to target US bases in the Gulf and potentially close the Strait of Hormuz. Bahrain has also implemented remote work for 70% of its government ministries in light of the situation.
Published: Jun 22 2025, 3 pmeznews.inThe Indian hospitality sector is poised for robust growth, driven by increased demand from corporate travel, the Meetings, Incentives, Conferences, and Exhibitions (MICE) sector, and a vibrant wedding season, according to a report by Antique Stock Broking Limited. This surge in activity has led to significant increases in Average Room Rates (ARRs) and occupancy levels. The report anticipates a long-term upcycle for the industry, supported by rising disposable incomes and changing consumer preferences. Large hotel firms reported strong demand in the fourth quarter, with expectations of continued momentum into the first quarter of FY26, fueled by major events and concerts. The sector is projected to grow at a Compound Annual Growth Rate (CAGR) of 10.4% from FY24 to FY29, outpacing supply growth. Additionally, the tourism sector's contribution to GDP has returned to pre-pandemic levels, with international tourist arrivals rebounding significantly in 2023.
Published: Jun 22 2025, 2 pmeznews.inThe Economic Survey of 2023-24 has recommended excluding food from India's inflation targeting framework, highlighting that current monetary policy tools may be ineffective against inflation driven by supply constraints. Minister of State Rao Inderjit Singh announced that the Consumer Price Index (CPI) basket will expand, with the new base year set for 2024, replacing the current base year of 2012. The CPI, which is crucial for measuring retail inflation, currently includes 299 items, with food and beverages accounting for 54.2% of the basket. The revised CPI series, based on the Household Consumption Expenditure Survey (HCES) conducted in 2023-24, is expected to be published in early 2026. Singh noted that the new basket will reflect updated consumption patterns, as data is collected from over 2,200 urban and rural markets across India.
Published: Jun 22 2025, 1 pmeznews.inIn a significant update from India's Ministry of Statistics and Programme Implementation, Minister Rao Inderjit Singh announced the upcoming revisions to key economic indicators, including GDP, Consumer Price Index (CPI), and Index of Industrial Production (IIP). A new GDP series will be released on February 27, 2026, using FY 2022-23 as the base year, while the IIP will adopt 2022-23 as its revised base starting from 2026-27. The CPI is set for a revision in 2024, with an expanded item basket based on the National Sample Survey's Household Consumer Expenditure Survey conducted in 2023-24. Additionally, the ministry plans to enhance data collection frequency and introduce new surveys, including the National Household Travel Survey and Domestic Tourism Expenditure Survey, starting in July 2025. The integration of artificial intelligence into the statistical system is also underway, aimed at improving data processing and analysis.
Published: Jun 22 2025, 1 pmeznews.inThe Gujarat government has unveiled the Gujarat Electronics Component Manufacturing Policy-2025, aiming to attract ₹35,000 crore in investments to bolster the state's emerging semiconductor ecosystem, which currently has four projects under construction. The policy encourages the establishment of upstream industries, including manufacturers of Multi-Layer and High-Density Interconnect (HDI) Printed Circuit Boards, Lithium-ion cells, and various electronic components. Projects approved by the Union Ministry of Electronics and Information Technology (MeitY) will benefit from a 100% top-up on central support, ensuring timely disbursement of assistance. The state will offer turnover-linked incentives for six years, applicable to both new and ongoing projects, although those receiving aid under the previous Gujarat Electronics Policy (2022-28) will be excluded. Interested parties must submit applications by July 31 to take advantage of this initiative, which aims to enhance Gujarat's position in the electronics manufacturing sector.
Published: Jun 22 2025, 11 am
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