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Union Minister for Communications Jyotiraditya Scindia has highlighted the significant economic potential of India's northeastern states, which are currently growing at rates of 11-12%, during a meeting with Reliance Industries Chairman Mukesh Ambani and other industry leaders in Mumbai. Scindia, who also oversees the Ministry of Development of the North Eastern Region (MDoNER), emphasized the region's historical importance in Southeast Asian trade and its role as a launch pad for the Global South. Ahead of the Rising Northeast Investment Summit 2025, he discussed opportunities in sectors such as agro-based industries, textiles, and tourism. Scindia noted that the Indian government is investing heavily in infrastructure, with nearly 10% of the Gross Budget Support allocated to the northeast, aiming to transform it into an economic powerhouse. He asserted that the region's rich resources and growth trajectory are crucial for the nation's overall progress. 
Published: May 04 2025, 2 pmeznews.inIndia aims to reduce rice cultivation by 5 million hectares while increasing production by 10 million tonnes to boost oilseed and pulse farming, as announced by Union Agriculture Minister Shivraj Singh Chouhan during the launch of two genome-edited rice varieties by the Indian Council of Agricultural Research (ICAR) in New Delhi. The "-5,+10" plan is part of a broader strategy to achieve self-sufficiency in these crops, with Chouhan emphasizing the role of agricultural scientists in this initiative. While the Minister refrained from commenting on genetically modified crops due to ongoing legal matters, he clarified that genome editing differs as it does not involve foreign gene insertion. ICAR's director general highlighted the potential for increased yields by targeting low-performing areas, and the organization is shifting towards demand-driven research, integrating farmer feedback into its development processes.
Published: May 04 2025, 6 pmeznews.inIndia's Steel Ministry is closely monitoring the effects of a newly imposed 12% safeguard duty on steel imports from China and Vietnam, aimed at shielding domestic producers from a surge in low-cost imports. Union Minister for Steel and Heavy Industries, HD Kumaraswamy, emphasized that this temporary measure is crucial for preventing "serious injury" to the local industry, allowing it to compete fairly. The government has also introduced anti-dumping duties on select imports from South Korea, Japan, and Singapore. As part of ongoing trade negotiations with the US, India aims to enhance bilateral trade, targeting $500 billion by 2030. Steel demand is projected to grow by 11-12% in FY26, driven by infrastructure projects and urbanization. To address coking coal dependency, India is diversifying import sources and encouraging public sector undertakings to acquire mining assets abroad, while also prioritizing greener steel production in line with global decarbonization goals.
Published: May 04 2025, 6 pmeznews.inIn a bid to reduce operational costs for pilot training schools, the Indian government plans to make hull insurance optional for trainer aircraft, responding to rising insurance premiums linked to recent accidents. Currently, the Directorate General of Civil Aviation (DGCA) mandates insurance covering hull loss, alongside coverage for instructors and trainees. The Association of Flight Training Organisations (AFTO) has welcomed this proposed amendment, suggesting it could lower training costs and attract more students. In 2024, the DGCA issued 1,342 commercial pilot licences, a significant drop from the previous year, largely due to a shortage of flight instructors. The DGCA is also considering easing licensing requirements, such as removing the need for Class XII physics and mathematics. With India's aviation sector projected to require 20,000 new pilots, the government is exploring technological solutions to streamline training and licensing processes.
Published: May 04 2025, 6 pmeznews.inThe Chennai-Vladivostok eastern maritime corridor (EMC) is emerging as a vital sea link between India’s East Coast and Russia’s Far East, significantly shorter than the Mumbai-St Petersburg route. Recent data indicates a remarkable surge in cargo volumes, with coal shipments up by 87% and crude oil transport increasing by 48% year-on-year for FY 2024-25. The corridor, established following a 2019 memorandum between India and Russia, is 45% shorter than the Mumbai route, potentially reducing freight costs and transit times. As geopolitical tensions prompt ships to avoid the Suez Canal, the EMC is expected to attract more traffic. The Chennai Port Authority is exploring trade patterns and aims to establish a dedicated vessel service, while financial mechanisms for trade in rupees and roubles are being considered. This corridor not only enhances trade but also promises industrial growth and job creation along India’s East Coast, positioning India as a key player in Eurasian trade.
Published: May 04 2025, 6 pmeznews.inUnion Finance Minister Nirmala Sitharaman will head the Indian delegation to the 58th Annual Meeting of the Board of Governors of the Asian Development Bank (ADB) in Milan, Italy, from May 4 to 7. The event will gather officials from ADB member countries and international financial institutions. Sitharaman is set to engage in key sessions, including the Governors' Business session and a panel discussion on "Cross-Border Collaboration for Future Resilience." Additionally, she will conduct bilateral meetings with her counterparts from Italy, Japan, and Bhutan, as well as discussions with the ADB President and leaders from the International Fund for Agricultural Development and the Japan Bank for International Cooperation. On the sidelines, she will connect with the Indian diaspora and participate in a Plenary Session at Bocconi University focused on balancing economic and climate resilience.
Published: May 04 2025, 4 pmeznews.inAir India has diverted its flight AI139 from Delhi to Tel Aviv to Abu Dhabi following a missile attack near Ben Gurion Airport in Tel Aviv on Sunday. The incident occurred less than an hour before the flight was scheduled to land. In response to the security threat, the airline has suspended all flights to and from Tel Aviv until May 6, prioritizing the safety of its passengers and crew. The diverted flight landed safely in Abu Dhabi and is set to return to Delhi. Additionally, Air India's flight from Tel Aviv to Delhi has been cancelled for the day. Passengers with valid tickets for flights between May 4 and 6 will be offered a one-time waiver for rescheduling or full refunds. The missile, reportedly launched from Yemen, briefly halted air traffic at the airport.
Published: May 04 2025, 4 pmeznews.inIndian companies are increasingly harnessing Generative AI (GenAI) tools to enhance creativity, optimize campaigns, and improve audience engagement, according to a recent Ernst & Young (EY) report. The report highlights that AI adoption could boost revenues by 10% and cut costs by 15% for media and entertainment firms. India, with its rich talent pool and evolving AI ecosystem, is positioned to lead this transformation in the global media landscape. AI is being utilized for hyper-targeted content recommendations on OTT platforms, dynamic ad insertions, and efficient localization processes, including automated dubbing and subtitling. The sector, which currently employs 2.8 million people and has created around 10 million indirect jobs, is also benefiting from government initiatives aimed at fostering the creator economy. EY emphasizes that India's diverse cultural landscape and cost advantages make it an attractive destination for foreign investment in media and entertainment.
Published: May 04 2025, 3 pmeznews.inIndia's foreign direct investment (FDI) policy is gaining recognition for its stability and predictability, attracting global investors to its expanding economy, according to Deloitte India. The report highlights that sectors such as pharmaceuticals, automotive, and tourism are not only significant FDI magnets but also crucial for employment, exports, and innovation, driving the country's next growth wave. With the allowance of 100% FDI under the automatic route in key areas like insurance and tourism, India is positioning itself as a transparent investment destination. The National Monetisation Pipeline and the development of industrial corridors across over 100 cities are creating investment-ready zones. FDI inflows surged by 27% to $40.67 billion during April-December 2024-25, compared to $32 billion in the same period the previous year. Additionally, trade agreements are enhancing India's role in global commerce, supporting its transition to a key player in the international market.
Published: May 04 2025, 3 pmeznews.inThe United States is poised to advocate for significant reforms in India's trade policies, as outlined in a proposed bilateral trade agreement, according to the Global Trade Research Initiative (GTRI). Key demands from the US include reductions in India's minimum price support programs for staple crops, the removal of restrictions on genetically modified imports, and lower tariffs in the agricultural sector. In dairy, US officials argue that India's GM-free feed certification effectively blocks American imports. Additionally, the US seeks to ease restrictions on foreign retail giants like Amazon and Walmart, which face challenges due to India's regulations aimed at protecting local retailers. India, however, views these policies as essential for safeguarding its domestic market and regulatory autonomy. The US also criticizes India's complex licensing requirements for remanufactured goods, which it deems costly and inefficient. As negotiations advance, Washington will continue to press for comprehensive reforms across various sectors.
Published: May 04 2025, 2 pm
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