eznews.inIn Karnataka, small traders and service providers are planning a phased protest against what they term "unfair tax pressure" from the state's tax authorities, leading to significant disruptions in sales. Starting July 23, milk sales will be suspended, followed by a halt in gutka and cigarette sales on July 24, culminating in a complete shutdown of bakeries, condiment stores, and petty shops on July 25. This backlash follows a wave of GST notices issued to vendors whose digital payment transactions suggest they exceed regulatory turnover thresholds, prompting many to revert to cash payments. The Commercial Taxes Department has clarified that GST applies regardless of payment method and urged unregistered traders to regularise their status. Despite reassurances, many vendors remain anxious, with reports of reduced sales and customer dissatisfaction as the shift back to cash creates inconvenience for consumers. 
Published: Jul 18 2025, 9 pmeznews.inIndia's dependence on China for rare earth elements (REEs) is significant, with over 90% of its imports sourced from the country. Following China's export restrictions imposed in April 2023, which require licenses for rare earth magnets (REMs), India has faced supply disruptions affecting various industries, including automotive and electronics. The Chinese government is currently processing a backlog of export license applications, but Indian officials are urging for expedited clearance to alleviate the impact on local manufacturers, particularly in the electric vehicle sector. Despite efforts by the Indian Commerce Department to facilitate communication with Chinese authorities, delays persist, with a delegation from India seeking an appointment to address these issues. China's restrictions, which were partly a response to US tariffs, have complicated the licensing process, requiring extensive documentation and government endorsements before exports can proceed.
Published: Jul 18 2025, 8 pmeznews.inNamit Joshi, Chairman of the Pharmaceuticals Export Promotion Council of India (Pharmexcil), has called for a six-month extension for drugmakers to comply with a new regulatory requirement mandating the upload of compliance-linked certificates to the Online National Drugs Licensing System (ONDLS) for exports to Rest-of-the-World (RoW) regions. Joshi highlighted the significant volume of data that needs to be processed, which poses challenges for both companies, including thousands of MSMEs, and the online system's capacity. The Central Drugs Standard Control Organisation (CDSCO) had initially set a deadline of July 15 for submissions, now extended by a month. Joshi emphasized the importance of the Certificate of Pharmaceutical Product (COPP) in ensuring compliance with Good Manufacturing Practices, crucial for maintaining India's $30 billion pharmaceutical export market. He urged for efficient query turnaround times to prevent delays that could benefit competitors like China.
Published: Jul 18 2025, 8 pmeznews.inThe European Union has imposed new sanctions on Russia, targeting the Indian oil refinery Nayara Energy Ltd, in which Russian energy giant Rosneft holds a 49.13% stake. This move is part of a broader strategy to diminish the Kremlin's funding for its military operations, with EU High Representative Kaja Kallas announcing measures that include a lower oil price cap and restrictions on Russian banks. While India can still purchase Russian crude at reduced prices, Nayara will be barred from exporting petrol and diesel to Europe processed from this crude. The EU's price cap is set at approximately $47.60 per barrel, significantly below the G7's previous limit of $60. Experts warn that while immediate disruptions to refined product exports are likely, long-term contractual obligations may lead to alternative routes for compliance, suggesting that markets will adapt despite the sanctions' intent to restrict Russia's oil revenues.
Published: Jul 18 2025, 8 pmeznews.inSJK Innovations, based in Coimbatore, has marked a significant milestone by installing its 100th Intelligent Tray Retrieval System (iTRS) at Bhogapuram International Airport in Visakhapatnam. The iTRS, a crucial automation solution for airport security checkpoints, enhances passenger flow, minimizes manual intervention, and boosts operational efficiency and hygiene. The company has previously deployed these systems at major airports, including Delhi's Indira Gandhi International Airport, Lucknow's Chaudhary Charan Singh International Airport, Goa's Mopa International Airport, and Cochin International Airport. Currently, SJK Innovations is also working on installations at Navi Mumbai International Airport, Kempegowda International Airport in Bangalore, and Guwahati International Airport. This achievement underscores the growing trend towards automation in airport operations, aimed at improving the overall travel experience for passengers.
Published: Jul 18 2025, 7 pmeznews.inTata Sons has established the AI-171 Memorial and Welfare Trust with a commitment of ₹500 crore to support victims of the tragic Air India Boeing 787 accident on June 12, which claimed 260 lives, including passengers, crew, and individuals on the ground. The trust aims to assist the dependents of the deceased, those injured, and others directly or indirectly affected by the incident. It will provide an ex-gratia payment of ₹1 crore to victims' families, cover medical expenses for seriously injured individuals, and aid in rebuilding the damaged B J Medical College hostel. Additionally, the trust will offer support to first responders and relief workers who experienced trauma during the aftermath. Tata Sons and Tata Trust will each contribute ₹250 crore, with a five-member board overseeing the trust's operations, including former Tata group veteran S Padmanabhan and Tata Sons group counsel Sidharth Sharma.
Published: Jul 18 2025, 7 pmeznews.inAndhra Pradesh's efforts to curb the smuggling of non-basmati rice intended for ration distribution have led to significant disruptions in rice exports from Kakinada and Visakhapatnam ports, with traders reporting a complete halt in shipments from Kakinada. Exporters are now diverting their consignments to other ports like Kandla and Chennai, resulting in increased transportation costs. The Indian Rice Exporters Federation has raised concerns over the state's stringent checks, which have deterred transporters from carrying rice cargo. Despite meetings with government officials to establish standard operational procedures, exporters argue that the focus should be on preventing ration rice diversion rather than penalizing them. With India holding record rice inventories and facing stiff competition from countries like Thailand and Vietnam, these restrictions could jeopardize India's market share. Meanwhile, Andhra officials maintain that investigations into illegal exports are ongoing, having seized 2,000 tonnes of diverted rice.
Published: Jul 18 2025, 7 pmeznews.inIndia's spice exports experienced a slight decline in June, falling by 2.26% to $312.85 million compared to $320.07 million in the same month last year, according to the Commerce Ministry. However, the overall performance for the April-June quarter showed a 6.2% increase, reaching over $1,156 million, driven by higher shipments of oleoresins and seed spices. In April and May, exports surged by 9.7% to $843.6 million. Emmanuel Nambusseril, Chairman of the All India Spices Exporters Forum, attributed the first-quarter growth to increased demand for value-added products amid concerns over potential US tariff hikes. Looking ahead, Nambusseril expressed optimism for a 5% annual increase, contingent on favorable market conditions and weather, despite uncertainties surrounding US tariffs. The US remains a key market for Indian spices, with exports reaching $711.16 million in FY25, marking a 15% rise from the previous year.
Published: Jul 18 2025, 7 pmeznews.inChina's dominance in global shipbuilding has sharply declined, with its market share plummeting to 52% in the first half of 2025 from 72% just six months prior. This significant drop is attributed to impending U.S. Trade Representative (USTR) port fees targeting Chinese vessels, which are set to take effect in October 2025. The fees are expected to impact not only Chinese ship owners but also vessels built in China, prompting concerns among shipbuilders. Meanwhile, emerging competitors like the Philippines and Vietnam may capitalize on this shift, leveraging lower labor costs to increase their output. Despite these challenges, China's position is not expected to change drastically in the short term, although global shipbuilding contracting has seen a 54% year-on-year decline, particularly for bulk carriers and tankers. South Korea and Japan, the second and third largest shipbuilders, face their own hurdles due to labor shortages and rising costs.
Published: Jul 18 2025, 6 pmeznews.inRussian energy giant Rosneft's plans to divest its 49.13% stake in Nayara Energy Ltd., an Indian refinery, face potential setbacks due to new European Union sanctions linked to the Ukraine conflict. The EU's 18th sanctions package targets the refinery, complicating discussions Rosneft has had with Reliance Industries, owned by billionaire Mukesh Ambani, for a possible sale. The sanctions could hinder Reliance's ability to acquire a stake without jeopardizing its European business, as the region imports significant amounts of Indian fuels. Nayara, which operates a 400,000-barrels-per-day refinery and is developing a petrochemicals plant, is currently co-owned by Rosneft and SPV Kesani Enterprises, with retail investors holding the remainder. Rosneft has struggled to repatriate earnings due to sanctions and has explored other buyers, including Saudi Aramco, since acquiring Nayara from Essar Group in 2017 for $12.9 billion.
Published: Jul 18 2025, 6 pm
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