eznews.inThe global rice market is experiencing a downturn, with the Food and Agriculture Organisation's (FAO) rice price index nearing a five-year low, currently at 105.5 points—down 22% year-on-year. Prices for Thailand's 5% broken white rice have fallen below $400 per tonne, reflecting subdued demand amid high inventories in African countries. However, projections for rice production in the 2025-26 season are optimistic, driven by favourable weather, particularly in India, which is expected to achieve its largest harvest on record. The Indian monsoon has arrived early, contributing to a 15% surplus in rainfall and a 7.4% increase in paddy area. Despite these positive forecasts, the market remains bearish, with analysts noting a lack of demand and downward revisions to price expectations, influenced by India's recent easing of export restrictions. The USDA and BMI also report increased production forecasts for Bangladesh, Pakistan, and Vietnam, offsetting declines in Iraq and the US. 
Published: Jul 09 2025, 9 ameznews.inA preliminary report on the Air India Boeing 787-8 Dreamliner crash, which claimed 260 lives on June 12, is expected to be released by Friday, according to sources familiar with the investigation. The aircraft, bound for London, crashed shortly after takeoff from Ahmedabad, killing 241 of the 242 passengers and crew on board, as well as others on the ground. Investigators are focusing on the engine fuel control switches and the flight data recorders, with early findings suggesting that the cause of the crash may involve issues related to engine thrust. The investigation has faced scrutiny over the slow release of information, with the Indian government holding only one press conference on the incident. Meanwhile, a U.N. aviation investigator has been granted observer status in the probe. The crash poses significant challenges for the Tata Group, which is working to revamp Air India's image and operations.
Published: Jul 09 2025, 9 ameznews.inTrade negotiators from various Asian countries have been making frequent trips to Washington in a bid to secure deals with US President Donald Trump, particularly since the announcement of "reciprocal" tariffs on April 2. Delegates from nations such as Japan, India, and Indonesia have collectively logged over 770 hours of flight time and more than 350,000 miles—equivalent to 14 circumnavigations of the globe. Japan's chief negotiator has made seven trips, while India’s team has visited three times, with Trump suggesting a deal is imminent. South Korea and Taiwan have also engaged in multiple discussions, while Malaysia and Indonesia are committed to ongoing negotiations despite facing significant tariffs. Notably, China has opted for negotiations in Europe rather than Washington. With Trump delaying higher tariffs until August 1, further travel is anticipated as countries strive for favorable trade agreements.
Published: Jul 09 2025, 9 ameznews.inThe long-awaited 56th GST Council meeting remains in limbo, with no confirmed date or venue since its last gathering on December 21, 2024, in Jaisalmer, Rajasthan. Experts warn that the ongoing delay, exacerbated by the upcoming Monsoon Session of Parliament from July 21 to August 21, could deepen existing disputes and create a policy vacuum. The GST Council is required to meet quarterly, yet the current postponement is attributed to budget presentations and recent events, including the Pahalgam incident. Finance Minister Nirmala Sitharaman has indicated that preparations are underway to address key issues, such as GST rate reductions and the future of the compensation cess, which expires in March 2026. Industry experts express concern over the uncertainty affecting various sectors, highlighting the need for decisive action on critical matters like ITC eligibility and the establishment of a GST Appellate Tribunal to enhance compliance and resolve disputes.
Published: Jul 08 2025, 8 pmeznews.inCoconut prices in Kerala have surged to ₹75 per kg, a significant increase from last year's ₹28, impacting traditional temple rituals. At the Pazhavangadi Ganapathy Temple in Thiruvananthapuram, coconut offerings have dropped by approximately 30%, as devotees scale back on large offerings due to rising costs. Temple managements are also feeling the pinch; the Pazhavangadi temple has raised the price of coconut oil from ₹340 to ₹400 due to vendor supply issues. The upcoming Sabarimala pilgrimage, starting July 17, is expected to see heightened demand for coconuts, as devotees typically carry multiple for offerings. The price hike is attributed to a 25% global drop in coconut production, exacerbated by climate change and increased demand for value-added products. As the situation unfolds, the economic viability of coconut offerings remains uncertain, raising concerns for both devotees and temple administrations.
Published: Jul 08 2025, 8 pmeznews.inThe investigation into the recent Air India crash in Ahmedabad is being led by the Director General of the Aircraft Accident Investigation Bureau (AAIB), which has begun analyzing data from the aircraft's black boxes. A parliamentary panel expressed concerns over air safety during a meeting originally intended to discuss airport levy charges, with MPs demanding clarity on the investigation's timeline and the criteria for selecting the crash probe committee. The Ministry of Civil Aviation (MoCA) reported that a multidisciplinary team was formed on June 13, 2025, to examine the cockpit voice and flight data recorders, aiming to reconstruct the events leading to the accident. Additionally, the International Civil Aviation Organization (ICAO) has been granted observer status in the investigation, which includes experts from the US National Transportation Safety Board (NTSB) to ensure adherence to global aviation standards.
Published: Jul 08 2025, 8 pmeznews.inA coalition of ten central trade unions, supported by farmers' unions, has called for a nationwide strike against four controversial labour codes, demanding the government host an Indian Labour Conference (ILC) for the first time since 2015. The Bhartiye Mazdoor Sangh (BMS), backed by the RSS, has opted out of the strike, citing the government's responsiveness to their suggestions for amending the labour codes. Key demands from the striking unions include the withdrawal of fixed-term employment, scrapping the Agnipath scheme, a restoration of the Old Pension Scheme, and a minimum pension of ₹9,000 for EPFO subscribers. They also seek recognition and benefits for scheme workers and a climate resilience fund. Additionally, the farmers' group, Samyukta Kisan Morcha, has urged support for the strike, opposing free trade agreements that they argue threaten Indian agriculture by allowing subsidized foreign products to flood the market.
Published: Jul 08 2025, 8 pmeznews.inIndia's steel imports have seen a significant decline, with June shipments dropping to 0.43 million tonnes (mt), a nearly 33% decrease compared to the same month last year. This downturn is attributed to tightened safeguard duties and a resurgence in domestic steel pricing, which has become more competitive than Chinese imports. The domestic market now sees prices ranging from ₹50,000 to ₹50,700 per tonne, about 2-3% lower than landed Chinese steel. In the first quarter of FY26, total imports fell nearly 30% year-on-year to 1.4 mt, with benchmark hot rolled coil (HRC) imports also down by 30% to 1 mt. Despite this, India remains a net importer, with exports rising to 0.45 mt in June. Market analysts note a prevailing weak sentiment in the domestic market, driven by low demand and monsoon disruptions, while steel mills have maintained prices steady into July.
Published: Jul 08 2025, 7 pmeznews.inInvestments in Indian agritech are on the rise, rebounding to $411.74 million in 2024 from $320 million the previous year, according to a recent ThinkAg report. This recovery follows a challenging 2023, where investments plummeted by 65% to $901 million, mirroring broader sector trends. While deal volumes fell to 61 in 2024, the focus remained on existing portfolio companies, with 82% of deals being follow-on funding. Hemendra Mathur, co-founder of ThinkAg, expressed optimism for 2025, predicting investments could reach between $500 million and $800 million, driven by a shift towards profitability and realistic valuations. Downstream agtech attracted the most funding, while precision agtech emerged as a new area of interest. Foodtech also saw an 18% increase in investment, bolstered by strong consumer demand. The cautious investment approach is expected to persist, reflecting a growing awareness of India's food loss challenges.
Published: Jul 08 2025, 8 pmeznews.inThe Employees’ Provident Fund Organisation (EPFO) is set to finalize the crediting of interest for the fiscal year 2024-25, with a rate of 8.25 percent, as confirmed by Labour Minister Mansukh Mandaviya. As of July 8, interest has been credited to 32.39 crore member accounts across 13.86 lakh establishments, marking a completion rate of 99.9 percent for establishments and 96.51 percent for member accounts. This year's process has been expedited compared to the previous fiscal, where crediting began in August and concluded in December. The interest rate for FY25, approved by the Central Government on May 22, remains unchanged from the previous year. The EPF continues to offer competitive returns compared to other fixed-income instruments, ensuring reliable growth for post-retirement savings. The interest rate was slightly increased from 8.15 percent in 2022-23, following a historic low of 8.1 percent in 2021-22.
Published: Jul 08 2025, 8 pm
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