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Chennai is set to establish its second airport at Parandur following the Centre's approval for the project, as reported by _businessline_. The greenfield airport, located approximately 70 km west of the city, has successfully passed the second stage of the Centre’s Greenfield Airports (GFA) policy, receiving 'in-principle' approval that allows for land acquisition and construction to commence. This decision follows extensive discussions involving the Union Ministry of Civil Aviation and other relevant agencies. Officials expressed optimism that the new airport will enhance connectivity and stimulate economic growth in the region. The GFA policy has seen the Centre grant 'in-principle' approval for 21 greenfield airports across India, with 12 already operational. Currently, India boasts around 159 operational airports, encompassing both brownfield and greenfield facilities. The implementation of the Parandur project will now be managed by the designated airport developer and the State government. 
Published: Apr 08 2025, 10 pmeznews.inMaharashtra's sugar season for 2024-25 has ended on a troubling note, with a significant 26.6% decline in sugar production, totaling just 807.61 lakh quintals compared to 1,100.93 lakh quintals the previous year. Of the 200 operational sugar mills, 199 have ceased crushing operations, primarily due to a 20.6% drop in sugarcane availability, which fell to 852.34 lakh tonnes. Compounding the issue, the sugar recovery rate has also decreased from approximately 1.025 quintals per tonne of cane to 0.947 quintals, indicating potential problems with cane quality and processing conditions, possibly linked to erratic weather and water scarcity. This downturn poses challenges for farmers, millers, and ethanol producers, potentially tightening sugar supplies and affecting prices. As Maharashtra is crucial to India's sugar production, industry stakeholders are urging government intervention to address these pressing concerns and avert a financial crisis.
Published: Apr 17 2025, 4 pmeznews.inA delegation from Telangana, led by Chief Minister A Revanth Reddy, arrived in Tokyo on Wednesday for a week-long investment drive, where they were welcomed by Indian Ambassador to Japan, Shibu George. On the first day of their visit, Marubeni Corporation signed a Letter of Intent with the Telangana government to establish a next-generation industrial park in the state’s Future City. The proposed park, covering 600 acres, aims to attract investments exceeding ₹5,000 crore, with an initial investment of ₹1,000 crore from Marubeni. It will focus on sectors such as electronics, green pharma, precision engineering, aerospace, and defence, creating approximately 30,000 jobs. The delegation also visited Sony Corporation's headquarters, discussing new initiatives and Hyderabad's strengths in animation, VFX, and gaming, while Reddy shared his vision for a modern film city to enhance the region's creative industries.
Published: Apr 17 2025, 4 pmeznews.inIndia's stock market saw significant gains on April 17, 2025, with the SENSEX rising by 1,508.91 points to close at 78,553.20, while the NIFTY increased by 414.45 points to reach 23,851.65. In commodities, crude oil prices climbed by 74.00 to settle at 5,415.00, although gold and silver experienced declines, with gold dropping by 386.00 to 95,275.00 and silver falling by 1,462.00 to 94,788.00. In economic news, the Indian government announced that it will now release industrial output figures on the 28th of each month, a change aimed at reducing data lag by approximately two weeks. The latest figures indicate that India's industrial output in February was the weakest since August 2024, primarily due to a slowdown in the manufacturing and mining sectors.
Published: Apr 17 2025, 5 pmeznews.inSeaweed cultivation is rapidly expanding along India's coastline, promising economic benefits for coastal communities while aiding environmental conservation. With the global seaweed market valued at $16.5 billion in 2022, experts like Grinson George from the ICAR-Central Marine Fisheries Research Institute highlight the sector's potential, particularly through innovative practices like Integrated Multi-Trophic Aquaculture (IMTA). This method enhances yields by combining seaweed farming with fish farming, making species like Kappaphycus a lucrative option. Dubbed "Blue Gold," seaweed farming offers a sustainable alternative to traditional fishing, alleviating pressure on marine ecosystems. The sector's growth is further supported by the establishment of fish farmer producer companies, improving market access for local stakeholders. Additionally, seaweed's applications in food, cosmetics, and pharmaceuticals, along with its role in climate change mitigation, underscore its versatility. To scale production, experts call for improved coastal leasing policies, investment in research, and the development of seed banks.
Published: Apr 17 2025, 4 pmeznews.inBoeing is facing significant disruptions in aircraft deliveries to China, which could lead to a reallocation of future delivery slots for Indian and global carriers. On Tuesday, China halted deliveries of Boeing aircraft amid escalating trade tensions with the US, leaving Chinese airlines with a backlog of 130 planes, including 21 for Cathay Pacific. As of December 2024, Boeing had 55 737 Max aircraft awaiting delivery, primarily for Chinese customers who had previously rejected them due to safety concerns. Experts suggest that if the Chinese ban becomes permanent, Boeing may redirect these slots to other operators, as seen with Air India, which has already benefited from similar situations. Indian carriers, including Air India, Air India Express, Akasa Air, and SpiceJet, collectively have a backlog of 506 Boeing aircraft, with Air India Express expecting six more deliveries by June. Boeing anticipates an average of two monthly deliveries to Indian customers in 2025.
Published: Apr 17 2025, 3 pmeznews.inIndian shrimp exporters are anxiously awaiting a US review of anti-dumping and countervailing duties set to begin next month, amid calls for government intervention to secure relief from stiff global competition, particularly from Ecuador and Vietnam. Industry experts argue that the US's calculation methods for these duties are flawed, with Kolkata-based exporter Yogesh Gupta highlighting that the US misinterprets India's RoDTEP and duty drawback schemes as incentives, despite their WTO compliance. The US employs a 'zeroing' method that distorts dumping margin calculations, leading to an effective customs duty of 17.7% on Indian shrimp exports. The Seafood Exporters Association of India has urged the government to ensure a "level-playing field" in upcoming trade talks, especially as Ecuador benefits from lower duties and proximity to the US market. With 40% of India's shrimp exports destined for the US, the stakes are high for the industry, which operates around 100,000 farms, primarily in Andhra Pradesh.
Published: Apr 17 2025, 2 pmeznews.inB. V. R. Subrahmanyam, CEO of NITI Aayog, projected on Thursday that India’s economy will surpass Germany and Japan within three years, potentially becoming the second-largest global economy by 2047, with a target size of $30 trillion. Currently the fifth largest at $4.3 trillion, India is expected to rise to fourth place by the end of next year and third by 2025. Subrahmanyam emphasized India's democratic framework as a key advantage in its ambition to become a global education hub. He highlighted the distinct challenges faced by middle-income countries compared to low-income nations, focusing on the transition to a knowledge economy. Additionally, he noted the global demand for Indian professionals, citing Japan and Germany's recruitment of thousands of Indian healthcare workers, positioning India as a stable supplier of working-age individuals in a world facing demographic shifts.
Published: Apr 17 2025, 2 pmeznews.inElectric cab-hailing service BluSmart has suspended operations across Delhi-NCR, Bengaluru, and Mumbai, affecting thousands of drivers and customers, following a crackdown by the Securities and Exchange Board of India (SEBI) on its co-founders over alleged fund misuse. The company, which operates over 8,000 electric taxis, halted bookings on Wednesday evening, leaving many customers frustrated and concerned about their balances. SEBI has banned brothers Anmol and Puneet Jaggi from the stock market and initiated a forensic investigation into their renewable energy firm, Gensol, amid allegations of diverting funds meant for electric vehicle purchases to luxury apartments. BluSmart has promised refunds within 90 days if services do not resume, while the Delhi Airport issued a passenger advisory regarding the suspension. The company, backed by BP Ventures, had a fleet of over 8,500 electric vehicles and a network of 5,800 charging stations as of January 2025.
Published: Apr 17 2025, 1 pmeznews.inFitch Ratings has revised India's GDP growth estimate for the current fiscal year down by 10 basis points to 6.4%, citing concerns over a significant escalation in the global trade war. The agency highlighted the unpredictability of US trade policy, which is dampening business investment and affecting household wealth due to falling equity prices. Fitch also lowered its global growth projections for 2025 by 0.4 percentage points, predicting world growth to dip below 2% this year, marking the weakest rate since 2009, excluding the pandemic. For India, growth estimates for the 2024-25 fiscal year were also cut to 6.2%, while the 2026-27 forecast remains at 6.3%. In contrast, the US is expected to maintain a positive growth rate of 1.2% for 2025, while China's growth is projected to fall below 4% for both this year and next.
Published: Apr 17 2025, 12 pmeznews.inThe Indian government is currently evaluating the effects of recent US tariffs on its chemicals and petrochemicals sector, according to Chemicals and Petrochemicals Secretary Nivedita Shukla Verma. Following a reduction in a proposed 26% tariff to 10% by US President Donald Trump, the government is engaging with industry stakeholders to assess potential impacts. Chemicals account for approximately 18% of India's total exports to the US, valued at around $5.7 billion for FY24, with estimates suggesting that the tariff hike could lead to a decline in chemical exports by $2-7 billion by FY26. Experts warn that increased costs may dampen demand for specialty chemicals, while Indian petrochemical exports, worth about $4 billion in 2024, could also face reduced demand. Additionally, concerns have arisen over potential dumping of cheaper Chinese chemicals in global markets, which could further depress prices. Verma highlighted the need for long-term development strategies for the sector.
Published: Apr 17 2025, 12 pm
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