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India's Finance Ministry has implemented amendments to the Customs (Administration of Rules of Origin under Trade Agreements) Amendment Rules 2020, effective March 18, 2025, requiring importers to provide 'proof of origin' instead of a 'certificate of origin' to qualify for preferential duty rates under trade agreements. This change aims to combat the circumvention of tariffs on Chinese goods rerouted through third countries, such as Vietnam and Singapore, which have been exploiting Free Trade Agreements (FTAs) to gain lower tariffs. Experts, including Sivakumar Ramjee from Nangia Andersen LLP, emphasize that the new regulations enhance scrutiny of imports, ensuring compliance with origin criteria and protecting domestic industries from unfair competition. The amendments, stemming from the Finance (No. 2) Act, 2024, align India's customs framework with evolving international trade practices, promoting due diligence among importers and facilitating better market access under FTAs. 
Published: Mar 20 2025, 6 pmeznews.inU.S. airlines, once optimistic about a sustained profit boom, are now grappling with declining travel demand and economic uncertainty, prompting major carriers like Delta, United, and Frontier to reduce flight capacity. Following a brief surge in bookings, the industry faces challenges from President Trump's tariffs and cuts in government spending, leading to a significant drop in consumer confidence, which has reached its lowest level in over four years. Ticket sales through travel agencies fell 8% in February, while annual passenger traffic growth slowed to just 0.7% in March. Airlines are cautious, with Frontier's CEO warning of a potential slowdown, although premium travel bookings remain strong. As inflation pressures consumers, many are opting for minimal-cost travel, further impacting airline revenues. Despite these challenges, airlines are maintaining their full-year earnings estimates, though this could change if demand does not improve during the summer, typically the industry's peak season.
Published: Mar 28 2025, 5 ameznews.inThe Rajya Sabha has approved the Finance Bill and Appropriation Bill, completing the budgetary process for the fiscal year 2025-26, with a total budget of ₹50 lakh crore set to take effect from April 1. Finance Minister Nirmala Sitharaman emphasized the government's commitment to respecting taxpayers by raising the tax threshold to ₹12 lakh. The budget outlines a capital expenditure of ₹11.22 lakh crore, with a projected fiscal deficit of 4.4% and a GDP estimate of ₹3,56,97,923 crore, reflecting a 10.1% increase from the previous year. However, concerns were raised by opposition leaders, including P. Chidambaram, regarding the government's lack of response to potential tariffs from the US, which could severely impact Indian exports. Calls for equitable distribution of cess revenues to state governments were also made, highlighting the need for fiscal justice amid looming economic challenges.
Published: Mar 27 2025, 10 pmeznews.inUS President Donald Trump's proposed 25% tariff on auto parts imported from India is poised to significantly impact the country's auto component manufacturers, who heavily rely on the American market. In FY24, India exported $2.6 billion in automobiles and auto components to the US, with auto parts alone accounting for $2.1 billion. Experts predict that the tariffs, set to take effect in May, could compress operating margins by 120-150 basis points, affecting major players like Sona BLW and Bharat Forge, which derive substantial revenue from US sales. While Tata Motors' luxury brand Jaguar Land Rover also faces risks, India's overall passenger car exports to the US remain minimal, potentially limiting the broader economic impact. The tariffs may also affect indirect suppliers and complicate ongoing trade negotiations between India and the US, which aim to boost bilateral trade to $500 billion by 2030.
Published: Mar 27 2025, 10 pmeznews.inUnion Civil Aviation Minister Ram Mohan Naidu has highlighted the impact of high value-added tax (VAT) on aviation turbine fuel (ATF) on airfare, attributing approximately 45% of ticket prices to these costs. During a parliamentary session, he noted that while 15 states have reduced VAT on ATF to below 5%, others, like Tamil Nadu, impose rates as high as 29%, adversely affecting airline operations and passenger fares. Naidu has urged state Chief Ministers to lower these taxes, particularly in Delhi, where VAT stands at 25% for general flights. He emphasized that the government does not regulate ticket prices but monitors them through the Directorate General of Civil Aviation (DGCA). Additionally, he pointed to the need for increased competition in the aviation sector, citing the expansion of the airport network and fleet size, and mentioned upcoming reforms aimed at reducing aircraft leasing costs, which could further lower air travel expenses.
Published: Mar 27 2025, 8 pmeznews.inPrime Minister Narendra Modi is set to inaugurate a new train service on April 6, connecting Tambaram, located south of Chennai, to Rameshwaram in South East Tamil Nadu. The initiative responds to requests from local leaders, including Union Minister L. Murugan and Tamil Nadu BJP President K. Annamalai, who advocated for the service to benefit residents of Chidambaram, Mayiladuturai, Thiruvarur, Pattukottai, Aranthangi, Sivagangai, and Ramanathapuram. The train will traverse key locations such as Chengalpattu, Villupuram, and Karaikkudi, providing overnight travel options for passengers. Railway Minister Ashwini Vaishnaw confirmed the service following discussions with district representatives and the public via video conference, highlighting the government's commitment to enhancing regional connectivity and addressing local transportation needs.
Published: Mar 27 2025, 8 pmeznews.inIndia has formally opposed Pakistan's application for a Protected Geographical Indication (PGI) tag for basmati rice, asserting that Pakistan is illegally cultivating Indian basmati varieties. The Indian government has submitted DNA test results from a European lab, indicating that basmati grown in Pakistan contains Indian DNA. Additionally, the Agricultural and Processed Food Products Export Development Authority (Apeda) has provided video evidence from the Indian Agricultural Research Institute, where Pakistani farmers acknowledge growing Indian basmati varieties. India has also raised concerns over the inclusion of its basmati-growing regions, particularly in Jammu and Kashmir, in Pakistan's PGI application, arguing that it undermines India's sovereignty. While the EU has faced challenges regarding Pakistan's application, it has encouraged both nations to consider a joint application, a proposal India has rejected. Experts suggest that the basmati issue should be a key point in India's trade negotiations with the EU to safeguard farmers' interests.
Published: Mar 27 2025, 9 pmeznews.inIndian port authorities have denied entry to the Tanzania-flagged tanker Andaman Skies, which was carrying approximately 100,000 metric tonnes of Russian crude oil, due to inadequate seaworthiness certification. This decision highlights increased scrutiny of vessels transporting Russian oil amid ongoing geopolitical tensions. The 20-year-old tanker, which had previously visited India, was en route to Vadinar Port for delivery to Indian Oil Corp when it was turned away. Indian regulations require older vessels to possess certification from recognized maritime authorities, which the Andaman Skies lacked, as it was certified by Dakar Class, not acknowledged by Indian authorities. As the largest buyer of seaborne Russian oil, India imports around 35% of its crude from Russia, but U.S. sanctions have complicated the logistics, limiting the number of eligible vessels. The situation underscores the challenges faced by Indian refiners in navigating international sanctions while securing oil supplies.
Published: Mar 27 2025, 8 pmeznews.inThe Indian government has announced a gross borrowing target of ₹14.82 lakh crore for the fiscal year 2025-26, with ₹8 lakh crore expected to be raised through dated securities in the first half of the year, representing 54% of the budget estimates. This borrowing will include ₹10,000 crore from sovereign green bonds and will be executed through 26 weekly auctions, covering a range of maturities from 3 to 50 years. The net market borrowings from these securities are projected at ₹11.54 lakh crore, with additional financing anticipated from small savings and other sources. Notably, securities with maturities of up to five years will see an increased share of 16.6%, while those over ten years will account for 49%. The Finance Ministry also indicated plans for switching or buyback of securities to manage the redemption profile effectively.
Published: Mar 27 2025, 8 pmeznews.inKolkata's residential market experienced a significant 31% decline in housing sales during the January-March 2025 period, with approximately 3,900 units sold, down from 5,650 units in the same quarter last year, according to Anarock data. This downturn is attributed to high property prices, a weak global economy, and stock market volatility. Despite a 26% increase in new supply, totaling 5,400 units, the overall sales reflect a 3% decrease compared to pre-COVID levels in Q1 2019. Notably, unsold inventory has decreased by 40% since 2019, indicating a tightening market. The broader Indian residential sector also saw a 28% drop in sales across the top seven cities, with 93,280 units sold in Q1 2025, down from over 130,000 units the previous year. Experts remain optimistic about future growth, particularly in emerging areas, as buyers continue to seek home ownership despite current market challenges.
Published: Mar 27 2025, 8 pmeznews.inThe redeveloped Hisar airport in Haryana is set to be inaugurated by April 14, 2025, following a ₹1,500 crore investment over the past four to five years. With all regulatory clearances in place, the airport aims to enhance regional connectivity and support specialized air services, including air cargo and aircraft maintenance. Spanning over 7,000 acres, the facility features an integrated aviation hub, a maintenance, repair, and overhaul (MRO) facility, and an aviation academy. Alliance Air is expected to launch flights from Hisar to Ayodhya, with plans for additional routes to Jammu, Jaipur, Ahmedabad, and Chandigarh. The airport, managed by the Airports Authority of India, offers attractive conditions for airlines, including ample parking space and low VAT on jet fuel. The redevelopment is being executed in three phases, with the second phase underway and completion of the third phase anticipated by 2030, which will enable international flights.
Published: Mar 27 2025, 8 pm
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