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The Reserve Bank of India (RBI) has significantly increased its domestic gold reserves, now holding over 65% at home, nearly double the amount from four years ago. This shift follows the freezing of Russian reserves by Western nations after the Ukraine invasion. In the first half of the financial year starting April, the RBI repatriated nearly 64 tons of gold, raising its total gold reserves to 880 tons, with 576 tons stored domestically—an all-time high. Gold now constitutes 13.92% of India's total foreign exchange reserves, up from 11.70% in March. While the RBI did not specify the reasons for this strategic move, it is seen as a way to enhance control over bullion assets amid geopolitical tensions. Additionally, the RBI is diversifying its reserves and reducing reliance on US dollars, as evidenced by its decreasing holdings of US Treasuries. As of October 17, India's foreign-exchange reserves stood at $702.3 billion. 
Published: Oct 29 2025, 12 pmeznews.inCommerce and Industry Minister Piyush Goyal convened a meeting with exporters on Wednesday to strategize on boosting India's outbound shipments amid global economic challenges, particularly due to recent US tariffs. Exporters, represented by Mithileshwar Thakur from the Apparel Export Promotion Council, emphasized the need for government support in four critical areas: affordable export credit, stable policy frameworks, reduced compliance burdens, and improved trade facilitation for micro, small, and medium enterprises (MSMEs). The call for a long-awaited Export Promotion Mission aims to enhance access to export credit and assist MSMEs in navigating non-tariff barriers. Following a 12% decline in exports to the US in September, attributed to a 50% tariff increase, exporters are urging a moratorium on loan repayments until December 2026 and the restoration of the interest equalisation scheme. India's goods exports stagnated at $437.42 billion in FY25, reflecting a mere 0.08% growth from the previous year.
Published: Oct 29 2025, 10 pmeznews.inThe Institute of Chartered Accountants in India (ICAI) has called for public feedback on its proposed changes to the Code of Ethics, with submissions open until November 26. The revisions aim to modernize the 12th Edition of the Code, effective since July 2020, in line with the government's vision for large multi-disciplinary partnership firms. Key proposals include a new chapter on sustainability assurance, updated terminology replacing "professional accountant" with "Chartered Accountant," and expanded guidelines for services like forensic accounting and CSR impact assessments. Additionally, the draft suggests amendments to advertising guidelines to reflect contemporary practices and allows Chartered Accountants to partner with other professionals in insolvency and resolution entities. Changes to auditor independence and fee structures are also proposed, responding to concerns raised by the National Financial Reporting Authority regarding auditor independence in public interest entities.
Published: Oct 29 2025, 8 pmeznews.inIn oil year 2024-25, India's soybean market is facing significant challenges, with the feed sector's off-take of soymeal declining by approximately 6% to 62 lakh tonnes, attributed to weak demand and increased competition from Distiller’s Dried Grains With Solubles (DDGS). Despite a lower crop yield and a sharp reduction in carry-forward stocks—estimated at 4.66 lakh tonnes, down 47% from the previous year—soybean prices remain under pressure, trading below the minimum support price of ₹5,328 per quintal. The modal price ranges between ₹3,700 and ₹4,700 per quintal across key producing states. The Soyabean Processors Association of India (SOPA) has projected a 16% drop in soybean output for the 2025 kharif season, forecasting production at 105 lakh tonnes due to adverse weather conditions and crop diseases. In response to the low prices, the Indian government has approved procurement measures in several states.
Published: Oct 29 2025, 8 pmeznews.inA new initiative, the SMART-CROP project, has been launched to assist over 8,000 smallholder farmers in Karnataka and Telangana, backed by the SBI Foundation’s LEAP programme. This three-year project will leverage satellite imaging, remote sensing, and AI/ML analytics to provide real-time monitoring of crop stress, enabling farmers to proactively address climate risks, pest outbreaks, and soil degradation. Collaborating with the University of Agricultural Sciences, Raichur, the International Crops Research Institute for the Semi-Arid Tropics (ICRISAT), and Agribridge, the project aims to enhance crop resilience and promote climate-smart practices. Sanjay Prakash, MD of SBI Foundation, highlighted the technology-driven solutions that will reduce risks for farmers, while ICRISAT's Himanshu Pathak noted the potential to save billions in food losses. The initiative will also include socio-economic assessments to evaluate yield gaps and the benefits of early detection tools.
Published: Oct 29 2025, 8 pmeznews.inThe Bharat International Rice Conference (BIRC) 2025 is set to commence on October 30 at Delhi’s Bharat Mandapam, showcasing India's pivotal role as the world's leading rice producer. Organised by the Indian Rice Exporters Federation (IREF) in collaboration with the Department of Commerce and other government bodies, the event will host delegates from over 80 countries, including key rice importers, exporters, scientists, and policymakers. IREF founder Prem Garg emphasized the conference's goal of fostering collaboration among Indian farmers, exporters, and innovators to enhance the global reputation of Indian rice. Additionally, 17 farmers from various states, including Uttar Pradesh and West Bengal, will be honoured for their contributions to quality and sustainable rice cultivation, particularly for unique varieties such as Govindobhog and Chak-Hao. The conference aims to position Indian rice as not only the most traded but also the most trusted globally.
Published: Oct 29 2025, 8 pmeznews.inUnion Minister of Commerce and Industry Piyush Goyal met with EU Commissioner for Trade and Economic Security Maroš Šefčovič in Brussels from October 26-28 to address unresolved issues in the proposed India-EU free trade agreement (FTA). Key topics include steel duties, automobile market access, and the EU's carbon tax legislation. Goyal reported that significant progress has been made, with 10 out of 20 chapters agreed upon and further convergence on additional chapters. A technical team from the EU is set to visit India next week to explore potential solutions. India is particularly concerned about the EU's proposal to reduce duty-free quotas on steel imports and the implications of the Carbon Border Adjustment Mechanism, which could impose tariffs on Indian exports. Both sides aim for a substantial conclusion of the FTA by year-end, although Goyal emphasized that India does not negotiate under strict deadlines.
Published: Oct 29 2025, 8 pmeznews.inIn a significant development, the Income Tax Department has extended the deadline for filing Income Tax Returns (ITR) for Assessment Year 2025-26 to December 10, 2025, for corporates and assessees requiring audited accounts. This extension follows recent rulings by the Punjab & Haryana High Court and the Himachal Pradesh High Court, which pushed the ITR filing deadline for tax audit cases from October 31 to November 30, emphasizing the need for a minimum one-month gap between the deadlines for audit reports and ITR submissions. The courts' decisions align with a previous directive from the Gujarat High Court. The deadline for furnishing audit reports has also been extended to November 10, 2025, in light of disruptions caused by natural calamities. Earlier, the ITR filing deadline for individuals was extended from July 31 to September 16, with over 7.54 crore ITRs filed by that date.
Published: Oct 29 2025, 7 pmeznews.inThe committee of ministers, led by Union Home Minister Amit Shah, is expected to make a decision next week regarding the potential export of 1 million tonnes of sugar, following a ₹30 per quintal increase in the State advised price (SAP) for sugarcane in Uttar Pradesh. This increase, coupled with a 9% reduction in the November domestic sales quota, may lead to a rise in sugar prices. Industry representatives, including Niraj Shirgaokar from the Indian Sugar and Bio-Energy Manufacturers Association, have called for an urgent export allowance and a hike in the minimum selling price (MSP) for sugar, which has remained unchanged since February 2019. The rising production costs, now at ₹40.24 per kg, and inadequate ethanol allocation for sugar-based distilleries have raised concerns about financial stress on mills and delayed payments to farmers. ISMA has urged for a review of ethanol contracts to ensure a more equitable distribution for sugar producers.
Published: Oct 29 2025, 7 pmeznews.inGlobal steel production saw a slight decline of 1.6% year-on-year, totaling 141.8 million tonnes in September 2025, according to the World Steel Association. Notably, India’s output surged by 13.2% to 13.6 million tonnes, contrasting with a significant drop in China, where production fell 4.6% to 73.5 million tonnes. The United States experienced a 6.7% increase, reaching 6.9 million tonnes, while Japan's output decreased by 3.7% to 6.4 million tonnes. Other countries showed mixed results, with Russia's production rising by 3.8% to 5.2 million tonnes, and South Korea's output declining by 2.4% to 5 million tonnes. Regionally, Africa and the Middle East reported increases of 8.2% and 9.3%, respectively, while South America saw a 2.7% decrease. Overall, the EU's production rose by 4.5% to 10.1 million tonnes, reflecting varied trends across the global steel industry.
Published: Oct 29 2025, 7 pmeznews.inA nationwide initiative to document the status of India's marine fishing community will officially launch on Friday, marking the household enumeration phase of the 5th Marine Fisheries Census (MFC)-2025. Union Minister of State for Fisheries George Kurian will inaugurate the initiative and a related workshop at the ICAR-Central Marine Fisheries Research Institute (CMFRI). The census aims to cover over 1.2 million fisher households across India's coastal states and Union Territories, providing essential data for sustainable fisheries management. Coordinated by the Department of Fisheries under the Pradhan Mantri Matsya Sampada Yojana, the MFC 2025 will be the first fully digital and geo-referenced census, utilizing mobile and tablet applications to enhance data accuracy. The event will also see the launch of the National Marine Fisheries Data Centre at CMFRI, which will serve as a comprehensive repository for fisheries data, ultimately aiding in the improvement of livelihoods for coastal fishing communities.
Published: Oct 29 2025, 7 pm
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