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The Solvent Extractors’ Association of India (SEA) has welcomed a recent Customs Department notification requiring exporters and importers to provide "Proof of Origin" instead of a "Certificate of Origin" for commodities imported under concessional duty. This change aims to curb the influx of refined soyabean and palm oil from Nepal and other SAARC countries, which has been detrimental to domestic refiners and oilseed farmers, leading to significant revenue losses. SEA President Sanjeev Asthana highlighted the alarming rise in imports, which threatens the survival of India's vegetable oil refining industry. He urged government intervention, and the Union Commerce Ministry has responded positively. Additionally, SEA's Sustainable Mustard Model Farms initiative has successfully increased mustard production, with yields improving by 20-25% through advanced agricultural practices. SEA also signed an MoU with Technoserve to promote the fortification of edible oils, supported by the Bill & Melinda Gates Foundation. 
Published: Mar 24 2025, 12 pmeznews.inAs of March 26, 2025, the MSME Samadhaan portal has recorded over 97,000 applications from micro and small enterprises (MSEs) concerning pending dues exceeding ₹21,600 crore, including debts owed by Central Ministries and State Governments. In response to this issue, the Indian Government has mandated that all companies submit half-yearly returns detailing any payments overdue to MSE suppliers beyond 45 days. This directive, issued under the Micro, Small and Medium Enterprises Development Act, 2006, aims to ensure timely payments and accountability. Companies failing to comply may face penalties, including the obligation to pay compound interest on overdue amounts. The Finance Minister previously highlighted the importance of timely payments in the 2023-24 Union Budget, introducing tax implications for companies delaying payments to MSEs. The initiative underscores the government's commitment to supporting the MSE sector and addressing the longstanding issue of delayed payments.
Published: Mar 26 2025, 10 ameznews.inIndia's Ministry of Labour and Employment has revealed that 65% of its population, approximately 92 crore people, are covered by at least one social protection benefit, significantly higher than the International Labour Organization's (ILO) estimate of 48.8%. The ILO's assessment, which noted a rise from 24.4% in 2021, was criticized by the Ministry for underestimating coverage by excluding in-kind benefits like food security and housing, as well as state-administered schemes. The government's comprehensive data collection, initiated on March 19, 2025, utilized encrypted Aadhaar identifiers across 34 major Central schemes, processing over 200 crore records to identify unique beneficiaries. Selected states, including Uttar Pradesh and Maharashtra, are part of this data consolidation effort. The Ministry is in ongoing discussions with the ILO to ensure that housing and food security indicators are included in future assessments, aligning with the United Nations Sustainable Development Goals.
Published: Mar 26 2025, 9 ameznews.inThe Directorate General of Civil Aviation (DGCA) has announced a significant increase in domestic flight operations for the summer schedule 2025, set to run from March 30 to October 25. Weekly flight departures will rise to 25,610, up 5.5% from 24,275 in the previous summer schedule, although this marks only a 2.41% increase from the winter schedule 2024. The new schedule includes operations from 129 airports, introducing seven new locations while suspending services at Azamgarh and Rupsi. IndiGo leads with 14,158 approved flights per week, an 8.49% year-on-year increase, followed by Air India, which saw a remarkable 89.20% rise to 4,310 flights. Other airlines like Air India Express and Akasa Air also reported substantial increases, while SpiceJet and Alliance Air experienced declines in their flight approvals.
Published: Mar 25 2025, 9 pmeznews.inThe Lok Sabha has passed the Finance Bill 2025, which includes significant amendments aimed at enhancing the government's ability to track digital assets. Finance Minister Nirmala Sitharaman announced that the new Income Tax Bill will replace the outdated Income Tax Act, providing legal backing for investigating digital assets, a necessity highlighted by the inadequacies of the previous legislation. The Bill empowers tax officers to access digital spaces, including online trading and investment accounts, to combat unaccounted money, with digital forensics already revealing ₹250 crore in hidden assets. Additionally, the Finance Bill removes the equalisation levy on online advertisements, effective April 1. Sitharaman noted that a recent compliance campaign prompted over 30,000 taxpayers to revise their returns, declaring additional foreign assets worth ₹30,300 crore, demonstrating the government's commitment to improving tax compliance and transparency. The new legislation is set to be discussed further in the upcoming monsoon session of Parliament.
Published: Mar 25 2025, 8 pmeznews.inAir India has announced a significant policy change requiring all employees, including top management, to travel in economy class on domestic routes starting April 1, 2025. This initiative, aimed at enhancing customer experience, will be implemented in two phases throughout April and June, freeing up more premium economy and business class seats for sale. The decision follows improvements in on-time performance, which has risen to 83% in recent weeks, attributed to better maintenance and scheduling. Employees will have the option to upgrade to premium classes if seats remain unsold 50 minutes before departure. The airline is also witnessing a rise in yields and corporate sales, bolstered by the ongoing retrofit of its Airbus A320 fleet, which will feature a three-class configuration by the third quarter of 2025, enhancing its capacity for high-yield traffic.
Published: Mar 25 2025, 8 pmeznews.inExperts are urging the Delhi government to significantly reduce the value-added tax (VAT) on aviation turbine fuel (ATF) from the current 25% to between 1% and 4% to maintain the competitiveness of Indira Gandhi International Airport (IGIA) against the upcoming Noida International Airport, which will impose a much lower VAT rate. Civil Aviation Minister Rammohan Naidu highlighted that the high VAT on ATF contributes to soaring airfares, which could deter airlines from operating at IGIA, ultimately impacting economic activity and employment in the region. He noted that 25 states have already reduced their VAT rates on ATF, and maintaining a high rate in Delhi could lead to a loss of air traffic and revenue. The call for VAT reduction comes amid concerns over rising airfares due to a new user development fee set to take effect in April 2024, which could further strain the financial health of domestic airlines.
Published: Mar 25 2025, 8 pmeznews.inThe Indian government has opted not to extend the stock limit on wheat, set to expire on March 31, while implementing mandatory weekly stock declarations from April 1 to monitor purchases and prevent hoarding and speculation. The Department of Food and Public Distribution is closely observing wheat stocks to ensure price stability and availability. Traders are concerned about potential re-imposition of stock limits, especially as aggressive buying is anticipated due to lower wheat availability in 2024-25. Some states, including Uttar Pradesh, are already warning traders against exceeding the minimum support price (MSP). Despite a predicted good crop, high demand may keep prices elevated, with farmers benefiting from last year's favorable market conditions. The government expects wheat production to surpass its target of 115 million tonnes for the 2024-25 crop year, with over 2 million tonnes recorded in March alone, compared to 1.5 million tonnes last year.
Published: Mar 25 2025, 8 pmeznews.inAs the deadline for potential reciprocal tariffs approaches on April 2, experts urge India to remain vigilant amid ongoing trade negotiations with the United States. Following his inauguration, President Donald Trump indicated he would impose tariffs on "high tariffing countries," including India, unless a bilateral trade agreement is reached. While Trump has suggested he may offer concessions to several nations, including India, analysts caution that his intentions remain uncertain. India's average import tariff stands at 17%, significantly higher than the US's 3.3%, which could lead to substantial financial implications if tariffs are enacted. Experts emphasize the importance of strategic negotiation, leveraging India's large market as a bargaining chip. In the fiscal year 2024, India exported $77.51 billion worth of goods to the US, while imports totaled $42.19 billion, resulting in a $35 billion trade deficit for the US.
Published: Mar 25 2025, 8 pmeznews.inThe Indian Finance Ministry has confirmed that there are no plans to abolish the Long-Term Capital Gains (LTCG) tax, which is levied at 12.5% on gains exceeding ₹1.25 lakh from the sale of listed equity shares and equity-oriented mutual funds. Minister of State Pankaj Chaudhary reported to the Rajya Sabha that investors have lost over ₹74 lakh crore during the recent market downturn, which began in October 2024. Despite this decline, the NIFTY-50 index has shown a compounded annual growth rate of 11.13% since its inception in 1996. Chaudhary also highlighted the prevalence of stock trading frauds, with 6,717 cases reported from 2019-20 to 2023-24, leading to the disgorgement of over ₹1,083 crore by the Securities and Exchange Board of India (SEBI). The regulator continues to enhance market integrity through surveillance and investor education initiatives.
Published: Mar 25 2025, 6 pmeznews.inThe Jawaharlal Nehru Port Authority (JNPA) has reported a significant increase in container traffic, growing by 13.6% this fiscal year, handling 7 million twenty-foot containers and aiming for a throughput of 7.25 million tonnes. JNPA Chairman Unmesh Sharad Wagh announced plans to enhance efficiency through artificial intelligence and digital initiatives, targeting a further 10% growth in the upcoming financial year. The port's expansion will increase capacity to over 10 million TEUs annually, supported by investments in an agro-processing facility and a special economic zone. Additionally, the Vadhvan port project in North Maharashtra is progressing ahead of schedule, with reclamation contracts awarded. Wagh also revealed plans for a new twenty-story corporate office building in Mumbai, featuring a digital observatory and a large auditorium, set for completion by April 2027.
Published: Mar 25 2025, 6 pm
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