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The Solvent Extractors’ Association of India (SEA) has raised concerns over the surge in refined edible oil imports from Nepal, which is impacting domestic refiners and farmers across India, including the southern and central regions. SEA President Sanjeev Asthana highlighted that Nepal's duty-free import of crude edible oils has led to a significant influx of refined oils into India, violating the Rules of Origin. He noted that between October 2024 and January 2025, Nepal imported nearly 1.94 lakh tonnes of edible oils and exported over 1.07 lakh tonnes to India, with projections of 50,000 to 60,000 tonnes per month continuing. Asthana urged the Indian government to suspend these duty-free imports under the South Asian Free Trade Area (SAFTA) agreement and suggested renegotiating the terms for agro-commodities. He called for protective measures, including a minimum import price and import quotas, to safeguard the local economy and farmers' interests. 
Published: Feb 10 2025, 6 pmeznews.inIndia's Ministry of Housing and Urban Affairs (MoHUA) is facing significant challenges in executing its flagship 'Housing for All' initiative, particularly the Pradhan Mantri Awas Yojana-Urban (PMAY-U). A Parliamentary committee revealed that only 50% of the revised budget of ₹63,669 crore for FY25 has been spent by mid-February, with low demand from states for central funds exacerbating the issue. Rising inflation and construction costs are making affordable housing less attractive for private investors, particularly for beneficiaries with annual incomes up to ₹9 lakh. The committee has urged a reassessment of financial assistance per dwelling unit to align with increased costs. Additionally, delays in scheme implementation, such as the PM-eBus Sewa and the National Urban Digital Mission, have hindered progress. The committee emphasized the need for better coordination among states and the Ministry to stimulate demand and ensure timely project completion.
Published: Mar 14 2025, 12 ameznews.inThe banking sector's credit flow to Micro, Small, and Medium Enterprises (MSMEs) has seen a remarkable increase, doubling from ₹10.06 lakh crore in 2019 to ₹21 lakh crore in 2024, according to Finance Minister Nirmala Sitharaman. Private sector banks have been pivotal in this growth, with their lending to MSMEs soaring from ₹4.56 lakh crore to ₹12.64 lakh crore over the same period, while public sector banks recorded a more modest rise from ₹5.5 lakh crore to ₹7.26 lakh crore. This shift highlights the aggressive expansion of private banks, which have utilized digital innovations and risk-based lending models to enhance financial inclusion. Despite these advancements, MSMEs still face challenges, including stringent collateral requirements and high interest rates. To address these issues, the government and the Reserve Bank of India are implementing reforms, such as expanding credit guarantee schemes and promoting digital infrastructure to facilitate easier access to financing for small businesses.
Published: Mar 14 2025, 12 ameznews.inIndia is exploring the possibility of sourcing products currently imported from China directly from the United States, as part of efforts to enhance bilateral trade relations. During a recent meeting led by Commerce Minister Piyush Goyal, industry representatives discussed strategies to provide the US with greater market access while safeguarding Indian exporters' interests. The government is keen to avoid protectionist measures, especially in light of US President Donald Trump's threats of reciprocal tariffs on countries with high import duties on American goods. Currently, India's tariffs on US products average 15.30%, significantly higher than the US's 3.83% on Indian goods. The discussions highlighted potential replacements for Chinese imports, including polymers and chemicals, with some sectors expressing willingness to adopt a zero-for-zero tariff approach. Agriculture was noted as a sensitive area for future discussions, as the US seeks access to India's agricultural market. In FY24, the US was India's largest trading partner, with significant trade volumes.
Published: Mar 13 2025, 9 pmeznews.inIndusInd Bank has acknowledged accounting discrepancies amounting to an estimated ₹1,530 crore, primarily related to derivative transactions, raising concerns over potential misreporting and non-compliance with accounting standards. The Financial Reporting Review Board (FRRB) of the Institute of Chartered Accountants of India (ICAI) may investigate the matter, although no formal probe has been initiated yet. The discrepancies, which reportedly went unnoticed for five to seven years, stem from the bank's internal trading desk hedging foreign currency risks using differing valuation methods. Corporate governance experts are calling for scrutiny of the board's oversight and the role of the bank's five auditors during this period. The FRRB's upcoming discussions will determine if further investigations are warranted, with potential consequences including regulatory penalties and reputational damage for the bank and its auditors. The situation highlights the importance of accurate financial reporting in maintaining investor confidence.
Published: Mar 13 2025, 8 pmeznews.inIndia's micro, small, and medium enterprises (MSMEs) are set to benefit from preferential pricing agreements with major steel producers, including Tata Steel and JSW Steel, aimed at shielding them from rising domestic prices amid potential safeguard duties on imported alloys. The new pricing structure, effective retroactively from March, will allow MSMEs to procure steel at export parity prices, which are typically lower than current market rates. This move comes as the Directorate General of Trade Remedies (DGTR) has recommended a 12-15% safeguard duty on imports, pending approval from the Finance Ministry. The Indian Steel Association has advocated for import curbs, particularly from China, to protect domestic profitability, while MSMEs have expressed concerns over unchecked price increases post-safeguard implementation. The agreement represents a compromise to balance the interests of both large producers and MSMEs in a deregulated steel market.
Published: Mar 13 2025, 8 pmeznews.inA recent report by Insurance Samadhan reveals a notable trend of younger consumers, particularly millennials, actively seeking redress for insurance grievances, accounting for 46% of all complaints. The study analyzed nearly 10,000 grievances, highlighting that individuals aged 39-52 and 53-66 contributed 29% and 16% of complaints, respectively. Claim rejection emerged as the primary issue for millennials, comprising 88% of their grievances, alongside concerns over short settlements and policy mis-selling. Gender disparities were also noted, with men filing the majority of complaints, while women represented 42% among millennials. The report underscores the need for greater transparency and improved customer support in the insurance sector, as 31% of Indians remain uninsured. Shilpa Arora, co-founder of Insurance Samadhan, emphasized the importance of tailored products and simplified grievance processes to foster trust and ensure equitable access, particularly for women and rural consumers.
Published: Mar 13 2025, 7 pmeznews.inWater levels in India’s major reservoirs have dropped to 47% of their total capacity, with over 30% of these reservoirs falling below 40%, according to the Central Water Commission (CWC). Current storage stands at 85.373 billion cubic metres out of a total capacity of 180.852 billion cubic metres, although this is 19% higher than last year and 16% above the 10-year average. The northern region is particularly affected, with Punjab's reservoir at just 20% capacity. Meanwhile, the western region shows the best storage levels at 58%. The India Meteorological Department reports that 65% of the country has seen no rainfall since early March, contributing to the decline. With a heatwave expected to spread, further decreases in reservoir levels are anticipated in the coming days, raising concerns over water availability across various states, including Tamil Nadu and Maharashtra, which currently report better storage levels.
Published: Mar 13 2025, 7 pmeznews.inThe Indian Paper Manufacturers Association (IPMA) has expressed alarm over a dramatic rise in imports of paper and paperboard, which surged to 1.76 million tonnes between April and December 2024-25, marking a 20% increase and surpassing ₹11,196 crore ($1.3 billion) in value. This influx, particularly from China and ASEAN nations, is undermining the commercial viability of domestic paper mills, which are already operating below optimal capacity. Despite India's capability to produce nearly all grades of paper, the lower landed prices of imports are squeezing industry margins and discouraging investment. The situation is particularly dire for virgin fibre paperboard, whose imports have more than tripled since 2020-21. IPMA warns that without urgent government intervention to address these predatory imports, the domestic sector could face significant job losses and reduced income for farmers supplying wood to mills.
Published: Mar 13 2025, 6 pmeznews.inThe Indian pharmaceutical industry is shifting its focus from generics to emerging sectors like biosimilars and contract manufacturing, leveraging its robust R&D capabilities and diverse population for global clinical trials. In an interview with _Businessline_, Sanjay Vyas, President and Managing Director of Parexel India, highlighted the potential for growth, noting that over 150 Clinical Trial Authorisation applications have been approved in the past 18 months. However, challenges persist, including redundant scrutiny from Subject Expert Committees and difficulties in patient recruitment, particularly in Tier 2 and Tier 3 cities. Vyas emphasized the need for India to align with international standards and improve regulatory efficiency. Despite these hurdles, he remains optimistic, citing initiatives like the Ayushman Bharat Digital Mission as pivotal for streamlining patient data. Parexel India plans to expand its workforce from 6,000 to 8,000 employees in the next two years, underscoring its commitment to the Indian market.
Published: Mar 13 2025, 6 pmeznews.inGold prices have surged approximately 24% this fiscal year, exacerbating concerns over imported inflation, particularly as the rupee has weakened by over 2% against the US dollar in early 2025. Despite a decline in headline inflation to a seven-month low of 3.6% in February, core inflation has risen to a 16-month high of 4.3%, driven by increased costs in personal care and precious metals. A report from SBI highlighted that the share of imported components in inflation rose to over 31% in February, influenced by rising prices of gold, oils, and fats. Experts warn that the depreciation of the rupee will further elevate consumer prices, with predictions of core inflation surpassing 4% in March. While food inflation has eased, the overall inflationary pressures remain persistent, prompting concerns about the affordability of consumer goods in the coming months.
Published: Mar 13 2025, 6 pm
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