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The Sensex closed at 82,037.14, down 371.03 points, while the Nifty fell by 97.30 points to settle at 25,015.10. Crude oil prices decreased by 25.00 to reach 6,379.00, although silver saw a rise of 655.00, now priced at 106,879.00. In a significant move towards sustainable agriculture, the Solar Energy Corporation of India (SECI) is finalising a tender for the production of 724,000 tonnes of green ammonia annually across 13 fertilizer plants. This initiative aims to transition from fossil fuel-based ammonia production, which contributes to greenhouse gas emissions, to a greener alternative using renewable energy. The government is supporting this transition with financial incentives under the National Green Hydrogen Mission, offering Production Linked Incentives to ensure market stability. This shift is expected to reduce India's reliance on imported natural gas, lower trade deficits, and significantly cut carbon emissions associated with ammonia production. 
Published: Jun 23 2025, 2 pmeznews.inAbout 100,000 tonnes of Basmati rice destined for Iran have become stranded at Indian ports, including Kandla and Mundra, amid the escalating Israel-Iran conflict. Experts suggest that India's Basmati rice exports to Iran may reach last year's level of 0.86 million tonnes, despite a significant drop in shipments due to the ongoing tensions. Iranian buyers have indicated they will accept shipments at their own risk, as Israeli bombings pose a delivery threat. The All India Rice Exporters Association noted that rice imports in Iran are regulated, with permits typically not issued from July to September to protect domestic crops. While Iran's domestic rice production has increased, it still relies on Basmati imports, which remain a preferred food item. Exporters are currently facing lower realisation rates, receiving an average of $881 per tonne from Iran, compared to $980 from other markets.
Published: Jun 23 2025, 7 pmeznews.inThe Finance Ministry has extended the deadline for eligible employees, past retirees, and spouses of deceased retirees to opt into the Unified Pension Scheme (UPS) until September 30, 2025, following a lackluster response to the initial three-month window that ended on June 30. Launched on April 1, the UPS aims to provide a comprehensive pension package, including assured pensions, family pensions, and inflation indexation, primarily for government servants who joined after January 1, 2004. The government will increase its contribution to 18.5% from 14%, while employee contributions remain at 10% of basic pay plus Dearness Allowance. The scheme features two funds: an individual pension fund for employee contributions and a separate pool for additional government contributions. Subscribers can choose their investment options, including government securities or life cycle funds, with the flexibility to adjust their choices annually.
Published: Jun 23 2025, 7 pmeznews.inAir India, under the Tata Group, has rerouted its flights to Europe and the east coast of the US and Canada via the Red Sea due to escalating military tensions involving Iran, Israel, and the US, as well as the closure of Pakistan's airspace. The airline is now utilizing a western India route through the Arabian Sea and Egyptian airspace, allowing direct flights from western India to Europe without refueling, although flights from North India will require stops. Currently, Air India operates over 100 weekly flights to 10 European destinations, with the UK being its largest market. However, some flights to the US and Canada now necessitate refueling in Vienna, while inbound flights from the West Coast are stopping in Kolkata. The airline is closely monitoring the situation and has implemented a 15% reduction in international services on wide-body aircraft due to safety checks and geopolitical factors, resulting in 83 flight cancellations over six days.
Published: Jun 23 2025, 7 pmeznews.inThe ongoing conflict between Israel and Iran, particularly the potential closure of the Strait of Hormuz—a crucial transit point for nearly one-fifth of global oil supply—has raised concerns about its impact on Indian inflation. Despite Iran's current export of 1.7 million barrels per day, experts suggest that any disruption in supply may be mitigated by the spare capacity of other Gulf producers, particularly Saudi Arabia. While Brent crude prices surged to $77 per barrel, analysts predict they could exceed $100 if the Strait is blocked. However, economists like DK Srivastava and Rajni Sinha believe that the blockade will be temporary and unlikely to significantly affect India's Consumer Price Index (CPI) inflation or GDP growth. They anticipate CPI inflation to remain around 4-4.5% and GDP growth between 6.3-6.5% for FY26, as domestic fuel prices are expected to remain stable.
Published: Jun 23 2025, 7 pmeznews.inIn a notable development for Chennai's public transport, the air-conditioned EMU (sub-urban) train service on the Beach-Tambaram-Chengalpattu route has seen a significant rise in ridership since its launch in April 2025. Average daily passengers increased from 1,488 in April to 2,571 in May, reaching 2,800 in June. The service operates eight AC EMU trains, with routes connecting key areas, and has adjusted timings based on commuter feedback to enhance convenience. While fares for the AC EMUs are slightly higher than non-AC options, they remain competitive with Chennai Metro and AC bus fares for similar distances. The service is expected to attract even more users with the upcoming Phase II extension of the St. Thomas Mount–Velachery MRTS, which will integrate with the Chennai Metro Rail, creating a unified multimodal transport system.
Published: Jun 23 2025, 7 pmeznews.inThe monsoon remains active across parts of North-West and eastern India, while Central India experiences a relative lull, according to the India Meteorological Department (IMD). As of Monday, the country has a slight overall rain deficit of 1%, but regions like Vidarbha and Telangana face significant shortfalls of 57% and 44%, respectively. Heavy rainfall is forecasted for West Madhya Pradesh over the next few days, with isolated heavy showers expected in Bihar, Jharkhand, and Odisha. The northern limit of the monsoon is advancing, with conditions favorable for its spread into parts of Haryana, Chandigarh, and Delhi. A low-pressure area is anticipated to develop over the north-west Bay of Bengal, potentially enhancing monsoon activity. Predictions suggest that the heaviest rainfall may occur in Rajasthan, Punjab, and Gujarat by early July, as the monsoon continues to evolve.
Published: Jun 23 2025, 6 pmeznews.inAs India’s Goods and Services Tax (GST) marks its eighth anniversary, corporate confidence has surged, with a recent Deloitte survey revealing an increase of 26 percentage points in three years, bringing confidence levels to 85% in 2025, up from 59% in 2022. This positive sentiment is attributed to enhanced transparency and simplification in tax processes, improved Input Tax Credit (ITC) flow, and the removal of legacy taxes and state check posts. However, nearly 10% of respondents reported a neutral experience, indicating areas for improvement, particularly in expense management and ITC accessibility. Concerns were also raised regarding clarity on new proposals and the handling of GST audits. Deloitte's Mahesh Jaising emphasized the need for forward-looking reforms, including AI-driven compliance tools and a robust dispute resolution mechanism, to fully realize the potential of GST 2.0 and foster a more agile tax ecosystem.
Published: Jun 23 2025, 6 pmeznews.inAndhra Pradesh Chief Minister N Chandrababu Naidu has unveiled the state's new Aerospace and Defence Policy 4.0, targeting investments between ₹50,000 crore and ₹1 lakh crore over the next five years to position Andhra Pradesh as India's leading aerospace and defence manufacturing hub. During a review meeting in Amaravati, Naidu emphasized the importance of advanced technologies and innovation, directing officials to establish a ₹100 crore annual fund to support MSMEs in these sectors. The policy outlines specialized manufacturing corridors for naval systems, missile production, drone technologies, and aerospace electronics, with Tirupati set to become a research and development centre. Notably, companies like Bharat Forge and MMW are poised to invest in the Madakasira cluster. Currently, 23 firms have invested ₹22,000 crore in the state's aerospace and defence sectors, generating 17,000 jobs, as India’s annual defence market is valued at ₹1.27 lakh crore.
Published: Jun 23 2025, 4 pmeznews.inThe Balanagar custard apple, a distinctive variety from Telangana, is seeking Geographical Indication (GI) registration to safeguard its unique identity. Known for its high pulp content, minimal seeds, and long shelf life, the fruit has garnered attention from three farmer-based organisations, which have applied for the GI tag with support from the National Bank for Agriculture and Rural Development (NABARD). Saidaiah Pidigam, a scientist at Sri Konda Laxman Telangana Horticultural University, played a crucial role in documenting the fruit's unique characteristics. The Balanagar custard apple's exceptional qualities stem from the region's diverse agro-climatic conditions, making it suitable for both fresh consumption and industrial processing. If granted, the GI tag will enhance its brand identity and provide access to premium markets, marking it as the fourth custard apple variety to receive such recognition in India. This application is part of Telangana's broader initiative, with 6-8 GI filings planned for various products.
Published: Jun 23 2025, 5 pmeznews.inDimitra Incorporated, based in the British Virgin Islands, is at the forefront of transforming verified agricultural data into blockchain-based financial instruments through its digital token, $DTMR. This ERC-20 token, built on the Ethereum blockchain, aims to enhance financing and market access for farmers in regions like Kenya, Mexico, and Brazil. CEO Jon Trask emphasized that the tokenization of real-world assets, including crops and carbon credits, empowers small and medium-sized farmers by connecting them to digital markets. Dimitra's Agriculture Operating System integrates blockchain, AI, IoT, and satellite services to optimize farming practices. The company also supports compliance with sustainability regulations, such as the EU Deforestation Regulation, by providing tools for traceability and documentation. With a presence in key regions like India and Indonesia, Dimitra is committed to bridging the technology gap in agriculture and fostering climate-resilient farming systems globally.
Published: Jun 23 2025, 5 pm
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