eznews.in
S&P Global has revised India's growth forecast for the current fiscal year (2025-26) down by 20 basis points to 6.3%, and for the following year (2026-27) by 30 basis points to 6.5%, aligning with similar adjustments made by the IMF and World Bank. These projections are below the Reserve Bank of India's earlier estimate of 6.5%, which was reduced from 6.7%. Looking ahead, S&P Global anticipates growth rates of 7% for fiscal year 2027-28 and 6.8% for 2028-29. The agency attributed the downward revisions to global economic trends, particularly the impact of rising tariffs in the US, which have reached levels not seen in over a century. This has led to a broader decline in GDP growth forecasts across major economies, including a 0.7 percentage point drop for China and significant reductions for emerging markets in the Asia-Pacific region. 
Published: May 02 2025, 12 pmeznews.inThe Food Safety and Standards Authority of India (FSSAI) has proposed new regulations aimed at enhancing food safety by restricting the manufacturing of certain high-risk products, including infant food, sweetened condensed milk, and packaged drinking water, to operators holding state or central licenses. Currently, manufacturers can operate under FSSAI registration, which entails fewer compliance obligations. However, the FSSAI's consultation paper suggests transitioning existing registered companies to mandatory licensing to ensure better safety standards. This move follows the government's 2024 decision to eliminate the requirement for Bureau of Indian Standards (BIS) certification for these products. The FSSAI plans to prohibit new registrations and renewals for the specified products, allowing a six-month transition period for over 11,000 affected food business operators to comply with the new licensing requirements. Stakeholder feedback is being sought on this proposal, which aims to strengthen the compliance ecosystem in the food industry.
Published: May 02 2025, 10 pmeznews.inIndia's rice procurement has reached 471.94 lakh tonnes (lt) as of April 2025, slightly up from 471.14 lt, including over 11 lt from the Rabi crop. Despite this high figure, it falls short of the buffer norm of 135.8 lt and the annual requirement of approximately 400 lt for public distribution and welfare schemes. However, when considering carryover stocks, the total procurement exceeds needs, potentially pressuring the government to sell excess rice through open market sales and for ethanol production. As of April 1, the Central Pool held 382.09 lt of rice and 371.51 lt of paddy, up from last year. Kharif crop procurement reached 686.10 lt, slightly lower than 687.09 lt last year, with record harvests of 136.44 million tonnes expected. Procurement has concluded in several states, with ongoing efforts in West Bengal, Assam, Jharkhand, and Tripura, as the government aims to buy 7 million tonnes of Rabi rice.
Published: May 02 2025, 9 pmeznews.inIndia and the European Union (EU) are optimistic about concluding their Free Trade Agreement (FTA) negotiations by the end of 2025, as highlighted in a recent meeting between Indian Commerce Minister Piyush Goyal and European Commissioner for Trade Maroš Šefčovič in Brussels. The discussions emphasized the need to address non-tariff barriers, such as regulatory hurdles and quality norms, which currently impede Indian exporters despite lower average tariffs in the EU. Both sides agreed that meaningful progress requires equal attention to these barriers alongside tariff reductions. The commitment to expedite negotiations builds on strategic directives from Indian Prime Minister Narendra Modi and EU Commission President Ursula von der Leyen. The FTA talks, which began in 2007 but stalled in 2013, resumed in June 2022, with both parties expressing hope that the agreement will enhance market access, regulatory cooperation, and foster innovation and competitiveness.
Published: May 02 2025, 8 pmeznews.inAt a fisheries round-table held at the Central Marine Fisheries Research Institute (CMFRI), KN Raghavan, Secretary General of the Seafood Exporters Association of India (SEAI), emphasized the urgent need to revamp Kerala's aquaculture sector to address declining seafood exports. The event, organized by the VIS Group as a precursor to the International Fisheries Tech Expo 2025, gathered stakeholders to discuss the challenges facing Kerala's fisheries, which historically led India's seafood exports but now struggles against competition from states like Andhra Pradesh. Raghavan highlighted issues such as climate change, juvenile fishing, and trade restrictions, calling for a strategic policy shift to promote sustainable aquaculture. A report from the Marine Products Export Development Authority revealed that while Kerala contributed significantly to India's marine fish production, its aquaculture shrimp output remains low compared to Andhra Pradesh. The round-table aimed to align policy discussions with practical solutions to enhance the state's fisheries sector.
Published: May 02 2025, 8 pmeznews.inTelangana Chief Minister A Revanth Reddy has called for an increase in the reservation cap to 50% following the upcoming caste census, which the NDA government has agreed to conduct nationwide. This census aims to provide crucial data on the numerical strength of various caste groups, which has been largely absent except for Scheduled Castes and Scheduled Tribes. Experts, including Bhangya Bhukya from the University of Hyderabad, emphasize that this data will help assess the socio-economic status of different castes, enabling targeted development initiatives. Reddy highlighted the need for the Union government to consider regional caste variations, citing examples from Telangana and neighboring states. Activists like Kanneganti Ravi advocate for budget allocations and political representation based on caste demographics. The effective use of this data, combined with other socio-economic indicators, is seen as vital for promoting social equity and mobility in India.
Published: May 02 2025, 6 pmeznews.inBayer is set to expand its Sustainable Markets Initiative (SMI) in India, targeting over 16,000 farmers this year to promote regenerative agriculture in basmati rice production. Launched in 2020, the SMI has already seen success, with 2,500 farmers adopting practices that improved soil health, increased yields by up to 9%, and boosted revenues by 20% for those selling in export markets. The initiative, which covers 12,000 hectares across Punjab, Haryana, Madhya Pradesh, and Uttar Pradesh, has also reduced water usage by approximately 6% through techniques like alternate wetting and drying. Bayer plans to introduce affordable mechanisation tools and expand IoT sensor pilots to enhance productivity and water management. The initiative will focus on collecting data on soil health and carbon emissions to refine its solutions. Natasha Santos, Bayer's Head of Sustainability, emphasized the initiative's dual focus on sustainability and profitability, aiming to foster a resilient agricultural ecosystem.
Published: May 02 2025, 7 pmeznews.inCommerce and Industry Minister Piyush Goyal is set to lead a business delegation to Japan from May 12-14, aiming to enhance market opportunities and address non-tariff barriers amid the backdrop of reciprocal tariffs imposed by the US. The delegation, which includes representatives from sectors such as chemicals, textiles, and pharmaceuticals, seeks to leverage the bilateral Comprehensive Economic Partnership Agreement (CEPA), which has predominantly benefited Japan since its implementation in 2011. Despite a global trade slowdown, India's exports to Japan grew by 21.12% to $6.24 billion, while imports reached $18.91 billion, reflecting a 6.91% increase. Goyal's visit underscores the importance of diversifying trade partnerships, as both nations navigate challenges posed by US trade policies. India is keen for Japan to reconsider its stance on CEPA reviews and address stringent quality norms that hinder trade expansion.
Published: May 02 2025, 7 pmeznews.inFarmer Producers Organisations (FPOs) have achieved a record of over 2,000 daily orders on the government-backed ONDC platform, despite challenges like high shipping costs. This surge in online sales is part of the Agriculture Ministry's initiative to connect farmers directly with consumers, following the successful formation of 10,000 new FPOs. On April 29, a total of 2,095 orders were placed, valued at over ₹4 lakh, with Chhattisgarh Finance Minister Om Prakash Choudhary purchasing various products from FPOs. Currently, 8,540 FPOs are registered on ONDC, selling a range of agricultural products. However, experts highlight the need for the government to address why processors prefer traditional commission agents over direct purchases from FPOs. High shipping charges and limited return policies on the platform are also barriers to consumer engagement. Agriculture Minister Shivraj Singh Chouhan has urged officials to ensure better pricing for both consumers and farmers.
Published: May 02 2025, 7 pmeznews.inA significant western disturbance has brought a shift in weather patterns across India, with storm clouds forming over the South Peninsula and cooler temperatures replacing heat in Central India. The India Meteorological Department (IMD) predicts rough weather, including isolated to scattered light to moderate rainfall, thunderstorms, and strong winds across various regions over the next few days. Heavy rainfall has already impacted Punjab, Haryana, Delhi, and parts of the Northeast, while hailstorms have been reported in several states. West India remains the hottest region but is expected to see some relief with upcoming rain. The forecast indicates widespread moderate rainfall and thunderstorms in North-West India, with potential hailstorms in Himachal Pradesh. The South Peninsula and East-Central India are also set for significant rainfall, with isolated heavy falls anticipated in Assam and Meghalaya. Overall, a stormy weather pattern is expected to persist across the country.
Published: May 02 2025, 6 pmeznews.inPoonam Gupta has officially assumed her role as the Deputy Governor of the Reserve Bank of India (RBI), following her appointment by the Government of India last month. She will serve a three-year term, overseeing key departments including Monetary Policy, Financial Markets Operations, and Economic and Policy Research, among others. Gupta is notably the fourth woman to hold this position, following predecessors KJ Udeshi, Shyamala Gopinath, and Usha Thorat. Prior to her appointment, she was the Director General of the National Council of Applied Economic Research (NCAER) and has held significant roles at the International Monetary Fund (IMF) and World Bank. Additionally, Gupta has contributed to academia as a professor at various institutions, including the Delhi School of Economics and the University of Maryland. Her extensive experience in economic policy and research positions her as a key figure in shaping India's monetary landscape.
Published: May 02 2025, 6 pm
For the fastest, latest, not so wokest news, 'experts say' you need to visit Eznews
India
World
Economy
Science
Health
Showbiz
Contact