eznews.inThe Tea Board has announced that it will re-conduct Sale 10 of its auctions on March 14 using the old NSEIT platform, following significant stakeholder opposition to issues encountered with the new e-Procurement Technologies system. Concerns arose during the Coimbatore auction on March 5, where buyers reported that some teas were sold without bidding, and multiple buyers were assigned the same lots. Additionally, many participants experienced delays that hindered their ability to place bids. The Tea Buyers Association in Kochi has called for mock sessions to ensure the new system is reliable before its implementation, emphasizing the need for a foolproof solution. Apu Kurien, President of the Tea Trade Association of Cochin, criticized the Board for hastily replacing a proven system, arguing that the new technology has failed to enhance price discovery and trading efficiency, and urged a reconsideration of its rollout. 
Published: Mar 13 2025, 11 ameznews.inA parliamentary committee in India has proposed significant reforms to the Pradhan Mantri Fasal Bima Yojana (PMFBY) crop insurance scheme, advocating for coverage of crop damage caused by stray animals and recommending free compulsory insurance for small farmers with land holdings of up to 2 hectares. The committee's report, presented in the Lok Sabha, emphasizes the need for timely fund disbursement and adequate compensation to enhance the scheme's effectiveness. Additionally, it calls for financial assistance of ₹100 per quintal to paddy farmers to discourage the burning of crop residues, a practice that poses environmental risks. The committee suggests a multifaceted approach to crop residue management, including financial incentives and technological innovations, to promote sustainable practices. These measures aim to provide a safety net for smallholder farmers, reduce their debt burdens, and encourage investment in improved agricultural methods.
Published: Mar 13 2025, 9 ameznews.inIndia's industrial activity experienced a notable upswing in January 2025, with the manufacturing sector leading the charge, as reported by ICICI Bank Global Markets. Out of 23 manufacturing industries, 19 showed positive momentum, an increase from 16 in December. The Index of Industrial Production (IIP) rose by 5.0% year-on-year, bolstered by a 5.5% increase in manufacturing output, particularly in petroleum products, which surged by 8.5%. Key sectors such as electrical equipment and fabricated metals also reported strong growth. Government spending and resilient rural demand contributed to this industrial growth, although February saw a slight moderation due to lower automobile and fuel sales. The outlook remains optimistic, supported by tax incentives and potential policy easing from the Reserve Bank of India, despite external risks like global tariff uncertainties. Overall, the industrial landscape appears robust, with early indicators suggesting further improvement.
Published: Mar 13 2025, 9 ameznews.inRiyadh Air, the new Saudi Arabian airline, is actively seeking partnerships with Indian carriers such as Air India and IndiGo to enhance connectivity and expand its operations, which are set to launch later this year. Chief Executive Tony Douglas announced plans to establish codeshare agreements, allowing the airlines to sell seats on each other's flights, thereby broadening destination options for passengers. Riyadh Air aims to serve over 100 destinations by 2030, contributing an estimated $20 billion to Saudi Arabia's non-oil GDP and creating over 200,000 jobs. With India projected to become Saudi Arabia's top tourism source market by 2030, the airline is keen to tap into this potential, especially as the number of Indian travelers to Saudi Arabia surged by 50% in 2023. Douglas emphasized the importance of India in Riyadh Air's network planning, highlighting the mutual benefits of a partnership with Indian airlines.
Published: Mar 12 2025, 8 pmeznews.inCoromandel International Limited, part of the Murugappa Group, has announced its intention to acquire a 53% stake in NACL Industries Limited, a Hyderabad-based crop protection firm, for ₹820 crores at ₹76.7 per share. The acquisition, formalized through definitive agreements, positions Coromandel to enhance its presence in the Indian crop protection sector, which includes a robust branded formulation business and a significant export portfolio. Additionally, Coromandel plans to launch an open offer to acquire up to 26% of NACL's equity share capital, adhering to SEBI takeover regulations. Managing Director Sankarasubramanian emphasized that this strategic move will bolster Coromandel's scale, facilitate entry into contract manufacturing, accelerate new product commercialization, and broaden its product offerings. NACL operates Technical and Formulation plants in Andhra Pradesh and maintains a centralized R&D facility near Hyderabad.
Published: Mar 12 2025, 10 pmeznews.inThe Ministry of New & Renewable Energy (MNRE) has set an ambitious target to install solar power projects on the rooftops of 3.5 million households, aiming for a capacity of approximately 10.5 gigawatts in the financial year 2025-26. A budget of ₹20,000 crore has been allocated for this initiative, as detailed in a report by the Parliamentary Standing Committee on Energy. The MNRE has reported significant progress, with 1.72 crore registrations and 9.05 lakh installations completed to date. Additionally, the PM Surya Ghar scheme, which aims to solarize one crore households by providing free electricity up to 300 units monthly, has received a total budget of ₹75,000 crore for implementation by FY27. This initiative is expected to generate around one lakh crore units of electricity and reduce CO2 emissions by 72 crore tonnes, marking a significant step towards India's renewable energy goals.
Published: Mar 12 2025, 8 pmeznews.inRising trade policy uncertainty may have temporarily boosted global trade as businesses and consumers frontload imports ahead of potential new tariffs, according to the World Trade Organization (WTO). The latest Goods Trade Barometer reading of 102.8 indicates that merchandise trade is above trend, with a 3.3% year-on-year recovery noted in the third quarter of 2024. However, the WTO cautioned that this uptick could lead to reduced demand later in the year, urging close monitoring of export orders, which remain near the baseline value of 100. While components such as automotive products and container shipping show positive trends, the overall trade landscape remains fragile, with the potential for a slowdown if uncertainty persists. The barometer serves as a real-time indicator of trade trajectories, with values above 100 suggesting above-trend trade volumes.
Published: Mar 12 2025, 8 pmeznews.inPresident Donald Trump has officially raised tariffs on all steel and aluminium imports to 25%, eliminating previous exemptions and increasing aluminium tariffs from 10%. This move, part of a broader strategy to reshape global trade, aims to bolster US manufacturing jobs amid concerns of an economic slowdown, as evidenced by an 8% drop in the S&P 500 index. In response, the European Union announced countermeasures worth approximately $28 billion, targeting not only metals but also textiles and agricultural goods, set to take effect on April 1. Canada, the largest supplier of steel and aluminium to the US, plans to impose retaliatory tariffs of CAD 29.8 billion ($20.7 billion) on US goods, including computers and sports equipment. While Trump argues that these tariffs will encourage domestic investment, economists warn that they may raise costs for manufacturers reliant on these metals, potentially stifling broader economic growth.
Published: Mar 12 2025, 9 pmeznews.inThe Ministry of Defence (MoD) has responded to concerns raised by Micro, Small, and Medium Enterprises (MSMEs) and start-ups in the defence sector regarding GST notices they received for grants under the Technology Development Fund (TDF). Following a report by _businessline_ highlighting the tax disparity between public and private entities, Sherry Gaur, Program Executive at Innovations for Defence Excellence (iDEX), urged affected companies to provide details for further discussions with tax authorities. The Defence Research and Development Organisation (DRDO) is also seeking clarification on why private players are subject to GST while public institutions are exempt. With a budget allocation of ₹26,816.82 crore for FY 2025-26, including significant funding for R&D projects, the MoD aims to address these tax liabilities, which have raised concerns among approximately 80 entities benefiting from the TDF.
Published: Mar 12 2025, 8 pmeznews.inThe Kerala Fisheries Department is advocating for the Marine Stewardship Council (MSC) certification to bolster the sustainability of India's seafood exports amid challenges like resource depletion and climate change. Special Secretary B Abdul Nasar emphasized that this global certification would enhance the competitiveness of Indian seafood on the international stage while ensuring the preservation of marine resources. During a recent workshop aimed at training fisheries officials, he highlighted the urgent need for sustainable fishing practices to protect the livelihoods of fishing communities and marine biodiversity. With a focus on a dozen prioritized species, including deep-sea shrimp and cuttlefish, the Department is working to implement necessary management measures. Experts, including former CMFRI scientist Sunil Mohamed, warned of alarming declines in fish stocks, stressing the importance of immediate action. MSC certification is expected to improve market access for Indian fisheries, particularly in Europe and North America, according to Amanda Lejbowicz from MSC.
Published: Mar 12 2025, 8 pm
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