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In a recent meeting with Finance Minister Nirmala Sitharaman, Himachal Pradesh Chief Minister Sukhvinder Singh Sukhu raised concerns over the impact of Turkish apple imports on local growers, urging for a universal increase in import duties to safeguard the interests of Indian apple farmers. The Chief Minister also discussed various budgetary and financial matters requiring the Union Government's attention, including a request to raise the borrowing limit for Himachal and other special category states by at least two percent. Sukhu highlighted the state government's initiatives aimed at improving fiscal management and enhancing financial resources, despite facing significant financial challenges. The discussions reflect ongoing efforts to address the economic needs of Himachal Pradesh and support its agricultural sector. 
Published: May 23 2025, 12 pmeznews.inIndia's pursuit of Free Trade Agreements (FTAs) is reshaping its economy, positioning the nation as a vital global services hub. Following recent negotiations with the European Union, which are crucial given the presence of major global firms operating from India, experts highlight the potential for enhanced foreign investment and innovation. FTAs are expected to lower tariffs and non-tariff barriers, encouraging multinational corporations to consolidate operations in India, particularly in sectors like IT, automotive, and life sciences. However, uncertainty surrounding U.S. tariffs on services outsourcing has led some American firms to delay decisions, impacting the performance of India's IT sector. Despite these challenges, industry leaders remain optimistic about India's role in global offshoring, especially as U.S. talent shortages persist. With a burgeoning talent pool and significant investments from companies like Sanofi and Carl Zeiss, India is evolving into a center for innovation and strategic operations.
Published: May 23 2025, 8 pmeznews.inThe GST Council is set to convene soon to address key issues such as rate rationalisation and the future of the compensation cess, following a hiatus of over five months since its last meeting in December 2022. Finance Minister Nirmala Sitharaman chairs the Council, which includes representatives from 28 states and three Union Territories. The delay in meetings has been attributed to various factors, including the Budget session and security concerns. Two Groups of Ministers (GoMs) are currently examining the GST rates on insurance premiums and overall rate restructuring, with recommendations expected to simplify the current four-tier rate system. Additionally, discussions are ongoing regarding the compensation cess, initially established to support states post-GST implementation, which is set to expire in March 2026. A new mechanism to replace this cess is anticipated, with a report from the GoM due by June 30, 2025.
Published: May 23 2025, 9 pmeznews.inPrime Minister Narendra Modi will chair the 10th meeting of the Niti Aayog Governing Council on Saturday, emphasizing the vital role of State governments in India's ambition to become a developed nation by 2047. The meeting, themed “Viksit Rajya, Viksit Bharat @2047,” will gather Chief Ministers, Lieutenant Governors, and administrators at Bharat Mandapam. Key discussions will focus on promoting entrepreneurship, employment, and skill development, particularly leveraging India's youthful demographic. Leaders will explore strategies to enhance the manufacturing and services ecosystem, especially in Tier 2 and Tier 3 cities, while addressing infrastructure, skill training, and investment policies. The meeting will also tackle issues related to micro, small, and medium enterprises (MSMEs) and informal employment, with States sharing best practices. Additionally, some States may voice demands for a larger share of the Union Budget, as highlighted by Tamil Nadu's Chief Minister MK Stalin. Green economy opportunities will also be on the agenda, aligning with India's sustainable development goals.
Published: May 23 2025, 7 pmeznews.inThe Indian government has resumed imports of rare earth magnets from China, essential for the automobile and electronics sectors, issuing 30 certificates to importers who have committed that these magnets will not be used for defence purposes or re-exported to the US. This decision follows concerns from leading electric vehicle (EV) manufacturers about potential supply disruptions due to Chinese restrictions on critical minerals. The Directorate General of Foreign Trade (DGFT) has been designated as the nodal authority to ensure compliance with Chinese regulations, which require importers to provide assurances regarding the domestic use of these materials. The Chinese government has stipulated that permanent magnets must not be utilized in defence applications or exported to the US, necessitating additional certification from the Indian government. Rare earth magnets, particularly neodymium-iron-boron, are vital for the efficient operation of electric motors in both EVs and internal combustion engine vehicles.
Published: May 23 2025, 8 pmeznews.inA recent study by the Reserve Bank of India (RBI) highlights the vulnerability of vegetable prices to rising temperatures, which significantly impact the Consumer Price Inflation (CPI) basket, where vegetables account for 6.04% and food items collectively represent 45.86%. The study, featured in the RBI Bulletin, indicates that deviations in rainfall and temperature can increase vegetable price momentum, necessitating the urgent adoption of temperature-resistant crop varieties. Dr. Vikramaditya Pandey from the Indian Council of Agricultural Research (ICAR) pointed to the 'Kashi Tapis' tomato variety as an example of a climate-resilient crop expected to be available to farmers soon. While acknowledging that local factors also influence price fluctuations, the study emphasizes the need for accurate inflation forecasting to inform monetary policy, given that vegetable prices, driven by small farmers, are highly volatile and susceptible to adverse weather events.
Published: May 23 2025, 8 pmeznews.inIn a notable trading session, India's benchmark indices saw significant gains, with the SENSEX rising by 769.09 points to close at 81,721.08, while the NIFTY increased by 243.45 points, reaching 24,853.15. In commodities, gold prices surged by 768.00 to settle at 96,304.00, contrasting with a slight decline in crude oil, which fell by 6.00 to 5,259.00. However, silver experienced a drop of 124.00, closing at 97,672.00. Meanwhile, provisional data from the Reserve Bank of India revealed a sharp decline in net foreign direct investments, plummeting to $353 million in FY25 from over $10 billion in FY24. Despite this, gross inflows and investments remained robust at over $81 billion, with repatriations and disinvestments totaling $51.5 billion, indicating a complex landscape for foreign investments in the country.
Published: May 23 2025, 8 pmeznews.inAndhra Pradesh Chief Minister N Chandrababu Naidu has formally requested the Indian government's support for the Polavaram–Banakacherla Link project, aimed at addressing water scarcity in south-central Andhra Pradesh by diverting surplus water from the Godavari River. During a meeting with Union Finance Minister Nirmala Sitharaman in New Delhi, Naidu presented a detailed proposal that outlines a financing plan and emphasizes the project's potential to benefit millions in drought-affected regions. The initiative, which will employ lift irrigation and tunneling methods across three phases, is also positioned as a model for future river-linking projects in India. Naidu has shared the proposal with Union Jal Shakti Minister C R Patil, urging inter-departmental coordination to expedite the project's progress, with a Detailed Project Report (DPR) anticipated by June 2025.
Published: May 23 2025, 6 pmeznews.inPakistan has extended its ban on Indian flights using its airspace until June 24, 2025, according to a new Notice to Airmen (NOTAM) issued by the Pakistan Airports Authority (PAA). This decision follows a previous month-long closure initiated last month in response to India's actions following the April 22 Pahalgam terrorist attack, which resulted in 26 fatalities. The PAA confirmed that the ban applies to all Indian-registered, operated, owned, or leased aircraft, including military flights, prohibiting any Indian airline from entering or transiting through Pakistani airspace. The extension aligns with International Civil Aviation Organisation (ICAO) regulations, which limit airspace restrictions to one month at a time. Notably, the ban was reinforced just days after an IndiGo pilot sought permission to use Pakistani airspace to avoid turbulence during a flight but was denied.
Published: May 23 2025, 7 pmeznews.inIn April, Pakistan's rice exports plummeted to just under 44,000 tonnes, marking the lowest figure for the current fiscal year, according to the State Bank of Pakistan. The decline is attributed to multiple factors, including unrest in Sindh, which has disrupted shipping operations at key ports like Karachi and Qasim. Tensions with India, exacerbated by recent military actions and the closure of the Iran border—crucial for Basmati rice shipments—have further complicated logistics. Protests in Sindh over water distribution have also blocked transport routes, leading to significant backlogs. As a result, shipping costs have surged, with traders noting that containers are avoiding Karachi due to the ongoing dispute with India. Meanwhile, India is poised to benefit from the situation, with expectations of increased rice exports as it holds substantial stocks, while Pakistan's agricultural output faces potential threats from water shortages linked to the Indus Water Treaty.
Published: May 23 2025, 7 pmeznews.inIn a recent investor call, Sivaramakrishnan Ganapathi, Vice Chairman and Managing Director of Gokaldas Exports, highlighted the company's strategic shift towards the UK and European markets amid global tariff uncertainties. Historically focused on the US for its profitability, Gokaldas aims to mitigate competition from duty-free players like Bangladesh in Europe. The company reported a 19% year-on-year increase in consolidated profit after tax for Q4 FY25, reaching ₹53 crore, with total revenue rising 27% to ₹1,035 crore. Ganapathi acknowledged potential challenges related to tariffs, noting that buyers are cautious, operating under the assumption that the current 10% tariff will persist beyond its initial 90-day window. He anticipates that clarity on trade agreements with the US and UK will emerge in the latter half of the financial year, which may alleviate some of the uncertainties currently affecting order placements.
Published: May 23 2025, 5 pm
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