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Sweden is strengthening its economic ties with India by inaugurating a new Business Sweden office in Mumbai, its third in the country, aimed at enhancing trade and investment relations. Foreign Minister Maria Malmer Stenergard opened the office on Monday, highlighting Sweden's growing focus on Asia. This development underscores India's importance as a strategic partner for Sweden, particularly as India pursues a free trade agreement with the European Union. Stenergard's visit included participation in the Raisina Dialogue and discussions with Union Minister Piyush Goyal on expanding cooperation. With nearly 300 Swedish companies operating in India and over 70 Indian firms investing in Sweden, the collaboration has created approximately 7,000 jobs. Trade Commissioner Sofia Högman emphasized the immense interest in India, stating that the new office will facilitate Swedish companies in exploring opportunities in sectors like healthcare and green transition while supporting Indian investments in Sweden. 
Published: Mar 19 2025, 12 pmeznews.inIn a pioneering move for clean mobility, EKA Mobility has partnered with KPIT Technologies and BPCL to introduce a hydrogen fuel cell bus at Cochin International Airport in Kerala. This initiative, the first of its kind in the state, aims to enhance India's clean mobility ecosystem and promote the adoption of hydrogen-powered commercial vehicles. The 30+ passenger bus, part of a three-year Proof of Concept project, was showcased at the recent Global Hydrogen & Renewable Energy Summit in Kochi. EKA Mobility has integrated KPIT's hydrogen fuel cell technology into its 9-metre bus, while BPCL has established the necessary hydrogen generation and refuelling infrastructure. This comprehensive approach not only facilitates vehicle deployment but also positions Kerala as a leader in green hydrogen adoption, potentially accelerating investments in hydrogen infrastructure and contributing to India's net-zero goals.
Published: Mar 19 2025, 7 pmeznews.inThe Union Cabinet of India has approved a series of significant initiatives aimed at bolstering the economy, including a ₹1,500 crore incentive scheme to promote UPI transactions under ₹2,000 for the fiscal year 2024-25. This scheme, which will cover small merchants, aims to encourage low-value digital payments by offsetting the Merchant Discount Rate (MDR) for such transactions. Additionally, a new urea plant in Assam, with an estimated cost of over ₹10,000 crore, is set to enhance domestic production of this essential crop nutrient, reducing reliance on imports. The Cabinet also increased funding to ₹6,190 crore for two dairy development schemes, aiming to modernize infrastructure and boost milk production. Furthermore, a ₹4,500 crore project to construct a high-speed National Highway connecting JNPA Port in Maharashtra was approved, enhancing road connectivity in the region.
Published: Mar 19 2025, 7 pmeznews.inThe PHDCCI has called on Finance Minister Nirmala Sitharaman to establish a permanent zero-rated import duty on gold ore concentrate, aligning it with the current zero duty on copper ore concentrate. Ranjeet Mehta, CEO & Secretary General of PHDCCI, highlighted that the existing 2.5% import duty on gold ore concentrate places the domestic gold refining industry at a competitive disadvantage, as copper ore concentrate, which produces gold as a by-product, enjoys no such duty. The chamber also expressed concerns over the recent reduction in import duty on finished gold from 15% to 6%, which could further undermine domestic refining efforts. Additionally, PHDCCI criticized the temporary nature of the current exemption on gold ore concentrate, set to expire on March 31, 2026, urging for its removal to ensure long-term stability and growth for the industry.
Published: Mar 19 2025, 7 pmeznews.inThe Standing Committee on Finance, led by BJP MP Bhartruhari Mahtab, has urged the Finance Ministry to implement robust safeguards in light of the proposed increase in foreign direct investment (FDI) in India's insurance sector from 74% to 100% under the Insurance Laws (Amendment) Bill, 2025. While recognizing the potential benefits, such as enhanced competition and technology transfer, the Committee raised concerns over profit repatriation, job security, and the risk of neglecting rural and financially weaker populations. It warned that full foreign ownership could prioritize short-term gains over long-term growth, potentially leading to job losses and a focus on high-margin policies. However, the Committee also acknowledged the transformative potential of InsurTech in improving efficiency and accessibility, particularly in underserved markets. It emphasized the need for a balanced approach to ensure that the expansion of insurance services aligns with India's financial inclusion goals.
Published: Mar 19 2025, 6 pmeznews.inIndia's solar module exports surged to $1.97 billion in FY24, marking a 91% increase from FY23 and a staggering 23-fold rise from FY22, largely driven by the US-China tariff war. The US now accounts for over 90% of India's solar cell and module exports, presenting significant growth potential. However, the risk management firm Rubix Data Sciences warns that potential US reciprocal tariffs and intensified Chinese price competition could disrupt this burgeoning market. India relies on China for over 50% of its PV components, which could pressure domestic manufacturers if China lowers prices to offset US losses. Major Indian players like Waaree Energies and Vikram Solar are exploring US manufacturing to leverage incentives from the Inflation Reduction Act. To navigate these challenges, Indian manufacturers must diversify markets, enhance production quality, and address defect rates, which currently exceed 8% in several regions, including India.
Published: Mar 19 2025, 6 pmeznews.inThe FMCG sector in India is projected to achieve revenue growth of 6-8% in FY26, according to a report by CRISIL Ratings, marking an improvement from the 5-6% growth seen in FY25. This anticipated growth is attributed to a gradual recovery in urban demand and steady rural consumption, with volume expected to rise by 4-6%. Price hikes in essential categories like soaps and coffee are expected to contribute approximately 2% to revenue, driven by elevated raw material costs. Despite a flat operating profitability forecast of 20-21%, the credit profiles of FMCG companies are expected to remain stable. The report highlights the increasing competition from direct-to-consumer (D2C) brands and local companies, prompting traditional FMCG firms to adopt digital strategies and introduce lower-priced products. Urban demand, which constitutes nearly 60% of sector revenues, is bolstered by easing food inflation and government welfare schemes, while rural demand continues to grow steadily.
Published: Mar 19 2025, 6 pmeznews.inIndiGo, India's leading airline, announced plans to recruit approximately 3,000 employees in FY26 as part of its expansion strategy, which includes adding 14 new destinations. In calendar year 2024, the airline transported 113 million passengers, marking a 10% year-on-year growth. The introduction of Airbus A321XLR aircraft, set to arrive in the upcoming fiscal year, will enable IndiGo to launch new routes in Asia and Europe, featuring a configuration of 12 business class and 183 economy class seats. Currently operating a fleet of 439 aircraft, including 33 on wet lease, IndiGo intends to enhance its European operations by acquiring three additional Boeing 787s by the second half of 2025, with new destinations like Amsterdam and Manchester on the horizon. The airline aims to expand its fleet to over 600 aircraft by 2030, focusing on international growth to boost revenue.
Published: Mar 19 2025, 6 pmeznews.inThe Indian government has expanded its Bharat Dal initiative, initially launched in July 2023, to include moong dal and masur dal, making these pulses available to consumers at subsidised prices. Under the Price Stabilisation Fund (PSF), moong dal will be sold at retail, while masur dal will be priced at ₹89 per kg, as announced by Union Minister BL Verma in the Lok Sabha. The first phase of Bharat Dal focused on chana dal, with 12.32 lakh tonnes sold at ₹60 per kg. The second phase allocated an additional 3 lakh tonnes for sale in 1-kg packs at ₹70 per kg. Distribution is managed by three central co-operative organisations, including Nafed and NCCF, through various outlets and e-commerce platforms. The Quality Council of India is assessing the initiative, ensuring traceability in distribution with real-time monitoring of sales and distribution photos, according to the Food Ministry.
Published: Mar 19 2025, 6 pmeznews.inBudget airline SpiceJet has announced a significant increase in its promoter group's stake, rising from 29.11% to 33.47% following a capital infusion of ₹294.09 crore. This investment, made by founder Ajay Singh through Spice Healthcare Private Ltd, involved the conversion of 13.14 crore warrants into equity shares. Singh emphasized that this move reflects the promoter group's strong confidence in SpiceJet's long-term growth potential and strategic vision. The latest funding marks the completion of a total ₹500 crore equity support commitment from Singh, aimed at bolstering the airline's financial position and operational capabilities. "This investment will further strengthen the company’s financial position, drive growth, and enhance our operations," Singh stated, expressing optimism about the airline's ability to capitalize on new opportunities and deliver value to customers and stakeholders.
Published: Mar 19 2025, 4 pmeznews.inSohan Lal Commodity Management (SLCM) has appointed Phyo May Win as the Country Head for Business Development and Strategic Initiatives in Myanmar, effective immediately. With nearly 24 years of experience, including significant roles with the United Nations in food and agriculture, Phyo is tasked with overseeing SLCM's operations and driving strategic growth in the region. Her background includes leadership positions in hospitality and sales, making her well-suited to enhance SLCM's market position. The company aims to expand its operations by implementing scientific warehousing and phygital solutions across various commodities. Sandeep Sabharwal, Group CEO of SLCM, emphasized Phyo's deep understanding of the Myanmar market as a key asset for the company's next phase of expansion. SLCM, the first Indian firm in Myanmar's warehousing sector, has successfully managed over 300 warehouses, with an asset under management of $88.72 million, serving more than 1,600 commodities.
Published: Mar 19 2025, 4 pm
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