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The Tamil Nadu Spinning Association (TASMA) has appealed to Commerce Minister Piyush Goyal for a two-year extension of the export obligation (EO) for inputs imported under the advance authorisation scheme (AAS), without the requirement of a composition fee. TASMA chief advisor K. Venkatachalam highlighted that US tariffs have adversely affected yarn exports, compounded by geopolitical uncertainties that render shipments of cotton yarn and knitted fabrics unprofitable. He noted that exporters are forced to sell at discounted prices due to unclear market conditions. Currently, mills have 12 months to import and 18 months to export value-added products, with the possibility of extending the EO period twice for six months each, contingent on a fee. Venkatachalam urged a reduction of the value addition requirement from 15% to 5% to alleviate penalties and support the struggling textile industry, which is vital for employment and economic stability. 
Published: Dec 29 2025, 7 pmeznews.inSmall and medium drug manufacturers in India face a critical deadline to comply with revised Schedule M standards for Good Manufacturing Practices (GMP), with a cutoff set for December 31, 2025. Industry representatives are lobbying the government for a 12-month extension, hoping for a decision by early next year, similar to a conditional extension granted last year. Despite these appeals, the Centre has yet to indicate any willingness to relax the deadline. Concerns have intensified following recent cough syrup-related fatalities, underscoring the importance of compliance. Daara Patel from the Indian Drug Manufacturers’ Association has called for government support for companies genuinely struggling with compliance due to equipment or financial issues. With approximately 8,500 units in the sector, estimates suggest that 40 to 60 percent may be affected, prompting some to consider returning their licenses, highlighting the potential impact on employment within the industry.
Published: Dec 29 2025, 9 pmeznews.inIndia's exports to Australia surged by 8% to $8.58 billion in FY25, driven by tariff eliminations under the India-Australia Economic Cooperation and Trade Agreement (ECTA), according to Commerce Minister Piyush Goyal. The ECTA, implemented on December 29, 2022, saw Australia remove import tariffs on 98.3% of tariff lines, significantly benefiting sectors such as manufacturing, chemicals, textiles, and pharmaceuticals. From January 1, 2026, Australia will eliminate duties on the remaining 1.7% of items, primarily metal products, further enhancing trade opportunities. Goyal highlighted the agreement's role in fostering sustained export growth and deeper market access, particularly for Indian MSMEs and farmers. Notably, agri-exports, including fruits, vegetables, and coffee, saw substantial increases, while gems and jewellery exports rose by 16% in late 2025. As negotiations for a Comprehensive Economic Cooperation Agreement (CECA) progress, the ECTA is positioned as a cornerstone of India’s economic strategy in the Indo-Pacific region.
Published: Dec 29 2025, 9 pmeznews.inGrape growers and raisin producers in Maharashtra are urging government intervention against the alleged influx of Chinese raisins into the domestic market, which they claim has caused wholesale prices to plummet by nearly ₹40 per kg in just a week. The Maharashtra Grape Growers Association has reported that Chinese raisins, which began their season last month, are being imported under the guise of Afghan produce, distorting market prices and misleading consumers. With cold storages in Sangli district holding around 20,000 tonnes of last season's raisins, the recent arrival of approximately five tonnes of Chinese raisins has triggered a price decline, with current rates falling between ₹250 and ₹410 per kg. The Raisin Merchants Association has raised concerns over the quality of these imports, calling for urgent checks to protect both consumers and the local industry, which is vital for the livelihoods of thousands in the region.
Published: Dec 29 2025, 8 pmeznews.inSilver prices experienced significant volatility on Monday, initially surging past $80 an ounce before plummeting below $75 as new regulations from the CME Group took effect. In India, silver futures on the MCX reached ₹2.5 lakh per kg but subsequently fell in response to global trends. The CME's new rules, announced on December 26, raised the initial margin for futures contracts from $22,000 to $25,000 for non-speculative accounts, and from $22,000 to $27,500 for speculative accounts, alongside an increase in maintenance fees. Analysts predict a turbulent week ahead, with some expressing hope for a recovery in silver prices, despite fears reminiscent of the "Silver Thursday" crash in 1970. The market is also grappling with a structural deficit and geopolitical uncertainties, leading to increased demand for physical silver as investors seek to hedge against economic fluctuations.
Published: Dec 29 2025, 8 pmeznews.inAs of December 26, the total area under rabi crops in India has risen to 614.30 lakh hectares, up from 607.43 lakh hectares a year ago, according to the Agriculture Ministry's latest update. This marks a 1.1 per cent increase compared to the previous year, although the lead has narrowed from 1.4 per cent as of December 19. The overall acreage was 10 per cent higher until November 14. Wheat planting remains robust, with 322.68 lakh hectares sown, slightly above last year's figures, and experts anticipate record levels this season. Pulses and oilseeds have also seen increases, with chana and mustard acreage up by 5.1 per cent and 1.4 per cent, respectively. The government has set a foodgrain production target of 171.14 million tonnes for the season, including significant quotas for wheat and rice, amid favorable weather conditions that could support high yields.
Published: Dec 29 2025, 8 pmeznews.inWholesale potato prices in West Bengal have plummeted by approximately 50% as farmers engage in distress sales, with significant stocks remaining in cold storage. The state, the second-largest potato producer in India, is losing market share to Uttar Pradesh, which has aggressively expanded its inter-state trade, particularly in key markets like Odisha, Jharkhand, and Bihar. Currently, over 72 lakh tonnes of potatoes are stored, exceeding last year's figures, prompting the state government to extend the storage period until December 31, 2025. Traders are struggling with reduced demand as neighboring states increasingly source potatoes from Uttar Pradesh, which offers lower prices due to higher production and better infrastructure. This shift follows a previous ban on inter-state trade in West Bengal, which was lifted after protests from growers and traders facing financial losses. The situation poses significant challenges for the local potato industry and its stakeholders.
Published: Dec 29 2025, 8 pmeznews.inIn a significant move to bolster India's military capabilities, the Defence Acquisition Council (DAC) approved proposals worth nearly ₹79,000 crore during its final meeting of 2025, chaired by Defence Minister Rajnath Singh. The acquisitions aim to enhance the operational effectiveness of the Army, Navy, and Air Force across land, air, and maritime domains. Key Army purchases include 850 loitering munitions, lightweight radars, and long-range guided rockets for the Pinaka MLRS, all designed to improve precision and engagement capabilities. The Navy will acquire Bollard Pull tugs, High Frequency Software Defined Radios, and lease two MQ-9B Sea Guardian drones to enhance maritime surveillance. For the Air Force, approvals include Astra Mk-II missiles, a Full Mission Simulator for the Tejas aircraft, and SPICE-1000 precision guidance kits from Israel, aimed at improving air combat and training capabilities. These initiatives reflect India's commitment to strengthening its defence preparedness under Prime Minister Narendra Modi's leadership.
Published: Dec 29 2025, 8 pmeznews.inA report by SBI Research has dismissed concerns over increased borrowing by states following the implementation of the VB-G RAM G Act, 2025, asserting that states will realign their rural development budgets to meet new priorities. The report highlights that revised estimates have consistently surpassed budget estimates since FY16, contrasting with previous years. It argues that fears regarding the altered funding ratio of 60:40 between the Centre and states are unfounded, emphasizing that states' borrowing limits are fixed at 3% of their Gross State Domestic Product (GSDP). The report also notes that most states have under-borrowed their limits in recent years. Additionally, it anticipates that a new Centrally Sponsored Scheme will enhance worker compensation and improve real wages, despite previous ineffective unemployment allowances. Meanwhile, a parliamentary panel, led by Congress MP Saptagiri Ulaka, is working on ensuring a smooth transition to the new law, with no opposition voiced during discussions.
Published: Dec 29 2025, 7 pmeznews.inIn 2025, Jammu and Kashmir has recorded 11 internet shutdowns, a significant reduction from the peak of 116 in 2020, following the abrogation of its special status in 2019. This decline in outages has fostered a burgeoning digital economy, enabling local entrepreneurs like Munaza, founder of Zayaan Organics, to thrive online and reach customers both domestically and internationally. Qazi Touseef of the Kashmir Economic Alliance noted that improved connectivity has allowed businesses to access broader markets and streamline operations, creating new job opportunities, particularly for youth and women. The reduction in internet disruptions is attributed to an improved security situation, with fewer incidents of unrest prompting authorities to adopt a more balanced approach to communication restrictions. As connectivity stabilizes, local business groups express optimism about the future of Kashmir's digital landscape.
Published: Dec 29 2025, 5 pm
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