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The Tea Board has revised pan India auction rules in accordance with the Ramaseshan Committee's recommendations, introducing key changes to sampling norms under the Bharat Auction model, effective July 1 for South India’s registered tea auction centres. However, these changes will not apply to North India until further notice. The amendments aim to enhance price discovery and market structure within the tea industry, particularly benefiting bought leaf tea manufacturers. Notable reforms include standardising lots and allowing sellers to determine the eligibility for free or paid trade samples, a long-sought change by industry stakeholders. Dhananjayan Krishnamurthy, president of the Nilgiris Bought Leaf Tea Manufacturers Association, emphasized that this shift empowers sellers to better protect their commercial interests. The implementation of third-party services for sample collection will be considered in future consultations with the industry, as outlined in the Tea Board's circular. 
Published: Jun 16 2025, 12 pmeznews.inIndia Post is advancing its services through a technology-driven transformation under the IT 2.0 framework, aiming to integrate with the Open Network for Digital Commerce (ONDC) and the Government e-Marketplace (GeM). This initiative, discussed during a review meeting with Minister of State for Communications Pemmasani Chandra Sekhar, is designed to enhance accessibility and competitiveness against third-party logistics firms. Currently, over 86,000 post offices are utilizing the new application, with plans for full migration by August 2025. Key upgrades include real-time tracking, electronic proof of delivery, and digital payment options. The collaboration with GeM will facilitate automated pricing and centralized payment tracking. Additionally, India Post has established 344 dedicated delivery centers nationwide to improve mail operations, offering flexible delivery options, including on weekends and holidays, thereby strengthening its logistics network and service efficiency.
Published: Jul 30 2025, 3 pmeznews.inThe Indian government's extension of duty-free imports for tur (pigeon pea) and yellow peas until March 2026 has led to a significant decline in pulse prices, raising alarms about the country's self-reliance ambitions under the Atma Nirbhar initiative. Despite being the largest global producer of pulses, India remains heavily reliant on imports, having brought in a record 6.63 million tonnes last year, with yellow peas alone accounting for 2.9 million tonnes. The influx of cheap imports from countries like Canada and Russia has resulted in a sharp drop in prices, with chana falling from ₹8,000 to ₹6,200 per quintal and tur from ₹11,000 to ₹6,700. This price crash has discouraged farmers, leading to an 8% reduction in tur acreage. Farmers are now urging the government to impose restrictions on imports to stabilize prices and encourage domestic cultivation, crucial for achieving self-sufficiency in the coming years.
Published: Jul 30 2025, 3 pmeznews.inThe India-UK free trade agreement (FTA) is set to significantly benefit Indian electronics exporters by providing zero-duty access to the UK market and recognizing Indian conformity assessment bodies. This recognition will streamline compliance with UK standards, reducing costs and eliminating duplicate testing, thereby accelerating time to market. The FTA also eliminates or lowers import duties on various Indian electronics, including smartphones and telecom equipment, enhancing price competitiveness in the UK’s high-tech market. While India has agreed to phase out duties on several electronic items, it has strategically protected key domestic sectors like smartphones. Additionally, the FTA opens up procurement opportunities for Indian firms in UK government contracts across sectors such as digital health and telecom, while encouraging UK investment in India's electronics manufacturing. This collaboration is particularly advantageous for India's telecom and IT services sector, which is poised to support advancements in 5G and broadband infrastructure.
Published: Jul 30 2025, 3 pmeznews.inIn a letter to Prime Minister Narendra Modi, Rampal Jat of Kisan Mahapanchayat has raised concerns over the forced sale of nano urea to farmers, who are reportedly left with excess bottles and unnecessary expenses. Jat highlighted a July 21 circular from the Department of Fertilisers, which acknowledges ongoing complaints about the compulsory sale of non-subsidised fertilizers but has seen no action against the companies involved. He criticized the government's inaction despite promises from Agriculture Minister Shivraj Singh Chouhan to establish a helpline for farmers to report such practices. The issue of tagging nano fertilizers with subsidised urea and DAP has persisted, with the Competition Commission yet to investigate a complaint filed by Jat in October 2022. Meanwhile, the government has confirmed the establishment of seven nano urea plants, producing millions of bottles annually, while urging state governments to promote their use among farmers.
Published: Jul 30 2025, 2 pmeznews.inThe Indian Tea Association (ITA) has warned of a challenging future for the tea industry, projecting a 15% to 20% decline in the July crop compared to 2024. The association highlighted a significant production shortfall in 2024, with output dropping by 109 million kilograms due to adverse weather and pest issues. This decline is particularly concerning for major tea-producing regions like West Bengal and Assam, where production levels are already lagging. Additionally, rising temperatures and reduced rainfall have exacerbated dry conditions, further impacting growth. The industry is also facing a downward trend in auction prices, with CTC and dust tea prices falling by 7% and 9.5% respectively. Compounding these issues, tea imports surged by 82% in 2024, primarily from Nepal and Kenya, which has further depressed local prices. Despite a slight decrease in exports, the overall outlook for the industry remains precarious.
Published: Jul 30 2025, 12 pmeznews.inIn FY25, India exported approximately $14.3 billion worth of petroleum products to the European Union (EU), a slight decrease from the previous year. This marks the first anticipated decline in export earnings since FY23, as ICRA's latest report suggests that the EU's 18th sanctions package may limit Indian refiners' access to the EU market. The sanctions specifically target products derived from Russian crude oil processed in third countries, impacting nations like India, Turkey, and the UAE, which have been supplying refined products to Europe amid reduced Russian supplies due to the ongoing Russia-Ukraine conflict. Despite this, ICRA notes that Russian crude discounts may increase following the EU's recent price cap adjustments. While Russian oil accounts for about 7% of global consumption, Brent crude prices have remained stable, indicating limited immediate supply disruptions. ICRA forecasts crude prices to average between $65 and $75 per barrel in FY26.
Published: Jul 30 2025, 12 pmeznews.inIndia is poised to emerge as a global hub for aircraft components manufacturing, with a projected market size of $29.5 billion by 2033, according to a whitepaper by B2B startup Venttup. This growth is fueled by government initiatives like Make in India and Atmanirbhar Bharat, prompting small and medium enterprises (SMEs) to invest in skilled manufacturing sectors such as precision engineering and semiconductors. Major players like Airbus and Boeing are partnering with Indian firms Mahindra and Tata to establish manufacturing operations. The Prime Minister aims to position India as a $4 billion maintenance, repair, and overhaul (MRO) hub by 2030. The report emphasizes the need for revamping industrial training institutes and modernizing curricula to meet industry demands, alongside promoting structured apprenticeship programs. Venttup's CEO, Sanddep Nair, highlighted the potential for Indian MSMEs to attract global buyers through advancements in technology and manufacturing practices.
Published: Jul 30 2025, 12 pmeznews.inThe owners of three tankers chartered by India's Nayara Energy have requested to terminate their contracts due to the impact of European Union sanctions on the Russian-owned refiner, according to sources. Nayara, which is majority-owned by Russian entities including Rosneft, operates India's third-largest refinery and has faced operational disruptions since the EU imposed new sanctions on July 18 in response to Russia's actions in Ukraine. Shipping companies Seven Islands Shipping Ltd and Great Eastern Shipping Co have sought the release of their vessels, citing concerns over compliance with the sanctions. Meanwhile, another tanker chartered by Hindustan Petroleum Corp was diverted from Nayara to another refinery due to insurance issues linked to the sanctions. The situation has led to Nayara's CEO resigning and the company filing a lawsuit against Microsoft after the tech giant suspended its services.
Published: Jul 30 2025, 10 ameznews.inThe Finance Ministry has set August 1, 2025, as the date for implementing key provisions of the Banking Laws (Amendment) Act, 2025, which aims to modernize banking regulations. Notably, the threshold for "substantial interest" in a company has been raised from ₹5 lakh to ₹2 crore, reflecting inflation since the last adjustment in 1968. The amendments also extend the maximum tenure for directors of co-operative banks from eight to ten years and allow certain directors to serve on multiple boards. Additionally, the law expands the types of unclaimed funds that must be transferred to the Investor Education and Protection Fund (IEPF) after seven years, including unpaid dividends and bond dues. Furthermore, banks will now have the authority to determine auditor remuneration, previously set by the Reserve Bank of India. The date for allowing four nominees in bank accounts is pending, awaiting software upgrades.
Published: Jul 30 2025, 10 ameznews.inRussia's oil exports are facing significant challenges, with a reported 4% decline in crude shipments during the first seven months of 2025 compared to the same period in 2024, and a 7% drop from 2023. This downturn comes amid speculation that U.S. President Donald Trump may impose secondary tariffs on countries purchasing Russian oil, further complicating Moscow's export situation. Recent data indicates that average crude shipments fell to 3.22 million barrels per day, with a sharp decline in weekly flows attributed to reduced volumes from the Baltic and Pacific regions. Additionally, the gross value of Russia's oil exports dropped by 17% to $1.14 billion in the week ending July 27, driven by lower prices for Urals crude. As Russia navigates these export challenges, the impact of geopolitical tensions and production restrictions under the OPEC+ initiative remains a critical factor in its oil market dynamics.
Published: Jul 30 2025, 10 am
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