eznews.in
High-level visits from the UK’s Trade Secretary Jonathan Reynolds and EU President Ursula von der Leyen to New Delhi this week are poised to accelerate India’s free trade agreement (FTA) negotiations with both the UK and the EU. Amidst uncertainty stemming from US President Donald Trump’s tariff threats, which could impact various sectors, including the UK steel industry, both the UK and EU are keen to strengthen ties with India, a market rich in potential. The UK aims to revive FTA discussions initiated in January 2022, with hopes of doubling bilateral trade to $100 billion by 2030. Von der Leyen emphasized the importance of cooperation with like-minded partners, highlighting the EU's status as India’s largest trading partner, accounting for €124 billion in trade in 2023. Upcoming meetings, including one between India’s Commerce Minister and the EU Trade Commissioner, are expected to further advance these negotiations. 
Published: Feb 23 2025, 10 pmeznews.inAir India has successfully secured a $20 billion insurance cover for its expanded fleet, which now includes over 300 aircraft from Air India and Air India Express, following the merger with Vistara. Notably, while the insured amount has increased from $12 billion, the premium remains stable at approximately $30 million, despite a global rise in aviation insurance premiums due to recent accidents. This achievement is attributed to a soft aviation insurance market, effective negotiations, and the airline's strong risk management practices. Tata AIG leads the insurance coverage, with support from Indian public sector firms and ICICI Lombard, while London-based reinsurers underwrite the entire risk. However, the aviation sector is bracing for potential premium increases influenced by recent accidents and ongoing geopolitical tensions affecting aircraft seizures. Insurers are closely monitoring the financial implications of liability claims, with expectations of gradual shifts in the insurance landscape as 2025 progresses.
Published: Feb 23 2025, 7 pmeznews.inAdani Ports & SEZ and the Kerala government have unveiled an ambitious roadmap to transform the Vizhinjam International Seaport into a leading transshipment hub, aiming to enhance the state's economic landscape. At the Vizhinjam Conclave 2025, officials highlighted the port's strategic advantages, including its deepwater capabilities and proximity to major shipping routes, which have already facilitated the handling of 144 ships and 2.9 lakh containers since July 2024. The Adani Group plans to develop a special economic zone (SEZ) akin to Mundra Port, which has significantly boosted Gujarat's economy. The SEZ will integrate logistics hubs and industrial clusters, enhancing exports and attracting global businesses. With a ₹1,300 crore investment in a new terminal at Trivandrum International Airport and a planned rail tunnel to improve connectivity, the phased expansion of Vizhinjam aims to increase its capacity to 4.5 million TEU by 2028, positioning Kerala as a maritime leader in South Asia.
Published: Feb 23 2025, 7 pmeznews.inThe Karnataka Maritime Board's (KMB) proposal for a water metro system in Mangaluru has sparked a divided response among stakeholders. Aiming to enhance public transportation along the Netravati and Gurupur rivers, the Mangaluru Water Metro (MWM) project plans a 30-km route featuring 17 jetties, with connections via 20 buses and 10 boats. Supporters, like Anand Pai from the Kanara Chamber of Commerce, argue it is a cost-effective alternative to traditional infrastructure. However, critics, including coastal tourism promoter Yatish Baikampady, question its efficiency compared to the existing bus network, which has been operational since 1939. Concerns about last-mile connectivity and limited livelihood options along the riverbanks have also been raised. While some envision the water metro as a potential tourist attraction, others suggest enhancing existing ferry services instead, emphasizing the need for well-defined transport links to popular destinations.
Published: Feb 23 2025, 7 pmeznews.inThe ₹7,056-crore outer harbour development project at VOC port in Thoothukudi is being revived after two decades, aiming to position it as a competitive alternative to Colombo amid growing container ship sizes. The port currently handles vessels up to 14,000 TEU, but projections indicate container traffic could surge from 0.74 million TEU in 2023-24 to between 2.8 and 4.3 million TEU over the next two decades. Major companies like Adani Ports and DP World have shown interest in the re-tendering process. The project is crucial for accommodating larger vessels and reducing reliance on Colombo, where 65% of Thoothukudi's containers are currently transshipped. Local stakeholders emphasize the need for enhanced infrastructure to support burgeoning industries in the region, which could significantly boost exports and save foreign exchange. Delays in the project have been attributed to policy changes and insufficient inner harbour capacity.
Published: Feb 23 2025, 7 pmeznews.inEmirates Airlines has launched an initiative to support children's education in Africa by distributing over 1,300 handmade school bags and essential stationery supplies. These unique bags are part of the airline's 'Aircrafted' range, crafted from materials sourced from its aircraft, symbolizing a commitment to sustainability and community engagement. Collaborating with six organizations across Zimbabwe, Zambia, and Ethiopia, Emirates aims to repurpose materials for educational purposes, extending its long-standing support for children's welfare through the Emirates Airline Foundation. In a separate development, the Port of Salalah, operated by APM Terminals, has announced a $300 million investment to expand its capacity from 4.5 million TEU to 6.5 million TEU. This upgrade includes enhancements to existing berths, new equipment, and improved infrastructure, positioning the port as a vital hub for trade in the region, particularly for connections to West Asia, the Indian subcontinent, and East Africa.
Published: Feb 23 2025, 7 pmeznews.inThe Indian government is set to tighten regulations on virtual digital assets (VDAs) by including them in the definition of undisclosed income under the block assessment scheme, as outlined in the Finance Bill 2025. This change, effective from February 1, 2025, will impose a 60% tax on undisclosed earnings from VDAs, alongside a 50% penalty for non-disclosure. The block assessment scheme, revised in July 2024, aims to streamline tax administration and reduce litigation. The definition of VDAs encompasses various crypto assets, including cryptocurrencies and NFTs, but excludes gift cards and vouchers. Additionally, starting April 1, 2026, reporting entities will be required to disclose transactions involving crypto assets, with a broader definition of VDAs to include any digital representation of value secured by cryptographic technology. This move reflects the government's ongoing efforts to regulate the burgeoning crypto market and enhance tax compliance.
Published: Feb 23 2025, 6 pmeznews.inAt the recent India Energy Week 2025, Maurits Van Tol, CEO of Catalyst Technologies, a division of Johnson Matthey, emphasized India's potential for a hydrogen energy transition, primarily through the utilization of its abundant biomass resources. With a robust agricultural sector generating significant waste, Van Tol advocated for the conversion of these residues into energy using advanced technology. He highlighted India's ample sunlight and land availability for large-scale solar parks, which could lower electricity costs and make green hydrogen production more economically viable. Van Tol also stressed the importance of integrating various renewable resources—biomass, wind, and solar—to reduce reliance on fossil fuels and enhance decarbonization efforts. He called for clear industrial policies and subsidies to support this transition, noting that both blue and green hydrogen have roles in the energy landscape. Johnson Matthey, with revenues exceeding £12 billion, is actively contributing to these developments through its engineering center in Mumbai.
Published: Feb 23 2025, 4 pmeznews.inIndia's ambitious bullet train project, aimed at connecting Mumbai and Ahmedabad, is facing significant delays primarily due to issues with train availability from Japan and late tendering processes. The project has already missed its initial deadlines of 2022 and 2024, with completion now projected for August 2027 for certain sections in Gujarat. An internal report from the National High Speed Rail Corporation Ltd (NHSRCL) indicates that construction progress stands at 49.09%, falling short of the 62.2% target. Delays in Maharashtra are attributed to land acquisition issues, while equipment mobilization has been hampered by COVID-19 restrictions. As India seeks to introduce an updated Shinkansen E-10 design, there are plans to initially operate domestically manufactured trains before transitioning to Japanese models. The urgency is heightened by upcoming assembly elections in Gujarat, scheduled for late 2027, prompting discussions on feasible milestones for project completion.
Published: Feb 23 2025, 5 pmeznews.inIn a significant boost to Kashmir's handicraft sector, officials announced that the region exported products worth ₹2,567 crore over the past two fiscal years, with expectations to reach ₹3,000 crore by March 2025. Despite challenges posed by global conflicts affecting current exports, the Handicrafts and Handloom Department reported strong figures, particularly in Kani and Sozni shawls, and hand-knotted carpets. To support artisans, the department has implemented various welfare schemes, including financial assistance and training programs, which have seen 17,182 women trained in crafts over the last four years. Additionally, a subsidy scheme incentivizes exporters, while efforts to enhance product quality and authenticity include testing and QR coding initiatives. The department is also investing in modern equipment and training to improve testing processes, aiming to further elevate the region's handicraft industry and support its artisan community.
Published: Feb 23 2025, 4 pm
For the fastest, latest, not so wokest news, 'experts say' you need to visit Eznews
India
World
Economy
Science
Health
Showbiz
Contact