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India's crude oil trade with Russia is expected to remain stable in the short term, despite recent US sanctions on 183 vessels involved in shipping Russian crude, which have pushed Brent prices above $81 per barrel, the highest since August 2024. A senior government official indicated that tankers chartered before January 10, 2024, can offload their cargoes in India without facing sanctions until March 12. While the sanctions may complicate future negotiations for term contracts with Middle Eastern suppliers, the official reassured that an oil shortage is not anticipated, citing sufficient spare capacity from OPEC and other countries. Indian refiners are preparing to negotiate for more barrels, although they may face higher prices without the usual discounts from Russian suppliers. The Indian government is also assessing the implications of sanctions on companies like Vostok Oil, in which Indian firms have a stake. 
Published: Jan 13 2025, 8 pmeznews.inUnion Minister Ashwini Vaishnaw announced on January 14, 2025, that the Indian government will conduct extensive consultations with industry bodies regarding the draft Digital Personal Data Protection (DPDP) Rules 2025. Following an initial meeting that gathered feedback from various sectors, including technology and finance, Vaishnaw emphasized the need for a comprehensive understanding of the DPDP Act, 2023, and the draft rules. Notable participants included representatives from major firms like Apple, Microsoft, and PwC. The Ministry of Electronics and IT Secretary S. Krishnan highlighted the importance of inclusive dialogue, allowing anonymous feedback via the MyGov portal. Industry representatives called for relaxed compliance burdens and suggested that the responsibility for data verification should shift to users rather than companies. The draft rules, which outline the implementation of the DPDP Act, are open for public comment until February 18, 2025, and include provisions for penalties of up to Rs 250 crore for violations.
Published: Jan 14 2025, 9 pmeznews.inPrime Minister Narendra Modi is set to commission three major naval combatants—INS Surat, INS Nilgiri, and INS Vaghsheer—at the Naval Dockyard in Mumbai, marking a pivotal advancement in India's ambition to become a global leader in defence manufacturing and maritime security. INS Nilgiri, the first of the P17A Stealth Frigate Project, features cutting-edge technology for enhanced survivability and stealth. INS Surat, part of the P15B Guided Missile Destroyer Project, is one of the world's largest destroyers, boasting 75% indigenous content and advanced weapon systems. Meanwhile, INS Vaghsheer, the final submarine of the P75 Scorpene Project, showcases India's growing capabilities in submarine construction, developed in partnership with France's Naval Group. Additionally, PM Modi will inaugurate the Sri Sri Radha Madanmohanji Temple in Navi Mumbai, a project aimed at fostering universal brotherhood and peace through Vedic teachings.
Published: Jan 14 2025, 8 pmeznews.inBlue Dart has inaugurated a state-of-the-art integrated logistics hub in Bijwasan, Delhi, strategically located near the Dwarka Expressway and just 20 minutes from Indira Gandhi International Airport. Spanning 2.5 lakh square feet, the facility is designed to enhance air and ground connectivity across northern India, seamlessly linking with the Gati Shakti Logistics Corridor. Capable of processing over 5.5 lakh shipments daily, the hub employs advanced automated sorting systems to boost operational efficiency while prioritising sustainability through solar power installations with a 600-kW capacity. DHL Group CEO Tobias Meyer emphasised the importance of sustainability in logistics, highlighting the facility's role in supporting customers' decarbonisation efforts. Blue Dart Managing Director Balfour Manuel noted that the hub not only represents a significant infrastructure investment but also reinforces the company's commitment to low-emission logistics and efficient cargo movement, aligning with India's economic growth objectives.
Published: Jan 14 2025, 8 pmeznews.inDomestic carrier Alliance Air is set to enhance air travel in the northeastern region of India by launching new flights connecting Imphal, the capital of Manipur, to Kolkata, Guwahati, and Dimapur, effective January 15, 2025. The Ministry of Civil Aviation announced that these new routes aim to boost travel, trade, and tourism in the region. Manipur's Chief Minister highlighted the high airfare in the area, assuring that ticket prices will not exceed Rs 5,000. This initiative is part of a broader effort to improve air connectivity in Northeast India, with Alliance Air collaborating with the state government. Currently, Imphal airport is also served by Indigo, Air India, and Air India Express, further expanding options for travelers. The Ministry emphasized that this development will significantly benefit the local economy and enhance accessibility to and from the region.
Published: Jan 14 2025, 6 pmeznews.inIndia's textile sector is poised for significant growth as global retailers seek alternatives to Bangladesh amid ongoing political turmoil in the country. With approximately 45 million people employed in the industry, Indian textile exports have surged, with a reported 7% increase year-on-year, reaching over $23 billion in the first eight months of the fiscal year. In response, the Indian government is considering a budget boost for the textile ministry, potentially increasing its allocation by 10-15% and enhancing production-linked incentives from ₹450 million to ₹600 million. Additionally, tariff cuts on key raw materials and machinery are under discussion to make Indian exports more competitive. As Bangladesh's garment exports to the U.S. declined by 0.46% to $6.7 billion, Indian exports rose by 4.25% to $4.4 billion, highlighting a shift in sourcing preferences among American buyers. The annual budget is set to be announced on February 1.
Published: Jan 14 2025, 5 pmeznews.inA recent Tata Consultancy Services (TCS) study, unveiled at the Detroit Auto Show, reveals a significant shift towards electric vehicle (EV) adoption, with 64% of consumers likely to choose an EV for their next purchase. Sustainability is a key driver, as 63% of influencers aim for net-zero goals through EV adoption. The study, which surveyed over 1,300 respondents across North America, Europe, and Asia-Pacific, highlights operational cost savings as a major incentive, particularly for commercial fleets. However, challenges remain, with 60% of consumers and 74% of manufacturers citing inadequate charging infrastructure as a barrier. Regional disparities are notable, with 72% of U.S. consumers inclined towards EVs compared to just 31% in Japan. Despite optimism, the industry must address issues like battery performance and affordability, with 90% of manufacturers believing that advancements in battery technology will be crucial for future EV design and performance.
Published: Jan 14 2025, 11 ameznews.inAn IndiGo flight from Goa to Mumbai, designated as 6E 5101, was subjected to a bomb threat on Monday evening, which was later confirmed to be a hoax following thorough security checks. Upon landing at Mumbai Airport, the aircraft was directed to an isolation bay where all passengers were safely disembarked. An airline spokesperson stated that standard operating procedures were adhered to, and the plane was returned to the terminal after clearance from relevant authorities. An airport official revealed that a note indicating the bomb threat was discovered on board. A full emergency was declared at the airport around 10:30 PM and was lifted by 11:30 PM, with officials confirming that the threat was unfounded. The airline has not disclosed the number of passengers on the flight.
Published: Jan 14 2025, 4 pmeznews.inThe Indian commerce ministry is poised to request a five-year extension of the Interest Equalisation Scheme in the upcoming Union Budget, aimed at bolstering exports amid global economic challenges. The scheme, which expired on December 31, 2024, provides competitive rupee export credit rates to exporters in designated sectors and all MSME manufacturers. Initially launched in April 2015, it has undergone several extensions, including during the COVID-19 pandemic. The scheme offers a 2% interest equalisation benefit for merchant and manufacturer exporters across 410 product categories, and 3% for MSMEs, with individual benefits capped at ₹50 lakh per annum. Exporters have voiced strong support for the extension, citing its critical role in enhancing their competitiveness against countries like China, where interest rates are significantly lower. Finance Minister Nirmala Sitharaman will unveil the Union Budget on February 1, 2025.
Published: Jan 14 2025, 4 pmeznews.inIndia's edible oil imports surged by 13.03% in the first two months of the 2024-25 oil year, reaching 27.25 lakh tonnes, driven by a significant increase in soyabean and sunflower oil imports. The Solvent Extractors’ Association of India (SEA) reported a notable decline in palm oil imports, which fell to 13.42 lakh tonnes, a 23.89% decrease from the previous year, reflecting a shift in consumer preference towards more affordable South American soyabean oil. Soyabean oil imports skyrocketed by 173.78% to 8.28 lakh tonnes, while sunflower oil imports rose to 6.05 lakh tonnes. The share of palm oil in total imports dropped to 48%, down from 72%. Meanwhile, the USDA noted that Indonesia's increased domestic biodiesel consumption is likely to reduce palm oil exports, contributing to rising global prices for palm oil, which has recently become the highest-priced vegetable oil.
Published: Jan 14 2025, 2 pmeznews.inIndia's insurance market is set for significant growth, with life insurance premiums expected to rise by 5% in 2025 and an average of 6.9% annually from 2025 to 2029, according to Swiss Re's latest report. The country is projected to lead G20 nations in premium expansion, driven by strong domestic consumption, private investment, and regulatory reforms. India's GDP is forecasted to grow by 6.9% in 2025, surpassing Germany and Japan to become the world's third-largest economy by the decade's end. While the life insurance sector contributes 74% of total premiums, non-life insurance is anticipated to grow at 7.3% annually, bolstered by rising risk awareness and digitalization. However, rapid economic growth has created risk hotspots vulnerable to natural disasters, necessitating enhanced resilience measures. Additionally, India's transition to net-zero emissions by 2070 will require substantial investment in sustainable infrastructure, with the insurance sector playing a crucial role in this transformation.
Published: Jan 14 2025, 12 pm
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