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The Indian auto component industry is grappling with new US tariffs that could significantly impact exporters' earnings, according to ICRA. The rating agency estimates that these tariffs may reduce operating profits by ₹2,700-4,500 crore, representing 10-15% of exporters' profits and 3-6% of the overall industry's profits. Revenue growth for the sector, which includes 46 key players with combined revenues exceeding ₹3 lakh crore in FY2024, is projected to slow to 6-8% by FY2026, down from an earlier forecast of 8-10%. This decline is attributed to a potential drop in exports to the US amid rising tariffs. Operating margins are expected to soften, particularly for exporters, while ICRA notes that debt metrics and liquidity should remain stable. Despite these challenges, there are signs of increased inquiries from US importers, suggesting potential opportunities for Indian firms if they can enhance cost competitiveness against China. 
Published: Apr 28 2025, 3 pmeznews.inBetween January and March 2025, Indian agencies issued tenders for 6.1 GW of standalone Energy Storage Systems (ESS), which constituted 64% of the country's utility-scale tendering, according to a report by the Institute for Energy Economics and Financial Analysis (IEEFA) and JMK Research & Analytics. This surge underscores the critical role of ESS in facilitating the deployment of variable renewable energy resources. A key driver of this growth is the government's Viability Gap Funding (VGF) scheme, which provides up to 30% capital expenditure support for battery energy storage projects, resulting in significantly lower tariffs. However, the sector faces challenges, including the cancellation of 6.4 GW of awarded capacity due to delays in agreements, a limited number of domestic equipment vendors, reliance on imported minerals, and financing difficulties for smaller developers. Despite these hurdles, the momentum for ESS in India continues to build.
Published: Apr 28 2025, 8 pmeznews.inIndia is facing pressure from the United States to reduce its 50% import duty on alfalfa (lucerne) seeds, which currently range from ₹500-800/kg domestically, making imported seeds less economical. The Indian government is also preparing to restrict the entry of genetically modified (GM) alfalfa, with plans for a rapid test kit to verify seed types before importation. Currently, alfalfa seeds are not imported as India has sufficient domestic production, although the country does import Berseem seeds from Egypt and CIS nations, which have seen a decline in volume due to increased local yields. Experts suggest that importing direct fodder from the US, the world's largest alfalfa producer, may be more beneficial than seeds, as it could enhance fodder availability while allowing more land for other crops like oilseeds and pulses.
Published: Apr 28 2025, 8 pmeznews.inMumbai International Airport Ltd (MIAL) is facing backlash from West Asian airlines over its recent decision to cut flight slots for the upcoming winter schedule, a move aimed at redirecting traffic to the new Navi Mumbai airport. The Airline Operators Committee (AOC), representing both Indian and foreign carriers, has lodged a complaint with the Civil Aviation Ministry, arguing that MIAL's actions were unilateral and lacked prior consultation. With Mumbai airport being the second busiest in India, handling around 121 daily flights to West Asia, the AOC's chairman, Victor Denis Dsouza, criticized the decision as biased and detrimental to operational efficiency and passenger experience. The planned slot reductions follow a previous request from MIAL for airlines to suspend freighter operations, further pressuring carriers to shift to Navi Mumbai, which is set to open in June. Major airlines like Emirates and Etihad have expressed concerns over the viability of splitting operations between the two airports.
Published: Apr 28 2025, 8 pmeznews.inIndia is set to renew its long-standing request for a totalisation agreement with the United States, which could save Indian IT companies approximately $4 billion in social security contributions. This move comes as both nations prepare to negotiate a Bilateral Trade Agreement (BTA) following recent discussions in Washington, DC. New Delhi is also expected to advocate for relaxed H1B visa regulations to alleviate concerns over increased scrutiny and processing delays. US Treasury Secretary Scott Bessent noted that India is among the top trading partners making significant proposals to avoid reciprocal tariffs, with initial agreements likely to be reached soon. While India seeks reductions in tariffs on labor-intensive goods, it aims to bolster its services sector as part of the BTA discussions. The absence of a totalisation agreement currently forces Indian professionals to contribute to social security in both countries without reaping benefits, highlighting the urgency of these negotiations.
Published: Apr 28 2025, 8 pmeznews.inUnion Commerce and Industry Minister Piyush Goyal met with UK Secretary of State for Business and Trade Jonathan Reynolds in London on Monday to discuss the ongoing negotiations for a bilateral Free Trade Agreement (FTA). Goyal emphasized the importance of strengthening India-UK economic ties, noting that the FTA talks resumed in February after an eight-month hiatus, following the Labour Party's electoral victory in July 2024. While the negotiations are reportedly in their final stages, significant challenges remain, including the UK's demands for tariff reductions on products like scotch whisky and electric cars, and India's requests for greater access for students and professionals in the UK. Additionally, contentious issues in the Bilateral Investment Treaty, particularly regarding dispute resolution, are still to be resolved. Goyal is expected to engage further with UK Chancellor Rachel Reeves and other senior officials during his two-day visit.
Published: Apr 28 2025, 8 pmeznews.inChennai Metro Rail Limited (CMRL) has initiated testing on a 10 km stretch of the Phase-2 project, extending from Poonamalle Bypass Metro Station to Porur Junction Metro Station, as part of Corridor 4. The trials, which involve a driverless train set operated with drivers, are being coordinated from the Poonamalle Metro Depot, the central hub for testing and commissioning activities. CMRL's Managing Director, MA Siddique, highlighted that this milestone reflects the project's progress and commitment to ensuring passenger safety and comfort. The ongoing tests will play a crucial role in meeting key project targets efficiently. The overall Corridor 4 spans 26.1 km from Lighthouse to Poonamalle Bypass, with CMRL aiming to expedite the commissioning process for public benefit.
Published: Apr 28 2025, 7 pmeznews.inIndia's Coal Ministry has announced plans to increase underground coal mining production to 10% of the country's total output by the end of the decade, up from less than 4% currently. To facilitate this, the government has halved the floor percentage of revenue share for underground mines from 4% to 2%, aiming to improve financial viability and attract investment. While underground mining typically incurs higher costs and requires significant initial investment compared to opencast mining, it is less invasive and more environmentally friendly. The Ministry has also waived upfront deposit requirements and offers a 50% rebate on performance security for underground coal blocks. Despite a decline in underground coal production from 8% of total output in FY15 to 3.5% in FY24, recent years have seen slight recoveries, with production reaching 34.85 million tonnes in FY23 before a provisional drop in FY24.
Published: Apr 28 2025, 7 pmeznews.inThe Indian government has blocked 16 Pakistani YouTube channels, including prominent outlets like Dawn News and ARY News, for allegedly spreading misinformation and provocative content against India and its security agencies. This action follows the recent Pahalgam terror attack in Jammu and Kashmir, with the Ministry of Home Affairs recommending the ban due to the channels' dissemination of false narratives. The blocked channels, which collectively boast over 63 million subscribers, include those run by notable figures such as Irshad Bhatti and Asma Shirazi. Additionally, the Indian government has expressed its discontent to the BBC regarding its coverage of the attack, particularly criticizing the use of the term "militants" instead of "terrorists." A government advisory has also been issued, urging media platforms to avoid live coverage of military operations. YouTube has displayed a message indicating that the blocked content is unavailable due to a government order related to national security.
Published: Apr 28 2025, 7 pmeznews.inIndia's imports of urad, or black matpe, are projected to rise by 32% in the 2024-25 fiscal year, reaching over 823,000 tonnes, up from 624,000 tonnes in 2023-24. This increase is attributed to a record harvest in Myanmar, which produced approximately 650,000 tonnes this year, compared to 550,000 tonnes last year. As a result, prices for urad have fallen by 25% since November, dropping from ₹95 to ₹72 per kg, driven by weak demand and increased imports from Myanmar and Brazil. The trade is cautious, with millers facing declining inventory values. Additionally, the kharif 2024 crop was adversely affected by excessive rainfall, leading to a 20% decrease in output. The upcoming summer crop from states like Gujarat and Madhya Pradesh is expected to further pressure prices, which are currently below the minimum support price of ₹7,400 per quintal.
Published: Apr 28 2025, 7 pmeznews.inThe Water Transport Workers Federation of India (WTWFI) has announced its participation in a nationwide strike on May 20, organized by the Central Platform of Trade Unions, in protest against four proposed labour codes. During a recent meeting in Kochi, the WTWFI expressed concerns that these codes would undermine the fundamental rights of Indian workers. The federation is particularly alarmed by the government's plan to amend the Major Port Authorities Act 2021 through the Bill, which would grant Port Authority boards the power to regulate worker suspensions, demotions, retirements, and dismissals. WTWFI leaders, including President CD Nandakumar and General Secretary T Narendra Rao, urged the government to engage with stakeholders, including port workers, before advancing the Bill in Parliament. They also highlighted issues such as overcapacity in major ports and the potential privatization of public assets, calling for agitation to address workers' longstanding demands.
Published: Apr 28 2025, 6 pm
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