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The United States has clarified to the World Trade Organization (WTO) that its tariffs on steel and aluminium, imposed in March 2018, are based on national security grounds rather than as safeguard measures. This response follows India's request for consultations under the WTO's Safeguards Agreement, which the US contends lacks merit since the tariffs were enacted under Section 232, a national security statute. The US maintains that these tariffs, set at 25% for steel and 10% for aluminium, are not subject to the safeguards provisions of the Trade Act of 1974, and thus, India's request for consultations is unfounded. Despite this, the US expressed willingness to engage in discussions with India on the matter. The tariffs were revised in February 2025, extending their duration indefinitely, and are justified under the General Agreement on Tariffs and Trade (GATT) 1994 security exception. 
Published: Apr 18 2025, 10 ameznews.inThe Union Budget has set a fiscal deficit target of 4.4% for FY26, incorporating a projected surplus transfer of ₹2.56 lakh crore from the Reserve Bank of India (RBI) and other financial institutions. Despite the RBI's announcement of a higher-than-expected surplus transfer of ₹2.69 lakh crore for FY25, economists remain cautious, with some, like Aditi Nayar of ICRA, suggesting that the surplus will only marginally ease the fiscal deficit, potentially lowering it by 20 basis points to 4.2%. The revised Economic Capital Framework has influenced the RBI's transfer, which fell short of market expectations of ₹3 lakh crore due to increased risk buffers. Analysts from Barclays believe the government's revenue targets for FY25-26 are credible, while SBI's research indicates that the surplus could allow for additional spending of around ₹70,000 crore, provided other factors remain constant.
Published: May 24 2025, 5 pmeznews.inThe Indian government has confirmed an interest rate of 8.25% for the Employees' Provident Fund (EPF) for the financial year 2024-25, maintaining the same rate as the previous year. This decision, made during the 237th meeting of the EPFO's central board of trustees, chaired by Labour Minister Mansukh Mandaviya, will benefit over 70 million subscribers as the interest will be credited to their post-retirement accounts. The Ministry of Finance has approved this rate, which is seen as a stable and attractive option compared to other fixed-income instruments. The EPFO had previously raised the interest rate from 8.15% in 2022-23 to 8.25% for 2023-24, following a significant drop to 8.1% in 2021-22, the lowest in over four decades. The EPF continues to provide reliable growth for retirement savings.
Published: May 24 2025, 4 pmeznews.inAt the Rising North East Investor Summit 2025 in New Delhi, Union Minister for Development of North Eastern Region Jyotiraditya Scindia announced that memorandums of understanding (MoUs) worth ₹4.18 lakh crore have been signed, marking a significant step in promoting investment in the region. Inaugurated by Prime Minister Narendra Modi, the summit aims to position the Northeast as a hub for global and domestic investment, uniting key stakeholders, investors, and policymakers. Scindia highlighted that this is the first joint initiative for all eight northeastern states, with roadshows conducted in major cities including Bengaluru and Mumbai. Each state is set to receive investment proposals of ₹20,000 crore, with participation from industrial leaders, new entrepreneurs, and ambassadors from 50 countries. Key sectors for investment include tourism, agro-food processing, textiles, healthcare, and information technology, reflecting the government's commitment to fostering economic growth in the region.
Published: May 24 2025, 4 pmeznews.inA recent report by Jefferies suggests that Asian currencies are poised for long-term appreciation against the US dollar, driven by significantly higher gross national savings in emerging Asian economies compared to G7 nations. The report highlights that emerging Asia's savings rate stands at 39% of GDP, in stark contrast to the G7's 20.1%. This shift marks a reversal of the dynamics seen during the Asian Financial Crisis nearly 30 years ago. Factors contributing to this trend include changes in US trade policies under the Trump administration, which has targeted mercantilist economies like Taiwan, and the overall financial strength of Asian countries. Meanwhile, the risk of a near-term recession in the US has diminished, as the administration has stepped back from potentially harmful tariff plans. These economic trends underscore the evolving landscape of currency movements in the years ahead.
Published: May 24 2025, 3 pmeznews.inCommerce and Industry Minister Piyush Goyal met with European Commissioner for Trade Maros Sefcovic in Brussels to advance discussions on a proposed free trade agreement (FTA) between India and the European Union. This marks their second meeting in a month, with Goyal's visit following negotiations already underway by India's chief negotiator and his team at the EU headquarters. Both officials expressed optimism about maintaining momentum towards an early harvest trade agreement, which could address key issues such as intellectual property rights, tariffs, and government procurement. The aim is to finalize the agreement by July, paving the way for a comprehensive FTA covering 23 policy areas. With bilateral trade in goods reaching $137.41 billion in 2023-24, the EU remains India's largest trading partner, accounting for 17% of India's total exports. The negotiations, which resumed in June 2022 after an eight-year hiatus, are crucial for enhancing trade competitiveness.
Published: May 24 2025, 3 pmeznews.inRajasthan is enduring a severe heatwave, with temperatures soaring between 44°C and 48°C across several districts, as reported by the Indian Meteorological Department (IMD). Jaisalmer recorded the highest temperature at 48°C, while heatwave conditions are prevalent in Jaipur, Jodhpur, and Bikaner. The IMD has issued a red alert for western Rajasthan's border areas, anticipating extreme temperatures for the next three days. In eastern Rajasthan, districts such as Bhilwara, Tonk, and Kota are also expected to experience high temperatures ranging from 44°C to 46°C. Radheshyam Sharma, Director of the Meteorological Centre in Jaipur, indicated that these conditions will persist for at least five days, particularly affecting regions like Barmer and Ganganagar. However, there is a possibility of thunderstorms and light rain in Kota, Bharatpur, and Jaipur within the next 48 hours, offering a glimmer of relief from the oppressive heat.
Published: May 24 2025, 3 pmeznews.inDomestic air travel in India saw a robust 10.2% year-on-year increase in passenger traffic for April 2025, with an estimated 145.5 lakh passengers compared to 132.0 lakh in April 2024, according to a report by ratings agency ICRA. However, month-on-month growth remained flat, and airline capacity deployment rose by 6.9% year-on-year but fell by 4.2% from March 2025, indicating a slight slowdown. For the financial year 2024-25, domestic air passenger traffic reached approximately 1,653.8 lakh, marking a 7.6% increase over FY24 and a 16.8% rise compared to pre-Covid levels in FY20. International travel also surged, with Indian carriers reporting a 14.1% year-on-year growth in international passenger traffic, totaling 338.6 lakh, significantly surpassing pre-Covid figures. ICRA maintains a "stable" outlook for the aviation industry, projecting continued growth of 7-10% in domestic air traffic for FY26.
Published: May 24 2025, 2 pmeznews.inAirbus has announced a significant restructuring of its technology and engineering leadership, appointing Remi Maillard, currently head of Airbus India and South Asia, as the new Head of Technology. He will also oversee engineering for the core commercial airplanes division, succeeding Sabine Klauke, who will transition to lead digital design and manufacturing from July 1. This change comes as Airbus evaluates options for a successor to its popular A320neo jetliner. The technology role, previously titled Chief Technology Officer, will no longer include a seat on the executive committee, reflecting a shift in focus within the company. CEO Guillaume Faury emphasized the importance of these new roles for Airbus's future, particularly as the company explores advanced technologies for its next aircraft, including new propulsion systems and materials. However, plans for a smaller hydrogen-powered regional aircraft have been postponed, citing an immature hydrogen ecosystem.
Published: May 24 2025, 2 pmeznews.inThe South-West monsoon has made its earliest onset over the Indian mainland since 2009, arriving in Kerala on May 24, according to the India Meteorological Department (IMD). Typically, the monsoon begins in Kerala by June 1 and covers the entire country by July 8. Historical data shows that the monsoon set in on May 30 last year and June 8 in 2023, among other dates in previous years. Meteorologists emphasize that the onset date does not directly correlate with total rainfall across the country, as the monsoon's behavior is influenced by various global, regional, and local factors. The IMD has forecasted above-normal cumulative rainfall for the 2025 monsoon season, indicating that El Niño conditions, which usually lead to reduced rainfall in India, are not expected this year.
Published: May 24 2025, 12 pmeznews.inThe Indian stock market saw significant gains today, with the SENSEX rising by 769.09 points to close at 81,721.08, while the NIFTY increased by 243.45 points, reaching 24,853.15. In contrast, crude oil prices fell slightly by 7.00 to settle at 5,258.00, and silver prices dropped by 54.00 to 98,000.00. Meanwhile, the India Meteorological Department (IMD) has reported unusually high pre-monsoon rainfall, measuring 68% above the normal levels for May, which is expected to positively impact agricultural output. The South-West monsoon is anticipated to make landfall on the Kerala coast later today, marking the earliest onset since 2009, with predictions of above-normal rainfall this season. The monsoon's arrival in the Andaman and Nicobar Islands on May 13 was also a week ahead of schedule, raising hopes for a fruitful agricultural year ahead.
Published: May 24 2025, 11 am
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