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The World Trade Organization (WTO) has projected a 4% growth in services trade for 2025, which is 1 percentage point lower than previous expectations. This decline is attributed to the ongoing tariff strategies of former US President Donald Trump, which have significantly impacted the global trade outlook, potentially shrinking world trade volumes by 0.2% if current tariffs remain paused. Should these tariffs be reactivated, a further 1.5% decline in merchandise trade is anticipated. The report highlights risks from trade policy uncertainty, particularly affecting Indian exporters, as North American imports are expected to drop by 9.6%. Additionally, the disruption in US-China trade may lead to a rise in Chinese exports outside North America, prompting India to monitor imports closely. Despite a strong performance in 2024, the WTO warns that trade growth could have been higher without the current tariff challenges. 
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Apr 16 2025, 9 pmeznews.inCivilian flight operations across North India were significantly disrupted following India's military retaliation against terrorist targets in Pakistan early Wednesday morning. Major airlines, including Air India Express and IndiGo, announced the suspension and cancellation of numerous flights to and from key airports such as Srinagar, Jammu, Amritsar, and Chandigarh until at least noon on May 7. Air India confirmed the diversion of two international flights bound for Amritsar to Delhi due to the changing airspace conditions. This military action, termed "Operation Sindoor," targeted nine sites linked to terrorist planning against India, following the recent Pahalgam attack that claimed 26 lives. The Indian Armed Forces emphasized that their operations were focused and restrained, avoiding Pakistani military facilities. In light of the escalating situation, India's political leadership has granted the military full operational freedom to respond as deemed necessary.
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May 07 2025, 6 ameznews.inIn light of escalating military tensions between India and Pakistan following the Indian Army's recent precision strikes on terrorist camps, IndiGo Airlines has issued a travel advisory affecting flights to and from several northern cities. Passengers traveling to Srinagar, Jammu, Amritsar, Leh, Chandigarh, and Dharamshala are advised to check their flight status due to changing airspace conditions. Additionally, flights to Bikaner are also impacted. The strikes, part of "Operation Sindoor," were launched in response to a deadly terror attack in Pahalgam that claimed 26 lives. The Indian Ministry of Defence emphasized that the operation was focused and non-escalatory, targeting only terrorist camps and not military facilities. Meanwhile, artillery exchanges have intensified along the Line of Control, with Pakistan reportedly violating the Ceasefire Agreement shortly after the strikes. The situation remains fluid, with airports in the affected regions closed until further notice.
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May 07 2025, 4 ameznews.inIndia and the UK have finalized a significant free trade agreement (FTA) and a double contribution convention for social security after three years of negotiations, amid concerns over US reciprocal tariffs. Prime Ministers Narendra Modi and Keir Starmer announced the deal during a phone call, with Modi describing it as a "historic milestone" that will enhance their strategic partnership and stimulate trade, investment, and job creation. The FTA will eliminate tariffs on 99% of trade value, benefiting sectors like textiles, automotive, and services, while India will reduce tariffs on Scotch and gin. The UK government anticipates the agreement will boost bilateral trade by £25.5 billion and increase GDP and wages. However, experts caution that the effectiveness of the deal may hinge on the UK's Carbon Border Adjustment Mechanism, which could impact the balance of trade if not managed carefully.
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May 06 2025, 9 pmeznews.inThe Inland Waterways Authority of India (IWAI) has signed a Memorandum of Understanding (MoU) with the Rhenus Group to enhance inland waterways transport in India, focusing on efficient cargo movement and the adoption of global best practices. Under this agreement, Rhenus will introduce 100 barges in phases, starting with 20 barges and six pushers aimed at transporting over one million tonnes of cargo annually by 2025. Union Minister Sarbananda Sonowal highlighted the potential of inland waterways to create a greener and more cost-effective logistics network. Rhenus will initially operate on National Waterways 1, 2, and 16, as well as the Indo-Bangladesh Protocol route, facilitating bulk cargo movement across North, East, and Northeast India. The IWAI is also advancing infrastructure improvements under the Jal Marg Vikas project, with operational national waterways increasing from three in 2014-15 to 24 by 2023-24, and cargo movement rising significantly during the same period.
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May 06 2025, 9 pmeznews.inAt the CII Smart Metering Conference, a pivotal theme paper was presented, focusing on cybersecurity, privacy, and the necessity for advanced communication infrastructure to safeguard India's energy grid. The country’s ambitious initiative to install 250 million smart meters is gaining momentum, with daily installations surging to over 112,000, a significant increase from 15,000 last year. Power Ministry Joint Secretary Shashank Misra highlighted the benefits of smart meters for consumers and distribution companies, while Ghanshyam Prasad, Chairman of the Central Electricity Authority, underscored the importance of data analytics in enhancing smart metering efficiency. The theme paper, titled “Protecting the Future of Energy,” outlines potential cybersecurity risks and emphasizes the need for robust security measures, including advanced communication technologies like 5G. It advocates for regular audits and adherence to national standards to ensure the reliability and safety of the energy grid, crucial for the success of smart metering initiatives.
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May 06 2025, 9 pmeznews.inThe recently finalized India-UK Free Trade Agreement (FTA) has sparked optimism among exporters of labour-intensive goods, including textiles, gems, leather, pharmaceuticals, and processed foods, by eliminating tariffs in the UK market. The agreement also introduces a double contribution convention, exempting Indian workers temporarily employed in the UK from social security contributions for three years, addressing a significant challenge for service providers. Exporters' body FIEO highlighted that the FTA enhances competitiveness for textiles against rivals like Bangladesh and Vietnam, while also boosting access for leather and footwear in high-end UK markets. The gems and jewellery sector anticipates a surge in exports, projected to reach $2.5 billion within two years, doubling bilateral trade to $7 billion. Additionally, the FTA's emphasis on digital services aligns with the Indian tech sector's goals, fostering collaboration in areas like AI and cybersecurity, and easing mobility for professionals.
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May 06 2025, 9 pmeznews.inLuminis, a leader in microbiome intelligence and precision agri-tech, has forged a strategic partnership with Forvis Mazars in India to enhance its influence in aquaculture and expand into the soil microbiome sector for agriculture. This collaboration aims to address critical issues such as soil degradation, yield instability, and climate resilience while promoting sustainable practices that reduce antibiotic use. Facilitated by Nalanda Capital Partners, the partnership will leverage Luminis' Omni Biome AI platform and advanced genomics capabilities to develop innovative bioproducts tailored for India's agri-food systems. Rachelle Jensen, CEO of Luminis, emphasized the potential of combining scientific solutions with industry networks to revolutionize farming. Ajay Kakra from Forvis Mazars highlighted the partnership's role in unlocking value for farmers, while Ayan Desai of Nalanda Capital Partners expressed confidence in fostering a healthier food system through this initiative. The collaboration marks a significant step towards sustainable agriculture in India.
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May 06 2025, 8 pmeznews.inWheat prices in India have continued their upward trend for the fourth consecutive year, remaining above the minimum support price (MSP) of ₹2,425 per quintal during March and April, following early arrivals of rabi crops. The average farmgate price for wheat was ₹2,476 per quintal, though it dipped to ₹2,451 in April. Barley also saw prices above its MSP, averaging ₹2,098 per quintal in March-April, with a further increase to ₹2,223 in early May. Conversely, prices for mustard, chana, and masur were 2-9% below their respective MSPs, mirroring trends from the previous year. Chana prices fell to ₹5,514 per quintal, masur to ₹6,127, and mustard to ₹5,702. Experts suggest that increased government procurement and market releases could stabilize prices, while the Agriculture Ministry forecasts a record wheat production of 115.43 million tonnes for the 2024-25 crop year.
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May 06 2025, 8 pmeznews.inThe Uttar Pradesh government is set to establish a Kalanamak Rice Research Centre in Siddharthnagar, in collaboration with the International Rice Research Institute (IRRI), following the successful exemption of this traditional aromatic rice from last year's export ban. Kalanamak, known for its distinctive black husk and fragrance, is steeped in cultural significance, believed to be a gift from Lord Buddha. The state has already initiated the Kalanamak Rice Export Development Board and permitted the export of 1,000 tonnes for the 2024-25 fiscal year, with 500 tonnes shipped primarily to Singapore and Nepal. Minister Nand Gopal Gupta Nandi emphasized plans to boost cultivation and explore new markets, including participation in international fairs. Local farmer Dileep Chauhan aims to expand production through contract farming, despite challenges in funding and availability. The rice is cultivated across 11 districts in eastern Uttar Pradesh, supported by a new Common Facility Centre for post-harvest processing.
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May 06 2025, 8 pmeznews.inIndia and the UK have finalized a significant multi-billion-pound Free Trade Agreement (FTA), which is expected to enhance the British economy by £4.8 billion annually by 2040. The deal, confirmed by Prime Ministers Narendra Modi and Keir Starmer, covers 90% of tariff lines, including substantial reductions on Scotch whisky and automotive exports. Tariffs on Scotch will be halved from 150% to 75%, while automotive tariffs will drop from 100% to 10% under a quota. The agreement, which awaits legal formalization and parliamentary approval in the UK, aims to boost bilateral trade, currently valued at £41 billion, by an additional £25.5 billion. Indian Commerce Minister Piyush Goyal and UK Trade Secretary Jonathan Reynolds highlighted the deal's potential to create jobs and stimulate growth across various sectors. Additionally, India seeks to address professional visa regulations and social security contributions in the agreement.
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May 06 2025, 7 pm
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