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The White House has expressed optimism regarding ongoing trade negotiations with India, describing the two nations as "strategic allies" and suggesting that a deal is imminent. However, India remains firm in its refusal to grant market access for sensitive agricultural and dairy products, a key demand from the U.S. as the July 9 deadline for an interim trade pact approaches. White House Press Secretary Katherine Leavitt confirmed that trade teams have been negotiating in Washington, but warned that failure to reach an agreement could lead to the reimposition of reciprocal tariffs, initially announced by President Trump in April. Sources indicate that India's commitment to protecting its food security and vulnerable farmers complicates the negotiations, particularly concerning U.S. demands for access to genetically modified crops. U.S. Treasury Secretary Scott Bessent cautioned that continued resistance from negotiating countries could result in tariffs reverting to their previous levels. 
Published: Jul 01 2025, 11 ameznews.inThe Union Cabinet has approved a ₹1 lakh crore Research Development and Innovation (RDI) scheme aimed at boosting private sector investment in strategic and high-growth sectors through long-term, low-cost funding. Prime Minister Narendra Modi described the initiative as a potential "game-changer" for research and innovation, particularly in emerging sectors crucial for economic security and self-reliance. The scheme will provide long-term financing at low or nil interest rates to address funding challenges faced by the private sector, promoting technology adoption and enhancing competitiveness. It will also support transformative projects and the establishment of a deep-tech fund. The Anusandhan National Research Foundation (ANRF), chaired by the Prime Minister, will oversee the scheme, which features a two-tiered funding mechanism. A special purpose fund will allocate resources to second-level fund managers, primarily through long-term concessional loans for R&D projects.
Published: Jul 01 2025, 8 pmeznews.inUnion Minister of State for Textiles Pabitra Margherita has highlighted the potential growth opportunities for India's textiles sector through the India-UK Free Trade Agreement and ongoing negotiations with the EU and US. Speaking at the inauguration of the 73rd India International Garment Fair (IIGF), Margherita emphasized the importance of equipping Indian exporters with the necessary strategies and compliance to tap into these high-value markets. The fair features over 360 exhibitors and buyers from 80 countries, showcasing India's commitment to sustainable manufacturing and innovation. In the fiscal year 2023-24, India exported $34.4 billion in textile products, with a goal to exceed $100 billion by 2030. Despite global challenges, garment exports have seen a year-on-year growth of over 12% in the first two months of the fiscal, indicating a positive outlook for the industry, according to Sudhir Sekhri, Chairman of the Apparel Exports Promotion Council.
Published: Jul 01 2025, 8 pmeznews.inIndia's rice procurement for buffer stocks reached 531.13 lakh tonnes (lt) in the nine months leading up to June 2025, slightly surpassing last year's figure of 525.48 lt. This includes over 68 lt from the rabi crop, with the annual requirement for various schemes, including the public distribution system (PDS), estimated at around 410 lt. As of July 1, the government held over 321 lt in carryover stock, prompting efforts to manage surplus rice through subsidised sales to ethanol distilleries at ₹22.50/kg. The country, the world's largest rice producer, harvested a record 149.07 million tonnes across all seasons, with the kharif crop contributing 121.85 mt. Procurement for kharif rice concluded on June 30, with notable purchases from states like West Bengal, Odisha, and Andhra Pradesh, while Punjab and Haryana saw declines in procurement compared to the previous year.
Published: Jul 01 2025, 8 pmeznews.inThe Indian Cabinet has approved the National Sports Policy 2025, aiming to position the country as a leading contender in international sports, particularly for the 2036 Olympic Games. This new policy replaces the 2001 framework and seeks to elevate India to one of the top five sporting nations by 2047. It emphasizes strengthening sports programs from grassroots to elite levels, enhancing infrastructure, and improving governance of National Sports Federations. The policy also aims to boost economic development through sports tourism and private sector involvement via Public-Private Partnerships. Additionally, it promotes social inclusion by encouraging participation among women, marginalized communities, and persons with disabilities, while integrating sports into education as a viable career option. A comprehensive implementation strategy will establish a robust regulatory framework and set benchmarks to ensure effective governance, with the NSP 2025 serving as a model for states and union territories to align their policies with national objectives.
Published: Jul 01 2025, 8 pmeznews.inPrime Minister Narendra Modi is set to embark on an eight-day official tour starting July 2, visiting Ghana, Trinidad & Tobago, Argentina, Brazil, and Namibia. The trip aims to strengthen India's partnerships in securing critical minerals, including lithium, copper, and rare earth elements, essential for the country's clean energy transition and industrial growth. Notably, India has already secured concessions in Argentina through its public sector enterprise, KABIL, and is actively pursuing further opportunities in Africa, particularly in Ghana and Namibia. Officials highlighted the importance of bilateral agreements to tap into Africa's mineral reserves and emphasized ongoing discussions with countries in the lithium triangle—Argentina, Chile, and Bolivia—along with Peru. Modi's visit, which includes participation in the BRICS Summit in Rio de Janeiro, is a strategic move to bolster India's resource security and enhance its global partnerships.
Published: Jul 01 2025, 7 pmeznews.inIn a bid to stimulate job creation, the Union Cabinet has approved the Employment-Linked Incentive (ELI) scheme, with a budget of ₹1.07 lakh crore, aimed at generating 3.5 crore jobs over the next two years. Announced in the Union Budget 2024-25, the scheme will be effective from August 1 and is part of a broader initiative with a total outlay of ₹2 lakh crore to support 4.1 crore youth. The ELI scheme comprises two parts: Part A focuses on first-time employees, offering wage incentives of up to ₹15,000, while Part B incentivizes employers with up to ₹3,000 per month for each new hire. The initiative is particularly aimed at the manufacturing sector and is expected to empower both job seekers and employers, fostering a more formal workforce in India. Industry leaders have praised the scheme as a significant step towards enhancing employment opportunities and supporting the economy.
Published: Jul 01 2025, 7 pmeznews.inIndia's Unified Payments Interface (UPI) recorded 18.40 billion transactions worth ₹24.04-lakh crore in June, according to the National Payments Corporation of India (NPCI). This marks a 32% increase in transaction volume and a 20% rise in transaction value compared to the previous year. On average, UPI facilitated 613 million transactions daily, with an average daily transaction value of ₹80,131 crore. In May, UPI had seen slightly higher figures, with 18.68 billion transactions totaling ₹25.14-lakh crore. Deepak Chand Thakur, CEO of NPST, noted that while growth has moderated, it indicates UPI's maturation rather than a decline in adoption. He emphasized that future expansion will hinge on innovative applications, including embedded credit and B2B payments. Ramakrishnan Ramamurthy from Worldline attributed the monthly decline to seasonal trends, asserting that annual growth remains strong.
Published: Jul 01 2025, 6 pmeznews.inThe Goods and Services Tax (GST) has significantly enhanced the Ease of Doing Business in India, particularly benefiting small and medium enterprises, according to Prime Minister Narendra Modi. As the ninth year of GST collections began, the government reported a modest 6.2% growth in June, with total collections reaching over ₹1.84 lakh crore. This figure, however, is approximately 8.5% lower than April's collections. Despite the overall muted growth, experts noted strong regional performance in states like Nagaland and Sikkim, indicating increased consumer activity and government infrastructure spending. Tax buoyancy remains above 1, suggesting a stable economic outlook, while analysts anticipate improved consumer sentiment as geopolitical conditions stabilize. With expectations of rising private investment, India is poised to meet its GST revenue targets for FY26, reflecting a resilient economic landscape amid global uncertainties.
Published: Jul 01 2025, 6 pmeznews.inThe Indian government is advancing a "co-operative stack" initiative, akin to the Agri Stack, aimed at integrating various rural schemes through Primary Agricultural Credit Societies (PACS) to enhance transparency and efficiency. Ashish Bhutani, Secretary in the Cooperation Ministry, highlighted the ongoing digitisation of PACS, funded by the Centre and executed via the National Bank for Agriculture and Rural Development (Nabard), which is set to transform rural institutional frameworks. With 63,000 PACS nearing computerisation, the initiative seeks to streamline government benefits delivery, moving away from the fragmented approach currently reliant on Self-Help Groups (SHGs). While acknowledging the effectiveness of SHGs, experts caution against solely relying on PACS, advocating for a balanced approach that includes SHGs and Farmer Producer Organisations (FPOs). An inter-ministerial committee is working to establish a unified system for dispensing rural benefits, with technology playing a crucial role in linking all schemes through PACS.
Published: Jul 01 2025, 6 pmeznews.inThe European Centre for Medium-Range Weather Forecasts has predicted heavy rainfall across East Rajasthan, Madhya Pradesh, Chhattisgarh, and Vidarbha until Wednesday, driven by a persistent low-pressure area over Jharkhand. The India Meteorological Department (IMD) reported that this system is expected to move slowly west-northwest, enhancing rainfall in the region. The monsoon trough, crucial for rain distribution, is currently well-aligned, extending from Rajasthan to the Bay of Bengal, which facilitates moisture supply. Isolated areas in East Uttar Pradesh, Himachal Pradesh, and West Madhya Pradesh experienced extremely heavy rain, with forecasts indicating continued heavy rainfall across various states, including Odisha and Uttarakhand. The Climate Forecast System anticipates normal to above-normal rainfall across most of India until July 20, although some regions, particularly in Gujarat and Maharashtra, may experience below-normal conditions in early August.
Published: Jul 01 2025, 5 pm
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