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Drugs and Pharma sectors lead growth in exports from SEZs

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Led by drugs and pharmaceuticals, India’s exports from special economic Zones (SEZs) rose by 41.5 per cent on a year-on-year (YoY) basis to Rs 2.15 lakh crore in Q1FY22.

Exports from these zones had taken a hit during the fiscal year 2020-21 due to Covid disruptions and lockdown.

The main reasons for the growth in exports from SEZs in April-June quarter has been good performer shown by drugs and pharmaceuticals sectors that are meeting the global needs of medicines amidst the pandemic. But the performance of engineering goods and gems and jewellery sectors has also been good.

In FY21, exports from SEZs fell to Rs 7.6 lakh crore from Rs 7.97 lakh crore in FY20 due to Covid-19.

As on 30 June 2021, 267 out of a total of 427 SEZs approved by the government are operational.

Further, about Rs 6.25 lakh crore has been invested in these SEZs which employ about 2.5 million people.

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Pakistan violated spirit of Indus Water Treaty through terror: India

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United Nations, May 24: India has charged Pakistan with violating the Indus Water Treaty by trampling its spirit of goodwill through thousands of terrorist attacks and by obstructing the updating of the infrastructure to ensure its safety.

“Despite this, India has shown extraordinary patience and magnanimity,” said India’s Permanent Representative P Harish, responding to what he said were Pakistan’s campaign of disinformation about New Delhi suspending the treaty.

“India has finally announced that the Treaty will be in abeyance until Pakistan, which is a global epicentre of terror, credibly and irrevocably ends its support for cross-border terrorism. It is clear that it is Pakistan which remains in violation of the Indus Water Treaty and not India,” he said.

After the massacre of 26 people by Pakistan-based terrorists last month, India said it was suspending the treaty reached in 1960 under the aegis of the World Bank to provide Pakistan a consistent share of the water from the Indus and its allied water resources.

Speaking at an informal meeting of the Security Council on protecting water in armed conflict, Harish outlined the problems that have arisen since the treaty was signed.

“Far-reaching fundamental changes have taken place not only in terms of escalating security concerns through cross-border terror attacks, but also growing requirements for producing clean energy, climate change, and demographic change”, he said.

While the technology for dam infrastructure improved to ensure safety and more efficient water use, “some of the old dams are facing serious safety concerns”.

He said that New Delhi formally asked Islamabad on several occasions in the last two years to discuss modifications of the treaty to no avail.

“Pakistan has continued to consistently block any changes to this infrastructure, and any modifications of the provisions, which are permissible under the treaty,” Harish said.

Harish emphasised that while the fundamental basis of the treaty laid out in its preamble is a spirit of goodwill and friendship, Pakistan has inflicted on India three wars and thousands of terror attacks.

He added that these cynical acts continue to endanger the safety of our projects and the lives of civilians.

“In the last four decades, more than 20,000 Indian lives have been lost in terror attacks, the most recent of which was the dastardly targeted terror attack on tourists in Pahalgam last month. In fact, in 2012, terrorists even attacked the Tulbul Navigation Project in Jammu and Kashmir,” he said.

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GMR Airports piles up Rs 253 crore loss in January-March quarter

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New Delhi, May 23: GMR Airports on Friday reported an increase in its consolidated loss to Rs 253 crore for the January-March quarter of 2024-25, even as the company’s total income increased during this period.

The company had made a loss of Rs 168 crore in the same quarter of the previous year.

GMR Airports said in a regulatory filing that its total income rose to Rs 2,977 crore in the fourth quarter of 2024-25 from Rs 2,570 crore in the year-ago period.

During the fourth quarter, EBITDA stood at Rs 1,122.74 crore in the March quarter 2025, registering a growth of 19.39 per cent YoY.

Total expenses shot up 13.73 per cent year-on-year to Rs 1,854.02 crore in the quarter ended March 31, 2025. Cost of materials consumed stood at Rs 42.80 crore, employee benefits expenses were at Rs 393.52 crore, and other expenses were at Rs 586.63 crore in Q4 FY25

For the full financial year 2024-25, the company’s loss worked out to Rs 817 crore compared to the loss of Rs 829 crore in the same period a year ago.

GMR Airports Ltd (GAL) operates the Delhi, Hyderabad, and Mopa (Goa) airports. Besides, it is developing the Bhogapuram Airport in Andhra Pradesh.

“Total passenger traffic at GAL-owned airports increased by 9 per cent year-on-year, 31.5 million in Q4 FY25, and 9 per cent year-on-year to 120.5 million in FY25,” the regulatory filing said.

GAL is also operating Medan Airport in Indonesia and developing Crete Airport in Greece as part of its overseas ventures.

GAL said the tariff order issued by regulator AERA for the fourth control period ending March 31, 2029, would significantly improve the aero revenue of its operations at the Delhi airport, which in turn would lead to an increase in the overall profitability and cash flow generation at DIAL and the company.

The tariff order came into effect on April 16, 2025.

“The financials of DIAL and GAL would have been better, had this order been issued during FY25,” the filing said.

The GAL share prices fell over 2 per cent to Rs 87.08 apiece in late afternoon trade on BSE.

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SC dismisses plea seeking action against Maha officials over protocol lapse during CJI’s first visit

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New Delhi, May 23: The Supreme Court on Friday dismissed a petition seeking action against Maharashtra government officials over protocol lapses during Chief Justice of India (CJI) B.R. Gavai’s first visit to the state on May 18 after taking over the country’s highest judicial post.

A bench of CJI Gavai and Justice A.G. Masih opined that the plea was filed with an intent to obtain “cheap publicity” and termed it a “publicity interest litigation”.

The bench refrained from imposing exemplary costs but asked the PIL litigant to deposit a cost of Rs 7,000.

In its order, the apex court said that soon after CJI Gavai expressed displeasure over the protocol lapse, senior Maharashtra government officials, including the Chief Secretary, came to meet him and expressed regret.

The top court, in a press statement released on Tuesday, said that CJI Gavai stressed that a “trivial issue should not be blown out of proportion” and requested everyone that “the matter be given a quietus”.

Following his taking oath as the 52nd CJI, Justice Gavai on Sunday (May 18) travelled to Mumbai for a felicitation programme by the Bar Council of Maharashtra and Goa. “If the Chief Justice of India is visiting Maharashtra for the first time, and the state’s Chief Secretary, the Director General of Police, and the Mumbai Police Commissioner don’t feel it appropriate to be present, then they need to reflect on that. There’s nothing new about the protocol — it’s a matter of respect from one constitutional institution to another,” the CJI said.

“It’s a question of respect by the other organs of the institution to the judiciary,” he added.

The three pillars of democracy — the judiciary, the legislature, and the executive — are equal, and every organ of the Constitution must reciprocate and show respect to the other, he had said. Following the episode, the Maharashtra government issued protocol guidelines to ensure adherence to official decorum during the visit of the Chief Justice of India to Mumbai and other parts of the state. It designated the CJI as a Permanent State Guest in Maharashtra under the State Guest Rules, 2004. Accordingly, the Chief Justice of India will continue to be entitled to all protocol-related facilities, including accommodation, vehicle arrangements, and security throughout the state during visits.

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