Business
Trade pacts with UAE, Australia will fuel economic growth: Finance Minister
Finance Minister Nirmala Sitharaman said on Tuesday the country’s trade pacts with the UAE and Australia will chart the way for economic growth.
Speaking at the stakeholders’ outreach programme on India-UAE CEPA and India-Australia ECTA here, Sitharaman said awareness events about these pacts are happening across the country.
She also said the Director General of Foreign Trade (DGFT) has been asked to translate the details of the trade pacts in Tamil and share them with the media and stakeholders.
Tamil Nadu has a long-time connection with the leather sector, and the industry has achieved modernisation, Sitharaman said, as she went on to add that Tamil Nadu has been a frontrunner in trade for a long time.
She urged entrepreneurs to know the features of these agreements and make best use of them.
“If you want any support in connection with the agreements, feel free to convey it to us,” she added.
“The industry should equip itself to cater to the changing tastes and preferences of consumers post Covid. Access the available markets that are part of the agreements,” she said.
According to Sitharaman, when Prime Minister Narendra Modi visited the UAE some years back, the Royal family promised $75 billion worth investments in India.
Sitharaman added that a formal agreement has also been signed, and entrepreneurs should scale up their businesses to get share from the investments.
“We are now dependent on one country for APIs (active pharmaceutical ingredients). So enough investments need to be made after much thought. I request the state government to invite raw material makers to invest here. We should not depend on others for our raw materials. Backward and forward industries should be supported by the governments,” she said.
On the trade pact with Australia, Sitharaman said it is for the well-being of the Indo-Pacific economy.
While there are many hurdles because of the Russia-Ukraine war, there are also opportunities since their exports are hit, she said.
Speaking at the event, Union Minister of State for Commerce and Industry, Anupriya Patel, said all efforts are being made to reach out to the stakeholders all over the country to explain the details of the trade agreements.
“The India-UAE trade agreement was concluded in record time. India is the second largest trading partner of the UAE. Several benefits will flow out of the comprehensive agreement between the two countries. There is huge scope and there are so many employment opportunities to be created. Bilateral trade will double in the next five years,” Patel said.
“The India-Australia agreement is a clear signal to the other developed economies to partner with India,” she added.
Union Minister of State for Fisheries, Animal Husbandry & Dairying, L.A Murugan, congratulated the Department of Commerce and Industry for organising the awareness event in Chennai.
“We are making huge exports in the marine sector. For the first time in history, Rs 20,000 crore was announced for fisheries under the Pradhan Mantri Matsya Sampada Yojana (PMMSY) by Nirmala Sitharaman,” he said.
Murugan also said that Rs 7,500 crore was allocated for fisheries infrastructure development by Sitharaman.
Despite the challenges posed by the pandemic, India’s maritime sector registered growth, Murugan said, adding that seafood exports will touch Rs 1 lakh crore before 2025.
Tamil Nadu Minister for MSME, T.M. Anbarasan, Consul General of Australia, Chennai, Sarah Kirlew, industry leaders from various sectors and other stakeholders took part in the event.
Business
Bomb threat note found on IndiGo Ahmedabad-bound flight; police launch probe

Bengaluru, July 17: A hoax bomb threat found inside the lavatory of an IndiGo flight bound for Ahmedabad triggered a security scare at Bengaluru’s Kempegowda International Airport, leading police to register an FIR and launch an investigation into the incident.
The threat was discovered on Thursday evening aboard IndiGo flight 6E-6423, which was scheduled to depart for Ahmedabad at 8 p.m.
According to police, a handwritten note bearing the message, “Don’t go. Bomb Hai! Please,” was found tucked inside the aircraft’s forward lavatory around 25 minutes before take-off.
The discovery prompted airport authorities and security personnel to immediately activate standard safety protocols.
The aircraft was subjected to a thorough security check, but no suspicious object or explosive material was found during the search.
Following the incident, IndiGo lodged a formal complaint with the airport police, stating that the hoax threat had caused operational disruption and raised serious safety concerns for passengers and crew.
Based on the airline’s complaint, police registered a First Information Report (FIR) and initiated an investigation to identify the person responsible for leaving the note and ascertain the motive behind the false bomb threat.
Meanwhile, last month, another IndiGo flight carrying around 180 passengers from Lucknow to Delhi was grounded after a bomb threat was discovered written on a tissue paper inside one of the aircraft’s lavatories, triggering a comprehensive security response at the airport.
The flight, scheduled to depart from Lucknow at 10:45 a.m. on June 12, was preparing for take-off when crew members were alerted to a possible security threat on board.
The aircraft was immediately halted at the apron and prevented from departing as security agencies initiated standard emergency procedures.
The scare began after a tissue paper bearing the word “bomb” was found inside one of the aircraft’s toilets.
Business
CEAT shares tumble over 9 pc after Q1 profit slumps 96 pc

Shares of tyre maker CEAT fell more than 9 per cent in early trade on Friday after the company reported a sharp decline in net profit in its June quarter earnings, with higher input costs squeezing margins despite healthy revenue growth.
The stock dropped as much as 9.3 per cent to an intraday low of Rs 3,473.05 on the BSE by 10:18 a.m., compared with its previous close of Rs 3,829.30.
The company reported a 96 per cent year-on-year decline in consolidated net profit to Rs 4 crore in the first quarter of FY27, from Rs 112 crore in the corresponding period last year.
However, revenue from operations rose 22.4 per cent year-on-year to Rs 4,318 crore from Rs 3,529 crore, reflecting healthy demand across business segments.
According to the company, profitability came under pressure due to higher raw material costs triggered by the ongoing conflict in West Asia.
Managing Director and CEO Arnab Banerjee said the company increased tyre prices in phases to partially offset the rise in input costs while maintaining demand and market share. He added that raw material prices are expected to remain elevated during the second quarter.
The company’s operating performance remained under pressure, with EBITDA declining 5.7 per cent to Rs 365 crore from Rs 387 crore a year earlier. EBITDA margin contracted to 8.5 per cent from 11 per cent.
Over the past one year, CEAT shares have declined around 8 per cent, underperforming the broader market. The stock has fallen more than 8 per cent in the last six months and nearly 6 per cent so far this year.
The stock has touched a 52-week high of Rs 4,431.60 and a 52-week low of Rs 3,006.50 on the BSE.
Business
Govt proposes new fuel economy norms for cars from April 1, 2027

New Delhi, July 16: The Ministry of Power on Thursday circulated the draft Corporate Average Fuel Economy 2027 Norms (CAFE-III) for stakeholder consultation, which propose a fresh five-year fuel efficiency regime for passenger vehicles, beginning from April 1, 2027.
The draft norms apply to M1 category vehicles, a classification that covers passenger cars carrying up to eight people besides the driver, which includes all hatchbacks, sedans and SUVs sold for personal use. The category excludes commercial goods carriers and buses, according to an official statement.
The existing CAFE-II norms are likely to lapse on March 31, 2027. Compliance under CAFE-III will be assessed in two phases, the first covering three years and the second the remaining two, with fuel efficiency targets progressing to more stringent levels through each passing year.
The framework, overseen by the Bureau of Energy Efficiency under the Ministry of Power, aims to bring down average fleet emissions from current levels to a significantly lower threshold by FY32, according to earlier drafts reported in the media.
Compliance credits have been priced at Rs 2,500 each, rising by Rs 500 every year through the period, with unused credits expiring once the compliance period ends. Automakers that fail to meet targets could face penalties, though the detailed amounts have not been mentioned. Manufacturers selling fewer than 1,000 vehicles annually will remain exempt.
Industry has differed in its response to earlier versions of the draft. The Society of Indian Automobile Manufacturers (SIAM) has backed the proposal as balanced, while some carmakers have pushed for relief on small petrol cars and others have opposed differentiated treatment for that segment.
The ministry has invited suggestions from stakeholders and the public. Feedback can be sent to the Under Secretary, Energy Conservation, at the ministry’s New Delhi office, or can be emailed.
The last date for submissions is August 6, 2026. The draft norms will also be uploaded on the websites of the Ministry of Power and the Bureau of Energy Efficiency shortly, the statement said.
M1 vehicles are subject to stringent fuel efficiency and emission targets under Corporate Average Fuel Economy (CAFE) norms, which are regularly updated to reduce greenhouse gases.
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