Daily News - Thursday, 19 June 2025
Fintechs should see agri, rural areas as new markets, not just social responsibility: FM Nirmala Sitharaman (The Indian Express)
Finance Minister Nirmala Sitharaman urged fintech companies to treat rural India and agriculture as untapped market opportunities, not just CSR obligations, highlighting reviving rural demand and the urgent need for innovation in MSME credit, market connectivity, and inclusive digital infrastructure. Speaking at the 2025 Digital Payments Awards, she spotlighted India’s rapid fintech strides, with an 87% adoption rate and ₹44 lakh crore transferred via DBT, while calling for deeper financial inclusion through regional languages, voice-led tech, and robust cybersecurity frameworks. With the fintech sector projected to cross $400 billion by FY29, Sitharaman pushed for global scalability of Indian solutions, echoing that the “best chapters are yet to be written” in India’s digital finance story.
Rice, tea exporters to Iran bear the brunt of Iran-Israel conflict (The Hindu)
The Israel-Iran conflict has halted shipments and payments for key Indian exports like basmati rice and orthodox tea, with exporters reporting a $100/tonne drop in basmati prices and rising stockpiles, while Assam’s peak tea season faces uncertainty as fresh orders stall and auction participation dips. Iran, India’s top basmati buyer (1.2 million tonnes annually), has deprioritized non-essentials amid escalating tensions, with ripple effects feared across nearby markets like Azerbaijan and Kazakhstan if the conflict worsens. The Commerce Ministry is set to meet trade stakeholders this Friday to assess the growing impact, as exporters grapple with rising air and sea freight, fuel costs, and insurance premiums.
India, Canada to revive trade talks as Modi meets Carney at G7; EU free trade pact likely by year-end (mint)
India and Canada have agreed to revive stalled trade negotiations, with PM Modi and newly elected PM Mark Carney pushing to restart Early Progress Trade Agreement (EPTA) talks and move toward a full-fledged Comprehensive Economic Partnership Agreement (CEPA), signalling a thaw after last year’s diplomatic freeze over political tensions. Both leaders committed to restoring full diplomatic presence and resuming high-level ministerial dialogues, while expanding cooperation in key sectors like clean energy, critical minerals, LNG, AI, higher education, and mobility, aligning on shared values and Indo-Pacific stability. On a separate front, Modi, in a joint briefing with Cyprus President Nikos Christodoulides, emphasized synergy between “Viksit Bharat 2047” and “Vision 2035,” announced new defence and security collaborations, and reiterated India’s commitment to concluding the India-EU FTA by year-end.
Energy security a major challenge facing future generation: Modi at G7 meet (mint)
At the G7 outreach session in Alberta, PM Modi urged for stronger multilateral cooperation on energy security and counterterrorism, framing energy availability, accessibility, affordability, and acceptability as India’s guiding principles, while positioning India as a global climate leader through initiatives like the International Solar Alliance, CDRI, and Global Biofuels Alliance. He emphasized the urgency of resilient supply chains for critical minerals in an AI-driven world, warning that while AI fuels innovation, it is also energy-intensive and must be aligned with clean, sustainable energy strategies. Modi’s presence in Canada and his meeting with PM Carney signalled a diplomatic reset, with both nations agreeing to restore high-level representation, resume regular services, and cooperate on security, sovereignty, and rules-based global order.
India plugs the loophole that allowed gold importers to evade duty (mint)
India has moved gold compounds and 12 related items to the restricted trade list, requiring importers to obtain licences after it emerged that liquid gold was being used to bypass a 6% import duty, causing an estimated ₹906 crore loss in FY25. Imports of these duty-free compounds, mainly from the UAE, Japan, and Australia, surged nearly 9.25x YoY in Q4 FY25 to 69,879 kg ($1.29 billion), even as actual gold imports dropped over 51% sequentially. The Directorate General of Foreign Trade also restricted import of palladium, rhodium, and iridium alloys with over 1% gold to close loopholes and tighten oversight under the Customs Tariff framework.
