PM Narendra Modi reveals why he ‘politely declined' Donald Trump's dinner offer: ‘Thank you, but…'
A report by ICICI Securities indicates a decline in air passenger numbers following the Air India crash on June 12, 2025, after a brief recovery post-India-Pakistan ceasefire. Domestic passengers fell from 490,000 to 460,000, while international travel decreased from 118,000 to 102,000. Rising crude oil prices may further impact the aviation sector amidst ongoing geopolitical tensions.
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Economic Times
11 minutes ago
- Economic Times
Magnets in limbo: No rare earth nod yet from China for Indian auto suppliers
No Indian auto component or vehicle manufacturer has received approval from the Chinese government to procure rare earth magnets so far, Times of India reported citing sources. Despite efforts by Indian officials to intervene, the sources said there is "no clarity as yet" on when a meeting with Chinese representatives might happen. The applications for sourcing magnets were submitted primarily by auto component makers who manufacture complete, high-tech assemblies. These include speedometers, electric motors, e-axles, electric water pumps, automatic transmission kits, speakers, sensors, and ignition coils used in engines. Among the companies that have applied are Uno Minda, Bosch, Mareli, TVS Group, Motherson Sumi, and Sona Comstar. Economic Times reported this week that the number of India-based firms awaiting approval from China's ministry of commerce to import rare earth magnets has nearly doubled—from 11 two weeks ago to 21 now. This list includes Bosch India, Marelli Powertrain India, Mahle Electric Drives India, TVS Motor, and Uno Minda. Sona Comstar, whose earlier application was rejected due to procedural issues, has reapplied and is now among the 21 companies awaiting clearance, a senior industry executive told ET.'There were no approvals so far, according to the latest assessment we carried through interactions with industry representatives,' one source told TOI. 'The situation is grave, and there is now massive uncertainty regarding manufacturing schedules and factory output.' The request for a meeting with Chinese representatives is being followed up not only by leading industry bodies such as the Auto Component Manufacturers Association (Acma) and Society of Indian Automobile Manufacturers (Siam), but also by government ministries including heavy industries, external affairs, and commerce. Senior officials from major automobile companies such as Maruti Suzuki, Mahindra & Mahindra, Tata Motors, Bajaj Auto, and TVS are also involved in pursuing the matter with the government and diplomatic this week, the auto industry held a meeting with top officials at the Ministry of Heavy Industries as the government examined possible solutions to the crisis. 'However, not much headway was made so far,' an official source told the executives said that Ernst & Young has been brought on board by the ministry to assist with the issue. During the meeting, officials also reviewed the current preparedness of some Indian companies that are working in the field of magnet urged local magnet producers to provide a firm supply timeline, if at all possible, stating that uninterrupted production lines depend on timely procurement of components. According to the report, both Acma and Siam have drawn up a list of delegates they hope to send to China if the Indian government is able to facilitate such a restrictions were formally issued through a notification on April 4 this year. The new rules apply to medium and heavy rare earth metals, their alloys, magnets, and related products under the country's export permit prevent diversion of these materials to defence and weapons production, China now requires exporters to secure a licence. This licence depends on an End User Certificate (EUC), which must be approved first by India's Directorate General of Foreign Trade (DGFT) and the Ministry of External Affairs, and then also endorsed by the Chinese Embassy in after these steps are completed can the EUC be sent to China for the final stages of approval—first by the provincial government where the exporting company is located, and then by China's Ministry of Commerce. Rare earth magnets are critical components used in permanent magnet synchronous motors (PMSMs), which are widely applied in electric vehicles because of their compact size, high torque, and energy efficiency. Hybrid vehicles also rely on these magnets for efficient propulsion systems. While parts manufacturers based in Europe have recently received approval from Chinese authorities to source rare earth magnets, their Indian counterparts—despite being part of the same multinational corporations—are still waiting for the go-ahead from Beijing. According to experts, this delay is worsened by the strained political and commercial relationship between India and companies have been attempting to build local capabilities to reduce reliance on imported rare earth materials, but experts say this effort remains extremely challenging and is unlikely to provide immediate relief. (with ToI inputs)
Economic Times
26 minutes ago
- Economic Times
Not a single aircraft will fly if it's not 100% safe: Air India CEO promises maximum caution after AI171 crash
In an official communication, Campbell said, "Have our aircraft been deemed safe? Yes. We have completed the additional precautionary checks on our operating Boeing 787 fleet as requested by the DGCA, who have publicly declared that they meet required standards." Tired of too many ads? Remove Ads Supporting Families and Staff Responding to Employee Concerns Tired of too many ads? Remove Ads Questions About Safety and Future No Change in Future Plans After the tragic crash of Air India flight AI171 in Ahmedabad on June 12, which killed 241 people, including former Gujarat Chief Minister Vijay Rupani, the airline's CEO and Managing Director Campbell Wilson has spoken out to calm an official message shared on Friday, Wilson confirmed that all Air India aircraft, especially Boeing 787s, are safe to fly. 'We have finished extra precautionary checks on our Boeing 787 fleet, and the DGCA has said publicly that our planes meet all required safety standards,' he said. He added that even with clean checks, Air India will continue to do extra pre-flight inspections as a said Air India, along with the Tata Group , remains deeply committed to helping the families of those who lost their lives, as well as affected staff. 'We continue to mourn the loss of lives and are doing everything to support those affected,' he said. Around 500 workers from Air India and other Tata companies are still in Ahmedabad helping the said more than 200 families have received some comfort and closure as efforts continue to identify victims and offer support. 'These families are now Tata families,' he added, promising continued help long after the immediate CEO also addressed comments on social media suggesting that Air India wasn't visible at memorial services for its staff. 'We had senior representatives at every service,' he clarified. 'We've just been careful not to disturb the families during those important moments.'He also said that staff returning from Ahmedabad are being given time off and offered free counselling. 'These services are private and provided by professionals, and I encourage you to use them,' he also responded to common questions raised by staff. While there are many theories about the cause of the crash, he said the airline will not speculate. The Aircraft Accident Investigation Bureau (AAIB) is now in charge of finding the the question of whether a report will be shared, Wilson explained that only the AAIB can decide when and how to share updates. But if urgent safety issues are found, those will be shared quickly, and Air India will stay confirmed that due to extra safety checks and longer flight paths caused by airspace closures in the Middle East and Pakistan, the airline has cut down on some flights for now. 'We'll resume them gradually when the time is right,' he the tragedy, Wilson said Air India's future goals remain strong. 'This event is heartbreaking, and we will learn from it. But our vision for safety, service, and professionalism is unchanged, if anything, it's stronger.'He also confirmed that both shareholders continue to fully support Air investigations continue, Wilson ended his message by encouraging staff to stay focused. 'Let's do our jobs with full professionalism, care for our passengers, and support each other, especially now.'Inputs from ANI
Hindustan Times
39 minutes ago
- Hindustan Times
House price index rises 3.1 percent in Q4 FY25: RBI data
Jun 20, 2025 09:26 PM IST Mumbai, Jun 20 (PTI) All-India House Price Index (HPI) increased by 3.1 per cent annually in the January-March quarter of 2024-25 compared to 3.1 per cent growth in the previous quarter and 4.1 per cent a year ago, the Reserve Bank said on June 20. All-India House Price Index (HPI) increased by 3.1 per cent annually in the January-March quarter of 2024-25, RBI has said (Representational photo) The Reserve Bank has released its quarterly house price index (HPI) for Q4 2024-25, based on transaction-level data received from the registration authorities in ten major cities. The annual HPI growth varied widely across the cities - ranging from high growth of 8.8 per cent (Kolkata) to a contraction of 2.3 per cent (Kochi). On a sequential (q-o-q) basis, all-India HPI increased by 0.9 per cent in Q4 2024-25. Bengaluru, Jaipur, Kolkata and Chennai are the major cities recording a sequential rise in house prices during the latest quarter. The ten cities are Ahmedabad, Bengaluru, Chennai, Delhi, Jaipur, Kanpur, Kochi, Kolkata, Lucknow, and Mumbai.
