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Access to fuel for both the engines was cut off moments before the Air India flight crashed in Ahmedabad on Jun. 12, according to a preliminary report investigating the accident involving the Tata group-owned airline's Boeing B787-8 aircraft released late Friday. Cockpit voice recording reveals that one of the two pilots flying the plane asked the other why he cut off fuel access to the engine, to which the other pilot responded by saying "he did not do so," according to the report by the Aircraft Accident Investigation Bureau. Read more
The International Energy Agency has once again lowered its forecast for growth in global oil demand for 2025 by 20,000 barrels per day to 700,000 barrels per day. The agency has also lowered its forecast for growth in global oil demand for 2026 to 720,000 barrels per day from 740,000 barrels per day in its previous forecast. Read more
By Pallavi SinghalAfter starting procurement of onions on Jun. 25, more than two months behind schedule, the Centre has so far procured 50,000 tonnes of onions from farmers at market prices under the price stabilisation scheme, a senior government official told Informist. This year, procurement was initially set to begin on Apr. 25, Informist had exclusively reported. Read more
By Pallavi Singhal As prices of tomatoes rise, the Consumer Affairs Ministry is taking proactive measures to stabilise prices in the retail market. In a recent directive, the ministry has instructed the National Cooperative Consumers' Federation of India Ltd. to collaborate with Mother Dairy to intervene in the tomato market as soon as the average modal price exceeds INR 60 per kilogram, a senior official told Informist. Read more
By J. Navya Sruthi Inflows into silver exchange-traded funds are expected to surpass those of gold ETFs in the near-term on improved industrial demand as geopolitical tensions have eased, analysts said. After giving over 25% return so far in 2025, analysts believe gold has lost its lustre as the market has factored in the uncertainties related to US tariffs. The inflows seen in silver ETFs in June are expected to continue in the near term, they added. Read more
India has opened nearly 250,000 square kilometres onshore and offshore for energy exploration and production under the tenth round of its Open Acreage Licensing Policy, Petroleum Minister Hardeep Singh Puri said at the ninth international seminar of the Organization of the Petroleum Exporting Countries in Vienna, Austria, according to a release. Describing it as one of the world's largest bidding rounds, Puri invited global energy firms to partner in India's upstream expansion and energy transition goals. Read more
By Pallavi Singhal The agriculture ministry has concluded its chana procurement for the current season, purchasing a total of 320,000 tonnes, according to a senior government official. The procurement, which was extended twice, was way below the originally sanctioned amount of 2.8 million tonnes. Read more
Global oil demand is expected to grow to nearly 123 million barrels per day by 2050, an increase of 19.2 million barrels per day from 2024, with developing economies, particularly India, leading the growth, the Organization of the Petroleum Exporting Countries said in its World Oil Outlook 2025. However, OPEC pointed out that oil demand in developed countries is expected to decline. Read more
The government's net direct tax collections for Apr. 1-Jul. 10 were down 1.3% on year at INR 5.628 trillion because of a sharp rise in refunds issued, data released Friday by the finance ministry showed. Net direct tax collections so far account for 22.3% of the Budget target of INR 25.20 trillion for the current financial year. Read more
The Reserve Bank of India Friday issued draft directions to address regulatory compliance issues involving reconciliation of small-value exports in the Export Data Processing and Monitoring System. The central bank has sought feedback on the draft directions by Jul. 31. Read more