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Emirates Airline President Tim Clark. File.
| Photo Credit: Reuters

India’s aspirations to develop hub airports for connecting passengers and grow economically are not “compatible” with its restrictive policies for foreign carriers, Emirates President Tim Clark said on Sunday (June 1, 2025), adding that the airline won’t be able to provide flights for the upcoming second airports in Delhi and Mumbai to open shortly.

“To grow hubs in the aviation world you have to have open access. It doesn’t work one way,” Emirates President told journalists on the sidelines of a three-day global airlines event being hosted by International Airline Transport Association. Mr Clark has been urging the Indian government to raise the number of seats airlines of Dubai and India are allowed to fly into each other’s territory.

“When you look at the other aspects of Indian economy- defence, media, technology- the government here is minded to expand those as quickly as it can. It’s not compatible with that expansive economic policy to restrict their access.”

The UAE has requested the Ministry of Civil Aviation to raise the seat capacity of 66,000 seats allowed to the airlines of the two sides to 1,40,000 seats. The UAE has also offered a 4:1 seat sharing ratio between the two sides, which will imply that Dubai will offer four seats to India for every additional seat offered by the latter to the former.

While Emirates has the highest number of flights deployed to India, the country’s importance for the airline is diminishing.

“It’s no longer as significant as it used to be because of the restriction on capacity,” Mr. Clark said.

Until last summer, Emirates had 171 weekly flights to India, followed by 133 weekly flights to the U.K. and 96 weekly flights to the U.S. In the absence of more seats from India, Emirates will also be unable to deploy flights for the upcoming second airports in Delhi and Mumbai, i.e Noida International Airport and Navi Mumbai airport.

NEW DELHI: Housing sales in India’s tier-II cities witnessed a mixed performance during the January-March quarter of 2025, with a decline in volume but an increase in value, according to data from real estate consultancy PropEquity, as reported by PTI.A total of 43,781 housing units were sold across 15 tier-II cities in Q1 2025, marking an 8 per cent drop from 47,378 units in the corresponding period last year. However, the overall transaction value rose 6 per cent to Rs 40,443 crore, up from Rs 38,102 crore a year ago.The analysis covered cities including Ahmedabad, Surat, Vadodara, Gandhinagar, Nashik, Nagpur, Goa, Lucknow, Jaipur, Mohali, Visakhapatnam, Kochi, Coimbatore, Bhopal, and Bhubaneswar.Explaining the contrasting trends, PropEquity Founder and CEO Samir Jasuja said, “The lesser supply in March quarter resulted in lower sales in tier 2 cities. State capitals performed relatively better.” He added that demand continues to be supported by improvements in infrastructure.Jasuja also pointed to monetary policy as a potential driver for future growth. “RBI has made 50 basis points cut in repo rate since January 2025 and is expected to cut rates further. As this gets transmitted by banks, home loans will decline going forward thereby giving a boost to housing demand,” he said.Among the cities, Lucknow led with a 25 per cent year-on-year increase in units sold at 1,301, followed by Coimbatore (21 per cent), Gandhinagar (18 per cent), and Mohali (2 per cent). In contrast, 11 cities saw a fall in sales, with Visakhapatnam registering the steepest decline at 37 per cent.Ahmedabad, the largest among the surveyed markets, saw a marginal 1 per cent dip in sales volume to 14,583 units. However, the total value of transactions in the city rose 7 per cent to Rs 13,565 crore, compared to Rs 12,730 crore in the same quarter last year.NeoLiv Founder and CEO Mohit Malhotra said tier-II cities are increasingly becoming prominent housing markets. “Tier-II cities are rapidly emerging as prominent housing markets, driven by expanding corporate presence, employment opportunities, and aggressive infrastructure development. These cities are witnessing a transformation fuelled by strategic public and private investments. This has led to a surge in demand and property prices across various micro-markets,” he said.Royal Green Realty Managing Director Yashank Wason also noted the growing appeal of emerging markets. “As metropolitan regions face saturation, these cities offer a compelling blend of opportunity and lifestyle, positioning them at the forefront of India’s next real estate growth wave,” he said, naming Indore, Sonipat, and Rohtak among those benefiting from rapid infrastructure development.VS Realtors Founder Vijay Harsh Jha expressed optimism about the future of tier-II housing markets. He said the current decline in sales is temporary and anticipated strong economic growth, along with lower home loan rates, will revive demand.

Ernst & Young (EY) India’s Chairman and CEO, Rajiv Memani, has assumed office as the President of the Confederation of Indian Industry (CII) for the 2025-26 term, the industry lobby said on Sunday, June 1, 2025.
| Photo Credit: PTI

Ernst & Young (EY) India’s Chairman and CEO, Rajiv Memani, has assumed office as the President of the Confederation of Indian Industry (CII) for the 2025-26 term, the industry lobby said on Sunday.

He takes over from Sanjiv Puri, Chairman and Managing Director of ITC Ltd.

Mr. Memani is also a member of the EY Global Executive Board, serving as the Chair of its Growth Markets Council.

R. Mukundan, Managing Director and CEO of Tata Chemicals Ltd, has taken over as CII President-Designate for 2025-26.

Mr. Mukundan joined the Tata Administrative Service in 1990, after completing his MBA at the Faculty of Management Studies (FMS), Delhi University. He is a distinguished alumnus of IIT Roorkee, a Fellow of the Indian Chemical Society, and an alumnus of Harvard Business School.

Suchitra K. Ella, co-founder and Managing Director of Bharat Biotech International Ltd, has taken over as CII Vice President for 2025-26. She was instrumental in founding Bharat Biotech in 1996.

NEW DELHI: The Reserve Bank of India‘s upcoming interest rate decision, along with key macroeconomic data releases and global market cues, will play a pivotal role in determining equity market movements this week, according to market analysts.Marking the opening for June, market sentiment will also be shaped by trading patterns of Foreign Institutional Investors (FIIs) and developments on the tariff front, according experts quoted by PTI. “Looking ahead, all eyes will be on the outcome of the RBI’s Monetary Policy Committee (MPC) meeting scheduled for June 6. Additionally, with the new month beginning, participants will track high-frequency data including auto sales numbers and other economic indicators. Updates on the progress of monsoon and the trend in FII flows will also be closely monitored,” said Ajit Mishra, Senior Vice President, Research, Religare Broking Ltd.He added that fluctuations in the US bond market and updates on international trade negotiations will continue to impact global investor confidence.India’s economy exceeded expectations in the final quarter of 2024–25, recording an annual growth rate of 6.5 per cent. This expansion raised the country’s GDP to $3.9 trillion, positioning India to potentially surpass Japan as the world’s fourth-largest economy in FY26.The January–March quarter alone saw a 7.4 per cent growth rate, marking a strong end to FY25. This robust performance was driven by higher consumer spending and notable gains in the construction and manufacturing sectors.Investors will also be closely watching the upcoming Purchasing Managers’ Index (PMI) data for both manufacturing and services sectors. “This week, interest rate-sensitive sectors, particularly PSU banks, are likely to remain in focus amid growing hopes of an RBI rate cut. Additionally, the release of monthly auto sales and volume data could trigger sector-specific moves in the automobile space,” said Siddhartha Khemka, Head of Research – Wealth Management, Motilal Oswal Financial Services Ltd.Last week, markets ended lower, with the BSE benchmark falling by 270.07 points or 0.33 per cent, and the NSE Nifty declining by 102.45 points or 0.41 per cent.Vinod Nair, Head of Research, Geojit Financial Services said, “The market is pricing in a 25 bps cut, which will improve the outlook for rate-sensitive sectors. The positive macroeconomic scripts can boost investor sentiments, but stability in the broader market will be contingent on strong earnings growth and receding trade tensions.”

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Air India announced its plans to reduce its reliance on Turkish Technic for the maintenance of its wide-body aircraft, redirecting operations to alternative Maintenance, Repair and Overhaul (MRO) facilities, according to CEO Campbell Wilson. The move comes in light of recent geopolitical developments involving Turkiye.In May, Turkiye voiced support for Pakistan and condemned India’s anti-terror operations. In response, India’s Bureau of Civil Aviation Security (BCAS) revoked the security clearance of Turkish company Celebi Airport Services India Pvt Ltd on May 15, citing concerns over “national security”.Subsequently, on May 30, the Directorate General of Civil Aviation (DGCA) granted a final three-month extension to IndiGo for operating two damp-leased Boeing 777 aircraft from Turkish Airlines. The extension is valid until August 31, with a directive to terminate the lease within that period.Also read: IndiGo confirms order for 30 more Airbus A350s, strengthens wide-body fleetAddressing questions regarding Air India’s ongoing use of Turkish Technic for wide-body aircraft maintenance, Wilson pointed to the global nature of aviation supply chains but underlined the airline’s responsiveness to geopolitical shifts and public sentiment. “It does take a while to adjust when the circumstances change around us but we are obviously sensitive to the national sentiment and perhaps the national wishes. So, regardless of which country we are talking about, we would clearly take cognisance of what people like us to do and expect us to do,” Wilson said in an interview with PTI.Turkish Technic currently conducts heavy maintenance for a portion of Air India’s Boeing 777 and 787 fleet.Wilson said Air India would temporarily redirect aircraft requiring MRO services to facilities in the Middle East, South East Asia, the US, and, on a limited basis, still to Turkish Technic, until domestic capacity is developed. “With this most recent development, we will look to recalibrate where we sent our aircraft, reduce the amount that we are sending to Turkiye and send it to other places,” he said.“But that does take some time because aircraft have to be maintained… we are cognisant of recent developments and we will look to adjust our plans,” he added.Also read: Air India eyes 200 narrow-body aircrafts in fresh talks with Airbus, Boeing, claims reportDuring the PTI interview, the Air India CEO also explained that when faced with external challenges like supply chain disruptions and airspace concerns, the airline “just learns to adapt and move on” accordingly. “When you are trying to do a turnaround, there are so many things that require us to act to prove ourselves… the objective is very very clear and hasn’t changed in the slightest, the opportunity hasn’t changed in the slightest, in fact if anything it has got more clear at the scale of the opportunity,” he said.Air India has witnessed substantial growth in both passenger and cargo operations since privatisation, according to Wilson. The cargo division’s revenue has surged to more than triple its previous figures, whilst passenger revenue has shown a twofold increase during this timeframe. “Again, huge upside, non-stop service into key points around the world, more focus on cargo, better systems, more consistent product delivery, all of these things mean we are a much more credible player in the cargo space. (There is) significant upside opportunity,” he said.Air India currently operates a fleet of 191 aircraft, including 64 wide-body jets.

NEW DELHI: India’s aviation sector is witnessing strong growth, supported by enhanced connectivity, improved airport infrastructure, and emerging potential in sustainable aviation fuel (SAF) development, the International Air Transport Association (IATA) said on Sunday.Speaking at a media briefing during the World Air Transport Summit (WATS) in Delhi, Amitabh Khosla, IATA’s Country Director for India, Nepal & Bhutan, said, “We are also seeing significant increase in the airport infrastructure, so it gives a good foundation, a base on which India will build further.”Khosla also pointed to India’s potential in Sustainable Aviation Fuel (SAF) production, citing the country’s standing as a major ethanol producer. “We understand from our discussions with some of the oil companies in the country that we are looking at India SAF production coming about in 2026,” he said.India, he noted, has the capabilities to become a key player in sustainable aviation, aligning with global decarbonisation goals. Despite this progress, IATA also highlighted persistent challenges related to high operational costs and tax-related uncertainties.This year’s WATS event has drawn approximately 1,700 attendees, and marks the first time IATA’s Annual General Meeting (AGM) is being held in India in over four decades.IATA represents around 350 airlines, accounting for over 80 per cent of global air traffic.According to IATA data, the aviation sector in India directly employs nearly 370,000 people and contributes$5.6 billion to the economy. Including indirect, induced, and tourism-related effects, the industry supports 7.7 million jobs and adds $53.6 billion to India’s GDP- equivalent to 1.5 per cent of total economic output.

Donald Trump had expressed criticism on Friday regarding Beijing’s alleged breach of an agreement. (AI image)

US President Donald Trump and Chinese President Xi Jinping may soon talk to ease the mounting issues in the US-China trade deal. According to US Treasury Secretary Scott Bessent, a conversation between Trump and Xi Jinping might occur “very soon,” suggesting this dialogue could potentially resolve the current deadlock in trade negotiations between the world’s top two economies.Trump had expressed criticism on Friday regarding Beijing’s alleged breach of an agreement reached in Geneva last month, which was brokered by Bessent. The agreement aimed to temporarily reduce the substantial tariffs both nations had implemented, with a planned duration of 90 days.The Wall Street Journal’s Friday report, subsequently verified by US officials, highlighted American concerns regarding China’s deliberate delays in approving export licences for rare earths and other crucial components essential for automobile and semiconductor manufacturing.

Donald Trump Truth Social Post on China

However, Bessent adopted a more conciliatory tone during his appearance on CBS’s “Face the Nation,” expressing confidence that the existing differences between the two nations could be resolved.“I’m confident that when President Trump and Party Chairman Xi have a call that this will be ironed out,” Bessent said, however noting that China was “withholding some of the products that they agreed to release during our agreement.”When questioned about rare earths being amongst those products, Bessent confirmed with a “Yes.”“Maybe it’s a glitch in the Chinese system. Maybe it’s intentional. We’ll see after the president speaks with” Xi, he said.Also Read | ‘Work of fiction…’: Will Donald Trump bury US government in debt with multitrillion-dollar tax breaks? Even Elon Musk is concernedRegarding the timing of a Trump-Xi conversation, Bessent said: “I believe we will see something very soon.”Following Trump’s return to office, the US President imposed huge reciprocal tariffs on most US trade partners, particularly implementing higher rates on imports from China.The escalating retaliatory duties between both nations reached significant levels before May’s reduction, where the US temporarily decreased its supplementary tariffs on Chinese imports from 145 percent to 30 percent.In response, China reduced its additional tariffs from 125 percent to 10 percent.Speaking to ABC’s “This Week,” Commerce Secretary Howard Lutnick said: “We are taking certain actions to show them what it feels like on the other side of that equation.” He noted that China was “slow-rolling the deal.”“Our president understands what to do. He’s going to go work it out,” Lutnick said.Also Read | ‘Even if we lose…’: Donald Trump administration readying two-part strategy to impose reciprocal tariffs, says ‘we will do it another way’

The falling oil prices, influenced by US President Donald Trump‘s policies and OPEC+’s increased output quotas, have pushed crude costs to their lowest since the Covid pandemic, benefiting consumers whilst creating challenges for producers.Brent North Sea crude currently trades below $65, significantly lower than the $120 peak witnessed in 2022 after Russia’s invasion of Ukraine.The declining oil prices have helped reduce global inflation and stimulated growth in oil-importing nations, particularly in Europe. In the US, the consumer price index dropped 11.8 percent year-on-year in April.As Pushpin Singh, an economist at Cebr explained, reduced crude prices enhance consumers’ “discretionary items” spending capacity. The Brent price decrease of over $10 from last year has lowered various fuel costs, potentially reducing consumer goods prices through decreased transportation and manufacturing expenses.While Trump’s trade policies have influenced oil prices, the overall impact on inflation remains uncertain due to potential increases in other resource costs. Singh also noted that lower oil prices could diminish the appeal of renewable energy investments.Oil-producing nations face significant challenges, particularly high-cost producers who must reduce production, according to Ole Hansen from Saxo Bank. Shale producers are especially vulnerable when prices approach $60, with some firms already reducing investments in the Permian Basin.OPEC+ members show varying resilience to low prices. Saudi Arabia, UAE, and Kuwait maintain substantial monetary reserves, whilst Iran, Venezuela, and Nigeria face greater economic pressures due to limited borrowing capacity.Eight major OPEC+ members, including Saudi Arabia and Russia, announced on Saturday their plans to substantially increase crude oil output for July. The coalition’s statement confirmed they would maintain the previously established target of 411,000 barrels per day, which was also set for May and June. This revised production target represents more than three times the volume originally proposed by the alliance.Read more: OPEC+ announces major July output hike as oil prices fall to four-year lowThe recent OPEC+ decision to production by 411,000 barrels daily appears aimed at disciplining quota-breaching members, whilst responding to Trump’s pressure for lower prices. This strategy particularly affects economically vulnerable OPEC members and could impact non-OPEC producers like Guyana, whose recent economic growth has relied heavily on oil revenues.

NEW DELHI: India is projected to witness the fastest growth in its ultra-high-net-worth individual (UHNWI) population globally, increasing by 50 per cent between 2023 and 2028, according to a report by McKinsey & Company and The Business of Fashion (BoF), as quoted by ANI.This anticipated surge aligns with a robust outlook for India’s luxury market, which is expected to grow between 15 and 20 per cent in 2025. The report attributes this growth to structural and demographic shifts, along with expanding retail infrastructure in tier-one cities.Recent developments such as the opening of Jio World Plaza and the planned entry of Galeries Lafayette are expanding luxury retail footprints in major urban centres. Meanwhile, the government has introduced new import taxes on luxury goods priced above Rs 700,000 (approximately USD 8,400) to encourage domestic spending—despite the prevailing 28 per cent Goods and Services Tax (GST) on luxury items.In comparison, Japan- the second-largest market for UHNWIs in Asia- is forecast to see its wealthy population grow by over 12 per cent from 2023 to 2028. Japan’s luxury sector is expected to grow by 6 to 10 per cent in 2025, buoyed by strong domestic consumption and tourism.India’s broader economic ascent is also reinforcing this trend. Niti Aayog CEO BVR Subrahmanyam recently confirmed that India has overtaken Japan to become the world’s fourth-largest economy, citing data from the International Monetary Fund (IMF). According to the IMF’s April 2025 World Economic Outlook, India’s nominal GDP is projected to reach USD 4.187 trillion in FY2026, marginally ahead of Japan’s estimated USD 4.186 trillion.Between 2019 and 2023, the global luxury industry recorded exceptional growth, with demand for personal luxury goods—including fashion, handbags, watches, and jewellery—driving a compound annual growth rate (CAGR) of 5 per cent. Luxury brands outperformed broader markets and achieved record profit margins during this period.However, 2025 has brought a notable slowdown across the sector. The report indicates a decline in luxury value creation for the first time since 2016 (excluding the pandemic-hit year of 2020), with several key growth drivers—including strong Chinese consumer demand—losing momentum.China, which had recorded over 18 per cent annual growth in the luxury segment between 2019 and 2023, is now experiencing economic headwinds that are weighing on global performance.