Bangalore International Airport Limited (BIAL) has successfully concluded the largest unlisted private placement of Non-Convertible Debentures (NCDs) in India’s airport sector, raising a total of ₹9,000 crore. The transaction is being undertaken in two tranches ₹4,362 crore completed on July 25, 2025, and ₹4,638 crore scheduled for early October 2025. SBICAPs acted as the sole arranger for this landmark issuance. With a 15-year tenure, the refinancing allows BIAL to conserve capital and focus resources on funding future expansion plans. The transaction also provides significant savings in borrowing cost, driven by the AAA credit rating, a shift from MCLR-linked (Marginal Cost of funds-based Lending Rate) to fixed interest rate, and the extended maturity profile. Bhaskar Rao, Chief Financial Officer, Bangalore International Airport Limited (BIAL), added, “This landmark issuance is a significant milestone for BIAL as it not only reflects strong investor confidence in our long-term vision, but also strategically strengthens our financial position ahead of the next phase of expansion. The refinancing enables us to optimise our capital structure. Importantly, the long-tenor structure and improved credit rating will translate into greater value for our stakeholders, including passengers and airline partners, through enhanced affordability and infrastructure development.”

Sunil Kohli, MD, Rahat Cargo said, “The sudden announcement of a 25 per cent tariff on Indian goods, while higher than anticipated, broadly falls within the 15–20 per cent range that markets had been bracing for. This could well weigh on near-term export competitiveness and trigger currency volatility if sentiment deteriorates. What is more concerning is the penalty clause, which remains unquantified at this stage. However, if the tariffs stay at 25 per cent for an extended period, the impact could be significantly negative. The agricultural and dairy product protections remain primary concerns, as these sectors are politically and economically sensitive for India. Hence, India is negotiating with the US against any tariff reductions on dairy, rice, wheat and genetically modified (GM) crops like corn and soybeans citing the livelihoods of over 700 million rural citizens, including 80 million smallholder dairy farmers. Many Indian exporters are now preparing for the worst. The newly imposed tariff could affect products like gems and jewellery, auto parts, seafood, textiles and chemicals as these are major exports to the US. In 2024, India exported goods worth $87 billion to the US and hence any drop in the exports is likely to hit the shippers. The next steps are unclear. While Trump has announced the 25% tariff from August 1, he has also said talks are continuing. A US trade team is expected to visit India in August for further negotiations. Whether this visit leads to any resolution remains to be seen and let us hope that the further deliberations lead to certain positive outcomes yielding relief to the trade fraternity in India.”  

Balagopal Balachandran, National Head – Air Freight, FEI Cargo said, “It is an unfortunate development, particularly given the strong strategic partnership that has been steadily built between India and the USA in recent years. According to UN COMTRADE data, India’s trade with the US nearly doubled over the last decade, rising from $64.6 billion in 2013 to $118.4 billion in 2024. Exports have led the charge, climbing 89.3 per cent, from $42 billion in 2013 to $79.4 billion in 2024, while imports have grown more moderately. The tariff hike will have major consequences for high-growth sectors such as chemicals, pharma, machinery and electronics, which have seen significant export gains in the past decade. While this move is unfortunate and will have a clear dent on our exports, we hope that this imposition of higher tariffs will be a short term and that a permanent trade deal between the two sides will be finalised soon. It is worth noting that 18% of India’s overall export goes to the US. To mitigate the impact of these tariffs, India may consider diversifying its export markets, increase domestic value addition, enhancing competitiveness and engaging in diplomatic efforts to resolve trade disputes. Another way to interpret the 25% tariff announcement is to see it as a starting point for renewed negotiation. The Indian government’s response on staying committed to the negotiations speak to that, as India in recent past got favourable trade deals with major partners like Japan, the UK and the European Union.”

C K Govil, President, The Air Cargo Agents Association of India said, “The recent 25 per cent tariff imposed by the U.S. on Indian exports underscores the urgent need for India to accelerate its journey toward self-reliance. Under the visionary leadership of PM Narendra Modi, the Atmanirbhar Bharat initiative aims to make India a globally competitive, resilient economy by 2047. This move by the U.S. reinforces the importance of building strong domestic manufacturing capabilities, diversifying export markets and reducing import dependencies—especially in sectors like electronics, energy and defence. Rather than viewing this tariff as a setback, India can seize it as a catalyst to fast-track reforms, strengthen its industrial base and become a trusted global alternative. A self-reliant India is not about isolation—it is about resilience, innovation, and global integration on India’s own terms.’

Gautham R, Senior Manager – Global Air Freight, Head – Air Freight, India, WIZ said, “With the 25 per cent tariff imposed by the US on Indian goods effective August 1, we anticipate a negative impact on market demand. To retain volume in a sluggish trade environment, air freight rates from India could drop by 20–35 per cent, especially if the situation persists. Sectors exporting high-value goods are likely to see a decline in demand. However, the smartphones, pharma and energy is kept out of 25 per cent tariff radar as per White house report. Additionally, we’re observing a potential shift in freighter routings, with carriers optimising for destinations that offer better yields, responding to evolving demand signals. Businesses should start planning for rate fluctuations and explore alternate strategies to mitigate the impact.

Vipin Vohra, Chairman, Continental Carriers said, “The move is expected to hit key Indian export sectors—gems, jewellery, textiles, pharmaceuticals, electronics and auto components—by making them less competitive in the US market. Indian equities tumbled on related fears, while trade and government leaders emphasise that ongoing bilateral talks may help limit the damage. Indian industry voices call to diversify trade, turning attention to Europe and ASEAN as alternatives.”

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          Preliminary figures released by the Association of Asia Pacific Airlines (AAPA) show demand rose in the region last month as manufacturing picked up and front loading continued. International air cargo demand, as measured in freight tonne kilometres (FTK), grew by 5.6% year on year in June.  The recovery came on the back of a rebound in global manufacturing activity, notably in consumer and intermediate goods. Traffic was also underpinned by front loading and rerouting of shipments ahead of possible US tariffs and other uncertainty over global trade. However, load factors declined as offered freight capacity increased by 7.1%, resulting in a 0.8 percentage point decline to an average of 62.1% for the month. AAPA director general, Subhas Menon described demand as “relatively resilient”. He added: “Cargo volumes are also growing as demand for air freight services, particularly in the e-commerce and time-sensitive segments, is still very strong.”

Delhi International Airport Limited (DIAL) crosses 1 MMT in cargo handling, consequently becoming India’s No.1 cargo airport, two years in a row. In FY’25 alone, Delhi Airport handled 1.1 MMT, with a YoY growth of 11 per cent, maintaining the top spot in India. With world-class infrastructure and the capability to manage everything from perishables to high-value cargo, Delhi Airport continues to strengthen India’s air cargo network.

The first dedicated cargo air corridor from Zhejiang, China, to Central Asia commenced operations. A Boeing 767 freighter from Uzbekistan’s carrier, My Freighter, left Hangzhou Xiaoshan International Airport for Tashkent carrying over 50 tons of essentials and apparel. The route marks Hangzhou Xiaoshan’s second foreign cargo pathway this year, pushing regular international routes to 20, and almost 100 weekly flights. Airports in Zhejiang manage 53 international cargo routes. The service runs on Wednesdays and Sundays, taking roughly six hours per trip. Return flights are set to deliver fresh produce from Uzbekistan back to China. Xu Jie from Zhejiang Donglixin Supply Chain Management Co., Ltd. stated, “More flights will be added to the route in the future in response to strong market demand.” Hangzhou customs highlighted plans to refine customs operations and cut logistics expenses.