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Economy News, Latest Economic News Today | The HinduBusinessLine

GE, HAL clinch tech deal on joint jet engine plan India rejects USTR allegations, seeks termination of Section 301 probe Indian automobile sales record highest-ever sales in FY26, first time after FY19: SIAM Madhya Pradesh CM says basmati rice from the State is exported to 47 nations 63 Moons’ cybersecurity arm pilots GPS-spoofing solution at Indian airports Highways ministry notifies amendment to streamline fee for overloaded vehicles on NHs Global aviation crisis deepens as fuel shortage, Iran conflict hit airlines TRI launches agri-voltaic project to help farmers earn double income Hotel industry to hit $31 billion in 2029; listed hotel firms set to add 70k rooms by 2030: CBRE Temperatures may trend up over North-West, Central India until weekend Reduction in airport tariff credit neutral, minimal impact on revenue: Ind-Ra Global coffee prices rise as fertiliser costs and West Asia tensions threaten supply Bluspring Enterprises to acquire LSG Sky Chefs India, enters aviation catering sector China says policy to improve relations with India remains unchanged amid Arunachal naming row Research firms divided over impact of below normal monsoon on food inflation Unnat Krishi Mahotsav concludes, farmers to emerge as energy, fuel & hydrogen providers, says Gadkari Airlines may get ₹5,000 crore credit support under proposed ECLGS variant How kashmir’s breakthrough is making Gucchi mushroom farming possible Centre not taking away State’s power on bonus for agri produces, says FM Sitharaman Carriers cut flights on cost pressures, uncertain demand GE Aerospace scales AI from pilots to production; India anchors global capability West Asia crisis may push India’s current account deficit to 2% of GDP: Crisil Tax Dept to resume Tiger Global reassessment, says GAAR relief won’t alter SC ruling Ceasefire talks fail to restore vessel movement in Strait of Hormuz, fate of 599 ships remain inconclusive DMRC launches mid-life refurbishment of Blue Line trains to enhance safety and passenger experience Retail inflation likely rose 3.5-4% in March India-UK free trade pact may come into force from second week of May: Official 'West Asia war a good opportunity for energy reforms, lower costs for industry' India’s marine exports surge to ₹62,408 crore in 2024-25, Govt sets ₹1 lakh crore target PM Modi to inaugurate Dehradun-Delhi Expressway on April 14 India’s economic growth journey huge opportunity for international partners: Kwatra From diesel to daylight: How government solar schemes are powering India’s farmers The next energy leap: Replicating ethanol’s success in diesel Delhi EV Policy: Electric 3-Wheelers Only by 2027, 2-Wheelers by 2028 Windfall levy on export bound diesel, ATF raised India-flagged LPG tanker Jag Vikram crosses Strait of Hormuz after US-Iran ceasefire Muted pricing power, rising costs to curb benefits of demand in cement sector: HDFC Securities Central Railway to run four special local trains for Ambedkar Jayanti Cotton Association revises output estimates for 2025-26 up at 324 lakh bales of 170 kg each Agtech marketing in the age of regional content and creator communities Rajnath Singh, Nitin Gadkari to join 3-day agri event at Shivraj’s home turf, inaugurated today How agripreneurship will drive improved rural livelihoods in India World’s largest tur producer, yet an importer: A self-sufficiency puzzle unfolding on ground Ethanol in diesel generators: India’s next practical step towards energy security How sustainable sourcing can unlock value in India’s agri-value chains West Asia Crisis: Induction cooking may consume 13-27 GW power Govt defers power plant maintenance for three months; ready for summer demand Tractor sales cross 10 lakh mark in FY26 on strong rural demand, GST cut India to continue buying Russian crude oil India’s textile and garments exports to the US declined 28.7% in February 2026 Why India’s ₹5 pack won’t disappear, but getting smaller West Asia conflict: LPG usage at 21-month low in March E-way bill generation surged all time high of over 14 crore in March Cotton prices firm up tracking global prices Corn prices poised to fall on Iran-US ceasefire pact Air India at critical stage of transformation: Tata Sons Chairman FYL91 commences new flights to Hyderabad, Rajahmundry and Vijayawada Telangana’s GST revenue up 15% in last 3 months ASMS launches agri-commerce network AYOU in Hyderabad Ladakh turns to apricot blossoms to stretch short tourism season Govt proposes overhaul of company incorporation rules to cut paperwork, enable risk-based checks HAL delivers 4 helicopters to Coast Guard Charter services operators urge review of ATF pricing Structural gaps affect growth of India’s high-value horticulture sector: Report Rubio set to visit India in May to discuss trade, tariffs, defence, Quad DGFT rolls out procedure for allocation of calcined coke Qatar vows to remain reliable energy supplier to India amid West Asia tensions Gadkari bats for 100% land acquisition before approving NH projects India must rethink West Asia energy reliance after biggest shock in decades, says ONGC chief Sumeet SSG partners Pinnacle Industries to strengthen Maharashtra’s EMS fleet Consumer durables growth muted as demand slows, margins shrink: HDFC Securities March 2026 was the fourth-warmest month on record, says European weather agency India relaxes rice exports norms to some European countries Unseasonal rains damage rabi crops on 2.49 lakh ha, wheat most affected: Agri Minister ADB projects 6.9% growth rate for current fiscal, 70 bps lower than FY26 India-UK FTA likely by May 1; 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Think it's hot now? The next five years will smash records: UN
By AP- PTI · 2026-05-28 · via Economy News, Latest Economic News Today | The HinduBusinessLine
File Photo: Silhouetted against the blazing sun, a man drinks water near Charminar, amid extreme heat and heatwave conditions across Telangana in Hyderabad on Tuesday, April 28, 2026

File Photo: Silhouetted against the blazing sun, a man drinks water near Charminar, amid extreme heat and heatwave conditions across Telangana in Hyderabad on Tuesday, April 28, 2026 | Photo Credit: SIDDHANT THAKUR

In the next five years, the Earth is overwhelmingly likely to surge again and again past the international climate threshold set as safe and shatter its hottest-year record along the way, according to new United Nations climate projections.

The World Meteorological Organisation also forecasts an overheating Arctic that warms nearly 3 degrees Fahrenheit (1.66 degrees Celsius) between now and 2030 and a dangerous drought with potential wildfires for the Amazon, a crucial part of Earth's natural defences to lessen human-caused climate change. A hotter globe from the burning of coal, oil and gas means more extreme weather including floods, droughts and heat waves, scientists said.

The projections by the UN climate agency and the United Kingdom's Meteorological Office said there's a 75 per cent chance that the average global temperature between 2026 and 2030 will exceed 1.5 degrees Celsius (2.7 degrees Fahrenheit) since pre-industrial times. That threshold is the agreed-upon limit of warming — averaged over 20 years — set in 2015 by the Paris climate agreement.

A UN likely death, danger and species loss. Even though it's only a few tenths of a degree, some of the planet's ecosystems, such as coral and glaciers, can't handle the strain.

Passing warming limit has consequences, but no cliff

There's a 91 per cent chance that at least one of the next five years will shoot past the 1.5 degree threshold and an 86 per cent chance that one of those years will smash the record for Earth's hottest year set in 2024, the WMO report said.

The WMO projects each year between now and 2030 to be between 1.3 degrees Celsius (2.3 degrees Fahrenheit) and 1.9 degrees Celsius (3.4 degrees Fahrenheit) since the late 1800s.

“It's important to note that (1.5) is not kind of a cliff edge that we're going to fall off,” said report co-author Melissa Seabrook, a climate scientist at the U.K. Meteorological Office. “Every kind of 0.1 of a degree has more and more severe impact.” She pointed to unprecedented May heat in Europe this week.

An entire year or more above the 1.5 degree mark “means a whole range of extreme weather events, probably many so hot/wet/dry that it exceeds anything we've experienced in the past and thus crucially, anything our city planning, agriculture etc. has anticipated,” Imperial College of London climate scientist Friederike Otto, who wasn't part of the report, said in an email.

“This will mean many people will lose their lives, we are in for a lot of food price shocks, and more intense wildfires.” Nearly all the shorter-term forecasts call for a strong El Nino — a natural warming of parts of the central Pacific that alters weather worldwide and spikes global temperatures — to form soon. The WMO report said it could stretch all the way to 2028. Because of that, Seabrook said 2027 will likely break the 2024 heat record.

And if the next five years do average more than 1.5 degrees Celsius since pre-industrial times, that means Earth will have warmed a quarter of a degree Celsius (0.45 degrees Fahrenheit) in a decade, which is faster than the previous rates of warning. Those were closer to two-tenths of a degree Celsius per decade.

Climate scientists are debating whether global warming is accelerating, “which obviously is quite scary,” and if these projections come true it would give additional evidence to those who see a speeded up rate of change, Seabrook said.

Accelerating warmth forecast in the Arctic

The projections, based on the averaging of about 200 runs of computer simulations using 13 different climate models from various countries, show warming in the Arctic rising 3.5 times faster than the rest of the globe, because there's less ice and snow that had been reflecting solar radiation to space, Seabrook said. It becomes a vicious cycle.

“As the temperature warms, more sea ice melts, the worse this makes it,” Seabrook said.

Winters in the Arctic from 2020 to 2025 on average were 2.1 degrees Fahrenheit (1.2 degrees Celsius) warmer than the 1991-2020 average. The WMO projects the next five winters will average 5.1 degrees Fahrenheit (2.8 degrees Celsius) warmer than that recent normal, Seabrook said.

The report also forecasts Arctic sea ice to continue to shrink in the summer.

Amazon may get drier, sparking fire worries

The report calls for even warmer and unusually dry conditions in the Amazon basin, and that could be devastating for both local residents and the planet as a whole, Seabrook said.

People rely on the Amazon for water and the hotter, drier conditions should increase wildfire risk, Seabrook said, threatening to turn the Amazon, which now sucks heat-trapping carbon dioxide out of the atmosphere, into a region that worsens the problem.

Africa's Sahel area, which has been extra dry, is likely to get more than normal rain and that could lead to flooding, Seabrook said.

United Nations officials said efforts to curb climate change haven't been enough.

“Despite the progress of recent years, it's clear that global heating is still outpacing global efforts to contain it, and the baking temperatures in Europe, India and elsewhere show yet again the brutal human and economic impacts of humanity still burning colossal amounts of coal, oil and gas,” UN climate chief Simon Stiell said about the WMO report.

“Whether it's extreme heat, mega-storms, floods, massive wildfires or droughts hitting food supply and prices,” he said, “every nation is already paying a huge price from this global climate crisis.”

Published on May 28, 2026