May 17, 2026
White House Trade Advisor Peter Navarro has said that the United States does not need “unfair trade” with India, but New Delhi is “desperately” looking for access to American markets. His remarks came on the same day US President Donald Trump said negotiations between the two countries were continuing to resolve trade differences. Trump, in
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Commerce and Industry Minister Piyush Goyal on Tuesday expressed concern that the domestic industry often rushes to import cheaper material at the slightest opportunity, instead of supporting domestic players. He said the spirit of supporting each other must be inculcated across the value chain, starting with the steel industry, if it wants others to emulate.
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Israel’s Minister of Finance Bezalel Smotrich on Monday said that the bilateral investment agreement signed with India would provide a strong push for private companies to invest in each other’s economies. “The bilateral investment agreement that I signed today with the Indian Minister of Finance gives a strong tailwind for private companies to come and
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New Delhi: Commerce and industry minister Piyush Goyal on Monday met Israel finance minister Bezalel Smotrich and they discussed further strengthening trade and investment ties and exploring new avenues for mutual growth. “Delighted to meet Mr. @BezalelSm, Finance Minister of Israel. Our discussions focused on further strengthening trade & investment ties between our nations and
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New Delhi: India is readying a big-ticket infrastructure push, focusing on large projects with long gestation periods. Officials said mega projects like bullet train corridors, large shipbuilding yards, multiple ports and cess control highways, in line with the infrastructure vision for Viksit Bharat 2047, will be given on fast track. After the big-ticket goods and
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New Delhi: The Bidkin Industrial Area has attracted marquee investments worth Rs 76,219 crore, including Ather Energy, Lubrizol, Toyota Kirloskar and JSW Green Mobility, with an employment potential of above 35,000+ jobs, the government said Sunday on the six years of AURIC Smart City (Shendra-Bidkin Industrial Area). Similarly, South Korea’s Hyosung, the UK’s Perkins, Japan’s
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Peter Navarro, Senior Counsellor for Trade and Manufacturing for US President Donald Trump, launched an attack on Elon Musk after his post on India buying Russian oil was fact checked by the billionaire’s social media platform X. Calling the community note on X “crap”, Navarro alleged that Elon Musk is allowing “propaganda” and reiterated his
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Calling the landmark GST overhaul a ‘people’s reform’, Finance Minister Nirmala Sitharaman on Saturday said that rationalisation of rates for a wide swath of products will benefit every family, boost consumption, and bolster the economy. In an interview to PTI, the Finance Minister said she will personally monitor passing on of goods and services tax
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Finance minister Nirmala Sitharaman told Deepshikha Sikarwar, Vinay Pandey & Sruthijith KK in an interview that the big-ticket taxation reforms on her agenda have been achieved with the revamp of the goods and services tax (GST). Edited excerpts: India had a very good June quarter but the economy faces multiple headwinds due to US tariffs
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New Delhi: Forward-looking policies, including goods and services tax (GST) reforms, have mitigated the effect of US tariffs on the Indian economy, said Yogesh Mandhani, President of the AIIFA Sustainable Steel Manufacturers Association, on Friday. “The GST rationalisation will boost the economy, as it will create demand and will be beneficial for the secondary steel
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Around one-fourth of items, mostly essential and household goods, in India’s inflation basket will be taxed at 5% following the goods and service tax cuts announced by the Centre on Wednesday, compared with 12% or 18% earlier. Combined with a reduction in tax rate on several other items to 18%, this will lead to a
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GST Council 2025 announces GST 2.0. What’s cheaper, what’s costlier? Food, FMCG, autos, tractors, medicines, insurance, textiles, footwear, white goods , all see rate cuts. Luxury cars, sin goods, coal, betting and casinos move into higher brackets. Also explained: SUVs net cheaper after cess removal, EVs at 5%, bidis at 18%, tendu leaves at 5%.
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The Centre and states on Wednesday approved the biggest overhaul of the country’s goods and services tax (GST), eight years after it was launched. The GST Council, apex decision making body for the levy, unanimously approved sweeping cuts in rates on scores of items of daily use, making most goods and some services cheaper. Finance
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The GST Council has likely cleared a proposal to cut tax on footwear and apparel priced up to Rs 2,500 to 5%, people familiar with the discussions told PTI on Wednesday. At present, only items priced up to Rs 1,000 fall in the 5% bracket, while anything above that is taxed at 12%. The change
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Carmakers and auto retailers may face a potential loss on more than 600,000 unsold vehicles due to a lack of clarity on the treatment of compensation cess of 1-22% across vehicle categories under the current goods and services tax (GST) regime. Automakers and dealers told ET the GST Act should be amended to abolish cess
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New Delhi: The World Trade Policy Uncertainty Index reached record levels in the first quarter of 2025, rising multi-fold from year-ago levels, the UN Trade and Development (UNCTAD) said. Trade uncertainty is raising costs, unsettling financial markets and deepening divides between countries and disproportionately affecting low-income economies and small firms, it said in its Global
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New Delhi: Several high-frequency indicators released on Monday showed the Indian economy remained steady in August, as economists warned of the impact of higher US tariffs that kicked in on August 27. Goods and service tax (GST) collection rose 6.5% in August from a year earlier, weighed down by a decline in car sales that
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India’s current account slipped into deficit in the April–June quarter due to a wider merchandise trade gap, the Reserve Bank of India said in a statement on Monday. The current account deficit was $2.4 billion, or 0.2% of GDP, in the first quarter of FY 2025-26, compared with a surplus of $13.5 billion, or 1.3%
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Indian exporters of rice, tractors, and certain gems and jewellery items have been diversifying beyond the US to other markets even prior to President Donald Trump imposing 50% tariffs effective August 27. Exports to the US of certain gems and jewellery articles fell 20% to $642.9 million in the June quarter from the year before
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The loss incurred due to the imposition of reciprocal tariffs on Indian textile exports to the United States (US) may be offset by a surge in exports to the United Kingdom (UK), buoyed by the recently concluded India-UK Free Trade Agreement (FTA), said CareEdge Ratings in a report. The report said that the ongoing FTA
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The government is working on short-, medium- and long-term plans to help exporters cope with the steep 50% tariffs on Indian goods entering the US, with easing of the special economic zone (SEZ) norms also under consideration, an official said. The idea is to provide immediate liquidity relief to exporters, help maintain order levels and
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Indore: Reserve Bank of India (RBI) Governor Sanjay Malhotra on Saturday said India will become the world’s third largest economy soon, and credited the Pradhan Mantri Jan Dhan Yojana for boosting the country’s growth. His remark came at a time when India’s GDP grew 7.8 per cent in the April-June quarter of the current fiscal,
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The government is committed to ensuring industry does not face difficulties in managing the situation stemming from certain unilateral actions, commerce and industry minister Piyush Goyal said in his first public comment after the full 50% tariff that the US imposed on India became effective this week. Efforts are ongoing to diversify exports and boost
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In a sharp rebuke to recent rhetoric and policy moves from the US, India’s economy has delivered a powerful message, that it’s resilient and can’t be dismissed. Data released by the National Statistics Office (NSO) shows that the country’s Gross Domestic Product (GDP) surged by 7.8% in Q1 of FY26 (April–June 2025), marking a five-quarter
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Finance minister Nirmala Sitharaman on Thursday told a visiting trade delegation that the government will extend comprehensive support to exporters to sustain growth momentum, a day after an extra 50% US tariff on most Indian goods took effect. At the same time, Sitharaman underscored “the importance of protecting workers’ livelihoods, calling upon industry leaders to
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The proposed GST reforms, which would lower tax rates on common man items, will boost consumption and could cancel out the impact of 50 per cent US tariffs, BMI, a Fitch Solutions Company, said on Thursday. Since its inception, Goods and Services Tax (GST) has grown to be the second-largest source of fiscal revenue after
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New Delhi: The Reserve Bank of India (RBI) is likely to hold discussions with industry stakeholders to assess the sectoral impact of the 50% tariffs levied by the US. This consultation is expected to take place in September, ahead of the next monetary policy committee review. The proposed meeting is significant as punitive tariffs on
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The gross state domestic product (GSDP) and per capita income of Delhi registered an annual growth of more than 5% and 7%, respectively, in the last decade, said a report. The share of Delhi’s GSDP contribution to all India GDP at constant prices, however, recorded a decline during the period, according to the report. At
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New Delhi: The Centre is working on a multi-pronged strategy to soften the impact of the 50% tariff that the US will impose on Indian goods from Wednesday, with $48.2 billion of its merchandise exports to that country set to face the punitive levy. Of particular concern are labour-intensive sectors, as exports of textiles, shrimp,
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Rupee-backed crypto stablecoins could be a gamechanger for accelerating digital payments that are safe and traceable while also enhancing financial inclusion in India, industry leaders said during a discussion on ‘Crypto Beyond Hype: Building the Future or Burning Cash’. “I’m 100% sure that you’re going to hear in three months that in India also somebody
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India stands at a critical juncture in the global artificial intelligence race with potential to leapfrog by focusing on societal use cases that can improve productivity and contribute to GDP, said participants at a panel discussion at the event. India’s key strength has been in human capital, which has been providing services to the entire
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Amid the imposition of tariffs by the US on Indian goods, Union Agriculture Minister Shivraj Singh Chouhan on Monday said the country resisted demands to allow the import of agricultural produce in the interest of farmers. He said the new Bharat has decided in the national interest and won’t compromise on the interests of farmers
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States must strive for self-reliance, remain sensitive to the Centre’s concerns, and seek its blessings to ensure progress, Madhya Pradesh chief minister Mohan Yadav said. Speaking at the ET World Leaders Forum, he said that states should not worry about capital expenditure in the larger interest of development. “MP is not taking loans from anyone,”
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Indian Ambassador Vinay Mohan Kwatra held productive and detailed discussions with American Congressmen Joe Courtney and Gabe Amo on economic cooperation, highlighting the need for “fair, balanced and mutually beneficial trade ties.” The engagement comes amid ongoing tariff tensions over US President Donald Trump’s imposition of additional tariffs on India due to New Delhi’s purchase
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India is negotiating free trade agreements (FTAs) with several countries, including the European Union, the US, Chile, and Peru, Commerce and Industry Minister Piyush Goyal said on Saturday. He said the world is looking at India, and several developed economies are negotiating FTAs with us. The commerce ministry is engaged in these negotiations day in
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Onion growers in Maharashtra are facing financial losses due to non-transparent procurement of the crop by a Central agency, an association representing farmers alleged on Saturday. State Onion Growers’ Association president Bharat Dighole said farmers are compelled to stage protests even during festivals and demanded that the government should either ensure fair procurement or stop
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New Delhi: India’s relationship with the US is “very consequential” but national interest solely drives trade deals, commerce and industry minister Piyush Goyal said on Friday. At the ET World Leaders Forum, he said India doesn’t hyphenate trade and geopolitics, which stand on their own. Goyal said the government wants to decriminalise more sections under
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Christoph Schweizer, Chief Executive of Boston Consulting Group, addressed India’s position in the shifting global economy during his Fireside Chat on “The Next Playbook: Navigating Geopolitics, Technology, and Climate in the 21st Century” at the Economic Times World Leadership Forum. “Trade will continue to grow, maybe at somewhat lower than the past, but it will
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The simplification of India’s goods and services tax (GST) structure took a significant step forward with the group of ministers (GoM) on rate rationalisation unanimously accepting the Centre’s proposal to move to a twoslab structure of 5% and 18% with a special 40% levy for sin goods, paving the way for next-generation reforms in the
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Indian importers for the first time bought palm oil from Colombia and Guatemala as producers sitting on surplus stocks offered cargoes at steep discounts, four trade sources with direct knowledge of the matter said. Indonesia and Malaysia dominate global palm oil supplies and are the main suppliers to India, which imported 9 million tons of
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New Delhi: Russia wants to increase bilateral trade with India and is willing to purchase more goods if those are diverted due to US tariff policies. Russia continues to be India’s biggest source of crude. Addressing a select media gathering here on Wednesday in the backdrop of the US tariffs, Alaska Summit and the external
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The Group of Ministers (GoM) on Goods and Services Tax (GST) will propose exempting health and life insurance premiums from the levy, Bihar Deputy Chief Minister Samrat Choudhary told reporters on Wednesday. Some states, however, expressed differing views on the plan. The proposal comes amid the Centre’s push for “next-generation” GST reforms, which Finance Minister
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New Delhi: The government on Tuesday said it is suspending import duty on raw cotton until September 30, a move expected to ease domestic supply of the raw material. Raw cotton imports face a total duty of 11% with the inclusion of agriculture infrastructure and development cess. Experts also see the duty waiver as a
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In reply to a question regarding the impact of US’s 50 per cent tariff, Union Minister of State Jatin Prasada said it is estimated that around $48.2 billion of India’s merchandise export (based on 2024 trade value) will attract tariffs. In the written reply, he said the Government is committed to secure and advance country’s
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New Delhi: US President Donald Trump’s trade adviser Peter Navarro on Monday criticised India’s crude oil imports from Russia, calling the move “opportunistic” and warning that if India “wants to be treated as a strategic partner of the US, it needs to start acting like one”. In an opinion piece in the Financial Times, Navarro
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Commerce and Industry Minister Piyush Goyal on Monday said the ministry has bee working on the next 100-day agenda to push the country’s economic growth, adding that steps are being taken to promote ease of doing business and ease of living. “Earlier today, I had a meeting where we were discussing the next 100 days
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Over the last eight years since the introduction of GST, the focus has been on compliance and expanding the tax base. With average monthly GST collections of over ₹1.8 lakh crore in FY25 and a tax base exceeding 1.5 crore, the time has come for ‘next generation GST reforms’, as announced by the prime minister
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Mumbai: The steep tariff imposed on Indian exports to the US has evoked concerns among staffing experts with some of them warning of an immediate jobs crisis while others believe India’s domestic demand and trade diversification will help cushion the impact. “The recent imposition of additional US tariffs is expected to have a direct and
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Domestic demand will get a boost after goods and services tax (GST) rationalisation, economists said, providing support to the economy that’s seen likely taking a hit from the 50% duty levied on Indian imports by the US.“At a time where consumption demand has been uneven and felt pressure from high inflation and low nominal wage
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New Delhi: S&P’s upgrade of its long-term sovereign credit rating on India after 18 years citing economic resilience can potentially lower the government’s borrowing costs, a senior finance ministry official said.The upgrade in rating to ‘BBB’ from the lowest investment grade of ‘BBB-‘ will add to the investor optimism about the country’s strong macroeconomic fundamentals,
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New Delhi: The next round of review talks for the Asean-India Trade in Goods Agreement (AITIGA) will be held on October 6 and 7 in Jakarta, the government said Friday. The 10th round of the negotiations were held in New Delhi from August 10 to 14.The commerce and industry ministry said the joint committee focused
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The next round of review talks for the India-Asean free trade agreement in goods will be held in October this year in Jakarta, an official statement said on Friday.The tenth round of the negotiations concluded here this month (August 10-14). The Commerce Ministry said the Joint Committee focused on advancing the ongoing review of AITIGA
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New Delhi: India’s goods exports rose 7.2% year-on-year in July to $37.24 billion, after declining for two consecutive months. However, a sharper rise in imports pushed the trade deficit to an eight-month high of $27.35 billion.The previous high trade deficit was recorded in November 2024, when the gap stood at $31.77 billion. Driven by oil
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Rating agency S&P Global’s upgrade of India’s long-term unsolicited sovereign credit ratings shows the country’s commitment to fiscal consolidation, India’s Economic Affairs Secretary Anuradha Thakur said on Thursday. S&P Global upgraded India’s long-term unsolicited sovereign credit ratings to “BBB” from “BBB-” on Thursday, citing economic resilience and sustained fiscal consolidation. Thakur said she hoped other
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New Delhi: The government will identify 1,000 provisions penalising minor offences within the next 45 days for decriminalisation, commerce and industry minister Piyush Goyal said on Wednesday. He also invited stakeholder inputs for a review of various laws governing intellectual property (IP) to simplify and make them more user-friendly. Based on the feedback, the government
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The Reserve Bank of India (RBI) has taken steps to simplify and accelerate trade settlements in rupees with Russia, a move that comes amid growing interest in rupee-rouble transactions following recent global trade developments, as reported by TOI. Why rupee-rouble trade is in focus The spotlight on rupee-rouble trade intensified after US President Donald Trump
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Global trade is undergoing a profound shift. Mutual consensus and predictability seem to be principles of the past. Rising protectionism, geopolitical tensions, and regulatory divergence are reshaping how goods, services, technology, and data move across borders. Businesses must now contend with a landscape where trade rules are increasingly politicised. While this fragmentation increases risk, the
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India’s infrastructure journey since 1947, in many ways, is the story of the nation itself, moving from building the physical foundations of a newly independent country to shaping a connected, technology-driven economy. Over the decades, the priorities have evolved: from massive state-led industrial projects to strategic investments in connectivity, logistics, urban transformation and digital networks.
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Three years of Indian oil imports from Russia are supposed to have funded Russia’s war effort, but not the 60 years of European imports prior to that. India is supposed to be the reason why Putin is not climbing down. Even Indians are not aware of the sway they hold over the world’s mightiest powers.
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US President Donald Trump has doubled down on his protectionist trade policies by imposing an additional 25% duty on Indian goods, pushing the total tariff burden to 50%. While Trump brands India a “tariff king”, data shows that India has gradually eased tariff and non-tariff barriers in recent years, particularly benefiting the US. Still, the
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MUMBAI: The Reserve Bank of India (RBI) held policy rates steady at 5.5% with a unanimous vote from all six members of the Monetary Policy Committee (MPC), maintaining a ‘neutral’ stance. The decision aligns with market expectations, as the central bank awaits further transmission of earlier rate cuts and clarity on tariffs. This marks the
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Reserve Bank of India (RBI) Governor Sanjay Malhotra has pushed back against US President Donald Trump’s criticism of the Indian economy, stating that India is contributing significantly to global growth and remains on a strong growth trajectory. “We have a very robust growth rate of 6.5%. As per the IMF, it is 6.4%, while the
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Pune: India’s textile industry has suggested that the government could offer to remove the 11% duty on raw cotton imports and use it as a tool to negotiate favourable terms for the country’s textile and garment sectors during bilateral trade discussions with the US. ET had reported earlier citing officials that New Delhi could consider
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Exporters’ body FIEO on Tuesday said it will sign a pact with global e-retailer Amazon on August 6 to extend support to domestic exporters in accessing foreign markets through cross-border trade. A stakeholder consultation on e-commerce will also be held to deliberate on key issues, challenges, and the way forward to promote a more enabling
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Bankers are looking forward to two important announcements from the RBI—revised liquidity management framework and final norms on co-lending arrangements between lenders—on Wednesday, after the three-day monetary policy meeting, according to industry executives.
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Moody’s Ratings on Monday said curtailed access to the US market will diminish prospects for India to develop its manufacturing sector, but the country’s domestic demand will remain resilient to these external pressures. US President Donald Trump has announced a 25 per cent duty on imports from India, which will come into effect from August
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New Delhi: The government is pushing exporters to build and promote homegrown brands to cope with the 25% tariff imposed by the US. It has also sought industry inputs on an employment-linked scheme for certain exports such as marine goods which now faces threat from Ecuador due to the higher tariffs. Officials said reducing testing
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Indian exporters from various sectors, including food, marine, and textiles, have sought financial assistance and affordable credit from the government to cope with the 25 per cent Trump tariff, industry officials said. In a meeting with Commerce and Industry Minister Piyush Goyal in Mumbai, certain exporters sought plans on the lines of the production-linked incentive
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India has the capital to support growth but lacks adequate risk capital to realise its USD 5 trillion economy ambition, City Union Bank MD and CEO N Kamakodi said on Saturday. Kamakodi emphasised that while India is now the world’s fourth-largest economy, its low per capita income due to a high population remains a major
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GHV Infra Projects has bagged an EPC contract worth Rs 2,645 crore from Rana Exim FZ-LLC in the UAE for development of a smart manufacturing hub, the company announced on Saturday. The project is awarded to GHV Infra Projects for engineering, procurement, and construction (EPC) of Erisha Smart Manufacturing Hub consisting of Industrial and Commercial
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MUMBAI: Central bank gold appetite, although not as voracious as the 1,000-tonne-a-year purchases in the past three calendar years, remains largely undiminished globally as this group of institutional buyers diversifies its asset base beyond the customary dollar-denominated holdings in a world increasingly strewn with tariff snags. Central banks net bought 166 tonnes of gold in
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India’s import of Di Ammonium Phosphate (DAP) from China has declined sharply and stood at 97,000 tonnes in July this year, Parliament was informed on Friday. DAP is the second most consumed fertiliser after urea in India. Minister of State for Chemicals and Fertilisers Anupriya Patel said DAP import from China declined from approximately 22.28
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Foreign portfolio investors (FPIs) continued to pull out of Indian debt via the fully accessible route (FAR) for the fourth consecutive month in July, as the country’s rate-cutting cycle nears its end. Net sales stood at ₹455 crore for the month, with flows fluctuating amid mounting pressure on the rupee following US tariff announcements and
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A rice exporters’ body on Thursday termed the 25 per cent US tariff from August 1 as a temporary “hurdle” for rice shipments and stated that India still retains a pricing advantage over competitors like Vietnam and Pakistan. US President Donald Trump has announced the imposition of a 25 per cent tariff on all goods
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US President Donald Trump on Wednesday announced a surprise 25% tariff on Indian goods plus an unspecified “penalty” on New Delhi’s Russian weapons and energy purchases. India was one of the first few major economies to engage Washington in broader trade talks in February but, six months later, Trump’s sweeping demands and India’s reluctance to
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With Trump’s tariff deadline almost at hand, Indian exporters are facing a greatly uncertain landscape. Orders are being held back as businesses await clarity on the US President’s next steps, the Times of India reported on July 30. According to Sudhir Sekhri, chairman of the Apparel Export Promotion Council, the situation remains quite unpredictable. American
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The Finance Ministry on Tuesday told Parliament that it expects to collect Rs 5.91 lakh crore from cess and surcharge in the current financial year, which is 9.43% higher than the previous financial year. The collections include Rs 4.18 lakh crore from cess and Rs 1.72 lakh crore from surcharge, Finance Minister Nirmala Sitharaman told
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Indonesia expects palm oil exports to India to exceed the 5 million-tonnes mark in 2025, up from 4.8 million tonnes in 2024, following India’s decision to cut import tariffs, a senior industry official said. The world’s top palm oil producer is also shipping 100,000 germinated palm seeds to India this year to support the South
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New Delhi: The MSME (Micro, Small & Medium Enterprises) ministry has simplified the process for availing incentives under a scheme that supports reduction of material wastage to promote green practices among micro and small enterprises (MSEs). The ministry, after reviewing the Scheme for Promotion and Investment in Circular Economy (SPICE), has created a technology portal
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Despite a broadly stable outlook, India’s economy faces notable headwinds, the latest Economic Review for June warned. Sluggish global demand, especially from a contracting US economy, alongside uncertainty over tariffs and weak private investment, could weigh on growth. While FY26 may see steady momentum, deeper shifts in global supply chains for semiconductors, rare earths, and
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India is treading cautiously in its trade talks with the US, persons familiar with the issue said, citing a setback in America’s recent deal with Japan, and continuing challenges in closing two other deals announced by President Donald Trump – with Indonesia and Vietnam. Japan has disputed the terms of its trade deal with the
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The government will organise as many as 1,000 outreach programmes, including stakeholder meetings, workshops, awareness drives and feedback sessions, in the next 20 days across the country to sensitise industry and states on the India-UK trade agreement, sources said. The exercise is aimed at ensuring effective implementation and maximising benefits from the comprehensive economic and
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Prime Minister Narendra Modi on Saturday described the recently concluded FTA between India and UK as ‘historic,’ and said the trade pact showed the world’s trust in the country. As regards Operation Sindoor, he said weapons manufactured under the ‘Make in India’ initiative played a great role during the cross-border military offensive in destroying enemy
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As BRICS+ economies deepen collaboration to reshape the global financial system, three key institutional initiatives: the cross-border payments platform, the New Development Bank (NDB), and the BRICS Contingent Reserve Arrangement (CRA) are gaining strategic momentum, according to the EY Economy Watch July 2025 edition. These efforts come at a time when global trade is navigating
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Following are the highlights of anticipated economic benefits for major Indian states as a result of India–UK Comprehensive Economic and Trade Agreement (CETA), focusing on sectors that are expected to see significant export growth due to tariff eliminations & improved market access in UK.
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The new proposed Income Tax bill will improve ease of doing business, reduce litigation burdens of the individual taxpayer, and give both small and large investors the confidence ‘Make in India’ and create jobs, member of select committee of Parliament Milind Deora said on Friday. “I congratulate the Finance Minister for introducing the New Income
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The India-UK Comprehensive Economic and Trade Agreement has introduced a ‘co-equal’ rule or product-specific origin norm to offer greater flexibility to certain goods such as chemicals, pharmaceuticals, paints, essential oils and iron & steel. The rule will allow a producer of a good to meet any of the criteria of origin to claim benefit under
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Uttar Pradesh is witnessing a rise in the cultivation of oilseeds and pulses with the Kharif season witnessing a significant expansion in the acreage of sesame, groundnut, and soybean, an official statement said on Thursday. According to the latest data from the Agriculture Department, in 2024, the total area under oilseed crops stood at 432.25
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Rare earth reserves seen at 7.23 million tonnesThe rare earth element resources estimated by the Atomic Minerals Directorate for Exploration and Research (AMD), a unit of the Department of Atomic Energy (DAE), is around 7.23 million tonnes in-situ Rare Earth Elements oxide (REO) contained in 13.15 million tonnes monazite, a mineral of Thorium and Rare
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Centre Gave up ₹99,000 cr Corporate Tax Revenue in FY24 on Account of Tax IncentivesThe Finance Ministry Tuesday informed Parliament that the Centre has foregone ₹99,000 crore of corporate tax revenue in FY24 on account of tax incentives. The corporate tax revenue foregone in 2023-24 stood at ₹98,999 crore, followed by ₹88,109 crore and ₹96,892
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Indian promoters and several family offices using limited liability partnerships (LLPs) to own shares of companies, other securities, and invest in private equity and venture capital funds are in for a nasty surprise lurking in the new income tax (I-T) Bill. Such LLPs, which have emerged as a convenient investment vehicle over last decade, will
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In its report titled Towards Resilient and Prosperous Cities in India, prepared in collaboration with the Ministry of Housing and Urban Affairs and released on Tuesday, the World Bank said that over 50% of the urban infrastructure required for 2050 is yet to be built, giving India a critical opportunity to drive resilient urban infrastructure
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MUMBAI: In a move that could deal a setback to the cross-selling of financial products, the Reserve Bank of India (RBI) has proposed prohibiting banks from displaying third-party products and services on their digital banking platforms. This includes offerings from promoter groups or entities within the bank’s own group. “Third-party products and services, including those
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The Indian government is closely monitoring its capital expenditure (capex) as private investment remains sluggish, a trend exacerbated by global uncertainties linked to US tariffs. In the first two months of the fiscal year, the Centre has recorded a notable increase in spending, with 20% of its annual allocation utilised, compared to only 13% during
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India’s banking system loan growth stood at 9.4% as of June 27, its lowest level since March 2022, after having peaked at 2.74% in the current cycle in December 2023. That said, deposits growth now stands at 10%, exceeding loan demand. Deposit growth had peaked at 14.04% mid-December 2023. For a greater part of FY25,
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India has emerged as the global leader in fast payments, according to a recent note by the International Monetary Fund titled Growing Retail Digital Payments: The Value of Interoperability. At the heart of this transformation is the Unified Payments Interface, better known as UPI. Launched in 2016 by the National Payments Corporation of India, UPI
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Apple growers in Himachal Pradesh are upbeat as early varieties of the fruit are commanding impressive prices in wholesale markets. With the apple season kicking off early this year, traders at the Dhalli vegetable market in Shimla say farmers are earning between Rs 2,000 to Rs 5,000 per 20-kg box, depending on quality and ripeness.
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The European Union’s recent sanctions on Russian oil, energy, banking and defence industries are aimed at degrading Moscow’s “war economy” while preserving global oil market stability, said Ambassador of the Delegation of the European Union to India Herve Delphin on Saturday. Delphin, in a post on X, outlined the EU’s sanctions policy against Russia, which
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The labour and employment ministry on Friday notified relaxed criteria for subscribers of the Employees’ Deposit Linked Insurance (EDLI) scheme under the Employees’ Provident Fund Organisation (EPFO). As per the notification, the beneficiary family will be eligible for a minimum assurance benefit of ₹50,000 in the event of death of an employee even if the
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India’s current account deficit (CAD) is likely to see a marginal rise in FY26 as there is minor upward risk on it, noted a report by Union Bank of India. However, the UBI report maintained its earlier forecast of a widening CAD to 1.2 per cent of GDP in FY26, compared to an estimated 0.9
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The US has told the World Trade Organization (WTO) that there was “no legal basis” for India to propose retaliatory tariffs against American duties on steel and aluminium as well as automobiles in the name of safeguard measures. Its communication comes after India said that the safeguard measures on steel and aluminium would affect imports
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High-frequency indicators of the Indian economy has indicated signs of slowdown, as highlighted in a report by Nuvama. Despite the Reserve Bank of India’s (RBI) efforts to support growth through rate cuts and other liquidity measures, growth momentum across key sectors is showing signs of weakness. The report pointed out that most of the economic
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Mumbai: The Reserve Bank of India (RBI) leadership on Wednesday met officials of banks and non-banking finance companies to discuss the way to boost lending under the Unified Lending Interface (ULI), which is positioned as the UPI for loans. M. Nagaraju, secretary, department of financial services, and RBI deputy governor, T. Rabi Sankar, were present
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Above-normal monsoon forecasts are likely to boost sugarcane acreage and yield in key states like Maharashtra and Karnataka, which will result in 15 per cent surge in sugar output The sugar cane acreage in Maharashtra and Karnataka to experience a better yield this year, boosted by an above-normal monsoon, which resulted in a 15 per
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Mumbai: The Reserve Bank of India’s (RBI) liquidity draining operation saw muted response from banks, leading to under-subscription in the second such auction in a row. The three-day variable rate reverse repo (VRRR) auction was undersubscribed despite evident lender preference over the longer, seven-day exercise. Against the notified amount of ₹1 lakh crore, the central
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Amid US President Donald Trump call for imposing 100 per cent “secondary tariffs” on Moscow if Russian President Vladimir Putin fails to end the conflict in Ukraine within 50 days, Senators Lindsey Graham and Richard Blumenthal have warned countries, including India, of economic sanctions if they continue business with Russia. South Carolina Republican Senator Graham
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India’s key inflation gauge dropped to pre-pandemic lows on the back of a sharp decline in food inflation, triggering hopes of another rate cut by the Reserve Bank of India (RBI). Retail inflation in June based on the Consumer Price Index (CPI) dropped to 2.1%, the lowest in more than six years and just shy
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The European Union is looking to deepen trade agreements with India and other countries in the Asia-Pacific region as the bloc braces for US tariffs, a top official said. “We need to explore how far, how deep we can go in the Pacific area with other countries,” EU competition chief Teresa Ribera said on Bloomberg
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The income-tax department has issued ₹4.76 lakh crore in refunds in FY25, a staggering increase from ₹83,008 crore in FY14, officials said. This 474% surge in 11 years outpaces the 274% growth recorded in gross direct tax collections, which rose to ₹27 lakh crore in FY25 from ₹7.2 lakh crore in FY14. The number of
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India’s crude oil imports from Russia climbed to their highest in nearly a year in June, as refiners stocked up amid tensions in West Asia, particularly the Israel-Iran conflict, reported PTI. According to data from Kpler, a global commodity tracking firm, India imported 2.08 million barrels per day (bpd) of Russian crude last month, the
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Small traders can heave a sigh of relief as the Chhattisgarh government has decided to waive VAT dues of up to Rs 25,000 in cases pending for more than 10 years, officials said on Saturday. The move to write off old VAT dues is expected to benefit more than 40,000 traders and will help reduce
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Tata Steel completed its first paperless import transaction under a Letter of Credit, fully backed by digital processes, the company announced on Friday. The company carried out first digitized import shipment of coal using an Electronic Bill of Lading (eB/L) with full bank integration. In its efforts towards fully digitised and sustainable global trade, the
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NEW DELHI: The roads ministry has tightened the eligibility criteria for bidding for road projects under the hybrid annuity model (HAM) and engineering, construction and procurement (EPC) mode, a move aimed at ensuring good quality construction for highways and expressways and timely completion of projects to avoid time and cost overruns. The modifications include raising
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The recent surge in trade wars impacting global economy is due to the trade imbalances between countries, according to a report by SBI Funds Management. The report noted that tensions between the United States and China are due to deeper-rooted problems of global economic imbalances. China invests much more than it consumes, while the US
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New Delhi: The US has again raised concerns at the World Trade Organization (WTO) at India’s dairy certificate requirements terming them “unnecessary trade barriers” for American exports. India mandates an integrated veterinary health certificate for the import of milk and milk products, confirming that it does not contain drugs, antibiotics, pesticides or heavy metal residues.
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An Indian commerce ministry team will soon visit Washington for another round of talks with the US for a proposed trade pact, a government official said on Thursday. The official said that negotiations will happen on both interim and the first phase of the bilateral trade agreement (BTA) during this visit. The visit dates have
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Fresh registrations of companies rose 8.3% in June from a year before and those of limited liability partnerships (LLPs) jumped 18.4%, as investors continued to bet on India’s strong longer-term economic growth and consumption outlook. As many as 16,654 companies, including overseas entities, were incorporated in June, against 15,375 a year earlier, showed the latest
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India will discuss the impact of U.S. tariff on copper, mines minister Kishan Reddy said at an event in New Delhi on Wednesday. US President Donald Trump has announced a 50% tariff on copper imports, expanding his administration’s aggressive trade measures already in place on steel and aluminium. “Today we’re doing copper. I believe the
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The average cost of a home-cooked vegetarian thali fell by 8% year-on-year in June, due to a sharp drop in vegetable prices, Crisil said in a report on Tuesday. Similarly, the cost of a non-vegetarian thali declined by 6% thanks to lower broiler chicken prices, which account for nearly half of a thali’s cost. The
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India could soon finalise a bilateral trade deal with Washington as US President Donald Trump intensifies pressure on countries by issuing formal tariff notices, reported PTI, citing think tank Global Trade Research Initiative (GTRI) as saying, on Tuesday. “Trump’s model isn’t a free trade agreement, it’s a YATRA — Yielding to American Tariff Retaliation Agreement,”
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India plans to mandate the purchase of green-rated steel for eight years in all central government projects and centrally-sponsored schemes from FY28, people aware of the development said. The steel ministry has prepared a draft cabinet note on the proposal, a government official said. For a 3-star rated steel, a minimum 20% procurement is likely
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India and the US are nearing a mini trade deal with politically and economically sensitive sectors of dairy and agriculture likely to be excluded from the pact, officials said. “The deal is in its conclusion phase,” said an official. “Most issues related to agri may be discussed later. As of now, they seem to be
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New Delhi: Private investment stayed flat in the last three-six months as companies are finding it challenging to envisage manufacturing amid an uncertain tariff structure, though it is currently seeing a revival in line with an improvement in the demand environment, said Rajiv Memani, president, Confederation of Indian Industry (CII). “I won’t say it has
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New Delhi: An apple a day – but at a price set by geopolitics. With Turkey, Iran and Afghanistan emerging as the top three apple import sources for India, shifting geopolitical dynamics are expected to play an outsized role in shaping prices this harvest season, beginning in August. At Delhi’s Azadpur Fruit and Vegetable Market
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India’s decision to reserve its rights to impose retaliatory duties on the US over imposition of tariffs on auto parts is a procedural move under the WTO agreement on safeguards and it will not affect ongoing negotiations on the proposed trade pact between the two countries, an official said. India on Friday proposed imposing retaliatory
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Finance Minister Nirmala Sitharaman has called for a renewed mandate for the New Development Bank (NDB), emphasising the need for greater agility, technological advancement, and efficiency in today’s fast-changing world. Observing that NDB has played an important role in reshaping the financial landscape for the global South, she said it has approved more than 100
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New Delhi: The government plans to sell tomatoes at subsidised prices through NCCF and NAFED to curb a sudden increase in prices following heavy rains in Himachal Pradesh, damaging crops and road network, impacting arrivals of the crop in key wholesale markets in Delhi NCR. Tomato prices crossed ₹60 per kilogram in retail markets across
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The Union Cabinet on Tuesday approved the employmentlinked incentive scheme (ELI), nearly a year after the government announced it in the 2024-25 budget. The scheme is projected to cost the exchequer Rs 99,446 crore. ET looks at the eligibility criteria and benefits to employees and employers under the scheme, which comes into effect on Aug
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New Delhi: Industry body CII Thursday pitched for rationalisation of goods and service tax (GST) rates, reduction in tax litigation, establishment of a joint skills acceleration fund (between public, private and CSR), and introduction of a capital support scheme for small and medium enterprises. New CII President Rajiv Memani said the Indian economy was expected
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India’s services sector enjoyed its strongest growth in ten months in June, fuelled by robust demand and cooling price pressures, a survey showed on Thursday. The HSBC final India Services Purchasing Managers’ Index (PMI), compiled by S&P Global, climbed to 60.4 in June from 58.8 in May, but was a touch lower than a preliminary
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India needs to tread carefully in its trade negotiations with the United States, keeping in view the terms proposed under the latter’s trade deal with Vietnam, trade experts say. As per the new trade pact announced by President Donald Trump, the US will impose a flat 20% tariff, besides a 40% tariff on transshipped goods
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As negotiations for a long-anticipated Free Trade Agreement (FTA) between India and the United States enter their final stretch, India is making a last-minute, high-stakes push for full tariff elimination on its labour-intensive exports. According to Global Trade Research Initiative (GTRI), without duty-free access for sectors like garments, footwear, carpets, and leather goods, the deal
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New Delhi: The government will have a relook at the closure of State Trading Corporation of India Limited (STC) and PEC Limited through the Bankruptcy Code, the first instance of pursuing closure of central public sector enterprises or CPSEs through this mechanism. Both these firms are categorised as a nonperforming asset or NPA with lenders.
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India is no longer the economy it was in 2017. From rising to become one of the world’s top four economies to emerging as a hub for digital public infrastructure and start-up innovation, the last eight years have marked a transformational phase in India’s growth story. Running parallel to this transformation, sometimes quietly and sometimes
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The India-US trade pact talks are at a crucial stage with New Delhi sticking to the red line on the issue of market access in agriculture, genetically modified (GM) crops, and dairy, people privy to the development said. However, efforts are on to stitch the trade deal before July 9, when 26% reciprocal tariffs by
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India’s trade deficit is likely to widen to USD 300 billion in the financial year 2025-26, even though oil prices are expected to remain moderate, according to a recent report by ICICI Bank. The projected deficit would be 7.0 per cent of the country’s GDP, higher than the USD 287 billion recorded in FY25 and
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India’s trade team has extended its stay in Washington to iron out differences as the two sides look to clinch a deal before a July 9 deadline when higher US tariffs are set to kick in, people familiar with the matter said. The in-person negotiations were initially supposed to run through June 27 but were
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India has decided to impose port restrictions with immediate effect on the import of jute and allied fibre/ products from Bangladesh. These restrictions shall apply to imports into India of Bangladesh jute and allied fibre/ products across all land and seaports, with the exception of the Nhava Sheva port. The Government is also taking steps
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India imposed restrictions on the import of jute and allied fibre products from Bangladesh in view of its “unfair trade” practices including circumvention of anti-dumping duty that harmed Indian farmers, people familiar with the matter said on Saturday. The new restrictions will apply to imports into India of Bangladesh’s jute and allied fibre products across
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New Delhi: The NITI Aayog could prepare a blueprint for interventions needed to boost private sector investment in infrastructure creation, after a recent government survey suggested a likely dip of 25% in private sector capital expenditure in this financial year, said officials. While the Centre has been pushing for an increase in capex, the private
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U.S. President Donald Trump on Friday said that while discussions with India on a trade deal are ongoing, the prospects of removing all trade restrictions remain uncertain. The comments by the US President come as his July 9 trade deadline fast approaches. However, in the latest remarks he also said that deadline was not a
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India has exported 1.5 tonnes of litchi fruit, for the first time, from Punjab to Doha and Dubai this month, the commerce ministry’s arm, Agricultural and Processed Food Products Export Development Authority (APEDA), said on Friday. To boost India’s horticultural exports, APEDA has facilitated the flag off of the first consignment of 1 tonne of
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New Delhi: A combination of expressways, economic corridors, digital tolling and green fuel adoption has helped significantly reduce logistics costs in the country, setting the stage for India’s next growth phase, road transport and highways minister Nitin Gadkari said on Thursday. Addressing the ET Edge SCM Fest 2025, Gadkari emphasised the pivotal role of logistics
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New Delhi: China has halted shipments of specialty fertilisers used to increase the yields of fruits, vegetables and other remunerative crops to India for the last two months, according to top executives of several large importers. China, a global supplier of agricultural inputs, continues to export them to other nations. India imports about 80% of
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Rating agency Icra on Wednesday retained its India’s GDP growth forecast for fiscal 2025-26 at 6.2 per cent, assuming well-distributed monsoons and crude oil prices averaging around USD 70/barrel. However, geopolitical tensions in West Asia, volatility in financial markets, and uncertain trade policies pose downside risks to this growth outlook, which have intensified, Icra said
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The Reserve Bank of India surprised economists with significant rate cuts despite positive economic indicators. This move, intended to stimulate consumption and investment amid global uncertainty, has confused investors, with bond yields initially rising. Concerns about household debt and declining savings may have driven the RBI’s decision, but the effectiveness of this stimulus remains uncertain
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The Centre on Tuesday approved the procurement of up to 2.5 lakh metric tonnes of mangoes from farmers in Karnataka under the Market Intervention Scheme (MIS) for 2025-26 after Union Heavy Industries Minister HD Kumaraswamy appealed for it as mango growers are battling surplus production this mango season leading to a price fall. The Centre
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A panel mandated to examine tax rates under the Goods and Services Council has recommended slashing tax on green hydrogen to 5% from 18% now, said people familiar with the matter. The fitment committee has also backed reducing the goods and services tax (GST) on storage batteries and green hydrogen electrolysers, an important component for
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New Delhi: Commerce and industry minister Piyush Goyal Monday said the government holds extensive stakeholder consultations on the free trade agreements (FTAs) and is pursuing these pacts while keeping in mind the interests of the domestic industry. He said that India is keeping in mind both the offensive and defensive interests of industry while negotiating
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India’s private sector activity accelerated sharply in June as companies ramped up production to meet surging domestic and international demand, according to a survey released on Monday that showed record export growth and robust hiring. The HSBC Flash India Composite Purchasing Managers’ Index (PMI), compiled by S&P Global, jumped to a 14-month high of 61.0
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The country’s coffee exports have jumped about 125 per cent to USD 1.8 billion in the last 11 years on account of a series of measures taken by the Coffee Board of India, according to the central government data. The exports stood at over USD 800 million in 2014-15. It was USD 1.28 billion in
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Coffee grower N Bose Mandanna isn’t afraid to spill the beans, literally. Standing beside sturdy plants of robusta coffee on the slopes of his estate in Kodagu (formerly Coorg) in Karnataka, he recounts a silent agricultural revolution that began in the 1990s, when a pest the size of a fingernail— the white stem borer—upended the
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India has overtaken several economies in terms of GDP over the past decade, but its citizens’ per capita income remains poor. In that context, a report by Llama Research suggested that the next phase of India’s growth must translate into individual prosperity. Manufacturing scale-up, digital formalisation, and rising income tiers are some of the reasons
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India’s direct tax collection for the financial year 2025-26 rose by 4.86% to Rs 5.45 lakh crore as of June 19, according to the latest figures released by the income tax department. However, net collections saw a marginal decline due to a sharp spike in refunds. The total gross collections which include corporate tax, non-corporate
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Exporters have suggested shifting cargo movement from Bandar Abbas port to the Chabahar port in the wake of Iran-Israel conflict, stating any further escalation in the war would severely impact trade with Afghanistan, Central Asia, and Russia, an industry official said on Friday. The official also said that the air freight rates have already seen
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India has firmed up a ₹3,500-5,000 crore scheme to incentivise production of rare earth minerals and derived magnets in the country and could be approved in a fortnight, a top government official said. “The priority is to start domestic-critical mineral production in the shortest time period,” the official told ET. The sops under the proposed
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The government has put in place restrictions on the import of specific colloidal precious metals to curb the unlawful entry of gold into India in liquid form, reports said on June 19. It may be noted here that colloidal precious metals refer to mixtures where nanoparticles of gold or silver are suspended in a liquid.
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New Delhi: The India-UK social security agreement was made a non-negotiable part of the free trade agreement (FTA) discussions two years ago, commerce and industry minister Piyush Goyal said on Wednesday. Termed the Double Contribution Convention Agreement (DCCA), it was agreed to along with the FTA between the two countries in May. “It was on
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Indian refiners cancelled orders for 65,000 metric tons of crude palm oil (CPO) scheduled for delivery from July to September following a sudden surge in benchmark Malaysian prices, four trade sources told Reuters. Refiners in the world’s largest palm oil importer cancelled the orders in the past three days after Malaysian palm oil futures rose
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The Centre’s advance tax collections have grown at a tepid pace till June 15 this fiscal, suggesting muted income growth amid global headwinds. The total collection was ₹1.54 lakh crore, up 4% from a year earlier, slowing sharply from the corresponding 27% growth last year, dragged down by lower personal income tax payments. The amount
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The government on Tuesday allowed the export of up to 25,000 tonnes of pharma-grade sugar per financial year under the restricted category. The permission will be given only to bona fide pharmaceutical exporters. “Export of pharma grade sugar, up to a total of 25,000 MTs per financial year, shall be permitted to bona fide pharma
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India wants an assurance from the US that no additional tariffs will be imposed by the Donald Trump administration once the bilateral trade agreement (BTA) is finalised, said people familiar with the matter. The deal is in the final stages of negotiation and both sides are hopeful of reaching accord quickly. India has sought concessions
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India’s merchandise exports to the US rose by 16.93 per cent to USD 8.83 billion in May, while imports dipped by 5.76 per cent to USD 3.62 billion during the month, according to the commerce ministry data. During April-May, the country’s exports to the US increased by 21.78 per cent to USD 17.25 billion, while
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Prime Minister Shri Narendra Modi along with the President of Cyprus, Nikos Christodoulides on Sunday night held a Roundtable interaction with business leaders from Cyprus and India in Limassol. The participants represented diverse sectors such as banking, financial institutions, manufacturing, defence, logistics, maritime, shipping, technology, innovation, digital technologies, AI, IT services, tourism and mobility. Highlighting
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With the Israel-Iran conflict intensifying, the government must urgently review energy risk scenarios, diversify crude sourcing, and ensure strategic reserves are sufficient, think tank GTRI said on Sunday. Due to the war, India is increasingly at risk of collateral economic fallout, with energy security, trade routes, and key commercial interests facing growing uncertainty, the Global
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Jammu and Kashmir Lieutenant Governor Manoj Sinha on Saturday said the government’s goal is to make every farmer in the Union Territory a proud stakeholder in India’s journey towards becoming a Viksit Bharat by 2047. Addressing the closing Ceremony of Viksit Krishi Sankalp Abhiyan at SKUAST Kashmir’s Mountain Research Centre for Field Crops at Khudwani-Kulgam
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Diversified conglomerate Kothari Industrial Corporation Ltd has launched 30 agro-products aimed at bolstering agricultural output and serving the growing needs of farmers, a top official said on Saturday. These products, including Kothari Bioshakthi Gold, Kothari Neem Power, Kothari Subhiksham, among others, were launched by the company’s Executive Chairman, Dr Rafiq Ahmed. “We strongly believe our
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New Delhi: India’s soft industrial momentum, a widening trade gap, and early signs of business caution warrant close tracking as H2 2025 unfolds, according to a report by LLama Research. While the broader economic outlook remains positive, the report added that there are signs that some areas of the economy may need close attention going
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The year 2025 has been a rollercoaster ride for India and its economy so far, starting with Maha Kumbh giving a Rs 2.8-lakh-crore push to conflict with Pakistan. Now, another factor has been added – the Israel-Iran war – a development that may have an impact on India’s economic outlook for 2025. A sudden military
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According to a recent report by the Bank of Baroda (bob), India’s retail inflation in the first quarter of FY26 is expected to undershoot the Reserve Bank of India’s (RBI) forecast of 2.9 per cent. The report suggested that the June 2025 high-frequency price data has also been comforting, offering further signs of price stability.
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China on Thursday hinted at holding talks with India over its restrictions on export of rare earth materials, saying it is willing to enhance dialogue and cooperation with relevant countries to keep industrial supply chains stable. China’s recent restrictions on the exports of key metals caused widespread disruption in the manufacturing of automobiles and semiconductor
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Private consumption in the Indian economy moderated slightly in the fourth quarter of FY25, according to a recent report by Bank of Baroda. The report added that the real private consumption spending grew by 5.9 per cent in Q4FY25, a marginal dip from 6.2 per cent growth recorded in Q4FY24. Meanwhile, government consumption also registered
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The central government on Wednesday slashed the Basic Customs Duty (BCD) on crude edible oils namely crude sunflower, soybean, and palm oils to 10% from 20% resulting in the import duty differential between crude and refined edible oils from 8.75% to 19.25%. This adjustment aims to address the escalating edible oil prices resulting from the
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Commerce Minister Piyush Goyal indicated on Wednesday that the Swiss part of the EFTA will possibly be implemented from October 2025, with the other three countries — Iceland, Liechtenstein, and Norway– already having ratified the trade deal. “Norway, Liechtenstein, and Iceland have reified this agreement. Switzerland’s process will last another two and a half months
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India and the US teams discussed issues pertaining to market access, digital trade, and customs facilitation during the week-long deliberations on the proposed bilateral trade agreement, an official said. According to the official, both sides agreed to continue negotiations to achieve an expeditious conclusion of the initial tranche of the BTA. India and the US
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MUMBAI: The Reserve Bank of India (RBI) has once again flagged concerns over mis-selling of financial products such as insurance, and said it is considering framing guidelines to address the issue. Addressing the Issue “The concern is that such mis-selling without regard to suitability and appropriateness would beget distrust in schemes aimed at providing a
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The free trade agreement (FTA) between India and the four-nation European bloc EFTA is likely to come into force from September, Commerce and Industry Minister Piyush Goyal said on Monday. The two sides signed the Trade and Economic Partnership Agreement (TEPA) on March 10, 2024. Under the pact, India has received an investment commitment of
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New Delhi: The government has identified 12 cities with a population of more than 2.5 million each to monitor e-commerce price trends as part of efforts to accurately capture changing consumption patterns in the new Consumer Price Index (CPI) series, which is scheduled for release in 2026, said people aware of the development. In each
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A US trade team that’s currently in India for negotiations has extended its stay, according to people familiar with the matter, in a sign talks are progressing ahead of a July deadline. The team, which was initially scheduled to hold talks with Indian officials on June 5-6, will now be staying till Tuesday to continue
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Union Minister Piyush Goyal on Saturday described his meeting with UK Foreign Secretary David Lammy as ‘fruitful’ as they discussed avenues to deepen bilateral trade and strengthen collaboration across various sectors to “unlock” the full potential of our Comprehensive Strategic Partnership. “Had a fruitful meeting with UK Foreign Secretary David Lammy today. We both expressed
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India’s extreme poverty rate declined sharply to 5.3 per cent over a decade from 27.1 per cent in 2011-12 even as the World Bank revised upwards its threshold poverty line to USD 3 per day. Given India’s inflation rate between 2017 and 2021, a revised extreme poverty line of USD 3 would constitute a 15
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Lending rates are expected to fall by around 30 basis points (bps) following the recent policy rate cut, according to a report by the State Bank of India (SBI). The report highlighted that the immediate impact will be seen on loans linked to the external benchmark lending rate (EBLR), which make up about 60 per
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The Reserve Bank of India has lowered the consumer inflation target for FY’26 inflation target to 3.7% from 4% made in its April statement. But has retained its April growth forecast at 6.5% “ The inflation outlook for the year is being revised downwards from the earlier forecast of 4.0 per cent to 3.7 per
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The Reserve Bank of India’s (RBI) Monetary Policy Committee (MPC) began its bi-monthly meeting on Wednesday, June 4, 2025 and is set to announce it decision soon. The six-member panel, chaired by RBI Governor Sanjay Malhotra, is evaluating the repo rate, liquidity trends, inflation outlook, and growth forecasts. Market participants widely expect a 25 basis
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Commerce and Industry Minister Piyush Goyal on Thursday said the world should recognise the risks of critical minerals and their supply chains being concentrated in a few geographies, warning that this could hurt economic development of countries. He also said that India and Italy can increase cooperation in the sector. Italian Deputy Prime Minister and
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India has called for action to address trade distortions caused by non-market economies, non-tariff barriers and restoration of a strong dispute settlement mechanism at the World Trade Organization (WTO), commerce and industry minister Piyush Goyal said on Wednesday. The minister, however, insisted that one should not jump to the conclusion that an existential crisis has
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India is weighing legal uncertainties surrounding Trump tariffs as it prepares for the next round of trade talks this week, an official said. The official said these developments could influence India’s approach to the proposed bilateral trade pact with the US. A team of US officials is visiting here from June 5 to hold talks
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PARIS: India can help French businesses become more competitive in manufacturing and tap global markets, commerce and industry minister Piyush Goyal said on Tuesday, stressing that it could be a shared mission where France and India collaborate closely to strengthen bilateral economic ties. He asked businesses to identify areas of trade where the two sides
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Swiss brokerage UBS on Tuesday raised its FY26 GDP growth forecast for India to 6.4 per cent from an earlier 6 per cent, underlining that economic momentum is holding up despite the trade war. Official data released last week said India’s economic growth slowed to 7.4 per cent in the March quarter, bringing down the
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US Commerce Secretary Howard Lutnick on Monday voiced optimism for a trade deal soon with India to avoid tariffs threatened by President Donald Trump. “You should expect a deal between the United States and India in the not too distant future,” he told the US-India Strategic Partnership Forum, which promotes relations between the two countries,
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India’s economy, which is currently USD 4 trillion in size, is expected to be close to USD 30 trillion by 2047 and the country also has the advantage of younger demographics, G20 Sherpa Amitabh Kant said on Monday. He was speaking at a session on the sidelines of the International Air Transport Association (IATA) in
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Commerce and Industry Minister Piyush Goyal expressed optimism that India could finalise its Free Trade Agreement (FTA) with the European Union (EU) ahead of the year-end deadline, citing minimal divergences between the two economic blocs. Goyal emphasised the complementary nature of the Indian and European economies. “There are not too many issues where we have
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The government has significantly streamlined procedures for clearing FDI applications of neighbouring countries including China, with quicker decisions, and regular inter-ministerial committee meetings to ensure approvals are processed within the set timelines, an official said. The number of pending foreign direct investment (FDI)proposals from countries sharing land border with India under the provisions of Press
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NEW DELHI: Finance minister Nirmala Sitharaman Saturday said the Modi government promotes wealth creation and encou-rages entrepreneurs to earn profits through ethical practices without inhibitions. This is in stark contrast to the stance adopted by the votaries of socialism or com-munism, who looked down upon wealth creation in earlier deca-des, she said, indicating that resources
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New Delhi: US President Donald Trump’s announcement to double tariffs on imported steel and aluminium will impact Indian exporters, particularly those engaged in value-added and finished steel products and auto-components, experts say. Expressing concern over the Trump-administration’s move, they said the Indian government should take up the matter bilaterally with the US authorities. On May
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India’s economy expanded faster than expected at a four-quarter high of 7.4% in the March quarter from a year earlier, lifting overall growth in FY25 to 6.5%, data released on Friday showed. The high growth belied concerns about a softer print amid risks from higher US tariffs, as a recovery in investment and a stronger
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Finance Minister Nirmala Sitharaman on Friday while addressing the IIM Lucknow National Leadership Awards 2025 in New Delhi said that India cannot have regulations that stifle businesses, adding that such hurdles should be removed with a ‘magic wand’ every year. “Cannot have regulations that stifle businesses, need to remove such hurdles with ‘magic wand’ every
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India’s economic growth likely picked up pace in the January-March quarter, buoyed by stronger rural demand and higher government spending, even as private firms delayed investments amid global uncertainties. Gross domestic product (GDP) is expected to have grown 6.7% year-on-year in the March quarter, up from 6.2% in the previous three months, according to a
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In a significant development, a US team will visit India on June 5-6 to discuss a Bilateral Trade Agreement (BTA) with India, said government sources. According to the sources, the bilateral trade talks between the two countries are progressing well. India expressed satisfaction on April 29 that the meetings to negotiate a BTA with the
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Foreign Secretary Vikram Misri and US Deputy Secretary of State Christopher Landau reaffirmed their “shared desire” to maintain regional stability and peace and discussed the full breadth of the India-US bilateral agenda and shared priorities. Misri had a “great first meeting” with Landau in Washington on Wednesday during which they discussed the full breadth of
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