BUSINESS
Govt pegs FY25 gross borrowing at Rs 14.13 lakh crore, sharply lower than expectations
The sharply lower gross borrowing figure for FY25 is a result of the central government's focus on aggressive consolidation evident in the huge 70 basis points cut in the fiscal deficit target.
BUSINESS
From income tax relief to affordable housing boost, expectations mount ahead of Budget 2024
Experts believe that while the interim Budget may target measures to further empower women and higher allocation for the flagship rural job plan, capital expenditure could see a relatively modest growth in its outlay.
BUSINESS
A prolonged Red Sea crisis could bring back inflation scare for the world and India
The attacks on commercial vessels in the Red Sea have forced freight companies to take the longer route around Africa to reach the west or wait at nearby ports to ensure safe passage through the Suez Canal. Whether the attacks will escalate or not is anybody's guess, but India is betting on its recent resilient track record to beat the pessimistic global trends.
BUSINESS
DESH bill to introduce simplified exit processes for companies in SEZs: Sources
The DESH Bill came into the picture as the Indian government looked to become more compliant with norms laid down by World Trade Organization (WTO).
BUSINESS
India pushes against any curbs on subsidies for poor fishers ahead of February WTO meet
The WTO Agreement on Fisheries Subsidies, adopted at the 12th Ministerial Conference (MC12) on June 17, 2022, marked a major step forward for ocean sustainability by prohibiting harmful fisheries subsidies, which are a key factor in the widespread depletion of the world’s fish stocks
BUSINESS
MC Exclusive: Tesla may skip India’s first global mobility expo; VinFast, BYD likely to attend: Sources
The expo could also see the return of EV maker Great Wall Motors to India, while American car manufacturer Ford, a company that had paused its sales and business about two years ago, is also likely to announce a comeback at the mega exhibition next month.
BUSINESS
FinMin unlikely to lower customs duty on gold in Budget, says source
The Gem & Jewellery Export Promotion Council (GJEPC) recently sought a reduction in import duty on Gold Bar (7108) from 15 percent to 4 percent to clear duty blockage worth around Rs 982.16 crore, which could help create more working capital for the industry.
BUSINESS
Customs duty inversions on key items may be corrected in Budget
The commerce ministry has sent a list of items to the finance ministry to correct the inverted structure in the customs duty levied on certain items.
BUSINESS
Agri talks a no-go for India at WTO meet without public stockholding solution
The Indian government official cited above said that some WTO members have raised concerns over India's Minimum Support Price (MSP) scheme on key agricultural products, as well as the recent export restrictions on commodities such as rice citing that it distorts market prices.
BUSINESS
India may buy more crude oil from Iraq if Red Sea crisis escalates: Official
For a seamless flow of crude oil, India is betting on the Strait of Hormuz, a crucial passage through which most of the commodity is exported from Saudi Arabia, Iran, the UAE, Kuwait, and Iraq, for Asian buyers.
BUSINESS
India using rupees to pay for gold imports from UAE: Govt source
The rupee settlement of trade between India and the UAE assumes significance, given that the two countries signed an MoU in July 2023 to set up a framework to use their respective local currencies to settle bilateral transactions.
BUSINESS
Red Sea crisis fallout may show up in India's January trade data: Official
The Red Sea strait is crucial for 30 percent of global container traffic and 12 percent of global trade. About 80 percent of India's merchandise trade with Europe passes through this route.
BUSINESS
India's goods trade gap narrowed to $19.8 billion in Dec, exports growth turns positive
Commerce Secretary Sunil Barthwal said, "India is beating the global trends in trade. And we expect higher volumes of exports in the last quarter of the current fiscal."
BUSINESS
MC CEO Survey: 98% of India Inc. optimistic about business sentiment in the country
The survey showed that 47.2 percent of CEOs were optimistic, and nearly 51 percent were cautiously optimistic about current economic trends. Additionally, nearly 70 percent of Indian businesses plan to make fresh investments in the next six months amid stronger corporate and bank balance sheets and the government’s capital expenditure push.
BUSINESS
India Inc CEO Survey: 53% believe India will soon become a competitive manufacturing hub
Global giants, including Tesla, are said to be betting on India becoming a key manufacturing hub. Such companies have been exploring opportunities to set up factories here, as then they can also take advantage of the country’s growing domestic market.
BUSINESS
Ensure laptop import policies do not restrict trade: US tells India
US Trade Representative Ambassador Tai raised the issue of India’s new import requirements for computers, tablets and servers. In response, Commerce Minister Goyal described the objectives behind implementing these policies, including national security concerns
BUSINESS
Exclusive: Red Sea attacks compel at least 65% of Indian exports shipments to Europe to take longer routes, sources say
The Indian government has asked exporters to focus on markets in the east such as Australia in a bid to avoid higher costs as well as security issues associated with sending their outbound shipments to Europe following the spate of attacks on vessels taking the Red Sea route.
BUSINESS
India won't resume FTA talks with Canada anytime soon as solution eludes Khalistan issue: Source
India may consider restarting talks on a free trade deal if there is a change of guard after the federal elections in Canada in October 2025. New Delhi has asserted that Canadian Prime Minister Trudeau’s government has been lenient towards pro-Khalistan violence, an issue that the former has raised consistently over the past few years.
BUSINESS
Rolls-Royce, IPR, to Khalistani extremism in focus as Defence Minister Rajanth Singh visits UK
Singh’s visit to the UK, a first for an Indian defence minister since 2002, is expected to include discussions on a wide range of issues, including security and industrial cooperation. New Delhi’s relations with London are guided by the India-UK Strategic Partnership, part of an agreed-upon 2030 roadmap between the two nations.
INDIA
Exclusive: Suez Crisis: India mulls subsidies for exporters facing higher shipping costs, says source
India is worried that the attacks on cargo ships passing through the Red Sea route could particularly impact its agricultural exports to Europe.
BUSINESS
Budget 2024: GDP growth-tax collections relationship is now complicated
The finance ministry makes its projections for next year's tax collections based on how fast it thinks the Indian economy will grow in nominal terms. But if the experience of 2023-24 is anything to go by, the relationship that existed between the two seems to have become more complicated and could present a challenge in crunching the numbers for the 2024-25 interim Budget
BUSINESS
India to become $4 trn economy before 2024 elections: Piyush Goyal
Goyal said that in 2-2.5 years, India will become a $5 trillion economy. This figure is crucial since PM Narendra Modi in 2019 gave a clarion call for the country to achieve this target by 2024.
BUSINESS
India mulls import duty concessions on some petroleum, plastic items in FTA with Oman: Source
In 2022-23, India's merchandise exports to Oman were valued at $4.5 billion, with New Delhi supplying 6.6 percent of the West Asian nation’s imports
BUSINESS
Former NITI VC Arvind Panagariya is chairman of 16th Finance Commission
The order notified the formation of the 16th Finance Commission and listed Panagariya as its chief, but a notification for the appointment of other panel members would be issued separately.
