Government Forwent Rs 1 Lakh Crore via Excise Duty Cuts to Shield Consumers From Fuel Inflation: FM
Finance Minister Nirmala Sitharaman said the Indian government forgave more than Rs 1 lakh crore (about $12 billion) in excise‑duty revenue to protect consumers from fuel‑price spikes caused by the West‑Asia conflict. The duty cuts prevented an estimated Rs 10 per litre increase in petrol and diesel, while retailers have already raised prices by roughly Rs 7.5 per litre across four hikes since mid‑May. Sitharaman emphasized that further price pressure now falls on oil‑marketing companies, not the fiscal budget, and linked the issue to broader challenges such as foreign‑exchange outflows and supply‑chain disruptions. She also highlighted the need for Indian textile exporters to adopt AI, automation, and sustainability standards amid shifting global trade dynamics.
India Proposes Broad Revamp of Industrial Output Index Ahead of New Series
India’s statistics ministry has unveiled a sweeping overhaul of the Index of Industrial Production (IIP) slated for release next week. The revamp shifts the base year to 2022‑23, adopts a chain‑linked framework, and expands the basket to 463 item groups,...
FM Asks Lenders to Go Beyond Standard Loans, Design Credit Repayments Around Biz Cycles
Finance Minister Nirmala Sitharaman urged banks, especially SIDBI, to move beyond standard loan products and tailor repayment structures to the cash‑flow cycles of MSMEs. She cited examples such as harvest‑linked repayments for agri‑processors, seasonal schedules for tourism businesses, and combined pre‑...
India, US Trade Deal: Both Countries Looking at Firming up Pact Soon
U.S. Secretary of State Marco Rubio announced that India and the United States are close to solidifying a comprehensive trade agreement. The talks, held with Indian External Affairs Minister S. Jaishankar, span trade, critical minerals, energy and defence. Rubio emphasized...
No Signs of Industrial Degrowth in India; Readying Plan to Spur Investments in some Sectors: Piyush Goyal
India’s commerce minister Piyush Goyal announced a suite of measures to boost domestic manufacturing, reduce import reliance and spur exports, including sector‑specific investment proposals from the budget and the finalisation of nine free‑trade agreements. The government will invite applications for...
Govt Does Not Interfere in Exchange Rates: Piyush Goyal
Commerce and Industry Minister Piyush Goyal reiterated that India’s government does not intervene in foreign‑exchange markets, leaving the rupee’s value to market forces and global trends. He noted the rupee’s recent appreciation to 95.60 per dollar, driven by lower crude‑oil...
Piyush Goyal to Visit Canada with 150 Business Leaders to Boost Trade Ties
India’s Trade Minister Piyush Goyal will lead a delegation of about 150 Indian industry leaders to Canada from May 25‑27, aiming to revive bilateral trade after recent diplomatic tensions. The mission seeks to finalize a free‑trade agreement covering energy, critical minerals,...
El Nino, Strait of Hormuz Risks May Fuel Fresh Global Food Inflation Surge: Citi Research Report
Citi Research warns that global food inflation could spike in the next 6‑12 months as a prolonged closure of the Strait of Hormuz and a strong El Nino raise energy and fertilizer costs while curbing crop yields. Traded agricultural prices are...
RBI MPC: Bank Economists Back a Rate Hike in H2 of FY27
Bank economists have told the RBI that a rate hike will likely be needed in the second half of FY27 to offset inflationary pressures from the West Asia conflict and a weakening rupee. The central bank left its repo rate...
India in Better Position to Manage Retail Inflation, RBI Must Hold Rates: ASSOCHAM
India’s consumer price index rose modestly to 3.5% in April 2026, keeping inflation lower than the United States, which jumped to 3.8% over the same period. Industry lobby ASSOCHAM argues that the country is better positioned than other top‑10 economies...
India’s Near-Term Outlook Clouded by Supply Risks, Weather Uncertainties: RBI Report
The Reserve Bank of India’s monthly State of the Economy report warns that supply‑side pressures and weather‑related uncertainties are clouding the near‑term outlook, even as domestic demand remains robust. April’s consumer price index rose to 3.5% and wholesale price index...
India Blocks China's Request for Dispute Panel on Solar Sector Support Measures at WTO
India blocked China’s first request for a WTO dispute panel over New Delhi’s solar‑sector support measures, including higher import duties and domestic‑content mandates. Beijing alleges the policies breach GATT, SCM and TRIM rules, while India maintains they are WTO‑compliant. The...
NHAI Inks MoU with NGI for Advanced Consultancy Support in Tunnel Engineering
The National Highways Authority of India (NHAI) has signed a Memorandum of Understanding with Norway’s Norwegian Geotechnical Institute (NGI) to bring advanced consultancy to India’s highway tunnel projects. The partnership covers site characterization, feasibility studies, detailed project reports, structural safety...
India’s Forex Reserves Fall by $8.09 Bn to $688.89 Bn as of May 15
India’s foreign exchange reserves slipped by $8.09 billion to $688.89 billion in the week ended May 15, marking a weekly decline of ₹24,874 crore (≈ $3 billion). The drop was led by a $6.48 billion fall in foreign currency assets, while gold holdings fell $1.54 billion to $119.32 billion....
US Firms Commit over USD 60 Bn Investment in Last 6 Months: Piyush Goyal
Commerce Minister Piyush Goyal announced that U.S. companies have pledged more than $60 billion in investment in India over the past six months, highlighted by large data‑centre projects from Amazon and Google. He emphasized India’s trusted IP regime, deep talent pool...
Businesses Can Digitally Record 'Goods Delivered' On E-Way Bill Portal: GSTN
GST Network has added a voluntary e‑way bill closure feature that lets registered businesses digitally confirm when goods have been delivered. The closure can be performed by the supplier, recipient, transporter, driver, or any authorized mobile user, creating a full...
PFRDA Sets up Panel to Look at Adding More Asset Classes for Better Returns
The Pension Fund Regulatory and Development Authority (PFRDA) has created a panel to examine the long‑term addition of new asset classes to the National Pension System (NPS). The regulator aims to deliver steady, low‑volatility returns for retirees, drawing lessons from...
RBI Rate Hikes to Start in June, Says Standard Chartered
Standard Chartered economists expect India’s central bank to begin tightening as early as June, with a total 50 basis‑point increase split between June and August. The move is driven by rising inflation risks from higher crude oil prices, global yield...
IPL Biologicals Opens 3rd Plant in Vadodara, Raises Capacity to 7,000 KL/Year
IPL Biologicals Ltd inaugurated its third biological manufacturing plant in Vadodara, investing roughly $24 million (Rs 200 crore). The new 200,000 sq ft facility lifts the company’s annual production capacity to 7,000 kilolitres, with a daily output of 40,000 kilolitres, and incorporates zero‑liquid‑discharge and 500 kW of captive...
Competition Commission of India Says It Won’t Allow ‘Winner-Takes-All Tyranny’ of Big Tech Firms in Digital Markets
The Competition Commission of India (CCI) announced it will prevent dominant Big Tech firms from creating winner‑takes‑all ecosystems in the country's digital markets. CCI member Sweta Kakkad highlighted AI‑driven pricing algorithms and digital ecosystems as emerging challenges that require balanced...
Citi Sees India Tightening Currency Controls to Halt Rupee Slump
Citigroup warns that India may tighten capital controls to stem a rupee slide that has exceeded 7% against the dollar this year. The government has already raised fuel taxes and gold import duties, and Citi sees additional steps such as...
DG ICAR Jat Felicitates Progressive Millet Farmer K Chikkana at ICAR-IIMR
M L Jat, Secretary of DARE and DG of ICAR, honored Karnataka farmer K. Chikkana for dramatically improving finger millet production using the HR‑13 variety and scientific practices. Yield jumped from 9‑11 to 22‑23 quintals per acre, and farm income rose from roughly...
Keeping Close Watch on Supply Shock, Impact on Inflation: RBI Guv Sanjay Malhotra
Reserve Bank of India Governor Sanjay Malhotra said the RBI is closely monitoring supply shocks to see if they become entrenched in inflation, while maintaining a neutral stance since June 2025. He highlighted a 200‑basis‑point tolerance band around the 4% inflation...
Credit Card Transactions Jump 2.6 Times in Four Years: RBI Report
India’s credit‑card transaction volume surged 2.6‑fold between 2021 and 2025, reaching 570 crore transactions and a value of ₹23.2 lakh crore (about $280 billion), up from ₹8.9 lakh crore in 2021. Private‑sector banks expanded their share to 71.1% of outstanding cards, while public‑sector banks held roughly...
ET Graphics: BoP Stability Tested by Outflows & Rupee Fall
India’s balance‑of‑payments is under strain as the current‑account deficit widens and capital‑account surplus contracts, prompting heightened outflows. The rupee has slipped roughly 11% over the past year and about 5% since the US‑Iran conflict began, amplifying external vulnerabilities. The Reserve...
FTAs, Lower Import Duties, Better Business Environment to Boost Net FDI Flows: ADB Chief Economist
India’s net foreign direct investment has slumped from $38.6 billion in 2021‑22 to just $3 billion in the April‑December period of FY 26, prompting concerns about capital outflows. ADB chief economist Albert Park attributes the decline to high tariffs, limited industrial infrastructure, and...
North America, NE Asia, Latin America Account for over 35 Pc of India's Exports in FY26
India’s merchandise exports reached $441.78 billion in FY 2025‑26, with North America, North‑East Asia and Latin America together accounting for over 35 percent of the total. Exports to North‑East Asia surged 21.6 percent to $41.6 billion, while Latin America grew 7.8 percent to $16.4 billion. The trade...
Govt Restricts Silver Imports Amid Push to Curb Metal Inflows
India has tightened silver import rules, requiring importers to obtain a government licence after customs duties on precious metals rose from 6% to 15% on May 13. The Directorate General of Foreign Trade reclassified silver, including gold‑plated and platinum‑plated variants, from...
Petrol, Diesel Price Hike May Trigger Chain Reaction Across Economy, Say Experts
India raised petrol and diesel prices by up to Rs 3 per litre (≈ $0.04) on May 16, 2026. Economists expect the hike to add 10‑25 basis points to headline inflation, with some forecasts nudging CPI to 4.3%‑4.9% this year. The All India...
Oil Price Shock to Widen Current Account Deficit, Push Inflation Higher as US-Iran War Continues: Expert
Former UN economic adviser Santosh Mehrotra warned that the ongoing US‑Iran conflict could push global oil prices to record highs, with spot prices already near $140 per barrel and potential to reach $150. He quantified the impact, saying each $10...
Rising Oil Prices, Gold Imports to Widen Trade Deficit, CAD May Touch 1.5-2% of GDP: ICICI Securities
ICICI Securities warns that soaring oil prices around $100 a barrel and an 82% surge in gold imports could push India’s current‑account deficit to 1.5‑2% of GDP this year. Goods exports grew 14% YoY to $43.6 billion, driven by a 35%...
ECB Filings Halve to USD 5.43 Billion in March: RBI
Foreign borrowing filings by Indian companies and lenders fell sharply to $5.43 bn in March 2026, roughly half the $11.04 bn recorded a year earlier and a modest rise from February's $4.59 bn. General‑permission requests accounted for $5.22 bn, while special‑permission filings were $212 m....
New Income Tax Law Aims to Build Transparent, Tech-Driven Ecosystem for Taxpayers: Official
India’s Income Tax Act 2025, which took effect on April 1 2026, replaces the six‑decade‑old 1961 law with a streamlined, technology‑focused framework. The reform aims to cut litigation, simplify compliance and create a transparent ecosystem through digital tools such as the AI‑driven...
China Urges WTO to Set up Panel in Case Against India's Support Measures for Solar, IT Sectors
China has asked the WTO dispute‑settlement body to establish a panel over India’s support measures for solar‑cell, module and IT sectors after bilateral talks failed in December 2025. Beijing alleges that higher import duties and domestic‑preference schemes discriminate against Chinese...
India Revises GDP Release Calendar, Annual and Q4 Figures Now Due on June 7
India’s National Statistics Office has shifted the annual provisional GDP release from the last working day of May to June 7, aligning the schedule with international best practices. The change, effective for FY 2025‑26, reflects delays in critical fiscal datasets and the...
India-Oman FTA Likely to Come Into Force From June 1: Piyush Goyal
India and Oman will activate their free‑trade agreement on June 1, 2026, granting India duty‑free access to 98% of its exports, including textiles, agricultural and leather goods. In return, India will lower tariffs on Omani dates, marble and petrochemical products. Simultaneously, New...
Reforms Will Continue; Industry Needs to Spend More on R&D, Shed Protectionist Instinct: NITI Member
NITI Aayog member Rajiv Gauba said the Indian government will press on with its reform agenda, focusing on trust‑based governance and the removal of outdated compliance burdens. He warned that industry must dramatically increase private R&D spending, which is currently only...
India's Retail Inflation Edges up to 3.48% in April as Food Prices Firm Up
India’s retail inflation rose to 3.48% in April, up from 3.4% in March, driven by a rebound in food prices that pushed food inflation to 4.20%. The new CPI series, introduced earlier this year, recorded its highest reading under the...
India-Bound Fertilizer Shipment Scrapped over Iran Origin Risk
India’s April urea tender lost a roughly 300,000‑ton cargo after Aditya Birla Global Trading withdrew the shipment on the bulk carrier Infinity, citing concerns that the fertilizer originated from Iran and could breach U.S. sanctions. The move follows heightened scrutiny...
As PM Modi Calls for Conserving FX, What Steps Can India Take?
Prime Minister Narendra Modi urged Indians to conserve foreign exchange as soaring oil prices push the rupee to record lows and drain reserves. The Reserve Bank of India has been selling dollars, cracking down on arbitrage and scouting ways to...
Maize Emerges as India’s Top Ethanol Feedstock as Supplies Surpass 515 Crore Litres
India’s ethanol supplies hit roughly 515 crore litres in the first half of the 2025‑26 Ethanol Supply Year. Maize emerged as the leading feedstock, delivering about 182 crore litres and surpassing rice and damaged‑grain contributions. Grain‑based distilleries overall supplied 333 crore litres, while sugarcane‑juice distilleries added...
After Winning Poll Battles, Modi Has Picked up a New Fight
After winning elections in West Bengal and Assam, Prime Minister Narendra Modi shifted focus to economic mobilisation, urging citizens to curb consumption as crude oil prices surged above $100 a barrel. He called for reduced fuel use, postponed gold purchases,...
Venture Capital and Pension Funds Can Now Participate in Highway PPP Projects
India's highways ministry has opened PPP bidding to venture capital, private equity, infrastructure and pension funds, alongside traditional developers. The revised Build‑Operate‑Transfer guidelines allow Alternative Investment Funds (AIFs) and Foreign Investment Funds (FIFs) to form consortia and bid, with financial...
Mumbai’s Koli Women Are Rewriting the Seafood Business One WhatsApp Order at a Time
Mumbai’s Koli women have transformed their informal fish‑stall trade into Daryavardi Producer Company Limited (DPCL), a community‑owned seafood enterprise launched in April 2023. The women‑run firm now boasts over 1,000 shareholders, modern packaging, centralized logistics and digital ordering via WhatsApp and...
Govt Working on FTA Utilisation Plan to Maximise Benefits for Businesses
India is drafting an FTA utilisation plan to translate its network of free‑trade agreements into export growth. Since 2021, the country has sealed pacts with 38 nations, covering roughly $12 trillion of global imports, granting duty‑free access to sectors such as...
Around 20 Metric Tonnes of Honey From Assam Exported to US
Assam’s Baksa district shipped roughly 20 metric tonnes of honey to the United States, marking the first ODOP‑designated honey export from an aspirational district. The consignment, flagged off by APEDA on May 9, was processed by Salt Range Foods Pvt. Ltd....
Aggregators to Be Charged Interest at 12% per Annum if They Fail to Contribute Toward Social Security of Their Gig...
India’s Ministry of Labour and Employment announced that platform aggregators will incur a 12% per‑annum interest penalty for any delay in paying social‑security contributions for gig workers. Aggregators must upload the details of every gig worker to a central portal...
RBI Officers Seek Governor's Intervention to Correct Promotion Policy
RBI officers’ union has written to Governor Sanjay Malhotra demanding a reversal of the central bank’s new promotion policy, which ties advancement to the availability of vacancies rather than a time‑bound schedule. The revised rules affect roughly 8,000 staff across grades...
Manufacturing Retains Growth Pace in Q4 Despite Cost Pressures: Ficci
India’s manufacturing sector kept expanding in Q4 FY 26, with 93% of surveyed firms reporting stable or higher output despite rising input costs. Domestic demand remained robust, as 89% expected orders to stay flat or grow, while capacity utilisation slipped to...
Oman Ports Provide Lifeline to Indian Exporters, GCC Nations
Oman’s Sohar and Salalah ports are becoming critical corridors for Indian food exports to the six Gulf Cooperation Council (GCC) nations as tensions in the Strait of Hormuz disrupt traditional shipping lanes. The ports feature dedicated agricultural terminals, deep‑sea capacity...