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U.S. factory production was unchanged in June, but grew at a robust pace in the second quarter, driven by an artificial intelligence build-up and businesses accumulating inventory in anticipation of shortages and higher prices due to the war in the Middle East.
China is set to leave benchmark lending rates unchanged for a 14th consecutive month in July, a Reuters survey showed, despite softer-than-expected second-quarter economic data highlighting uneven growth in the world's second-largest economy.
U.S. consumer sentiment increased to a five-month high in July, but the improvement is likely temporary as renewed conflict in the Middle East raises gasoline prices.
U.S. import prices unexpectedly rose in June as declines in the costs of food and energy products were more than offset by higher prices for capital and consumer goods, leading to the largest annual increase in imported inflation in nearly four years.
Brazil's government has authorized nearly 13.3 billion reais ($2.6 billion) in extraordinary credit for rural development programs, debt-refinancing initiatives, and support for sugarcane producers affected by U.S. tariffs, it said in an extra edition of the official gazette late on Thursday.
The euro zone's seasonally adjusted current account surplus widened in May as a rise in primary income, which includes items like interest, profit or dividend income, offset a narrowing trade surplus, European Central Bank data showed on Friday.
Boeing maintained its forecast for strong global demand for new commercial aircraft over the next 20 years, according to the U.S. planemaker's market projection released in England on Saturday, ahead of the Farnborough Airshow. The U.S. planemaker's forecast was almost identical to its 2025 outlook. Boeing forecast industry-wide global deliveries of 43,625 new jetliners and freighters around the world from 2026 through 2045 -- 33,545 single-aisle jets, 7,715 widebody aircraft, 930 factory-built freighters and 1,435 regional jets.
Meta Platforms is in talks to lease computing power to Anthropic in a potential deal worth up to $10 billion over two years, according to a source familiar with the matter. Shares of the social media giant pared losses slightly after the news and closed down more than 2% amid a wider tech selloff on Friday. They were down marginally in extended trading.
The European Commission aims to limit political interference in European Union banking mergers and remove obstacles to cross-border banking within the bloc to allow EU banks to compete more effectively against larger U.S. rivals. An EU executive report released on Friday says internal barriers are preventing EU banks from expanding, leaving them at a disadvantage to U.S. lenders that have benefited from economies of scale in a more integrated U.S. market. EU mergers remain largely within national borders.
Three Chinese airlines will buy a combined 95 Airbus aircraft for a total list price of about $17.8 billion, as carriers in the world's second-largest aviation market push to expand capacity and modernise their fleets with more fuel-efficient jets. Air China and its unit Shenzhen Airlines will buy 55 Airbus aircraft for a total list price of $12.4 billion, while Hainan Airlines separately agreed to purchase 40 A320neo-family jets for a list price of up to $5.4 billion, according to filings with the Shanghai Stock Exchange.
Renewed and sustained fighting between the US and Iran could keep a geopolitical risk premium of $15-20 a barrel embedded in crude prices, after Brent surged above $85 from $72 at the start of the month amid maritime attacks and Washington’s renewed naval blockade of Iranian ports.
Gujarat has emerged as India’s most investment-friendly state, followed by Maharashtra and Tamil Nadu, in the first Investment Friendliness Index released by NITI Aayog on Friday. Gujarat secured an overall score of 56.6 out of 100, while Maharashtra scored 53.7 and Tamil Nadu 53.3. Goa, with 53.1, and Odisha, with 52.4, completed the list of five states classified as “top performers”.
The government will release a revised Index of Core Industries (ICI) on Monday by adding iron ore to the gauge and increasing the number of industries tracked to nine from eight. The revised ICI series will have 2022–23 as the base year, updated from 2011-12 in the current series.
India’s recent export growth does not depend solely on higher value realisation due to elevated commodity prices particularly of crude oil, aluminium and copper since the onset of the war in West Asia. Around 72 product categories out of 100 for which quantity data is available showed robust growth in export volumes in April-May.
States' fiscal deficit is expected to moderate to 3.4 per cent of Gross State Domestic Product (GSDP) in FY27, supported by stronger tax collections and an improvement in revenue receipts, according to an ICICI Bank report. The report said the outlook for state finances has improved after a stronger start to the fiscal year, with higher State GST (SGST) collections, stamp duty receipts and other tax revenues expected to support fiscal consolidation in the coming months.
India's current account deficit (CAD) is expected to widen sharply to 1.5 per cent of GDP in FY27 from 0.6 per cent in FY26, as higher crude oil and commodity prices increase pressure on the country's external balance, according to Crisil's 'Trade First Cut' report for July 2026.
Aiming to reduce dependence on imports and overseas supplies, India is looking to give a fresh push to its domestic manufacturing plans. The government is preparing to strengthen domestic manufacturing for products which currently account for imports worth $51 billion, according to sources quoted in a Reuters report.
NITI Aayog Vice Chairman Ashok Kumar Lahiri on Friday said India must significantly increase its investment rate to sustain its growth momentum, stressing that investment is as important as consumption in generating demand and driving economic growth. Speaking at the launch of NITI Aayog's Investment Friendliness Index for states, Lahiri said that while India has emerged as the world's fastest-growing major economy in recent years, much more needs to be done to accelerate growth.
Reliance Retail, the country’s largest organised retailer, on Friday reported a 14.1% year-on-year (y-o-y) decline in net profit to Rs 2,805 crore amid higher depreciation and investment in its quick commerce business. However, revenue growth in Q1 held up supported by a broad-based performance across consumption baskets, the company said in a post-results earnings call on Friday.
Tata Technologies reported an 11.4% sequential drop in net profit to Rs 180.8 crore for the June quarter. Excluding the one-time reversal of a provision under the new labour code in Q4FY26, the first-quarter profit growth was 11.3%. The company’s EBITDA margin for the quarter rose by 10 basis points to 16.1%. The operating EBITDA was up 6.1% to Rs 267.4 crore while revenue rose by 5.9% quarter-on-quarter to Rs 1,664.6 crore.
Jio Platforms (JPL) on Friday posted a 2.16% sequential decline in its net profit — its first ever — during the June 2026 quarter due to higher depreciation and finance cost related to 5G rollout. JPL’s consolidated net profit in the first quarter of FY27 fell to Rs 7,764 crore from Rs 7,935 crore in the January-March period. In the first quarter of the previous fiscal, it stood at Rs 7,110 crore, the company said. Revenue from operations rose 2.39% to Rs 39,713 crore from Rs 38,259 crore in the preceding quarter, driven by continued gains in subscriber market share, organic average revenue per user (Arpu) growth and scale-up of digital services.
Reliance Industries started FY27 on a strong note supported by strong performance in its telecom, retail and oil-to-chemicals (O2C) businesses. All the three verticals delivered double-digit growth. Consumer businesses, led by Jio and Retail, contributed more than half of Reliance’s consolidated EBITDA during the quarter. Commenting on the performance, Reliance Industries Chairman and Managing Director Mukesh Ambani said the company has made a steady start to FY27 despite geopolitical tensions and volatile commodity markets.
JSW Steel’s Q1FY27 profit doubled to Rs 4,696 crore, up from Rs 2,209 crore reported in Q1FY26. The company’s Q1FY27 revenue from operations stood at Rs 47,364 crore, up 9.7% year-on-year (YoY) from Rs 43,147 crore reported in Q1FY26. On a sequential basis, the steel maker’s revenue and profit both declined. JSW Steel’s Q1 profit fell sharply by 75.6% QoQ, while revenue declined 7.46% compared to Q4FY26.
Axis Bank on Saturday reported a standalone net profit of Rs 7,114 crore for the April-June quarter of FY27, marking a 22.5% year-on-year rise from Rs 5,806 crore in the corresponding quarter of the previous financial year. The private lender’s net interest income (NII) meanwhile rose more than 8% YoY to Rs 14,646 crore during the first quarter of the ongoing financial year 2027, from Rs 13,560 crore reported in the same period last year. Notably, this is higher than Nomura and Kotak Institutional’s estimates. Net interest margin during the quarter under review stood at 3.46%.
ITC Hotels' Thursday reported a 14.8% increase in consolidated revenue at Rs 936 crore this April-June, compared to Rs 816 crore in same period last fiscal. And the hospitality major's profit rose 36% to Rs 180 crore, up from Rs 133 crore last Q1. The company's share closed 5.2% lower on BSE at Rs 174, on a day when the broader market was down 0.3%. The company had eight new signings in Q1, with its managed portfolio surpassing 200 hotels with about 16,000 keys.
Kotak Mahindra Bank Ltd on Saturday reported a 25.6 percent year-on-year rise in standalone net profit for the April-June quarter, beating Street estimates, while net interest income (NII) came in slightly below expectations. Asset quality also improved from a year ago. The private sector lender posted a standalone net profit of Rs 4,122.96 crore for the quarter ended June 30, compared with the CNBC-TV18 poll estimate of Rs 3,910 crore. Net profit stood at Rs 3,282 crore in the corresponding quarter last year.
Axis Bank on Saturday reported a 23 percent year-on-year rise in standalone net profit to Rs 7,114 crore for the April-June quarter of FY27, driven by steady operating performance and stable asset quality. The private sector lender had reported a net profit of Rs 5,806 crore in the corresponding quarter last year. Net interest income (NII), the difference between interest earned and interest paid, increased 8 percent year-on-year to Rs 14,646 crore from Rs 13,560 crore a year ago. Net interest margin (NIM) for the quarter stood at 3.46 percent. Fee income rose 7 percent to Rs 6,156 crore, while total non-interest income stood at Rs 6,735 crore. Operating profit came in at Rs 11,659 crore, while core operating profit rose 10 percent year-on-year to Rs 11,122 crore.
Punjab National Bank reported a threefold jump in its net profit to Rs 5,253 crore for the first quarter of the 2026-27 fiscal, driven by an increase in its net interest income. The PSU lender's total interest income arrived at Rs 37,231 crore, as compared to Rs 36,319 crore in the previous sequential quarter. However, on a year-on-year basis, the total income fell marginally at 1 percent, from Rs 37,232 crore. The country's third-largest PSU lender posted a domestic net interest margin of 2.64 percent for Q1 FY27, a 20-basis-point contraction from 2.84 percent posted in the previous corresponding quarter. When compared with Q4 FY 26, the NIM, however, rose by three bps from 2.61 percent.
Buying property is a significant financial undertaking. But in one such case, a buyer found themselves facing income tax notice alleging they paid "on-money" in cash, based entirely on documents recovered during a search on the builder or developer. However, in a significant ruling, the Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) has held that such third-party documents, by themselves, cannot justify an addition under Section 69A of the Income-tax Act unless they are supported by independent corroborative evidence.
India has tightened the tax treaty framework with Sri Lanka by introducing an anti-abuse rule that allows authorities to deny treaty benefits where obtaining such benefits was one of the principal purposes of an arrangement or transaction. The Ministry of Finance notified the Protocol amending the India-Sri Lanka tax treaty on Friday, after the amendment entered into force on June 19, 2026, following completion of legal procedures by both countries.
The Reserve Bank of India (RBI) on Thursday said banks must dispose of immovable assets acquired against bad loans within seven years through a public auction conducted in accordance with the principles laid down under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (Sarfaesi) Act. It also barred banks from selling such assets back to the borrower or related parties, as defined under the Insolvency and Bankruptcy Code, 2016.
Foreign institutional investors (FIIs) sold 1.46% stake in Reliance Industries (RIL) worth Rs 26,000 crore in the first quarter of FY27, bringing down their quarterly holding to 17.20% — the lowest in nearly a decade. During the same period, RIL promoters bought shares worth Rs 9,500 crore raising their stake by 0.48% — the biggest quarterly increase since September 2019, when they had increased their holdings by 2.76%.
In its latest circular, the Securities and exchange board of India (Sebi) extended the facility of creating standing instructions with the registrar and transfer agent (RTA) or the fund house for STP and SWP transactions. This will allow the investors holding their mutual fund units in demat form to create standing instructions for periodic redemption of specified number of mutual fund units or amount through Systematic Withdrawal Plan (SWP) or transfer of investments from one mutual fund scheme to another scheme of the same fund house by redemption from one scheme and subscription to the other scheme through Systematic Transfer Plan (STP).
India’s foreign exchange reserves rose for a second consecutive week, supported by an increase in foreign currency assets, as the Reserve Bank of India’s measures to attract overseas deposits began providing an additional buffer against the external-sector pressures created by the West Asia conflict. The country’s reserves increased by $964 million to $675.157 billion in the week ended July 10, RBI data released on Friday showed. This followed a much sharper $7.26-billion increase in the preceding week, taking the cumulative addition over two weeks to $8.22 billion.
India’s smartphone market posted its sharpest April-June shipment decline in six years, with volumes falling 10% year-on-year as soaring global memory chip prices forced handset makers to raise prices sharply, hurting affordability in the country’s largest smartphone segment despite aggressive financing offers. The contraction extends a slowdown that began earlier this year, after shipments declined 3% in the January-March quarter. Unlike previous downturns that were driven by inventory corrections or delayed upgrades, the current weakness is being led by a sharp increase in component costs, particularly DRAM and NAND memory, which manufacturers have increasingly passed on to consumers.
India added 1.6 GW of thermal power capacity till May 31, up 60% from 1 GW in the same period of FY26, but execution delays and stranded projects remain a concern as peak power demand rises sharply and is expected to touch 300 GW next year. The latest Central Electricity Authority data showed that the capacity addition till May accounted for 22% of the FY27 target of 7.3 GW. In FY26, India had added 9.47 GW of thermal capacity against the targeted 12.86 GW, reflecting continuing slippages in project execution.
India’s premier global textile event Bharat Tex generated $ 2.8 billion worth of business enquiries over the past three days and catalysed investments worth Rs 14,300 crore. Bharat Tex 2026, which concluded on Friday brought together 1,647 exhibitors, nearly 95,000 business visitors and 11,315 buyers, including 6,090 international buyers, 3,461 delegates and participants from 138 countries, a statement by the Ministry of Textiles said.
ndia’s proposed 114-Rafale acquisition is more than just a fighter-jet buy; it is a defence-business event that could reshape aerospace manufacturing, supplier ecosystems and long-term capital spending across the sector. With the deal valued at about Rs 3.25 lakh crore and the total fleet potentially rising to 176 aircraft, the programme sits at the intersection of operational need, industrial policy and private-sector opportunity.
A game of snakes and ladders is taking shape on the artificial intelligence front. On one hand, AI automation is ripping job titles and taking away jobs. On the other hand, the same advanced technology’s takeover has triggered a staggering net worth boom, turning young names associated with it into billionaires and millionaires. An analysis affirmed earlier this year that there are more Gen Z billionaires than ever before, with a record 35 people scoring the ten-digit fortune before hitting the age 30 milestone on Forbes’ latest World’s Billionaires list. On top of that, an all-time high of 12 of them are self-made.
Forty-six years after SLV-3 marked India's first successful satellite launch, Skyroot Aerospace's Vikram-1 successfully lifted off and from the Satish Dhawan Space Centre in Sriharikota on Saturday and further entered the space, becoming the country's first privately developed orbital-class rocket to take flight from Indian soil and marking the start of India's maiden private orbital launch attempt.
The finance ministry has firmed up guidelines for states to claim incentives worth Rs 5,175 crore for expediting operationalisation of mines, improving mineral production and implementing key governance reforms under the Scheme for Special Assistance to States for Capital Investment (SASCI) 2026-27. States will need to bring 79 auctioned major mineral and critical mineral blocks into production, equivalent to 10% of the 684 blocks auctioned by states and the Centre until March 31, as per the guidelines. States will have to operationalise the mines by December 31.
The Centre has proposed an overall budgetary support of Rs 28,840 crore over 10 years for the next phase of the regional air connectivity scheme, including viability gap funding for airlines and the development and maintenance of airports and heliports, said Union Civil Aviation Minister Ram Mohan Naidu. Speaking at an internal workshop attended by Ministry of Civil Aviation officials, airline operators and airport operators, Naidu said, "The overall budget outlay is Rs 28,840 crore. This includes viability gap funding support for airlines over 10 years to ensure affordable fares for passengers, along with support for airport development."
The Centre has nearly doubled duty drawback rates for select categories of gold and silver jewellery exports to improve exporters' competitiveness amid rising input costs and global uncertainties. The duty drawback for gold jewellery and parts has been increased to ₹1,851.99 per gram from ₹773.17 per gram, while the rate for silver jewellery and articles made of silver has been raised to ₹29,501.09 per kg from ₹14,990.66 per kg, according to a notification issued by the Department of Revenue on Friday.
With a slate of crucial free trade agreements (FTAs) operationalised, the textile industry is upbeat on export opportunities. The UK deal, which kicked in on Wednesday, eliminates tariffs of up to 12% and brings parity with key competitors like Bangladesh and Vietnam. While companies of all sizes are actively negotiating orders, concerns remain that India may not fully tap this potential due to supply chain fragmentation, longer lead times, and a lack of manufacturing scale.
Niti Aayog has proposed a major overhaul of India's biotechnology strategy, recommending the country to replace fragmented programmes with six mission-driven national initiatives, accelerating growth in the sector. These recommendations come as part of its newly released bioeconomy roadmap, which sets a target of building a $691 billion bioeconomy by 2035.
Artificial Intelligence (AI) is doing two things to India's IT industry at the same time. It is becoming the biggest growth driver for companies such as Tata Consultancy Services (TCS), HCLTech, and Wipro. More importantly, it is also dismantling one of the characteristics that made the sector attractive to investors for decades i.e., predictable and recurring revenue.
Filings for unemployment benefits fell last week to the lowest level in 10 weeks as U.S. layoffs remain historically low.
The euro zone's seasonally adjusted current account surplus widened in May as a rise in primary income, which includes items like interest, profit or dividend income, offset a narrowing trade surplus, European Central Bank data showed on Friday.
The International Monetary Fund said on Thursday that its staff team had concluded a visit to Bangladesh at the government's request and that discussions on the parameters of a new arrangement would take place in the coming months.
Most Gulf economies will contract more sharply this year than expected three months ago before rebounding in 2027, a Reuters poll found, as crumbling hopes of a quick U.S.-Iran de-escalation keep the Strait of Hormuz - the region's oil and gas export lifeline -largely closed.
France's government plans to sharply restrain most public spending growth in 2027 as rising defence outlays and borrowing costs consume an increasing share of the budget, spending ceilings published on Thursday showed.
Israel's economy shrank an annualised 3.8% in the first quarter, the Central Bureau of Statistics said on Thursday, in its third estimate in which growth was hurt by Israel's war with Iran that ended with a ceasefire in April.
Federal Reserve Vice Chair Philip Jefferson on Thursday suggested he would be open to raising interest rates if there is no near-term improvement in inflation, though for now he believes it will be enough to hold short-term borrowing costs steady as the Fed did in June.
Weeks after OpenAI’s grand release of GPT-5.6 globally, China’s homegrown AI firm, Moonshot AI, has released a ‘Fable-class’ AI model. Beijing’s AI startup brings Kimi K3 – a massive 2.8-trillion-parameter open-weight Mixture-of-Experts (MoE) model that’s acing the benchmarks, competing with frontier-tier AI models like Anthropic’s Claude Fable 5 and OpenAI’s GPT-5.6.
Burberry said conflict in the Middle East was hurting tourist spending in Europe, sending the British luxury brand's shares down more than 6% on Friday even though sales in its April-June quarter were strong in the U.S. and China.
Chinese President Xi Jinping on Friday cast Beijing as the champion of a new global AI order, using China's premier tech conference to promote open-source technology and challenge U.S. influence over the rules governing the fast-moving sector.
China's biggest airlines enter the peak summer travel season facing a more challenging outlook after warning of heavy first-half losses, with weakening demand raising doubts that they can absorb higher fuel costs during the industry's busiest months.
Brazil's instant coffee is exempt from a new 25% U.S. tariff on Brazilian imports, a move eagerly awaited by the industry, which had previously been the only segment of Brazil's coffee sector subject to the U.S. duties.
India’s macroeconomic outlook could turn more challenging in 2026-27, with inflation expected to rise sharply and economic growth projected to moderate, even as easing geopolitical tensions and lower crude oil prices have improved several key indicators, according to a Crisil report published on Thursday.
The number of new projects announced plunged to the lowest level in more than two decades in the June quarter (Q1FY27), reflecting the uncertainty caused by the West Asia war and persisting investor wariness in most capital-intensive sectors other than data centres and nuclear plants.
India’s inflation remains elevated, with ongoing tensions in the Middle East and prospects of a weak monsoon season seen as key risks for the economy, according to Reserve Bank of India Governor Sanjay Malhotra. In an interview with Doordarshan on Friday, Malhotra said recent price pressures were largely driven by supply-side factors. Official figures out earlier this week showed India’s inflation rose above the central bank’s 4% target for the first time in nearly a year and a half.
India should reconsider its economic approach towards China and allow more Chinese investment into its manufacturing sector as changing global trade dynamics make the US a less dependable partner, according to a member of Prime Minister Narendra Modi's Economic Advisory Council.
The European Union and India agreed to start formal talks on New Delhi’s participation in the bloc’s flagship Horizon research program, broadening ties beyond a landmark free trade agreement that’s expected to come into force next year. The two sides aim to conclude negotiations before year-end on India’s association with the €95.5 billion ($110 billion) Horizon Europe research and innovation program, according to a joint statement on Wednesday. The deal would give Indian universities, research institutes and companies access to collaborative projects with European partners.
Reserve Bank's FI-Index, which captures the extent of financial inclusion in the country, rose 4.48 per cent during the year ending March 2026, the central bank said on Thursday. The Reserve Bank of India had constructed a composite Financial Inclusion Index (FI-Index) in consultation with concerned stakeholders, including the government. The annual index was first published in August 2021 for the fiscal year ending March 2021.
JSW MG Motor India will invest Rs 1,400 crore this year to step up localisation, launch new products and expand manufacturing capacity, with a broader investment plan of around Rs 4,000 crore over the next phase of growth as it prepares a wider portfolio of new energy vehicles (NEV). In an interaction with Fe, Anurag Mehrotra, managing director, JSW MG Motor India, said the immediate investment will be deployed across three priorities. “The first priority is localisation because that is the biggest unlock for our profitability. The second is new products, and the third is plant expansion,” he said.
Jio Financial Services posted its June quarter profit at Rs 830 crore, surging nearly 156% from Rs 325 crore reported in the year-ago period. The sequential jump in profit was even sharper at 209% from Rs 272 crore posted in Q4FY26. The company’s total revenue from operations for Q1FY27 advanced by a whooping 227% at Rs 2,004 crore against Rs 612 crore posted in the same quarter last year. On a sequential basis, its revenue advanced by 96% from Rs 1,019 crore reported in the preceding quarter.
IT firm Wipro reported flat profit at Rs 3,352 crore, rising 0.6% year-on-year. Wipro Q1 revenue also came lower-than-expected, hurt by weakness in its manufacturing segment and a part of its Americas business. Consolidated revenue in Q1FY27 rose 10.6% to Rs 24,479 croreYoY but revenue in constant currency, or stripping out exchange rate effects, rose only 0.9% on-year. Wipro Q1FY27: 5 key highlights Here are 5 key highlights fromWipro’s Q1FY27.
ACME Solar Holdings has secured long-term project funding of Rs 2,646.64 crore from REC for its 450 MW/1,800 MWh Assured Peak Power Project being developed through its subsidiary, ACME Greentech Seventh. The company said it will use the funds to develop and construct the renewable energy project. REC will act as the sole lender for the project, with the financing extending over a period of 20 years. he project has a 25-year power purchase agreement (PPA) with SJVN. Under the agreement, ACME Solar will supply power at a tariff of Rs 6.74 per unit.
Tata Electronics Pvt. is preparing to make India’s first semiconductor wafers on far older technology than it originally expected, underscoring the challenges the country faces in trying to build a domestic chip industry from scratch. The tech arm of the sprawling Tata conglomerate is preparing to build the country’s first large-scale chip fab or production plant mostly based on 90-nanometer process technology at its facility at Dholera in western Gujarat state, said people familiar with the matter, who asked not to be identified discussing private deliberations.
The Central Board of Direct Taxes (CBDT) has started displaying information on taxpayers’ foreign assets and income on the Income Tax e-filing portal, in a move aimed at improving voluntary compliance. The CBDT is showing foreign assets and income information received under the Automatic Exchange of Information (AEOI) framework, in the Annual Information Statement (AIS) of eligible taxpayers. Until now, this information was only available with the tax department.
Tech Mahindra posted 8.2% sequential rise in net profit for the first quarter of the fiscal at Rs 1,465 crore (Q4: Rs 1,353.8 crore), buoyed by healthy revenue growth, the tax tech major announced on Thursday. The net profit however trailed Bloomberg estimates of Rs 1,583 crore. Revenue for the quarter under consideration was up 4.2% sequentially at Rs 15,712 crore (Q4: Rs 15, 076 crore), beating Bloomberg estimates of Rs 15,458 crore.
The government will introduce the Income-tax (Amendment) Bill, 2026, in the Monsoon Session of Parliament beginning July 20 to replace the Income Tax (Amendment) Ordinance, 2026, according to the list of new bills to be tabled in the upcoming session. The proposed law is aimed at replacing the ordinance that exempted foreign investors from income tax on interest earnings and capital gains from investment in government securities. The ordinance was promulgated last month to attract foreign capital and ease pressure on the depreciating rupee amid the West Asia crisis.
A bill to give national song Vande Mataram the same statutory protection as the national anthem Jana Gana Mana and another legislation to ensure that foreign contributions to NGOs are not utilised in a manner prejudicial to the national interests have been listed by the government for introduction in the Lok Sabha during the Monsoon session beginning July 20. The government is also planning to introduce another bill seeking to make "delayed registration" of birth and death more stringent and a legislation for a massive overhaul of India's higher education sector by dissolving the University Grants Commission (UGC), the All India Council for Technical Education (AICTE) and the National Council for Teacher Education (NCTE) to create a single, unified regulatory commission.
The government is likely to broaden the definition of services under the Special Economic Zones (SEZ) Act and align it with the Goods and Services Tax (GST) law, to remove the long-standing restriction that requires service exports from SEZs to earn foreign exchange, confirmed a government official aware of the matter. Government sources said that the proposed amendment would modify the existing provision in the SEZ Act that mandates payment for services in foreign currency. Thus, service firms in the SEZ units will be able to receive payments in Indian rupees for services supplied to the Domestic Tariff Area (DTA).
Uber agreed on Thursday to buy Germany's Delivery Hero at an equity value of $14.8 billion to create the largest food-delivery group outside China and stave off intensifying competition from US and European rivals. The acquisition advances the US ride-nailing firm's efforts to build a global food-delivery business that can better compete with Just Eat, owned by Dutch group Prosus, and US rival DoorDash. "Together, we'll nearly double the number of markets where we offer both mobility and delivery services," Uber CEO Dara Khosrowshahi said. Uber has made the acquisition conditional on a minimum acceptance threshold of 50% plus one share. The transaction is expected to be completed in the second half of next year.
Indian state-run lenders have told senior government officials they expect to raise nearly $30 billion through the central bank's subsidised dollar deposit window, five bankers familiar with the matter told Reuters. The estimate was shared by the heads of state-run banks at a meeting with Finance Minister Nirmala Sitharaman and other finance ministry officials earlier this week, two of the sources said.
MUMBAI: RBI has barred defaulting borrowers from buying back properties acquired by lenders to satisfy a defaulter's debt, tightening norms for resolution of stressed accounts under its new directions effective Oct 1, 2026. Defaulters and their related parties, as defined under the Insolvency and Bankruptcy Code, 2016, cannot repurchase such assets from any type of bank or finance company. The restriction applies even if the asset is reclassified or used by the lender later.
The Centre may reintroduce a merchant discount rate (MDR) on UPI transactions of Rs 2,000 and above for large merchants to compensate banks and payment service providers for rising operational costs and technology investments, sources said. The proposed MDR on UPI payments accepted by large merchants won’t exceed 0.5% of the monetary value, a source said. MDR is a fee paid by businesses to payment processors for accepting digital payments.
Arbitrage funds staged a sharp recovery in the first quarter of FY27, attracting net inflows of Rs 23,875 crore after recording net outflows of Rs 17,229 crore in the January-March quarter of FY26. The weak showing in Q4FY26 was largely due to massive net outflows of Rs 21,113 crore in March 2026—nearly 10 times the Rs 2,855 crore redeemed in March 2025. Inflows rebounded strongly in April and remained steady through May and June.
Inflows into foreign currency non-resident bank (FCNR-B) deposit have been slower than expected since the Reserve Bank of India (RBI) unveiled measures to attract overseas deposits, global brokerage Barclays said in a note on Thursday. “The pace of take up so far has indeed been lower than the run rate that would be expected by lofty market expectations of around $40-50 billion, with some having expected inflows of up to $70 billion,” it said in a report. The brokerage, however, maintained that its own base-case estimate of $25-30 billion over the next few months remains achievable, although a stronger run rate will be required before the window closes at the end of September.
Indian government bonds moved sideways early on Friday, as traders braced for heavy debt supply, while range-bound oil prices and softer U.S. Treasury yields offered some breathing room. New Delhi is set to auction 320 billion rupee ($3.32 billion) worth of three- and 30-year bonds later in the day. Brent has hovered near $85 a barrel this week, while the 10-year U.S. Treasury yield stayed close to 4.55% on curbed expectations of aggressive Federal Reserve rate hikes. With external pressures contained, the Indian benchmark 6.94% 2036 bond yield traded rangebound at 6.7519% as of 10:10 a.m. IST, compared with Thursday's close of 6.7478%. Bond yields move inversely to prices. The 10-year yield has slipped nearly 5 basis points over the last two sessions, even as a fragile U.S.-Iran truce frayed into daily attacks in the Middle East.
Foreign Institutional Investors (FIls) have bought more than Rs 15,000 crore of Indian equities in the first two weeks of July, marking their strongest sustained buying streak this year and signalling a shift in sentiment after seven straight months of selling. The turnaround comes as global investors begin warming to India again, helped by easing crude oil prices, a recovering rupee and resilient domestic fundamentals. But while the mood has clearly improved, analysts caution that the inflows are driven more by portfolio rebalancing and selective stock picking than by a wholesale return of foreign money.
The Centre has raised export taxes on diesel and aviation turbine fuel by ₹7 a litre each from July 16, tightening curbs on overseas sales as escalating US-Iran tensions and disruption risks around the Strait of Hormuz push global energy prices higher. The Special Additional Excise Duty on diesel exports has been increased 82% to ₹15.50 a litre from ₹8.50, while the levy on ATF has jumped 93% to ₹14.50 from ₹7.50, according to a finance ministry notification. Petrol exporters received relief, with the duty cut 37.5% to ₹2.50 a litre from ₹4.
Automotive components by Brakes India and cast wheels by Wheels India were part of the first consignment shipped from India after the UK-India Comprehensive Economic and Trade Agreement (CETA) came into force on Wednesday. Sriram Viji, president-designate, ACMA, and managing director, Brakes India, said the UK deal was a significant shift in sentiment and a confidence booster across the European market for the Indian automotive industry.
The power ministry is planning to lay a roadmap to ensure energy security for data centre developers, given the huge demand for electricity from this emerging sector. It has started a dialogue with data centre units, state transmission utilities and distribution companies in this regard. The deliberations cover reliable supply, dual-grid connectivity, green power, transmission capacity and grid stability, a senior ministry official told Financial Express.
JSW MG Motor India is accelerating its next phase of growth with fresh investments in localisation, new products and manufacturing capacity. On Thursday, the company unveiled its new ADAPT (Advanced Drive Architecture Platform Technology) platform, which will underpin its future EV, plug-in hybrid, strong hybrid and range-extender models. Anurag Mehrotra, Managing Director, JSW MG Motor India, tells Nitin Kumar about the company’s expansion plans, EV strategy, localisation roadmap, charging infrastructure, the role of plug-in hybrids in India’s transition to cleaner mobility, and the key hurdles facing the country’s EV journey.
The Central government aims to increase India’s food processing level to 25 per cent by 2031 from 17 per cent in 2023, as it looks to boost value addition, exports and investments in the sector, Food Processing Secretary Avinash Joshi said on Thursday. Speaking at the 17th FICCI Foodworld India Conference, Joshi said, “the processing level in the country has improved from around 10 per cent in 2010-11 to 17 per cent in 2023, and the government now wants to accelerate that pace.”
Nearly $300 billion worth of blockbuster biologic drugs are set to lose patent protection by 2030, giving India a rare opportunity to move up the global pharma value chain, said a report from NITI Aayog which calls for a strategic shift from conventional generics to biologics, biosimilars and AI-driven drug discovery. The report predicts that the global biosimilars market will grow at a 17% compound annual growth rate (CAGR), far outpacing the 2% growth expected in traditional generics, while noting that 40% of medicines sold globally will be biologics by 2035. The policy think-tank has also estimated that even capturing 1% of the global biosimilar market – currently valued at $73-76 billion – could generate annual revenues of around Rs 6,400 crore for India by 2030.
The government is set to become a venture-style investor in semiconductor startups under India Semiconductor Mission (ISM) 2.0, matching investments made by private venture capital (VC) firms in a bid to bridge one of the biggest funding gaps in the country’s chip design ecosystem. The framework, which marks a significant departure from the grant-based approach adopted under the first phase of the semiconductor mission, is expected to be notified in the next few weeks.
India’s processed food market is expected to nearly double to $600 billion by 2030 from around $300 billion in 2023, driven by rising consumer demand, urbanisation and the rapid expansion of digital commerce, according to a joint report by industry body FICCI and consultancy Deloitte. Released at the FICCI Food World Summit in New Delhi on Thursday, the report said India’s food sector is shifting from a supply-led, volume-driven model to a consumer-centric, value-led growth trajectory. Despite being one of the world’s largest food producers, only 12% of India’s food output is processed, leaving ample headroom for growth.
For five years, China imported an average of 11.5 million barrels of oil per day. Since April, it has averaged just 8 million bpd. The speed at which China has slashed imports - shipments fell to 40% of pre-Iran war levels in June - has kept a lid on global prices and freed up cargoes for other countries. Market observers are puzzled over how the world's biggest oil importer achieved that reduction and want to know how permanent the drop in demand is.
Assam has unveiled plans to invest more than Rs 77,353 crore across hydro, solar, thermal and energy storage projects to generate 8,457 MW of power, marking the largest investment pipeline in the state's power sector history. Chief Minister Himanta Biswa Sarma said the state is aiming to increase its power generation capacity from the current 450 MW to 8,457 MW. In a post on X, the Chief Minister said, "Today's Assam dreams big & delivers even bigger. An investment of Rs 77,000+ crore in the power sector will generate more than 8,000 MW of electricity in the coming days to charge up the journey of a Viksit Assam."
For most of its history, India’s technology export story could be told through a few large information technology (IT) firms, a cluster of delivery centres, and a steady flow of demand from the US. That story is far from over, and the US remains a critical market. But it no longer captures where the next phase of growth will come from. That phase looks more distributed, more specialised, and spread across more markets than the old model was built for. The overall numbers leave no doubt about the scale of the opportunity. India’s services exports reached $418 billion in FY26 making services one of the strongest pillars of the country’s exports.
The Centre is planning to use new tools to enhance liquidity for micro, small and medium enterprises (MSMEs) and will move amendments to the MSME Development Act in the monsoon session of Parliament that begins on Monday. Govt officials said cabinet on Wednesday cleared several amendments to the law as it seeks to remove hurdles coming in the
India's semiconductor ambitions have been synonymous with one idea: building a self-reliant chip ecosystem. But HSBC says the country's strategy is taking a more pragmatic route-one that prioritises selective localisation over end-to-end self-sufficiency. In a report on India's semiconductor supply chain, the brokerage argues that the country's playbook isn't about manufacturing every material that goes into a chip. Instead, it is about identifying where India already has industrial capabilities, localising those parts of the value chain, and partnering with global leaders where decades of proprietary technology make domestic manufacturing commercially impractical.
The Income Tax Appellate Tribunal (ITAT) has ruled that British Airways is liable to pay tax in India on income earned from providing ground handling and engineering services to other airlines, rejecting the carrier's claim that such receipts are exempt under the India-UK Double Taxation Avoidance Agreement (DTAA).
The producer price index (PPI), which measures prices received by producers before they reach consumers, fell 0.3% in June from the previous month, the Bureau of Labor Statistics said Wednesday. Economists surveyed by Dow Jones had expected prices to remain unchanged.
Do investments in AI contribute to inflation? The answer is increasingly in the affirmative, according to Federal Reserve Chair Kevin Warsh. In his testimony before the House Finance Committee on Tuesday, Warsh identified the AI investment boom as a new and significant source of price pressure, citing the quick development of data centers and the rising demand for AI software and equipment as “the most striking feature” of the US economy at the moment.
The global economy could face fresh headwinds if the disruption in the Strait of Hormuz continues for more than a few weeks, International Energy Agency (IEA) Executive Director Fatih Birol has warned, as attacks in the region threaten one of the world's most critical energy shipping routes.
he gap between German and U.S. 10-year borrowing costs sat near its narrowest in a month on Thursday as the escalation of fighting in the Gulf sent euro zone yields higher, while cooler inflation data has kept U.S. Treasury yields in check. Germany's 10-year bond yield, the benchmark for the euro zone, was last 1 basis point higher at 3.13%, its highest since May 20.
Russia's federal budget spending and deficit could exceed official plans by more than 1 trillion roubles ($12.85 billion) in 2026, according to the data from the government's budget portal.
Britain's economy eked out minimal growth in May as the services industry expanded but other sectors shrank, suggesting fragile confidence among businesses against the backdrop of the Iran war and a change of prime minister at home.
Britain's public finances are losing around £330 billion ($442 billion) a year due to weak economic growth, population ageing and ill health, according to estimates from a think tank that show the scale of the challenge facing the next prime minister.
Federal Reserve policymakers preparing for their next policy meeting in two weeks got a fresh snapshot on Wednesday of a broadly improving economy, with employment on the rise but not straining wage bills, and inflation easing slightly but still delivering an unwelcome sting.
Brazil's government raised its inflation forecast for this year to 5.1% on Wednesday from 4.5% projected in May, putting consumer prices above the central bank's target of 3%, with a tolerance band of 1.5 percentage points in either direction.
U.S. Federal Reserve Governor Lisa Cook said on Wednesday she is "prepared to act" if inflation does not soon begin to slow, though she is willing to wait "a bit more time" for that to happen.
China's economy slowed more than expected last quarter to the weakest in more than three years, raising pressure on policymakers to speed up public spending to ensure their annual growth goal is met.
Apple has moved a step closer to launching its Apple Intelligence features in China after the country’s cyberspace regulator approved the on-device generative artificial intelligence service for use on iPhones. The approval clears an important regulatory hurdle and paves the way for the long-awaited rollout of Apple’s AI platform in one of its largest markets.
China caught the oil industry by surprise during the Iran war, pulling powerful levers to shield itself from the biggest energy shock in decades. In the process, it established itself as a new force in global energy markets - an independent, opaque, massive power. The measures China used to offset the energy supply shock - sharply cutting crude imports, restricting exports of refined fuels and drawing on domestic inventories - culminated in a decades-long campaign to reduce its heavy dependence on overseas energy supplies. This offers a glimpse into how future crises could play out.
The United States Trade Representative (USTR), while announcing a 25 per cent tariff on certain Brazilian imports under a Section 301 investigation, cited Brazil's preferential tariff arrangements with India and Mexico as one of the practices disadvantaging American exporters.
Asian oil refiners are well placed to ship petroleum products to buyers in other regions, as renewed conflict in the Middle East and a ban on Russian diesel exports crimps supplies.
Uber on Thursday launched a public takeover offer for Delivery Hero that values the German food delivery company at $14.8 billion and would create the world's largest food-delivery firm outside China. The acquisition advances the U.S. ride-hailing firm's efforts to build a global presence in the food-delivery business as it faces intensifying competition from rivals such as DoorDash, which has been expanding aggressively abroad.
The full implementation of China's rare earth export restrictions could put $6.5 trillion of downstream production outside the country at risk, the International Energy Agency warned on Thursday. China, the world's largest producer of rare earths, expanded export controls in October last year to cover additional materials and introduced new licensing requirements, but later agreed to delay implementation for a year.
TSMC, the world's main producer of advanced AI chips and a major supplier to Nvidia, pledged on Thursday to invest a further $100 billion in the U.S. state of Arizona and said AI-driven demand will remain strong up to 2030. Reinforcing its bullish viewpoint on demand, Taiwan Semiconductor Manufacturing Co raised its forecast for capital spending by up to 14% for this year.
Potential tariffs in a U.S. bill imposing sanctions on Russia drew concern from Democratic lawmakers on Wednesday who said it could give President Donald Trump new powers to impose trade measures on India, Japan and some countries in the EU. Republican and Democratic senators on Tuesday released a bill, championed by the late Senator Lindsey Graham and supported by President Donald Trump, that allows the U.S. president to place 100% tariffs on goods coming from the top five buyers of Russian oil and natural gas. The legislation, which has been pending for about a year, is meant to cut revenues from the sale of Russia's energy for its war on Ukraine.
Net foreign direct investment (FDI) inflows turned negative again in May, after being in the positive territory for four straight months. Net FDI outflows in May were $0.1 billion, against net inflows of $0.9 billion a year ago, data released by the Reserve Bank of India (RBI) said on Wednesday.
India’s Russian crude strategy faces a fresh challenge, with US senators proposing tariffs of up to 100% on major buyers of Moscow’s oil at a time when Russian supplies have surged to 2.6 million barrels per day, accounting for more than half of India’s crude imports.
India’s unemployment rate for people aged 15 years and above remained unchanged at 5.5% in June despite a jump in joblessness among the youth, data released by the Ministry of Statistics and Programme Implementation on Wednesday showed.
The India-UK Comprehensive Economic and Trade Agreement (CETA) has officially come into force. Agneshwar Sen examines the deal’s market access gains, compliance requirements, services and investment dimensions, and strategic implications for India’s trade negotiations with other countries
ndia’s June inflation print has done exactly what headline numbers tend to do – it has grabbed attention. Retail inflation accelerated to 4.38%, moving above the Reserve Bank of India’s 4% target after remaining comfortably below it in recent months. Predictably, the immediate question across financial markets is whether this changes the RBI’s interest rate trajectory.
The Uttar Pradesh government on Wednesday (July 15) finalised plans to roll out 16 Sardar Vallabhbhai Patel Employment and Industrial Zones (SVPEIZ) in the first phase of a wide-ranging initiative to integrate skill development, employment generation, industry and entrepreneurship on a single platform. The project will be implemented through a nine-region hub-and-spoke model designed to knit together the state’s industrial strengths, available resources and investment potential into a coordinated network that can deliver plug-and-play infrastructure alongside training and employment support.
Indian Prime Minister Narendra Modi is taking steps to reduce key imports into the economy in order to protect supply chains and ease pressure on the currency as geopolitical risks escalate.
Global economic growth is expected to slow to 2.5% in 2026 before edging up to 2.8% in 2027, with India also set to "lose a step" amid a broader moderation in activity, according to a Moody's Analytics report released on Tuesday.
India's bioeconomy can expand to USD 691 billion by 2035, create over 30 million high-value jobs and position the country among the world's top three biotechnology powers, according to a roadmap unveiled by NITI Aayog on Thursday, as Union Minister Dr Jitendra Singh said India is ready to take a leadership role in the next wave of biotechnology-driven growth.
India is seeking to push domestic manufacturing across a pool of items currently worth $51 billion in imports, three government sources said, as Prime Minister Narendra Modi seeks to reduce the country's reliance on overseas suppliers.
When Tata Consultancy Services (TCS) said it would build a dedicated cadre of upto 8,900 forward-deployed engineers (FDEs), it appeared to be another hiring move driven by the AI boom. In reality, it signals something much bigger. India’s largest IT services company is positioning itself to compete directly with AI model makers such as OpenAI and Anthropic for the fastest-growing part of the AI value chain: enterprise deployment.
Reliance Industries (RIL) is expected to improve its profitability and see a strong sequential rebound in Q1FY27 after a weak performance on the profit front in Q4FY26. Brokerages expect strong growth in the oil-to-chemicals (O2C) segment led by expansion in petchem spreads and benefit from SEZ refinery and Jio vertical. The company is also expected to post higher gross refining margins in Q1.
Tata Consultancy Services (TCS) has launched a new Consumer Business Group (CBG) Gemini Experience Center (GEC) in Kolkata to help consumer-facing businesses build and deploy artificial intelligence (AI) solutions using Google Cloud and Google’s Gemini models.
ACME Solar Holdings has secured long-term project funding of Rs 2,646.64 crore from REC for its 450 MW/1,800 MWh Assured Peak Power Project being developed through its subsidiary, ACME Greentech Seventh. The company said it will use the funds to develop and construct the renewable energy project. REC will act as the sole lender for the project, with the financing extending over a period of 20 years.
Tata Consultancy Services (TCS) has launched the TCS Autonomous Engineering Lab Powered by NVIDIA at its Global Axis campus in Bengaluru. TCS in its regulatory filing said, “The new facility will serve as a physical AI hub to accelerate the development and real-world deployment of AI-led solutions across mobility and manufacturing using NVIDIA AI Infrastructure.”
Oil-to-metals conglomerate Vedanta on Tuesday unveiled an ambitious expansion roadmap across its metals, mining and energy businesses, outlining plans to sharply increase production capacities over the coming years while committing a $5 billion investment in its oil and gas business.
India's direct tax body has notified the Cost Inflation Index (CII), a tool to measure the rise in cost due to inflation, for fiscal year ending March 31, 2027, at 384. The Central Board of Direct Taxes notifies CII every year and it was 376 in fiscal year 2026. This will apply to the tax year 2026-27 on and from April 1, 2026, and subsequent tax years, accordng to a gazette notification.
Capital market regulator Sebi has notified the code of conduct for its board members. It was adopted voluntarily by the regulator at its June 19, 2026 meeting to ensure that members of the board conduct in a manner that does not compromise the ability of the board to accomplish its mandate and also to enhance public trust in the ability of members to discharge their responsibilities in a fair and transparent manner.
The Reserve Bank of India (RBI) on Wednesday proposed that banks, NBFCs and other regulated entities (REs) should put in place processes to manage data risk as part of the overall risk management framework. “The guidance sets out broad regulatory expectations relating to data governance, roles, architecture, metadata and lineage, quality, and third-party arrangements involving data sharing,” the RBI said. It has sought feedback by August 17.
The insolvency regulator is considering a proposal to divest resolution professionals (RPs) of the role of running the distressed company’s day-to-day operations. Under the proposed structure, RPs will be required only to handle insolvency-related procedures, manage compliance, coordinate with lenders and supervise the entire corporate insolvency resolution process (CIRP). A separate specialised entity will manage the operations of the company undergoing insolvency proceedings.
HDFC Bank on Wednesday said it has received approval from the Reserve Bank of India (RBI) to appoint former Financial Services Secretary, Rajiv Kumar as its part-time chairman for a three-year term, effective July 15, 2026. The appointment has been approved under Section 10B(1A)(i) of the Banking Regulation Act, 1949, the bank said in a stock exchange filing. Rajiv Kumar's appointment follows the bank's application to the RBI and an earlier intimation made on June 29. The bank also thanked Keki Mistry for his guidance and contributions during his tenure as interim part-time chairman. Mistry will continue to serve as a non-executive, non-independent director on HDFC Bank's board.
Private equity deals in India are taking significantly longer to close, with transaction timelines stretching from the earlier three-four months to as long as six-nine months. Geopolitical uncertainty, supply-chain disruptions and the emergence of new investment themes such as the AI value chain, defence manufacturing and data centres are forcing investors to spend more time evaluating risks, testing business assumptions and negotiating valuations, investment bankers, PE funds and consultants said.
ndian government bonds rose early on Thursday for a second straight session, tracking overnight gains in U.S. Treasuries after softer U.S. data eased concerns about an imminent Federal Reserve rate hike. The benchmark 6.94% 2036 bond yield fell 3 basis points to 6.7436% by 11:10 a.m. IST, extending its two-day decline to 5 basis points after hitting a three-week high on Tuesday.
The government’s efforts to curb the gold import bill are yet to show results, with imports remaining elevated in the April-June quarter despite the sharp increase in import duty. India’s gold import bill rose 47.1 % year-on-year to $11 billion in the first quarter of FY27 from $7.5 billion a year ago. Gold accounted for 5.1 % of the country’s total import bill during the quarter, according to data released by the Union Ministry of Commerce.
Oil prices eased on Thursday as traders weighed escalating tensions between the United States and Iran and the risks to oil supplies moving through the Strait of Hormuz. Brent crude futures were down 27 cents, or 0.32%, to $84.68 a barrel at 1011 GMT, while U.S. West Texas Intermediate futures were down 11 cents, or 0.14%, to $79.49 a barrel. Both contracts remain close to one-month highs. "The market is still reacting with a surprising degree of calmness," said Ole Hvalbye, market analyst at SEB Research.
India has sharply increased the windfall tax on diesel and aviation turbine fuel (ATF) exports after a surge in global crude oil prices triggered by the escalating tensions between US and Iran. The windfall tax on diesel exports has been raised to 15.5 rupees per litre from 8.5 rupees, while the levy on ATF exports has nearly doubled to 14.5 rupees per litre from 7.5 rupees per litre.
External Affairs Minister S. Jaishankar on Wednesday said trusted partnerships like the one between India and the European Union are becoming more important as the global economy faces supply chain disruptions, market access challenges and technology gaps. Speaking after the third India-EU Trade and Technology Council (TTC) meeting in Brussels, Jaishankar said both sides reviewed cooperation in strategic technologies, clean energy, trade, investments and resilient supply chains.
The Cabinet on Wednesday approved the National Investment Policy for Urea-2026 to facilitate setting up of 8-9 new urea plants with an annual manufacturing capacity totalling 10 million tonnes, aiming to eliminate imports completely, reduce government costs and subsidy burdens. The policy is expected to encourage fresh investment in gas-based urea manufacturing units across the country and support India’s goal of self-sufficiency. Announcing the decision after the Cabinet meeting, Information and Broadcasting Minister Ashwini Vaishnaw said the country imports 10 million tonnnes urea annually while 30 million tonnes of the fertiliser is produced domestically.
The Union Cabinet on Wednesday approved two flagship manufacturing programmes with a combined outlay of nearly Rs 1.9 lakh crore, marking the government’s shift from attracting electronics assembly to building a complete domestic ecosystem spanning semiconductor design, fabrication, components and mobile phone manufacturing. The Cabinet approved the Rs 1.27 lakh crore India Semiconductor Mission (ISM) 2.0 and a Rs 62,500 crore Mobile Phone Manufacturing Scheme (MPMS), both of which build on the first generation of incentive programmes but significantly widen their scope to deepen domestic value addition, strengthen supply chains and position India as a global manufacturing base for critical electronics.
India’s proposed grid-discipline framework could cut wind-project revenues by as much as 48% and solar revenues by around 11%, threatening to weaken investor returns just as the country needs billions of dollars to accelerate renewable capacity towards its 500-GW non-fossil target by 2030. The stricter regulations, scheduled to take effect from April 2027, would sharply increase penalties when solar and wind generators fail to supply electricity in line with their commitments to the grid, according to Equirus Capital’s July infrastructure tracker.
Buying a new car in India could become more fuel-efficient from 2027 as the government moves closer to implementing a new set of fuel economy standards for automakers. The Ministry of Power on Thursday released the draft Corporate Average Fuel Economy (CAFE-III) norms for stakeholder consultation. The proposed regulations will apply to M1 category passenger vehicles manufactured or imported for sale in India during 2027-28 to 2031-32. The ministry has invited comments from automakers, industry stakeholders and the public until August 6, 2026. The draft will also be uploaded on the websites of the Ministry of Power and the Bureau of Energy Efficiency (BEE).
For most of its history, India’s technology export story could be told through a few large information technology (IT) firms, a cluster of delivery centres, and a steady flow of demand from the US. That story is far from over, and the US remains a critical market. But it no longer captures where the next phase of growth will come from. That phase looks more distributed, more specialised, and spread across more markets than the old model was built for. The overall numbers leave no doubt about the scale of the opportunity. India’s services exports reached $418 billion in FY26 making services one of the strongest pillars of the country’s exports.
China's economy likely cooled in the second quarter, with growth drifting toward the lower end of Beijing's annual target as an entrenched demand slump overshadowed resilient exports, though any fresh stimulus measures are expected to be limited.
China's economy lost pace in the April-June quarter, despite rising exports as weak domestic demand and investment dragged growth to its slowest pace in more than three years. Official data released on Wednesday showed that the economy expanded at an annualised 4.3%, down from 5% in the January-March quarter and below forecasts.
Gulf producers are racing to build pipelines and ports that let oil leave the region without passing through the Strait of Hormuz. Goldman Sachs analysts, led by Alexandra Paulus, tracked seven such pipeline and export-infrastructure projects across the Gulf that are under construction, planned or considered feasible. If they are completed on time, they could protect more than 45% of the Gulf’s oil exports from Hormuz-related risks by the end of 2027. That figure could rise to over 60% by the end of 2028.
The India-UK Comprehensive Economic and Trade Agreement (CETA) officially came into force on July 15, 2026, along with the Agreement on Social Security, also known as the Double Contribution Convention. The two agreements mark the beginning of one of India’s biggest trade deals and the United Kingdom’s largest bilateral trade agreement since it left the European Union.
A group of Republican and Democratic senators in the United States has introduced a revised Russia sanctions bill that reduces the proposed tariff on countries buying Russian energy, including India and China. The new version lowers the earlier proposed tariff of 500% to a maximum of 100% and limits it to the five biggest buyers of Russian oil and natural gas. The updated bill is being seen as a tribute to late Senator Lindsey Graham, who had strongly pushed for tougher action against Russia.
Crude import costs are rising again, with the Indian basket jumping $8.07 a barrel in ten days, from $68.21 on July 3 to $76.28 on July 13. This could put expected fuel-price cuts on hold and revive pressure on the import bill, oil marketing companies, airlines and fertiliser producers. Every $10-a-barrel increase translates into roughly $42 million a day in additional crude import costs for India, according to Pankaj Srivastava of Rystad Energy. He said pressure on OMC marketing recoveries would build gradually as near-term procurement is largely secured.
A sharp fall in India’s steel and aluminium exports to the European Union even before carbon border charges kick in has put the spotlight on whether India’s Carbon Credit Trading Scheme can become a credible market signal for industry, rather than a narrow compliance mechanism.
Growing fiscal pressures have prompted the government to accelerate disinvestment plans and set an internal target to mobilise capital receipts of at least Rs 80,000 crore via this route in the current fiscal year. According to official sources, the Department of Investment and Public Asset Management (DIPAM) has been tasked with raising an average of Rs 20,000 crore per quarter through sale of government stakes in companies.
To enforce the prohibition of import of goods made with forced labour and avoid 12.5% additional tariffs proposed by the US, India had come out with detailed guidelines to identify such products. Through a Trade Notice, the Directorate General of Foreign Trade has inserted a paragraph in the Handbook of Procedures of the Foreign Trade policy (FTP) that empowers it to launch an investigation on its own or on receipt of complaint to determine whether goods imported into India have been produced fully or partially with forced labour.
Uttar Pradesh is set for a major infrastructure push after Union Road Transport and Highways Minister Nitin Gadkari reviewed key highway projects in the state and approved new road works worth ₹50,000–60,000 crore. The announcement came after a review meeting with senior officials from the Ministry of Road Transport and Highways (MoRTH), the National Highways Authority of India (NHAI), and the Uttar Pradesh government.
India's capital account surplus is expected to rise to around USD 105 billion, or 2.6 per cent of GDP, in FY27, supported by stronger foreign capital inflows, higher external commercial borrowings (ECBs), fresh FCNR(B) deposits, improved portfolio investments, and resilient foreign direct investment (FDI), according to a report by Motilal Oswal Financial Services. The brokerage said India's external sector has become more resilient due to steady growth in services exports and remittance inflows. It noted that the country continues to record a monthly services trade surplus of around USD 16-17 billion, providing a strong cushion against the merchandise trade deficit
The India-UK Comprehensive Economic and Trade Agreement (CETA) comes into force today, giving nearly all Indian exports duty-free access to Britain. As part of the deal, India will also lower import duties on a range of British goods over a phased period.
India's Purple Economy is estimated to present a total addressable market opportunity of about USD 150 billion across disability-linked products and services, according to a report unveiled on Tuesday. The report by Deloitte and EnAble India, positions disability inclusion as a national economic growth agenda. The Purple Economy is an economic framework that recognises persons with disabilities as customers, workers, entrepreneurs, innovators, taxpayers and contributors to growth, and treats accessibility and inclusion as drivers of market creation, productivity, dignity and shared prosperity.
India is emerging as one of the world's biggest investment opportunities, with global companies increasingly backing its long-term growth story despite carefully weighing risks and returns, according to Harjinder Kang, the UK's Trade Commissioner for South Asia. The executive said that a proposed Bilateral Investment Treaty (BIT) between the two mations could further strengthen investor confidence, provide greater certainty to businesses and help attract higher foreign direct investment (FDI) into India.
The Tata Group, Infosys, LIC, HDFC Group and Reliance Group retained their positions as India’s five most valuable brands in that order, according to a report by Brand Finance released today. The report notes that nine of the top 10 brands recorded brand value growth, driven by digital transformation, infrastructure, manufacturing and innovation across key sectors despite a challenging global environment. The resilience of the top 100 brands is reflected in the 7% growth in collective brand value year-on-year, reaching $252.8 billion. Tata Group, which retained its top spot in the ranking for the 18th consecutive year, recorded a 6% rise in brand value to reach $33.6 billion on the back of strategic moves in electronics, data infrastructure and digital platforms.
Vedanta on Tuesday outlined an ambitious expansion roadmap for its newly demerged businesses, targeting higher production across aluminium, zinc, copper, steel, oil and gas and power. Chairman Anil Agarwal said the group’s next phase of growth would be driven by production, partnerships and purpose. “The future of Vedanta will be built on three pillars: Production. Partnerships. Purpose. Produce more. Partner better. Purpose beyond profit,” Agarwal said while addressing shareholders during the company’s 61st annual general meeting (AGM).
India’s electric car market is on the rise, but the world’s most recognisable EV maker is struggling to ride the wave. A year since its much-awaited India debut, the Elon Musk-led Tesla has registered just 486 cars in the country, according to Vahan data till 5 pm on Tuesday. In June, Tesla registered just 35 cars, according to data from the Federation of Automobile Dealers Associations (Fada). In comparison, BMW and Mercedes-Benz sold 486 and 234 EVs, respectively. In the luxury EV market, Tesla’s share stood at 4.4%, against BMW’s 60.8% and Mercedes-Benz’s 29.1%.
Anil Agarwal-led Vedanta Group has announced its ambitious plans as the conglomerate aims to expand its metal production and ramp up exploration across its mineral blocks. Speaking at the company’s AGM, Agarwal said that over the next three to five years, the group will invest $5 billion in its entity Vedanta Oil. Vedanta Group to triple zinc and lead production Under the Vedanta group’s 3P plan, the first phase, which is ‘Produce’, will include tripling zinc and lead production to 3 million tonnes by 2031. The plan also comprises doubling silver output to 1,500 tonnes and increasing copper production to 1 million tonnes by the end of the decade.
The Tata Group has applied for approval to invest 100 billion rupees (around $1 billion) in a shipbuilding venture in Kerala, state's chief minister said in an interview to Bloomberg. Kerala Chief Minister V.D. Satheesan said in an interview at Thiruvananthapuram that the conglomerate is prepared to invest in shipbuilding and that the state government would provide the necessary land, according to the report. Satheesan added that the state administration is favourably considering the proposal and expects to approve it within a month, Bloomberg said.
Specialty coffee chain operator Blue Tokai is aiming to more than triple its store count over the next four years, as the Starbucks' biggest India rival doubles down on India's fast-growing premium coffee market, Bloomberg News reported on Wednesday. The company plans to expand its network from about 240 outlets to 800 by FY30, opening around 120 new cafes this financial year across major metropolitan centres while entering newer markets such as Ahmedabad and Lucknow, co-founder and chief executive Matt Chitharanjan told Bloomberg.
State-run BSNL has provisionally posted around a 10 per cent increase in revenue from operations in the first quarter of fiscal year 2026-27, Union Telecom Minister Jyotiraditya Scindia said on Monday. While speaking to the media after the review meeting of BSNL for the first quarter of the current fiscal, Scindia said that BSNL's enterprise business segment and consumer mobility have shown growth while the consumer fixed access segment has remained almost flat.
Google is racing to position India as a proving ground for the next phase of artificial intelligence (AI), unveiling a slate of security protocols, on-premise computing options and education programmes on Tuesday. The aim is to win over the country's enterprises, developers and startups as AI systems shift from answering questions to autonomously executing tasks. At the Google I/O Connect India 2026 in Bengaluru, the company also highlighted that, based on third-party evaluations, the Google Play and Android ecosystem generated Rs 5.3 trillion ($ 60 billion) in revenue for app publishers and the wider economy in India in 2025, growing by 28 per cent from 2024.
Union Bank of India on Wednesday reported a 29.5% rise in net profit for the June quarter to Rs 5,332 crore, helped by higher net interest income, growth in fee income and lower provisions despite a modest rise in credit costs. Net interest income, the difference between interest earned and interest paid, rose 10.1% year-on-year to Rs 10,037 crore as global advances grew 12.5% to Rs 10.96 lakh crore while interest expenses fell 3.6%. Net interest margin improved to 2.80% from 2.76% a year earlier and 2.64% in the preceding quarter.
India’s direct tax collections after refunds rose 16.4% year-on-year to Rs 6.51 lakh crore during April 1-July 13, data released by the Central Board of Direct Taxes (CBDT) on Tuesday showed. The government has already achieved 24.1% of the budgeted direct tax collections target of Rs 26.97 lakh crore for 2026-27 (Apr-Mar). The pace of collections so far has exceeded the 11.4% growth projected in the Budget for FY27. Corporate tax collections led the rise in direct taxes, growing 22% year-on-year to Rs 2.40 lakh crore after refunds. The Budget had projected corporate tax collections to grow 11% to Rs 12.31 lakh crore in FY27.
The Bangalore Bench of the Income Tax Appellate Tribunal (ITAT), in the case of Shri Rajaghatta Papanna Revanna v. ITO, dealt with the issue of estimation of income of a civil contractor where the assessee had not maintained regular books of account and had declared income at 6% of contract receipts. The assessee was engaged in civil contract work for various Government agencies, and the contract receipts were received through banking channels, with tax deducted at source under Section 194C and reflected in Form 26AS.
Can the Income Tax Department make a huge tax addition simply because a handwritten calculation sheet found during a search on someone else appears to mention you? The Delhi Bench of the Income Tax Appellate Tribunal (ITAT) has answered this question in favour of the taxpayer. In the case of Dolly Sabharwal vs Deputy Commissioner of Income Tax, the Tribunal upheld the deletion of tax additions running into crores after finding that the department had no independent evidence to prove that the alleged transactions had actually taken place.
Online gaming companies have filed review petitions in the Supreme Court against its May 27 judgment, which upheld the constitutional validity of the 28 per cent goods and services tax (GST) on the sector and sustained retrospective tax demands exceeding Rs.1.5 trillion. According to the Supreme Court website, Play Games24x7, Junglee Games, and Sachiko Gaming have filed review petitions through law firm Lakshmikumaran & Sridharan. The petitions ask the court to revisit its decision, contending that the ruling warrants reconsideration on both Constitutional and legal grounds, particularly regarding the GST framework and the retrospective tax demands.
Market regulator Securities and Exchange Board of India (SEBI) is considering a comprehensive overhaul of the equity derivatives margin framework to encourage market participants to use longer-tenured index derivatives for hedging while discouraging excessive speculative activity around contract expiries, according to sources.
The Reserve Bank of India (RBI) proposed today that while AMCs, insurance companies and pension funds will be required to get an approval from RBI for initial acquisition of major shareholdings, all subsequent stake purchases could be made with a one-time approval. Once received, this approval will be valid unless it is revoked by the RBI. Currently, any AMC, insurance company or pension fund is required to get an approval from RBI for an initial stake purchase of five per cent or more in a bank or any subsequent stake purchase if its aggregate shareholding in the bank falls below five per cent at any point of time.
The National Company Law Tribunal (NCLT) approved a record number of corporate insolvency resolution plans (CIRPs) in the first quarter of FY27, even as it continued to grapple with a shortage of members and a large pipeline of pending cases awaiting final approval. Between April and June 2026, the tribunal approved 78 resolution plans – its highest-ever tally for the first quarter since the insolvency and bankruptcy code (IBC) came into effect in 2016 – which is 34% higher than 58 plans cleared in the corresponding period last year. The approved plans involved assets worth Rs 5,517.7 crore, as per an official note.
Payments company Stripe and private equity firm Advent International have made a joint offer to acquire PayPal Holdings Inc for $60.50 per share, in a deal that would value the payments company at more than $53 billion, two people said. The offer, submitted earlier this month, is backed by about $50 billion in committed financing from banks, said one of the people. The offer represents around a 28% premium to PayPal's closing share price on Tuesday. The people, who are familiar with the matter, declined to be named as the deal discussions are confidential. PayPal, Stripe and Advent declined to comment.
The Reserve Bank of India (RBI) on Tuesday overhauled the framework governing matters to be placed before bank boards, replacing the existing seven-theme structure with a principle-based approach aimed at allowing directors to spend more time on strategic priorities and risk oversight. The revised directions will come into effect from October 1, with the central bank extending the implementation timeline by a month following feedback from stakeholders. The draft guidelines were issued on April 8.
The foreign currency non-resident (bank), or FCNR(B), deposit scheme, launched to support the rupee and bridge the balance of payments deficit, is also expected to ease banks’ funding pressures amid sluggish deposit growth. Many lenders have, therefore, aggressively priced these deposits, with some offering rates higher than those on comparable domestic deposits.
Indian companies' proposals to raise money from foreign sources under the external commercial borrowings (ECB) route witnessed a month-on-month jump of 25.8 per cent in May at USD 4.74 billion, the Reserve Bank said on Tuesday. In April, total ECB filings were down by 30.69 per cent month-on-month. According to the RBI's data, total ECB filings stood at USD 4.74 billion in May 2026, as compared to USD 3.77 billion in April 2026. The entire intent was from the general permission, and special permissions remain 'nil' in the reporting month.
Public sector banks earned higher commissions from selling insurance products in FY26, with most lenders reporting growth through this activity. However, income from mutual fund distributions was mixed, with some banks reporting higher earnings while others saw declines. An analysis of annual reports of banks by PTI showed that the country's largest lender, State Bank of India (SBI), continued to dominate the segment, earning Rs 2,795.01 crore in insurance commission during FY26, up 19.26 per cent from Rs 2,345.36 crore in the previous financial year.
The Reserve Bank of India’s (RBI) dollar mobilisation measures announced in the June monetary policy have attracted inflows of $10-11 billion so far, according to sources. The response from banks to raise foreign currency funds through the FCNR(B), external commercial borrowing (ECB) and overseas foreign currency borrowing (OFCB) routes has been encouraging, a person aware of the discussions between the government and the RBI noted. The authorities expect inflows of around $80 billion through these channels.
Technology's weight in mutual fund portfolios slipped to 5.9% in June 2026, down 70 basis points month-on-month and 240 basis points year-on-year, according to the latest Fund Folio: Indian Mutual Fund Tracker by Motilal Oswal Financial Services. This reduction in exposure by mutual funds raises an important question for investors—should they interpret this as a warning sign or as an opportunity to accumulate the sector for the long term?
GIFT City is fast emerging as the default route for Indian companies borrowing capital from abroad, a trend that regulators expect will deepen in the coming years. In an interview to Moneycontrol, R Rajaraman, chairperson of the International Financial Services Centres Authority (IFSCA), the regulator for GIFT City, said the share of India's offshore borrowings routed through the Gujarat-based financial hub could eventually cross 90 percent, up from nearly two-thirds currently.
The spike in costs due to lower discounts on palm oil by Indonesia and Malaysia has reduced edible import volumes by 29% in June. According to BV Mehta, Executive Director, SEA, the decline in imports last month was primarily driven by a collapse in palm oil demand to 0.48 MT in June 2026 against 0.54 MT in May 2026 and 0.95 MT in June 2025. Mehta attributed the fall in crude palm oil import to lower discounts offered compared to other oil variants like soybean.
Oil extended gains by around 2% on Wednesday as President Donald Trump reimposed a naval blockade on all Iranian ports and Iran's Islamic Revolutionary Guard Corps threatened to close "all other export corridors that benefit the U.S. and its allies". Brent futures climbed $1.71, or 2%, to $86.44 a barrel at 0806 GMT. West Texas Intermediate futures gained $1.43, or 1.8%, to $80.77 a barrel. Oil prices settled up 2% at a one-month high on Tuesday as attacks exacerbated a supply disruption in the Strait of Hormuz, through which about a fifth of the world's oil and liquefied natural gas passed prior to the beginning of the Iran war.
US President Donald Trump on Tuesday announced the replacement of the proposed 20% Washington reimbursement fee linked to shipping through the Strait of Hormuz with trade and investment agreements from Gulf countries, saying the move follows "highly productive conversations" with leaders in the Middle East. "Based on highly productive conversations with Middle East leadership, I have decided to replace the 20% United States Reimbursement Fee with Trade and Investment Deals that the various Gulf States will be making into the United States," he wrote.
China has an increasingly important buffer against oil price shocks: electric taxis. Across Chinese cities, taxi usage and ridesharing are booming. In May, people took 3.05 billion trips, with government data showing trips have grown 6% since the Iran war began at the end of February, versus March to May last year. The jump reflects a quirk of China's transport structure: fares are falling despite gasoline prices rising. Analysts say a flood of new drivers searching for work in a sluggish economy combined with cheap electric cars is depressing fares, in turn attracting passengers who want to save on higher petrol costs.
Intel has decided to use a high-end machine from ASML to manufacture some of its flagship Panther Lake laptop chips, ASML said on Tuesday, a move that will help the chipmaker learn to use the tool more effectively. Following experiments that began in 2024, Intel has begun to use ASML's next-generation high numerical aperture (High NA) extreme ultraviolet (EUV) machines, which print circuit patterns on to microchips, to help produce a portion of its Panther Lake processors, ASML said.
DBS Group aims to grow assets under management in its wealth business to more than S$1 trillion ($774 billion) by 2030, its unit's head said, as Singapore's biggest bank bets on rising Asian wealth and inflows into regional financial hubs. The target spans the lender's retail and wealth segments and marks an increase of about S$400 billion from S$632 billion in wealth assets under management at the end of 2025. "From full year 2015 to 2025, in 10 years, we grew our AUM by S$400 billion. Looking at the traction, our ambition now is to grow the same S$400 billion by half the time," Shee Tse Koon, DBS's group executive and group head of consumer banking and wealth management, said at a media briefing.
Japanese manufacturers' sentiment remained relatively upbeat in July, supported by solid semiconductor demand, while confidence among non-manufacturers fell as the Middle East conflict, a weak yen and rising interest rates pushed up costs, the latest Reuters Tankan survey showed. The monthly poll, a leading indicator of the Bank of Japan's quarterly Tankan business survey, showed that the manufacturers' sentiment index was unchanged at plus-13 in July from June.
A $69 billion wipeout and worst fall in nearly 40 years - IBM's share price on Tuesday crashed 26% in trade in a sign of how the technology sector is rebalancing with the growth of artificial intelligence. Shares of IBM plunged 25% on Tuesday, with the company seeing a steeper one-day decline than it experienced during the 1987 "Black Monday" market crash. The weakness also spread to other software stocks.
After resolving the issue of steel quotas that paved the way for implementation of the Comprehensive Economic and Trade Agreement (CETA) from Wednesday, India is now discussing with the UK to shield its exports from carbon tax regulation. Under the initial UK steel mechanism, 80% of India’s steel exports were duty-free and 20% of tariff lines, amounting to $200 million in annual exports at the current rate, faced higher duties. After negotiations, the UK has now raised the duty-free quota to $350 million under these tariff lines where exports currently stand at $200 million.
India’s Rs 9-10 lakh crore infrastructure-linked capital expenditure pipeline by 2030 is set to put the country’s $17-billion mining and construction equipment industry through a major scale-up test, as demand rises across highways, railways, ports, airports, mines and clean-energy projects. A CII-BCG report said capital expenditure in sectors linked to mining and construction equipment could nearly double from Rs 5.5 lakh crore in 2025 to Rs 9-10 lakh crore by 2030. The expansion will be driven by national highways, freight corridors, metro rail, ports, airports, critical-mineral extraction and the clean-energy build-out required to reach 500 GW of non-fossil capacity.
The country’s aviation market contracted in July 2026, with total scheduled airline capacity declining 4.7% year-on-year to 22.5 million seats from 23.6 million a year earlier, according to data from global aviation analytics firm OAG. The decline was driven largely by sharp capacity cuts by the Air India Group, with Air India and Air India Express together removing more than 1.1 million scheduled seats compared with July 2025. Domestic scheduled capacity fell 4.6% to 14.9 million seats from 15.6 million a year earlier, while international capacity declined 4.8% to 7.6 million seats from 8 million. Domestic routes accounted for around two-thirds of the country’s total scheduled capacity during the month.
Railways Minister Ashwini Vaishnaw on Tuesday introduced a series of structural reforms aimed at reducing logistics costs, improving supply chains, encouraging private investment and promoting cleaner freight transportation. At the centre of the reform package announced by the minister is a digital land acquisition portal – Rail Bhoomi – that streamlines land acquisition for rail projects. Developed by the Centre for Railway Information Systems (CRIS), the portal replaces the largely manual, paper-based land acquisition process with a web-based platform that digitises every major stage of acquisition.
India has become the world’s fastest-growing major electricity market, with demand being driven by higher usage in manufacturing sector as well as data centres. Equirus estimates India will require nearly Rs 50 trillion of investments by FY32 across power generation, renewable energy, storage and transmission infrastructure to meet the country’s rising needs. Electricity demand has grown at 7.3% annually on a compounded basis between FY21 – FY25. Going forward, IEA expects India’s electricity demand to grow 6.4% annually through 2030, ahead of China, the US and Europe.
If you've been waiting to buy a British luxury car, your wait may finally pay off. From July 15, fully imported models from brands such as Rolls-Royce Motor Cars, Aston Martin, McLaren Automotive and Jaguar Land Rover are expected to become significantly cheaper in India as the India-UK Comprehensive Economic and Trade Agreement (CETA) comes into effect. Customs duty on eligible fully imported British cars will immediately fall to 30% from 110%, paving the way for price cuts of 20-25%. Depending on the model, buyers could save anywhere between Rs 1 crore and Rs 3 crore, industry executives estimate.
Domestic passenger vehicle dispatches from manufacturers to dealers touched an all-time high of 1,273,811 units in the first quarter of FY27, rising 25.9% year-on-year as resilient domestic demand helped the industry navigate disruptions caused by the West Asia conflict, industry body Society of Indian Automobile Manufacturers (SIAM) said on Wednesday. Passenger vehicle dispatches stood at 1,011,884 units in the corresponding quarter last year. The previous highest first-quarter dispatches were recorded in Q1 FY25 at around 1.03 million units.
Instamart, India's quick commerce platform, on Tuesday announced a partnership with Hindustan Petroleum Corporation Limited (HPCL) to launch the country's first on-demand LPG cylinder delivery service on a quick commerce platform. The tie-up also marks the market debut of HPCL's newly launched 'HP Navya,' a next-generation 10 kg composite LPG cylinder. The service will first go live in Bengaluru, where consumers will be able to order the HP Navya cylinder directly through the Instamart app, along with the existing 5 kg metal LPG cylinder.
The Bureau of Labor Statistics has released the US Consumer Price Index (CPI) data for June, providing insight into how inflationary pressures have spread across food, shelter, and other sectors of the economy.
China's export engine is on track to post another trillion-dollar-plus trade surplus this year, shrugging offtariff tensions and an energy squeeze, while turning a spotlight on a still undervalued yuan.
Spain's European Union-harmonised 12-month inflation rate rose to 3.6% in June, unchanged from the period through May, final data released by the National Statistics Institute (INE) showed on Wednesday.
U.S. consumer inflation likely slowed in June, but that would probably offer little comfort to households or rule out an interest rate increase from the Federal Reserve this year, with the conflict in the Middle East still unresolved.
Japan's government will insert a footnote in its economic blueprint referring to a clause in law stipulating the need to protect the central bank's independence in setting monetary policy, TV Tokyo reported on Tuesday.
South Korea pledged on Tuesday to swiftly advance artificial intelligence investments to bolster economic performance, as it raised its 2026 growth forecast to a five-year high of 3.0% on the back of a global semiconductor boom.
China's export growth accelerated in June, expanding 27.0% from a year earlier in U.S. dollar value terms, while imports rose 36.0%, customs data showed on Tuesday.
South Korea's central bank is expected to raise interest rates on Thursday for the first time in more than three years and deliver another increase by the end of the year, according to a Reuters poll of economists, as inflation remains well above its 2% target.
Bangladesh and the International Monetary Fund have agreed on the broad framework for a new lending programme, with reforms to be introduced gradually to reflect the country's tough economic conditions, the finance minister said on Monday.
Brazil's economy will keep growing moderately after October's presidential vote, a Reuters poll suggested, with a fall in farm output arising from the El Niño weather pattern, and persistent pressure on public accounts.
As US tech companies pour billions of dollars into artificial intelligence, workers are increasingly worried about what the AI boom could mean for their jobs. Tech layoffs have added to fears over job security, even as companies ramp up capital spending on AI and corporate profits remain strong. Now, a majority of Americans appear to want the public to get a direct share of the wealth created by the technology.
s may be entering a rare phase where growth is no longer being driven by Wall Street alone. As major lenders prepare to report second-quarter earnings, analysts are watching a revival in business borrowing that could add another profit engine to an already strong banking sector.
President Donald Trump said on Monday that the United States was reinstating a naval blockade on Iran and would be reimbursed 20% on all cargo shipped through the Strait of Hormuz after Tehran claimed it had closed the vital waterway. "The Hormuz Strait is OPEN, and will remain OPEN, with or without Iran. We are reinstating THE IRANIAN BLOCKADE," Trump said on Truth Social.
India's capital expenditure (capex) cycle is expected to strengthen further over the coming quarters, led by a gradual pickup in private sector investment, with overall investments projected to rise 1.8 times to about USD 2.2 trillion by FY2030, according to a Morgan Stanley report. "We expect incremental capex of about US$1tn, as overall investments increase 1.8x over the next five years, to US$2.2tn. This should lift the investment rate to roughly 37.5% by F2030, from its current rate of 34.6% of GDP," the report noted.
No bank card? No address? No problem. Shoppers in Africa increasingly are buying online from big brands such as Amazon or Walmart even though they have no physical presence on much of the continent. Among those benefiting from the shift are local and foreign package-forwarding companies that use technology and increasing internet penetration in Africa to overcome hurdles, including a lack of formal street addresses and customers with no access to traditional banks.
Luxury retailer Watches of Switzerland said on Tuesday that strong demand from wealthy U.S. shoppers has carried into its new financial year, and there were encouraging signs of improvement in the British market. The seller of Rolex, TAG Heuer and Audemars Piguet watches reported adjusted operating profit of £155 million ($207 million) for the year ended May 3, 2026, above company-compiled analyst expectations of £148.4 million, as affluent customers in the world's largest economy buy luxury items amid a stock market boom.
China's smartphone shipments fell 4.3% to 66 million units in the second quarter from a year earlier, as many manufacturers hiked prices to reflect rising memory and component costs, research firm IDC said on Tuesday. It was the fifth straight quarterly decline, and first-half shipments were down 4.2% from a year earlier. Huawei Technologies and Apple were the only vendors to post growth in the quarter, with shipments up 19.4% and 24.4%, respectively.
The development of AI will require investment of $5 trillion each year by 2040, and any talk of a bubble forming around the technology is "absurd", SoftBank Group CEO Masayoshi Son said on Tuesday. Over the past two years, the technology investment group has embarked on an expansive investment programme to establish itself as a core AI platform, putting tens of billions into OpenAI, financing data centres and investing in robotics firms.
Australian business conditions were steady in June as cost pressures eased following a U.S.-Iran peace deal to end their conflict, a survey showed on Tuesday, although renewed hostilities have since sent oil prices higher again. The survey from National Australia Bank showed its index of business conditions was steady at +3 in June for a third straight month. Confidence also improved to -5, from a deeply pessimistic -14 in May.
Global smartphone shipments fell 11% in the second quarter to their lowest level for the period since 2013, as a prolonged memory chip shortage drove up handset prices and dampened demand, according to early estimates from Counterpoint Research. Apple bucked the trend with a 3% rise in shipments, taking its global market share to a record 20% in the quarter on resilient demand for its premium iPhone lineup and keeping prices unchanged. However, analysts expect price increases in the coming months.
Intel has begun a €5 billion ($5.7 billion) capital investment to upgrade its Irish campus and expand its European output to meet growing global demand for AI and high-performance computing, the U.S. chipmaker said on Monday. Intel said the move would upgrade and maximize capacity at its facility in Leixlip outside Dublin that produces Intel 3 silicon wafers, which the company says is the most advanced semiconductor manufacturing facility of its kind in Europe.
Prashant Kishor declared assets worth more than Rs 96 crore as he filed a poll nomination from Bihar on Monday. Kishor declared a total income of Rs 58,45,430 as per income tax returns in FY25 after making a Rs 10 crore donation to his party. The affidavit also outlined their combined wealth spanning fixed deposits, mutual funds, bonds, a dismantled rice mill and 475 grams of gold. The former poll analyst also declared loans and liabilities worth Rs 5.77 crore, while his wife declared Rs 55.38 lakh in liabilities.
Rebound in shipments to West Asia and strong performance in other Asian and African markets helped India’s merchandise exports grow 15.5% to $40.41 billion in June. But a 31% increase in imports to $70.84 billion pushed up the trade deficit to a five-month high of $30.43 billion. The biggest drivers of imports and the deficit were a 40% increase in crude oil imports to $19.3 billion, a 59% jump in electronic goods imports to $13.3 billion, and machinery imports that grew 31% to $5.79 billion.
Food inflation, as measured by the recently revised consumer food price index, continued to move upwards to touch 5.32% in June, primarily because tomatoes and ginger became costlier. Sequentially, the all-India Consumer Food Price Index (CFPI) rose by 1.7% last month from the May level. Food inflation was 4.78% in May 2026, and it was in the negative territory for seven months through December 2025.
India’s retail inflation based on the Consumer Price Index hit an 18-month high of 4.38% in June, rising above the Reserve Bank of India’s medium-term target of 4% for the first time since January 2025. The broadbased rise in CPI inflation, from 3.93% in May, signalled generalised price pressures building in the economy. June inflation came in slightly higher than the median of forecasts, which were in a broader band than usual.
India's exports to the US dipped 1.21 per cent to USD 8.17 billion in June, while imports grew 33.86 per cent year-on-year to USD 5.5 billion, according to government data. In June 2025, India's exports to the US stood at USD 8.27 billion, while imports were reported at USD 4.11 billion. During April-June 2026-27, the country's merchandise exports declined marginally by 0.06 per cent to USD 25.46 billion, while imports increased 23.82 per cent to USD 16.65 billion.
HCL Tech reported the highest sequential dip in headcount since Q1FY25 for the quarter ended June 30. The IT major’s employee base reduced by 3,292 in the first quarter of FY27. At the end of the quarter, its total headcount stood at 223,889 compared to 227,181 in the March quarter. This contrasts with Tata Consultancy Services (TCS) adding 9,200 employees in Q1, marking a second consecutive quarter of net hiring after the company added 2,356 employees in the March quarter.
Grasim Industries on Monday announced that its subsidiary Aditya Birla Renewables (ABReN) will acquire Shell’s India renewable energy platform, Sprng Energy, in a transaction with an enterprise value of Rs 17,200 crore ($1.8 billion), marking one of the largest renewable energy acquisitions in India. The Aditya Birla Group is believed to have lined up around Rs 15,000 crore of acquisition financing from State Bank of India and Axis Bank ahead of the transaction.
HCL Technologies on Monday reported a better-than-expected performance for the June quarter, with consolidated net profit rising 3% sequentially to Rs 4,624 crore, ahead of Bloomberg consensus estimates. The company also posted its highest-ever first-quarter net new bookings of $2.4 billion. The IT services major retained its FY27 revenue growth guidance of 1-4% and the margin guidance of 17.5-18.5%, in constant currency terms.
ICICI Prudential Asset Management Company reported a 25.51% QoQ increase in its net profit in Q1FY27 in its disclosure to the exchanges. The AMC’s net profit increased from Rs 769 crore in Q4FY26 to Rs 965 crore in Q1FY27. On a YoY basis, the AMC reported a 23.1% increase in its net profit from Rs 784 crore. The revenue from operations increased marginally from Rs 1,542 crore to Rs 1,564 crore during the quarter. The increase in net profit during the quarter was predominantly due to an increase in other income and a deferred tax credit. The fund house reported quarterly assets of Rs 11.17 lakh crore with a market share of 13.4% in Q1FY27 compared to Rs 9.44 lakh crore in Q1FY26.
Akasa Air is looking to raise 10.5 billion rupees ($110 million) through equity and debt, people familiar with the matter said, as India’s youngest airline seeks funds to overcome challenges brought on by the Iran war. The airline has approached existing as well as two new investors to raise about 8 billion rupees through equity, said the people, who asked not to be identified as the discussions are private. It is also in talks with state-run banks for at least 2.5 billion rupees in debt, they said, under an India government credit line for carriers hit by the conflict.
Spainish tech giant Submer Group on Monday announced a $2 billion investment in Madhya Pradesh semiconductor industry, a move expected to create nearly 5,000 direct employment opportunities. The announcement was made at the MP Tech Growth Conclave 3.0: GCC - Data Centres and Semiconductors, according to a senior state government official.
California and 11 other US states have filed a lawsuit to block Paramount’s proposed $110 billion acquisition of Warner Bros. Discovery, arguing that the deal would reduce competition in the entertainment industry and ultimately hurt moviegoers, television distributors and consumers, reported Reuters. The lawsuit marks one of the biggest legal challenges yet to Paramount CEO David Ellison’s plan to expand the company into a stronger rival to streaming giants Netflix and Disney. The states say that combining two of Hollywood’s biggest studios would give the merged company too much control over film distribution and cable television, allowing it to exercise greater influence over prices and content.
Retail stress continues to build up on banks’ books, with lenders putting up about Rs 15,000 crore of fresh non-performing assets (NPAs) for sale to asset reconstruction companies (ARCs) in the quarter ended June. The bulk of the fresh NPAs came from the retail segment, while about one-fifth comprised loans to smaller corporate accounts, such as micro, small, and medium enterprises. Including these new additions, the total stock of bad loans currently available for acquisition by ARCs stood at Rs 50,000 crore.
India is close to accepting an offer from Fairfax Financial Holdings Ltd. for IDBI Bank Ltd., possibly at a slightly higher price, according to people with knowledge of the matter, in what could potentially be the biggest foreign investment in the country’s banking sector. Fairfax, whose earlier bid for IDBI Bank failed to meet the government’s reserve price, is considering increasing its offer by a few rupees per share, the people said, asking not to be identified as the deliberations are private. They declined to share specifics.
Indian government bonds plummeted early on Tuesday, as fresh strikes in the Gulf obstructed shipping through the Strait of Hormuz, yanking oil higher and triggering a global debt selloff. U.S.-Iran fighting stretched into a third night after a fragile ceasefire collapsed, with both sides reinstating rival blockades of the strait once again. Brent crude climbed 9.6% overnight, its biggest jump in more than six years, and added 1.9% in Asian trade to be at $84.84 per barrel.
The Competition Commission of India (CCI) on Monday held tech giant HP India liable for orchestrating bid-rigging through its 16 authorised resellers in the Government e-Marketplace (GeM) tenders. The CCI found the firm guilty of cover bidding, price fixing, and dividing the tenders among themselves for supplying printer ink and toner cartridges between 2017 and 2020. In two separate orders involving HP’s personal system products (such as laptops, desktops, notebooks, workstations) and printer consumables, the commission said HP India coordinated bids among its reseller network by selectively issuing Manufacturer Authorisation Forms (MAFs), which is a mandatory certificate required from the original manufacturer to bid on government tenders.
The Indian IT sector is expected to continue to grapple with weakened revenues due to AI-led deflation for the next three years, according to an S&P Global Ratings report. While most IT services firms still generate revenue from businesses that aren’t prone to AI disruption, like cloud-related digital transformation or IT consulting contracts with long timelines, overall revenue from the sector will see a transformative change after 12-24 months.
India's textile exports grew nearly 10 per cent in June 2026, but a sharp decline in apparel shipments kept overall textile and apparel exports almost flat during the month, according to an analysis by the Confederation of Indian Textile Industry (CITI). According to the "CITI Analysis of Exports and Imports of Textile and Apparel for June 2026, "During June'26, Indian Textiles exports registered a growth of 9.64% over the previous year while Apparel exports registered a significant degrowth of -11.25% during the same time period."
India's top FMCG companies presented a mixed picture on staff strength in 2025-26, with Hindustan Unilever and Dabur trimming their permanent workforce even as most players in the sector raised median employee remuneration, according to disclosures in their annual reports. While Nestle India, Marico and Tata Consumer Products Ltd (TCPL) added to their headcount during the fiscal, Hindustan Unilever (HUL) and Dabur saw a decline in permanent employees on their rolls, the filings showed. Median remuneration increases across companies in FY26 ranged between 6.08 per cent and 12.1 per cent, with Tata Consumer Products leading and HUL trailing among the five majors.
Institutional investments in India's real estate sector rose 58 per cent to a record USD 4.1 billion during the January-June period on better inflows from domestic and global investors, according to Vestian. Fund inflows stood at USD 2.6 billion in the year-ago period. In the April-June quarter, institutional investments in the real estate sector grew 49 per cent to USD 2.7 billion. Cumulative investments reached USD 4.1 billion in H1 2026, the highest first-half inflow recorded since the Covid-19 pandemic, US-based real estate consultant Vestian said in its latest report.
China's exports likely grew at a slightly slower but still-solid pace in June, as firms accelerated shipments to the U.S. ahead of possible new tariffs, rode the AI boom, and competed aggressively on prices to win over cost-conscious consumers.
Egypt's current account deficit more than doubled to $5.1 billion in the January-March quarter from $2.3 billion a year earlier, central bank data showed on Sunday. • Net foreign direct investment inflows edged down to $3.7 billion from $3.8 billion in the same period of 2025.
India and Canada concluded the third round of negotiations on the Comprehensive Economic Partnership Agreement (CEPA) late last week (July 6-10), with notable progress being made across issues. Both the countries are hopeful of concluding the negotiations by the end of 2026.
India and New Zealand on Saturday announced a strategic partnership with an ambitious goal to double bilateral trade to Rs 35,000 crore, or NZ$7 billion, by 2030. PM Narendra Modi and New Zealand PM Christopher Luxon agreed to work together to ensure early enforcement and effective implementation of the Free Trade Agreement (FTA), signed on April 27 this year.
India rejected a quick trade agreement with the U.S. in recent talks and is holding out for a better deal as Prime Minister Narendra Modi draws confidence from new trading partners, eased economic risks and political gains at home, officials and analysts said.
Corporates will have to spell out the anti-money laundering and due diligence measures undertaken on overseas business partners and co-investors in foreign joint ventures and subsidiaries, and describe the processes followed in carrying out these checks. Such information, rarely, if ever, sought earlier, will be gathered by banks from corporate clients with overseas direct investments (ODIs) and shared with the Reserve Bank of India (RBI).
India's infrastructure push will require not only long-term financing but also a bigger pool of companies capable of executing large-scale projects, Rajkiran Rai, managing director and chief executive of National Bank for Financing Infrastructure and Development (NaBFID), said. In an interview with ET, Rai discusses the challenges related to land acquisition, project preparation, transmission infrastructure and aggressive bidding, while outlining NaBFID's role in financing sectors that are critical to India's infrastructure development. Edited excerpts:
ndia is laying the groundwork for its first dedicated Marine Export Zones (MEZs) under the Special Economic Zone framework with the aim to set up an integrated seafood ecosystem. The planned initiative seeks to move beyond fragmented aquaculture infrastructure by creating end-to-end export clusters that combine farming, processing, logistics and value addition within a single ecosystem, ToI reported on July 11.
Tata Consultancy Services (TCS) is building a team of up to 8,900 forward-deployed engineers and hunting for AI acquisitions as it bets artificial intelligence will create new business rather than undermine outsourcing, two TCS executives told Reuters. The strategy emerges amid investor concern that AI could disrupt India’s $315 billion IT services industry by reducing demand for engineering teams, shortening project timelines and squeezing prices as clients seek a share of productivity gains.
Aditya Birla Group has proposed investing an additional $1.26 billion to triple the capacity of its Kansariguda alumina refinery in Odisha to 3 million metric tons per annum, the state government said on Saturday. The expansion, to be executed by the group entity Hindalco Industries, takes the total proposed investment in the refinery to about $2.1 billion, the statement said.
First, the good news. In a heartening sign of resilience, India’s top companies posted robust growth in the past financial year after a two-year hiatus, benefiting from benevolent commodity cycles and cost management that helped them navigate otherwise tough market conditions at home and abroad. Leavening that bit of cheer is a bit of bad news: uncertainty in West Asia despite the end of the US-Iran war. Even the status of Strait of Hormuz, the chokepoint for 60% of world oil trade, is unclear despite the truce.
Can a GST officer send a business a "fraud" notice without first proving the fraud? Yes, says the Madras High Court. In a batch of cases led by Fastenex Private Limited v. State Tax Officer [2026] 188 taxmann.com 219, the Court has held that an officer needs only a reasonable basis in the records to issue such a notice. The actual proof of fraud can come later, when the case is finally heard and decided.
Indian investors are increasingly exploring foreign asset classes such as US stocks and exchange-traded funds (ETFs) through Gujarat International Finance Tec-City (GIFT City). According to data from India International Exchange’s (India INX) Global Access Provider (GAP) platform, the total traded value in the June quarter (till June 26) surged more than 80 % quarter-on-quarter (QoQ) to around $1.74 billion. In the March quarter, traded value had risen 34 %. Traded value refers to the total monetary value of all executed transactions.
Sixteen of India’s 129 unicorns have slipped below the $1-billion valuation mark, underscoring the shakeout that followed the funding boom of 2021 and raising a new question for investors: which startups are facing a temporary valuation reset and which risk becoming India’s own zombie unicorns? The debate has gathered pace globally after Stanford University data showed a growing number of US startups once valued at more than $1 billion have either raised capital below their peak valuations or are no longer unicorns.
Investor participation through systematic investment plans (SIPs) strengthened in June, with the mutual fund industry recording the highest net monthly increase in contributing SIP accounts since February 2026. The industry registered 5.55 million new SIPs during the month against 5.06 million discontinuations, resulting in a net addition of 487,000 contributing SIP accounts. The SIP stoppage ratio — the proportion of discontinued SIPs to new registrations — declined to 91.23% from 95.46% in May, the lowest level in four months.
Over the past two years, India’s central bank built one of the world’s largest bearish dollar bets to support a persistently weak rupee. It now faces the challenge of unwinding that position without destabilising the currency market. With a spate of recent measures expected to attract foreign capital, the Reserve Bank of India has started trimming its massive short dollar forward position, a stock of commitments to sell the greenback at a future date. The book had ballooned to a record $106.7 billion in May, as per Bloomberg calculations based on RBI data.
For most of the past two years, a comforting story has taken hold in India's stock market. Foreign portfolio investors (FPIs) have sold relentlessly, yet share prices have held up. Domestic mutual funds (DMFs), fuelled by a torrent of money into systematic investment plans (SIPs), have stepped in as buyers of last resort. The implication is clear: India no longer depends on fickle foreign capital. Retail investors have arrived, absorbed the shock, and stabilised the market. The numbers appear to support the claim. Since September 2024, FPIs have been heavy sellers, culminating in record net outflows of $19.6 billion in 2025-26 (FY26). Domestic institutional investors, meanwhile, bought nearly $96 billion worth of equities.
Foreign investors seem to be turning bullish on Indian equities again with more than $1 billion invested in the last week. Goldman Sachs Group Inc. has projected that these overseas inflows could strengthen further as a stable rupee and improving earnings expectations are encouraging global funds to increase their exposure to Indian equities. The renewed interest from foreign investors could help extend the recovery in the benchmark NSE Nifty 50 index, which has climbed about 8% since touching a one-year low in April. Softer oil prices and the rupee's stability have improved expectations for corporate earnings.
Foreign investors pulled a net $46.1 billion from emerging market equities in June, led by heavy selling in technology-focused markets such as South Korea and Taiwan, according to the latest data from the Institute of International Finance (IIF), highlighting growing caution toward risk assets despite continued appetite for emerging market debt. According to a Reuters report citing the IIF's monthly portfolio flows data, overall portfolio flows to emerging markets turned negative for a second consecutive month, with net outflows of $17.8 billion in June.
Japan aims to raise the ratio of unlisted shares, real estate and other alternative investments in the portfolio of the Government Pension Investment Fund, the world's largest pension fund, the Nikkei said on Sunday. Finance Minister Satsuki Katayama, who has been trying to boost the weak yen, sparked a jump in the currency and government bond prices on Friday by saying the government aimed to steer the $1.8 trillion GPIF and other state pension funds to "substantially" increase investments in domestic assets.
Nippon Paint has offered to buy AkzoNobel's decorative paints business for €7.5 billion ($8.55 billion), the company said on Monday, a month after it withdrew an offer to buy the whole firm along with U.S.-based Sherwin-Williams for €12.5 billion.
Fertilizer supplies to Southern Hemisphere agricultural powerhouses like Brazil and Argentina are at risk as a fragile ceasefire between the US and Iran frays just as planting season nears. The flow of fertilizer ships entering the Persian Gulf — a region that accounts for about a third of global urea exports — has slowed to a trickle since late June as tensions began to rise again with a spate of Iranian attacks on vessels transiting the Strait of Hormuz. Just four empty vessels booked to load fertilizer cargoes have transited the waterway into the Gulf since June 30, tanker tracking data compiled by Kpler and Bloomberg show. Two of those ships have recently loaded cargo but are yet to depart.
SK Hynix Chief Executive Kwak Noh-jung said the global memory industry is heading for its worst-ever supply shortage in 2027, forecasting that demand for memory will continue to exceed the company's ability to produce it well into the next decade despite aggressive capacity expansion. "We forecast that next year will be the worst year in the industry's history from the supply perspective," Kwak told Reuters in an interview on Friday, the day the South Korean memory chipmaker began trading on Nasdaq. "Our customer demand continues to go up, while our capacity has limitations," he said. "We still forecast that customer demand will remain higher than our supply capacity even beyond 2030. But we are doing our best to solve the problem."
As the global race for artificial intelligence (AI) accelerates, one thesis stands out: the AI race will be won not just by algorithms or chips, but by the power grid that sustains them. That shift is reshaping the global economy, international security, foreign policy, digital governance, and industrial regulation. Every nation-state in this great-tech game is searching for a decisive advantage in this geo-technological landscape. Those at the cutting edge of AI research and development have been highlighting that the ability to sustainably deliver clean, reliable, and abundant electricity to data centres and chip fabs—the new factories of the 21st century—will be the decisive advantage.
HCL Technologies Ltd., Wipro Ltd. and Tech Mahindra Ltd. are set to report earnings as their investor base increasingly questions the value of traditional IT services in the age of artificial intelligence. The sector is weighed down by macroeconomic uncertainty, exacerbated by the Middle East conflict, and the disruptive impact of AI adoption. The twin pressures have weighed on sentiment, driving down shares this year. Negative sentiment toward the sector deepened after US-listed peer Accenture Plc forecast slower-than-expected quarterly revenue, reinforcing concerns over weakening demand and sending the NSE IT Index even lower. On Thursday, Tata Consultancy Services Ltd.
India's logistics cost for the mining and metals sector may be far closer to 8 per cent of GDP but the sector's underlying bottlenecks remain unchanged, Former NITI Aayog member V K Saraswat said on Friday. Addressing a conference on Enhancing Competitiveness of Mining and Metals, organised by FICCI here, he said that logistics must be recognised as a strategic determinant for mining & metals competitiveness. "India's logistics cost for the mining and metals sector may be far closer to 8 per cent of GDP than the widely cited 14 per cent figure, though the sector's underlying bottlenecks remain unchanged," Saraswat said.
Food Processing Industries Minister Chirag Paswan on Thursday announced that over 2 lakh micro enterprises have received credit-linked subsidy under the PMFME scheme since its launch in 2020 to set up processing facilities with a combined investment of Rs 20,300 crore. The total subsidy amount provided so far under the Pradhan Mantri Formalisation of Micro Food Processing Enterprises (PMFME) scheme is around Rs 6,000 crore, he added. Paswan said the PMFME Scheme, which was launched in 2020, has been extended till September this year, and the ministry is considering launching PMFME 2.0 with suitable changes to attract more investments in this sector.
India's defence exports are expected to rise to Rs 500 billion (Rs 50,000 crore) by FY2029, up from an estimated Rs 38,400 crore (Rs 384 billion) in FY2026, as indigenous weapons platforms gain wider global acceptance, geopolitical tensions spur military spending and government policies strengthen domestic manufacturing, according to a Kotak Institutional Equities report. The brokerage said defence exports have expanded nearly 50-fold over the past decade, from Rs 700 crore (7 billion in FY2014, driven by cost-competitive indigenous platforms such as the Akash surface-to-air missile system, Pinaka multi-barrel rocket launcher, BrahMos cruise missile and Nagastra loitering munition.
Wheat prices jumped Friday as traders weighed potential shipping disruptions following Ukraine’s attacks on top exporter Russia. Strikes by Ukraine on Russian oil refineries and several tankers off the country’s coast could lead Russia to close the Azov-Don canal and the Kerch Strait, which connects the Black Sea and the Sea of Azov. Shipping was temporarily stopped through a canal that links the Don River to the Sea of Avoz, Reuters reported citing two grain industry sources. While it’s not yet known if Russia’s grain flows were impacted, prices for wheat gained as much as 4.8%, the most since mid-May. Paris milling wheat futures, the benchmark for European prices, climbed as much as 5.7%, the biggest gain since mid-April.
The Centre allocated an additional 2 million tonnes of surplus broken rice from Food Corporation of India (FCI) stocks, over and above the 5.2 million tonnes released earlier, to run the ethanol blending programme. It also issued a detailed rebuttal to what it described as misinformation circulating on social media about the country's E20 ethanol blending programme, rejecting claims ranging from excessive water consumption and engine damage to insurance invalidation and environmental harm.
Foreign investors may soon be able to take unresolved disputes with India to international arbitration — but only after first pursuing domestic legal remedies for two years. The change is part of an overhaul of India’s Bilateral Investment Treaty (BIT) framework that is now taking final shape, official sources said. Under the existing 2016 Model BIT, foreign investors are required to pursue domestic legal remedies for five years before approaching international arbitration The revised Model BIT, expected to be placed before the Cabinet soon, will also serve as a flexible base text for future negotiations, allowing India to tailor provisions depending on the strategic importance of the partner country and the nature of the bilateral investment relationship, they said.
U.S. inflation "stepped up further this spring" as the evolving impact of tariffs, a war-related rise in energy costs, and the booming artificial intelligence buildout boosted price pressures that took root last year, the Federal Reserve said on Friday in a monetary policy report to Congress. "Inflation has risen this year and remains elevated relative to the Federal Open Market Committee's longer-run objective of 2%," with the most recent data showing the U.S. central bank's preferred Personal Consumption Expenditures Price Index running about double that rate as of May, the report said.
The Bank of Canada will hold its overnight rate at 2.25% on July 15 and keep it there well into next year as price pressures remain largely contained and the economy gradually recovers, a Reuters poll showed. While inflation rose to 3.2% in May, breaching the central bank's 1%-3% target range for the first time since December 2023, price increases are expected to slow over coming months, suggesting inflation is less of a worry in Canada compared to other major economies.
Canada's economy added a net of 18,200 jobs in June and the unemployment rate edged down to 6.5%, data showed on Friday, slightly beating estimates and continuing the momentum seen in the prior month despite the lingering trade uncertainty. Analysts polled by Reuters had forecast a net of 10,000 job gains, following a jump of 87,800 jobs in May, and they had estimated the unemployment rate at 6.6%, the same as posted in May.
Italian industrial output fell by more than expected in May, with a 0.3% month-on-month drop, official data showed on Friday, in a renewed sign of weakness for manufacturing in the euro zone's third-largest economy. A Reuters survey of nine analysts had pointed to a 0.2% month-on-month decline in May, after three consecutive increases.
Consumer prices in France rose 2.0% year-on-year in June on an EU-harmonised basis, statistics office INSEE said on Friday, confirming a preliminary reading published earlier this month. The harmonised inflation rate in the bloc's second-biggest economy — adjusted for comparison with other euro zone countries — slowed in June, compared with the May reading of 2.8%.
India has revved up plans to bolster its emergency crude buffer after recent geopolitical shocks exposed risks to oil supply routes. State-owned Oil And Natural Gas Corporation (ONGC) has approved a 1.75-million-tonne strategic petroleum reserve at Mangaluru, adding nearly 13 million barrels of storage. ONGC said in a stock exchange filing that the project will be developed as a Phase-I extension of the Mangaluru strategic petroleum reserve, along with associated facilities.
Extreme heat is emerging as a direct threat to Indian household incomes and living costs, with agriculture and construction workers projected to lose the equivalent of 22.5 working days a year to heat stress by 2030, according to a new report by adelphi global. The report, Heat, Health and Increasing Cost of Living: A Call for Action, said climate-driven heat affects household finances through two reinforcing channels: workers lose income when heat stress forces them to slow down, take longer breaks or stop work, while heat-related illness raises out-of-pocket medical expenses.
The government’s ethanol blending programme has helped timely payment of cane arrears to farmers and made the sugar industry financially viable, a food ministry official said on Friday.He said that blending 20% of ethanol with petrol, has helped the country save foreign exchange worth Rs 1.9 lakh crore as the country is importing less oils. “Currently sugarcane arrears (paid to farmers) have reached a lowest level. While during 2014-2021, `14,600 crore was allocated to mills as sugar exports subsidy, but after 2021, no subsidy has been provided because of diversion of surplus sugar into ethanol manufacturing,” Ashwini Srivastava, joint secretary, department of food and public distribution, said at the Grain Ethanol Manufacturers Association (GEMA) conclave 2026.
India’s data-centre sector is poised to draw investments of nearly $90 billion by FY35 across construction, power, cooling, networking and security infrastructure, according to a report released by KPMG in India this month, as the country’s installed capacity is projected to expand roughly tenfold over the next decade on the back of artificial intelligence-driven demand. The report estimates that the construction-linked value chain opportunity alone will touch $30 billion by FY30 before scaling up to $90 billion by FY35, as hyperscalers, global operators and Indian conglomerates race to build capacity suited for compute-intensive workloads.
India may face fresh regulatory heat as a sanctions bill to curtail purchase of Russian oil gains momentum in the United States. Four senators said on Friday that they had reached agreement with the Trump administration to move forward with updated legislation — assuring that it would be unveiled “very soon”. Washington has waived several restrictions amid the Iran war and allowed purchases of Russian seaborne oil to aid “energy-vulnerable” countries last month. “As Russia intensifies its slaughter of civilians, it is imperative that the legislative and executive branches work together to create tools to exact a heavy price on those who buy Russian oil and natural gas, fueling the Putin war machine,” read a joint statement.
The government has acknowledged that E20 petrol is currently costlier to produce than pure petrol at prevailing crude prices and can reduce fuel economy by 3-5% in some vehicles, but defended the ethanol-blending programme as a long-term energy-security move aimed at cutting India’s exposure to imported oil. The clarification comes amid a growing consumer backlash over 20% ethanol-blended petrol, with motorists raising concerns over lower mileage, possible impact on older vehicles and the absence of pure petrol or E10 at pumps. E20, a blend of 80% petrol and 20% ethanol, is now the standard petrol variant across the country.
Temporary global shocks may affect India's first quarterly economic performance during financial year 2026-27 (Apr-Mar), but the country's long-term growth trajectory remains strong despite prevailing uncertainties, Abhishek Rara, Partner, Price Waterhouse LLP, told on Friday. "We do have certain uncertainty. But I think if you see this quarter's performance and look at the long-term growth, and with all the projections coming out from various agencies, it's clear that India will continue to grow north of 6.5 per cent to 7 per cent on a sustainable basis over a period of time," Rara told ANI.
India and New Zealand on Saturday (local time) elevated their bilateral relationship to a "Strategic Partnership" and adopted the "India-New Zealand Strategic Partnership: Roadmap to 2030", setting out an ambitious framework to deepen cooperation across trade, agriculture, security, innovation and people-to-people ties over the next four years. According to the India-New Zealand Joint Statement, the two Prime Ministers "decided to elevate the bilateral relationship to a 'Strategic Partnership'" and endorsed the "India-New Zealand Strategic Partnership: Roadmap to 2030" as "a framework to guide joint action over the next four years."
The government has notified the mandatory use of the Trade Receivables Discounting System (TReDS) by all operating Central Public Sector Enterprises for the settlement of transactions with their MSME suppliers, in a decisive step to end the long wait for payments faced by the enterprises. The Ministry of Micro, Small and Medium Enterprises (MSME) issued the notification dated 30 June 2026, giving effect to a key announcement of the Union Budget 2026-27.
Russia is one of the few countries in the world that stands out for being one of the biggest exporters of crude oil and also among the largest refiners. But, four years after Moscow's war with Ukraine began, reports have emerged suggesting that India is now supplying gasoline to Russia. According to a Reuters report, traders have sold gasoline produced by Nayara Energy. Incidentally, Nayara is a Russia-backed refinery in India. The refiner has processed only Russian crude since the EU sanctions imposed in July 2025 and relies oncinternational traders for both crude imports and refined product exports. Last week, Reuters reported that around 60,000 metric tons of gasoline had been dispatched from India to Russia.
India's petroleum product exports could increase by around 25% from the FY25 level of $44.4 billion. India is one of the world's leading exporters of refined petroleum products. The increase is expected to come over the next few years as new refining capacity becomes operational by December 2026 through Indian Oil Corporation's (IOCL) largest expansion programme to date. Although India imports around 90% of its crude oil requirement, it has become one of the world's largest exporters of refined petroleum products by using its large and sophisticated refineries to process imported crude for both the domestic market and international buyers.
State-run oil marketing companies are expected to post a combined EBITDA loss of about ₹60,000-62,000 crore year-on-year in Q1FY27, as the full impact of the West Asia supply shock, elevated crude prices, weaker rupee and sharp retail fuel under-recoveries hit their profit and loss statements despite strong refining margins, according to brokerage estimates. Dolat Capital said OMCs are likely to post an EBITDA loss of ₹60,000 crore, a decline of 301% YoY and 251% QoQ. For perspective, this exceeds 50% of HPCL’s market capitalisation.
Tata Consultancy Services‘ June-quarter performance suggests the recovery in technology spending is likely to remain gradual rather than broad-based, with analysts pointing to sustained strength in banking and financial services but persistent weakness in consumer-facing industries and discretionary spending. The company’s management struck an optimistic tone on client conversations and deal activity, particularly in banking, financial services and insurance (BFSI), technology and manufacturing.
Vikram Solar on Friday signed a Memorandum of Understanding (MoU) to set up a battery energy storage systems (BESS) manufacturing facility at the SIPCOT Industrial Park at Gangaikondan in Tirunelveli district in Tamil Nadu at an investment of ₹15,037 crore. The unit is expected to generate 2,670 jobs. The facility, spread across nearly 600,000 square feet, is designed to eventually house module, cell, wafer and ingot production as part of the company’s push towards a fully vertically integrated manufacturing base. The battery storage plant extends that strategy into energy storage.
Bank of Maharashtra (BoM) on Friday reported a 26.84% year-on-year (y-o-y) jump in net profit to Rs 2,020 crore for the June quarter, driven by healthy growth in net interest income, improved asset quality and a sustained push towards low-cost deposits. Operating profit for the quarter rose 21.29% to Rs 3,117crore. Net interest margin was 3.85% against the bank’s full-year guidance of 3.75%. The bank attributed the performance to better asset quality, the Emergency Credit Line Guarantee Scheme (ECLGS) led MSME loan growth and a continued focus on mobilising low-cost deposits. The Bank’s International Branch became profitable in March 2026, within six months of commencing operations. Managing Director and CEO Nidhu Saxena said the bank had met all FY27 guidance numbers and, in some cases, exceeded them by a good margin. Net interest income rose 14.53% to Rs 3,770 crore. Regarding the FCNRB deposit mobilisation, he said it was early days, and there were no big numbers to report. They were in the process of formulating guidelines and setting internal targets. Saxena was confident of a sizable mobilisation by September as they were offering an interest rate of 6.60%, which was among the best by PSBs.
State-run Hindustan Copper Ltd (HCL) on Friday said it was moving in a "positive direction" over the proposed takeover of four Chilean copper blocks from state-owned Codelco, with transaction advisors already appointed to study the data and regulatory issues being examined on both sides. The development assumes significance as India seeks to secure critical raw materials for its green-energy transition and reduce reliance on imports for copper used in electrification and electric vehicles.
Mr Nandi, a US-based NRI originally from Bengaluru's Hosur Road, landed in trouble after he filed his Income Tax Return (ITR) for Assessment Year (AY) 2020-21, declaring a long-term capital gain (LTCG) of Rs 16.33 lakh from the sale of a property for Rs 2.63 crore through a registered sale deed on January 1, 2020. In his ITR, Mr Nandi showed only Rs 16.33 lakh as LTCG by claiming a total indexed cost of acquisition (inflation benefit) of Rs 2.3 crore, which included the benefit of indexation along with some other expenses he incurred in connection with the property. After factoring all these expenses, he arrived at the LTCG figure of Rs 16.33 lakh. The Income Tax Department denied most of these expenses, increasing his taxable income and, consequently, his tax liability, and sent Nandi a tax notice.
Kotak Mahindra Bank will keep exploring acquisitions alongside organic growth to expand its business, managing director and chief executive officer Ashok Vaswani said in the bank's annual report. "While our primary focus remains on organic growth, we will continue to pursue inorganic opportunities that enhance scale, capabilities or customer reach, as evidenced by our recent acquisition of Deutsche Bank’s retail portfolio," Vaswani said in his message to shareholders. Last month, the lender signed a definitive agreement to acquire Deutsche Bank's retail, private banking and wealth management business in India for Rs 282 crore. The acquisition is expected to strengthen Kotak Mahindra Bank's presence in the affluent banking segment and grow its small business lending portfolio. Vaswani said the bank, with a consolidated balance sheet of more than Rs 10 lakh crore, will also be looking to tap the business opportunities coming with the country's economic expansion.
A decade ago, it was not too difficult to spot a person who had achieved financial success. That success was easily identifiable: a luxury vehicle in the driveway or an expensive watch on the wrist. Or simply a very extravagant lifestyle which was impossible for others to ignore. However, today, with growing frequency, the subject of “wealth” seems to be shifting. While luxury goods will always hold some degree of aspirational value, many young professionals are beginning to value something far less visible — but arguably far more powerful. Instead of asking “What can I afford to buy?”, the question is increasingly becoming, “What kind of choices can my money give me?” While this may not mean you are looking to quit your job or get rich sooner, it represents a larger paradigm shift in how we view our financial security. This paradigm shift emphasizes flexibility, resilience, and the ability to make decisions with confidence when navigating uncertainty. Experts believe this way of thinking could fundamentally alter what financial success means over the coming years.
Investor participation through systematic investment plans (SIPs) strengthened in June, with the mutual fund industry recording the highest net monthly increase in contributing SIP accounts since February 2026. The industry registered 5.55 million new SIPs during the month against 5.06 million discontinuations, resulting in a net addition of 487,000 contributing SIP accounts. The SIP stoppage ratio — the proportion of discontinued SIPs to new registrations — declined to 91.23% from 95.46% in May, the lowest level in four months. Monthly SIP contributions rose to Rs 31,781 crore, the second-highest on record after the all-time high of Rs 32,087 crore in March. Supported by stronger inflows and improved market performance, the mutual fund industry’s assets under management (AUM) increased to a record Rs 82.22 lakh crore in June from Rs 81.58 lakh crore in May. The improvement in SIP activity coincided with a rebound in equity mutual fund inflows, which rose more than 26% after nearly 40% decline in May. Mid-cap and small-cap funds attracted the highest net inflows of Rs 6,090 crore and Rs 5,602 crore, respectively. While inflows into mid-cap schemes surged around 40 per cent month-on-month, those into small-cap funds rose about 13 per cent. The categories also benefited from gains of 1.4% and 5.3%, respectively, in their benchmark indices during the month.
The government on Friday exempted units operating in the International Financial Services Centre (IFSC) at GIFT City from obtaining a licence under Section 11 of the Coastal Shipping Act, 2025 for chartering foreign vessels for export-import (EXIM) and international trade operations, in a move aimed at strengthening India's maritime leasing and financing ecosystem. The exemption, notified by the Ministry of Ports, Shipping and Waterways under the Coastal Shipping Act, 2025, removes the requirement for eligible IFSC units to obtain a licence from the Director General of Shipping for chartering foreign vessels for operations covered under Section 11. According to the government, the reform is expected to strengthen GIFT City as a globally competitive maritime leasing and financing hub, facilitate maritime investments and support India's emergence as a leading maritime services centre. The government said the move would simplify the regulatory framework governing the chartering of foreign vessels for international shipping operations and is expected to encourage maritime leasing, ship financing and ship-owning activities through GIFT City while fostering a globally competitive business environment for maritime enterprises.
Morgan Stanley’s Lisa Shalett has urged investors to remain cautious on semiconductor stocks, arguing that signs are emerging that chipmakers’ pricing power is weakening despite the AI-driven rally. “We are seeing the AI data center tech stack, if you will, being re-engineered to include lower cost proprietary chips that many of the hyperscalers are now designing themselves,” Shalett, chief investment officer at Morgan Stanley Wealth Management, said, according to a Bloomberg report. Her comments come as South Korean chipmaker SK Hynix began trading on the Nasdaq after raising $26.5 billion in the largest-ever US initial share sale by a foreign company. The stock has been volatile in its home market, falling 26% from last month’s peak. “There is ample capital still available broadly to this trade,” Shalett said. However, she noted that the semiconductor industry is witnessing a familiar trend: “Where supply chains get bottlenecked and folks are extracting excess rents as some of the memory chip guys are, the engineers get to work” to develop lower-cost alternatives.
A sharp retreat from tech-heavy equities in South Korea and Taiwan fuelled net emerging market stock outflows of $46.1 billion from foreign investor portfolios in June, banking trade group data showed, contributing to a second straight month of overall portfolio losses for developing economies. The monthly report from the Institute of International Finance said on Friday foreign investors pulled $30.5 billion from South Korean stocks - the biggest outflows in more than 25 years - while Taiwan equities bled $18.3 billion. However, the report showed a sharp split between equity and debt flows, with bonds pulling in $28.3 billion last month even as overall portfolio flows swung to a net loss of $17.8 billion. "Investors are still willing to lend to EM," IIF chief economist Jonathan Fortun wrote in the report. "They are less willing to add broad equity risk."
Global equity funds attracted their largest weekly inflow in three weeks in the week to July 8, as strong demand for AI-linked technology products and cooling expectations for Federal Reserve rate hikes boosted risk appetite. Global equity funds drew a net $49.23 billion in inflows during the week, marking their largest weekly inflow since June 17, LSEG Lipper data showed. Upbeat June manufacturing activity reports last week pointed to strong demand for AI-related products, including chips and computers. Expectations for robust AI-sector earnings also supported sentiment. The technology sector is forecast to post 54.2% year-on-year growth in second-quarter net income, according to LSEG data based on the mean of analysts' estimates.
Apple has sued OpenAI and two former employees on Friday, accusing them of trade secret theft amid simmering tensions between the two tech giants over the past few months. The lawsuit filed in federal court in Northern California underscored the Tim Cook-led Big Tech firm alleging that the ChatGPT maker orchestrated a scheme to systematically acquire and exploit Apple’s confidential information through former employees and other efforts to develop its own consumer hardware. This latest development marks a dramatic escalation of the tiff that began to take shape when OpenAI announced plans to enter the hardware industry last year. At the time, the Sam Altman-led artificial intelligence startup bought Jony Ive’s startup, IO Products (also named in the lawsuit), for $6.4 billion. OpenAI has since denied the allegations and insisted on Friday that it had “no interest in other companies’ trade secrets”. The shocking reversal also comes as OpenAI and Apple announced their ambitious partnership to integrate ChatGPT into Apple experiences in 2024. However, the tide appears to be turning with the current legal skirmish. In its filing, the iPhone maker said that more than 400 former Apple employees are now working for OpenAI.
Russia's decision to ban diesel exports this week has roiled global energy markets, exacerbating shortages of the industrial fuel and sending prices soaring, even in countries that no longer buy the fuel from Moscow. Diesel accounts for the largest share of global oil consumption, and soaring prices can ripple through the global economy given its wide range of uses, from industrial machinery and farm equipment to heavy transport and electricity generation. Supply has remained tight for years due to strong post-pandemic demand and output reductions that accompanied refinery closures in the West. The Iran war has further strained the market. Russia is the world's second-largest diesel exporter after the U.S., and refinery outages there can significantly affect global supplies of fuels. Its exports were already slowing prior to the ban due to domestic shortages left by Ukrainian drone attacks.
German carmakers' sales collapsed further in China during the second quarter, as a protracted slowdown in the world's biggest auto market cranked up the pressure on legacy brands in a bruising battle with local competitors. Volkswagen, Mercedes-Benz and BMW all saw a drop of at least 30% in the April to June period in China, according to company sales data. Volkswagen reported on Friday the steepest year-on-year decline, at 36.6%. "The situation remains challenging in China, where we were unable to escape the overall market decline of around 20%, despite initial positive momentum from our newly launched, locally developed electric vehicles there," Volkswagen sales executive Marco Schubert said. PINNING HOPES ON NEW PRODUCTS Volkswagen was unseated by Chinese EV heavyweight BYD as the market's top-selling carmaker in 2024, but the German company briefly wrested back its crown at the start of the year as it embarked on an EV-heavy product offensive in the country.
U.S. oilfield services firm Baker Hughes BKR.O secured EU antitrust approval on Friday for its $13.6 billion acquisition of Chart Industries GTLS.N after agreeing to sell a Chart business. Baker Hughes announced the deal in July last year to boost its presence in industrial technology servicing liquefied natural gas and data centres and to leverage its industrial and energy technology portfolio. The European Commission, which acts as the EU competition enforcer, said concessions offered by Baker Hughes addressed its concerns about the company's ability and incentive to favour Chart's LNG business. It said the companies will divest Chart's proprietary process technology and its small-scale process technology business and will also ensure the interoperability of their equipment with third parties' LNG equipment. The remedies will be valid for 10 years.
Investor appetite for precious metal exchange-traded funds (ETFs), which was on a decline over the past four months, rebounded sharply in June as a steep correction in gold and silver prices prompted investoRs to deploy capital. Silver ETFs attracted an estimated Rs 4,900 crore of net inflows in June, reveRs ing four consecutive months of net outflows totalling nearly Rs 3,770 crore. Gold ETFs also returned to positive territory with estimated net inflows of around Rs 2,900 crore, after witnessing their fiRs t monthly redemption in over a year in May. FactoRs Driving the Rebound The renewed interest came after a sharp correction in bullion prices. Domestic gold prices declined around 9.7 per cent in June, while silver tumbled 14.4 per cent, taking both metals to multi-month lows. The decline was triggered by a stronger US dollar, rising US Treasury yields, and growing expectations that the US Federal Reserve would keep interest rates higher for longer.
The Assam government today announced its budget with a major focus on infrastructure development. The state has announced new projects and allocations worth over Rs 55,000 crore in partnership with the Government of India. The investment will focus on improving connectivity, reducing travel time and supporting economic growth across Assam and the Northeast. The budget focuses on new roadways, high-speed corridors, railway connectivity, airport expansion and metro corridor plans. Here is the full list of major projects announced and the amount allocated for each project. Metro Rail along the Guwahati Ring Road The Assam government announced plans for a metro rail system along the Guwahati Ring Road. A feasibility study will be carried out to examine the possibility of building the metro over or alongside the Ring Road.
E-commerce giants Amazon and Flipkart have now entered India’s quick commerce market with Amazon Now and Flipkart Minutes. Should Zepto, Blinkit and Instamart be worried? Analysts believe that these new entrants may not significantly impact the incumbent players and Blinkit likely to retain its leadership position. That said, industry experts do see the risk of the existing quick commerce players losing some market share as a result of the aggressive dark store addition by Flipkart and Amazon. Amarjeet Maurya, DVP Fundamental Research, Kotak Securities believes that “these incumbent players are likely to lose some market share as both companies expand rapidly from a relatively small base through aggressive dark store expansion.” Can dark store additions be the real game changer? Flipkart Minutes currently operates around 875 dark stores and is expected to add nearly 100 stores every month, taking its network to around 1,500 stores by the end of CY26.
The Government of Gujarat on Thursday launched a comprehensive ‘Data Centre Policy‘ designed to position the state as India’s premier destination for hyperscale and colocation data centres, with a specific focus on supporting artificial intelligence (AI) workloads and high‑performance computing. The policy sets ambitious targets — attracting an estimated Rs 6 lakh crore of investment and enabling 7.5 GW of data‑centre capacity — and couples those goals with a wide package of fiscal and non‑fiscal incentives, streamlined approvals and sustainability requirements. According to a press release from the Gujarat Chief Minister’s office (CMO), the policy lays out a clear vision to build a scalable, secure and sustainable digital‑infrastructure ecosystem that anchors the nation’s digital economy and attracts global cloud providers and hyperscalers. Gujarat intends to leverage its existing strengths — abundant renewable power, reliable round‑the‑clock electricity, and growing international connectivity — to offer a hyperscale‑ready governance framework and investor‑friendly operating environment. “Gujarat is the first state to bring this policy. We are confident it will attract investments of Rs 6 lakh crore, create 7.5 GW of data centre capacity and generate significant employment,” Chief Secretary MK Das said at the unveiling in Gandhinagar, underlining the state’s aim to become a national hub for cloud, AI and digital services.
India's diamond industry is witnessing two sharply contrasting realities. On one hand, exports of both natural and lab-grown diamonds have declined over the past two financial years and on the other, jewellery retail giants are ramping up investments in both segments to tap rising domestic demand. The country’s cut and polished diamond exports—its largest diamond export segment—declined to Rs 1.07 lakh crore in FY26 from Rs 1.12 lakh crore in FY25 and Rs 1.32 lakh crore in FY24, data from the Gems and Jewellery Export Promotion Council (GJEPC) showed, even as they continued to account for nearly 44% of the country's gems and jewellery exports. Worked lab-grown diamond exports also fell to Rs 10,012 crore from Rs 10,716 crore a year earlier and Rs 11,612 crore in FY24, suggesting that this weakness is not limited to natural diamonds and that slowing global demand, pricing pressures and disruptions in key overseas markets have affected nearly every segment of India's diamond export basket.
India's automobile sector is expected to report robust revenue growth of 22-24 per cent year-on-year in the first quarter of FY27, emerging as one of the biggest contributors to overall corporate revenue growth during the quarter, according to a Crisil report. The report estimated overall corporate revenue to have grown 11-11.5 per cent year-on-year in the quarter ended June 30, 2026--the fastest pace in two years despite supply chain disruptions and higher input costs stemming from the West Asia conflict. This compares with revenue growth of 9.6 per cent in the preceding quarter. According to Crisil, "automobiles remained one of the strongest growth drivers," supported by GST-led demand, healthy passenger vehicle (PV), two-wheeler and commercial vehicle (CV) sales, rising exports and selective price increases. "The 8-13 per cent reduction in GST rates fuelled volume-led growth across the auto sector," the report said.
India has extended the anti-dumping duty imposed on certain Chinese tubes and pipes till January 27, 2027 to guard domestic makers from cheap inbound shipments, according to a finance ministry notification. The duty on 'seamless tubes, pipes and hollow profiles of iron, alloy or non-alloy steel' was first imposed on October 28, 2021 for five years. Amending a notification, the Central Board of Indirect Taxes and Customs (CBIC) has said it extends "the levy of anti-dumping duty... up to and inclusive of 27th January, 2027 unless revoked, superseded or amended earlier". The existing duty ranges between USD 961.33 and USD 1,610.67 per tonne. The CBIC has also announced continuation of an anti-dumping duty on imports of 'Normal Butanol' or 'N-Butyl Alcohol' exported from Malaysia, South Africa, and the United States of America for five years.
Despite concerns over a deficient monsoon in several parts of the country, demand for tractors has remained resilient. Domestic tractor sales recorded strong double-digit growth in June on both a year-on-year and sequential basis. The robust performance also lifted first-quarter volumes, which rose 19% year-on-year, indicating that demand for farm mechanisation has so far remained largely insulated from weather-related uncertainties. Total domestic tractor sales grew 12% to 1,26,041 units in June from 1,12,677 units in June 2025 according to TMA data
Nearly 500 Global Capability Centres (GCCs) in India are not realising their full potential and have begun to plateau, according to a report by UnearthIQ and Embark. The report, titled The Great Plateau: Why GCCs are Unable to Reach their Full Potential, estimates that around 30% of GCCs established after 2020 have already plateaued, accounting for nearly 140-150 centres. It also estimates that 360-370 GCCs set up before 2020 are facing similar challenges, taking the total number of plateaued GCCs in the country to around 500-520. The findings come as India’s GCC sector continues to grow. The report said the country is expected to host more than 2,500 GCCs by 2030, supported by global demand, policy support, and the growth of AI, digital and innovation-led nano GCCs. However, it noted that many centres are not evolving at the pace expected by global enterprises, which are increasingly looking beyond cost savings towards business impact and innovation. “The plateau is not a sign of failure; it is a sign that the GCC model in India has reached an inflection point. Most GCCs are built to scale delivery. Few are designed to sustain relevance. The difference lies in design strength and execution discipline.
German inflation eased to 2.4% in June, the federal statistics office said on Friday, confirming preliminary data. Inflation, or the gain in consumer prices harmonised to compare with other European Union countries, had stood at 2.7% year-on-year in May.
French economic growth strengthened in the second quarter as activity increased in June across industry and rebounded in services and construction, the Bank of France said on Thursday, revising its outlook up.
Mexico's annual inflation rate fell in June for the third consecutive month, to its lowest level since December 2020, official data showed on Thursday. Annual prices in Latin America's second-largest economy slowed more than expected and settled into the central bank's target range, easing pressures to hike rates.
European Central Bank policymakers gathering last month were presented with projections showing inflation staying above target into next year despite nearly three ECB interest rate hikes, accounts of the meeting showed on Thursday.
Kenya's economy is expected to expand 4.3% this year and 4.4% in 2027, the World Bank said on Thursday, with this year's forecast being 0.6 percentage points lower than its November prediction due to the impact of the U.S.-Israeli war on Iran.
Skyrocketing demand from artificial intelligence data centers is exacerbating shortages of critical grid equipment like transformers across the U.S., driving up costs, stretching out wait times and spurring utilities and developers to lock in orders far in advance.
Cotton sowing in India, which had lagged 23 per cent behind last year through the kharif season, has gained pace in July as the southwest monsoon strengthens in key growing states such as Maharashtra, Agriculture Commissioner P K Singh said on Thursday. Cotton acreage stood at 63.18 lakh hectare as on July 5, against 82 lakh hectare planted at the same period last year, though the gap has narrowed as rains improve, Singh told PTI. "The monsoon has improved. It is raining well in July and sowing has picked up," he said. Cotton is sown twice a year in India and the planting window varies by region, Singh said. Sowing typically begins in Punjab and Haryana before spreading to Tamil Nadu. The window usually closes by July 15 but has been extended to July 30 this season because of the delayed monsoon. A trader in Ahmedabad said cotton acreage in Gujarat had risen sharply after lagging as recently as last week, with Gujarat, Maharashtra, Karnataka and Madhya Pradesh all receiving good rains.
Fresh unemployment claims in the United States fell unexpectedly last week, suggesting employers continue to hold on to workers even as hiring momentum weakens and economic uncertainty persists. Data released by the US Labour Department on Thursday showed 215,000 Americans filed first-time applications for unemployment benefits in the week ended July 4, down 2,000 from the previous week.
India signed a deal with Australia on Thursday to secure long-term supply of uranium for nuclear power plants, in a boost to its ambition of 100 GW nuclear energy capacity by 2047. The agreement, announced after Prime Minister Narendra Modi and his Australian counterpart Anthony Albanese held talks in Melbourne, comes nearly 12 years after the two countries signed a civil nuclear cooperation agreement.
Starbucks Corp. is developing in-house tools with the help of artificial intelligence that could replace some software applications it now buys from companies such as Microsoft Corp. and International Business Machines Corp. The coffee chain is building alternatives to a Microsoft system that tracks inventory and an IBM tool that manages maintenance, according to an internal presentation reviewed by Bloomberg News. Some of the Starbucks-developed software could roll out by the end of next year, pending the results of testing. For years, businesses were tethered to their technology vendors due to fear of business disruption and the complexity of building in-house tools. Now AI is shifting that calculus as it makes it easier to develop applications from scratch and as companies push workers to use the technology. Leading software companies face mounting concerns about whether they’ll be able to fend off competition from products built by upstarts, or their own customers, using AI. This phenomenon has weighed on software stocks this year, with Microsoft and IBM both trailing the S&P 500.
India has emerged as the fastest-growing major economy in intangible investments, with spending on assets such as software, research and development (R&D), intellectual property and organisational capabilities reaching $78.2 billion (around Rs 6.7 lakh crore) in 2023, according to the World Intangible Investment Report 2026.
More liquefied natural gas (LNG) tankers have resumed transiting the Strait of Hormuz in recent days, signalling a cautious return of commercial shipping through one of the world's most critical energy corridors despite renewed hostilities in the Middle East. Ship-tracking data from Kpler and LSEG showed that at least five ballast LNG carriers have entered the strategically vital waterway in recent days after traffic slowed following Iranian attacks on commercial vessels and subsequent U.S. retaliatory strikes on Iran. Among the vessels resuming transit are GasLog Shanghai, operated by Greek shipping company GasLog, and four QatarEnergy-linked carriers — Al Samriya, Al Dafna, Al Gattara and Al Rayyan.
The Asian Development Bank (ADB) on Thursday cut India’s GDP growth forecast for FY27 by 30 basis points (bps) to 6.6% from the 6.9% projected in April, citing the impact of rising energy prices on domestic demand, while retaining its FY28 growth estimate at 7.3%. In its July Asian Development Outlook, the multilateral lender said the revised outlook reflects elevated energy prices, which squeeze real incomes, affecting household spending and overall economic activity.
The Reserve Bank of India (RBI) is likely to keep policy rates unchanged in the near term, but BofA Securities expects a cumulative 50 basis points (bps) rate hike from December 2026 as inflation risks become increasingly driven by domestic factors. According to the report, macroeconomic risks have shifted from geopolitical tensions to local weather conditions, which are expected to play a key role in shaping future monetary policy.
A weak southwest monsoon could weigh on India's rural economy in the coming months by reducing farm incomes, pushing up inflation and slowing rural demand, according to a report by S&P Global Ratings. The report said sectors such as agriculture, agrochemicals, tractors, two-wheelers and microfinance are likely to be the most affected if rainfall remains below normal. "India's rural economy faces a dual threat: An unusually dry southwest monsoon and higher agro-input costs driven by geopolitical conflict. The agricultural sector is the most exposed, in S&P Global Ratings' view," the report said.
SK Hynix's U.S. trading debut on Friday following a $26.5 billion share sale will be a key test of investors' belief in the durability of the AI boom, coming after a recent pullback in semiconductor stocks. Chip stocks have lost some momentum in recent weeks after a stellar run, partly due to investor concerns about slower AI spending. SK Hynix shares have dropped a quarter from their record high hit two weeks ago. Even so, the company's stock is 650% higher than a year ago. The South Korean chipmaker is the latest to ride a frenzy of investor interest in firms perceived as reaping big gains from the AI revolution that has spawned hundreds of billions of dollars in capital spending. "Global semiconductors is the most crowded trade in the world right now," said Thomas Hayes, chairman at Great Hill Capital in New York.
Tata Consultancy Services (TCS), on Thursday reported a 2.7% sequential decline in consolidated net profit for the April-June quarter, weighed down by a one-time legal provision, even as the country’s largest IT services company beat Street expectations on revenue and pointed to sustained demand for AI-led transformation projects. The company posted a net profit attributable to shareholders of Rs 13,349 crore, compared with Rs 13,718 crore in the preceding quarter. The figure was marginally below Bloomberg estimates of Rs 13,436 crore. Excluding the exceptional legal cost, however, net profit stood at Rs 13,849 crore, ahead of estimates.
Japan is seeking to encourage its Government Pension Investment Fund, the world's biggest pension fund, to boost investment in domestic assets, Finance Minister Satsuki Katayama said on Friday. The fund owned 293.4 trillion yen ($1.8 trillion) in assets at the end of December, so its allocation decisions carry significant weight for global markets, and the announcement sent the yen and Japanese government bonds higher. The yen edged up about 0.6% to 161.4 per dollar. Benchmark 10-year Japanese government bond yields made their steepest drop in a month, falling 10 basis points to 2.775%. [JP/][FRX/] Here are market participants' reactions: RYUTARO KIMURA, SENIOR FIXED INCOME STRATEGIST, BNP PARIBAS ASSET MANAGEMENT, TOKYO: "I view Minister Katayama's remarks partly as comments aimed at restraining interest rates — in a sense, encouraging such market expectations — rather than as something with immediate practical effect. Today's decline in (bond) yields reflects the fact that the earlier rise in rates had been quite rapid."
Global demand for electric vehicles rose for a fourth straight month in June, driven by strong growth in Europe as sales weakened in China and North America, data from consultancy Benchmark Mineral Intelligence showed on Friday. Registrations of battery-electric and plug-in hybrid vehicles climbed 7% from a year earlier to 2 million in June, while first-half volumes were up 2%. • Europe EV registrations rose 31% to about 530,000 units, a record for June • BMI says Europe remains the main engine of EV growth • China registrations fell 11% to around 1 million vehicles • North America registrations fell 13% following the end of U.S. EV tax credits • Chinese automakers continue expanding overseas amid weaker domestic demand
Tata Consultancy Services (TCS) added 9,279 employees during the June quarter, its highest quarterly headcount addition in more than a year, signalling an improvement in hiring even as the company continues to reshape its workforce around artificial intelligence (AI).
OpenAI showcased a new AI agent on Thursday meant to help white-collar workers access the power of coding tools without the sticker shock. The agent, called ChatGPT Work, combines OpenAI's popular chatbot with its AI coding tool, Codex, to create documents, presentations and websites, the company said. The service is powered by OpenAI's most advanced AI model, GPT-5.6, which also debuted on Thursday. That model's launch was delayed last month at the U.S. government’s request over national security fears. ChatGPT Work is a direct answer to Anthropic's Claude Cowork, an agent it launched in January that is capable of planning and executing multi-step tasks autonomously. The launch reflects intensifying competition to build and sell AI tools for professional use, as technology companies seek to capitalize on rising demand for autonomous agents that can complete complex tasks with minimal human input. Anthropic and OpenAI — both of which are preparing for possible public offerings soon - are fighting for enterprise business, which is more lucrative than selling products to consumers.
India’s fast-moving consumer goods (FMCG) market witnessed an improvement in value growth during the June quarter (Q1FY27), supported by sustained momentum in rural markets, according to Bizom data shared exclusively with FE. Overall FMCG value growth rose to 6.8% in the April-June quarter, up from 3.6% recorded in the preceding January-March period (Q4), pointing to a sequential recovery in demand.
The share price of Tata Steel fell nearly 1% in early trade after the company released its provisional business update on July 8, after market hours. For Q1FY27, Tata Steel India’s crude steel production increased 11% year-on-year to 5.82 million tonnes from 5.23 million tonnes reported in the year-ago period. Domestic crude steel production rises 9% YoY The company said the rise in its domestic crude steel production was driven by higher output at its Jamshedpur and Kalinganagar units. Its domestic delivery volumes also jumped by nearly 9% to 5.17 million tonnes from 4.75 million tonnes. “Domestic deliveries grew 11% YoY, broadly in line with production, supported by enriched product mix and strong marketing franchise,” the company said in its filing.
Micron Technology said on Thursday it plans to invest more than $250 billion in the U.S. through 2035, driven by surging demand for memory chips in the AI era and President Donald Trump's push to bolster domestic chip production. The new investment plan represents a jump from the $200 billion that Micron announced last June, which was already increased by $30 billion from its original spending plans. Shares of Micron were up about 8% in early trading, adding to a more than 200% surge in value so far this year. Domestic chip manufacturing has been a key priority for the Trump administration, as the U.S. seeks to reduce dependence on foreign semiconductor production, boost economic output and maintain its lead in the global AI race. At the center of Micron's expanded investment plans is a semiconductor campus in New York. The project is running more than one quarter ahead of schedule, the company said on Thursday.
Commercial shipping through the Strait of Hormuz has nearly come to a halt after vessels were fired upon and Iran issued new warnings against crossings. This raises the risk of prolonged disruption to global energy supplies. According to a report in Bloomberg that cited tracking data, no commercial ship crossings were recorded on Sunday. There was a brief increase in traffic on Saturday. At least 13 oil tankers turned back towards the Persian Gulf on Saturday after Iran's Foreign Minister Abbas Araghchi said the strait was open. However, Tehran closed the waterway again after the United States refused to lift its naval blockade of Iranian vessels. The reversal came after confusion when some ships tried to pass through the strait following Araghchi's statement, but many made U-turns, the report stated. The disruption is trapping millions of barrels of oil and large volumes of liquefied natural gas in the Persian Gulf, threatening to extend the energy crunch affecting the global economy. The latest escalation followed several security incidents near the strategic waterway. The UK Maritime Trade Operations (UKMTO) reported that a tanker was approached by Islamic Revolutionary Guard Corps gunboats off Oman and came under fire on Saturday. In another incident, a container ship was hit by an unknown projectile, and another commercial vessel reported a projectile splash nearby.
Nissan Motor Co is open to exploring manufacturing partnerships with automakers beyond Renault in India, signalling strategic flexibility as it looks to expand in one of the world's fastest-growing passenger vehicle markets. Guillaume Cartier, chief performance officer at Nissan, told ET the company would consider contract manufacturing opportunities if it gets an appropriate proposal, though noting that there are no active discussions. "At this stage, I cannot say there is a specific discussion or negotiation. But I cannot say never," said Cartier.
After nine quarters of growth, or at least maintaining stability, global PC shipments have witnessed a significant negative trend in Q2 2026. Research firm International Data Corporation (IDC)’s latest PC shipments data indicates a 4.9% decline, with Apple being the only computing device maker to gain market share. IDC pegs the decline to memory chip shortage, due to a combination of factors including the West Asia conflict and investments in AI data centres hoovering up hardware inventory. In Q2 2026, 68.2 million computing devices were shipped worldwide, down from 71.7 million shipments in the same quarter last year. While a decline was predicted, this severity in terms of percentages wasn’t expected. The outlook for coming quarters, doesn’t exactly indicate a light at the end of this tunnel. “Given worsening macro conditions and a memory shortage that isn’t expected to ease until early 2028, we don’t expect another round of inventory pull-forward, which points to a sharp slowdown in growth rates in the second half of 2026. Vendors are bracing for further price hikes into 2027, and channels are already flagging concern about elevated inventory at these higher price points,” says Jitesh Ubrani, research director for consumer devices at IDC.
The income tax department has released the Excel Utility for ITR-7 for Assessment Year (AY) 2026-27, enabling eligible taxpayers to prepare and file their income tax returns offline through the income tax e-filing portal. “Kind Attention Taxpayers! The Excel Utility for ITR-7 for Assessment Year 2026-27 is now available on the Income Tax e-Filing portal," Income Tax India said in a post on X on Friday.
If you hold a bank account, stocks or any financial assets abroad, the tax department is about to make sure you can't forget them at filing time. In an order dated 8th July 2026, the Central Board of Direct Taxes (CBDT) has authorised the Director General of Income-tax (Systems) to upload information received under the Automatic Exchange of Information (AEOI) framework to taxpayers' Annual Information Statements (AIS), which will now be issued as Form 168 under the Income-tax Act, 2025.
Delays in land acquisition, right-of-way (RoW) clearances and regulatory approvals are emerging as a major bottleneck for India’s renewable energy ambitions, with a third of recently commissioned clean energy capacity relying on temporary transmission access that has seen curtailment of up to 60% during peak solar hours. A report by Icra cautioned that while India is headed for a Rs 5-6 lakh crore investment cycle in power transmission between 2026-27 and 2031-32, the pace of grid expansion will have to accelerate sharply to keep up with the country’s renewable energy build-out. As of May 2026, around 33% of the 54.8 GW renewable energy capacity commissioned recently was being evacuated through the temporary General Network Access (GNA) route, where power curtailment during solar hours has remained as high as 50-60% because of inadequate transmission capacity.
India’s fast-moving consumer goods (FMCG) market witnessed an improvement in value growth during the June quarter (Q1FY27), supported by sustained momentum in rural markets, according to Bizom data shared exclusively with FE. Overall FMCG value growth rose to 6.8% in the April-June quarter, up from 3.6% recorded in the preceding January-March period (Q4), pointing to a sequential recovery in demand. However, Q1 growth remained marginally below the 7.3% value growth registered in the corresponding quarter last year. Bizom tracks value growth across FMCG categories in over 8 million retail outlets. It does not report volume growth. Rural markets recorded 9% value growth in the June quarter, significantly ahead of the 2.3% growth seen in urban markets. In the March quarter, rural markets had posted 5% growth compared with just 1.2% in urban centres. A year earlier, urban demand was slightly ahead of rural demand at 7.7%, compared with 7% recorded in rural India. Barring Q1FY26, Bizom data shows that rural value growth outpaced urban growth in five out of six quarters. (See chart)
Good news for stocks like Dixon and Exide and other manufacturers using lithium-ion cell. India has expanded customs duty exemptions on a wide range of machinery used in the manufacturing of lithium-ion cells and inductor coil module. The move is aimed at supporting domestic production of electronic devices like smartphones, laptops, wearables and smart TVs. Finance Ministry exempts customs duty on goods used in manufacturing lithium-ion cells, inductor coil modules and display assemblies. Duty relief extended to over 80 types of lithium-ion cell manufacturing machines In boost to ‘Make in India’, the exemption now covers more than 80 types of specialised equipment used across different stages of battery manufacturing. These include powder dryers, automatic feeding and blending systems, slurry transfer systems, cathode and anode coating machines, winding machines, vacuum pumps, electrode production machines, vacuum ovens, slitting machines, testing equipment and solvent recovery systems.
French billionaire Xavier Niel is set to become Vodafone Group's largest shareholder, after UAE telecoms group e& agreed to sell its entire stake in the British telecoms group for almost $6 billion. The deal gives one of Europe's most active telecoms dealmakers, who has long championed consolidation in the continent's fragmented industry, the largest stake in Britain's biggest mobile operator. Vega, the acquisition vehicle wholly owned by the Niel family group, said it had struck a binding agreement to buy the roughly 16.2% stake for about £4.4 billion ($5.91 billion).
Morgan Stanley expects global mergers and acquisitions activity to hit a record $6.4 trillion in 2026, overshadowing the levels seen in 2021 as buoyant equity markets and renewed corporate confidence set off a flurry of transactions. The projection points to a broad-based revival in global dealmaking after years of high interest rates and market volatility kept executives on the sidelines. Although the Middle East conflict and fears of AI-driven disruption weighed on sentiment earlier this year, Wall Street appears to have largely brushed aside those worries.
Nuclear equipment makers in India are preparing to expand capacities on expectations of increased demand from power producers, several of which have tied up with states to set up nuclear energy projects following the 2025 legislation to overhaul the sector. Companies such as Tema India, Walchandnagar Industries, KSB Ltd and Electronet Equipments that supply critical components, precision systems and specialised equipment to the sector have either prepared plans or are set to ramp up capacities, said industry executives. The Sustainable Harnessing and Advancement of Nuclear Energy for Transforming India (SHANTI) Act, promulgated in December last year, allows private companies to set up nuclear power plants in India. Since then, major power producers including NTPC, Tata Power, Adani Power and Jindal Nuclear have announced plans to enter the sector.
India's infrastructure push has lifted copper demand growth to 1.2-1.3 times GDP growth, and the momentum is likely to continue until the end of the decade, according to Mayur Karmakar, managing director of the International Copper Association India. Before the "infrastructure investment era" began about five to six years ago, copper demand grew at 0.6-0.8 times GDP. In line with economic growth, copper demand is expected to rise 9-9.5% annually over the next few years, reaching 3 million tonnes by 2030, Karmakar said.
India has notified the procedure for importers to seek government approval to avail quota-based duty concessions on imports of passenger cars and goods vehicles under the free trade agreement with the UK, which will come into force on July 15. Under the Comprehensive Economic and Trade Agreement (CETA), India will reduce import duties on automotive imports from about 110 per cent to 10 per cent, with quotas on both sides. India is allowing import of 3.78 lakh units of conventional-engine passenger cars, including those in the mass segment, from the UK at concessional customs duty during the first 15 years of the implementation of the trade pact between the two countries.
India is planning to tap into the growing global capability centre (GCC) market to make itself indispensable to the world's knowledge economy, as finance minister Nirmala Sitharaman Thursday reiterated that the goal of building an ecosystem capable of supporting around 5,000 GCCs by 2030 is both "realistic and achievable." "Around two-thirds of the Fortune Global 2000 companies have yet to establish a GCC in India. This is one of the largest untapped investment opportunities before us," said Sitharaman, while addressing Cil GCC Business summit. She noted that India now hosts more than 2,100 GCCs, employing 23 lakh professionals and generating almost $100 billion in annual revenues. "The real question now is whether India can become the country from which global enterprises create their most valuable capabilities, design their next generation of products, develop frontier technologies and shape enterprise strategy itself," she said. Sitharaman said global enterprises no longer choose countries merely based on costs or incentives. Enterprises are now moving beyond minimising cost to maximising innovation, accelerating discovery and strengthening long-term competitiveness. "And that should define the ambition for the next decade. Not simply to host more GCCs, but to ensure that an increasing share of the world's ideas, patents, products, algorithms, platforms and enterprise capabilities are conceived, engineered and led from India" she said.
Amid concerns over the impact of the West Asia conflict on corporate earnings, Chirag Setalvad, head–equities at HDFC AMC, says the setback is likely to be short-lived and India remains well placed to deliver healthy earnings growth over the medium to long term. He tells Kushan Shah that while stock selection remains a challenge, there are opportunities in both large and small caps. Excerpts: How do you assess the current state of the equity markets? Large-cap stocks are reasonably valued, while mid- and small-caps continue to trade at a premium to their long-term averages
Over the past two years, India’s central bank built one of the world’s largest bearish dollar bets to support a persistently weak rupee. It now faces the challenge of unwinding that position without destabilizing the currency market. With a spate of recent measures expected to attract foreign capital, the Reserve Bank of India has started trimming its massive short dollar forward position, a stock of commitments to sell the greenback at a future date. The book had ballooned to a record $106.7 billion in May, as per Bloomberg calculations based on RBI data. The balancing act lies in the pace and extent of the unwind.
India's private credit industry has the potential to expand to USD 100 billion by 2050 from the current USD 25-30 billion, National Pension System (NPS) Trust Chairperson Dinesh Kumar Khara said on Thursday. This growth will be driven by the growing maturity of the ecosystem and expanding domestic capital pools, the former SBI chairman said at an event by IVCA here. "Perhaps it can become a USD 100 billion industry at least by the year 2050. That is what my expectation is," Khara said at the IVCA Private Credit Summit 2026.
Shifting geopolitical alliances are pushing sovereign wealth funds to place greater emphasis on strategic national priorities — from resilient infrastructure to key domestic industries — alongside investment returns, a study released on Friday showed. The study by Spain-based IE University found sovereign wealth funds managing more than $15 trillion are playing a growing role in funding artificial intelligence as governments increasingly treat AI and semiconductors as strategic assets. This fragmented world has had an impact," said Javier Capapé, editor of the report and director of sovereign wealth research at IE University. "Sovereign wealth funds are more and more used by governments to deploy national strategies, develop stronger positions in the global value chains.
Bloomberg has introduced a new electronic trading system that allows global investors to buy and sell Indian govt bonds more easily, marking an important step in opening up India's bond market to the world. The company said it has completed its first fully-electronic trade in Indian govt bonds using this system. The new workflow enables foreign portfolio investors to access bond market liquidity directly through the Bloomberg Terminal, a platform widely used by financial institutions globally.
The U.S. coffee industry asked the Trump administration on Wednesday to keep Brazilian green coffee exempt from tariffs, during a session of public consultation that is reviewing tariffs on Brazilian imports. The National Coffee Association (NCA) also asked the administration to include instant coffee in the list of tariff-free Brazilian products, saying the product is key for the competitiveness of the U.S. coffee industry considering new product offerings such as the ready-to-drink coffee cans. The U.S. government is holding consultations this week related to the Section 301 investigation on Brazilian trade practices. The Trump administration could impose a 25% tariff on imports of several Brazilian products, alleging the country's practices were unfair on a range of issues from digital trade to illegal deforestation.
The U.S. Senate Commerce Committee will vote on July 15 on bipartisan legislation to toughen a U.S. government ban on Chinese automakers entering the American market. Republican Senator Bernie Moreno of Ohio and Democratic Senator Elissa Slotkin of Michigan proposed legislation in April to codify a regulation imposed by the Biden administration that effectively bans all Chinese automakers from selling passenger vehicles in the U.S. and takes other steps to prevent China from entering the U.S. light-duty market. Last month, Polestar said it was forced by the Trump administration to stop selling vehicles in the United States beginning in the 2027 model year as Washington ramps up its crackdown on Chinese vehicles. House lawmakers have introduced a similar version of the Senate bill. The legislation would ban vehicles designed in China if they had advanced connectivity as well as vehicle software.
Tech giant Meta announced Wednesday it will build a massive data center in central Alberta, the company's first in Canada, as it rapidly builds out computing capacity to support the global AI boom. The 1-gigawatt data center, which will be built with the ability to scale up to 1.8 gigawatts, will be located in Sturgeon County and represents a total investment of C$13 billion, or $9.17 billion, Meta said. Meta has doubled down on AI, pledging hundreds of billions of dollars to build large AI data centers in the U.S. The Alberta announcement represents the company's 33rd data center globally. Executives made the announcement in Calgary alongside Premier Danielle Smith and other Alberta government officials, who have spent several years courting Silicon Valley tech giants with the aim of spurring a large-scale investment in the oil-and-gas province.
Global growth is cooling this year and the reason is not hard to spot — an energy shock from the Iran war has rippled through economies everywhere. Yet in the middle of that slowdown, India is still managing to stand out.
India’s peak power demand is expected to touch 300 GW next year, driven by the rapid expansion of data centres, artificial intelligence and electric vehicles, Union Power Minister Manohar Lal said, underlining the need for large-scale energy storage and domestic manufacturing to secure the country’s clean energy transition. Speaking at the 12th India Energy Storage Week 2026 at Yashobhoomi, New Delhi, the minister said India has already reached 271 GW of peak demand, while available capacity has grown to 284 GW. “Our available capacity has grown up to 284 GW, which enables us to meet all types of demand. But with the accelerating pace of electrification, we must prepare for 300 GW peak demand next year,” he said.
A worsening shortage of skilled workers could delay construction of new semiconductor plants across the US and limit future chip output, unless industry players pool resources and government funding continues, Bloomberg reported.
India’s telecom operators are expected to report another quarter of steady operating performance for the three months ended June, with customer premiumisation continuing to drive average revenue per user (Arpu) despite the absence of fresh tariff hikes, analysts said. Bharti Airtel and Reliance Jio are expected to post healthy subscriber additions, modest expansion in operating margins and continued momentum in home broadband. Markets will also watch out for management commentary on the timing of the next tariff hike, expected in the coming months, as well as Vodafone Idea’s fund-raising plans and pace of network expansion. Industry-wide, analysts expect wireless Arpu to improve around 1.5-2% sequentially, helped by one additional day in the quarter and continued customer upgrades to higher-value plans. On a year-on-year basis, Arpu growth is expected to remain healthy despite the absence of tariff hikes, reflecting the ongoing shift towards premium plans and higher data usage.
German exports rose unexpectedly in May, driven by a sharp increase in exports to the United States, data showed on Thursday. German exports increased by 0.9% compared with the previous month, according to data from the federal statistics office.
The share price of Tata Steel fell nearly 1% in early trade after the company released its provisional business update on July 8, after market hours. For Q1FY27, Tata Steel India’s crude steel production increased 11% year-on-year to 5.82 million tonnes from 5.23 million tonnes reported in the year-ago period. Domestic crude steel production rises 9% YoY The company said the rise in its domestic crude steel production was driven by higher output at its Jamshedpur and Kalinganagar units. Its domestic delivery volumes also jumped by nearly 9% to 5.17 million tonnes from 4.75 million tonnes. “Domestic deliveries grew 11% YoY, broadly in line with production, supported by enriched product mix and strong marketing franchise,” the company said in its filing. Tata Steel added that its automotive and special products unit achieved its ‘best-ever’ first-quarter volumes of around 0.9 million tonnes. “Continued ramp-up of Kalinganagar’s Continuous Annealing and Galvanising lines led to a 20% YoY increase in hi-end products,” the Tata Group company said in its business update.
India’s drugmakers have a global repute, and they supply nearly half of all generic medicines sold at retail pharmacy outlets in the US. As soon as a new drug lost patent protection, they hit the market with acceptable-quality bioequivalent generic alternatives. However, this dexterity is not yet matched in the “bulk drugs” segment. A third of active pharmaceutical ingredients that go into formulations manufactured in the country are still being imported. In 2024-25, India imported 200 categories of APIs, bulk drugs, and drug intermediates worth $4.35 billion. China accounted for nearly 74% of these imports. The continued reliance on the neighbour is for a clutch of APIs such as nitrogen heterocyclic compounds, amino mixtures, oxygenated carboxylic acids, heterocyclic-oxygen combinations, and certain antibiotics. Despite the production-linked incentive (PLI) scheme for bulk drugs launched in March 2020 catalysing investments totalling over Rs 4,800 crore, China still supplies 66-86% of the API categories that India imports. To be sure, China’s share in overall API imports by India has risen from 68% in 2020-21.
India’s energy storage tender pipeline has surged to 260 GWh, while the country’s installed lithium-ion cell manufacturing capacity remains at only around 2 GWh, exposing a widening gap between project demand and domestic manufacturing depth as battery storage becomes central to India’s renewable energy transition. According to the India BESS Market Review released by India Energy Storage Alliance and Customized Energy Solutions at India Energy Storage Week 2026, India will require 888 GWh of energy storage system capacity by 2035-36, a massive jump from the current 1-GWh scale. Exponential BESS Capacity Surge The report shows that India’s installed battery energy storage system capacity rose 11-fold in just six months, from 0.78 GWh in December 2025 to 8.7 GWh in H1 2026. The country is now on track to cross 10 GWh of installed BESS capacity by the end of the year.
The Bank of Japan said on Thursday the U.S.-Israeli war on Iran is likely to prod more firms to raise prices later this year, signalling caution over mounting inflationary pressures that could bolster the case for further interest rate hikes.
Right-of-way, land acquisition and regulatory delays in transmission projects are emerging as a key risk for renewable energy developers, with around 33% of recently commissioned 54.8 GW renewable energy capacity being evacuated through the temporary general network access route as of May 2026, where curtailment during solar hours has remained as high as 50-60%, even as India lines up a ₹5-6 trillion transmission capex cycle between 2026-27 and 2031-32, Icra said. The rating agency expects a significant uptick in capacity addition in the power transmission sector as the country prepares to integrate upcoming renewable energy capacity into the grid. The capex will be driven by the government’s plan to evacuate power from over 900 GW of non-fossil fuel capacity by 2035-36, including around 548 GW of solar and wind capacity. “The projected transmission capex of ₹5-6 trillion entails strengthening of the existing infrastructure, adding evacuation capacities as well as new transmission routes to support the generation centres,” said Ankit Jain, Vice President and Co-Group Head, Icra Limited.
The global economy has been broadly resilient to the shock from the war in the Middle East, the heads of the International Energy Agency, International Monetary Fund, World Bank Group and World Trade Organization said in a joint statement on Wednesday.
India’s power sector reported a strong Q1FY27 with total generation rising 9% year-on-year to 524 billion units, while renewable power generation jumped 25% to 93 billion units. But even as demand stayed robust and peak load hit a record 270 GW, the sector’s next challenge is shifting from building capacity to managing margins for renewable equipment makers amid rising commodity costs. Power demand hits record 270 GW in Q1 According to a report of Elara Capital, power demand remained strong through the quarter, driven by higher summer temperatures, an extended heatwave and a delayed monsoon. Peak demand touched a record 270 GW in Q1FY27, with April demand up 8.9% year-on-year to 256.0 GW, May demand rising 17.7% to 270.8 GW and June demand at 264.8 GW, up about 9.3%. The strong demand environment also lifted trading activity on the Indian Energy Exchange, where electricity traded volume reached 37,534 million units, up 15.9% year-on-year, according to a detailed report by the Economic Advisory Council to the Prime Minister (EAC-PM).
India and Australia on Thursday finalised the administrative arrangements required to enable the export of Australian uranium to India, while committing to deepen bilateral energy trade, strengthen resilient supply chains and accelerate work on a broader economic partnership as both countries sought to bolster economic security amid global geopolitical disruptions. The announcement came in a joint statement issued after Prime Minister Narendra Modi's talks with his Australian counterpart Anthony Albanese, where both sides also agreed to support the uninterrupted flow of energy products, expand cooperation across the energy value chain and work towards building supply chains for emerging technical industries. The two countries said they would advance bilateral energy trade and investment through the existing Economic Cooperation and Trade Agreement (ECTA), ongoing negotiations for a Comprehensive Economic Cooperation Agreement (CECA) and other bilateral mechanisms.
Global nuclear capacity is set to climb 44% over the next decade after years of tepid growth, spurred by growing demand for electricity and aggressive efforts to build reactors in China and India. The world may have as much as 535 gigawatts of installed nuclear power by 2036, up from 372 last year, according to a report Wednesday from BloombergNEF. China had 59 gigawatts of reactors under construction at the end of 2025 and is on track to reach a total of 102 by the end of the decade, a figure that would propel it past the US to become the world’s biggest nuclear nation. The industry is benefiting from several key trends. The international effort to rein in climate change is boosting demand for carbon-free power from reactors. At the same time, electricity demand is surging, driven by industrial users, increasingly electrified homes, and power-hungry data centers. Meanwhile, rising social acceptance of nuclear power is pushing utilities and governments around the world to reconsider policies that have hindered development.
Indian refiners’ medium-to-long-term plans to explore crude purchases from Iran may be hit after the US revoked sanctions waivers on Tehran’s energy supplies amid a flare-up in tensions in West Asia. The latest escalation, which pushed Brent crude up 8% to above $80 a barrel, brought energy-security risks back into focus for India.
The government's move to waive basic customs duty on key components for electronics manufacturing will help deepen the value chain and the ecosystem, IT Secretary S Krishnan said on Thursday. Terming it an "important change", Krishnan said the move will also stimulate the electronics component industry in the country. "Based on industry representations, this is something that we had taken up with the Ministry of Finance. We are very happy that these notifications have been issued. This will really stimulate the electronics industry, especially the electronic component industry in the country," Krihnan said on the sidelines of the CII GCC Business Summit.
Indian Prime Minister Narendra Modi's government is facing mounting anger over a mandatory 20% ethanol-blended fuel policy, with vehicle owners demanding choice and an opposition politician asking carmakers Maruti Suzuki and Toyota to provide clarity. The 20% ethanol-blended petrol, called E20, became the only fuel sold at India's 90,000 petrol pumps at the end of last year, triggering a public uproar that however dissipated within weeks. But it's now again at the centre of controversy after a top government lawyer called E20 an "experiment" in court - and then backtracked on the comments - re-igniting concerns about the fuel affecting the performance of cars and what critics called its hasty rollout.
Electric vehicles are gaining ground fast in key city gas areas and the surge is starting to eat into CNG market share and could weigh on long-term PNG demand too, according to a report by brokerage firm Dolat Capital. This comes in contrast to City Gas Distributors cutting prices to defend market share against propane. According to Dolat Capital's research report, CNG registrations are still rising across geographical areas (GA) of Mahanagar Gas, Indraprastha Gas, and Gujarat Energy but EV growth is now outpacing it in some geographies. "The Pace of EV registrations has improved significantly in 1HCY26 while in some GAs it has crossed the CNG," the report said.
The Centre’s FY27 capex is firmly on track with no restrictions on departments despite fiscal headwinds from global uncertainties, sources said. “Capex is going on well. We have not restricted anything,” a senior official told FE. For FY27, the Centre has budgeted capital expenditure to rise 14.3% on year to Rs 12.22 lakh crore. Effective capital expenditure, which includes grants-in-aid to states for asset creation, is projected to be Rs 17.1 lakh crore in FY27.
India hosts around half of the world's Global Capability Centres and has become the second-largest base of enterprise Al talent globally, Chief Economic Adviser V Anantha Nageswaran said on July 9. Speaking at the CII GCC Business Summit, Nageswaran said India's GCC ecosystem has moved far beyond its early back-office role. "Two decades ago, we had a handful of back offices. Today, it is more than 2,000 such centres, and they employ more than 2 million professionals," he said. The employment estimate is now moving towards 2.3 million, while revenue has crossed $60 billion and is climbing towards $100 billion, Nageswaran said.
Over 42% surplus rainfall in July has reduced the overall monsoon rainfall-deficit to 15.2% from 40% at June-end, with a reduction in the number of districts witnessing a shortfall in rains to 178 from 262, agriculture minister Shivraj Singh Chouhan said on Wednesday. Due to the ‘active’ phase of monsoon since last week over the rain-fed core zone of central India, the region received 4%-surplus rainfall, a sharp improvement from 50% deficiency reported at June-end.
The Joint Committee (JC) reviewing the ASEAN-India Trade in Goods Agreement (AITIGA) has laid down timelines for sub-groups dealing with specific policy areas to expedite the process. “To maintain the momentum of negotiations, the Sub-Committees were assigned time-bound deliverables and encouraged to work closely towards achieving tangible outcomes within the agreed timelines, ” a statement after the 13th meeting of the committee said here on Wednesday.
Economist and author Surjit Bhalla on Wednesday said that a comprehensive India-US trade agreement could reshape India’s economic trajectory and help the country realise its Viksit Bharat vision by 2047. Bhalla told ANI that the agreement should be India’s top economic priority as it would boost technology access, expand markets and sharpen India’s global competitiveness far beyond any gains in trade volume. “The trade deal with the US is not just about trade surplus. It is about markets, technology, etc,” he said.
ndia has urged the United States to address concerns over proposed tariffs linked to forced labour through the ongoing bilateral trade agreement (BTA) negotiations rather than unilateral action, while questioning inconsistencies in Washington's tariff framework during a public hearing before the US Trade Representative (USTR). Appearing before a USTR panel on Wednesday, Brij Mohan Mishra, Joint Secretary in the Ministry of Commerce, said India remained open to dialogue but stressed that trade-related concerns should be resolved within the framework of bilateral negotiations.
India's consumer inflation likely breached the central bank's medium-term target of 4% in June for the first time in 16 months, according to a Reuters poll, as higher food and fuel prices, the U.S.-Iran war and a weak monsoon added to cost pressures. Consumer inflation, measured by the annual change in the consumer price index (CPI), is expected to have quickened to 4.3% in June from 3.93% in May, 37 economists forecast in the poll conducted July 3-9.
While domestic inflows through mutual funds are seen to have contributed significantly in providing stability to the Indian markets in the last two years, their total assets now have surpassed the holdings of foreign investors for the first time. According to monthly data shared by NSDL, assets under custody (AUC) of domestic mutual funds in Indian markets of Rs 76.41 lakh crore surpassed the holdings of FPIs, Rs 76.22 lakh crore, as of June 2026. The cumulative AUC includes holdings in equity, debt and hybrid securities, mutual funds, AIFs, gold and silver ETFs and ETCDs (Exchange Traded Currency Derivatives). Debt and Passive Inflows While the FPI holding in direct equity continues to be higher, comparatively higher assets held by domestic mutual funds in debt mutual funds, passive mutual funds and gold and silver ETFs enabled them to surpass total FPI holdings.
As the Reserve Bank of India (RBI) continues its forex diversification strategy, India's holdings of US Treasury securities are down to almost a six year low. As per US Federal Reserve data, India's exposure to US Treasuries has dropped to $181 billion in April this year. The reduction in US government debt holdings has partly been offset by a rise in gold reserves. This shift highlights India's ongoing strategy of diversifying its foreign asset portfolio.
Indian government bonds were hemmed in to a narrow range on Thursday, after a sharp selloff in the previous session, when surging oil prices and higher U.S. Treasury yields pressured local debt on signs that a U.S.-Iran interim peace deal is unraveling. The U.S. military said on Wednesday it launched fresh strikes on Iran to keep the Strait of Hormuz open to shipping, prompting Iranian attacks on Kuwait and Bahrain, both of which host U.S. bases, denting hopes of a quick end to the war. Benchmark Brent crude surged more than 5% on Wednesday and added 1.15% in Asian trade to $78.92 a barrel. The 10-year U.S. Treasury yield rose about 4 bps in the previous session, pushing higher to 4.5792% in Asian trade.
India, Australia and Canada are set to strengthen cooperation in technology and innovation, with the three countries signing the Australia-Canada-India Technology and Innovation (ACITI) Partnership Memorandum of Understanding (MOU), on Thursday.
State-owned Punjab & Sind Bank on Wednesday said it has received the licence from the International Financial Services Centres Authority (IFSCA) to establish an IFSC Banking Unit (IBU) at GIFT City, Gandhinagar. This marks a step in the bank's journey towards expanding its international banking presence and offering world-class offshore banking services, Punjab & Sind Bank said in a statement. The IBU will cater to the financing needs of corporate, financial institutions, importers and global investors through a range of foreign currency banking, trade finance, and other international financial services, it said.
The share price of Tata Steel fell nearly 1% in early trade after the company released its provisional business update on July 8, after market hours. For Q1FY27, Tata Steel India’s crude steel production increased 11% year-on-year to 5.82 million tonnes from 5.23 million tonnes reported in the year-ago period. Domestic crude steel production rises 9% YoY The company said the rise in its domestic crude steel production was driven by higher output at its Jamshedpur and Kalinganagar units. Its domestic delivery volumes also jumped by nearly 9% to 5.17 million tonnes from 4.75 million tonnes. “Domestic deliveries grew 11% YoY, broadly in line with production, supported by enriched product mix and strong marketing franchise,” the company said in its filing.
JSW Energy has commissioned 1,081 MW of renewable energy capacity in Q1FY27, taking its total installed power generation capacity to 14,535 MW. JSW Energy said in its regulatory filing said that the newly added capacity includes 442 MW of solar, 108 MW of wind, 381 MW of hybrid and 150 MW of hydro power projects. With the latest addition, the company’s renewable energy now accounts for 61% of the company’s total installed capacity.
India’s telecom companies head into the June-quarter earnings season with a familiar story getting a new twist: Bharti Airtel keeps growing, but increasingly it’s the African market doing the heavy lifting, while Vodafone Idea, after years of bleeding subscribers, finally looks like it has found a floor, as per the latest report by Nomura.
The fee structure for Foreign Portfolio Investors (FPIs) and Foreign Venture Capital Investors (FVCIs) has been replaced by Securities and Exchange Board of India (SEBI), news agency PTI said, citing a notification by the markets regulator. As per the notification the registration fee for overseas investors will be in a rupee-dominated structure. Prior to this amendment, the fee structure for FPIs and FCVIs was US-dollar denominated, the PTI report added. SEBI revises registration fee structure to Rs 2.3 lakh To bring in this amendment, the markets regulator has revised the rules governing FPIs, and the new regulation will come into effect after six months, it added. The notification issued on July 3 read that the registration fee-structure for Category-I FPIs and FVCIs has been revised to Rs 2.3 lakh from $ 2,500. SEBI mandates birth date inclusion for FPIs The market regulator has also amended the common application used for registrations by FPIs. As per the new rules, FPIs are mandated to include their birth date or date of incorporation in the common application form. This has been done to smoothen their Permanent Account Number (PAN) allotment, the report added.
Tata Group expects its automotive business, including passenger and commercial vehicles, to grow to $100 billion in the next five years. Speaking at the 81st Annual General Meeting of the Tata Motors Passenger Vehicles (PV), Chairman N Chandrasekaran said that they are targetting Rs 40,000 crore in the domestic business and about 20 billion (British) Pound for Jaguar Land Rover (JLR). Chandrasekaran said Tata Motors Passenger Vehicles and JLR together are targeting $60 billion in revenue over the next five years. Of this, JLR is expected to contribute $45-50 billion, while Tata Motors’ domestic passenger vehicle business is expected to contribute around $15 billion.
A same sex couple has challenged a part of the income Tax Act in the Bombay high court, saying it unfairly denies them a tax benefit that married heterosexual couples get on gifts. The Income Tax Department has strongly opposed their plea, telling the court it is "misconceived and the plea should be dismissed. What was the case about? The petitioners, Payio Ashiho and his partner Vivek Divan challenged Section 56(2)(x) the Income Tax Act before a bench of Justice B.P. Colabawalla and Justice Firdosh Pooniwalla. Under this section, gifts between spouses are exempt from tax. But since law does not recognise same sex partners as spouses, the couple cannot claim this exemption. They say this is "indirectly discriminatory" and have asked the court to include same-sex couples under this tax exemption too, as per a report by LiveLaw. The Income Tax Department disagreed and filed an affidavit on October 14, 2025. The department said the couple is trying to use a tax law to get marriage recognition, without their relationship being recognised as a marriage under any Indian law first.
India is transitioning from the Income Tax Act, 1961, to the new Income Tax Act, 2025, a move that has raised several questions among taxpayers, businesses, and tax professionals regarding pending assessments, procedural matters, and ongoing applications. To address these concerns, the Central Board of Direct Taxes (CBDT) has issued a detailed set of Frequently Asked Questions (FAQs) that explains how pending cases and various tax proceedings will be handled once the new law comes into effect on 1 April 2026. Issued through an official memorandum dated 6 July 2026, the FAQs clarify the transition provisions under Section 536 of the Income Tax Act, 2025. The guidance covers a wide range of issues, including pending assessments, Lower Deduction Certificates (LDCs), No Deduction Certificates (NDCs), search cases, tax recovery proceedings, prosecutions, registrations and other procedural matters.
A surge in the import prices of key edible oils and the prospect of a below-par monsoon adversely impacting domestic oilseeds production are likely to keep cooking oil prices at elevated levels in the next few months, industry experts said. According to the Department of Consumer Affairs’ price monitoring cell, average retail prices of mustard, soybean and palm oils on Wednesday were Rs 193.54/kg, Rs 163.1/kg and Rs 147.37/kg, respectively. This represents an increase of 10.74%, 11.53% and 12.87% compared to prices a year ago. “Higher freight, insurance costs, rupee depreciation, and oil-exporting countries diverting cooking oils for biofuel have impacted the landed cost,” B.V. Mehta, executive director of the Solvent Extractors Association (SEA), told FE. Mehta said the surge in import prices has been rather sharp since the West Asia war.
Corporate buyout and private equity activity in Japan is in the "early innings" and the country's stock market is well placed for consolidation, Goldman Sachs Asset Management's Stephanie Hui told the Reuters NEXT Asia event in Singapore on Thursday. Hui said Japan, alongside South Korea and Australia, were the most lucrative regions in Asia for mergers and acquisitions or take-private deals given their stable economies and larger-sized companies. Foreign private equity firms have become increasingly active in Japan in the past three years, especially as changes in corporate governance rules put pressure on companies and boards to improve returns for investors. Deals in Japan this year include KKR moving to take chemicals company Taiyo Holdings private and Bain Capital and SoftBank's LY Corp competing with EQT to buy internet firm Kakaku.com.
Companies in the Gulf, some of the most directly affected by the Iran war, will provide one of the clearest insights so far of its regional financial impact when they begin reporting their second-quarter earnings this week. In countries from Saudi Arabia and Oman to the United Arab Emirates and Qatar, company results are likely to be mixed. Banks and real estate are most exposed given pre-existing challenges that have been exacerbated by the war's impact on inflation on interest rates, while telecoms were sheltered by long-term contracts and relatively inflexible demand, analysts said. Energy companies faced supply disruption from the four-month conflict, but also potential gains from the price volatility caused by the closure of the Strait of Hormuz shipping channel.
Australia's Steadfast said on Thursday that Amwins Group and Dragoneer Investment had reaffirmed their takeover proposal valuing the insurance broker at A$7.7 billion ($5.34 billion), prompting a four-week extension of the exclusivity period. Here are some details: • The consortium reaffirmed its offer of A$6 per share, which values the Sydney-headquartered firm at an enterprise value of A$7.7 billion. • The offer price represents a 52% premium to the last closing price before the original proposal was tabled. • The current bid marks the third and highest approach after earlier offers of A$5.50 and A$5.83 per share failed to secure an agreement. • Under the proposed transaction, Amwins, an insurance distributor, will acquire Steadfast's underwriting agency operations, while U.S.-based Dragoneer Investment will take control of the retail brokerage business.
The recent oil shock has led to falls in Australia's consumer and business confidence but so far there are few signs of a marked slowdown in activity, a senior central banker said on Wednesday.
U.S. consumers grew more concerned about near-term inflation pressures in June even as their worries about gasoline prices eased and were more upbeat about current and future personal finances, a New York Federal Reserve report showed on Tuesday.
Canadian economic activity expanded at a slower pace in June as measures of employment and prices fell, Ivey Purchasing Managers Index (PMI) data showed on Tuesday.
The U.S. trade deficit widened sharply in May as imports of capital goods surged to a record high, suggesting that trade remained a drag on gross domestic product in the second quarter.
Canada's trade surplus widened to a four-year high in May, with exports rising for the fourth consecutive month, as goods shipped to the United States topped their highest level since February last year, data showed on Tuesday.
Britain will need extra tax rises or spending cuts equivalent to the entire education budget early next decade to prevent government debt spiralling higher from current levels, the Office for Budget Responsibility said on Tuesday.
France is at risk of missing its deficit-reduction target this year as the growth outlook deteriorates and may need to take additional savings measures, Finance Minister Roland Lescure said on Tuesday.
A sharp correction in imported fertiliser prices after the US-Iran peace deal, coupled with a likely reduction in Kharif crop area due to El Nino and a weak monsoon could help the government keep its fertiliser subsidy expenditure in FY27 close to the Budget Estimate of Rs 1.71 lakh crore, official sources told Financial Express.
It is starting to seem like India’s factories are holding up but the farms aren’t. The latest HSBC report stated that, as per the bank’s database of 100 growth indicators, only 54% grew positively in May, the softest reading in at least eight months and a sharp drop from 73% in January,
The fragile peace in the Gulf has been shaken once again. Late on Tuesday, the US Central Command said it had carried out a fresh round of “powerful strikes” on Iran. The attacks came just hours after three commercial oil tankers, including the Qatari-flagged Al Rekayyat, were hit by projectiles and a drone while passing through the Strait of Hormuz.
Finland’s Foreign Affairs Minister Elina Valtonen has said the upcoming India-European Union Free Trade Agreement (FTA) will create new business opportunities, increase investments and generate jobs for people in both India and Europe. Speaking to ANI on Monday, Valtonen said relations between India and Finland are at their strongest and have the potential to grow even further across several sectors, including trade, green energy, technology and security.
Next week, India will introduce a new high-frequency indicator to track activity in the country's services economy, marking a major expansion of the statistical toolkit used to assess short-term economic trends. The Ministry of Statistics and Programme Implementation (MoSPI) is set to release the first Index of Services Production (ISP), based on 2024-25 as the new base year, on July 14. The indicator is designed to provide policymakers, businesses and investors with a more timely picture of economic activity in a sector that now contributes well over half of India's gross value added (GVA).
In May, the Consumer Inflation (CPI) rose to 3.93%, the highest in 16 months, with food inflation rising to 4.8%, and wholesale prices (WPI) to 9.68%. Foreign Institutional Investors (FIIs) have pulled out a record ₹2.3 lakh crore ($30 billion) in the first five months of 2026 from Indian equities. What is the real state of the Indian economy?
The Donald Trump administration's Section 301 probe and threat of fresh tariffs has added a layer of uncertainty for several countries including India. The United States Trade Representative (USTR) has advanced one of its two investigations into America's trading partners, even as the July 24 deadline for the temporary 10% additional tariff draws closer.
Tata Power aims to nearly double its revenue to Rs 1 lakh crore and raise its profit after tax (PAT) to Rs 10,000 crore by 2030, on the back of aggressive bets in renewable energy, transmission, distribution and nuclear power, Chairman N Chandrasekaran said on Tuesday.
Renewable energy firm Premier Energies has bagged order wins worth Rs 3,011 crore for the first quarter of financial year 2027, the company said in its regulatory filing. These contracts comprise supply of solar cells scheduled across FY27 and FY28, it added. The share price jumped nearly 2% intra-day.
Swiggy has again signalled that it wants to become an Indian-owned and controlled company, even as its latest disclosure stops short of marking any change in its legal or operating status. The company said on Tuesday that its foreign investment stood at 49.76% of its fully diluted equity capital as of July 6.
State-owned Steel Authority of India (SAIL) has signed a memorandum of understanding (MoU) with Indonesian steelmaker PT Krakatau Steel (Persero) Tbk. to explore setting up a joint venture for manufacturing stainless steel slabs in Indonesia. The announcement was made during Prime Minister Narendra Modi's visit to Indonesia from July 6-8 as part of high-level engagements between the two countries.
Tata Motors has laid out an aggressive five-year growth strategy for its passenger vehicle business, targeting annual sales of more than 1.2 million units by FY30, a 20 percent market share in domestic passenger vehicle segment and a revenue target of Rs 1.4 lakh crore. The company is lining up investments of nearly Rs 40,000 crore in products and manufacturing as it sharpens focus on electric vehicles and profitability.
A Joint Development Agreement (JDA) can trigger capital gains tax even before a landowner receives or sells the flats promised under the deal. However, if those flats qualify for exemption under Section 54 or 54F of the Income-tax Act, the tax may eventually become nil. In a ruling that could benefit many landowners entering redevelopment agreements with builders, the Bengaluru bench of the Income Tax Appellate Tribunal (ITAT) has held that a taxpayer was entitled to claim exemption under Section 54/54F on all 23 flats received under a Joint Development Agreement. The Tribunal treated all the flats as one residential house for the purpose of the exemption, resulting in no capital gains tax liability despite holding that the JDA itself amounted to a transfer of the property.
The income tax department on Wednesday said it has released the Excel Utility for ITR-5 for the assessment year (AY) 2026-27, enabling eligible taxpayers to file their income tax returns through the e-filing portal. The ITR-5 form is meant for taxpayers such as companies, societies, trusts, limited liability partnerships (LLPs) and associations of persons (AOPs). In a post on X, the department on July 7 said, “Kind Attention Taxpayers! The Excel Utility for ITR-5 for Assessment Year 2026-27 is now available on the Income Tax e-Filing portal."
United Nations, Foreign Direct Investment inflows to India increased by 44 per cent in 2025 to USD 39 billion, according to the UN, which said the country continued to strengthen its position as a major investment destination. The 2026 World Investment Report, released Tuesday by United Nations Trade and Development (UNCTAD), said global foreign direct investment showed resilience in 2025, but the recovery remained fragile. FDI flows rose by 6 per cent to USD 1.6 trillion. Inflows increased by 11 per cent in developed economies and by 2 per cent in developing economies.
The country should adopt an 'India-Plus Contribution Scorecard' to promote foreign direct investment (FDI) by rating investors on measurable economic contributions such as productivity, exports and technology transfer, while maintaining stringent national security safeguards, a report has suggested. With the Indian economy crossing USD 4 trillion, the country must develop the institutional capacity to pursue rooted, contribution-generating investment, the report prepared by VeK Research and Pahle India Foundation said.
Robust credit growth of 17.7% in the first quarter — the highest in nearly two years — along with strong treasury gains and stable asset quality is expected to support banks’ profitability. However, pressure on net interest margins (NIMs) is likely to persist as much of the incremental lending has been funded through high-cost retail and bulk deposits. “Most of the incremental bank credit growth has come from corporate credit, gold loans and NBFC lending, all lower-yielding segments, pointing to a NIM trade-off,” Nomura said in a report.
Three years after the Reserve Bank of India (RBI) introduced the green deposits framework, the product remains a tiny fraction of the banking system, raising questions over whether the additional compliance burden is worth the effort for banks and depositors. Green deposits are fixed deposits whose proceeds can be deployed only towards environmentally sustainable projects such as renewable energy, electric mobility, green buildings and water management.
AI is driving a major restructuring in the tech industry in 2026. Unlike 2025, where brands used AI as an excuse to balance excess hirings, companies are using AI-driven automation as the major reason behind layoffs. Tech giants are sacking thousands of engineers, managers, and support staff because companies are aggressively transitioning to an ‘AI-first’ business model. According to the tracking site Layoffs.fyi, a staggering 119,494 tech professionals have been laid off across 219 firms so far this year. And the reason behind these layoffs is largely due to funding secured for expensive AI infrastructure, specialised chips, and automated workflows. Technology giants are simply slashing human headcount to fund AI. This aggressive push toward AI automation extends far beyond traditional Silicon Valley software firms. Hence, to get a better idea of the layoffs scenario, we looked through the latest data from Layoffs.fyi for various companies.
Top companies, including American giants, have cautioned USTR that its move to impose additional tariff of up to 12.5% on 60 countries, including India, will push up costs for consumers and businesses, with several of them seeking exemptions for specific products. "The practical effect would be to make it more expensive to build in America than to build elsewhere, which runs directly counter to the administration's goal of expanding domestic manufacturing," Intel said in its submission. IBM, Dow Chemicals Thailand and GE Appliances, which is now a Haier company, also argued against the move. "Dell wants to express the importance of leveraging policy tools that achieve the administration's laudable goals without rapidly increasing production and end-user costs or risking operational delays of key products and components," Dell Technologies stated.
Germany could benefit from planned U.S. port fees on merchant ships built in China, with its exports to the United States potentially rising by around 2% compared with a scenario without fees, according to a study by the German Institute for Economic Research (DIW) seen by Reuters on Wednesday. The reason is that German freight fleets rely less on Chinese-built vessels than those of some competitors, allowing German exporters to gain market share, the study found. The U.S. government plans to introduce the fees from November in an effort to curb China's dominance in shipbuilding, citing national security concerns. The charges would be based on where a vessel was built, rather than whose goods it carries.
In May, General Motors marked a rare milestone for a foreign automaker in China, selling more than 10,000 of its new Buick Electra E7 in the first month. While the nameplate is all-American, everything else about the car is Chinese — it was developed entirely at the technical centre GM runs with local partner SAIC. GM plans to export the car to South Korea and use its China-built platform in the next iteration of the Cadillac Optiq, said a person with direct knowledge of the plans, which are reported here for the first time. For years, global automakers used China as a low-cost manufacturing base to churn out cars developed at headquarters. Now, GM, Volkswagen and Renault are handing development to Chinese engineers, leveraging the country's growing advantage in critical technology such as electric powertrains and advanced software.
Non-resident Indians (NRIs) and Overseas Citizens of India (OCIs) have the option of investing in Foreign Currency Non-Resident- FCNR(B)- and Non-Resident External Account (NRE) products such as fixed deposits (FDs) to generate a stable income from India. Both FCNR(B) and NRE FDs come with varied interest rates for different tenures, are tax-exempt and can be fully repatriated without any limits are tax-exempt and can be fully repatriated without any limits set by the Reserve Bank of India (RBI). However, they do have key differences.
Indian microfinance lenders are coming under renewed pressure as weak monsoon prospects and rising prices threaten rural incomes, increasing default risks across the sector's $35 billion loan portfolio, reported Bloomberg. “A weak monsoon could slow loan growth as lenders tighten underwriting standards and borrowers’ repayment capacity deteriorates,” Geeta Chugh, sector lead for financial institutions at S&P Global Ratings, said in an interview. About 20% of microfinance borrowers have loans from more than two lenders, she estimated, adding that this segment has begun posting much higher delinquency rates than borrowers with few lending relationships.
Japanese government bond (JGB) yields surged on Wednesday, with long-term borrowing costs climbing to their highest levels in nearly three decades, as investors grew increasingly concerned about persistent inflation and the government's expansive spending plans, according to Reuters. The benchmark 20-year JGB yield rose 4 basis points to 3.85%, its highest level since July 1996, while the 30-year yield gained 3 basis points to 3.97%.
The Federal Communications Commission said on Tuesday it is adding California-based Digitalsystem Technology to a list of companies posing risks to U.S. national security, citing links to Chinese telecom firms and its ownership by a Chinese national. The FCC also said it was denying the Los Angeles-based IT company permission to provide international telecommunications services, saying it could be exploited by Chinese threat actors. "There is significant risk that the government of China and other threat actors could exploit any vulnerabilities to the detriment of U.S. national security and law enforcement interests," the FCC said, citing concerns about the collection, disruption or misrouting of U.S. communications.
Indian government bonds slip in early trades on Wednesday, after a flare-up in Middle East tensions pushed oil prices and Treasury yields above key near-term psychological levels. The benchmark 6.94% 2036 bond yield was at 6.7246% as of 10:00 a.m. IST, after closing at 6.6958% in the previous session. Bond yields move inversely to prices.
U.S. oil and gas major Exxon Mobil signaled on Tuesday that its second-quarter earnings could see a boost of about $5 billion compared to the previous quarter, as oil prices spiked during the U.S.-Israeli war with Iran and the company's refining margins also improved. Investors scrutinize Exxon's earnings snapshot for signals on how oil firms will perform when they release second-quarter results. The conflict in the Middle East that began in February injected a hefty geopolitical risk premium into oil markets. For months, it virtually shut down the Strait of Hormuz, which carries about a fifth of global oil flows. Benchmark Brent crude had an average closing price of $96.68 per barrel during the April-June quarter, up 23% from the first three months of the year. Prices climbed to $109.27 a barrel in April for the first time since 2022. Exxon's upstream segment could see profits lifted by about $1.6 billion, according to the midpoint of estimates provided by the company.
A proposed U.S. tariff of 25% on Brazilian instant coffee risks increasing costs for U.S. businesses and consumers by disrupting supplies of a product the country largely imports, Brazil's instant coffee industry said. More than 90% of Brazil's instant coffee is destined for the U.S., accounting for more than a fifth of the North American country's instant coffee imports, equivalent to around 15,500 metric tons annually, according to the Brazilian Soluble Coffee Industry Association (Abics). "By imposing additional tariffs, the first impact falls on companies and jobs, and those higher costs will ultimately be passed on to American consumers," said Aguinaldo José de Lima, Abics executive director.
Foreign Portfolio Investors or FPIs are back on Dalal Street! FPIs turned buyers of financial stocks in the second half of June, purchasing shares worth Rs 14,634 crore after selling Rs 11,263 crore during the first half of the month. The reversal was driven by inflows related to the rebalancing of global equity indices as well as value buying. It marked the largest fortnightly investment by foreign investors in the Financial sector in 2026 and their first net buying in the segment since the second half of February.
Chinese authorities have held meetings with top tech firms over the past month about potentially restricting overseas access to China's most advanced AI models, including those yet to be released, three people familiar with the discussions said. The talks follow a number of steps by Beijing to keep homegrown AI within the country and underscore how China, like the U.S., is now treating cutting-edge artificial intelligence as a critical national asset that needs controls. Companies present at the talks included tech giants Alibaba and ByteDance as well as startup Z.ai, said the people, who were not authorised to speak to media and declined to be identified. Since the emergence of DeepSeek's R1 model last year, Chinese AI models have made big inroads globally thanks to their low costs and increasing capabilities. Any decision by Beijing to limit access to those products could ripple across AI markets as costs for many businesses would likely increase.
GENEVA: The AI boom has helped drive investments in intangible assets such as software, data and research to a record high in 2025, the United Nations' patent and innovation agency said Wednesday. These investments, which encompass research and development, software and data, brands, design and organisational know-how, represent a large and growing share of the global economy, the World Intellectual Property Organization said.
For half a century, the mere possibility of a disruption in the Strait of Hormuz was enough to send shivers through global markets. Roughly a fifth of the world’s oil passes through the narrow waterway, making it one of the most strategic maritime choke points on the planet. Had analysts been asked to predict the consequences of its closure, few would have ventured anything below $150 a barrel, with many forecasting prices closer to $200. Instead, after briefly touching about $126, crude largely traded in the $90s. That outcome says less about the severity of the Iran conflict than about how profoundly the global oil market has changed. The crisis has exposed not the strength of the oil cartel but its diminishing ability to dictate prices. The contrast with the oil shocks of the 1970s could scarcely be sharper. Then, coordinated production cuts by a handful of exporters were enough to trigger prolonged shortages, soaring inflation, and global recession. Today, markets are larger, supply chains more diversified, and consumers far better equipped to absorb temporary disruptions.
The non-life insurance industry reported gross direct premium income of ₹27,145 crore in June, up 17% from ₹23,265 crore in the same month last year. The industry comprises public and private sector general insurers, standalone health insurers, and specialised public sector insurers. Standalone health insurers recorded the fastest growth among all segments, with gross direct premium rising 31% year-on-year to ₹4,373 crore. The segment comprises seven insurers, including Star Health, Niva Bupa and Aditya Birla Health Insurance. Last week, the Insurance Regulatory and Development Authority of India approved Prudential HCL Health Insurance, taking the number of standalone health insurers to eight.
Tens of millions of barrels of Iranian oil already on tankers have been left in limbo after the US walked back a waiver allowing the Islamic Republic to sell the crude. There are around 63 million barrels of Iranian oil currently on the water, either in transit or idling, according to Bloomberg calculations based on Vortexa data. The crude is on vessels in the Persian Gulf and spread across Asian waters. Most of these ships are not indicating a clear destination or are signaling that they’re available for orders, meaning they haven’t found a buyer. The US waiver, part of the interim peace deal between Washington and Tehran, was issued in late June and gave Iran 60 days to sell its oil without being subject to American sanctions. It was revoked in retaliation for Iranian attacks on tankers in the Strait of Hormuz.
India is assembling electric vehicles (EVs) at record pace, but the technologies that power them remain overwhelmingly dependent on China. Even as the country pushes to build a domestic EV ecosystem through production-linked incentives and critical mineral programmes, industry estimates suggest about 66% of component imports still come from China. The dependence has grown alongside the market. India sold about 2.27 million EVs in 2025, up 16.4% from 1.95 million units a year earlier, while demand for advanced chemistry cells (ACC) touched around 28 GWh. Against this, only 1.4 GWh of domestic cell manufacturing capacity had been commissioned under the government’s Rs 18,100-crore ACC production-linked incentive (PLI) scheme by October 2025. While India has developed nearly 60 GWh of battery-pack assembly capacity, most packs are assembled using imported cells. Only 30-40% of the EV value chain is estimated to have been localised, with the highest-value technologies continuing to come from overseas.
The pace of solar power installations in India has been remarkably swift over the last decade. With the growth of such capacity creation in the United States and the European Union slumping after several years of double-digit expansion, India is set to become the world’s second largest solar market by annual installations after China. That sounds reassuring. And a sharp 70% fall in solar module imports by value in FY26 signals creditable progress in indigenisation. To be sure, the policy thrust on renewable energy (RE), with the solar segment as its core, is chiefly aimed at cutting India’s massive fossil fuel imports. It is also central to the effort to de-carbonise economic growth and meet the goal of net-zero carbon emission by 2070. But the country’s solar story is marred by a “large upstream gap” that still needs bridging. A heavy dependence on Chinese cells, wafers, polysilicon, inverters and other production equipment persists. This is despite efforts to diversify the sourcing of these items to countries like Indonesia, Ethiopia, Thailand and Vietnam.
India’s hydropower generation fell by an average 6.3 GW year on year in June 2026, while coal-fired output increased by 20.7 GW, as the loss of flexible hydroelectricity forced the power system to lean more heavily on thermal generation to maintain grid reliability. An average decline of 6.3 GW means hydropower plants produced 6.3 GW less electricity at any given time during June than in the same month last year. India registered the steepest decline among seven key Asian markets and accounted for nearly half of the region’s combined 13-GW average fall in hydropower generation, according to S&P Global. Vietnam recorded the second-largest reduction at 4.6 GW. Together, India and Vietnam contributed more than 80% of the decline across Japan, South Korea, India, Bangladesh, Vietnam, the Philippines and Malaysia. S&P Global said the broad-based fall pointed to a common weather-driven regional trend rather than isolated disruptions in individual markets.
The home services platforms are increasingly betting on at-home beauty as the next growth engine, shifting focus beyond repair and maintenance services to a category that offers higher repeat usage, standardised delivery and opportunities to deepen customer relationships. NoBroker’s recent foray into the segment signals intensifying competition in a market where users typically book services once or twice a month and repeat rates are estimated at around 50%, according to industry estimates. The move reflects a broader shift in the convenience economy, where platforms are looking beyond speed to eliminate the friction associated with everyday tasks. Unlike plumbing or electrical repairs, beauty services are easier to standardise, train for and price, while generating recurring demand that can improve customer retention and create opportunities to cross-sell other home services. NoBroker enters beauty services NoBroker recently launched its beauty services brand, Zivora, in Bengaluru, joining category leader Urban Company and newer entrant Snabbit in the space. The proptech and home services platform said it already completes around 200,000 home service jobs every month across categories such as painting, cleaning, plumbing, electrical work and AC servicing. For its beauty business, it has trained over 200 professionals and plans to expand the service to more cities.
The domestic auto component industry recorded a turnover of Rs 7.60 lakh crore ($85.9 billion) in FY26, up 12.7% from the previous fiscal, Automotive Component Manufacturers Association of India (ACMA) said on Tuesday. However, imports outpaced exports, pushing the sector into a trade deficit for the first time in two years. The industry exported auto components worth $24 billion, up 5% year-on-year, while imports rose a sharper 13% to $25.4 billion, resulting in a trade deficit of about $1.37 billion. The surge in imports was driven by higher demand for advanced technologies and specialised components, particularly electronics and EV parts. As a result, China’s share in India’s auto component imports increased to 36% in FY26 from 32% in FY25. Engine components and drive transmission and steering systems accounted for over half of the country’s exports. Imports were also dominated by drive transmission and steering and engine components, which together contributed 56% of total imports. Europe recorded the strongest export growth during the year.
Uttar Pradesh is set to become a green, AI-ready and globally competitive data centre hub. The Uttar Pradesh Cabinet on Monday approved the Uttar Pradesh Data Center Policy 2026. Under the policy, the state aims to attract more than Rs 2 lakh crore in investments and develop an additional 2 Gigawatts (GW) of data centre capacity. “The objective of the policy is to develop Uttar Pradesh as a Green, AI-ready, and globally competitive Data Center hub,” UP Government noted. About UP Data Center Policy Uttar Pradesh Data Center Policy 2021 was introduced in January 2021, which was later amended in November 2022. This policy expired on January 27, following which the government has introduced the new Uttar Pradesh Data Center Policy-2026.
The Tamil Nadu government signed a Memorandum of Understanding (MoU) with Hitachi Energy Technology Services Private Limited for a Rs 1,000‑crore expansion of the company’s operations in the state. The agreement, signed at the Secretariat in Chennai in the presence of Chief Minister C Joseph Vijay, will fund upgrades and capacity expansion at Hitachi’s Global Technology and Innovation Centre (GTIC) in Porur, Chennai and at its manufacturing facility in Chengalpattu. The two projects are expected to be implemented over the next three to five years and are projected to create 1,000 high‑skilled technology jobs. Under the MoU, Hitachi Energy will invest around Rs 1,000 crore across two linked projects- an expansion of the GTIC in Chennai (Porur) and a production expansion at the Chengalpattu manufacturing facility. The company said the investments will be phased over a three‑to‑five‑year period and will include the establishment of a new manufacturing line for semiconductor‑based Heating, Ventilation and Air Conditioning systems (HVAC)‑to‑HVDC conversion equipment, reflecting the firm’s move into advanced power‑electronics manufacturing.
Listed retailers are increasingly relying on new store additions rather than higher sales from existing outlets to sustain growth, with business updates for the June quarter pointing to moderating same-store sales growth (SSG) and softer store productivity across key consumer segments amid intensifying competition and uneven demand. Analysts said the moderation comes amid increasing pressure from quick commerce platforms, which are capturing a larger share of routine grocery and top-up purchases that traditionally drove footfalls to large-format supermarkets. According to Citi, the rapid adoption of instant-delivery services is gradually changing shopping behaviour, reducing the frequency of bulk shopping trips and weighing on productivity at established outlets. The trend was most visible in food and grocery retail, where Avenue Supermarts, which operates the DMart chain, reported a 15% year-on-year increase in standalone revenue for the June quarter, slower than the 17-18% growth seen in recent quarters. The company added only three stores during the quarter, among its slowest pace of expansion in recent years.
India's cement industry is expected to see subdued volume growth in H1FY27 as April 2026 price hikes are unlikely to offset the profitability decline, with weak demand and fresh supply additions during FY27-28 expected to keep prices under pressure, according to a report by Nuvama Institutional Equities. As per the report, the sector witnessed sluggish demand during April-May 2026 due to multiple factors, including global uncertainty, labour shortages, heatwaves, raw material constraints, and unseasonal rainfall. Apart from this, cement prices surged across regions in April 2026; to mitigate the impact of rising petcoke prices and packaging costs. In a related report, the brokerage house noted that petcoke prices increased to "USD153/t (up ~USD41/t from Q3FY26) due to global cues with its impact likely to be reflected starting the second half of Q1FY27."
A delayed and patchy monsoon has dealt a major blow to India's hydropower generation, with electricity output from dams plunging in June as shrinking reservoir levels limited water availability. The shortfall came at a time when the country was grappling with soaring summer electricity demand, prompting coal, nuclear and renewable energy plants to shoulder a bigger share of the load.
Japanese Prime Minister Sanae Takaichi's three-day visit to India from July 1-3 for the 16th India-Japan Annual Summit has renewed focus on expanding bilateral cooperation beyond strategic and government-led initiatives, with greater emphasis on industry partnerships. In Japan, over 3.36 million small and medium-sized enterprises (SMEs) account for 99.7% of all businesses and around 70% of total employment, according to a World Economic Forum analysis. Experts believe closer collaboration between Indian and Japanese MSMEs could unlock significant opportunities, particularly in electronics, computer software, and digital services, where Japanese technological expertise complements India’s scale. The opportunity assumes greater significance as India's electronics manufacturing and IT services ecosystem, valued at well over $300 billion annually, continues to emerge as a key pillar of economic growth and one of the country’s largest contributors to employment and exports. Against this backdrop, The Economic Times Digital spoke to Gurmeet Singh, Executive Director of the Electronics and Computer Software Export Promotion Council (ESC India), an industry body representing electronics, IT, and software exporters, including numerous MSMEs. Singh discussed the challenges facing Indian exporters and the policy measures needed to strengthen partnerships between Indian and Japanese businesses. Edited excerpts:
According to a recent report by Equirus Securities, the biggest hurdle is not strategy, but execution, with heavy reliance on imported equipment and gaps in the domestic supply chain posing key challenges. The report said India's semiconductor roadmap draws on proven approaches adopted by leading Asian chip- making economies instead of attempting to build an entirely new model. The country has steered clear of the Chinese approach while incorporating government-backed research and development from Taiwan, foreign direct investment-led manufacturing from Malaysia, domestic champions from South Korea, and capital discipline from Singapore. Now, execution is the biggest hurdle and not strategy. The report said that India needs to rapidly develop a skilled workforce, strengthen local supply chains and meet globally competitive quality standards. The report highlighted that India is concentrating on segments where it already holds a competitive edge, supported by a talent base of nearly three lakh chip designers, representing around one-fifth of the global semiconductor design workforce.
U.S. services sector activity dipped in June as some of the boost from businesses rushing to place orders amid the Middle East war ebbed, but employment rebounded after contracting for three straight months, pointing to continued labor market stability.
German industrial production rose more than expected in May driven by a strong increase in automotive production. Industrial output increased by 0.9% compared to the previous month, the federal statistics office said on Tuesday.
Bao Zhang began driving for a Chinese ride-hailing app this year after losing his job as a software tester and says the weak job market gives him little hope of returning to the tech sector.
A quarter of a century since he spotted the growing clout of emerging-market countries, the economist who coined the BRIC acronym said those countries could eventually build alternatives to the dollar, an idea which had seemed a "fantasy" until only very recently.
U.S. Federal Reserve Governor Christopher Waller said on Monday that high inflation is the chief risk facing the Fed given a labor market that remains stable.
Canadian businesses scaled down expectations of high inflation after a ceasefire in the Middle East, and trade worries abated, a quarterly Bank of Canada survey of leaders showed on Monday.
Canada's services economy contracted in June as geopolitical uncertainty and elevated prices dampened demand, S&P Global's Canada services PMI data showed on Monday.
Sowing of key kharif crops – rice, pulses, oilseeds and cotton – seems lagging with overall sown area being 35.08 million hectare (Mha) as on Monday, down 21% year-on-year. According to the Agriculture Ministry, total sowing was about 32% of the normal area of 110 mha in that window. By the same time a year ago, more than 40% of the normal area had come under fresh crops.
The next phase of the global economic order could be shaped by countries that act as connectors across geopolitical divides, creating a unique opportunity for India to emerge as a connector economy, Mahindra Group Chairman Anand Mahindra said on Monday, highlighting that the current period of prolonged global uncertainty favours countries capable of balancing competing alliances.
India and the European Union (EU) are working together to finish the legal scrubbing of their Free Trade Agreement (FTA) in the next 15-20 days, Commerce and Industry Piyush Goyal said Monday. “I had a very good conversation with my counterpart (EU Trade Commissioner Maros Sefcivic) on Sunday. I am meeting him on July 14 and 15 in Brussels along with a delegation of business persons,” Goyal said at the Council of Leather Exports (CLE) Export Excellence Awards.
The newly launched Viksit Bharat-Guarantee for Rozgar and Ajeevika Mission (Gramin) (VB-G RAM G), which replaces the Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA), promises higher rural incomes through 125 days of guaranteed employment and increased wages, but its long-term impact on India's rural economy may depend on whether states can absorb the significantly higher fiscal burden, according to a report by Systematix Research.
India's crude oil basket has fallen below pre-conflict levels in West Asia, averaging $67.88 per barrel so far in July, according to data from the Petroleum Planning and Analysis Cell (PPAC). The data showed that the Indian crude basket, which represents the average cost of crude oil imported by the country, stood at $68.21 per barrel on July 3. This is the lowest level since the West Asia conflict began and is even lower than the average of $69.01 per barrel recorded in February, before the crisis.
As India's merchandise trade deficit with Japan nearly tripled from $5.18 billion in 2015-16 to $15.4 billion in 2025-26, the government is reviewing the existing free trade agreement (FTA) with the island nation. While officials acknowledge that it is difficult for Indian exporters to make significant inroads into the Japanese market, they believe the pact can be better leveraged to attract higher Japanese investments into India.
Renewable energy firm Premier Energies has bagged order wins worth Rs 3,011 crore for the first quarter of financial year 2027, the company said in its regulatory filing. These contracts comprise supply of solar cells scheduled across FY27 and FY28, it added. The share price jumped nearly 2% intra-day. Premier Energies: Order details The contracts secured for Q1FY27, include supply of 1,846 megawatt (MW) solar cells and modules and are scheduled to be delivered by FY27 and FY28. The names of awarding parties have not yet been disclosed.
State-owned Life Insurance Corporation of India (LIC) has highlighted stronger profitability, improving margins and sustained market leadership in its latest investor presentation, released ahead of meetings with institutional investors and analysts. The presentation, filed with stock exchanges on Monday, showed that LIC's net profit rose to $6.07 billion in FY26, while total premium income increased to $56.63 billion.
When Gautam Adani entered cement in 2022 through the acquisition of Ambuja Cements and ACC, many saw it as a natural extension of his infrastructure ambitions. His subsequent move into copper through Kutch Copper reinforced the view that the group was steadily building a commodities portfolio around sectors critical to India’s industrial growth. Now, Adani has turned to aluminium, one of the country’s most strategic metals. The $11.5 billion joint venture with Abu Dhabi-based International Holding Company (IHC) is one of the largest investments in India’s metals sector. It is also an attempt to enter a market long dominated by two powerful incumbents, Hindalco Industries and Vedanta Aluminium.
wal is preparing to write Vedanta's next growth chapter We choose difficult businesses, but they are also the right businesses to be in,” says Anil Agarwal. Few sectors test that conviction like natural resources, where fortunes are shaped as much by commodity cycles and regulation as by operational execution. Agarwal, the founder of the Vedanta Group, has spent decades navigating both. Now, after restructuring Vedanta Ltd into five separate listed companies, he is preparing for his next big wager—a $20-billion investment plan over the next three-five years, funded largely through internal cash generation.
Tax treatment varies sharply by how you hold gold. Whether you buy physical gold, Gold ETFs, gold mutual funds, digital gold, or Sovereign Gold Bonds (for existing holders), each investment comes with a different tax treatment that can significantly affect your post-tax returns. Hence, if you’re planning to invest in gold or already own multiple forms of the yellow metal, understanding the tax rules is essential.
India's provident fund framework is entering a new chapter with the notification of the Employees' Provident Funds Scheme, 2026 under the Code on Social Security, 2020. Along with the new Employees' Pension Scheme, 2026 and Employees' Deposit-Linked Insurance Scheme, 2026, the new framework seeks to modernise India's social security architecture while preserving the core protections that employees have relied upon for decades.
Lockheed Martin will buy naval defense company Ultra Maritime from private equity firm Advent for $3.45 billion, bolstering its portfolio as global demand for military technology surges. After the closing of the deal, announced on Monday, Ultra Maritime will become a part of Lockheed's rotary and mission systems, which reported revenue of $17.3 billion in 2025 and employs 35,000 people worldwide.
Honeywell spinoff Solstice Advanced Materials said it will buy peer specialty chemical company Element Solutions in a $14.5 billion deal, as it seeks to capitalize on growing demand from AI data centers and the chip industries. The deal would create a larger supplier of materials used in semiconductor manufacturing, electronics and industrial applications, combining Solstice's refrigerants, specialty materials and uranium-conversion business with Element's electronics chemicals portfolio.
Large companies are returning to banks for funding as private-sector capital expenditure gathers pace and rising commercial paper (CP) rates make bank loans more attractive. Bank credit outstanding to large corporates jumped 14.4% year-on-year to Rs 31.10 lakh crore as of May 31, 2026, according to the Reserve Bank of India’s latest sectoral deployment of credit data. A year earlier, growth in this segment was just 1.5%.
Private sector banks far outpaced public sector peers on deposit mobilisation in the June quarter, with a 3.6-percentage point gap between the two, showed proforma numbers issued by 15 private and nine state-run lenders. Private banks grew deposits 14.3% year-on-year during the period, ahead of a 10.7% increase by public sector banks (PSBs), underscoring the former’s continued structural advantage in attracting liabilities.
HSBC is pulling back from riskier private credit lending, becoming the latest bank to rein in exposure to the sector after a string of high-profile bankruptcies raised concerns over underwriting standards, the Financial Times reported on Tuesday. The bank has told some clients it will not renew their lending facilities after deciding to stop lending to private credit funds that did not offer sufficient returns to justify the risk, the report, citing three people familiar with the matter, said.
Private sector banks wrote off about half of their bad loans in 2025-26 to cleanse the balance sheet primarily targeting the unrecovered unsecured loan exposure in the microfinance and consumer credit segments, people aware said. The Reserve Bank of India's financial stability report showed that the write-off ratio relative to non-performing assets for private banks was more than double that for public sector banks, although state-owned lenders accounted for 63.2% of the total bad loans.
Private sector banks far outpaced public sector peers on deposit mobilisation in the June quarter, with a 3.6-percentage point gap between the two, showed proforma numbers issued by 15 private and nine state-run lenders. Private banks grew deposits 14.3% year-on-year during the period, ahead of a 10.7% increase by public sector banks (PSBs), underscoring the former’s continued structural advantage in attracting liabilities.
Gulf sovereign funds invested $1.7 billion in India in the first half of 2026, defying heightened geopolitical tensions due to the Iran war and fears the conflict would curb their appetite for overseas deals. It was the most for half a year after 2024. The region’s share in overall investment in the country by sovereign wealth funds (SWFs) and public pension funds (PPFs) during the period nearly doubled since then, underscoring their growing role as a long-term capital.
India’s Unified Payments Interface (UPI) will be integrated with Indonesia’s payment system, Prime Minister Narendra Modi announced, saying the move will make doing business and travelling between the two countries easier. "We are delighted that India’s UPI is set to be integrated with Indonesia’s payment system. This will boost both the ease of doing business and the ease of travel," addressing a joint press meet with Indonesian President Prabowo Subianto, the Prime Minister said.
Indian government bonds traded range-bound early Tuesday, pausing a three-session rally, as traders awaited a large state-debt auction. The benchmark 6.94% 2036 bond yield was at 6.6816% as of 10:45 a.m. IST, near a four-month low and barely changed from Monday's close. The 10-year yield fell 7 basis points in the last three sessions. Yields move inversely to prices.
A cooperative life insurance company will be established to strengthen the cooperative movement and widen access to insurance services across the country, Home and Cooperation Minister Amit Shah announced on Monday. The initiative will build on the success of Bharat Taxi, a cooperative transport platform that is set to expand to 500 cities over the next two years, he said. The announcement comes at a time when the insurance sector is undergoing major reforms. The government has raised the foreign direct investment limit in insurance providers to 100% under the Sabka Bima Sabki Raksha (Amendment of Insurance Laws) Act, 2025. It also removed the 18% GST on individual life and health insurance policies from September 22, 2025, reducing premium costs.
Microsoft has announced that it will lay off around 4,800 employees, which is about 2.1% of its global workforce. The company confirmed the move on Monday. Most of the job cuts will affect Microsoft’s sales division and its Xbox gaming business. Before these layoffs, Microsoft had more than 220,000 employees worldwide. The company usually announces job cuts at the beginning of its financial year, which starts on July 1. Last year, Microsoft eliminated 6,000 jobs in May and another 9,000 positions, or around 4% of its workforce, in July.
U.S. chip design giant Synopsys plans to stop offering a suite of manufacturing process control software used by global semiconductor makers, six sources briefed on the matter said, as it seeks to divert resources to higher-margin offerings such as AI design.
Smartphone sales in China fell 13% year-on-year during the month-long 618 shopping festival, as brands raised prices to offset higher memory costs, according to data from Counterpoint Research. Sales declined from May 26 to June 21, with all major Chinese brands except Huawei posting double-digit drops as fewer promotions compared to last year weighed on demand. Honor sales dropped 33%, while Xiaomi's fell 24%.
Meta Platforms said in a court filing on Monday that four states were seeking $1.4 trillion in penalties over accusations the company designed its Facebook and Instagram platforms to addict young users and misled the public about their safety. Meta put forward the figure in its response to the attorneys general's filings on how penalties should be calculated if the states prevailed at trial.
A shortage of critical minerals is starting to affect the broader Japanese economy, adding a sense of urgency for Prime Minister Sanae Takaichi's government to find alternatives to exports that China has cut off, according to recent corporate filings. China dominates the global market for rare earths - which are crucial in making items from electric cars to weapons - and it is using those supplies as a diplomatic cudgel. Since Takaichi enraged Beijing with comments about defending Taiwan in November, Beijing has choked off shipments of certain key minerals to Japan.
Toyota Motor Corp said on Monday it will build a new $3.6 billion auto plant in Texas and shift some truck production to the United States from Mexico. The Japanese automaker said the new 2.5-million-square-foot building will be located on its San Antonio manufacturing campus and will open by 2030, creating 2,000 jobs. The company said it will move production of its mid-size Tacoma pickup truck from its Baja California plant in Mexico to Texas when the factory is completed.
South Korean technology giant Samsung Electronics forecast Tuesday a massive 19-fold jump in second-quarter operating profit from a year earlier, buoyed by sustained AI-driven demand for memory chips. The world's largest memory chipmaker estimated April-June operating profit at 89.4 trillion won ($58.4 billion) -- up 1,810 percent on-year, a company statement said. Frenzied global demand for advanced memory chips used in data centres for artificial intelligence has already helped South Korean semiconductor giants post record profits this year.
Crude oil prices have slipped back to levels last seen before the US-Israel conflict with Iran erupted in late February. The latest slide has been driven by OPEC+, with Saudi Arabia twisting the knife further by slashing its official crude prices for Asia by the biggest margin in more than two decades. On Sunday, seven members of the producer alliance, including Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman, ratified a plan to raise combined output by 188,000 barrels per day from August. It is the fifth straight month that the group has increased output while oil prices have continued to weaken.
The United Arab Emirates has fired the opening shot in what is fast becoming a fierce battle among Middle East oil producers to reclaim market share after the Iran war, a contest that threatens to weaken oil prices and further erode OPEC's authority. Gulf producers, desperate for revenue to replenish state coffers depleted during the four-month-old conflict, are under enormous pressure to sell the millions of barrels accumulated in tankers and storage facilities during the effective closure of the Strait of Hormuz. Until this space is freed, these producers cannot restart the oil and gas operations that were crippled by the conflict. The UAE has moved first. Its crude exports surged to a record 3.8 million bpd in June, according to Kpler data, after the strait was partially reopened following the memorandum of understanding between the U.S. and Iran on June 17.
The pace of solar power installations in India has been remarkably swift over the last decade. With the growth of such capacity creation in the United States and the European Union slumping after several years of double-digit expansion, India is set to become the world’s second largest solar market by annual installations after China. That sounds reassuring. And a sharp 70% fall in solar module imports by value in FY26 signals creditable progress in indigenisation. To be sure, the policy thrust on renewable energy (RE), with the solar segment as its core, is chiefly aimed at cutting India’s massive fossil fuel imports.
India needs a lot more electricity in the coming years. More homes need cooling as summers get harsher, more factories are coming up, and data centres are guzzling power like never before. But generating that power is only half the job; it also has to travel from power plants to homes and factories through transformers, cables and substations. That’s the unglamorous but essential business of transmission and distribution (T&D), and brokerage firm Macquarie Research believes it’s about to boom.
The Indian government has found itself issuing repeated clarifications following the mandatory rollout of ethanol-blended petrol last year. Criticism has continued to mount — with declining mileage and engine performance flagged as primary points of contention. According to an Indian Express report, the government is likely to delay a proposed shift to E25 fuel amid growing backlash. The Centre has led a speedy rollout of ethanol blended fuel since 2023 — raising the percentage to E20 well ahead of its 2030 deadline. The fuel variant with 80% petrol and 20% ethanol is now the nationally available standard.
India’s organised diagnostic industry is likely to sustain its growth momentum, with revenues expected to rise 12-14% in FY27, supported by deeper penetration in non-urban markets, rising demand for bundled packages, preventive health checkups and speciality tests, and increasing preference for organised diagnostic chains, ratings agency ICRA said on Monday. The agency said that the diagnostic test volumes for its sample of five listed companies – which together account for around a quarter of the organised diagnostics market – to grow 10-12% this fiscal. Though the realisations are projected to grow at a modest 1-2% as leading chains continue to avoid major price hikes amid an increasingly competitive market.
India’s tier-II housing markets are closing the gap with the country’s biggest property hubs, with several emerging cities matching or even outpacing the growth seen in major metropolitan markets over the past five years, according to a report by Crisil Intelligence. Housing sales across the top 10 cities grew at a compound annual growth rate (CAGR) of 19% between FY21 and FY26. A few tier-II cities, including Nagpur, Coimbatore and Lucknow, recorded around 20% growth during the period, while Tier-II markets as a whole posted a healthy 14% CAGR, the report said.
Central public sector enterprises (CPSEs) and other state-run agencies—namely the railways and the National Highways Authority of India (NHAI)—reported an aggregate capex growth of 26% in the first quarter of the current financial year. Their capex achievement in Q1FY27 stood at Rs 2.1 lakh crore, representing 25% of the annual target, compared to Rs 1.67 lakh crore, or 21.24% of the target, achieved in the year-ago period.
India’s electric two-wheeler market has crossed an inflection point, with EV penetration moving into double digits for the first time, according to TVS Motor Company. The brand further says that the next phase of growth will be via policy support, a wider choice of products and improving charging infrastructure accelerate consumer adoption. “Any industry which touches 10% is a tipping point. It’s a very significant penetration level compared to where we were two years ago. Last year we were at around 6%, and today we’ve crossed 10%,” Gaurav Gupta, President, India Two-Wheeler Business, TVS Motor Company, told Financial Express on the sidelines of the TVS Apache 7 million unit sales celebration event.
India’s fast-moving consumer goods (FMCG) companies have entered July with caution, as a looming threat of El Nino raise concerns over rural incomes, agricultural output and consumption growth. While the cumulative rainfall deficit has narrowed to 24% below the long-period average (LPA)during June 1-July 5, from nearly 40% at the end of June, experts warn the current active phase of the monsoon may weaken after July 8. Signs of stress are becoming obvious with the retail food inflation climbing to 4.78% in May 2026 from 4.2% seen in April, pushing the headline Consumer Price Index (CPI) to a 16-month high of 3.93%, according to the Ministry of Statistics & Programme Implementation (MoSPI).
With Mark Zuckerberg promising to pour hundreds of billions of dollars into AI infrastructure, skeptics wondered how his social-media empire would ever monetize that expensive bet. We now have a plausible answer. Meta Platforms Inc. is turning a capital-expenditure drag into a new revenue source. An internal initiative dubbed “Meta Compute” plans to lease out excess capacity to enterprise clients, Bloomberg News reported last week, citing people familiar with the matter. It remains to be seen what kind of a dent it can make in the domination of the ruling trinity of Microsoft Corp., Alphabet Inc., and Amazon. com Inc. over the cloud business. But to see where some of the early tremors will be felt, look to India.
Prime Minister Narendra Modi signed numerous deals, including defence and technology, with Indonesian President Prabowo Subianto as the leaders held bilateral talks to strengthen strategic ties on Tuesday. The leaders signed more than eight agreements spanning health, education, technology and defence. The meet was closely watched as India and Indonesia sealed a long-discussed BrahMos missile agreement which become the latest link in New Delhi's latest link in a growing network of coastal missile deployments stretching across Southeast Asia. India also agreed to supply ASTRA systems to Indonesia under the new pact between Bharat Dynamics and Republic Corps.
The first quarter of financial year 2026-2027 is likely to be a seasonally healthy quarter for the consumer durable sector, according to a report by Centrum. Driven by an intense summer season and a higher prevalence of cooling products, the report expects a healthy Q1 led by favourable base and seasonality. "Q1FY27 is likely to be a seasonally healthy quarter for Consumer Durable sector with our coverage universe posting 21% YoY value growth in sales," the report stated.
Industrial policy is fashionable again. From Washington to Brussels, Tokyo to Seoul, governments are writing large cheques to attract factories, secure supply chains and reduce strategic dependence. Covid, weaponisation of trade and fracturing of the China-centric manufacturing consensus have reminded policymakers that manufacturing is not merely an economic activity, but also a source of resilience, employment, technology and geopolitical leverage. But the hard truth is that most industrial policy sounds impressive at launch and disappoints in delivery. India's smartphone PLI scheme is, therefore, worth examining. In 5 yrs, it transformed India from a large consumer market into one of the world's most important smartphone manufacturing and export hubs.
Home minister Amit Shah on Sunday directed authorities to implement a 'zero coal leakage plan' and strengthen enforcement against illegal coal mining and unauthorised transportation amid rising concerns over coal theft in Jharkhand's Dhanbad region. At a high-level review meeting attended by coal minister G Kishan Reddy, home secretary Govind Mohan, coal secretary Vikram Dev Dutt, and senior officials from the coal ministry, CISF, Coal India and Bharat Coking Coal Ltd, Shah expressed concern over the growing incidence of illegal mining and coal theft in Dhanbad and adjoining areas. He directed officials of the home ministry to include the coal sector in the CISF's priority deployment list for vulnerable areas.
India's overall white-collar hiring remained subdued in June, with the foundit Insights Tracker (fit) reporting a 5% month-on-month and 9% year-on-year decline. In contrast, the country's global capability centre (GCC) ecosystem continued to expand, with hiring increasingly focused on artificial intelligence (AI). Nearly two in three GCC roles created in 2026 (64%) require AI, data science or intelligent automation skills. Technology and software, and banking, financial services and insurance (BFSI), together account for 56% of all GCC hiring. India recorded 227,991 GCC hires in the first half of 2026, up 11% from a year earlier, taking the number of GCCs operating in the country to nearly 2,120.
Indian car buyers are increasingly moving away from conventional petrol and diesel vehicles, with compressed natural gas (CNG), hybrid and electric models accounting for more than 40% of passenger vehicle retail sales for the first time in June, signalling a structural shift in consumer preference towards lower running costs and fuel-efficient technologies.
Donald Trump’s war against Iran may be over, but the repercussions for global monetary policy are here to stay. With a shaky ceasefire largely holding following the US president’s onslaught in the Middle East, the path for central bank interest rates around the world has now shifted higher for years to come, according to Bloomberg Economics.
German industrial orders rose more than expected in May, posting a considerable increase even when large-scale orders of aircraft, ships, trains and military vehicles are excluded.
The number of Australian job advertisements dipped slightly in June, private-sector data showed on Monday, suggesting labour demand was only gradually easing amid higher borrowing costs.
The United States may continue to lead the global economy, but its growing debt burden has emerged as the biggest risk to its economic pillar.
In a major boost to soil nutrient supplies, 15 vessels carrying over 0.7 million tonne (MT) of fertiliser variant and raw materials – urea, di-ammonium phosphate (DAP) and sulphur – have crossed the Strait of Hormuz and is expected to reach India ports soon.
India’s proposed free trade agreement with Peru is unlikely to be concluded “soon”, Commerce and Industry Minister Piyush Goyal said on Saturday, even as bilateral trade between the two countries surged 67.5% to $10 billion in 2025-26. Speaking to reporters on the sidelines of the 17th Toy Biz International B2B Exhibition, Goyal said New Delhi still has concerns over market access in certain products.
A sharp decline in global crude oil prices following the easing of tensions in West Asia has improved India's fiscal outlook, with economists now expecting a much smaller slippage from the Centre's fiscal deficit target of 4.3% of gross domestic product (GDP) for 2026-27 than anticipated a few weeks ago.
Amid growing momentum in their economic partnership, India and Russia are aiming to achieve $50 billion in mutual investments by 2030 through joint projects in advanced manufacturing, critical minerals, and green technology.
Falling crude oil prices are giving the Reserve Bank of India and other Asian central banks more headroom to prioritise growth, as easing energy costs reduce pressure on the region's external accounts, according to Standard Chartered's Weekly Market View report dated July 3, 2026. The global bank described the oil price decline as offering "disinflationary relief" for monetary policy across much of Asia, though it said this relief would play out unevenly depending on each economy's energy dependence and inflation dynamics.
The first two months of FY27 have been marked by higher subsidy payouts and elevated interest expenditure. Faster spending on railway capex remains the key bright spot, while most other spending trends are broadly in line with expectations. The customary additional tax devolution to states in June may not have materialised this year due to weak tax collections and the front-loading of capex loans, although it could occur in Q2. Non-tax revenues, disinvestment proceeds and asset monetisation receipts are also tracking below expectations.
The India-UK free trade agreement has pegged the minimum local value addition level for manufactured products to qualify for lower duties between 35% to 55%, depending on where the value of the finished product is calculated. For agricultural products, largely local origin would be insisted upon. The minimum local value-added requirement under the so-called Rules of Origin rules for different products that would be traded between India and the UK at concessional duties once their Comprehensive Economic and Trade Agreemfaent (CETA) becomes operational has been notified by the Central Board of Indirect Taxes and Customs (CBIC).
Surplus rainfall of over 34% this month has reduced overall southwest monsoon deficiency in the current season till Sunday to 24% from close to 40% at the end of June, the India Meteorological Department (IMD) said on Sunday. Cumulative rainfall during June 1-July 5 according to the met department is over 24% below the benchmark longer period average (LPA), which is still in the ‘deficient’ range. Due to the ‘active’ phase of monsoon during the week over the rain-fed core zone of central India, the deficit in the region has been reduced to 14% from over 50% reported till end of June.
Adani Enterprises’ defence arm, Adani Defence & Aerospace, has announced an investment of Rs 2,500 crore to set up what it calls South Asia’s largest private-sector missile manufacturing ecosystem in Shivpuri, Madhya Pradesh. The company said in a regulatory filing that it broke ground for the project on Saturday.”The project will set up an advanced missile ecosystem with composite propellant and Trinitrotoluene (TNT) production at a single location, creating India’s first backward-integrated private-sector capability of its kind,” Adani Defence & Aerospace noted.
New Delhi, Mumbai-based Oberoi Realty Ltd on Sunday said it has sold luxury homes worth Rs 8,109 crore in its newly launched project in Gurugram on strong consumer demand. The company had on June 29 announced its foray into the Delhi-NCR market with the launch of its first luxury housing project with a total investment of Rs 6,000 crore and a revenue potential of Rs 16,000 crore.
When Mr Rajan from Ambattur, Chennai sold his Noida property on July 9, 2019 for Rs 48 lakh, he made a long term capital gain of Rs 5.59 lakh. He then decided to buy a 1,851 sq.ft. land in Chennai for Rs 94.38 lakh to build his own house. To help with the Chennai land purchase, he took out a loan of Rs 49.85 lakh. Since he claimed Section 54 long term capital gains (LTCG) tax exemption, he didn't have to pay any tax on the sale of the Noida property. But then the Covid-19 lockdown hit in 2020, leading to a labour shortage that delayed the construction. The legal time limit of three years passed, and the house was still not completed. As a result, the Income Tax Department rejected his Section 54 tax exemption claim and demanded that he pay tax on the Noida property sale.
For non-resident Indians (NRIs), filing an income tax return every year comes with unique compliance challenges, starting with determining tax residency status. And, just as increased data-driven scrutiny by the income tax (I-T) department has narrowed the scope for faulty disclosures by resident taxpayers, it has also raised the bar for NRIs to file accurate and compliant returns.
The Central Board of Direct Taxes (CBDT) has identified a set of measures to collect Rs 26.97 trillion in direct taxes in the current financial year (FY27), which include better management of recovery of dues, detecting wrongful claims of tax exemptions, and outreach programmes to get tax returns updated where there is short payment of taxes, an official said. The official said tax collection so far has been encouraging, with net direct tax receipts reaching Rs 5.21 trillion by June 17, nearly a 15 per cent increase compared to the same period last year. This strong start has raised hopes that the annual target will be met comfortably. According to the official, who spoke on condition of anonymity, the Board's Central Action Plan for 2026-2027 lays down clear steps to achieve the goal.
British budget airline easyJet has agreed in principle to a sweetened takeover bid from U.S. investment firm Castlelake that values the carrier at up to £5.5 billion ($7.34 billion), it said on Sunday, a potential shakeup for Europe's aviation sector. The new offer at £6.90 a share represents a 73% premium to easyJet's closing price on May 29, when the private equity fund manager disclosed its interest in the airline to British regulators, driving the shares up steeply since then. The deal, which would see the U.S. investor take 31-year-old easyJet private, coincides with operating challenges for airlines globally as they grapple with sharply higher fuel prices and profit pressure due to the Iran conflict.
Indian lenders are pulling back short-term debt sales as the central bank’s recent push to attract foreign-currency deposits has opened up a cheaper and more durable source of funding. Banks haven’t issued any certificates of deposit — debt instruments maturing within one year — in the three trading sessions through July 2, according to data from The Clearing Corp. of India Ltd. The pause follows a decline in issuance, with banks raising 708 billion rupees ($7.4 billion) between June 16 and June 29, down from about one trillion rupees raised in the first half of the month.
Bank lending accelerated in the April-June quarter of FY27, but deposit mobilisation continued to trail credit growth, widening the funding gap across the banking system and highlighting mounting pressure on banks' liability franchises, according to business updates reported by The Times of India. While several lenders posted strong double-digit growth in advances during the quarter ended June 2026, deposit growth remained subdued, with some banks even reporting sequential declines in deposits. Analysts warned that the widening gap between loans and deposits has pushed the banking system's loan-to-deposit ratio to one of its highest levels in more than a decade, raising concerns over funding sustainability.
Indian government bonds rose on Monday, tracking firmer U.S. Treasuries, while improved monsoon conditions and strong foreign demand underpinned sentiment. The U.S. benchmark 10-year yield snapped a four-day rise in Asian trade, ahead of the Federal Reserve's policy meeting minutes, due Wednesday, with traders looking for further cues on the interest-rate path. It was last at 4.4733%.
Overseas funds are lately buying big into Indian debt. They, however, don't seem to share the same enthusiasm for local equities - at least, not yet. Foreign portfolio investors (FPI) invested a record ₹41,773 crore in June in securities that are included in the fully accessible route (FAR), CCIL data showed. On the other hand, they withdrew ₹49,340 crore from Indian equities, NSDL data showed. This year, on a net basis, FPI inflows into debt stood at ₹51,178 crore, while equities showed an aggregate outflow of ₹2.73 lakh crore until last week.
Abu Dhabi's Mubadala Investment Co. is opening up one of its largest investment Dusinesses to outside investors for the first time, betting on its ability to attract nstitutional capital as demand for alternative lending rises. The wealth fund is transferring a $25 billion credit portfolio to its alternative asset manager Mubadala Capital under a long-term management agreement that will allow the platform to raise third-party capital for the first time. Mubadala will commit an additional $4.65 billion to support expansion.
Airbus has set an internal goal of 900 deliveries this year after handing over 89 jets in June, while keeping its official full-year guidance of 870 deliveries unchanged, industry sources said. June's total reflects an ongoing surge in deliveries as Airbus catches up on delayed deliveries to China and benefits from some easing of disruption to engine supplies, they said. Airbus did not respond to a request for comment. Bloomberg reported on Friday that Airbus delivered around 90 jets in June.
Samsung Electronics is likely to estimate that its operating profit jumped about 18-fold to another record high from a year earlier in the second quarter, as AI growth continues to strain memory supply and push chip prices higher. On Tuesday, the world's largest memory chipmaker by sales is likely to flag an operating profit of 86 trillion won ($56.35 billion) for the April to June quarter, according to an LSEG SmartEstimate based on forecasts from 30 analysts, weighted toward those with the best track records.
A look at the day ahead in European and global markets from Wayne Cole. It's been one of the quietest starts to a week in ages, with no new wars, or tariffs and much of the world watching the football. There has been no reported progress in U.S.-Iran peace talks, but at least the Strait of Hormuz is partly open. The UKMTO counted 160 vessels transiting from Monday to Saturday last week, with 98 of those tankers. It's still far short of the 138 daily average transits before the war, but every barrel helps.
Taiwan's Foxconn, the world's largest contract electronics maker, reported a 39.8% year-on-year rise in second-quarter revenue that beat market forecasts on strong demand for AI products, though it cautioned about "volatile" global politics. Revenue for Nvidia's biggest server maker and Apple's top iPhone assembler jumped to T$2.513 trillion ($78.71 billion) in the April-June quarter, Foxconn said in a statement on Sunday. That was above a T$2.372 trillion LSEG SmartEstimate, which gives greater weight to forecasts from analysts who are more consistently accurate.
Chinese artificial intelligence startup Z.ai is emerging as a fresh challenger to OpenAl and Anthropic after its latest flagship model, GLM-5.2, gained traction among developers for delivering advanced coding and Al agent capabilities at a significantly lower cost. The Beijing-based company's latest model has climbed developer rankings and drawn praise from prominent Al figures, with some industry observers calling it a "mini DeepSeek moment". Analysts say GLM-5.2 comes close to leading US models in software engineering and long-horizon Al tasks while operating at a fraction of their cost, reigniting debate over China's growing competitiveness in frontier Al.
For decades, consumer technology followed a predictable and reassuring script: when a new model arrived, older devices became cheaper. That safety net is disappearing. Prices of smartphones, laptops and other electronics are now rising in the middle of product cycles, long before their successors reach the market, as sharply higher component costs ripple through the technology supply chain.
Oil prices fell by more than 1% on Monday after OPEC+ agreed to further increase its output targets from August while exports from key producers via the Strait of Hormuz are recovering, potentially adding to global supplies. Brent crude futures fell $1.02, or 1.41%, to $71.10 a barrel at 0756 GMT after settling 0.45% higher on Friday. U.S. West Texas Intermediate crude was at $67.89 a barrel, down 80 cents, or 1.16%. There was no settlement for WTI on Friday as U.S. markets were closed ahead of the Independence Day holiday on Saturday.
US restrictions on access to advanced artificial intelligence (AI) models are beginning to reshape India’s AI strategy, with the government building independent capability to test critical software and cybersecurity systems instead of waiting for access to Anthropic’s most advanced model. The ministry of electronics and information technology (MeitY) has started using alternative frontier AI models to stress-test critical code while accelerating work on indigenous frontier models, reflecting a broader effort to reduce reliance on overseas AI platforms for strategic applications. The move comes even as India continues to seek access to Anthropic’s Mythos 5 under Project Glasswing, a trusted-partner programme that Washington is yet to expand.
The Centre on Saturday lifted emergency restrictions on the allocation, use and diversion of natural gas, ending controls imposed nearly four months ago after the West Asia conflict disrupted liquefied natural gas shipments through the Strait of Hormuz and forced suppliers to declare force majeure. The withdrawal, effective Saturday, removes the substantive provisions of the Natural Gas (Supply Regulation) Order issued on March 9, which empowered the government to regulate production, sector-wise allocation, distribution and consumption of natural gas, including LNG and re-gasified LNG.
The mandatory rollout of E20 petrol has led to vehement pushback and repeated clarifications from the government over the past year. Motorists have repeatedly questioned whether older vehicles could suffer corrosion, wear or reduced performance — even as the Centre announced excise duty exemptions for yet-to-be-released concentrations of 22, 25, 27 and 30 percent ethanol blending last month. A new study suggests that complaints about mileage and engine performance have also grown sharply over the past two months.
Revenue growth of specialty chemical manufacturers is expected to slow by 200 basis points to around 6% this fiscal, from about 8% in each of the past two years, while weak exports and volatile crude-linked input costs could compress operating margins by as much as 200 basis points, according to Crisil Ratings. Operating margins are projected to fall to 14-14.5% from nearly 16% last fiscal, as exporters face global supply disruptions, cautious overseas procurement and limited ability to pass on higher feedstock costs. Export sales typically offer better margins than domestic business.
Gujarat has attracted investments worth Rs 1.24 lakh crore across six key semiconductor projects approved under the India Semiconductor Mission. Prime Minister Narendra Modi inaugurated an assembly and test facility in Sanand on Saturday — noting that the country was now building the entire electronics value chain from products and components to semiconductors. State government officials say the upcoming projects are expected to generate more than 50,000 direct and indirect jobs and significantly strengthen India’s efforts to build domestic semiconductor capabilities under the government’s ‘Make in India‘ and ‘Aatmanirbhar Bharat’ (self-reliant) initiatives.
India's passenger vehicle sales stood at at 4,10,853 units, recording an annual jump of 28.63 per cent in June, according to latest data released by the Federation of Automobile Dealers Associations (FADA). The autodealers body reported that the total automobile industry retailed 25,57,234 units with a 21.83 per cent growth in June with tractors recording 25.31 per cent growth, two-wheelers at 21.22 per cent, commercial vehicles at 16.88 per cent and three-wheelers at 16.21 per cent.
India's automobile industry is expected to maintain healthy demand across vehicle segments, but automakers are likely to face pressure on profit margins in the first half of FY27 before profitability improves in the second half, according to an Antique Stock Broking monthly sector report. The brokerage said robust wholesale dispatches across passenger vehicles (PVs), commercial vehicles (CVs) and tractors indicate demand remains resilient, even as cost pressures are expected to weigh on original equipment manufacturers (OEMs) in the near term.
India will require roughly 500,000 tonnes of additional refined copper capacity every five years to keep pace with rising demand of the metal, International Copper Association India (ICA India) Managing Director Mayur Karmarkar said on Sunday. Speaking on the outlook for the ongoing financial year, Karmarkar said copper demand is likely to track overall GDP growth and the association is anticipating at least around 9 per cent growth over 2026.
India's pharmaceutical exports to the US, the industry's largest market, fell 6.31% in the April-May period, continuing the trend from the previous fiscal year, show government data. Shipments to the West Asia North Africa (WANA) region also shrank in the first two months of this fiscal year. Despite this pressure from two key markets, India's total pharmaceutical exports grew 6.63% during the period to more than $5.29 billion. According to the data, shipments to the US were valued at $1.6 billion, or just over 30% of India's total pharma exports during the two months.
The 16th India-Japan Summit, held during Japanese PM Sanae Takaichi's visit to India last week, can easily be framed as another diplomatic milestone, marked by new memoranda of cooperation, 75 years of bilateral ties, plans to celebrate 2027 as the India-Japan Year of Shared Horizons, expanding people-to-people exchanges, growing influence of Japanese culture and language in India, and Japan's role as a leading development finance partner with $3.7 billion in outward FDI to India in FY2025-26. Yet while this narrative is accurate, it's also incomplete.
India’s electronics exports hit a record nearly $48 billion in FY26, cementing the country’s emergence as a global smartphone manufacturing hub. Smartphones alone accounted for over $31 billion of exports, driven by Apple’s expanding manufacturing footprint and rising shipments to the US and Europe. Yet, the export success masks a deeper reality: much of the value inside those devices still comes from China. Semiconductor chips, display assemblies, camera modules, printed circuit board inputs, connectors, sensors, manufacturing equipment and several industrial inputs continue to be imported, underscoring the gap between assembling electronics and building a self-sustaining manufacturing ecosystem.
The Centre’s decision to allow four Chinese power equipment manufacturers with factories in India to bid for critical government projects is expected to intensify competition. However, domestic players say they have invested heavily in manufacturing, research and development (R&D), and localisation to strengthen their capabilities and remain competitive. The finance ministry’s move follows a request from the Power Ministry in January seeking an exemption from an earlier order that required companies from countries sharing a land border with India to obtain prior government registration before bidding for critical public power projects. Approval of such registrations was entirely at the government’s discretion.
Russia's services sector contracted further in June as weaker client demand drove steeper falls in output and new orders, a business survey showed on Friday. The S&P Global Russia Services PMI Business Activity Index fell to 48.2 in June from 48.7 in May, a survey by S&P Global showed. The 50-mark separates growth from contraction.
Global Capacity Centres (GCCs) in India are presently witnessing a sizable boom. Figures posted by CII, NASSCOM and Deloitte via its latest report titled ‘India’s strategic GCC play for Japanese enterprises’ confirms the same. India’s GCC sector, which had a direct gross value added contribution of around $68 billion in FY25, could grow nearly 2.6 times to $155–199 billion by FY30, the report said, citing Nasscom’s GCC ecosystem estimates.
India’s merchandise exports rose by more than 15% year-on-year in the April–June quarter of this financial year, while services exports grew 11% in the same period, Commerce and Industry Minister Piyush Goyal said on Friday. In the corresponding quarter of the previous financial year, merchandise exports stood at $111.56 billion, while services exports were $97.4 billion.
Union Finance Minister Nirmala Sitharaman on Friday said India’s expanding middle class has become the “engine of growth”, with household consumption playing a key role in supporting the country’s post-pandemic economic momentum. Speaking at a session on “How to promote the rise of a new middle class?” at Les Rencontres Economiques d’Aix-en-Provence 2026 in France, Sitharaman said India’s growth story was being powered not just by investment and reforms, but also by the spending strength of its middle class.
India’s export performance has improved sharply after a weak period between December and March, think tank GTRI said, adding that the more encouraging sign is that the recovery extends beyond petroleum. “Exports excluding petroleum grew 9% in April and 11.9% in May, reversing a 9.2% contraction in March and near-stagnation in January.
India has set its sights on achieving $1 trillion in exports this financial year, with Union Commerce and Industry Minister Piyush Goyal outlining an ambitious roadmap that hinges on strong growth in both merchandise and services exports. Read more at: https://economictimes.indiatimes.com/news/economy/foreign-trade/india-aims-for-1-trillion-exports-this-fiscal-year-says-piyush-goyal/articleshow/132161149.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst
The India-Israel Bilateral Investment Agreement (BIA) which was signed in September last year, came into force into Saturday. "The Bilateral Investment Agreement (BIA) between the Government of the Republic of India and the Government of the State of Israel signed on 8th September 2025 in New Delhi, enters into force with effect from today, i.e., 04 July 2026," the Ministry of Finance said in a statement.
Union Minister for Finance & Corporate Affairs, Nirmala Sitharaman and Roland Lescure, Minister of Economy, Finance, Industrial, Energy, and Digital Sovereignty of France, co-chaired the India-France Economic and Financial Dialogue in Aix-en-Provence on Friday, the Ministry of Finance said. The Ministry said the dialogue was held as part of efforts to strengthen economic engagement between India and France within the framework of their special global strategic partnership.
Exporters' body FIEO on Friday urged the government to operationalise goods and services tax (GST) refunds for foreign tourists to promote tourism and retail exports. It said that Section 15 of the Integrated Goods and Services Tax (IGST) Act, 2017, provides for a GST refund mechanism for foreign tourists purchasing goods in India. Despite nearly nine years having elapsed since the introduction of GST, this important provision remains unimplemented, the Federation of Indian Export Organisations (FIEO) said.
India's obsession with gold has always been viewed through two very different lenses. For households, it is a store of wealth and a hedge against uncertainty and also a symbolic asset passed down generations. For policymakers, it is also a recurring macroeconomic headache because almost all the gold Indians buy has to be imported. India imports with precious dollars most of the gold Indians buy so enthusiastically every year, and that gold vanishes into family holdings.
Housing and Urban Development Corporation (HUDCO) on Friday signed a preliminary agreement with Bihar to provide up to 1 trillion rupees ($10.50 billion) in loans for urban infrastructure projects, in one of the country's largest state-level infrastructure financing deals. The loans will be extended to the eastern state over a five-year period. HUDCO will provide the loan in tranches to the statutory authority of Bihar, and it will be used for urban infrastructure projects, including land acquisition.
The World Bank has moved Sri Lanka back into the upper-middle-income category, marking a significant milestone in the island nation's recovery from its devastating 2022 economic crisis. Vietnam and the Philippines have also been upgraded, reflecting years of sustained economic expansion.
Finance minister Nirmala Sitharaman on Friday described the middle class as the growth engine of India and said nearly 500 cities are poised to emerge as the country's next centres of economic activity. Participating in a panel discussion on 'How to promote the rise of a new middle class' nearly 500 cities are poised to emerge as the country's next centres of economic activity.
Finance Minister Nirmala Sitharaman on Friday said India's middle-class and slightly affluent class will account for 93% of the country's consumption by 2036 due to the tax relief and welfare measures implemented by the government that have aided to boost the spending capacity of the population.
Life Insurance Corporation of India (LIC) paid ₹4.96 lakh crore in benefits to policyholders during FY26, equivalent to 93% of its net premium income for the year. Total benefits paid by the country’s largest life insurer rose 19% year-on-year from ₹4.16 lakh crore in FY25. Benefit payouts in life insurance include death claims, maturity benefits, annuity and pension payments, surrenders, withdrawals, interim bonus and other policyholder claims.
Andhra Pradesh will soon get a major low‑carbon steel complex in the Rayalaseema region-with a total investment of Rs 16,350 crore. Construction work for the JSW Integrated Steel Plant was launched by Chief Minister N Chandrababu Naidu on Friday, and commercial production is expected to commence by March 2028. The two‑phase project will ultimately deliver 2 million tonnes per annum (mtpa) of integrated steelmaking capacity. According to a government press release, it was “originally approved in 2019 and witnessed foundation ceremonies in 2019 and again in 2023”.
Nestle India will sharpen its focus on penetration-led volume growth by expanding its distribution network deeper into rural and smaller towns, as the FMCG major looks to drive sustainable growth despite an uneven consumption environment marked by high food inflation and patchy rural demand. Addressing shareholders at the company’s 67th annual general meeting (AGM), Chairman and Managing Director Manish Tiwary said long-term growth in India would come from reaching more households and increasing purchase frequency.
When Mr Bhatia from Westend Colony, New Delhi received Rs 1.42 crore in rent from his various properties, he filed his income tax return (ITR) on September 3, 2015, claiming a tax refund of Rs 17 lakh. This refund was based on the advance tax he had paid and the TDS deducted from his rental income.
The PM Modi-led Central government announced on Friday that it has removed the requirement to deduct tax at source on aircraft lease rentals paid to leasing companies operating from International Financial Services Centres. The move is aimed at making aircraft leasing through GIFT IFSC more attractive and easing cash flow pressures on airlines.
A business can claim a deduction for a bad debt even if efforts to recover the money are still underway, the Ahmedabad Bench of the Income Tax Appellate Tribunal (ITAT) has ruled. In an order pronounced on June 30, 2026, the Tribunal allowed Ahmedabad-based commodity trading firm Hemant Brothers to claim a deduction of ₹2.69 crore arising from the National Spot Exchange Ltd. (NSEL) payment crisis. It held that once a debt has been written off in the books of account and the conditions prescribed under the Income-tax Act are fulfilled, the deduction cannot be denied merely because recovery proceedings are pending.
As India celebrated GST Day on July 1, public attention rightly focused on one of independent India's most transformative economic reforms. Since its launch on 1 July 2017, the Goods and Services Tax has unified fragmented markets, widened the formal tax base, accelerated digitisation through e-invoicing and e-way bills, strengthened AI-driven compliance, and evolved into one of the world's largest technology-enabled tax ecosystems. Yet GST's most important evolution is no longer fiscal or administrative. It is strategic.
On paper, 2025 was a spectacular year to be alive, personal wealth around the world climbed at its fastest clip since 2017, due to roaring stock markets and soaring asset prices. But peel back the headline number, there is an interesting story. According to UBS’s latest Global Wealth Report, most of that windfall never reached ordinary households at all. It piled up at the very top. The bank’s figures put global personal wealth growth at 10.8% in dollar terms last year, more than double the pace of 2024, and the third consecutive year of expansion.
India's bond market today looks vastly different from what it did a decade ago. Once dominated by institutional investors and traditional debt issuances, the market has steadily evolved into a broader ecosystem supported by regulatory reforms, digital platforms, innovative products and a growing pool of investors. The transformation is visible across participation, market depth and product innovation. While the market has become significantly larger and more accessible, experts believe there is still work to be done to improve liquidity, attract greater foreign participation and create a more vibrant market for lower-rated corporate debt.
People spend years carefully building wealth through fixed deposits, mutual funds, insurance policies and shares. But life has a way of getting in the way. Investors move cities, change banks, forget old investments or simply lose track of paperwork. Sometimes, the original investor passes away without telling family members about every financial asset they owned. Over time, these forgotten investments can become "unclaimed". Many people assume that once money is transferred to government-managed funds, it is gone forever. Fortunately, that is not the case.
India's foreign exchange reserves declined by $5.65 billion to $666.93 billion in the week ended June 26, 2026, according to data released by the Reserve Bank of India (RBI) on Friday. The drop in the reserves came after it rose by $963 million to $671.63 billion in the earlier week ended June 19, 2026. Foreign currency assets (FCAs) — the largest component of the reserves — declined by $150 million to $5541.07 billion during the week.
Iranian Parliament Speaker Mohammad Bagher Ghalibaf has said that the United States must accept that realities have changed following the Israeli-US conflict with Iran, during his meeting with Uzbekistan's speaker of parliament, as reported by Al Jazeera. "Conditions have improved compared to the past, and post-war developments have caused Americans to accept existing realities," Ghalibaf said, as cited by Al Jazeera. "In such an environment, trade relations can be expanded further, and we hope that the groundwork for lifting sanctions will also be prepared."
There is still no lasting peace deal in the Persian Gulf, but energy-hungry Asia is already drawing energy lessons from four months of war: it needs bigger buffers, a greater diversity of fossil-fuel suppliers, and a better mix of power sources overall. Flows of oil and natural gas have been returning to normal and prices have tumbled since an interim US-Iran accord was signed last month that pried open the Strait of Hormuz, relieving the immediate sense of crisis.
US oil companies are set to report their strongest quarterly profits in years, courting a possible clash with President Donald Trump, who has been pressing his longtime ally Big Oil to bring down gasoline prices before midterm elections in November. After months of Americans complaining about pain at the pump, Exxon Mobil and Chevron are expected to report second-quarter earnings in the coming weeks that are more than triple first-quarter levels. Oil prices spiked after the U.S.-Israeli war on Iran began in late February and global fuel supplies tightened.
German software major SAP is tightening hiring, travel and third-party spending as it steps up investments in artificial intelligence, according to an internal email sent to employees, according to a Shilpa Phadnis’ TOI report. In the email, SAP said the rapid pace of AI adoption is driving significant investments in AI products, strategic acquisitions and the infrastructure needed to support AI workloads. The company also pointed to rising token consumption and related costs as more AI-powered applications are deployed internally and for customers.
The Centre on Friday approved defence acquisition proposals worth around Rs 52,000 crore, giving a major push to the armed forces’ efforts to strengthen air defence, counter-drone capabilities and surveillance as India continues to sharpen its military preparedness amid evolving regional security challenges. The Defence Acquisition Council (DAC), chaired by Defence Minister Rajnath Singh, granted Acceptance of Necessity (AoN)—the first stage of procurement approval—for a range of systems for the Army, Navy and Air Force. For the Army, the approvals focus heavily on countering emerging aerial and mechanised threats. Among the key clearances is the procurement of the Akash Tarang anti-unmanned aerial vehicle (UAV) electronic warfare system, designed to detect, jam and neutralise hostile drones that have emerged as a growing battlefield challenge. The Army will also acquire the indigenous Man Portable Anti-Tank Guided Missile (MPATGM), Medium Range Surface-to-Air Missile (MRSAM) weapon system, Very Short Range Air Defence System (V-SHORADS), Active Protection Systems for tanks and jet-powered kamikaze drones.
Prime Minister Narendra Modi will visit Rajasthan and Gujarat on July 4 to launch a series of infrastructure, aviation, energy and semiconductor projects. The Rajasthan leg will include projects worth around Rs 1.06 lakh crore, according to the Prime Minister’s Office. PM Modi will visit Rajasthan and Gujarat on Saturday, with the launch of the modified UDAN scheme in Jodhpur and the inauguration of a semiconductor assembly and testing facility in Sanand among the key events on his schedule. According to an official statement, the modified UDAN scheme has been allocated Rs 28,840 crore over the next 10 years. The scheme aims to strengthen regional air connectivity by developing 100 aerodromes from existing unserved airstrips and building 200 helipads.
Some of the country’s leading fast-moving consumer goods (FMCG) companies expect double-digit growth in both revenue and profit in the June quarter of FY27 (Q1), driven by calibrated pricing action and broad-based growth across categories. Latest business updates by firms such as Dabur, Godrej Consumer (GCPL), Marico and AWL Agri Business indicate that demand conditions have been stable in Q1 despite inflationary pressures. On Friday, Dabur said that it saw double-digit growth in consolidated Q1 topline and profit supported by healthy demand across its domestic and international businesses. Rural Renaissance Rural demand, Dabur said, continued to outpace urban markets, while price hikes helped offset higher input costs during the quarter. GCPL said that consolidated revenue growth was likely to be in the high-teens in Q1, ahead of its full-year double-digit guidance, led by high single-digit underlying volume growth (UVG). Consolidated earnings before interest, tax, depreciation and amortisation (Ebitda) was also expected to come in ahead of its double-digit guidance, though margins were likely to be lower due to elevated input costs.
Trade in goods between the European Union and the U.S. reached a record €875 billion ($1.00 trillion) last year despite tariffs, but the figures mask significant economic damage, notably to Germany's auto sector, a study published on Friday found. The research by the German Economic Institute, or IW, found a 7.7% rise in EU exports to the U.S. to €580 billion, while U.S. imports into the EU climbed 2.2% to €295 billion, pushing the EU's trade surplus to nearly €285 billion. The report attributed some of the increase to front-loading of exports ahead of tariffs that took effect in April and said European manufacturing had suffered.
Hiring for artificial intelligence (AI) roles continued to grow in India’s technology sector in June even as overall recruitment in the industry declined. According to Naukri.com’s latest JobSpeak report, hiring for AI-related roles in the IT sector increased by 16 per cent in June compared with the same month last year. During the same period, overall IT hiring fell by 3 per cent. The report is based on job listings from more than 1.5 lakh companies that use Naukri’s recruitment platform. The figures suggest that technology companies are becoming more selective about the talent they recruit. While they have slowed hiring in traditional technology roles, they continue to invest in professionals with expertise in artificial intelligence and machine learning. India’s IT industry, valued at around $315 billion, has faced pressure over the past year as many global clients reduced technology spending because of an uncertain economic environment, reported Reuters citing data from Nakri site. At the same time, rapid advances in AI have forced companies to rethink their business models and invest in new technologies.
Indian Railways loaded 142.21 million tonnes of freight in June 2026, a 4% rise over the 136.71 million tonnes moved in the same month last year, as demand from core sectors such as fertilisers and iron ore continued to hold up. Passenger numbers also grew, with the railways carrying 63.81 crore passengers during the month against 62.37 crore a year earlier, according to figures released by the Ministry of Railways. Why did Indian Railways’ freight loading increase in June? The freight numbers were driven by gains across several commodity categories. Fertiliser loading rose 19.1% year-on-year, while the ‘Balance Other Goods’ category climbed 17.3%. Iron ore loading increased 9.4%, domestic coal rose 4.9%, total coal grew 3.6%, and clinker loading was up 7.2%.
The Indian government on Friday said that it has launched an investigation into an alleged cybersecurity breach at Tata Electronics after reports claimed sensitive internal documents connected to Apple’s unreleased iPhone 18 Pro were leaked online. This development marks the first official statement by New Delhi regarding the reported breach, raising concerns over cybersecurity vulnerabilities within India’s rapidly expanding electronics manufacturing ecosystem, particularly as global tech giants increasingly shift production to the country. Government launches probe into Tata Electronics leak Speaking on the sidelines of a Confederation of Indian Industry (CII) conference, S Krishnan, Secretary at the Ministry of Electronics and Information Technology (MeitY), confirmed that authorities are examining the reported breach.
Nvidia Corp. is looking to expand access to its leading artificial intelligence hardware by supporting Al cloud computing providers in exchange for a share of their future revenue. The company at the heart of the Al boom will help connect Al data center operators and cloud service providers with Al developers, simplifying the process for each side and establishing a new recurring usage-linked earnings stream" for itself, Chief Financial Officer Colette Kress wrote in a blog post on Wednesday. The aim of its new revenue-sharing model is to build business among researchers and nascent Companies without the capital to access large-scale Al resources.
The artificial intelligence boom has begun to exact a visible toll on the world’s smartphone industry — and Indian buyers are squarely in the line of fire. While India-specific figures are not yet available, China’s three largest Android makers — Xiaomi, Oppo and Vivo — have slashed their 2026 global shipment targets by as much as 30%, according to a Nikkei Asia report this week, as memory chips are diverted wholesale to Ai data centres. In India, the crisis was already visible and is expected to worsen further. Smartphone shipments in India fell 3% year-on-year in the January–March quarter, the market’s weakest showing in six years, with more than 80 models seeing average price increases of about 15% as memory costs surged, according to Counterpoint Research.
India’s attempt to fire up its fledgling private space program is showing early signs of success. Three years after Prime Minister Narendra Modi allowed non-government firms to own spaceports, launch rockets and sell remote-sensing data, the country has its first space unicorn preparing for a lift-off, and boasts startups making advanced Earth-imaging and all-weather satellites. Billionaire Mukesh Ambani is also evaluating plans to deploy a constellation that could pit him against Elon Musk’s Starlink in India. For decades, the Indian Space Research Organisation has launched cost-effective, pioneering missions, including the world’s first landing near the Moon’s south pole. The national agency, which allows startups to use its facilities for early tests, will soon share technology involving its workhorse rocket to speed up local knowhow.
India announced on Friday that it has extended anti-dumping duties on imports of normal butanol (N-Butyl Alcohol) from the US, Malaysia and South Africa for another five years, seeking to shield domestic manufacturers from unfairly priced overseas shipments. The decision comes after the Directorate General of Trade Remedies (DGTR) concluded in its final review that withdrawing the duty could trigger a fresh wave of dumped imports, causing material injury to Indian producers. The trade remedies body found that there was a likelihood of the continuation or recurrence of both dumping and injury to the domestic industry if the existing duty was allowed to lapse. Butyl alcohol is a key industrial chemical used in the manufacture of paints and coatings, solvents, plasticisers and a wide range of other chemical products.
The Odisha government on Friday signed a Memorandum of Cooperation (MoC) with the ACME Group and Japan's IHI Corporation for a proposed investment of Rs 67,000 crore, aimed at accelerating technology transfer and green industrialisation. The agreements were signed during Chief Minister Mohan Charan Majhi's interaction with a high-level business delegation from Japan here. The development assumes significance as it comes a day after Prime Minister Narendra Modi held summit talks with his Japanese counterpart Sanae Takaichi in New Delhi, Majhi said.
India has the potential to transform into a net exporter of aluminium if production is executed at a highly competitive rate, as the domestic market currently maintains enough room for multiple players to operate simultaneously, said Karan Adani, Managing Director of AdPorts & Special Economic Zone Ltd (APSEZ). While speaking to the media post the MoU signing between Adani Enterprises Ltd and the Odisha govt, Adani noted that despite the presence of large domestic capacities and established industry participants, India continues to rely on aluminium imports to meet its internal requirements. This ongoing reliance signals robust underlying demand within the local market. "I think if you look at the overall market, even with such large capacities being there, large players being there, we still import aluminium, which is a sign that there is more demand and there is going to be enough room for everybody to be in this market," Adani said.
Institutional investments in Indian real estate rose 70 per cent year-on-year to USD 2.9 billion in the second quarter of calendar year 2026 (Q2 CY2026), driven by strong domestic and foreign investor participation, with Chennai and Bengaluru contributing around 27 per cent of inflows, according to a report by Colliers. The report said domestic investments more than doubled to USD 1.33 billion during the quarter, accounting for 46 per cent of the total inflows. Foreign investments stood at USD 1.54 billion, contributing 54 per cent of the total despite global trade and capital deployment uncertainties arising from the West Asia crisis. The inflows were supported by select large transactions. According to the report, Abu Dhabi Investment Authority (ADIA) recorded the largest deal of the quarter by investing USD 675 million in Kotak Alternate Asset Managers' mixed-use assets across multiple cities.
India appears set to move towards a dedicated regulatory framework for artificial intelligence, with IT Secretary S Krishnan on Friday saying the time has come to look at a separate AI regulation. Krishnan noted that while existing legal provisions have so far been adequate in addressing initial concerns on issues like deepfakes and AI-generated synthetic content, an "additional regulation or law may be needed". "It is a conversation which has commenced, and my Minister (IT Minister Ashwini Vaishnaw) and I have both been on record earlier that we will look at AI regulation when the time is right, and it appears that the time is getting right, and we will start looking at it," Krishnan said. He added: "We have used the IT rules, and other provisions of existing law to address various concerns that AI raises, but now, probably the time has come to look at a separate legislation." Why A New AI Law Is Needed Asked about the timelines for bringing out a new AI regulation, the IT secretary said: "As Ministry, at an official level, what we can do is prepare draft legislation...when it finally comes out, is not something which I can comment, especially when it is a legislation."
The US unemployment rate fell to 4.2% in June from 4.3% in May, even as employers added fewer jobs than expected. According to the US Bureau of Labor Statistics (BLS), nonfarm payrolls increased by 57,000 jobs in June, well below the 110,000 jobs economists had expected in a Reuters poll.
Activity in Britain's dominant services sector contracted for a second month running in June and by the most since early 2023 as the fallout from the Iran war continued to weigh on companies, a closely watched survey showed on Friday.
The euro zone services industry contracted at a slower pace in June as cost pressures fell at the sharpest rate on record outside of pandemic-era lockdowns, helping to stabilise the broader economy after two months of decline, a survey showed.
Germany's services sector contracted for a third straight month in June as weaker demand, dragged down by higher prices and lower market confidence, continued to weigh on activity, a survey showed on Friday.
France's services sector contracted in June by more than initially forecast, as sluggish demand and inflationary pressures weighed on businesses, said a survey by S&P Global.
Business in Italy's service sector grew marginally in June after three months of contraction, a survey showed on Friday, as cost pressures eased amid signs of de-escalation in the conflict in the Middle East.
Kenya's private sector activity picked up in June, breaking a run of three previous monthly contractions, a survey showed on Friday. The Stanbic Bank Kenya Purchasing Managers' Index rose to 50.0 in June from 46.6 a month earlier. Readings above 50.0 indicate growth in business activity, while those below that signal contraction.
Spain's services sector expanded at its strongest pace this year in June as activity and new business rebounded on stronger domestic demand, a business survey showed on Friday. The Spain Services PMI Business Activity Index rose to 54.2 in June from 50.1 in May, according to the survey by S&P Global.
China's services activity expanded at a slightly slower pace in June as growth in new business eased, though overseas demand rose at the fastest rate in 20 months, a private-sector survey showed on Friday.
Japan's services sector returned to expansion in June after stalling the previous month, though business confidence remained subdued amid concerns over Middle East tensions and intensifying cost pressures, a private survey showed on Friday.
Consumer confidence in New Zealand rose in June as two-year inflation expectations eased, returning nearer to January levels before the oil price spike, ANZ-Roy Morgan data showed on Friday.
New orders for U.S. factory goods fell in May amid a decline in bookings for commercial aircraft, but demand elsewhere remained strong, partly driven by investment in artificial intelligence.
Canada's manufacturing sector expanded further in June as production and employment rose, but not all was positive for the sector as intensifying supply shortages helped lift cost inflation to a near four-year high.
atastrophe and risk modeling firm Verisk said on Thursday it expects economic losses from the Venezuelan earthquake to exceed $10 billion. Here are some details: • Two powerful earthquakes struck north-central Venezuela near densely populated areas on June 24. With the death toll in the thousands, the government has been prompted to declare a national state of emergency.
taly's unemployment rate fell slightly to 5.0% in May but a net 22,000 jobs were lost during the month, with the fall in the jobless rate due to people no longer looking for work, national statistics bureau ISTAT reported on Thursday.
India has a youth unemployment problem. That much is clear from the numbers. Unemployment among Indians aged 15-29 stood at around 15% in April 2026. Behind this figure sit millions of young people caught between classrooms and careers, watching rising living costs and unaffordable housing eat into whatever certainty they had left. But zoom out and a bigger picture emerges. This isn’t just an India story. It’s a global one.
Russia supplied more than half of India’s crude oil imports in June, with shipments surging 39% month on month to 2.61 million barrels per day, even as the country’s overall imports remained nearly flat at 4.98 million bpd, the highest June volume on record. Russian crude accounted for 52.4% of India’s total imports during the month, up sharply from 37.7% in May, when supplies stood at 1.87 million bpd out of total purchases of 4.97 million bpd, according to data from commodity intelligence firm Kpler.
A cut in petrol and diesel prices may not come immediately despite the sharp decline in global crude oil prices. Union Petroleum Minister Hardeep Singh Puri on Thursday explained the reason behind it during a presser. According to Puri, the state-run oil marketing companies (OMCs) are still refining expensive crude purchased during the peak of the West Asia conflict. He said any decision on reducing retail fuel prices would depend on whether international crude prices remain at current levels for the next two to three months.
As India pushes toward its ambitious ‘Viksit Bharat 2047’ vision, World Bank India’s Executive Director Neelkanth Mishra has offered a detailed blueprint on what the country must achieve economically to be officially considered a developed nation and why the next two decades could be decisive. In a recent opinion piece, Mishra argued that for India to attain high-income or developed nation status by 2047, the country will need to sustain one of the fastest long-term growth trajectories in modern economic history, while overcoming demographic and structural challenges that could slow progress permanently.
India and Japan on Thursday unveiled a series of major agreements covering defence, artificial intelligence (AI), critical minerals, energy and investment during the 16th India-Japan Annual Summit in New Delhi. Prime Minister Narendra Modi and his Japanese counterpart Sanae Takaichi also announced a new economic partnership framework and an economic security declaration. The two sides signed multiple agreements aimed at expanding cooperation in emerging technologies, defence manufacturing and resilient supply chains.
India's dominant services sector expanded at its slowest pace in 17 months in June as domestic demand weakened sharply and overall new business grew at its slowest rate in over two-and-a-half years, according to a survey that also showed hiring nearly stalling. HSBC's India Services Purchasing Managers' Index (PMI), compiled by S&P Global, fell to 57.4 last month from May's 59.8, but was slightly higher than a preliminary estimate of 57.3. Readings above 50.0 indicate growth in activity.
Food inflation in India is projected to average around 6 per cent in the 2027 fiscal year, while the headline Consumer Price Index (CPI) inflation is expected to settle at 5 per cent. A severe rainfall deficit at the start of the monsoon season is driving these projections, posing a direct threat to agricultural output and domestic food prices. According to a report by CareEdge Ratings, monsoon rainfall between June 1 and June 29, 2026, recorded a deficit of 41.5 per cent from the longperiod average. This sharp dip raises immediate concerns over food production and overall inflation, especially since domestic edible oil inflation already stood high at 9.5 per cent in May.
Around 35 lakh more electric vehicles (EVs) are expected to replace petrol vehicles during 2027-2030, helping India save nearly Rs 1 lakh crore in crude oil import bills if EVs account for 20 per cent of the vehicle market by 2030, according to a report by the State Bank of India (SBI). The report said EV adoption has accelerated significantly following the onset of the West Asia conflict in February 2026, with registrations witnessing a sharp rise. It stated, "Our estimate indicates that during the four-year period of 2027-2030, 35 lakh more EVs are expected to replace the petrol vehicles.... EV vehicles have now reached more than an 8 per cent share in 2026. A 20 per cent share by 2030 could save Rs 1 lakh crore of the import bill."
Indian exporters are seeing a sharp surge in orders from the United Kingdom ahead of the India-UK Comprehensive Economic and Trade Agreement (CETA) coming into force on July 15, as buyers move quickly to take advantage of the proposed tariff cuts. Textile and garment exporters are seeing 12% higher orders from the UK than last year while orders of leather handbags and shoes are up 20%. Gems and jewellery exporters said consignments worth $6.5 million are ready for shipment, and chemical exporters expect a 30-40% rise in shipment to the UK.
Adani Enterprises and Abu Dhabi-based International Resources Holding (IRH), an IHC Group company, through 2PointZero, announced plans to form a 50:50 joint venture (JV) to develop an integrated greenfield aluminium project in Odisha with an investment of $11.5 billion (about Rs 1.08 lakh crore). The JV signed a Memorandum of Understanding (MoU) with the Government of Odisha on Thursday to develop the project. The project will comprise a 4 million metric tonne per annum (MMTPA) alumina refinery, a 2 MMTPA aluminium smelter, a 4,000 MW captive power plant and a 1 MMTPA downstream manufacturing park. It will be developed in two phases over five years, with investments of Rs 66,000 crore in the first phase and Rs 44,000 crore in the second.
Tata Steel is progressing towards its long-term target of building 40 million tonne per annum (MTPA) of steelmaking capacity, with recent and planned expansions expected to strengthen its manufacturing footprint across India. The steelmaker also expects to turn Ebitda and PAT positive in its UK operations by FY29. Addressing shareholders at the company’s annual general meeting (AGM) on Thursday, Chairman N Chandrasekaran said the commissioning of the Phase II expansion at Kalinganagar has taken Tata Steel’s total installed capacity to 26.1 MTPA, while expanding the Odisha plant’s capacity from 3 MTPA to 8 MTPA. The company is also expanding downstream capacities in tubes, tinplate and wires, along with the planned expansion of NINL (Neelachal Ispat Nigam) and the recently inaugurated 0.75 MTPA electric arc furnace (EAF) in Ludhiana.
IRB Infrastructure Developers will act as project manager for two national highway stretches currently under its infrastructure investment trust in a deal valued at approximately Rs 2,663 crore. This includes the Solapur–Yedeshi and Gulabpura–Chittorgarh highway projects. What did IRB Infrastructure announce? The Mumbai-based road developer said its board, at a meeting held on July 2, approved entering into Project Implementation Agreements with IRB InvIT Fund and two of its project special purpose vehicles, Solapur Yedeshi Tollway and CG Tollway.
Ahmedabad-based Adani Enterprises on Friday upsized its qualified institutional placement (QIP) to Rs 15,000 crore from a base size of Rs 10,000 crore, noticing huge investor demand for the issue. The share sale drew bids worth roughly Rs 38,000 crore, 3.8 times the base offer and among the strongest responses to a QIP in recent years. The order book was fully pre-filled before the launch, allowing the ports-to-power conglomerate to execute the deal within 48 hours, including investor roadshows, according to sources.
Jaguar Land Rover retail sales fell 15.3% year-on-year to 80,000 units in the first quarter of fiscal year 2027 as it grapples with supply constraints and softening demand, parent India's Tata Motors Passenger Vehicles said on Thursday. The British luxury carmaker sold 79,300 units wholesale in the first quarter, a 9.2% decline from a year earlier. A fire at a key component supplier temporarily squeezed supply during the reported quarter, the company said.
Despite being a late entrant, Tata Electronics has overtaken Taiwanese electronics manufacturing services (EMS) giant Foxconn to grab a larger share of assembling iPhones, which are exported from the country, during the five-year production linked incentive (PLI) scheme period between financial year 2021-22 (FY22) and FY26. According to data provided by vendors to the government, iPhones assembled by Tata Electronics, which were exported in this five-year period, were pegged at a value of $26.3 billion compared to Foxconn, which was behind at $25.6 billion. Closing the Gap in Total Production Not only that, Tata Electronics has been able to close in on Foxconn on its share of total production value of iPhones — exports as well as domestic market — made in the country.
Two separate regulatory notes put out on Wednesday have assuaged concerns over a new norm that could have ended up questioning the autonomy exercised by the International Financial Services Centres Authority (IFSCA), a unified regulator, over GIFT IFSC entities. An FAQ issued on Wednesday has clarified that regulated entities operating out of GIFT IFSC will be required to file their Foreign Liabilities and Assets (FLA) return with the IFSCA, instead of with the Reserve Bank of India (RBI). Similarly, subsidiaries of foreign entities set up in GIFT IFSC will also have to file their FLA returns with the IFSCA.
The insolvency regulator on Thursday proposed the withdrawal of interim moratorium protection for personal guarantors to a stressed firm, seeking to align the regulation with the recently amended bankruptcy law to ensure such guarantors don’t abuse the relief to stall recovery proceedings. Before the latest amendment to the Insolvency and Bankruptcy Code (IBC), an interim moratorium would kick in from the time an insolvency application was filed against personal guarantors. This prevented creditors from proceeding with recovery while the application was pending with the adjudicating authority.
State Bank of India (SBI) is targeting Rs 1.20 lakh crore in fresh home loan disbursements during the current financial year, aiming to increase its market share by one percentage point in one of the fastest-growing retail lending segments. With the planned addition, the country’s largest lender expects its home loan portfolio to rise to Rs 10.64 lakh crore by the end of FY27 from Rs 9.44 lakh crore as of March 31, 2026. “The bank’s retail loans, including housing and non-housing, grew about 15% in FY26 over the previous year, and we are seeing strong demand in the current fiscal as well. We are projecting to increase our home loan book by Rs 1.20 lakh crore in FY27,” said SBI Managing Director Rama Mohan Rao Amara, who oversees the bank’s retail business.
Top officials of Reserve Bank of India (RBI), in a submission to a parliamentary panel, backed a containment strategy leaning towards prohibition, recommending that banks and other regulated financial institutions remain completely insulated from crypto assets and privately issued stablecoins. RBI deputy governor Rohit Jain and executive director P Vasudevan gave submissions on behalf of the central bank to the Parliamentary Standing Committee on Finance headed by BJP MP Bhartruhari Mahtab.
The Reserve Bank of India on Thursday told a parliamentary panel that virtual digital assets like cryptocurrency are a threat to an emerging economy like India and such assets should not be legalised in the country. The RBI also told the Parliamentary Standing Committee on Finance, headed by BJP member Bhartruhari Mahtab, that China and Qatar are among the countries that have banned such financial activities, while Europe has allowed virtual digital assets in a very stringent, regulated manner. The committee held the meeting with the representatives of the RBI on 'A Study on Virtual Digital Assets (VDAs) and Way Forward'.
Foreign investors continued to exit Indian equities for yet another month, with June witnessing withdrawals of Rs 49,340 crore $5.16 billion), as global and domestic factors continued to weigh on investment sentiment. The latest sell-off has pushed cumulative Foreign Portfolio Investor (FPI) outflows from Dalal Street to Rs 2.7 lakh crore in 2026 so far, according to data from the Central Depository Services (India) Ltd. The amount has already crossed the Rs 1.66 lakh crore withdrawn during the entire 2025 calendar year.
Europe’s highest court on Thursday upheld a €4.1 billion ($4.67 billion) antitrust fine against Google, bringing an end to one of the European Union’s biggest competition cases against a technology company. The ruling confirms that Google abused the dominant position of its Android mobile operating system to strengthen its own apps and services. The decision is a major victory for the European Commission and comes as the EU continues its broader crackdown on Big Tech through tougher competition and digital market rules.
Meta Chief Executive Mark Zuckerberg acknowledged shortcomings in the company's sweeping restructuring at an internal town hall on Thursday, saying the systems known as AI agents had not progressed as quickly as he had expected, according to a recording heard by Reuters. Zuckerberg added that a company reorganization that included major job cuts was not as "clean" as it could have been and that executives had miscalculated on the timing of the changes.
A Moscow car dealership is struggling to keep up with demand for new electric vehicles from China as drivers look to sidestep a fuel crisis that has led to long queues and soaring prices across much of Russia. Escalating Ukrainian strikes on Russian energy infrastructure have squeezed gasoline and diesel supplies in recent weeks, prompting restrictions in most regions.
Ford on Thursday reported a 10.3% drop in U.S. sales in the second quarter, as the automaker reeled from lower inventory of its F-150 pickup trucks. It notched quarterly sales of 549,200 units, lower than the 612,095 units it sold a year earlier.
Tesla on Thursday posted record-setting second-quarter delivery numbers that smashed past Wall Street estimates, led by a rebound in Europe, feeding hopes that in 2026 the electric vehicle maker can end its two-year streak of annual declines. Strong results from Tesla's mainstay auto business offer a crucial cushion as CEO Elon Musk focuses on expensive ambitions in autonomous driving and artificial intelligence, the main drivers of the company's roughly $1.6 trillion valuation.
Microsoft said on Thursday it is creating a new company that will help customers select AI technologies that work for their businesses and generate returns on their investment. Microsoft Frontier Company, as the new operating entity is called, will kick off with $2.5 billion in funding from the tech giant to work with clients such as Unilever and Novo Nordisk.
Tesla's China-made electric vehicle sales rose for an eighth month in June, supported by an extended recovery in the U.S. automaker's European sales. Deliveries of Model 3 and Model Y vehicles made in its Shanghai plant, which is also an export hub for Europe, grew 24.4% from a year earlier to 89,091 units, data from the China Passenger Car Association showed on Thursday. The increase followed a 39.4% gain in May.
Crude oil prices stayed under pressure on Friday as tanker traffic through the Strait of Hormuz continued to recover and diplomatic engagement between the US and Iran showed signs of progress. Brent crude is also headed for a fourth straight weekly decline, its longest losing streak since August 2024 Crude oil price on July 3 Brent crude hovered near the $71-a-barrel mark after briefly dipping below that level in the previous session, while US benchmark West Texas Intermediate (WTI) traded around $68 a barrel.
India's crude oil inventory has rebounded sharply to near a one-year high, as strong imports replenished stocks after the drawdown earlier in the June quarter. Crude inventories stood at 104 million barrels at the end of June, up from a low of 90.5 million barrels at the end of April, according to estimates by commodity intelligence provider Kpler. The figures include strategic petroleum reserves, commercial inventories and refinery stocks, but exclude crude held in pipelines and on tankers bound for India. India consumes about 5 million barrels of crude a day, meaning current inventories are sufficient to cover roughly 21 days of consumption.
India's palm oil imports in June fell to their lowest in 14 months as subdued demand and a narrowing discount to rival oils prompted buyers to cut purchases, five dealers said. Lower palm oil buying by the world's biggest importer of vegetable oils could swell stocks in top producers Indonesia and Malaysia and weigh on benchmark Malaysian palm oil futures . Palm oil imports fell 10.5% from a month ago to 492,000 metric tons in June, the lowest level since April 2025, dealer estimates showed.
The Rajasthan government has received investment proposals worth more than Rs 43,000 crore in the data centre sector, Chief Minister Bhajanlal Sharma said, as the state positions itself as an emerging hub for Artificial Intelligence and digital infrastructure. He said the government is committed to making Rajasthan the country’s preferred destination for AI and data centre investments. Addressing industry leaders at a round-table discussion held after the 29th National Conference on e-Governance at the Rajasthan International Centre, CM Sharma said the state is strengthening its digital backbone to realise the vision of “Viksit Bharat–Viksit Rajasthan 2047” under the leadership of Prime Minister Narendra Modi.
The government recently extended the deadline to submit bids for the PLI scheme to make rare earth magnets. This is the second such extension. Suvendu Bose explains how sovereign loan guarantees, risk-sharing finance mechanisms & targeted upstream technology grants can make the scheme more industry-friendly l What are rare earth permanent magnets? RARE EARTH PERMANENT magnet or REPM are magnets made from rare earth elements such as Neodymium (Nd), Praseodymium (Pr), Samarium (Sm), and Dysprosium (Dy). These magnets generate exceptionally strong magnetic fields relative to their size.
Indian Energy Exchange (IEX) reported a 15.9% year-on-year (YoY) increase in electricity traded volume for the Q1FY27, driven by record power demand during an unusually hot summer. “During the first quarter of this financial year, India experienced hotter-than-normal summer marked by persistent heatwaves and above-normal temperatures and India’s peak power demand surged to an all-time high of 270.8 GW in May 2026. Consequently, the country’s energy consumption touched 485.4 BUs in Q1FY27, registering a YoY growth of 8.8%,” IEX said in its regulatory filing.
Pharmaceutical companies will now be rewarded for using superior packaging solutions or tweaking dosage forms of their medicines if they can convince the price regulator that such practices have a therapeutic value for patients. In addition, they can sell the same drug at different prices among bulk buyers like hospitals and retail consumers citing the different pack sizes required. The government has introduced flexibility in determining the ceiling prices of “essential” drugs regulated under the Drug Prices Control Order (DPCO) 2013. Instead of notifying a single, uniform ceiling price for any “scheduled essential drug”, which are identified based on the active molecule, its specified standard dosage and strength—the price regulator will now factor in the specialised physical formats in which it is sold. The notified price caps could vary depending on the format and their efficacy for the patients.
The Maharashtra government has identified Dighi in Raigad district as the preferred location for a ‘mega greenfield shipbuilding cluster’ estimated at more than Rs 20,000 crore, with state-run Mazagon Dock Shipbuilders Limited (MDL) being approached to serve as the anchor shipyard. Mumbai Port Authority Chairman M Angamuthu said the project has moved into a more concrete phase, adding that the site is a good location for the proposed cluster.
The Public Relations industry is witnessing a decisive shift as it matures in a new era dominated by AI. According to the Public Relations Consultants Association of India (PRCAI), the Indian PR industry grew 11% in FY26 to reach ₹3,230 crore, accounting for 12.6% of the Asia-Pacific market. The highlights a major market shift: between 2022 and 2026, the government’s share of top client categories nearly tripled from 4% to 11%. During this period, private corporations – the industry’s traditional backbone – saw their share decline from 48% to 42%. Start-ups have nearly quadrupled their share, from 6% to 22% over the same period, the data showed.
The government has nearly doubled its commitment to India’s sovereign-anchored infrastructure fund. The National Investment and Infrastructure Fund (NIIF) will raise its second infrastructure-focused vehicle, a roughly Rs 30,000-crore successor to the fund that has already built ports, roads, data centres and renewable energy platforms across the country. According to those tracking the fund, the eventual beneficiaries will not be any single company or promoter group, but the broader universe of transportation, energy, digital infrastructure and e-mobility projects that the money is meant to seed.
The Rs 10,000-crore jet fuel price stabilisation programme has failed to take off, with no airline signing up for the scheme as a decline in international oil prices eroded its appeal, sources said. The Union Cabinet last month approved a one-time Rs 10,000-crore scheme to compensate state-owned fuel retailers for selling aviation turbine fuel (ATF) to airlines at capped prices for upto three years, aiming to shield carriers from surging fuel costs triggered by the West Asia crisis. The scheme was voluntary, and airlines were to sign agreements with oil marketing companies to avail of the capped price of about Rs 115 per litre. However, no airline has signed up for the scheme so far, sources said.
State-run oil marketing companies incurred a loss of ₹74,781 crore in the April-June quarter by selling fuels below market prices, oil minister Hardeep Singh Puri said at a press conference on Thursday. Puri remained noncommittal on cutting domestic pump prices despite the recent decline in global crude prices, saying refiners are still processing higher-priced crude purchased earlier. Refiners typically order crude one to two months in advance and keep a two-week inventory at their facilities. He did not clarify whether the companies were still incurring losses.
The largest impetus to India's renewable energy sector comes from the enormous growth in solar power, which is significant for global climate action, and also for countries like Norway, a top representative of Renewables Norway has said. Speaking to PTI Videos, Bard Vegar Solhjell, CEO of Fornybar Norge (Renewables Norway) highlighted that if India can develop manufacturing capacity across the value chain, from rare earth minerals to solar wafers and cells, it could become an exporter to European nations like Norway.
India has allowed four Chinese power equipment manufacturers with factories in the country to participate in government tenders for critical power projects, according to a government order. TBEA Energy, Nanjing Electric India, New Northeast Electric India and Taikai Electric (India) will be allowed to participate in the tenders, the order from India's Ministry of Finance dated June 24 and reviewed by Reuters said.
The series of free trade agreements (FTAs) finalised by India, including the ones with the UK and the European Union, will give a major boost to toy exports, according to industry officials. Under the free trade agreements with the EU and UK, Indian toys will get zero duty access, Toy Association of India Chairman Manu Giota said. At present, the products face about 5-6 per cent import duty in these two markets.
Reliance Industries chairman and managing director Mukesh Ambani and Bharti Enterprises founder and chairman Sunil Bharti Mittal have joined a newly launched global commission on artificial intelligence that brings together more than 40 world leaders, technology executives and heads of multilateral organisations to steer the responsible development and adoption of Al. The Al for Good Global Commission, announced on July 3 by Rwanda President Paul Kagame, Salesforce chair and CEO Marc Benioff, and International Telecommunication Union (ITU) secretary-general Doreen Bogdan-Martin, aims to define practical pathways to strengthen trust in Al, expand access to the technology and accelerate its use in addressing global challenges.
The United States Supreme Court ruling on birthright citizenship isn’t just a win for the immigrant community but also for the US economy. According to the Center for Migration Studies estimates that beneficiaries of birthright citizenship will contribute $7.7 trillion to the US economy over their lifetimes, with $438 billion of that arriving between 2025 and 2029 alone.
British business confidence fell to its lowest since 2022 as the Iran war, which pushed up costs, saps expectations for future sales, a survey of accountants showed on Thursday.
U.S. job growth likely slowed to a still-solid clip in June, with the unemployment rate expected to hold steady at 4.3% for a fourth straight month, consistent with a stable labor market.
Australia's balance on goods trade in May unexpectedly swung to the largest deficit in over a decade, data showed on Thursday, as exports of gold and iron ore fell sharply.
South Korea's consumer inflation accelerated to a two-and-a-half-year high in June, cementing expectations for an interest rate hike by the central bank as early as its upcoming policy meeting on July 16.
U.S. manufacturing activity slowed in June after surging in the prior month, likely as some of the lift from businesses front-loading orders to avoid shortages and higher prices caused by the Middle East conflict faded.
Mexico's peso will likely hold steady near the middle of its well-established trading range at least into the first half of 2027, a Reuters poll found, supported by foreign exchange market expectations for an economic recovery.
Sri Lanka has regained upper-middle income status just three years after a severe economic crisis brought the country to the brink of collapse in 2022. The World Bank, in its latest income classification update released yesterday reclassified Sri Lanka from the lower-middle-income category after the economy expanded by 5 percent in 2025, supported by a broad-based recovery across industries and growth in tourism and financial services.
India’s white-collar hiring has entered a sustained slowdown after touching a high in February, with companies pulling back on fresh recruitment. According to the latest foundit report, the hiring index has fallen for four consecutive months – from 404 in February to 385 in March, 370 in April, 348 in May and 331 in June, representing an 18% decline from the February peak. Hiring in June was 9% lower than a year ago and 5% below May, signalling that employers have become increasingly cautious amid an uncertain business environment.
As new synchronised steel trade measures by the UK and European Union (EU) came into effect on Wednesday, India preserved its competitive advantage in both markets. New Delhi’s free trade agreements with both trading partners have enabled it to make relative gains.
The Uttar Pradesh Defence Industrial Corridor (UPDIC) has attracted investment proposals totalling Rs 39,571.09 crore as it shifts from planning to production, state government officials said. This underlines the corridor’s growing role in India’s defence-manufacturing push and Uttar Pradesh’s $1 trillion economy ambition.
Japanese private companies are set to inject a massive $12.5 billion into the rapidly growing Indian market through approximately 120 cooperation agreements at the 16th Japan-India Annual Summit, coinciding with Prime Minister Sanae Takaichi's first official visit to New Delhi on Thursday. In a post on X, Japan's Deputy Chief Cabinet Secretary Masanao Ozaki, who arrived in New Delhi along with PM Takaichi, noted that over 150 companies will be participating in the Japan-India Economic Forum, adding that it will strengthen government-to-government relations in areas such as security and economic security.
Ahead of the July 24 expiry of 10% tariffs imposed by the United States, exporters of chemicals, textiles, carpets and leather goods said they are getting more enquiries from their American clients than in the past few months but these are yet to translate into orders. Uncertainty over Section 301 tariffs and unpredictability of US policies are deterring large orders, they said. The US was India's second-largest trading partner in 2025-26, with goods exports increasing 0.92% year-on-year to $87.3 billion.
The Centre has notified the Employees’ Provident Fund Scheme, 2026, retaining most of the core provisions—including the 12% contribution rate, eligibility norms and withdrawal framework—of the Employees’ Provident Fund Scheme, 1952, while aligning the provident fund framework with the Code on Social Security, 2020. The new scheme focuses on simplifying procedures, strengthening governance, expanding digital compliance and easing the transition to the labour codes. Most fundamental features of the EPF system, including contribution rates, eligibility and benefit structure, remain intact, offering continuity for both employers and employees.
India is fast-tracking efforts to sell stakes in some of its largest state-owned companies, including the nation’s biggest life insurer, as Prime Minister Narendra Modi’s administration looks to bolster public finances strained by high oil prices. Life Insurance Corp. of India, Hindustan Zinc Ltd., and several state-controlled banks are among eight companies identified by officials for stake sales in the coming months, according to people familiar with the matter. A share-sale in LIC alone may raise as much as 100 billion rupees ($1.05 billion), while Hindustan Zinc could fetch another 50 billion rupees for the government, Bloomberg reported earlier.
India is unlikely to raise its official inflation target and there may be a case for lowering it over the long term, Reserve Bank of India Governor Sanjay Malhotra said at an event in Russia on Wednesday. The country's inflation-targeting framework has helped lower average inflation, the central bank chief said in a conversation with his Russian counterpart, Elvira Nabiullina. India adopted its inflation-targeting framework in 2016, which tasks the Reserve Bank of India with keeping headline consumer price inflation within a band set by the government.
Global personal wealth witnessed an extraordinary 10.8% growth in 2025, its fastest growth in at least three years, shows a new UBS report. While the USA remains the primary millionaire factory, India outpaced many developed markets in growth. India’s wealth is rooted in real assets rather than financial assets, and owes less debt.
India's economy ended the first quarter of FY27 on a strong footing with various high-frequency indicators showing robust growth in June, reflecting resilience despite the West Asia war and other external headwinds. Gross goods and services tax (GST) collections rose 13.9% to Rs 1.95 lakh crore in June from the year before, closer to the Rs 2 lakh crore milestone, led by robust import-led revenues and higher compliance. Car sales grew 24% in June from a year earlier, and power consumption rose 11.6% to 166.5 billion units.
Hero MotoCorp, India’s largest two-wheeler manufacturer, has committed an investment of ₹3,200 crore in Andhra Pradesh, aimed at transforming Tirupati into a global manufacturing and electric mobility hub. The announcement was made on Wednesday during the foundation stone-laying ceremony for its second Global Parts Centre (GPC) in Tirupati, being set up at an investment of ₹750 crore. “This investment will enhance our global supply chain, support our expansion across markets, and reaffirm our commitment to ‘Made in India, for India and the World,” Pawan Munjal, Executive Chairman, Hero MotoCorp, said.
Adani Group and Abu Dhabi-based investment conglomerate International Holding Company (IHC) plan to jointly invest $11.5 billion over the next few years to build a mega aluminium plant that could catapult India's total capacity by nearly 50%, said people familiar with the matter. This would be the second metals venture for Adani after its copper smelter in Gujarat that began operations last year, reflecting the power and ports group's strategy to secure commodity supplies for its expanding infrastructure empire. Adani and IHC will collectively make the investment through debt and equity towards building an aluminium smelter in Odisha with an annual capacity of more than 2 million tonnes, said the people cited above. They didn't disclose the investment split between the two partners.
State-owned CIL on Wednesday said coal production dropped 7.5 per cent to 169.6 million tonne (MT) in the first quarter of current fiscal year. The drop came despite robust demand from the power sector, which has seen unprecedented consumption levels this summer. Coal India Ltd (CIL) which accounts for over 80 per cent of the country's coal output, produced 183.3 MT in the April-June period of the previous fiscal year.
It is informed that various doubts, queries and representations received from taxpayers, trade, GST Suvidha Providers (GSPs) and other stakeholders regarding the mandatory capture of the Ship-to field in E-Way Bills and the voluntary closure of E-Way Bills have been examined. Accordingly, a comprehensive set of Frequently Asked Questions (FAQs) has been prepared to provide necessary clarifications on the applicable system validations, procedural requirements and manner of compliance. The stakeholders are requested to go through the FAQs for familiarisation with the applicable requirements, system validations and procedure to be followed.
India's private credit market is rapidly moving into the mainstream as companies increasingly bypass traditional bank loans for large and customised financing, with Moody's Ratings saying the asset class is poised for sustained growth as funding needs rise in the country's expanding economy. In a report published Thursday the ratings agency said private credit has doubled in size over the past five years to about $25 billion in assets under management (AUM) by the end of 2025 and has evolved from a niche source of funding for distressed companies into an important financing avenue for healthy businesses seeking capital for expansion, acquisitions and refinancing.
The Jammu and Kashmir Bank on Thursday said its total business has crossed the Rs 3 trillion mark in the first quarter of this fiscal, driven by over 16 per cent growth in deposits and more than 25 per cent growth in gross advances. The Bank has registered total business of Rs 3.04 trillion, (Rs 1.73 trillion in deposits and Rs 1.31 trillion in gross advances) with an year-on-year growth of over 20 per cent backed by healthy increase of over 16 per cent in deposits and over 25 per cent in gross advances, a spokesman of the bank said on Thursday.
Public sector banks (PSBs) are raising fresh term deposit rates, even as private sector peers pare theirs, in a bid to arrest a decade-long erosion in their share of the deposit market, showed Reserve Bank of India (RBI) data. The weighted average fresh term deposit rate at public sector banks rose 15 basis points to 6.33% in May from 6.18% in April, bucking the broader trend as private sector banks cut their rates by 5 basis points to 5.96% during this period. A basis point is a hundredth of a percentage point.
Bank credit to the corporate sector is growing faster than loans to individuals as companies increasingly shift to the loan market from bond financing to save costs amid rising corporate bond yields. Bank credit to industry including large and small companies grew 18% year-on-year in the fortnight ended May 31 versus 15% growth recorded in retail loans, latest data from the Reserve Bank of India (RBI) shows. Bank lending rate cuts due to the cumulative 125 basis points benchmark repo rate cut by the RBI since February 2025 along with a spike in corporate bond yields have made bank loans more attractive to companies, analysts said.
The Reserve Bank of India (RBI) has restored the definition of “indirect receipt of public funds” in its master directions for classifying upper-layer NBFCs. In a footnote added on Wednesday, effective July 1, 2026, the RBI reintroduced the definition of indirect receipt of public funds as “funds received not directly but through associates and group entities which have access to public funds”. The omission of this clause first mentioned in an April 29 circular had been taken interpreted by some observers as a partial relief to Tata Sons which has been opposing listing. But the reprieve has proved to be short-lived.
South Korea’s currency, the Won, is falling close to its weakest level since the 2008-09 global financial crisis. Normally, a country that is selling more goods to the world would see its currency become stronger. But South Korea is seeing the opposite. As reported by Bloomberg, the Won weakened to around 1,555 against the US dollar and briefly touched 1,559.10 on Wednesday. Last month, it had slipped to 1,562.20, its weakest level since March 2009. Foreign investors sold a net 1.46 trillion won (about $938 million) worth of stocks on Wednesday. This marked the eighth straight day of selling, adding to pressure on the country’s currency.
South Korean stocks extended their steep decline on Thursday, with the benchmark index tumbling as much as 8.2% (687 points), marking a second straight day of losses and taking the cumulative drop over the two sessions to 10%. The selloff gathered pace after Meta Platforms Inc.'s plans to sell computing power raised concerns about excess AI capacity, triggering a sharp fall in semiconductor stocks. Weakness in U.S. technology shares overnight further weighed on sentiment across Asian markets. In the U.S., chipmakers Micron Technology Inc. and Sandisk Corp. had both ended the previous session down more than 10%.
Indian government bonds gained in early trade on Thursday, shrugging off a jump in U.S. Treasury yields, supported by easing oil prices and growing foreign appetite in anticipation of their potential inclusion in a Bloomberg bond index. The benchmark 6.94% 2036 bond yield traded at 6.7207% by 11:15 a.m. IST, down from its 6.7563% close on Wednesday. Bond yields move inversely to prices.
Bloomberg's index committee is expected to meet mid-July to review whether Indian government bonds should be included in its Global Aggregate Index, with market participants anticipating a positive decision from the panel. Tax exemptions on interest income and capital gains have been a key factor in Bloomberg's consideration of including Indian bonds in its index and expectations of Indian debt's inclusion in the gauge have driven the recent rally in the bond market.
Average daily UPI volumes rose to 75.7 crore in June from 74.8 crore in May, up 1.2% month-on-month, while average daily value held steady at Rs 96,405 crore against Rs 96,465 crore, down 0.1%. According to National Payments Corporation of India, this stability in daily run rates came even as headline monthly numbers softened after a strong May.
Private equity and venture capital (PE-VC) investments fell 5% year-on-year during the Jan-June period of CY2026 to $17.5 billion, compared with $18.4 billion in the corresponding period of CY2025. PE-VC investments, excluding those in the real estate sector, remained flat at $1.9 billion in June 2026, according to data released by research firm Venture Intelligence on Wednesday.
The Insurance Regulatory and Development Authority of India (Irdai) has granted Certificate of Registration to Prudential HCL Health Insurance to carry on health insurance business in India. The certificate was issued during the 136th Authority meeting held on June 29, the insurance regulator said on Wednesday. With this registration, the number of standalone health insurers operating in India has increased to eight, which includes players like Star Health, Niva Bupa, Care Health and Aditya Birla Health Insurance.
Rather than setting up insurance businesses from the ground up, foreign insurers looking to establish a presence in India are understood to be favouring the brownfield route, with acquisitions and majority stake purchases emerging as the preferred mode of entry. According to industry executives, foreign players are increasingly viewing India as a brownfield opportunity rather than a greenfield market, with distribution emerging as the single biggest reason.
The race for the next generation of computing is moving beyond traditional processors. Nvidia’s push into AI-focused chips for personal computing and AMD’s expansion of its Ryzen AI portfolio have intensified a new battle – one where artificial intelligence is becoming the defining workload for the next era of devices. For Intel, the shift represents both a challenge and an opportunity: to transform its identity from a dominant CPU maker into a broader AI computing platform company.
The European Union rolled out two measures to protect its steel industry and limit e-commerce small parcels on Wednesday as the 27-nation bloc grapples with its staggering trade imbalance with China. "Today's change is about restoring fairness for European businesses and better protecting our consumers," European Commission President Ursula von der Leyen said in an online post praising a new 3 euro (USD 3.42) customs duty on small packages. "The surge in low-value online imports has put our retailers at an unfair disadvantage. Too many of these products also fail to meet EU safety standards, putting consumers at risk."
Samsung Group detailed plans on Thursday to invest 140 trillion won ($90 billion) for production of display panels, batteries, chips and chip materials in the central province of Chungcheong. • Samsung Display to spend 67 trillion won in Asan and Cheonan, while Samsung Electronics to invest 56 trillion to build packaging facilities for high-bandwidth memory chips in Onyang and Cheonan. • The plan fits into bigger investment plans the group rolled out on Monday. Details were provided by Samsung Display CEO Yi Chung at an event hosted by President Lee Jae Myung on Thursday.
The U.S. government is in advanced talks with AI companies to create voluntary standards for the release of new models, with an announcement possible as soon as next week, the Financial Times reported on Wednesday, citing sources. • Washington has tightened oversight of new model releases to flag risks amid concerns advanced AI could be misused by military intelligence in China, Russia or other countries of concern. • The standards would set benchmarks for advanced models and timelines, while clarifying who can access them in the United States and abroad, according to the FT report.
General Motors on Wednesday reported a 4.2% drop in U.S. auto sales during the second quarter, as inflationary pressures kept some new vehicle buyers at bay. The automaker notched quarterly sales of 714,896 units compared with 746,588 units a year earlier.
OpenAl has reportedly considered giving the Trump administration a 5 per cent stake in the company as Al firms face growing scrutiny in Washington over the potential misuse of advanced models and whether Americans should share in the sector's profits.
China has introduced sweeping new regulations to tighten scrutiny of overseas investments, with the framework coming into effect on Wednesday amid growing technological competition with the United States. The new rules, announced by China's State Council on June 1, provide Beijing with a broader legal framework to review and influence the movement of capital, technology and personnel across its borders, particularly in strategically important sectors such as artificial intelligence (AI), semiconductors and green technology, according to news agency AFP.
India imported a record 4.93 million barrels per day (bpd) of crude oil in June, marking the highest-ever import volume for the month despite heightened geopolitical tensions in West Asia. The surge was driven by higher purchases of discounted Russian crude, reinforcing Russia’s position as India’s largest oil supplier, according to data and analysis by energy intelligence firm Kpler.
Russia has started importing gasoline by sea from India for the first time as it is dealing with fuel shortages caused by repeated Ukrainian drone attacks on its oil refineries. This is a reversal in the energy trade relationship, where Russia has traditionally been India’s biggest crude oil supplier. News agency Reuters, quoting sources, reported that at least 60,000 metric tonnes of gasoline have already been shipped from India to Russia. Two tankers carrying between 30,000 and 40,000 tonnes each have been dispatched, industry sources said. Another source told Reuters that Russia plans to import around 400,000 tonnes of gasoline every month from several countries, including Belarus.
Iran's oil stockpile at sea is growing as the country struggles to find buyers ahead of the expiry of a 60-day window set by Washington, Bloomberg reported. More than 58 million barrels of Iranian crude and condensate were on the water as of July 1, according to data from Vortexa cited by Bloomberg. Over 90% of this had no clear destination, with vessels signalling "for orders" status or Singapore as their next port of call, indicating possible ship-to-ship transfers in the Malacca Strait.
India’s information technology services companies are expected to report another subdued performance for the April-June quarter, as weak discretionary spending, delayed client decision-making and uncertainty around artificial intelligence (AI) continuing to weigh on revenue growth, analysts said. Mid-tier IT firms are expected to outperform larger peers, supported by large deal ramp-ups and acquisitions, while Tier-I companies are likely to post muted sequential growth, they added. Among large-cap companies, Infosys and Tech Mahindra are expected to perform relatively better.
Passenger vehicle sales clocked 3,97,607 units in June 2026, up 24.14 % from 3,20,278 units a year earlier, with robust demand for SUVs and small cars driving double-digit growth for most automakers, while Hyundai’s performance was hit by supply disruptions. Maruti Suzuki India retained its leadership with domestic passenger vehicle sales rising 23.7 % year-on-year to 147,187 units. Growth was broad-based, with entry-level models Alto and S-Presso posting a 78 % jump to 11,416 units. The compact portfolio comprising Baleno, Swift, Dzire, WagonR, Celerio, Ignis and Ciaz grew 15.6 % to 63,815 units. SUVs remained the biggest growth driver, with Brezza, Fronx, Grand Vitara, e Vitara, Ertiga, Jimny, Invicto, Victoris and XL6 sales rising 28.7 % to 61,726 units, while Eeco MPV sales increased 9.5 % to 10,230 units.
The Ministry of Tourism on Tuesday partnered with Google India to strengthen the digital promotion of Indian tourism destinations using AI and data-driven insights, even as a new NITI Aayog report warned that attracting more travellers alone will not be enough unless India rapidly expands tourism infrastructure and eases regulations for investors. The ministry signed a memorandum of understanding (MoU) with Google India to leverage digital technologies, AI, travel trends and consumer insights to promote Indian destinations among domestic and international travellers. The collaboration will also include capacity-building programmes for ministry officials on digital marketing, content creation and AI.
India's carbonated soft drinks market is heating up with ITC introducing a premium sugar-free cola, joining Reliance Industries, to challenge global giants Coca-Cola and PepsiCo. Launched under ITC's B Natural beverage portfolio, the Coconut Cola drink is made with tender coconut water. The company is initially retailing it through quick commerce platforms as a pilot before a wider rollout, targeting the country's fastest-growing diet cola segment. ITC is also planning to expand its carbonated beverages portfolio with additional flavours and variants. ITC chairman and managing director Sanjiv Puri told ET the company will continue to augment its beverages business with new flavours, variants and pack sizes.
A quiet stretch of Andhra Pradesh's coastline is now attracting some of the biggest names in technology. Google is investing $15 billion. Reliance-backed Digital Connexion has announced plans worth billions more. It has reportedly unveiled a Rs 98,000 crore (about $11 billion) AI infrastructure plan, while Meta is also said to be planning a significant presence in the city — all pointing to an unlikely destination for India's next AI infrastructure boom: Visakhapatnam (Vizag). What was once primarily known as a port city is now being seen as the foundation of a new kind of technology ecosystem: one built around data centres, subsea cables, power infrastructure and the computing capacity required to power artificial intelligence.
The Ministry of New and Renewable Energy (MNRE) has urged the power regulator to retain a separate deviation settlement mechanism (DSM) for wind and solar projects, arguing that renewable generators should not be treated on par with conventional power plants. In its comments on the draft Deviation Settlement Mechanism and Related Matters (Third Amendment) Regulations, 2026, the ministry said renewable energy generation is inherently weather-dependent and cannot be equated with controllable output from thermal or other conventional plants. The draft regulations propose treating future wind and solar generators like other electricity sellers for DSM charges and changing the benchmark used for certain contract-rate calculations.
Electric car and two-wheeler sales gathered fresh momentum in June, with e-cars growing at a fast clip, as a wider choice of models, higher fuel prices, improving charging infrastructure and growing consumer confidence accelerated the shift towards cleaner mobility. Vehicle registration data from the government's Vahan portal, covering the top 10 manufacturers in both segments, showed e-two-wheeler registrations surged 62% year-on-year to 170,426 units in June. E-car registrations, however, more than doubled to 30,454 units, signalling that the transition to electric mobility is firmly underway.
NITI Aayog is working on policy recommendations, including royalty and incentive mechanisms, to encourage the extraction of critical minerals and strengthen India's critical mineral value chain amid rising demand from clean energy and advanced technologies, Anupam Lahiri, Principal Director (Minerals) and Additional Director General at NITI Aayog, said on Wednesday. "We are working on policy prescriptions. One aspect is what the royalty should be so that state governments are compensated, but more importantly, how incentivisation can come for the mine owner so that they can invest in extracting the critical minerals," Lahiri said.
The release of around 160 million barrels of crude oil stranded inside the Persian Gulf is widening discounts and easing conditions in the physical oil market, creating a more favourable procurement environment for Indian refiners after months of acute supply tightness triggered by disruptions in the Strait of Hormuz. Several West African crude grades from Angola and Congo are now trading at discounts of $4-11 a barrel to Dated Brent, while key Middle Eastern benchmarks — including Oman, Dubai and Murban — have also slipped into deep discounts. The shift marks a sharp reversal from the exceptionally tight market conditions witnessed in March and early April.
The global AI boom powered Asia's manufacturing sector in June, with brisk demand for technology-related goods offsetting the drag from the Iran war, private surveys showed on Wednesday, offering some relief for the region's export-reliant economies. Price pressures, however, remained elevated as supply shortages and shipping delays lengthened lead times, suggesting the energy shock tied to the Middle East conflict could intensify across the region in coming months.
German factory activity expanded modestly in June as output growth ticked up and new orders rebounded, while the outlook for price trends depends on developments in the Middle East, a survey showed on Wednesday. The S&P Global final Purchasing Managers' Index (PMI) for German manufacturing rose to 50.3 in June from 50.1 the month before, coming in slightly above an earlier preliminary reading of 50.0.
Anthropic will restore global access to its most advanced artificial intelligence models on Wednesday following a change in US policy. Claude Fable and Mythos had gone offline for all users last month after the Donald Trump government announced export control curbs to prevent usage by foreign nationals. The crackdown came mere days after the company expanded Project Glasswing to give Indian companies and developers early access to the advanced chatbot.
France's manufacturing activity grew slightly faster in June than initially forecast, despite ongoing supply-chain pressures caused by transport disruptions due to the Iran war, a business survey showed on Wednesday. The S&P Global France Manufacturing Purchasing Managers' Index (PMI) rose to 51.2 points in June from 49.7 in May.
Cost pressures and supply chain disruption in Italy's manufacturing sector eased in June, a survey showed on Wednesday, reflecting signs of de-escalation in the conflict in the Middle East. The measure of input cost inflation in the Italian S&P Global Manufacturing Purchasing Managers' Index (PMI) fell to 74.3 from 76.5 in May, posting the first decline this year while remaining at a historically high level.
The lines are growing at Russian gas stations -- and so is the frustration and uncertainty as several months of Ukrainian attacks have set oil refineries ablaze and choked supplies for motorists across the vast country. Fuel rationing has been introduced in many regions, with hourslong queues of cars snaking beside roads. Social media videos show drivers aghast at the lines or swearing at empty gas pumps and rising prices. The mayor of the Siberian city of Irkutsk even ordered portable toilets brought in to accommodate those in line.
Turkey's manufacturing sector contracted in June as the war in the Middle East disrupted demand and supply, a business survey showed on Wednesday. The Istanbul Chamber of Industry's Turkey Manufacturing Purchasing Managers' Index, compiled by S&P Global, fell to 47.1 in June from 49.8 in May. The 50-mark separates growth from contraction.
Tesla is expected to report a 5% rise in vehicle deliveries on Thursday for the second quarter. The gain is likely to stem from higher demand in Europe, where a sharp jump in fuel prices has pushed consumers to choose battery-powered cars. While demand in China is expected to be stable, U.S. sales are still pressured by the expiry of the $7,500 Biden-era federal EV tax credit in September.
Indonesia's annual inflation rate accelerated to 3.34% in June from 3.08% the previous month, data showed on Wednesday, higher than the median forecast in a Reuters poll and moving closer to the top end of the central bank's target range. The poll had expected an inflation rate of 3.20%. Bank Indonesia targets inflation within a range of 1.5% to 3.5%.
Bloom Energy and Brookfield said on Tuesday they had expanded their partnership to finance power projects for AI infrastructure, boosting their funding framework fivefold to $25 billion to accelerate the global deployment of Bloom's fuel cells. Shares of Bloom Energy surged 12% in extended trading. Brookfield in October had agreed to invest up to $5 billion in Bloom's fuel cell technology to power data centers, as companies seek cleaner energy to meet the needs of the AI boom.
Japanese business mood climbed to an eight-year high and corporate inflation expectations rose to record levels, a quarterly survey showed, underlining the economy's resilience to the Middle East war and bolstering the case for more rate hikes. The data will be among factors affecting the Bank of Japan's quarterly growth and inflation forecasts due next month, which will offer clues on how soon it could raise interest rates again after a hike to a 31-year high of 1% in June.
Brazil's Treasury said on Tuesday that fiscal targets will become unfeasible from 2028 without new measures, as rising mandatory spending outpaces efforts to contain costs even with maximum freezes on discretionary outlays. The warning comes as economists call for stronger fiscal discipline amid rising public debt under President Luiz Inacio Lula da Silva, with investors demanding higher risk premiums to finance expanding government spending.
The World Bank will phase out its lending to China by 2031 after years of declining loans, reflecting the country's rise to become the world's second-largest economy, three sources familiar with the plan said on Tuesday. The World Bank's board will review the plan during the week of July 20, although no formal vote is needed, one of the sources said. It was agreed by the World Bank and China as part of its five-year "country partnership framework."
New Zealand's economic recovery has been delayed by the oil price shock and heightened global uncertainty, while inflation is expected to rise temporarily to around 4% in mid-2026, the International Monetary Fund said on Wednesday. The IMF, in a concluding statement after its 2026 Article IV mission, said New Zealand's recovery had been gaining traction in early 2026 after a prolonged period of weak growth, but disruption to global energy markets following the onset of the Middle East war had pushed up fuel prices and weighed on disposable incomes.
India’s financial sector stability risks remain contained, but recurring external shocks could spill over and affect the macroeconomic outlook, the Reserve Bank of India (RBI) said in its Financial Stability Report (FSR) released on Tuesday. However, the central bank asserted that strong fundamentals provide “ample buffers” to withstand potential disruptions. The Indian economy remains vulnerable to energy price shocks and supply chain disruptions, but the financial system’s resilience is supported by strong balance sheets of banks and non-bank financial companies (NBFCs), the report said.
The cessation of the conflict in West Asia has significantly improved India’s macroeconomic outlook by easing risks to growth, inflation and the external sector, finance ministry economists said on Tuesday. They, however, cautioned that deficient monsoon rainfall and rising climate-related uncertainties remain key challenges. In the monthly economic review for June, the ministry said the West Asia peace deal has reduced concerns over external stability after the prolonged conflict tested India’s economic resilience. “The cessation of the conflict in West Asia has brightened the growth outlook and also reduced inflation and external deficit risks,” it said.
The Centre’s fiscal deficit widened sharply year-on-year in the first two months of 2026-27, reflecting higher spending and weaker tax receipts. However, public-finance experts said the fiscal position is likely to improve over the rest of the year as crude oil prices ease and non-tax revenues remain robust. According to Controller General of Accounts (CGA) data, the fiscal deficit stood at Rs 1.6 lakh crore during April-May, accounting for 9.6% of the Budget Estimate (BE) for FY27, compared with 0.8% of the respective target in the year-ago period.
Deficient monsoon rainfall has delayed sowing of key Kharif crops— rice, pulses, oilseeds, maize and cotton—with overall sown area being 18.27 million hectares (Mha) as on June 25, a 23% year-on-year decline. According to the Agriculture Ministry, total sowing till last Thursday was about 16% of the normal area of 110 mha in that window. By the same time a year ago, more than 21% of the normal area had come under fresh crops.
India’s manufacturing sector activity growth eased in June as demand moderated and export orders weakened. The seasonally adjusted HSBC India Manufacturing Purchasing Managers’ Index (PMI) fell to 54.2 in June from 55.0 in May. The June reading marked the second-weakest improvement in manufacturing health since mid-2022, though it remained above the long-run average. The HSBC India Manufacturing PMI is a gauge of overall conditions derived from measures of new orders, output, employment, supplier delivery times and stocks of purchases.
India has secured adequate crude oil and liquefied petroleum gas supplies through at least August, easing concerns over domestic availability as the rapid return of Gulf barrels shifts the global oil market increasingly in favour of buyers. “We have secured adequate LPG supplies through at least August, while crude availability remains comfortable. With more barrels returning to the market, procurement conditions have shifted in favour of buyers,” a senior oil marketing company official said.
India remains the world's fastest-growing major economy despite a challenging global environment, and sustaining high growth will require continued reforms, investments and execution, HUL Chairman Nitin Paranjpe said on Tuesday. Addressing shareholders at the 93rd AGM, India has demonstrated "structural resilience" at a time when global economies are grappling with geopolitical conflicts, climate volatility, tightening financial conditions and shifting consumer behaviour.
The Centre cut the price of Aviation Turbine Fuel (ATF) for domestic airlines by Rs 5 per litre, bringing the effective rate down to Rs 110 per litre, even as it revised export duties on petrol, diesel and ATF a day earlier under its fortnightly review mechanism. Export levies revised for new fortnight The Ministry of Finance on Tuesday issued two notifications updating the Special Additional Excise Duty (SAED) applicable to fuel exports for the fortnight beginning July 1. The export duty on petrol has been fixed at Rs 4 per litre, while diesel will attract Rs 8.5 per litre. The Road and Infrastructure Cess on both fuels remains nil, meaning the SAED alone constitutes the entire export levy.
The government on Tuesday raised the export duty on petrol while lowering levies on diesel and aviation turbine fuel for the fortnight beginning July 1, recalibrating the tax structure in line with movements in global crude and product prices. The special additional excise duty on petrol exports has been increased to ₹4 per litre from ₹1.5 per litre. In contrast, the levy on diesel exports has been cut to ₹8.5 per litre from ₹14 per litre, while the duty on ATF has been reduced to ₹7.5 per litre from ₹12.5 per litre.
India’s office market continued to attract global institutional capital in the first half of 2026, with Delhi-NCR emerging as the biggest investment destination as Global Capability Centre (GCC) expansion drove demand for income-generating office assets, according to Knight Frank India. The property consultancy said private equity (PE) investments in Indian real estate stood at $1.13 billion in H1 2026, down 23% from $1.47 billion a year earlier. Despite the decline, office assets accounted for nearly 89% of total investments, while Delhi-NCR attracted the highest inflows among the country’s top eight property markets.
The rationalisation in the goods and services tax rates last September delivered a larger-than-expected expansion in the tax base, with higher taxable supplies more than offsetting the revenue foregone from lower tax rates, according to a government analysis. Average monthly taxable supply, an indicator of revenue for businesses, grew 22.5% in the second half of FY26 (after GST changes on September 22). As the levy completes nine years on July 1, a look at the impact of last year’s changes.
The government on Tuesday extended the nil customs duty on imports of 40 critical petrochemical products by 15 days to July 15, seeking to prevent supply disruptions and ease cost pressures on downstream industries as conditions linked to the West Asia crisis gradually normalise. The full duty exemption, introduced on April 2, was due to expire on June 30. The finance ministry said the measure had been provided as temporary and targeted relief to maintain adequate domestic availability after Indian petroleum companies were asked to prioritise LPG production.
India’s annual solar installations could jump nearly 70% to about 85 GW by FY30 from around 50 GW in FY27, as rising electricity demand from artificial intelligence-led data centres, green hydrogen and battery storage opens up a new growth cycle beyond the country’s already sizeable utility project pipeline, according to an Equirus Securities report. The report estimates that these emerging demand segments, along with the use of existing grid connectivity during non-solar hours, could add 15–20 GW of incremental solar demand every year from FY29—a requirement that is not currently captured in Central Electricity Authority forecasts or analyst estimates.
The overall debt of the household sector reached 45.5 per cent of the country's gross domestic product (GDP) due to an uptick in non-housing retail loans, according to the RBI's latest Financial Stability Report (FSR). The Reserve Bank of India said the increase in household sector debt was due to rising non-housing retail loans, which constituted 58.4 per cent of total borrowings as of March 2026. Their share has increased steadily over time, consistently outpacing housing loans, agriculture and business loans.
India’s electric vehicle (EV) market has crossed an inflection point, with adoption moving beyond early enthusiasts into the mainstream, prompting Tata Motors to shift its focus from creating demand to expanding production capacity. Speaking on the sidelines of the Sierra EV launch, Shailesh Chandra, Managing Director, Tata Motors Passenger Vehicles and Tata Passenger Electric Mobility, said India’s EV journey is diverging from global trends. “As far as India is concerned, the story is completely different from what is happening across the world,” he said.
India is poised to emerge as a global hub for data centres. ICICI Securities projects “multi-billion-dollar investments to ensue over the next decade”. Rising mobile data consumption and massive artificial intelligence (AI) and cloud adoption remain the key growth drivers. However, what’s really giving India an edge over global countries are scalable power pools, government policies and a strong pipeline.
India’s power sector is entering a new phase of its energy transition, with battery energy storage systems (BESS) emerging as a critical pillar of the country’s renewable energy strategy as electricity demand continues to climb, according to HSBC. The brokerage said operational BESS capacity has reached 2.7 GW/7.5 GWh, with May alone adding 1.6 GWh of storage capacity as renewable energy developers increasingly capitalise on merchant arbitrage opportunities. It added that battery storage is already playing a meaningful role in balancing the grid, contributing up to 4.5 GW during evening peak demand while charging during solar generation hours.
The Union health ministry has proposed amendments to the Medical Devices Rules, 2017 to shorten the timelines for the grant of manufacturing licences for medical devices across different risk categories. The draft notification, published in the official gazette, seeks to simplify and expedite the licensing process while ensuring continued compliance with quality, safety and performance requirements, the ministry said on Sunday The proposed amendments seek to rationalise the timelines for the grant of manufacturing licences for medical devices across different risk categories. The initiative is aimed at enhancing the ease of doing business, improving regulatory efficiency, and facilitating the timely availability of quality medical devices in the country, the ministry said.
Automobiles have emerged as the biggest driver of India's export growth to Japan, with their share in outbound shipments rising sharply from just one percent in FY21 to 13 percent in FY26, reflecting the country's increasing integration into Japan-linked automotive value chains, according to a report. Exports of engineering and industrial products also gained prominence, with unwrought aluminium, turbo jets and propellers increasing their shares from 3 percent to 6 percent and 1 percent to 6 percent, respectively, it said.
India’s life insurance industry is grappling with high surrender and withdrawal payouts due to weak policy persistence, creating uncertainty in asset-liability management (ALM), the Reserve Bank of India (RBI) said in its Financial Stability Report released on Tuesday. The report also flagged mounting pressure on the general insurance sector, where rising claims intensity and the concentration of claims in health and motor insurance are weighing on underwriting performance and increasing reliance on investment income to support profitability.
China is intensifying its scrutiny of investments overseas with broad "national security" regulations taking effect from Wednesday, at a time of rising tech competition with Washington. The new rules, originally announced on June 1, provide authorities with a sweeping legal framework to influence flows of capital and personnel across China's borders. Beijing sees fields such as artificial intelligence, computer chips and green technology as economically and strategically vital and has vowed to promote their domestic development.
The Reserve Bank on Tuesday said the interim peace deal between Iran and the US can provide tailwinds to Indian economic growth. In its bi-annual financial stability report released on Tuesday, the central bank also said that the growth in gold imports has decelerated "substantially" in May 2026 over April.
Fintech lenders continued to tighten their grip on India's small-ticket personal loan market, accounting for more than half of all loans below Rs 50,000 by March 2026, even as rising delinquencies signalled growing stress in the segment. According to the Reserve Bank of India's latest data from the Financial Stability Report, fintech firms held a 56.8% market share in personal loans below Rs 50,000 as of March 2026, up on the back of a 41.6% year-on-year expansion in credit—more than double the overall segment growth of 20.1%.
India's inflation is likely to remain relatively contained in the coming months, supported by the recent correction in crude oil prices and softening of key input costs, including urea, following the cessation of the West Asia conflict, the finance ministry said in its latest Monthly Economic Report released on Tuesday. "Although the normalisation of global supply chains and trade flows to pre-conflict levels may take time, the decline in international commodity prices is expected to provide some cushion against further price pressures.
Net investment by foreign portfolio investors (FPIs) in the domestic debt market surpassed their equity selloff in June, driven by strong demand for government securities following a series of measures announced by the Reserve Bank of India and the central government to attract foreign capital. FPIs infused a net ₹55,518 crore into the debt market in June as of Monday, while remaining net sellers in equities -- with outflows of ₹49,340 crore -- according to data from National Securities Depository Ltd (NSDL). Debt inflows were led by investments under the general limit, which recorded a net inflow of ₹30,620 crore during the month, followed by ₹21,652 crore through the fully accessible route (FAR). Investments under the voluntary retention route (VRR) stood at ₹3,246 crore.
After sustained intervention by the Reserve Bank of India's (RBI) to support the rupee during a period of heightened volatility triggered by the Middle East conflict, the central bank's net short forward position in the foreign exchange market widened to a record $106.6 billion in May, up from $95 billion in April, ET reported. The rupee had slipped to a record low of 96.96 against the US dollar on May 20. According to market participants, repeated RBI intervention prevented the currency from breaching the psychologically important 97-per-dollar mark.
Kotak Mahindra Bank will acquire Deutsche Bank’s retail banking, private banking and wealth management business in India, the bank informed the exchanges on Tuesday. The deal size is pegged at Rs 282 crore. The transaction is subject to regulatory approvals, including clearance from the Competition Commission of India, and is expected to close by September 2027. The business being acquired comprises a loan book of around Rs 29,000 crore, deposits of Rs 16,000 crore and assets under management (AUM) of Rs 10,500 crore. It serves nearly 150,000 customers and has a workforce of about 1,000 employees, who are expected to join Kotak upon completion of the deal.
The Reserve Bank on Tuesday said Indian financial system remains resilient, underpinned by strong bank and non-bank balance sheets, as gross non-performing assets of banks have touched a multi-decadal low of 1.8 per cent at end-March 2026. Despite repeated shocks, the global financial system has thus far demonstrated notable resilience, with markets remaining orderly after an initial bout of volatility following the outbreak of the West Asia conflict, said the Financial Stability Report (FSR). "India's sound macroeconomic fundamentals place it in a stronger position than many of its peers and provide greater resilience to external shocks than in past crisis episodes," said the half-yearly publication, with contributions from all financial sector regulators.
In the largest foreign private investment in Indian ports segment, Swiss transport and logistics conglomerate Mediterranean Shipping Company (MSC) will acquire a 49% stake in Adani Vizhinjam Port (AVPPL), the concessionaire for Vizhinjam port in Kerala, Adani Ports & Special Economic Zone (APSEZ) said on Tuesday. The acquisition will be through MSC’s arm Terminal Investment (TiL), which as per the deal will invest $1.39 billion (over `13,000 crore) in AVPPL for a 49% stake . The total valuation of AVPPL is estimated at $2.85 billion for the deal .
A surge in $10-billion-plus "mega-deals" drove global M&A to record levels in the first half of 2026, LSEG data shows, as some companies took advantage of an easier regulatory backdrop to pursue what advisers said are their dream deals. The total value of announced deals hit $2.8 trillion in the first six months, up 48% year-on-year and the highest year-to-date total since LSEG records began in 1980. Yet the number announced fell 9% to 24,000 so far in 2026, a six-year low.
Germany’s Everllence SE is in talks with Indian companies to manufacture two-stroke engines locally for big commercial ships under a licensing agreement and is also weighing plans to make its high-speed, four-stroke engine, the 175D, in the country on its own. Everllence is the world’s biggest manufacturer of engines for ships. “We have plans for two-stroke engines in India,” Gaby Hanna, managing director, senior vice president, head of region – Middle East & Africa , said in an interview.
Indian tech startups raised $7.39 billion in the first six months of 2026, up 9.4% from a year earlier, even as the number of funding rounds plunged 41%, underscoring a sharp shift in investor preference towards larger, late-stage bets over broad-based capital deployment. According to startup market intelligence platform Tracxn, Indian startups raised $7.39 billion across 701 funding rounds during January-June 2026, compared with $6.76 billion through 1,189 rounds in the corresponding period last year.
Adani Green Energy Ltd on Wednesday said it has surpassed 20 gigawatts (GW) of operational renewable energy capacity, becoming the first clean energy player in India to achieve the milestone through greenfield development. The company generates over 52 billion units of clean electricity annually.
Taxpayers generally receive their income tax refunds within 4 to 5 weeks after successfully e-verifying their Income Tax Return (ITR), as per the Income Tax Department. Many taxpayers expect the Income Tax Department to credit the exact refund amount shown while filing their ITR; however, sometimes taxpayers receive a refund that is lower than the amount claimed in the ITR. Here’s why taxpayers may receive only part of their expected refund and what they should do if the amount does not match. Reasons for receiving partial refunds Taxpayers receiving a partial refund generally indicate that the Income-tax Department (ITD) has recomputed the taxpayer’s return during processing after matching the information reported in the return with data available through Form 26AS, AIS, TIS, TDS statements and other third-party reporting systems. Some of the most common reasons include:
The bankruptcy watchdog on Tuesday proposed a raft of steps, including the exclusion of completed or unaffected housing projects from the rescue process with financial creditors’ approval, as it sought to streamline regulations and expedite insolvency resolution in the real estate sector. In a discussion paper, the Insolvency and Bankruptcy Board of India (IBBI) also sought to ring-fence project-wise cash flows to curb diversion or misuse of funds. It wants to mandate resolution professionals to keep project-wise books of accounts and ensure all receipts and payments relating to a project are routed through the designated bank account.
India's gross Goods and Services Tax (GST) collections rose 13.9% year-on-year to Rs 1,94,812 crore in June 2026, compared with Rs 1,71,105 crore in the same month last year, according to provisional data released by the finance ministry on Wednesday. The increase was driven by higher domestic and import revenues. On a cumulative basis, gross GST collections in the April-June period of FY27 reached Rs 6,31,699 crore, an 8.4% increase over Rs 5,82,542 crore collected in the corresponding period last year.
More of the world's central banks plan to cut dollar allocations than increase them in the coming decade as political risks associated with the U.S. currency rise, an OMFIF survey of public investors released on Tuesday showed.
China's factory activity returned to expansion in June, an official survey showed on Tuesday, driven by strong high-tech manufacturing exports linked to the AI boom, even as shipments of other goods remained weak alongside subdued domestic demand.
Japan's factory output rose at a slower-than-expected pace in May from the previous month, government data showed on Tuesday. Here are a few details. • Industrial output grew 0.5% in May from the previous month, versus the median market forecast for a 1.1% rise, according to the Ministry of Economy, Trade and Industry.
British businesses' confidence about the economic outlook fell this month although their assessment of their own prospects was less downbeat, a survey by Lloyds showed on Tuesday.
Argentina's economic activity grew less than expected in April, official data showed on Monday, as gains in mining and agriculture were partly offset by weakness in manufacturing and commerce.
The euro zone economy appears to have built greater resilience to economic shocks, allowing the European Central Bank to raise interest rates more easily without fearing it would set off financial stress, ECB President Christine Lagarde said.
Brazil's government expects total spending as a share of gross domestic product to decelerate and end the year at around 19%, Treasury Secretary Daniel Leal said on Monday.
India’s industrial output grew 5.1% year-on-year (YoY) in May as compared to 4.9% in April under new series. The Index of Industrial Production (IIP) was at 122.7 in May, up from 116.7 in the same month last year. Ministry of Statistics and Programme Implementation (MoSPI) said that this was driven by strong growth in the manufacturing and electricity sectors.
India could be within “striking distance” of achieving 8% annual economic growth if the global geopolitical situation remains stable, Shaktikanta Das, principal secretary to the prime minister, has said, adding that the government has more economic reforms in the pipeline. In an interview with the Financial Times, Das said the Indian economy had weathered a series of global shocks, including the Covid-19 pandemic, the Russia-Ukraine war and the recent conflict in West Asia, and had emerged stronger after each crisis.
Brent crude has seen one of its fastest reversals in years — surging on fears of a prolonged Strait of Hormuz shutdown before retreating after the US-Iran agreement. The focus now shifts from panic to recovery, as inventories, shipping & Asian demand determine what comes next, writes Saurav Anand Why oil prices surged, and then fell so quickly The recent rally was driven by fear, not an immediate shortage of oil. The Strait of Hormuz carries nearly 20 million barrels of crude oil and petroleum products a day, equivalent to almost 20% of global oil consumption, besides around 20% of global LNG trade.
Falling crude oil prices have prompted some analysts to trim India's inflation forecasts for the current fiscal year, but an uncertain monsoon season is emerging as a fresh risk to rural consumption and corporate growth expectations. as per a TOI. Consumer goods companies are increasingly turning to diversified product portfolios to cushion the impact of a potential slowdown in demand from rural markets, which have been a key driver of India's consumption story in recent years.
India's e-commerce exports could surge by at least USD 10 billion over the next two to three years, a senior trade official said on Monday, pointing to the country's vast MSME ecosystem and untapped global consumer reach as the key drivers of that growth. Rajesh Kumar Mishra, additional director at the Directorate General of Foreign Trade, said the opportunity was hiding in plain sight. China already clocks USD 300 billion a year in e-commerce exports — and India, he argued, could close some of that gap with its existing strengths and a sharper approach.
Moody's Ratings does not expect higher oil prices or a wider fiscal deficit to threaten India's investment-grade rating this year. The agency said India can absorb temporary budget pressure from energy costs as long as the government continues to bring down the deficit over time. India is rated Baa3 by Moody's, the lowest investment-grade level, with a stable outlook. Christian de Guzman, Singapore-based senior vice president at Moody's Ratings, said the rating is supported by the government's fiscal repair since the Covid-19 pandemic. “We don’t see India as being particularly affected because this shock is largely negative for most sovereigns,” Bloomberg quoted Christian de Guzman, Singapore-based senior vice president at Moody’s Ratings, as saying in an interview.
The government has pledged an additional Rs 30,000 crore towards new and upcoming investment platforms of the National Investment and Infrastructure Fund (NIIF), taking its total commitment to the quasi-sovereign wealth fund to Rs 60,000 crore. The proposal was approved by the Cabinet last week, the finance ministry said on Monday. It’s expected to spur investments across sectors, including transportation, energy, digital infrastructure, urban infrastructure, e-mobility and other nationally important projects, the ministry said, underscoring NIIF’s role in bringing additional private capital and aiding growth.
India’s external debt was at $762.8 billion at the end of March 2026 up $26.3 billion from a year ago. As a result, the external debt to GDP ratio increased to 20.8% at the end of March 2026 from 19.8% a year ago. The valuation effect due to the appreciation of the US dollar vis-à-vis the Indian rupee during the quarter and other major currencies amounted to $24.6 billion, RBI said. Excluding the valuation effect, external debt would have increased by $51 billion instead of $26.3 billion year on year.
India's economy continues to do well despite global headwinds, with available economic indicators pointing to continued resilience despite external challenges, Secretary in the Ministry of Statistics and Programme Implementation (MoSPI) Saurabh Garg told on Monday. "As you said the last quarter was extremely positive. The initial data releases from April, for example, we released the Index of Industrial Production (IIP) data, it was at 4.9 per cent. Today afternoon we will be releasing the IIP data for May. It will not be correct for me to anticipate that data, but all indications are that despite the global headwinds, the economy continues to do well and the resilience of the economy is coming out", he told ANI.
The government’s current rice and wheat stocks are at a record 91.6 million tonne (MT) which is likely to offer a cushion against any possible shortfall in the production of foodgrains due to the El NinoEl Nino risks. At present, the Food Corporation of India (FCI) has 40 MT of rice and 51 MT of wheat against a buffer of 13.54 MT (rice) and 27.58 MT (wheat) MT for July 1 respectively. Current rice stock excludes over 27 MT of rice yet to be received from the millers by the corporation.
Union Commerce Minister Piyush Goyal held a productive meeting with Greece's Minister of Development Takis Theodorikakos to discuss strengthening economic ties, as per a statement by the Minister. Taking to his X account he shared that he "Had a productive meeting with Mr. Takis Theodorikakos, Minister of Development of Greece." Goyal said both sides discussed boosting the India-Greece economic partnership through greater trade, investment, industrial cooperation and resilient supply chains.
India's economy is headed for a huge leap, on its way to touching the $7 trillion mark by the end of this decade! At the IX USISPF Leadership Summit 2026, India's ambassador to the United States, Vinay Mohan Kwatra, laid out a long-term growth roadmap for the country, pointing to a series of big economic jumps ahead. Kwatra said that India, currently a roughly sior seale up in the coming years $4.3 trillion economy, is heading towards a major scale-up in the coming years.
Even before the proposed acquisition of Italy’s Iveco Group receives the final regulatory clearances, Tata Motors has begun outlining an ambitious roadmap of crossing one million commercial vehicle sales annually and joining the ranks of the world’s four largest truck and bus manufacturers. Addressing shareholders at Tata Motors‘ second annual general meeting since its commercial vehicle business was demerged and separately listed, chairman N Chandrasekaran said the acquisition would transform the scale and global reach of the company.
State-run Bharat Petroleum Corporation on Monday said it will acquire a 40 per cent equity stake in Tiki Tar and Shell India for Rs 85 crore in cash, as it seeks to expand its presence in India's fast-growing value-added bitumen market. The acquisition, which has received approval from the Department of Investment and Public Asset Management (DIPAM), is expected to be completed within 90 days, Bharat Petroleum Corporation Ltd (BPCL) said in a regulatory filing. The transaction is not a related-party deal.
Hindustan Copper will apply for Navratna status according to outgoing chairman and managing director Sanjiv Kumar Singh. Speaking to ET, Singh said the Schedule ‘A’ Mini-Ratna, Category-I Central Public Sector Enterprise (CPSE) is on track to triple its ore output to 12 million tonnes per annum by 2029. "We have initiated work towards attaining Navratna status," he said, adding a transaction advisor for the same will be hired after which applications will be moved with concerned government authorities.
Vedanta group firm Hindustan Zinc Chairperson Priya Agarwal Hebbar on Monday said technology will be crucial to the company's next phase of growth, with increased investments in automation, artificial intelligence, advanced analytics, and intelligent mining systems to improve productivity, precision, and safety. "Our ambition is to become a future-ready energy transition company, building strength across multiple metals and critical minerals that support India's industrial growth and strengthen global supply chains," she said while addressing shareholders at the company's 60th Annual General Meeting (AGM).
Oberoi Realty expects the NCR market to rival Mumbai in scale as it invests Rs 6,000 crore in its first project in the region and scouts for land in Noida and Gurugram. The company is also evaluating opportunities in southern India, chairman and managing director Vikas Oberoi told ET. “Gurugram fits into everything that we want. It's a market that appreciates quality. It's a market that has both width and depth. And the price points are something that we really like. So, given all this, for us, this is a natural extension,” Oberoi said.
Waaree Energies’ wholly owned subsidiary, Waaree Solar Americas Inc, has secured an international order to supply 236.22 MW of solar modules. Waaree Energies in its regulatory filing said that the order is from a renowned customer that develops and manages sustainable infrastructure projects, with a focus on renewable energy. Although the company has not revealed the name of the customer or any financial details of the order.
A decade after launching in India, Amazon Prime has evolved from a delivery subscription into a multi-tier membership programme spanning entertainment, rapid commerce and co-branded financial products. Membership is on track to double from 2023 levels by the end of this year, according to a senior company executive. The growth has been driven in part by a tiered pricing structure introduced in 2024—an India-first move that departed from Amazon’s traditional global single-price model. The company now offers multiple plans, including Prime Shopping Edition, Prime Lite and Core Prime, catering to different consumer segments.
Tata Communications on Tuesday announced strategic invetsments in subsea cable infrastructure between India and Singapore through acquisition of significant fiber capacity, to strengthen its connectivity solutions between the emerging AI hubs of the two countries. The company is enhancing its Tata Global Network (TGN) capabilities by integrating a new subsea cable system between Mumbai & Singapore and investing as a consortium member in a new subsea cable system, connecting Chennai to Singapore which is expected to be ready for service by Q4 2029. However, Tata Communications did not reveal the exact sum of investment into the project.
Indian Hotel Company (IHCL), the hospitality arm of Tata Group and the Taj hotels parent, will invest up to Rs 7,500 crore in capital expenditure over the next five years, chairman N Chandrasekaran told shareholders at the company's 125th annual general meeting on June 30. We are still in the final stages of finalising design for the upcoming Taj Bandstand put expenditure on the property, which will have over 500 rooms, will be around Rs 2,000 crore. Over the next five years, the company will spend between Rs 5,000-7,500 crore in capex," Chandrasekaran said.
Jaipur Income Tax Appellate Tribunal (ITAT) has recently held that taxpayers opting for the new tax regime cannot be denied the Section 87A rebate merely Decause part of their income is taxed as short-term capital gains under Section 111A. "The Tribunal has held that the rebate under Section 87A is available against the total income tax liability and cannot be denied merely because a part of the income is taxed at a special rate. While this provides strong judicial support for taxpayers to claim the rebate while filing their Income-tax Returns, the issue has not yet attained finality. Since there is no binding decision of the jurisdictional High Court or the Supreme Court on this specific controversy, the Revenue may continue to contest the issue in appropriate cases," said Mohit Gupta, PNAM & Co LLP
Centre has extended the last date for filing appeals before the Goods and Services Tax Appellate Tribunal (GSTAT) to July 31, 2026, giving taxpayers an additional month to submit their cases after a surge in filings led to technical difficulties on the GSTAT portal. The extension applies to appeals filed under Section 112(1) read with Section 112(3) of the Goods and Services Tax (GST) law. The revised deadline replaces the earlier cut-off of June 30, 2026, which had been notified by the government on September 17, 2025.
The government is examining a sector-specific insolvency framework for insurance companies under the Insolvency and Bankruptcy Code (IBC), similar to the one for the real estate sector. Additional protection for insurance policyholders may be a key feature of the framework. Besides, the proposed changes might also clearly define the respective roles of the Insurance Regulatory and Development Authority of India (IRDAI), the insolvency regulator IBBI and the adjudicators — NCLT and NCLAT— for bankruptcy settlement in the sector. However, insurance policyholders may not necessarily receive rights equivalent to homebuyers in the real estate insolvency regime.
The fall in government security yields is likely to help banks recover part of the Rs 30,000 crore treasury losses they reported in the fourth quarter of FY26 ended March 31, 2026, said bankers. Over the past week, government bond yields have declined by 25-30 basis points, reversing the earlier trend. This relief comes at a time when tighter liquidity conditions, volatility in global markets and rising domestic inflation pushed yields higher had taken government bond yields above 7% for most part of the fourth quarter.
HDFC Bank on Monday appointed Rajiv Kumar, a former IAS officer and ex-Chief Election Commissioner of India, as its Part-time (Non-Executive) Chairman, ending a months-long search for a permanent head following the abrupt exit of Atanu Chakraborty in March. The bank's board, at a meeting held on June 29, approved Kumar's appointment as an Additional (Independent) Director for a period of four years with effect from June 30, 2026. His appointment as Part-time Chairman for a period of three years is subject to the approval of the Reserve Bank of India. The appointment as Independent Director will additionally require shareholder approval.
Some Indian banks could see stronger interest margins in the July-September quarter as the central bank's measures boost rupee liquidity and reduce the cost of borrowing for funds that mature within a year, four bankers said. Certificates of deposit (CDs), which banks use to raise funds for up to one year, have seen rates plunge by up to 60 basis points over the past three weeks. The Financial Benchmarks India Ltd three-month CD reference rate fell to 6.65% last Friday from 7.25% on June 4. The Reserve Bank of India's moves to attract foreign currency inflows are expected to bring in billions of dollars, boosting liquidity, lowering funding costs and reducing reliance on CDs, a relatively expensive source of funding.
Indian bonds swung higher for a fifth straight session on Monday, supported by a pause in U.S.-Iran hostilities after renewed strikes over the weekend, though a widening monsoon deficit capped gains. India's benchmark 10-year yield settled nearly 2 basis points lower at 6.7515%, falling for a fifth straight session and hovering at its lowest since March 20. Bond yields move inversely to prices.
Indian government bonds rose on Tuesday, with the benchmark 10-year yield on track for its biggest monthly decline in nearly seven years, supported by lower oil prices and a pickup in foreign buying. The yield on the benchmark 6.94% 2036 bond was at 6.7223% by 11:45 a.m. IST, its lowest since March 18. It has declined 28 basis points in June, its steepest monthly fall since July 2019. Indian debt has gained momentum this month after the Reserve Bank of India introduced measures to attract dollar inflows and support the rupee, while the government removed taxes on foreign investment in government bonds.
Global financial firms are pivoting expansion plans towards South Korea while taking a more measured approach to China and India, according to an industry survey. Firms are also scaling existing businesses and widening product lines in a narrower set of markets, the survey conducted by Asia Securities Industry & Financial Markets Association (ASIFMA) and consultancy firm KPMG showed. Of 34 firms, about two-thirds plan to expand their Asia-Pacific business over the next three years, the survey found. Singapore, Hong Kong, South Korea, China, Japan, India and Taiwan are attracting roughly half of firms' expansion interest.
The Japanese yen has weakened to its lowest level against the US dollar since 1986, a move that is likely to heighten concerns among policymakers and keep market participants alert for the possibility of official intervention to support the currency. During overnight trading in New York, the yen slipped past the 161.95-per-dollar level, falling below the low recorded in July 2024 when Japanese authorities had previously stepped in to stabilize the exchange rate. The currency continued to weaken in Tokyo on Tuesday, touching 162.40 against the dollar despite verbal intervention from Chief Cabinet Secretary Minoru Kihara. Remarks later made by Finance Minister Satsuki Katayama had little immediate effect on the market.
British American Tobacco is reducing its 47,000-strong global workforce by about one-fifth as part of its sweeping plan to bring down costs and simplify operations. By the end of this year, the maker of Dunhill cigarettes will have slashed 5,500 jobs and outsourced a further 3,500, according to an internal notice that lays bare the scale of change taking place at the tobacco giant. The numbers do not include BAT’s US business, which is operated through its subsidiary Reynolds American. Most other countries BAT operates in are affected by its ongoing restructuring program and the company detailed the extent of job cuts on Monday. It has pledged to make £600 million ($793 million) of annual cost savings by the end of 2028.
South Korea on Monday announced one of its biggest industrial investment plans, placing semi-conductors and artificial intelligence at the centre of its economic strategy. President Lee Jae Myung unveiled a package worth over 886 trillion won (about $576 billion) to expand chip production, develop AI infrastructure and spread economic growth beyond the Seoul metropolitan area, reported Reuters. The strategy relies heavily on Samsung Electronics and SK Hynix, the world’s two largest memory chip makers. The government hopes the investments will help South Korea stay ahead in the global semi-conductor race while also creating new industrial hubs in regions outside the capital.
Russian President Vladimir Putin admitted that his country is facing a “certain shortage” of fuel in the wake of repeated Ukrainian strikes on significant energy infrastructure, as the conflict between both sides has no end in sight. For the first time, the international leader detailed the extent to which Ukraine’s attacks have impacted Russia’s fuel production. “Right now we’re observing a certain shortage, but it’s not critical,” he said during a state TV interview on Sunday. Given the current situation, Putin vowed to increase Russian anti-aircraft defence capacity and ensure fuel supplies, especially to Crimea, which Russia seized by force in 2014. Ahead of the weekend, authorities in Russia-annexed Crimea declared an “emergency situation” due to fuel shortages and power cuts set in motion by Ukrainian strikes and attacks on oil facilities.
The Strait of Hormuz is showing signs of coming back to life after a tense spell due to Iran's recent attacks on ships passing through the strategic corridor. Once heavily choked following US-Israel joint strikes on Iran on February 28, the waterway is now slowly regaining its rhythm, with more operators edging crude carriers back into the Persian Gulf. Kpler data cited by Bloomberg showed around 24 commodity vessels, including oil -tankers, liquefied natural gas carriers and bulk ships, passed through the strait in both directions on Monday. This comes after traffic fell sharply after another container vessel faced strikes last Thursday.
India is poised to become one of the world’s fastest-growing retail lending markets. This is according to Anand Rathi estimate. They expect to see more than $1 trillion opportunity, in India’s retail lending market, over the next few years. Rapid expansion of digital lending, improving household incomes and supportive government policies are seen as the key catalysts. “Retail credit has grown 2-3x faster than corporate since FY22. The growth alpha sits squarely in retail – accessible via NBFCs, fintechs, and co-lending vehicles,” Anand Rathi noted.
The Delhi government has approved its much-anticipated Electric Vehicle Policy 2.0, with Chief Minister Rekha Gupta announcing that the new policy will come into effect from July 1 as part of an aggressive push to accelerate the capital’s transition toward clean mobility. The policy, cleared by the Delhi Cabinet on Monday, will see the government invest nearly Rs 15,000 crore over the next four years, while aiming to ensure that 95% of all new vehicle registrations in Delhi are electric by 2027. Rs 15,000 crore investment planned over four years The new EV policy is being positioned as a major step in strengthening Delhi’s leadership in electric mobility adoption. According to the government, the large-scale investment will focus on expanding EV infrastructure, accelerating adoption and supporting consumers through direct incentives.
The Centre on Monday lifted the temporary restrictions on the sale of petrol and diesel to commercial, industrial and institutional consumers through public sector retail outlets, restoring normal fuel sales from July 1 after the domestic supply situation improved following disruptions caused by the West Asia crisis. The rollback ends the emergency 200-litre daily cap on diesel sales imposed on June 12 to curb diversion, hoarding and black marketing after a sharp gap emerged between retail and bulk diesel prices.
The government is planning to introduce a scheme to promote the adoption of clean technologies in steelmaking processes with an outlay of Rs 5,000 crore, according to an official. The move is aimed at reducing carbon emissions from the domestic steel industry. The scheme named National Strategy for Sustainable Secondary Steel is expected to be launched in the next three months, a senior government official told PTI. "The scheme may go for approval of the union cabinet," another official in the know of the development said.
At the Shangri-La Dialogue in Singapore last month, Defence Secretary Rajesh Kumar Singh stated that India has signed a BrahMos supersonic cruise missile deal with Vietnam. A similar agreement with Indonesia, he said, was in its final stages. These are just a few of many. Going back a few years, the Philippines had signed India's first-ever BrahMos export contract in January 2022 for $375 million, covering three shore-based coastal defence missile batteries, according to Reuters. The first battery was delivered in April 2024, the second in April 2025, and the third is currently in the pipeline.
India’s car market is witnessing a shift in consumer behaviour. Even as household incomes rise and new vehicle sales continue to grow, more buyers are turning towards used cars, seeing pre-owned vehicles not as a compromise but as a practical financial choice. According to a Redseer report, India’s used-car market is expected to expand significantly over the next five years, reaching a value of around $70 billion by FY31. Annual sales are projected to touch 9-10 million vehicles, with the sector expected to grow at a compound annual growth rate (CAGR) of 14-18%.
Capacity augmentation, technological innovation and value-added applications will be critical for India to become a global leader in stainless steel production, a top industry executive said. India's stainless-steel industry stands at a defining moment. With sustained investments in capacity expansion, technological advancement, product innovation, and value-added applications, India has the potential to emerge as a global hub for stainless steel manufacturing, Abhyuday Jindal, the Managing Director of Jindal Stainless, said.
An analysis of 37 dairies by Crisil Ratings, accounting for 60% of the organised segment’s revenue, show that the revenue growth of the organised dairy sector is expected to accelerate by 200–400 basis points this fiscal, over a healthy print of 11% growth estimated for last fiscal. This uptick will be supported by a sustained volume growth of 8–10% and staggered price increases. Volume growth will be driven by the non-discretionary nature of milk and traditional dairy products such as butter and ghee and growing demand for value-added offerings. Price hikes will stem from higher procurement cost of raw milk amid increased production expenses and slower milk supply growth. These hikes will help players sustain their operating profitability in the face of rising input costs. Given the strong growth momentum, players are expected to sustain their capex momentum in line with average of past 4 years.
India’s renewable electricity generation climbed nearly 24% in 2025, while electricity generation from coal, oil and natural gas declined, even as the world recorded another year of record energy demand and fossil fuel consumption. India’s emissions rose just 0.9%, below the global average of 1.1% and significantly lower than the US’ 3.2%, highlighting a contrasting energy transition as global energy demand grew 1.7% and every major fuel reached an all-time high, according to the Energy Institute Statistical Review of World Energy. The report, released by the Energy Institute in partnership with Ember and in collaboration with Kearney and KPMG, shows that while the global energy transition gathered momentum, rising demand continued to outpace decarbonisation efforts. Total energy supply increased 1.7% in 2025, with oil, coal, natural gas, nuclear energy and renewables all reaching record consumption levels for the second consecutive year.
Export consignments to West Asia will now get enhanced insurance cover against default in payments till September 30. Earlier the enhanced cover for exporters taking credit risk insurance from Export Credit Guarantee Corporation (ECGC) was available for shipments to West Asia sent between March 16 and June 15. The enhanced risk cover announced in March was part of the Resilience and Logistics Intervention for Export Facilitation (RELIEF) scheme under the Export Promotion Mission (EPM) to support exports to West Asia in view of the war in the region.
South Korean Ambassador Lee Seong-ho said on Monday that the nation wants to deepen its economic and strategic partnership with India through fresh investments in shipbuilding, defence manufacturing and industrial projects. The envoy said Seoul now sees India as a key partner in its long-term growth strategy as global supply chains shift and geopolitical challenges reshape Asia. In an interview with ANI, Lee said South Korea hopes to launch a “second wave” of investments in India that goes beyond the automobile and electronics sectors, which drove Korean business expansion in the country during the 1990s.
Indian air-conditioning brands are preparing to head to Europe, prompted by spiralling demand for cooling appliances amid unprecedented heatwaves this year and global warming prospects only growing. They will, however, be facing competition from Chinese and South Korean companies, which currently dominate the European market and are said to have production costs 15-18% lower than those of Indian manufacturers. Indian companies can potentially begin selling only from 2027.
The government has taken a major step towards expanding India's semiconductor ecosystem, with the Expenditure Finance Committee (EFC) clearing an outlay of Rs 1.25 lakh crore for the India Semiconductor Mission (ISM) 2.0, CNBC-TV18 reported, citing sources. According to the report, the EFC approved the proposed outlay at its meeting last week, paving the way for the next phase of the mission to be placed before the Union Cabinet for final approval. Sources told CNBC-TV18 that ISM 2.0 will be geared towards the entire semiconductor value chain, spanning chip design, fabrication and packaging, broadening the scope of the government's semiconductor push.
China's central bank launched overnight reverse repo operations on Monday, a move markets interpreted as deepening its control over liquidity conditions and aligning its policy framework more closely with global peers. The People's Bank of China (PBOC) said it conducted overnight reverse repos in open market operations for the first time, offering 300 billion yuan ($44.10 billion) to financial institutions, according to an online statement. The PBOC did not announce the borrowing cost for the overnight reverse repos. The PBOC also said it injected 157.5 billion yuan through seven-day reverse repos, with the rate unchanged at 1.4%, according to the statement.
Private equity (PE) investments in Indian real estate sector fell 23% year-on-year to $1.13 billion in the first half of 2026 against $1.47 billion in H1 of 2025 as the investors are engaging in more selective capital deployment due to elevated global interest rate, tighter financial conditions and heightened geopolitical uncertainty. Despite this decline, the office segment remains the preferred asset class for investment with 89% of PE investments in H1 of 2026, while residential sector received the remaining, said the Knight Frank’s Trends in Private Equity Investment in India: H1 2026 report on Friday.
China added 20 Japanese entities to its export control list for dual-use items on Monday, preventing Chinese firms from selling to them without prior approval, citing Tokyo's ambitions for "remilitarisation." The action, Beijing's latest in a series of export curbs targeted at Tokyo, was aimed at limiting Japan's "new type of militarism" as well as its nuclear ambitions, the Chinese commerce ministry said in a statement. Japan's defence ministry did not immediately respond to a request for comment.
The Bank for International Settlements (BIS) has flagged financial vulnerabilities associated with AI-related financing, warning that the race to capture market share may have led to overinvestment, sowing the seeds of a sector-wide bust if returns disappoint. "This is one of the pressure points we see facing the global economy," Tao Zhang, chief representative of BIS for Asia and the Pacific, said, adding that there are financial vulnerabilities associated with AI-related financing. "Risk premia are compressed, asset valuations are stretched, and the financing of AI is increasingly leveraged and features complex interactions within the AI supply chain, " he said. The BIS has therefore highlighted the need for macroprudential policies to lean against persistently strong risk appetite and stressed the importance of greater transparency in private credit markets, particularly in sectors such as AI, Zhang said.
South Korea on Monday laid out a sweeping industrial strategy centred on semiconductors and artificial intelligence, as President Lee Jae Myung unveiled over $576 billion in chip investment to secure global dominance and rebalance growth. The plan, anchored by Samsung Electronics and SK Hynix, marks Lee's boldest push yet to align South Korea's AI and chip ambitions with his pledge to narrow regional disparities and revive economies beyond the Seoul metropolitan area. Flanked by the chiefs of the world's two biggest memory chipmakers, Lee cast the initiative as a "great leap forward," centred on the "triple axis" of semiconductors, physical AI and data centres. "We must secure the core elements of AI faster than any other country," the president said in a televised address.
People in the Philippines are flocking to install solar power on rooftops and escape the burden of soaring electricity prices, making it the world's biggest spender on solar panels since the war in Iran started. Top power distributor Meralco has raised prices by 10% since the Middle East conflict began in late February. Now, a median household spends around 12% of monthly income on electricity, assuming it consumes 200 kilowatt-hours — approximately the monthly average for three people. The Philippines is one of the few countries in Southeast Asia with barely any power subsidies, and its residential power prices are the highest in the region. Only Singapore comes close, but its citizens' average purchasing power is nearly 13 times higher.
Sovereign wealth funds and central banks managing $29 trillion in assets are turning to energy assets, and raising concerns about the dollar, in a portfolio reassessment driven by unprecedented geopolitical shifts, according to an Invesco survey published on Monday. The survey of 90 sovereign wealth funds and 54 central banks showed an increasing focus on diversification, and investment portfolios that can "take a hit and still hold it together" amid trade tariffs, closed shipping channels and wars in Ukraine and the Middle East.
SpaceX and internet provider Charter Communications have held executive-level talks about partnering on a consumer mobile phone offering in the United States, Bloomberg News reported on Friday, citing sources. • Charter Communications declined to comment to Reuters. SpaceX did not immediately respond to a request for comment outside office hours. • SpaceX already offers direct-to-cell connectivity with T-Mobile in the U.S., providing supplemental coverage from space to extend internet access to remote areas. • Charter could run some of SpaceX's phone traffic through its ground-based internet infrastructure, the report said.
Toyota Motor said on Monday that global vehicle sales slipped for a fourth consecutive month in May, as decreases in China and the Middle East weighed on overall results. • Global sales dropped 7.2% year-on-year to 834,279 vehicles, Toyota said in a release. Overseas sales fell 9.6%, while those in Japan rose 11.1%, helped by strong demand for models such as RAV4 and bZ4X. • By region, sales in China plunged 31.7% amid tough market conditions, partly due to rising petrol prices, while those in the Middle East slumped 38.6%. In the U.S., Toyota's top market, they edged down 0.6%. • Global production declined 5.5% from a year earlier, as a 3.8% drop in the U.S. and a 13.3% decrease in Asia offset a rise in Japan.
West Asia’s crude supply has recovered to around 14.6-15 million barrels per day (mbpd) after nearly 2 mbpd returned within three weeks of the June 17 preliminary US-Iran agreement, easing fears of a prolonged supply shock and pulling Brent crude to around $72 a barrel, its lowest level in nearly three months. The faster-than-expected rebound has prompted Rystad Energy to bring forward its forecast for a full regional supply recovery by an entire quarter to the end of 2026. However, it cautioned that the normalisation of tanker traffic through the Strait of Hormuz remains critical to sustaining the recovery.
As aI reshapes the global IT services industry, acquisitions are emerging as the fastest route to growth. With enterprises tightening discretionary technology spending and AI reducing demand for people-intensive services, companies are increasingly buying specialised capabilities instead of building them organically. Global consulting giant Accenture’s decision to raise its acquisition budget for FY26 to about $9 billion from an earlier target of $5 billion reflects that shift. The company expects deals already announced to contribute nearly 2% of its FY27 revenue, underscoring the growing role of inorganic growth in its business model.
Smart appliance startups, once largely ignored by venture capital investors, are entering an aggressive expansion phase as funding fuels offline retail, product development and manufacturing capabilities, signalling that the consumer hardware segment is finally beginning to scale. The shift comes after years of scepticism over whether consumers would pay a premium for connected appliances and whether startups could compete with established electronics brands. Before the pandemic, nearly 30 startups in the segment shut down amid weak demand and limited investor interest. But growing adoption of smart kitchens, home security systems, energy-efficient appliances and connected home products has changed that outlook.
Every time a shopper asks ChatGPT which running shoe to buy, Gemini to recommend a frozen meal, or Claude to suggest a skincare product, an invisible battle is playing out among brands. Unlike Google search, where dozens of results compete for attention, AI assistants typically recommend only a handful of products. For brands that fail to make that shortlist, it is the digital equivalent of disappearing from the shelf altogether. That shift in consumer discovery is quietly creating an entirely new layer of commerce infrastructure. As conversational AI increasingly becomes the first stop for shopping decisions, companies are scrambling to figure out how to make their products surface inside ChatGPT, Gemini, Claude and other AI assistants.
When Prabhjeet Singh takes charge as OpenAI’s India managing director later this year, he will leave behind one of the best-known consumer technology companies for one of the world’s most closely watched artificial intelligence firms. At one level, it is another high-profile executive transition. At another, it marks the point where India’s AI story is becoming less about technology and more about execution. Singh’s tenure at Uber may not have prepared him to build large language models, but it may have prepared him for something equally important: building a business in one of the world’s most complex and unpredictable markets.
Tiruppur, India’s knitwear capital, will transition towards a manufacturing mix of 50% cotton and 50% man-made fibre (MMF)-based products to tap emerging global export opportunities, industry leaders announced on Sunday during Union Textiles Minister Giriraj Singh’s visit to the textile hub. A Sakthivel, Chairman of the Apparel Export Promotion Council (AEPC) and Honorary Chairman of the Tiruppur Exporters Association (TEA), said the cluster would place special emphasis on the production and export of MMF garments in line with changing global demand.
Prime Minister Narendra Modi on Sunday (June 28) used his monthly radio broadcast ‘Mann Ki Baat’ to underline how India is steadily becoming more self-reliant across defence, technology and manufacturing, citing major milestones ranging from the maiden flight of the made-in-India C-295 aircraft to the successful test of an indigenous long-range cruise missile. PM Modi said June had brought several achievements that fill every citizen with pride, and argued that these developments show a country moving from dependence to domestic capability “from the seas to the skies.” PM Narendra Modi remarks came as the government continues to push for a stronger indigenous industrial base, especially in strategic sectors where imports have traditionally dominated.
For decades, India’s aviation security ecosystem has been dominated by imported technologies. From X-ray baggage scanners and explosive detection systems to advanced passenger screening equipment, airports have largely relied on global manufacturers for critical security infrastructure. The change is being driven by two parallel developments: India’s rapid airport expansion and the government’s Atmanirbhar Bharat push to strengthen technological self-reliance in strategic sectors. As new airports come up under the country’s aviation expansion plans and existing ones modernise, domestic companies are increasingly competing in a space that was once almost exclusively occupied by foreign vendors.
The shares of Waaree Energies crashed nearly 5% on Monday after the US Customs and Border Protection (CBP) ruling, with JM Financial highlighting the possible impact on the company's reputation even after the solar module-maker issued a clarification. The shares of the company dropped to Rs 2,860.40 apiece on NSE on Monday morning, the lowest level seen by the stock since March 17 this year. The US Customs and Border Protection had initiated a formal investigation into Waaree and its US subsidiary, Waaree Solar Americas Inc., over suspected evasion of anti-dumping and countervailing duties. The probe stems from a 2025 petition filed by the American Alliance for Solar Manufacturing Trade Committee, which had pointed to data showing Waaree's sharply rising imports of Chinese solar cells into India and subsequently to the US.
Residential sales have dipped to 90,715 units in April-June quarter, lowest since January 2023, as persistent uncertainty amid the West Asia war and supply chain disruptions impacted the sentiments across the country, according to Anarock data. With 4,04,005 units sold in FY26, the numbers are lowest since FY23. As per the data sales dropped 6%, with 90,715 units sold in the quarter against 96,285 units in Q2 2025. On Q-o-Q basis, housing sales fell 11% “These numbers are along expected lines, as the Middle East war’s impacts on the entire sector were all too obvious. However, the most sales growth now is in premium housing, GCC-led employment hubs, and infrastructure-driven corridors. Also, the Middle East war’s disruptions and, inevitably, AI-related uncertainties in the IT/ITeS sector have pushed more buyers onto the fence,” said Anuj Puri, chairman, Anarock Group.
In FY26, revenue for auto ancillaries grew 12.5 per cent year-on-year, led by healthy volume growth across segments and an improved product mix. According to a research report by Elara Capital, this top-line expansion was accompanied by a 13.3 per cent growth in absolute EBITDA, although the aggregate operating margin remained flat at 13.6 per cent. The report noted that out of the 59 listed auto component manufacturers analyzed in the study, 25 firms reported a contraction in their operating margins. Across segments, the suspension braking and multiproduct categories led the revenue expansion, registering year-on-year growth of 16 per cent and 15 per cent, respectively. In terms of profitability, tyres, lighting, and suspension segments outperformed with a 17 per cent EBITDA growth, whereas forgings and batteries posted a degrowth of 4 per cent and 1 per cent, respectively.
Commerce and Industry Minister Piyush Goyal on Friday confirmed that Ministry of Commerce will deploy 1,000 advisory personnel across the country to upgrade its trade portal to help exporters maximise benefits under the India-UK Comprehensive Economic and Trade Agreement (CETA), which is scheduled to be effective from July 15. During his address at the 10th Annual UK-India Week in London, Goyal said, “The India-UK partnership has expanded beyond traditional trade to encompass strategic sectors such as technology, sovereign AI, critical minerals, defence and clean energy.”
India's debt market is not yet equipped to finance the country's next phase of economic growth and needs structural reforms to support rising long-term capital requirements, according to Deloitte's latest State of Financial Services in India report. The report said India can no longer rely on bank deposits to fund rising credit demand as household savings and consumption patterns evolve. It warned that unless the debt market becomes deeper and more efficient, it could become a bottleneck to the country's economic ambitions.
Eternal Ltd. and Swiggy Ltd. got the 10-minute delivery party going in India. Now, e-commerce titans Amazon.com Inc. and Walmart Inc.'s Flipkart are looking to crash it. Eternal, whose Blinkit does doorstep delivery of everything from eggs to electronics within minutes, has slipped 28% from its October all-time high as of Thursday's close, while rival Instamart's owner Swiggy has plunged about 47% from its recent peak in September. That adds up to a selloff of more than $15 billion for the duo as investors get spooked by the onslaught of competition.
Indian government bonds advanced early Monday as surging foreign inflows and stable oil prices blunted geopolitical worries re-ignited by a fresh burst of U.S.-Iran strikes over the long weekend. Iran attacked U.S. bases in Kuwait and Bahrain Sunday shortly after President Donald Trump threatened that the Islamic Republic would cease to exist if it did not honor the interim agreement. Diplomacy prevailed later in the day, with both sides agreeing to halt hostilities and resume peace talks.
Prime Minister Narendra Modi’s three-day State Visit to Seychelles marked a major step in deepening the strategic partnership between the two countries. Both sides signed a series of agreements covering digital payments, maritime security, artificial intelligence, cyber security, space cooperation and development projects. India also announced a Rs 1,250 crore Line of Credit, handed over humanitarian assistance and reaffirmed its commitment to supporting Seychelles’ development priorities. Addressing a special media briefing in Victoria, Foreign Secretary Vikram Misri said the visit showed the importance India attaches to its partnership with Seychelles under the MAHASAGAR vision and India’s broader engagement with the Global South. “As you would be aware, Prime Minister Narendra Modi is on a state visit to the Republic of Seychelles from June 27 to 29 at the invitation of His Excellency President Herminie. This visit comes on the occasion of the 50th anniversary of the independence of Seychelles. It is also a happy coincidence that it is the 50th anniversary of the establishment of diplomatic relations between India and Seychelles,” Misri said.
India is making a decisive bet on semiconductors as it looks to move beyond the foundational gains of Digital India into the next phase of technological self-reliance. The government recently approved 12 semiconductor projects worth about Rs 1.64 lakh crore amid efforts to build a national AI ecosystem backed by over 45,000 GPUs. The Ministry of Electronics and Information Technology said on Saturday that India was turning firmly towards “the frontier domains of artificial intelligence and semiconductor manufacturing” to define its technological future. Chip manufacturing is no longer a distant ambition but a core industrial priority for the country as the Digital India programme completes 11 years.
At the Shangri-La Dialogue in Singapore last month, Defence Secretary Rajesh Kumar Singh stated that India has signed a BrahMos supersonic cruise missile deal with Vietnam. A similar agreement with Indonesia, he said, was in its final stages. These are just a few of many. Going back a few years, the Philippines had signed India's first-ever BrahMos export contract in January 2022 for $375 million, covering three shore-based coastal defence missile batteries, according to Reuters. The first battery was delivered in April 2024, the second in April 2025, and the third is currently in the pipeline.
The global economy is facing growing risks because of record-high government debt, uncertainty over the artificial intelligence (AI) investment boom, and weaknesses in the financial system, the Bank for International Settlements (BIS) has warned in its Annual Economic Report 2026.
South Korean exports likely posted their strongest annual growth in nearly five decades in June, as semiconductor shipments broke fresh records in the wake of a boom in global AI investment, a Reuters poll showed on Monday.
China's factory activity likely returned to growth in June, albeit by the slimmest of margins, as the world's second-largest economy struggles for momentum despite strong demand for high-tech exports to feed the global AI boom.
Japan's government will aim to entrench annual real economic growth of more than 1%, according to the draft of its long-term economic blueprint that marks an ambitious target that would more than double the current pace.
British companies expectations for growth in the coming quarter fell this month to their lowest level this year, according to a survey on Monday that added to a run of downbeat business sentiment readings.
Bolivia will adopt a flexible exchange-rate system, the government said on Friday, effectively devaluing the currency by ending a 15-year dollar peg in a major policy shift aimed at restoring economic stability.
Brent Crude falling below the psychologically important $75 per barrel level is definitely good news for India. After all, imports constitute nearly 85-88% of its total crude oil requirements. While economists welcome the 22% drop in crude prices in June, they believe it is important for prices to sustain at these levels for long-term gains.
Engineering exports to key markets in West Asia staged a sharp rebound in May as the exporters found alternative routes, ports and even vessels get to the markets of the United Arab Emirates (UAE) and Saudi Arabia. Engineering exports to UAE grew 81.7% on year to $ 1.24 billion in May after contracting 66.8% in March when the war in West Asia started and shrinking 31.7% in April. A similar trend was seen in shipments to Saudi Arabia. In May growth in engineering exports was at 11.6% to $ 375.9 million. In March the decline of 45% was recorded while in April the engineering exports to Saudi Arabia were down 9.7%.
Shipping through the Strait of Hormuz has staged its strongest recovery since the West Asia conflict, with 341 vessels crossing the strategic waterway in the week following the June 17 US-Iran agreement and daily transits surging to a record 78 on June 24 from just 25 on June 17. The latest tally represents 57% of pre-war traffic, signalling a rapid revival in crude oil, LNG, LPG and commodity shipments through the world’s most critical energy chokepoint, according to S&P Global.
India has asked the European Union for relief from planned curbs on metal scrap exports as steel and aluminium makers warn the move could tighten supplies, raise costs and undermine gains from a trade pact, industry and government officials said. From May 2027, the EU's revised waste shipment regulation is set to bar exports of non-hazardous waste to countries outside the OECD group of mostly developed economies, unless the EU approves them by November 2026.
The government is planning to create an index to monitor the performance of businesses that are not registered as companies, as part of efforts to improve the measurement and understanding of India's informal economy, according to an official. The index, proposed by the ministry of statistics and programme implementation (MoSPI), will provide insights into the health of the large yet often difficult-to-measure informal sector. "The ministry aims to soon come out with the index for unincorporated sector enterprises," the official said. "While the official timeline is 2031, we are aiming to launch it earlier."
The recent easing of the West Asia crisis has sharply reduced the biggest near-term upside risk to the RBI's inflation outlook, strengthening the case for maintaining a growth-supportive monetary policy stance, Ram Singh, director of the Delhi School of Economics, said in an interview with ET. Singh, who also serves on the RBI's Monetary Policy Committee, said he hopes the impact of El Nino remains contained so that it can be treated as a temporary supply-side shock. Edited excerpts: Has the reopening of the Strait of Hormuz removed the biggest near-term upside risk to the RBI's inflation projection of 5.1%?
China's rising demand helped power India's frozen shrimp exports to a record high in FY 2025-26, while the United States retained its position as the country's largest export market, according to the Department of Commerce under the Ministry of Commerce and Industry. It added that the "strong performance reflects sustained demand for Indian seafood products and the growing reach of India's marine exports across international markets." According to an infographic shared by the Department on its social media platform, the country's frozen shrimp exports reached an all-time high during FY 2025-26. While the United States remained the largest destination for Indian frozen shrimp exports with shipments worth USD 1.61 billion, China emerged as a major growth engine, with exports to the country touching USD 941.6 million.
Rural development minister Shivraj Singh Chouhan on Sunday called on states to suggest fresh reforms for the uplift of hinterlands, and implement extant schemes effectively. India’s robust growth story and its vision to emerge as a developed nation by 2047, he underscored, are closely tied to the progress of its villages. States have the critical role of taking benefits of rural schemes to beneficiaries in even furthest corners. So they should suggest new measures, and whether existing programmes need a revamp, the minister said.
Real estate developer Omaxe Limited on Monday revealed a dedicated hospitality business vertical with plans to develop 19 hotels across 4-5 years. The company plans to invest around Rs 6,200 crore to develop hospitality assets across high-growth urban centres, pilgrimage destinations, and transit corridors. Under the new vertical, Omaxe plans to develop 12 hotels in Uttar Pradesh, including two in Ayodhya, three in Lucknow, one each in Prayagraj, Ghaziabad and Gorakhpur, two in Kaushambi and two in Vrindavan. Alongside this, one hotel each in New Delhi, Faridabad and Ujjain, along with four hotels across Chandigarh, Amritsar and Ludhiana, including two properties in Chandigarh will be developed.
Union Minister of Commerce and Industry Piyush Goyal on Friday held a meeting with a Rolls-Royce delegation led by Chief Transformation Officer Nicola Grady-Smith, to discuss strengthening industrial and technological ties. In an X post, Goyal noted that the meeting highlighted the potential of the India-UK Comprehensive Economic and Trade Agreement (CETA). He emphasised that the agreement serves as a key opportunity to deepen bilateral investments, accelerate technological partnerships, and build resilient supply chains to provide mutual benefits to both nations.
ITC's packaged food business crossed the $2-billion revenue mark in FY26, with gross sales reaching Rs 20,504 crore, according to the company's 2025-26 annual report. As the food business grew 12% year-on-year, the conglomerate's non-cigarette fast-moving consumer goods (FMCG) portfolio achieved consumer spending of Rs 37,000 crore, including trade margins and GST. The FMCG business improved its performance last year, aided by the reduction in goods and services tax and a higher share of premium, high-margin product launches. In FY25, the packaged food business had grown 6% year-on-year, while consumer spending on its FMCG brands increased 4.6%. In FY26, consumer spending rose 9% year-on-year. The food business remains the largest contributor to ITC's FMCG sales.
ITC Ltd has outlined an aggressive medium-term growth strategy centred on expanding its FMCG business, scaling digital agriculture, growing its fresh food and sustainable packaging businesses, while targeting net zero operations by 2050, according to its FY26 annual report. The diversified conglomerate said it continues to aspire to become India's No. 1 FMCG company by strengthening its core brands, expanding into value-added adjacencies and developing new portfolios focused on health, nutrition, convenience and premium products.
Zerodha, one of India's largest brokering houses, has filed an application with the Securities and Exchange Board of India (SEBI) for a merchant banking license, which would mark the firm's foray into investment banking. Zerodha Corporate Advisors applied for its licence on 27 April and it remains under process, according to SEBI's latest update as of 31 May. If approved, the licence would enable Zerodha to expand beyond its core broking business into merchant banking services such as managing IPOs, FPOs, rights issues along with other capital market transactions.
As India enters the tenth year of rollout of the Goods and Services Tax, the focus is shifting from implementation to efficiency through use of artificial intelligence, data sharing and process simplification to reduce compliance costs, speed up refunds and tighten enforcement. The government is increasingly using technology to simplify compliance, particularly for micro, small and medium enterprises (MSMEs), while integrating GST, income tax and customs databases to improve risk assessment, curb tax evasion, and reduce manual intervention.
The Central Board of Indirect Taxes and Customs (CBIC) has said that when a registered taxpayer shifts or transfers its principal place of business from one tax jurisdiction to another, the new jurisdictional authority will take over and handle all pending proceedings related to the taxpayer. Any action or proceeding like investigation, audit, show cause notice, adjudication under the Central GST law undertaken by the tax officer having jurisdiction over the registered taxpayer on the date such action was undertaken (transferor jurisdictional authority), would remain valid even if the taxpayer subsequently shifts to another tax jurisdiction (transferee jurisdictional authority).
The rush to capitalise on the Reserve Bank of India’s FCNR(B) deposit scheme is already pushing up borrowing costs, with leveraged loan rates rising 20-25 basis points as banks compete intensely for a window that bankers estimate could generate substantial foreign currency inflows. The rate pressure is emerging faster than many expected. Floating rate loans against FCNR(B) deposits are currently available at 4.90-5.25%, but once converted into fixed-rate instruments for three or five years, the cost climbs to 5.25-5.50% after accounting for the term premium. “Loans are now available at floating rates of 4.90-5.25% for depositors. Once these are converted into fixed-rate loans for three or five years, the cost rises to 5.25-5.50% after adding the term premium,” said a senior public sector bank executive who has received preliminary quotes from foreign banks.
International mutual funds have offered Indian investors an opportunity to diversify beyond domestic markets and gain exposure to global businesses, sectors, and economic trends. However, in 2026, the conversation around international investing has evolved considerably. Unlike a few years ago, when investors primarily focused on US technology stocks via international funds, today’s landscape is shaped by regulatory limits on overseas investments, changing global market leadership, currency movements, and valuations.
Indian banks are likely to use fresh foreign-currency deposits mobilised from the Indian diaspora to replace expensive funding on their balance sheets before deploying the money into new lending, Axis Bank Chief Executive Officer Amitabh Chaudhry said, as lenders prepare to benefit from a recent Reserve Bank of India (RBI) policy move. "The first thing banks will do is reduce or pause growth in other very expensive deposits for some time," Chaudhry told Bloomberg in an interview. Indian lenders are leveraging the RBI's decision earlier this month to absorb the hedging costs incurred by banks raising dollars overseas, the report noted.
Overseas investors slowed selling of Indian equities in June, with monthly outflows on track to be the lowest in this year's selling months as easing crude oil prices and receding geopolitical tensions helped improve sentiment. February was the only month in 2026 when foreign investors were net buyers. Foreign portfolio investors sold shares worth ₹31,823 crore so far in June, the lowest monthly outflow since ₹31,381 crore in December 2025, according to StockEdge. In February, they bought ₹12,950 crore of equities. " Since the US and Iran reached an initial agreement to reopen the Strait of Hormuz on June 15, foreigners have been buyers in seven out of the eight trading sessions.
U.S. consumer sentiment rebounded from record lows in June, though households remained worried about the high cost of living, a survey showed on Friday. The University of Michigan's Surveys of Consumers said its Consumer Sentiment Index increased to a final reading of 49.5 this month from 44.8 in May. It was a slight improvement from 48.9 earlier this month.
The U.S. trade deficit in goods swelled to a 14-month high in May as businesses boosted imports, likely to avoid shortages and higher prices related to the war in the Middle East, prompting economists to cut their growth estimates for the second quarter.
Brazil's current account deficit reached $3.185 billion in May, central bank data showed on Friday, narrower than the $4.159 billion shortfall expected in a Reuters poll. • The trade surplus widened by about $500 million from a year earlier, while the services deficit increased by a similar amount.
Argentina's monthly economic activity indicator is forecast to show 2% year-over-year growth in April, down from 5.5% in March, according to the median of a Reuters survey of 10 analysts released Friday. • Despite the positive annual reading, analysts expect monthly activity declined from March, signaling a slow, oscillating recovery.
Euro zone consumers cut their near term inflation expectations in May and kept them steady for longer horizons, a European Central Bank survey showed on Friday, suggesting that the bank is not under pressure to quickly raise interest rates again.
Global trade flows and relationships are shifting after U.S. President Donald Trump imposed unilateral tariffs on most countries, but the U.S. dollar continues to anchor international trade, banking and central bank reserves, the International Monetary Fund's chief economist said on Friday.
A lasting peace in West Asia will restore India’s growth momentum with the GDP likely growing at 6.6-6.8% in FY27 if crude prices settle at relatively lower levels and shipments through the Strait of Hormuz normalise, according to EY. “A gradual normalisation of global energy markets is expected to ease supply-side pressures, improve cost conditions, and support both growth and inflation outcomes during FY27,” according to the June 2026 edition of EY Economy Watch.
Transformational growth should be the prime focus of the India-UK Free Trade Agreement (FTA), Commerce and Industry Minister Piyush Goyal told business leaders at a plenary session in London on Friday. The minister is in the UK on a three-day visit to review the preparedness of both countries for the implementation of the Comprehensive Economic and Trade Agreement (CETA), which comes into force on July 15.
Global corporations and institutional investors have announced more than USD 90 billion in fresh investment commitments to India in recent months, betting on the country's long-term economic growth despite rising geopolitical tensions, trade disruptions and an uncertain global outlook. The planned investments span artificial intelligence, cloud computing, digital infrastructure, manufacturing and industrial technology, reinforcing India's position as a key destination for global capital as companies diversify supply chains and expand in high-growth markets, sources said.
Veteran economist Montek Singh Ahluwalia has played a crucial role in shaping the modern Indian economy and was a key part of the government’s liberalisation efforts from 1991. In an interview to Business Today, he spoke about the Indian economy and the West Asia crisis. He says the current account deficit (CAD) will be higher and GDP growth will be lower than current official forecasts and inflation will also be higher. But he warns that the balance of payments problem cannot be solved simply by cutting imports and relying on import substitution.
India's economy is expected to grow 6.6-6.8% in the current financial year, with easing global energy prices and the normalisation of shipments through the Strait of Hormuz likely to improve growth and inflation prospects, according to EY Economy Watch. The report said a gradual normalisation of global energy markets is expected to ease supply-side pressures, improve cost conditions and support both economic growth and inflation outcomes during FY27.
Consumer spending on ITC's FMCG products has increased 8.8 per cent to nearly Rs 37,000 crore in FY26, reaching 28 crore homes, according to the company's latest annual report. Consumer spending on ITC's FMCG products has maintained a strong growth trajectory over the past three years, rising from nearly Rs 29,000 crore in FY23 to Rs 32,500 crore in FY24, reflecting a 12 per cent year-on-year increase. In FY25, consumer spending further climbed 4.6 per cent to around Rs 34,000 crore.
Byju's global lenders are in talks to take a roughly 30% stake in one of its partly-owned education firms and drop all legal action against the Indian company's founder Byju Raveendran, two sources with direct knowledge said. Byju's operated in more than 21 countries at one point and became popular during the COVID-19 pandemic by offering online courses. But its fortunes changed in early 2023 when the high-profile dispute with its U.S.-based lenders began.
Tata Sons, the principal holding company of the Tata Group, has posted strong growth across existing and emerging businesses for FY26 despite a challenging global business environment marked by geopolitical uncertainty, said an executive close to the matter. On a standalone basis, Tata Sons reported income from operations of nearly ₹42,000 crore, while net profit was estimated at around ₹32,000 crore.
For futures and options (F&O) traders, the revised ITR-3 form for assessment year 2026-27 has made it mandatory to report F&O turnover and income. The income tax return (ITR) will be marked defective without these details. The revised ITR-3 form has enhanced disclosure requirements in Schedule Part A —Trading Account. Taxpayers have to separately report income and turnover from F&O, intraday equity, commodity and currency, enhancing transparency and improving tax compliance. They must separately report F&O turnover and income, ensuring a clear distinction between non-speculative derivative trading and speculative intra-day equity transactions.
With an eye on Karnataka becoming the state with the highest GST growth this financial year, chief minister DK Shivakumar directed commercial taxes department officials to crack down on tax evasion while ensuring honest taxpayers are treated with dignity. At a review meeting Friday, Shivakumar said Karnataka had achieved 9% GST growth up to May 2026, second only to Telangana's 10%, while outperforming Uttar Pradesh (8%), Tamil Nadu (7%), Maharashtra (5%) and Gujarat (5%).
The Institute of Chartered Accountants of India (ICAI) has partnered with home-grown start-up Sarvam AI to develop a dedicated large language model (LLM) tailored specifically for chartered accountants (CAs). The institute aims to create a domain-specific, sovereign AI platform that enables CAs to leverage AI while safeguarding confidential client information, ICAI president Prasanna Kumar D. said on Friday.
Smaller and mid-sized banks are approaching the GIFT City branches of Indian lenders to access the leverage-backed FCNR(B) deposit mobilisation opportunity opened up by the Reserve Bank of India (RBI), as they lack the overseas presence and operational capabilities needed to directly navigate stringent foreign compliance requirements, bankers said. “Since we do not have foreign branches, we would have to connect with foreign branches of Indian banks or with foreign banks for leverage,” said a treasury official at a small finance bank, adding that they are reaching out to banks with whom they already have an existing relationships.
Banks' credit grew 17.7% at the end of the fortnight to June 15, unchanged from the print seen in the preceding two-week period, while deposits growth print slowed to 12% as compared with 12.2% for the same period, Reserve Bank of India data showed. The current growth rates for both credit and deposits are faster as compared to the prints seen a year back. At the same time last year, credit growth was recorded at 9.6% while deposits grew at 10.4% clip.
The portfolio management services (PMS) industry has witnessed a steady decline in its investor base for three consecutive months amid heightened market volatility and some profit booking, according to data from the Association of Portfolio Managers in India (APMI). The industry saw a monthly decline of 310 clients in May, marking the third consecutive fall after losing 1,038 and 3,738 clients in March and April, respectively. Overall, the total client base has declined from around 217,000 to 212,000. The decline was largely driven by the discretionary segment, where fund managers have complete autonomy over investment decisions. However, assets under management in discretionary PMS saw a marginal increase, rising from Rs 35.45 lakh crore to Rs 36.06 lakh crore.
India’s foreign exchange reserves increased by $963 million to $671.63 billion in the week ended June 19, 2026, according to data released by the Reserve Bank of India (RBI) on Friday. Foreign currency assets (FCAs), the largest component of the reserves, saw a significant dip of $3.07 billion, taking them down to $541.21 billion during the week. However, the decrease in FCAs was more than offset by a sharp increase in gold reserves, which were by $4.1 billion to $107.93 billion.
A drop in oil prices after a fragile U.S.-Iran truce has helped ease immediate inflationary pressure in many emerging markets, but cheaper oil alone will not defuse the threat of civil unrest as the damage to household finances has already been done, analysts say. Countries from Kenya to Indonesia and Bolivia have seen protests in recent weeks linked to energy price hikes and the rising cost of living. Global civil unrest hit a six-year high in the second quarter of 2026, UK-based global risk consultancy Verisk Maplecroft told Reuters. It produces a quarterly index tracking recorded protest events globally over a rolling 12-month period, measuring their frequency, scale and severity.
South Korea’s benchmark index Kospi’s sharp fall on Friday triggered a 20-minute trading halt — the second such instance during the week. However, market experts do not expect any significant spillover impact on Indian markets. “Indian markets are most likely to remain rangebound. The Nifty is likely to move between 23,800 and 24,600,” said Arun Kejriwal, founder of Kejriwal Research. On IT stocks, he said the sector has already witnessed a significant correction. While there could be some further downside, the fall is likely to remain limited.
India is set to become the world’s second-largest solar market in 2026 as the country emerges as one of the fastest-growing solar power markets globally, with cumulative installed solar capacity crossing 150 GW in March 2026. According to technology and analytics firm Rubix Data Sciences, India improved its global ranking from ninth place in 2015 to third place in cumulative installed solar capacity by 2025. The sector has seen some near term challenges such as a steep tariff barrier from the US, India’s largest export market for solar modules, along with lower domestic demand compared to India’s manufacturing capacity and an increased dependence on China for photovoltaic (PV) cell imports. Despite these challenges, Rubix remains confident about the sector.
India’s airport infrastructure is increasingly moving beyond runways and passenger terminals. Adani Airport City Limited (AACL), a wholly-owned subsidiary of Adani Airport Holdings Limited (AAHL), has unveiled plans to develop integrated airport cities across six airports, betting that aviation hubs can also emerge as centres for business, hospitality, retail and entertainment. The first phase of the programme involves an investment of more than Rs 20,000 crore to develop nearly 22 million square feet across airports in Mumbai, Navi Mumbai, Ahmedabad, Lucknow, Jaipur and Guwahati. The company plans to transform airport land into mixed-use urban districts designed to serve not only travellers but also businesses and surrounding communities.
he commercial vehicle (CV) industry is expected to sustain its growth trajectory in FY2027, although at a slower pace than last year, as a high base moderates year-on-year gains. Rating agency ICRA has projected domestic CV wholesale volumes to grow 4-6% this fiscal, supported by continued infrastructure spending, replacement demand and improving freight movement, even as higher fuel prices and financing constraints remain key risks. The outlook comes after a strong start to the fiscal. Domestic CV wholesale volumes rose 13.5% year-on-year in May, while retail sales increased 5.3%, aided by the lingering benefits of GST rate cuts, stronger rural demand and a favourable base. In the first two months of FY2027, wholesale dispatches were up 15% over the year-ago period, reflecting sustained demand despite a sequential moderation.
Climate change has become a growing concern for manufacturers in India — with the impact felt by hundreds of MSMEs. A new report by WRI India found that extreme heat and flooding were now affecting productivity and disrupting operations. Businesses operating in the country also face cascading shocks from these unpredictable weather events, leading to infrastructural failures and economic pressures “Heat stress is affecting labour productivity, workforce well-being, and operational efficiency, while floods are damaging assets, disrupting logistics, interrupting supply chains, and constraining market access. Together, these risks are reshaping the conditions under which MSMEs operate, compete, and grow,” the report began.
The domestic aviation sector faces a much tougher FY27, with projected industry losses nearly tripling to ₹36,000-38,000 crore from earlier estimates and passenger growth forecasts being cut as the West Asia conflict, elevated fuel prices and a weakening rupee squeeze airline finances. The latest aviation outlook report by ICRA, released on Friday, has sharply revised its FY27 net loss estimate for the industry to ₹36,000-38,000 crore from its earlier projection of ₹11,000-12,000 crore. It has also revised its FY26 loss estimate upwards to ₹32,000-34,000 crore from ₹17,000-18,000 crore estimated earlier, reflecting the impact of the prolonged geopolitical conflict, higher aviation turbine fuel (ATF) prices, rupee depreciation and rising aircraft lease rentals.
The government’s temporary custom duty exemption on cotton is expected to ease cost pressures on textile manufacturers. Industry officials and sector experts, however, argue that the measure reveals deeper challanges confronting India’s $190 billion textile and apparel industry. They point to persistent challenges in productivity, quality, and global competitiveness that require structural reforms instead of temporary tariff interventions. Notably, the government on May 30, 2026, announced a temporary exemption on customs duties on cotton imports between June 1 and October 31, 2026. The measure aims to ensure adequate cotton availability for the textile industry, support MSMEs, moderate input costs, and strengthen the competitiveness of Indian textiles while safeguarding farmers’ interests.
Fertiliser shipments through the Strait of Hormuz have begun picking up following an interim deal to end the Iran war, data showed, though analysts say it will take time before they return to pre-conflict levels and provide relief to the market. Before the U.S. and Israel launched the war on February 28, about a third of globally traded urea - the world's most widely used fertiliser - and nearly half of seaborne sulphur, a key input, typically flowed through the strait. The near closure of the critical waterway for most of the conflict, however, sharply reduced those shipments. Since the deal between Washington and Tehran was announced on June 15, around 640,000 metric tons of sulphur - critical for making fertilisers like diammonium phosphate, or DAP - have left the strait for destinations including Indonesia, Morocco, Tanzania and China, according to the latest analysis of flows by price reporting agency Argus. That compares to a total of just 80,000 tons over the course of the 3-1/2 month war.
India's refiners are poised to benefit from a rapidly improving business environment, fuelled by the retreat of crude prices to pre-war levels and expansion of cheaper supply options with the reopening of the Strait of Hormuz. Benchmark Brent fell to around $72 a barrel Thursday, down from an average of $99 in first week of June and $109 during the three months till May. Russia has resumed offering discounts, reversing the hefty premiums it charged after the Iran war began. Refiners also expect to gain from Iran's re-entry into international markets, the UAE's exit from the Organization of the Petroleum Exporting Countries (OPEC) and the continued availability of large Russian volumes, developments that are likely to intensify competition among suppliers and strengthen buyers' bargaining power.
The renewable energy ministry has identified several products across solar modules, green hydrogen and the wind energy value chain, including solar inverters and electrodes and catalysts, for local manufacturing as part of the broader local manufacturing plan by the government to reduce dependence on disruption-prone imports. "This is an identification exercise for identifying priority items. Action plans will be worked out subsequently," a senior government official told ET. The Centre had constituted six sector-specific working groups to identify 100 products for promoting domestic manufacturing and reducing import dependence, with energy being one of them.
India's technology services industry is already generating an estimated $10-12 billion in revenue from artificial intelligence (AI) services, with nearly a quarter of companies moving Al projects from experimentation to production, according to industry body Nasscom, PTI reported. Speaking at the Nasscom US CEO Forum in New York, industry leaders said Al is creating fresh growth opportunities for technology services rather than replacing traditional IT work.
Demand for gold jewellery is starting to come back after moderating in May due to the rise in custom duties on the precious metal was raised to 15 percent, Sandeep Kohli, chief executive officer at Indriya Jewellery, from the house of Aditya Birla told Moneycontrol in an interview on Thursday. "The 9 percent hike in customs duty, not surprisingly, made people wait a bit before they absorbed the hike and adjusted to the new prices. Across the industry, footfalls were slow but demand has come back quite strongly in the last two weeks," the top executive said.
Smartphone brands are expecting a tepid festive season, with sales expected to decline 9-10% compared to last year, as sustained handset price hikes are weighing on demand, said industry executives and market trackers. Executives said brands are still finalising their festive season strategies. Their plans are getting hampered by persistent smartphone price increases and uncertainty over component spot prices next quarter. The expectation is that handset makers will still offer festive discounts, which has emerged as a crucial lever of driving sales in the Indian market. However, due to the baseline prices of phones going up, consumers will effectively get a discount on the higher price rather than a true markdown from current costs, analysts said.
The Centre is drawing up a scheme that could offer interest subvention, partial credit guarantees and capital subsidies to support electric bus purchases by private fleet owners, officials said. "A scheme is being worked out. It could offer incentives of around ₹12,000 crore," a senior official told ET. The proposed incentives could also include waivers of toll charges and vehicle registration fees, the official said, adding that a final decision on the scheme and its incentives will be taken soon. The proposed partial credit guarantee will de-risk lending by banks, while interest subvention could lower financing costs by 3-5%, encouraging wider adoption of electric buses, the official said.
Shipping through the Strait of Hormuz has staged its strongest recovery since the West Asia conflict, with 341 vessels crossing the strategic waterway in the week following the June 17 US-Iran agreement and daily transits surging to a record 78 on June 24 from just 25 on June 17. The latest tally represents 57% of pre-war traffic, signalling a rapid revival in crude oil, LNG, LPG and commodity shipments through the world’s most critical energy chokepoint, according to S&P Global. The recovery has gathered momentum over the past week, with daily vessel movements climbing from 25 on June 17 to 41 on June 18, 35 on June 19, 49 on June 20, 29 on June 21, 36 on June 22, 48 on June 23 and a record 78 on June 24. The sharp increase follows the reopening of the Strait under the US-Iran memorandum and reflects improving confidence among shipowners after Oman and the International Maritime Organization (IMO) established a dedicated safe transit corridor along the Omani coast.
China Eastern Airlines said on Friday it plans to buy 25 A330neo jets from Airbus for a catalogue price of about $9.35 billion, as the Chinese carrier expands its widebody fleet to serve more international routes. The aircraft are scheduled to be delivered in batches from 2029 to 2033, China Eastern said in a filing to the Shanghai Stock Exchange, adding that the two companies signed the purchase agreement in Shanghai earlier in the day. China Eastern said in the filing that the catalogue price of $9.35 billion is based on Airbus's January 2025 list prices and the actual transaction price would be lower, with the airline securing a discount more favourable than in previous purchases from the European planemaker.
Escalating his trade offensive against digital taxes targeting American companies, US President Donald Trump on Friday warned that any country imposing a Digital Services Tax (DST) would face 100% tariffs on exports to the United States warning that such duties would override existing trade agreements. In a post on his social media platform, Truth Social, Trump said several European countries were discussing or moving towards implementing digital taxes targeting US firms.
Middle Eastern fuel oil exports are set to rebound to a four-month high in June as Iraq and Saudi Arabia rerouted supplies through alternative ports while shipments through the Strait of Hormuz gradually resume following the US-Iran interim peace agreement, Reuters reported citing trade sources and shipping data. Exports from the region are expected to reach about Exports from the region are expected to reach about 2.4 million metric tonnes (508,000 barrels per day) this month, more than 20% higher than in May, according to Kpler and LSEG data cited by Reuters. However, shipments remain well below the pre-conflict monthly average of 5.5-6 million tonnes.
German automaker Volkswagen faces one of its biggest restructuring drives in decades as it considers closing several factories in Germany and reducing its global workforce by tens of thousands. The proposal includes the possible shutdown of four production sites in Germany, a move that could impact over 100,000 positions over time, reported Germany-based Manager Magazin. What changes does Volkswagen plan for its German operations? Quoting people familiar with the discussions, Manager Magazin reported that Volkswagen has reviewed the possibility of shutting plants in Hanover, Zwickau, Emden, and Audi’s Neckarsulm facility. These locations together employ more than 45,000 workers.
Indian refiners are unlikely to significantly increase purchases of Iranian crude despite a temporary easing of US sanctions, as uncertainty over the duration of the waiver, payment constraints, and existing supply commitments limit the scope for new buying, according to a market analyst. The United States has provided a 60-day sanctions waiver that temporarily allows Iranian crude exports, but the short timeframe is unlikely to trigger a broad return of buyers beyond China, said Sumit Ritolia, who models refinery and oil markets at Kpler.
The US economy expanded at a solid and unexpected 2.1% annual pace from January through March, the Commerce Department reported Thursday in its final estimate of first-quarter growth. The growth in gross domestic product - the nation's output of goods and services - marked a rebound from a sluggish 0.5% in the last three months of 2025 when a 43-day federal government shutdown weighed on the economy. Thursday's numbers marked an upgrade from of Commerce's previous first-quarter estimate of 1.6% growth.
Core consumer prices in Tokyo rose 1.6% in June from a year earlier, government data showed on Friday. The core consumer price index for Japan’s capital, which includes oil products but excludes fresh food prices, compared with economists' median estimate for a 1.6% annual rise.
The Bank of Canada's consultation on its monetary policy framework review found broad support for its 2% inflation target, but participants complained about the disconnect between official inflation data and actual price of goods, the bank said in a report on Thursday. The cost of living crisis is a challenge for Prime Minister Mark Carney who pledged to tackle affordability after his party won a parliamentary majority in April.
Chicago Federal Reserve President Austan Goolsbee on Thursday said there was a "glimmer of hope" on services inflation in the latest U.S. inflation report, but underlying inflation pressures are still too high and trending the wrong way. "If we look at core inflation, it's still well too high and it's trending the wrong way, and we've got to see improvement on that," he said in an interview on CNBC. "Right now, as between the two sides of the Fed's mandate - the inflation side and the job market side - clearly the problem's on the inflation side."
The U.S. economy has seen solid growth momentum and inflation was expected to reach the Federal Reserve's 2% target by the end of 2027, the International Monetary Fund said on Thursday. IMF spokeswoman Julie Kozack told a regular news briefing that the Fed last week appropriately decided to hold its key policy interest rate, and welcomed the strong commitment of the new chair, Kevin Warsh, to delivering price stability.
The U.S. economy grew faster than previously estimated in the first quarter, but consumer spending almost stalled. Gross domestic product increased at an upwardly revised 2.1% annualized rate last quarter, the Commerce Department's Bureau of Economic Analysis said in its third estimate of first-quarter GDP on Thursday. Growth was previously reported to have advanced at a 1.6% pace. Economists polled by Reuters had expected that GDP growth would be unrevised at a 1.6% rate.
New orders for key U.S.-manufactured capital goods rebounded sharply in May as demand increased broadly, suggesting business spending on equipment would again underpin economic growth in the second quarter. Non-defense capital goods orders excluding aircraft, a closely watched proxy for business spending, increased 1.6% last month after an upwardly revised 0.7% decline in April, the
The number of Americans filing claims for unemployment benefits fell more than expected last week, consistent with labor market resilience. Initial claims for state unemployment benefits dropped 12,000 to a seasonally adjusted 215,000 for the week ended June 20, the Labor Department said on Thursday. Economists polled by Reuters had forecast 225,000 claims for the latest week.
Brazil's consumer prices rose slightly less than expected in the month to mid-June, data from statistics agency IBGE showed on Thursday, with food costs driving the increase but losing momentum from the previous month. Inflation rose 0.41% in the period, below the 0.44% increase forecast in a Reuters poll. In the 12 months through mid-June, inflation accelerated to 4.80% from 4.64% in the previous period, moving further above the central bank's 3% target, which has a tolerance band of plus or minus 1.5 percentage points.
Swiss economic growth will remain subdued in the near term, slowing to 1.1% in 2026, as sluggish growth among trading partners and heightened geopolitical and tariff uncertainty dampen external demand, the IMF said on Thursday. Growth is seen at 1.1% in 2026 compared to 1.4% in 2025, the International Monetary Fund said in a statement. Adjusted for sporting events, growth is seen at 0.8% in 2026. In 2027, growth is seen accelerating to 1.2%, or 1.5% when adjusted for sporting events.
Spanish industrial prices rose in May at their fastest pace since December 2022, fuelled by a considerable increase in energy prices, the National Statistics Institute (INE) said on Thursday. The 10.5% year-on-year rise followed a revised 8.5% increase in the 12 months through April. It was driven by a 28.2% increase in energy costs, mainly due to higher prices of electric power generation, transmission and distribution.
Spain's gross domestic product grew 0.6% in the first quarter of 2026, below the 0.8% growth in the previous quarter, the country's National Statistics Institute (INE) said on Thursday, confirming both the expectations of analysts polled by Reuters and the preliminary data. On an annual basis, Spain's first-quarter economic output expanded by 2.7%, also confirming INE's preliminary reading and the analysts expectations.
The day the US finds appropriate tools and legal backing that gives India a tariff advantage over its competitors, the trade deal between the two countries will be finalised, Commerce and Industry Minister Piyush Goyal said on Thursday. “Until the framework for getting that competitive advantage can be finalised, we cannot Enter Into Force (EIF) the US deal,” he said at the India Global Forum in London.
India’s crude oil basket has returned to the level before the West Asia conflict started, with war premiums fast evaporating after the US-Iran peace deal. According to Petroleum Planning and Analysis Cell (PPAC), the basket price crashed a steep 55% from a record high of $157.04 per barrel on March 23 to $70.71 on June 24, completely reversing the oil shock. The latest price is exactly the same as the pre-war level on February 19.
Capital expenditure by states likely grew a modest 2% on-year in April-May FY27, a sharp slowdown from the 33% expansion recorded in the corresponding period of FY26. Data compiled from 18 major states showed that aggregate capital expenditure stood at Rs 61,314 crore during the first two months of FY27, compared with Rs 60,094 crore a year ago, reflecting subdued growth.
Despite the revival of monsoon progress in the last few days after a gap, a huge deficiency in rains this month is unlikely to be bridged. So, sowing activities for several kharif crops is likely to be delayed. Pushan Sharma, Director, Crisil Intelligence, stated that the delayed progression of the monsoon across western and central India is likely to postpone kharif sowing and transplanting, particularly for paddy, cotton, pulses and key horticultural crops such as onion and tomato. In Maharashtra, just 1% of paddy transplants have been completed, while cotton sowing remains significantly behind the schedule.
You might think that the world’s supply chains are returning to normal now that oil appears to be flowing unhindered from the Persian Gulf for the first time in four months. Watch out for what’s happening on the far side of the Arabian Sea, though. The key input into another sort of value chain is misfiring just when it’s needed most: India’s monsoon rainfall. It might seem strange to liken the weather to a component of an industrial system, but that’s the way it has worked in India for millennia. The arrival of the southwestern monsoon during June is so weirdly regular that you can set a just-in-time agricultural calendar by it. Europeans had little warning of the heatwave currently bearing down on the continent until recently, but the near two-week delay in rains reaching Mumbai this week was enough to provoke nervous headlines.
Infrastructure projects worth above Rs 150 crore each registered a cumulative cost overrun of around Rs 5.4 lakh crore, according to a monthly government report for May 2026. A total of 1,987 ongoing infrastructure projects across 17 Central Ministries/Departments were monitored and it was found that the total revised cost was Rs 42.50 lakh crore compared to their original cost of Rs 37.09 lakh crore.
A weak monsoon is emerging as India’s next inflation risk, with a developing El Niño threatening to curb rainfall and push up food prices just as an easing oil relieves broader price pressures. The southwest monsoon, which accounts for about 70% of India’s annual rainfall, is vital for the $300 billion farm economy and has an outsized influence on food prices, rural demand and broader economic output.
Larsen & Toubro (L&T) announced key expansion in the data centre segment. The company in its regulatory filing said that its wholly owned subsidiary, Vyoma.AI, has incorporated a new wholly owned subsidiary, LTA Data Centres (LTADCPL), to expand its presence in the data centre sector. LTA Data Centres has been set up to establish data centres and provide related technology-enabled services, according to the regulatory filing.
Tata Power on Thursday unveiled a Rs 15,000-crore transmission infrastructure expansion plan for the Mumbai Metropolitan Region (MMR), centred on the development of a citywide 400 kV transmission ring network and significant upgrades to its existing power transmission assets. The project is aimed at strengthening Mumbai’s energy security and supporting the region’s rapidly growing power demand through FY31, the company said.
Adani Airport Holdings (AAHL) will invest more than Rs 20,000 crore in the first phase of developing airport cities across six airports as it looks to turn its aviation assets into integrated commercial and urban hubs, diversifying revenues beyond the core airport business. The development programme, spread over 655 acres in Mumbai, Navi Mumbai, Ahmedabad, Lucknow, Jaipur and Guwahati, will be executed through its wholly-owned subsidiary Adani Airport City (AACL). The first phase will see the development of around 22 million sq ft of commercial real estate comprising hotels, office spaces, retail, entertainment, convention centres and other lifestyle infrastructure. Nearly 70% of the investment will be directed towards Mumbai and Navi Mumbai, where the group has around 440 acres of land, underscoring the strategic importance of the Mumbai Metropolitan Region in its airport-led development plans.
Bharti Airtel maintained its lead in subscriber additions in May 2026, adding 2.93 million wireless users, while market leader Reliance Jio trailed slightly at 2.16 million, according to data released by the Telecom Regulatory Authority of India (TRAI). Vodafone Idea continued to report addition in subscribers, picking up pace at 121,289 additions (April: 53,257) to its overall subscriber base. However, much of this acceleration in subscriber addition continues to come from the telco’s performance in the M2M or enterprise connections segment, a significantly lower average revenue per user (Arpu) business.
Amazon on Thursday announced an additional investment of $13 billion in India by 2030 to expand its artificial intelligence and cloud infrastructure. The new commitment increases the company’s total planned investment in India to $48 billion over the next five years. The announcement came after Amazon chief executive officer Andy Jassy met Prime Minister Narendra Modi in Delhi. Following the meeting, Jassy said Amazon remained committed to expanding its presence in India and supporting the country’s technology ecosystem.
ndia's technology startup ecosystem produced more unicorns and faster public listings in the first half of 2026, even as fewer new companies secured funding. Technology startups raised $7.2 billion across 652 equity funding rounds between January 1 and June 24, according to Tracxn. While total funding rose 12% from a year earlier, the number of deals fell 43%, showing that investors continued to back fewer companies with larger investments. First-time funded startups fell 31% year on year to 218, while the number of companies added to the Soonicorn Club dropped 47% to 54. Seed funding rounds declined to 420 from 938 in the second half of 2023, and the number of institutional investors active in India fell to 488 from a peak of 824 in H1 2024. At the same time, companies that had already scaled continued to find routes to the public market. Thirteen technology companies completed initial public offerings during H1 2026, up from 12 a year earlier. Their average market capitalisation rose to $297 million from $162 million, while the average time from first funding to IPO fell to 8.1 years from 14.5 years.
The Reserve Bank of India (RBI) on Thursday proposed expanding the term money market to include non-bank entities such as NBFCs and corporates, in a move aimed at improving liquidity. Under the proposed guidelines, the RBI has allowed all Indian financial institutions and non-banking financing companies, including housing finance companies, to participate in the term money market both as borrowers and lenders. Meanwhile, the RBI has allowed companies to participate in the term money market just as lenders. These participants are not allowed in the call and notice money market. Stakeholders can submit their feedback by July 17, the RBI said. Currently, banks and standalone primary dealers can only participate in the term money market, with certain prudential limits. In the term money market, participants can borrow for periods longer than 14 days, up to one year.
In 2025–2026, Indians sent more money overseas for investments than in 2024–2025. Indians sent nearly $2.6 billion in FY2025-26, almost 56% higher than $1.69 billion sent in FY2024-25. The RBI’s June 2026 Bulletin reveals a broad pullback across Liberalised Remittance Scheme (LRS) categories. Despite this, the interest in investing abroad seems to be on the rise. The category ‘investment in equity and debt’ has been seeing higher outflows since January this year. February 2026 saw $265.99 million, and March 2026 recorded $440.22 million before April moderated. Still, on a year-to-year basis, April 2026 continued that momentum, with monthly outflows rising 17.30 per cent to $238.63 million from $203.44 million in April 2025.
The Union Health Ministry on Friday proposed easing residual shelf-life norms for imported drugs, requiring them to have a minimum remaining shelf life of 12 months at the time of import instead of the current threshold of more than 60% of total shelf life. The proposal, published as a draft notification for public consultation on June 22, aims to promote ease of doing business while ensuring patients continue to receive quality medicines with adequate usable shelf life. However, the existing requirement of a minimum residual shelf life of more than 60% will continue to apply to biological products and radiopharmaceuticals owing to their specialised nature and public health considerations.
In 2024, the company’s leadership issued a public apology. They admitted to “falling short of the market’s expectations” and failing to maintain “technological competitiveness.” For a company that once defined what it meant to be a global tech giant, that was a remarkable thing to say out loud. The stock reflected every bit of that humiliation. For much of early 2025, Samsung was trading at tangible book value. Which, in plain English, means the market was valuing Samsung at exactly what its assets were worth on paper. No premium. No excitement. No future priced in. Just: here are the buildings, the machines, and the inventory. Take it or leave it.
Samsung Group will unveil a sweeping decade-long investment plan on Monday, pledging 1,000 trillion won ($648 billion) to anchor South Korea's next growth cycle, including a possible 300 trillion won push to build chip factories in the country's southwest, a media report said. The investment, which would include AI data centers, batteries and displays, will be announced at a meeting with President Lee Jae Myung at the presidential office, the Maeil Business Newspaper said on Friday, without citing sources. Top executives from heavyweights including Samsung Electronics and its rival SK Hynix will attend the meeting and lay out investment plans targeting regions beyond Seoul and its surrounding hubs, the report said. The report did not say when the investment would be made. At its core, the initiative appears designed to decentralise South Korea's Al boom into a nationwide engine of growth, easing infrastructure bottlenecks while jumpstarting jobs, innovation hubs and next-generation manufacturing across underserved regions.
SpaceX has told investors it plans to launch a Starlink mobile service for U.S. consumers, the Financial Times reported on Friday, in a move that could allow the Elon Musk-led company to compete directly with Verizon, AT&T and T-Mobile. Here are some details: • SpaceX already offers direct-to-cell connectivity with T-Mobile in the U.S., providing supplemental coverage from space to extend internet access to remote areas. • SpaceX is now considering launching a Starlink retail product and could build its own terrestrial U.S. mobile network, President Gwynne Shotwell told investors during a recent IPO roadshow, the FT report said, citing sources.
Tesla said on Thursday that production at its Berlin plant will rise by 20% to 7,500 vehicles per week from October this year. Tesla said the planned increase in production means it will recruit a further 1,000 employees. The company already announced a capacity increase at the plant company in April to meet higher demand for the Model Y. In May, it said it would increase its investment in battery cell production at the plant. The three announcements mean that a total of 3,500 additional jobs will be created in the short and medium term for vehicle and battery manufacturing at the plant, the company said.
The long choked Strait of Hormuz is finally seeing business with supplies from Qatar entering the market for the first time since the war broke out. After being mostly quiet during the conflict, oil flows are picking up again as Gulf countries restart crude exports. This comes as regional activity improves and talks between the US and Iran move forward, helping ease tensions in the area. A shipment of Qatar's Al-Shaheen grade was sold this week to Taiwan's Formosa Petrochemical Corp, which was seeking supplies for August to September, according to traders familiar with the matter. The volumes were sold by trading house Mercuria Energy Group Ltd, they told Bloomberg. Traders also said that some of the same grade, along with Qatar's Marine and Land varieties, were sold to an Indian refiner last week. The traders asked not to be named as they were not authorised to speak publicly. These deals mark the first observed transactions of Qatari crude to Asian refiners since the war began. However, Qatar has been significantly more active in restarting production and exports of liquefied natural gas during this period.
India has received an assurance from the United States that trusted partners will continue to have access to advanced American artificial intelligence technologies without the risk of sudden restrictions. The assurance was shared by S. Krishnan, Secretary of the Ministry of Electronics and Information Technology (MeitY), during the 2nd Pax Silica Summit in Washington. His comments come as India and the US work to strengthen cooperation in AI, semiconductors and other critical technologies. India wanted clarity on future access Krishnan said India wanted a clear understanding of how the US plans to manage access to advanced AI technologies in the future. He explained that if India is expected to use these technologies across government services and digital infrastructure, access cannot suddenly be cut off.
India is emerging as Asia Pacific’s most AI-ready consumer market, with a majority of users showing strong interest in adopting personal artificial intelligence assistants, a trend that could unlock massive business opportunities for brands racing to capitalise on the next phase of the digital economy. According to the latest 2026 AI and Digital Trends Report released by Adobe, nearly 60% of Indian consumers are interested in creating their own personal AI agent, the highest among countries surveyed in the Asia Pacific region, revealing India’s rapidly growing appetite for AI-driven digital experiences. According to the Adobe report, the findings position India as a crucial growth market in the global AI economy, particularly as companies invest heavily in automation, customer experience technologies and next-generation AI-powered commerce.
As AI models become increasingly commoditised, the next phase of competition will be determined by how effectively companies harness their proprietary data, a shift that could play to India’s strengths as one of the world’s largest generators of digital data, according to Databricks. Companies globally are moving beyond AI experimentation and beginning to embed AI agents into business workflows and decision-making processes. In this environment, access to frontier models alone is unlikely to provide a sustainable advantage, said Nick Eayrs, vice-president, field engineering, Asia-Pacific and Japan at Databricks. “The real differentiator is no longer access to a particular model. It is the ability to combine those models with business data and business context to create agentic experiences and applications,” Eayrs told Fe.
India is seeking to broaden its textile manufacturing footprint beyond established hubs such as Tirupur and Surat, with the textiles ministry intensifying outreach to states with limited industry presence. "There are discussions with Chhattisgarh, Kerala and Jharkhand to facilitate development of textiles manufacturing in these states," an official said. The government is looking to attract more investments and ensure smoother implementation under the production-linked incentive (PLI) scheme for textiles, the person said. The sector is among the country's largest employment generators, directly employing more than 45 million people. At present, textiles manufacturing is largely concentrated in Tirupur, Surat, Panipat and Ludhiana. With the rollout of the third round of PLI, the ministry has set up a dedicated unit that will directly interface with companies and states.
The Union Health Ministry on Friday proposed easing residual shelf-life norms for imported drugs, requiring them to have a minimum remaining shelf life of 12 months at the time of import instead of the current threshold of more than 60% of total shelf life. The proposal, published as a draft notification for public consultation on June 22, aims to promote ease of doing business while ensuring patients continue to receive quality medicines with adequate usable shelf life. However, the existing requirement of a minimum residual shelf life of more than 60% will continue to apply to biological products and radiopharmaceuticals owing to their specialised nature and public health considerations.
Indian pharmaceutical companies are increasingly shifting their growth focus beyond the traditional US generics market, betting on specialty medicines, biosimilars, chronic therapies, and branded businesses in India and emerging markets to drive the next phase of expansion. Management commentary from major drugmakers, including Sun Pharmaceutical Industries, Dr Reddy's Laboratories, Cipla, and Lupin, points to a broader industry transition towards higher-value products and geographically diversified revenue streams. One of the clearest signs of this shift comes from Sun Pharma. Its Global Innovative Medicines business crossed $1.4 billion in 2025-2026 (FY26) and now contributes more than 22 per cent of consolidated sales. The company said growth in emerging markets is increasingly being driven by innovative therapies alongside branded generics.
Despite electronics emerging as one of India's largest export categories, the country continues to remain heavily dependent on imports, with electronics imports exceeding exports by nearly 2.4 times in FY26. According to data from the Commerce Ministry, India's electronics exports stood at $47.69 billion during April 2025-March 2026, while imports were significantly higher at $116.18 billion, resulting in deficit of $68 billion. Electronics accounted for nearly 11% of India's total exports and about 15% of the country's import basket during the year. Industry executives say the widening trade gap is less a consequence of rising imports and more a reflection of India's inability to scale exports due to low domestic value addition and the absence of dedicated manufacturing ecosystems. Imports of electronic goods grew more than 17% during FY26, with accumulators and batteries registering the sharpest increase of nearly 51%. China remained the dominant source of imports, accounting for around 38% of India's imports of electronic instruments.
German consumer sentiment stabilised heading into July, as households' income expectations improved, a survey found on Thursday. The consumer sentiment index, published by the Nuremberg Institute for Market Decisions and the GfK market research institute, showed sentiment rising to -29.2 points for July from a revised -29.7 points in June.
Job vacancies in Australia fell in the May quarter for the first decline since the middle of 2025, data showed on Thursday, with the largest drops in the finance, accommodation and food sectors.
Just two days after SpaceX made its historic market debut, a Chinese space startup held an investor roadshow for its maiden fundraising round by touting a mission to help China catch up with the U.S. in the race to the heavens.
The U.S. current account deficit widened more than expected in the first quarter amid a shortfall on the primary income balance, government data showed on Wednesday.
Mexico's annual inflation rate hit 3.55% in the first half of June, official data showed on Wednesday, landing below expectations and defusing pressures for a rate hike from the central bank.
The El Nino impact and the poor monsoons are among India’s biggest concerns at this juncture. The cumulative rainfall deficit has now widened to 42% below the long-period average. But economists pointed out that India seems better placed to handle this situation compared to past El Nino episodes. Moderate pick-up in sowing also added to the optimism .
Two days of ministerial-level talks between India and the US, aimed at finalising an interim trade agreement concluded here on Wednesday, but no clarity emerged on whether both sides managed to bridge the remaining differences. The discussions were led by Commerce and Industry Minister Piyush Goyal and US Trade Representative (USTR) Jamieson Greer.
The transfer of subsidies and welfare benefits through the Direct Benefit Transfer (DBT) system helped the government plug leakages worth Rs 83,064 crore in FY25, taking the Centre’s cumulative savings via this route to Rs 5.14 lakh crore, according to the latest government data. These savings have given government finance managers greater fiscal space to improve expenditure quality and extend additional welfare benefits to eligible beneficiaries without placing undue pressure on the exchequer.
Lengthy approvals, weak exploration intensity and infrastructure bottlenecks continue to hold back India’s mining sector despite the country being among the world’s leading producers of coal, iron ore, zinc and chromite, according to an Icra report released at the India Mines and Minerals Conclave 2026. The report identifies regulatory approvals and land acquisition as among the biggest impediments to faster mine development, with a typical coal mining project in India requiring around 48 months to secure statutory clearances and land acquisition.
SBI Research has said the West Bengal Budget for 2026-27 carries the most optimistic policy narrative in 17 years, marking a decisive shift from the redistributive framework that defined both the Left Front and Trinamool Congress rule. The BJP government in West Bengal sought to blend welfare continuity with political and administrative reset in its maiden budget presented on Monday, as it pledged to fill one lakh government vacancies and increase dearness allowance by 20 percentage points, while stressing the need for fiscal discipline.
The textiles ministry has stepped up efforts to position India as a global textile hub, drawing up a roadmap to achieve $100 billion in textile exports by 2030 with a focus on sustainability and free trade agreements (FTAs). Sustainability emerged as a key theme during the two-day summit concluded Wednesday, with stakeholders highlighting the growing importance of traceability, recycling and compliance with global environmental standards. Industry representatives recommended adopting digital product passports, developing textile recycling ecosystems, and establishing easier compliance norms for micro, small and medium enterprises (MSMEs).
The government will launch the Index of Service Production (ISP) next month, a new high-frequency indicator aimed at tracking growth in the services sector, with 2024-25 as the base year, the statistics ministry said Wednesday. The index will cover sectors like wholesale and retail trade, transport, banking, insurance, telecommunications, hotels & restaurants, real estate, professional, scientific and technical services, and arts, entertainment & recreation. “As counterpart of the IIP (Index of Industrial Production) which measures the economic growth of the industrial sector, ISP will cover the formal services sector and will be released on a monthly basis,” the ministry said in a statement.
Prime Minister Narendra Modi chaired the 52nd PRAGATI meeting, during which infrastructure works worth over Rs. 30,000 crore were reviewed. In a post on X, he said that ongoing development projects would provide fresh momentum to economic growth, connectivity and industrial progress, while emphasising the need for effective implementation of the PM Gati Shakti National Master Plan for their timely completion. "These works will add momentum to economic growth, connectivity and industrial progress. Emphasised the use of the PM Gati Shakti National Master Plan for the timely completion of development works. Other subjects reviewed include TB Mukt Bharat Abhiyan, grievances related to Cyber Crime and Digital Arrest," he said on Thursday.
The textiles ministry has stepped up efforts to position India as a global textile hub, drawing up a roadmap to achieve $100 billion in textile exports by 2030 with a focus on sustainability and free trade agreements (FTAs). Sustainability emerged as a key theme during the two-day summit concluded Wednesday, with stakeholders highlighting the growing importance of traceability, recycling and compliance with global environmental standards. Industry representatives recommended adopting digital product passports, developing textile recycling ecosystems, and establishing easier compliance norms for micro, small and medium enterprises (MSMEs).
You might think that the world’s supply chains are returning to normal now that oil appears to be flowing unhindered from the Persian Gulf for the first time in four months. Watch out for what’s happening on the far side of the Arabian Sea, though. The key input into another sort of value chain is misfiring just when it’s needed most: India’s monsoon rainfall. It might seem strange to liken the weather to a component of an industrial system, but that’s the way it has worked in India for millennia. The arrival of the southwestern monsoon during June is so weirdly regular that you can set a just-in-time agricultural calendar by it. Europeans had little warning of the heatwave currently bearing down on the continent until recently, but the near two-week delay in rains reaching Mumbai this week was enough to provoke nervous headlines.
India's economic growth is expected to decelerate to 6.6% in 2026-27 from 7.7% in the previous financial year, amid energy-related pressures, expectations of a below-average monsoon and slowing global growth, S&P Global Ratings said on Wednesday. Retail inflation is projected to rise to 5.1% this fiscal. The US-headquartered ratings agency expects gross domestic product (GDP) growth to recover to 7.2% in 2027-28. S&P's baseline forecast assumes that disruptions in the Strait of Hormuz will gradually ease during the second half of the year. While global oil prices are expected to remain elevated in the near term, they are projected to decline gradually and return to pre-Iran war levels by early 2028.
RBI may revise India growth to top 7% this year, MPC member says The easing in geopolitical tensions in the Middle East is poised to improve the outlook for Asia's third-biggest economy, reducing risks to both inflation and growth, Nagesh Kumar, an external member of the Reserve Bank of India's monetary policy committee, told Bloomberg in an interview. The reassessment marks a sharp contrast with about three weeks ago, when the RBI downgraded growth estimates for the year through March 2027 to 6.6% citing heightened uncertainty over the conflict in the Middle East.
As artificial intelligence drives an unprecedented build-out of data centres globally, Schneider Electric expects India to emerge as one of the fastest-growing markets for digital infrastructure. Sumati Sahgal, vice-president, data centres & secure power, Greater India, tells Poulomi Chatterjee that data centres could become Schneider Electric’s largest business in India by 2030. Excerpts: Q. How does the growth of Schneider Electric’s data centre business compare with its core operations? A. The pace of growth in data centres is extraordinary. Until last year, India had built roughly 1.5 GW of data centre capacity. Industry estimates now suggest the country could add anywhere between 6 GW and 10 GW over the coming years. Some projections are even higher, but even the conservative estimates point to a massive expansion. Our core business is electrification and naturally grows alongside this trend because data centres are significant consumers of electrical infrastructure.
Suzlon Energy has secured a 400 MW wind energy EPC contract from Tata Power Renewable Energy Limited (TPREL), taking the two companies' cumulative order partnership past 1 GW across four states — Karnataka, Maharashtra, Tamil Nadu, and Andhra Pradesh, the company said in a press release. The new contract, awarded in less than 12 months of the previous order, will be executed in the Anantapur district of Andhra Pradesh. Under it, Suzlon will supply 127 units of its S144 wind turbine generators (WTGs), each with a rated capacity of 3.15 MW.
Under Indian tax law, if the money used to create a Fixed Deposit belongs to you, the interest earned is not your spouse's income, it is yours. Section 64 of the Income Tax Act, known as the clubbing of income provision, pulls that interest straight into your tax return regardless of whose name the FD sits in. This means two things. First, you must declare that interest income in your own ITR. Second, and this is where most people lose money, the TDS the bank deducted against your spouse's PAN can be claimed back by you. But only if you follow the exact process.
The Income Tax Department using data analytics and other tools and sources at its disposal have identified about 15,000 to 20,000 likely cases where individuals have used 'swapped provisions' trick to reduce their taxable income and thus pay a lower income tax. As reported by TOI, this initiative is part of the tax department's mandate to crack down on bogus claims. In line with this, the department has reached out to employers, urging them to examine discrepancies in Form 24Q concerning the TDS they deducted from their employees' salaries.
The Reserve Bank of India (RBI) has rejected calls by stakeholders to continue case-specific exemptions from concentration norms for government-owned NBFCs, saying that doing so goes against a principles-based framework and creates avoidable regulatory uncertainty. In amended directions published Wednesday, the central bank also rejected requests for an increase in single counterparty limits for exposures to public sector enterprises. "While a case-by-case exemption was permitted earlier, most of such exemptions had a sunset clause which has since expired, and the exposure of these entities have been brought within limits," the RBI said.
The Reserve Bank of India (RBI) on Wednesday proposed a new framework for the use of artificial intelligence as its adoption by domestic banks expand significantly. In a draft circular, the RBI urged banks to put in place proper governance, risk management, and controls, along with continuous oversight. Under the new framework, the regulator proposed broad principles to manage risks from third-party models. The regulator has sought stakeholder feedback by July 24. “Considering model usage has expanded significantly and regulated entities are increasingly using models, including those employing artificial intelligence / machine learning, across various business and decision-making processes; weaknesses in their governance, oversight, risk management and controls may expose the regulated entities to financial, operational, compliance, and reputational risks,” the regulator said in a draft circular.
The Reserve Bank of India (RBI) on Wednesday revised the way banks calculate and report their foreign exchange exposures. The revised rules do away with the separate calculation of onshore and offshore net open positions (NOP), allow banks to include accumulated surpluses from overseas operations in NOP calculations, require forex risk capital charges to be maintained against actual NOP, and modify the shorthand method for measuring exposure by treating gold positions separately. The central bank has also allowed certain structural foreign exchange positions to be exempted from NOP calculations. Market participants said that the exemptions will create room for additional positions and improve trading capacity for banks.
The banking system's liquidity slipped into deficit after remaining in surplus for nearly three months, weighed down by advance tax outflows and higher currency leakage. Net liquidity stood at a deficit of Rs 19,971.9 crore on Monday, according to the latest Reserve Bank of India (RBI) data, marking the first deficit since March 22. RBI's Intervention and Market Response Consequently, the weighted average call rate (WACR) — the operating target of monetary policy — rose to 5.38 per cent on Tuesday from 5.33 per cent on Monday. To ease the transient liquidity tightness, the RBI injected Rs 1.41 trillion into the banking system on Tuesday through a seven-day variable rate repo (VRR) auction.
RBI's final rules on scale-based regulation of NBFCs tighten oversight of bank-owned entities, effectively subjecting them to bank-like standards. The central bank said the Rs 1 lakh crore threshold for upper layer NBFCs will now be reviewed every three years, instead of five, allowing quicker response to growth, inflation and emerging risks. But all bank led NBFCs, irrespective of size, will be subject to upper-layer NBFC norms, except listing. NBFCs within bank groups will also have to follow regulations applicable to banks when they undertake similar activities, regardless of their classification.
RBI’s recent announcements aimed at attracting NRI dollar deposits have yet to demonstrate their effectiveness. The full impact of these measures will only be visible from RBI’s June 2026 data onwards. The timing of the RBI’s program allowing banks to offer higher rates on FCNR(B) deposits is crucial. According to RBI year-end data, FCNR(B) outstanding balances edged up from $32,809 million at end-FY2024-25 to $33,756 million at end-FY2025-26, a rise of $947 million or 2.89 per cent. Although year-end FCNR(B) balances increased slightly from $32.8 billion to $33.7 billion, the April 2026 data is a matter of concern. The April 2026 FCNR(B) inflows decreased by 39% to $166 million from $272 million in April 2025.
Domestic gold-loan lenders are well ring-fenced from price correction risks despite the recent increase in the regulatory loan-to-value (LTV) cap to 85%, according to a report by Crisil Ratings. These lenders have adopted conservative guards while lending, including keeping the LTV ratio in the range of 65-75% and sticking to prudent risk management practices, it said. “The sector’s resilience, riding on robust processes, such as regular mark-to-market (MTM) valuation of gold, adequate LTV buffers and streamlined auction processes, is reflected in negligible credit cost borne by lenders in this segment over the past decade,” the report stated.
A report shared by Pricewaterhouse Coopers (PwC) said that more than 40% of the new SIPs in India now originate from tier 2,3 and 4 cities, calling the monthly SIP flows of $3 billion a price insensitive equity flow in the Indian markets. Further, it added that India’s high net-worth population is projected to grow faster than any other APAC market through 2030, primarily due to intergenerational wealth transfer of over $1.5 trillion over the next decade.
apan's super-long-dated bonds briefly changed course on Friday to trade lower after an auction of 20-year bonds drew weak demand due to fiscal concerns. Here are a few details: The 20-year bond yield reversed course to rise as high as 3.565%. The yield was last down 3 bps at 3.535%. Yields move inversely to bond prices. At the auction, a measure of demand called the bid-to-cover ratio, which gauges total bids against the amount of securities on offer, fell to 2.97, the lowest since May 2025, from 4.01 at the previous sale in May.
India is facing a double blow in foreign portfolio investment, with new registrations slowing to the weakest pace in at least a decade, even as offshore Funds continue to sell Indian equities aggressively. According to data analysed by Moneycontrol, India had 12,195 registered foreign portfolio investors as of June 25, compared with 12,143 at the end of the calendar year 2025. That means the country has added just 52 FPIs on a net basis In 2026 so far, translating to about eight investors a month. The pace marks a sharp slowdown from 2025, when India added 382 FPIs, or about 32 investors a month. In 2024, 618 FPIs registered in India, at an average monthly pace of around 52 investors.
Meta Platforms and Microsoft each committed tens of billions of dollars in additional data center leases in their most recent quarters, adding to the massive sums the industry is spending on artificial intelligence. Those pledges helped push overall commitments to future data center leases to more than $850 billion among the largest cloud computing companies. These obligations have continued to climb over the last year as tech giants work to expand their fleet of server farms, according to a Bloomberg analysis of regulatory filings. The future costs, which come on top of active leases, won’t appear on companies’ balance sheets until they begin making payments on them. They’re generally tied to data centers, but can also include facilities such as offices or warehouses.
The Pentagon on Wednesday awarded Lockheed Martin a seven year undefinitized contract worth up to $35 billion to quadruple production of Terminal High Altitude Area Defense, or Thaad interceptors, part of a push to replenish missile defence stockpiles and boost output. The award stems from a framework agreement the defence manufacturer reached with the Pentagon in January to significantly increase production over a multi-year period. The Donald Trump administration pushing to expand weapons production after military operations in Iran and other conflicts drew down US stockpiles.
Odisha will invest more than Rs 50,000 crore in two major maritime projects—a deep‑sea port at Ganjam and a shipbuilding cluster in Paradip—Chief Minister Mohan Charan Majhi announced on the sidelines of the 14th Multi‑Agency Maritime Security Group (Policy) Meeting in Bhubaneswar. Developed with central government support, the projects are flagship infrastructure initiatives intended to strengthen the state’s port capacity, expand industrial activity along the coast and position Odisha as a strategic hub in India’s maritime economy. CM Majhi framed the investments within a broader vision of maritime security and economic opportunity, stressing that enhanced ports and shipbuilding capacity will boost regional growth, generate employment, and deepen the state’s contribution to the blue economy. He underlined the historical importance of Odisha’s 575‑km coastline and its longstanding trade links with Southeast Asia, arguing that modern maritime infrastructure will revive those connections and create new avenues for international commerce and collaboration. Announcing the plans after inaugurating the policy meeting at Lok Seva Bhawan, CM Majhi said the projects will also reinforce coastal security by improving infrastructure that supports maritime domain awareness and protection of critical assets. “To strengthen the state’s maritime infrastructure, we are building a deep seaport in Ganjam with the help of the Central Govt. In Paradip too, we are building a shipbuilding cluster. These are being built at an expenditure of more than Rs 50,000 Crores,” he said, signalling Odisha’s intent to align economic development with coordinated security and environmental stewardship.
Freight rates that surged during the recent West Asia crisis are expected to gradually moderate over the next few months as congestion eases and container backlogs clear at Mundra Port, officials tell FE. The vessel waiting time at Mundra, which had risen to between eight and ten days during the peak of the disruption, has now fallen to around two to three days. Authorities expect congestion to ease further in the coming days as the remaining backlog is cleared. “Now it is moving properly. Congestion is still there because a large volume of transshipment cargo remains at the terminals, but the situation is improving and should ease further over the next four to five days,” a senior port official said. Backlog Drastically Reduced The crisis had disrupted shipping schedules across the region, forcing containers to remain stranded at ports and creating severe pressure on logistics networks. At one stage, Mundra was holding between 70,000 and 80,000 containers linked to delayed cargo movements. That number has now dropped significantly, with only around 7,000-8,000 containers yet to be cleared.
India’s 28 big-listed real estate companies sold properties worth Rs 1.95 lakh crore in the last fiscal, driven by strong housing demand, with Godrej Properties clocking the highest sales bookings, a PTI report shows. According to the data compiled by PTI from investor presentations, the total combined sales bookings or pre-sales of the 28 major listed realtors stood at nearly Rs 1.95 lakh crore during the 2025-26 financial year, up 17 percent from over Rs 1.66 lakh crore in the preceding fiscal. Godrej leads, DLF trails Godrej Properties, which has a presence across major cities, retained the position of the largest listed realty firm in terms of sales bookings in FY26. As per the data, Godrej Properties’ sales bookings last fiscal rose to Rs 34,171 crore from Rs 29,444 crore in the preceding year.
The government may ask airlines to review surge charges and additional fares if crude oil prices remain stable over a longer period, Civil Aviation Minister K Ram Mohan Naidu said on Thursday. Currently, the Centre reviews Aviation Turbine Fuel (ATF) prices on a fortnightly basis, based on movement of global crude prices. Besides it has also created a Rs 10,000 crore price stabilisation fund to support airlines in times of distress due to the ongoing US-Iran war. Naidu said the Centre was closely monitoring ATF prices and was in discussions with airlines to assess whether the recent decline in prices was sustainable.
Traffic through the Strait of Hormuz continued to improve compared to pre-US and Iran agreement levels on Tuesday, with some ships crossing through a new IMO evacuation route, tracking data showed. As of 1500 GMT on Wednesday, maritime tracking firm Kpler recorded 25 transits by commodity ships on Tuesday, and 17 so far on Wednesday. Total figures are likely to rise further, as crossings are identified retrospectively, notably through satellite imagery. Tuesday's crossings fall short of the 38 commodities transits detected on Monday, the highest amount since the Strait of Hormuz was closed down by Iran on March 1 at the start of the Middle East war.
Volkswagen has agreed to sell its diesel engine unit Everllence to Bain Capital in a deal generating proceeds of about €7.4 billion ($8.4 billion), beating out other private equity firms including one that had joined forces with Volkswagen's top shareholders. The leveraged buyout deal is expected to be one of European industry's biggest carve-outs this year. Volkswagen has been seeking to free up cash at a time of deep cuts across the group's automotive operations. A leveraged buyout is a deal in which a company is acquired largely with borrowed money. "Leaner structures and processes will give Everllence the opportunity to achieve further growth in attractive markets such as data centers, the energy sector and shipping. At the same time, it will allow us to focus even more strongly on our core business," said Volkswagen CEO Oliver Blume.
The majority of India’s planned renewable energy infrastructure will be exposed to escalating climate hazards, putting about $55 billion of physical assets at risk of damage by the end of this decade, according to a new study. Some 239 gigawatts of proposed solar, wind and hydropower capacity across 10 Indian states — about 90% of the total — face high or critical vulnerabilities to compounding weather events like tornadoes, wildfires and extreme floods, Zurich Insurance Group AG said in an assessment published Thursday. “It hits the balance sheet,” Mark Fletcher, head of Zurich Resilience Solutions for Asia Pacific, said in an interview. “If your solar panel is less efficient, you’re generating less revenue. If your wind farm is blown down and you have four or five turbines damaged, you have a business interruption on the revenue side, but you also have a direct cost to fix that.”
30 India-bound ships have crossed the Strait of Hormuz, sources in the shipping ministry told The Times of India, adding that 26 other vessels are waiting to cross the critical sea route which has been disrupted since the US-Iran war began on February 28. 15 of the transited ships carried Liquified Petroleum Gas (LPG) and Liquified Natural Gas (LNG), whil eight others had bulk cargo and seven were crude oil tankers. Officials cited by TOI said that 19 transits happened between March 1 and June 17 and 11 crossed the strait following the signing of the MoU between Washington and Tehran.
The lithium industry is growing more optimistic about a market recovery as booming demand for battery storage systems helps offset a slowdown in some electric vehicle markets, leading producers told an industry conference this week. While electric vehicles have been the main driver of lithium demand for years, regulatory changes in the United States and elsewhere have cooled sales in some key markets. That slowdown coincided with industry overproduction, pushing lithium prices sharply lower. But growing demand for stationary battery storage systems, driven by the expansion of artificial intelligence and efforts to strengthen power grids, is helping reshape the market outlook. "The period of market overcorrection is over," said Raju Daswani, CEO of consultancy Fastmarkets. "Energy storage has become a primary driver of growth in this market."
Eversource Capital-backed mobility platform Lithium Urban Technologies on Thursday said it has secured a strategic investment from JSW Green Mobility as it looks to achieve three-fold growth over the next two years. The move is aimed at accelerating the company's expansion amid rising demand for reliable, technology-enabled and sustainable mobility solutions that continue to grow across enterprise and digital mobility ecosystems, it said. Lithium Urban Technologies said its planned expansion is expected to create 12,000-15,000 jobs while strengthening the company's integrated e-mobility platform.
India needs to step up from incremental progress to innovation at scale to fulfill its ambition of becoming a global discovery hub, according to Dr Reddy's Laboratories Chairman Satish Reddy. This requires stronger translational research pathways to ensure that scientific discoveries translate into meaningful patient impact, he said while releasing a white paper titled 'Translational Research Ecosystem: Learnings from the World & Building for India' by the company. The white paper highlights the growing importance of translational science as the critical bridge between discovery and real-world healthcare impact, sitting at the intersection of scientific innovation, multidisciplinary collaboration, funding, regulation, clinical development, policymaking and commercialisation.
Oil prices fell on Thursday to levels last seen before the start of the Iran war as expectations of rising supply from the Middle East outweighed demand concerns. Prompt-month Brent crude futures for August delivery were down $1.28, or 1.74%, to $72.46 a barrel by 0845 GMT, while U.S. West Texas Intermediate lost $1.15, or 1.63%, to $69.19 a barrel. Both contracts hit their lowest since February 27. U.S. Energy Secretary Chris Wright told a forum that flows through the Strait of Hormuz were close to those before the start of the Iran war, with at least 20 million barrels having exited the strait in the last 24 hours. A return to complete normalcy would take a few weeks, however, because the strait needs to be demined, he added.
Singapore’s inflation rate remained unchanged at 1.8 per cent in May, coming in below economists’ expectations of 2 per cent. The latest reading matched April’s figure and showed a mixed trend in prices across different sectors of the economy. Core inflation, which excludes accommodation and private transport costs, also stayed steady at 1.4 per cent in May. This was lower than the 1.6 per cent forecast by economists surveyed by Reuters.
When Nvidia became the world's first $5 trillion company in October 2025, it was celebrated as a stock market milestone. It may actually be something much bigger. For much of the last century, countries that controlled oil shaped global trade, geopolitics and economic growth. Today, a growing number of nations are finding that influence through semiconductors
Malaysia's central bank said on Wednesday it would step up efforts to support the ringgit, including measures to attract foreign funds and encourage state-linked firms and companies to repatriate overseas earnings. Bank Negara Malaysia said its Financial Markets Committee, which met to review the ringgit's more than 4% decline so far in June, noted that the country's economic fundamentals remain strong and that the onshore foreign exchange market continues to function smoothly.
The U.S. dollar extended gains to reach a fresh 13-month high against a basket of major currencies on Wednesday, as investors sought shelter from a tech stock selloff and prepared for rate hikes from the Federal Reserve. Stock market volatility continued after a broad selloff of technology and semiconductor sectors dragged global shares lower, sparking safe-haven demand for the dollar and bonds.
Japan's services producer price index in May rose 3.3% from a year earlier, central bank data showed on Wednesday, a sign of broadening inflationary pressure that will keep alive market expectations of further interest rate hikes. The annual rise in the index, which tracks the price companies charge each other for services, followed a revised 3.3% gain in April. The increase was driven by a 61.8% surge in the cost of ocean freight transportation and a 17.3% gain in international air passenger transportation, the data showed, due likely to surging fuel costs from the Middle East conflict.
Oil surging to more than $120 a barrel last spring cut about three-tenths of a percentage point from U.S. economic output, but the blow was a small fraction of what would have taken place from a similar oil shock in the 1980s when the country was more reliant on imports, a new Dallas Fed study estimated. The roughly 15% cut to global oil supplies after the U.S.-backed war with Iran led to the closure of the Strait of Hormuz shipping lanes upended world commodity markets as prices rose, supplies became scarce in parts of the world and overall demand dropped.
U.S. manufacturing activity rose again in June as companies preemptively placed new orders in anticipation of shortages and higher prices, but factory employment hit a six-year low, blamed on rising operating costs related to the Middle East conflict. S&P Global said its flash manufacturing PMI increased to 55.7 this month, the highest reading since May 2022, from 55.1 in May. A reading above 50 indicates growth in manufacturing, which accounts for 9.4% of the economy. Economists polled by Reuters had forecast the manufacturing PMI slipping to 54.8.
Mexico's economy posted its largest monthly expansion in more than five years in April, ahead of expectations, according to official data published on Tuesday. Mexico's economic activity grew 1.2% in April from the prior month, the national statistics agency said, compared with a revised increase of 0.6% in March and beating a forecast of a 0.9% increase in a Reuters poll of analysts.
India and the US on Tuesday held crucial ministerial-level discussions to advance negotiations on an interim trade agreement. The talks between visiting US Trade Representative (USTR) Jamieson Greer and Commerce and Industry Minister Piyush Goyal started in the morning and continued until late afternoon before both sides decided to take a break. Another meeting between the two is expected on Wednesday.
With global urea prices falling to pre-West Asia war levels, the government’s fertiliser subsidy budget in the current fiscal year is likely to be around Rs 2.5 lakh crore, down from the Rs 3.4 lakh crore projected earlier amid the conflict, official sources said An official with a leading state-owned fertiliser company told FE that with urea from Iran no longer under US sanctions, the price of the soil nutrient variant declined to around $ 415- 420/tonne on Tuesday, against the average price of $ 947/tonne prevailed in May 2026.
Private sector growth in the country slowed to a three-month low in June, as increasing costs and declining demand weigh on business momentum, according to a private survey released on Tuesday. The HSBC Flash India Composite Purchasing Managers' Index (PMI) fell to 57.4 this month from 59.3 in May. Readings above 50 signal expansion and those below the threshold indicate contraction.
India's trade grew at a healthy 5.4 per cent in Q4FY26 despite a slowdown in merchandise exports on strong growth in services exports and widening services trade surplus, as per the Trade Watch Quarterly report released by NITI Aayog on Tuesday. According to the report, India's merchandise trade showed mixed trends, with exports declining 2.8 per cent to $112.03 billion, while imports surged 12 per cent to $195 billion. However, India continued to maintain a strong services trade surplus of $60.4 billion, supported by a 9 per cent rise in services exports to $111 billion, compared with a 4.1 per cent increase in services imports to $50.7 billion. India's "total trade grew at 5.4% in Q4, FY2026, reaching $1.84 trillion," as per the report.
Infosys sees a $300-400 billion opportunity emerging in AI-first services by the end of the decade as enterprises race to modernise decades-old technology systems to deploy artificial intelligence at scale, Chairman Nandan Nilekani said on Tuesday. Speaking at the company’s 45th annual general meeting, Nilekani said that the next phase of AI adoption would require companies to overhaul legacy technology infrastructure, eliminate technical debt and integrate AI systems with core transaction platforms, creating a significant growth opportunity for technology services firms.
Wipro has on Tuesday announced the expansion of its partnership with Palo Alto Networks to offer AI-driven Managed Detection and Response (MDR) services. The partnership will combine Palo Alto Networks’ Cortex XSIAM with Wipro’s CyberShield offering along with the IT major’s managed security services capabilities in a more focused manner for modern security operations. The offering will deliver proactive cyber defense with simplified workflows using artificial intelligence, machine learning and automation to predict and protect clients against future ransomware attacks.
Akasa Air plans to increase capacity by more than 30% in the fiscal year ending March 2027 (FY27) and significantly expand its international operations, with overseas routes expected to account for around 40% of its total capacity over the next few years, according to the airline’s Chief Financial Officer (CFO) Ankur Goel. International operations currently contribute about 25% of the airline’s overall capacity. The carrier, which commenced operations in August 2022, has been steadily expanding its presence across domestic and international markets and sees overseas growth as a key pillar of its long-term strategy.
For a businessman who built one of India's largest infrastructure empires, Gautam Adani's vision for the company as described at the Adani Group's 30th Annual General Meeting on Wednesday was something new. The next chapter, he suggested, will not be defined only by bigger ports, larger airports or more renewable energy projects, it will be about changing how the conglomerate works from within.
Tata Motors Passenger Vehicles on Tuesday said that it expects revenue to exceed Rs 6 lakh crore by fiscal year 2031, with an earnings before interest and tax (EBIT) margin of 10%. Under its growth outlook, the company is targeting sales of more than 1.2 million units, driven largely by electric vehicles (EVs) and compressed natural gas (CNG) models. The automaker targets an annual production capacity of 1.3 million within the next 2-3 years from the current capacity of nine lakh units.
The Adani Group is planning to make an investment of Rs 90,000 crore to Rs 1 lakh crore across all airports over the next five years, Jeet Adani, Director at Adani Airport Holdings told reporters after the announcement to start commercial flight operations from Mundra airport with Star Air connecting key domestic destinations. Speaking to the media after inaugurating the new terminal and the first commercial flights, Jeet Adani said the five-year investment plan "continues to be the case" for the group's aviation portfolio. "Investment, our five-year investment plan across all airports is about 90,000, 1 lakh crore investment plan and that continues to be the case," he said.
The listing of the Vedanta group’s four newly demerged entities offers investors a key option: they may assess and value those businesses separately and selectively. As a result, there should be value-unlocking. Vedanta says the move will simplify its corporate structure and create sector-focused companies with independent plans.
The Reserve Bank of India on Tuesday relaxed the onboarding rules for small businesses using trade receivables discounting system (TReDS) platform. Under the new guidelines, the central bank also plans to streamline capital requirements for authorised entities with those for other non-bank payment system operators (PSOs), and allow financiers to obtain credit guarantee cover for exposures taken on TReDS. TReDS is an online platform that enables small businesses to sell their invoices or trade receivables to banks and financial institutions to access working capital. The RBI said that the platform must implement necessary validation checks to confirm the seller is an MSME, and ensure funds owed to the seller are credited only to the seller’s bank account. Applicants seeking to operate a TReDS platform must have a minimum net worth of Rs 25 crore, the regulator said. The RBI has given time till March 31, 2028, for existing entities to meet this net-worth requirement.
India’s mergers and acquisitions (M&A) activity rose 21.7% in the first half of 2026, marking the second-strongest January-June period on record as companies pursued strategic acquisitions despite geopolitical uncertainty and the absence of blockbuster deals. The value of announced M&A transactions climbed to $89.1 billion in the six months ended June 22, from $73.2 billion a year earlier, according to Dealogic data. Deal volumes, however, fell 19% to 588 transactions from 726 in the corresponding period last year, indicating a market driven by larger transactions rather than a broad-based increase in activity. The first-half tally is the highest since 2022, when deal values touched a record $131.5 billion, buoyed by the nearly $60-billion merger between HDFC Ltd and HDFC Bank, one of the largest corporate transactions in India’s history. The latest figures suggest that while large deals continued to underpin overall values, activity increasingly shifted towards mid-market acquisitions amid a cautious global investment climate.
The Reserve Bank of India (RBI) has allowed Indian banks to use their branches in GIFT city to mobilise Foreign Currency Non-Resident (Bank) [FCNR(B)] deposits and offer leverage for such deposits. According to sources, State Bank of India (SBI) is expected to be among the first lenders to launch the offering through its GIFT City branch in Ahmedabad. “We are launching our FCNR(B) deposits from the GIFT City branch. We are offering leverage of up to nine times the deposit amount held by NRIs and high-net-worth individuals (HNIs),” a senior SBI official said. India’s largest lender, SBI, has a network of 244 international offices across 29 countries. Currently, it offers loans against FCNR(B) deposits maintained at its India branches through its GIFT City unit.
Axis Bank has an eligible credit facility of over Rs 10,000 crore under the Emergency Credit Guarantee Scheme 5.0 for the micro, small, and medium enterprises, a senior official told the media in a round table on Tuesday. “We have invested quite a bit in that. Just to give you a perspective, the opportunity is about Rs 10,000 crores, that is the eligible amount across the companies. I think he would have a larger amount,” said Prashanth T S, group head, mid-corporate & medium enterprises group, Axis Bank.
The share of household deposits in India’s banking system declined to 59.3% in FY26 from 63.2% in FY19, reflecting a structural shift in deposit composition as institutional deposits gain ground, according to a report by Crisil Intelligence. While households remain the largest contributor to the banking system’s deposit base, the report said that financial and non-financial corporations have steadily increased their share of deposits. The combined share of these segments rose to 26.3% in FY26 from 20.5% in FY19, indicating a gradual diversification of banks’ funding sources. Despite the decline in their overall share, households continue to play a critical role in supporting banks’ low-cost funding base. The report said that households accounted for around 70% of system current account savings account (CASA) balances in FY26, significantly higher than their share in overall deposits.
The RBI has introduced a special window that allows banks to offer significantly higher rates on fresh FCNR (B) deposits. As a result, several banks are offering around 6% interest on US dollar deposits, while some smaller banks are offering more than 7%. If you are an NRI looking for fixed-income opportunities, this is one of the most attractive dollar deposit options in years. A Foreign Currency Non-Resident (FCNR) deposit allows NRIs to keep money in foreign currency with an Indian bank. Unlike NRE fixed deposits, the money is not converted into rupees. Both the principal and interest remain in the original currency, helping investors avoid exchange-rate fluctuations during the deposit tenure. Both FCNR and NRE deposits offer tax-free interest in India and full repatriation of funds. The key difference is currency risk. NRE deposits are held in rupees, exposing investors to rupee depreciation. FCNR deposits eliminate this risk because the deposit and maturity proceeds remain in the original foreign currency throughout the tenure.
Chinese technology company ByteDance, the developer of TikTok, is in preliminary talks with banks for its largest offshore loan of about $20 billion, Bloomberg News reported on Wednesday, citing people familiar with the matter. The company has approached banks for a loan that may carry a three-year tenor, with an option to extend it to as long as five years, the report said. ByteDance did not immediately respond to a Reuters request for comment. The company is emerging as a major spender on AI infrastructure, ramping up spending and partnerships to secure chips and chip design services.
Taiwan's ASE Technology Holding, the world's largest chip packaging and testing provider, is expanding capacity to meet AI demand, Chief Operating Officer Tien Wu said on Wednesday. Here are some details: • Wu said the holding company is adding 15 new sites this year, including six greenfield sites for ASE, seven greenfield sites for its unit Siliconware Precision Industries, and sites acquired from Taiwan's Innolux Corporation earlier this year. • Wu reiterated that this year's capital expenditure is budgeted at $8.5 billion and may exceed that amount. • Wu said that the factory expansion is not just for the next two years, but for 2029 and beyond to meet strong AI demand. • The company said it has been investing in the U.S., with two testing factories in California and two more factories planned.
South Korea's government is in talks with Samsung Electronics and SK Hynix over plans for the next phase of large-scale investments in semiconductor production facilities, an official said on Wednesday, adding an announcement on a new chip cluster would be made soon. "Exponential and explosive" growth in demand for chips driven by the AI industry could require the two companies to speed up ongoing construction of new chip facilities by more than 10 years to 2034-2035, presidential policy adviser Kim Yong-beom told a discussion panel. "The question is how we will support the AI revolution. Looking ahead to the next stage after seven or eight years, we are faced with the challenge of finding a massive new site for a second cluster," Kim said.
Rio Tinto. expects its lithium business to grow faster than its copper, iron ore and other divisions as it works to triple production by 2028 for the electric vehicle and battery storage markets, an executive said on Tuesday. The world's second-largest mining company jumped into the lithium sector last year when it bought U.S.-based Arcadium, a deal that brought access to mines, processing facilities and deposits across four continents, as well as a customer base that includes Tesla. Rio has been integrating those assets amid a lithium price crash caused in part by Chinese oversupply, a market malaise that forced a wave of industry layoffs and has only begun to abate in recent months.
The Trump administration is pressing Meta to submit its AI models for voluntary review, which would allow the government to evaluate their abilities and vulnerabilities, the New York Times reported on Tuesday, citing four people familiar with the confidential request. The request was made in emails with the social media giant, the report said, as the administration steps up oversight of the AI industry. The Facebook parent, which launched the Muse Spark AI model in April, is the only major U.S. developer of AI technology that has not reached an agreement to voluntarily share its models with the federal government for review, according to the report. "We share the administration's goal of advancing U.S. leadership on robust and secure frontier AI. While we are working through the details, we hope to sign the agreement soon," Meta told Reuters in an emailed response. The U.S. Commerce Department did not immediately respond to a Reuters request for comment. Earlier this month, the U.S. government ordered Anthropic to suspend access to its most advanced AI models for foreign nationals, citing national security concerns.
The U.S. Federal Communications Commission said Thursday an auction of wireless mid-band spectrum raised more than $3.5 billion, which will largely be used to fund the replacement of Chinese telecom equipment. The FCC said up to $3.3 billion of the auction’s proceeds will be used to cover funds borrowed to support the FCC’s "Rip and Replace” program to purge Huawei, ZTE or other Chinese gear from their wireless networks and other programs. The agency previously estimated removing the Chinese equipment would cost $4.98 billion, but Congress only approved $1.9 billion before deciding to hold the auction. The FCC said last week that 42% of federal funding recipients have completed replacement and disposal of all Chinese equipment, citing delays due to permitting, supply chain issues, labor shortages and severe weather.
Blackstone is planning to invest $30 billion in Japan's AI data centers over the next three to five years, its president and chief operating officer Jonathan Gray told Nikkei in a recent interview, the business daily reported on Tuesday. The world's largest alternative asset manager is in discussions to develop facilities exceeding 1 gigawatt in the country, the report said, citing Gray. Blackstone did not immediately respond to a Reuters request for comment. It also plans to accelerate its private equity investments in Japan, the company said. Earlier this month, Blackstone had raised $13.1 billion for its Asia private equity fund, exceeding its initial target and marking its largest such fundraise in the region.
Qatar Prime Minister Sheikh Mohammed bin Abdulrahman Al-Thani has said the Gulf nation expects to restore normal liquefied natural gas (LNG) production within weeks, as signs of progress emerge in US-Iran peace negotiations aimed at reopening the Strait of Hormuz. QatarEnergy, which operates the world's largest LNG export facility at Ras Laffan, has seen production largely disrupted since Iranian attacks in early March damaged two LNG production trains and contributed to the effective closure of the Strait of Hormuz. The damaged units account for around one-fifth of the facility's total production capacity. "Within a few weeks, production will come back to normal, except the damaged facility," says Al-Thani, cites Bloomberg. "Our teams have been mobilised already for a few weeks. QatarEnergy is preparing for operations to come back to normal as soon as the situation in the strait normalizes." The company is now preparing to restart operations from the undamaged sections of the plant as diplomatic efforts between the United States and Iran continue. Global gas markets remain under pressure The return of Qatari LNG is expected to help ease supply concerns that have kept gas prices in Europe and Asia above pre-war levels.
Even as the reopening of the Strait of Hormuz raises hopes of easing supply disruptions, global oil markets could be heading into a fresh phase of tightening, with Brent crude expected to average $80-90 per barrel in the second half of 2026 as inventories continue to decline and demand returns, according to S&P Global Energy. The forecast comes after the June 17 memorandum of understanding (MoU) between the US and Iran, which paved the way for restoring navigation through the Strait of Hormuz following what S&P Global Energy described as the largest oil supply disruption in history. The closure had effectively removed 15 million barrels per day (bpd) of Gulf liquids production from global markets, yet crude prices showed a surprisingly muted reaction as major consumers slashed imports and alternative supplies emerged. “The effective closure of the Strait of Hormuz was the largest oil supply disruption in history. It was — and for the moment, still is — extraordinary. But what is surprising — even extraordinary — is the limited price reaction,” said Jim Burkhard, Vice President and Head of Research for Oil Markets, Energy and Mobility at S&P Global Energy.
Andhra Pradesh is set to make history on Wednesday with the launch of India's first private gold mining project at Swarnagiri, formerly known as Jonnagiri, in Kurnool district. Chief Minister N. Chandrababu Naidu will inaugurate the commercial operations of the gold mine, marking a significant milestone for the country's mining sector. Ahead of the inauguration, the Andhra Pradesh cabinet approved the renaming of Jonnagiri village as 'Swarnagiri', reflecting the area's growing importance as a gold mining hub. The project, operated by Geomysore Services India Pvt Ltd (GMSI), is the country's only operational private primary gold mine since Independence. Developed with an investment of around Rs 405 crore, the mine spans nearly 598 hectares in Tuggali mandal of Kurnool district.
Despite the absence of a specific law prohibiting goods linked to forced labour across supply chains, Indian manufacturers ranging from textiles and apparel to auto components, processed foods and steel have put in place stringent frameworks, including multi-layered compliance mechanisms, traceability systems, documentation protocols and adherence to global ESG standards. These measures, industry executives say, help manufacturers uphold ethical sourcing practices, mitigate forced labour risks and strengthen India’s position as a trusted partner in global supply chains. While domestic regulations prohibit forced labour within the country, the issue has gained fresh relevance following the US Trade Representative’s (USTR) proposal to impose a 12.5% tariff under Section 301 on imports from India and several regional peers. The proposed levy targets countries deemed to have inadequate safeguards against goods produced using forced labour anywhere in their supply chains.
In a major push to strengthen its fast-growing private space ecosystem, India has announced plans to transfer technology related to its flagship Polar Satellite Launch Vehicle (PSLV) to domestic private companies, marking a significant step in the country’s efforts to expand indigenous rocket production and become a global hub for satellite launches. According to Bloomberg, Indian National Space Promotion and Authorization Centre Chairman Pawan Goenka said the government has released an Expression of Interest (EOI) inviting private sector participation for technology transfer of the PSLV, one of India’s most successful and reliable launch vehicles developed by Indian Space Research Organisation (ISRO). The “workhorse” of the Indian space program has been used for deep-space exploration, including the historic Chandrayaan-1 and Mangalyaan missions.As of December 2024, PSLV has launched as mnay as 360 foreign satellites from 36 countries.
The Indian government has issued a sharp clarification following a series of “misleading and unsubstantiated claims” about ethanol blended petrol. The Oil Ministry has also dismissed claims that the use of E20 fuel could affect the validity of vehicle insurance policies. “Old images and videos are being recirculated in an apparent attempt to garner viewership through sensationalism and create unwarranted concerns regarding ethanol-blended fuel. The Ministry of Petroleum and Natural Gas reiterates that the Ethanol Blending Programme is scientifically validated and continuously monitored by the Government,” an official statement began. It also noted that implementation was constantly monitored by the government in consultation with oil marketing companies, automobile manufacturers, fuel testing agencies and other stakeholders. The Ministry insisted that no widespread issues of engine failure or vehicle breakdown attributable to ethanol blending have been reported since the introduction of E20 petrol.
The government has raised the target of critical mineral exploration projects to be completed by 2031 to 2,000 from 1,200 planned earlier, Mines Secretary Piyush Goyal said on Tuesday. The target is set under the National Critical Mineral Mission (NCMM). Speaking at an event here, organised by the Material Recycling Association of India (MRAI), he said, “So far, the Geological Survey of India (GSI) has completed 571 exploration projects, while another 300 projects are expected to be completed during the current year.” Also, against the target of auctioning 100 critical mineral blocks by 2031, 56 blocks have already been auctioned, and the ministry expects to take the number to over 200 by the end of the mission period.
In a major push to strengthen the defence manufacturing ecosystem in India and accelerate self-reliance in military production, the Centre is working on an ambitious plan to establish seven specialised defence manufacturing clusters across the country, according to a report published by BusinessLine. The proposed initiative is aimed at creating region-specific defence hubs that can significantly boost indigenous production, innovation, exports, and reduce India’s dependence on foreign military imports. This development is being seen as a crucial step under Prime Minister Narendra Modi‘s Aatmanirbhar Bharat vision, with the government looking to transform India from one of the world’s largest arms importers into a major global defence manufacturing hub. Why is the government setting up these defence clusters? The Defence Ministry is reportedly holding multiple rounds of consultations to create a new defence manufacturing framework that brings together state governments, private industry, research institutions, startups and academia under a single integrated ecosystem.
India’s hotel industry is bracing for a stronger second half of the fiscal year, with sector executives and analysts pointing to easing geopolitical tensions and resilient domestic demand as the key drivers, even as the March quarter bore the brunt of disruptions tied to the conflict in West Asia. A note from Nomura’s Global Markets Research, dated June 15, said the sector’s fourth quarter revenue and EBITDA grew 12% and 9% year-on-year, respectively. According to the report, the first quarter of FY27 is expected to be strong for the companies mentioned below as they cater to delegation travel and have super-luxury properties. Domestic demand picks up the slack The Nomura report further noted that the hotel companies leaned heavily on domestic travellers to offset the dip in foreign tourist arrivals during the quarter.
The Himachal Pradesh government has signed implementation agreements for 19 hydropower projects in 2026, involving a combined generation capacity of 278 MW and an estimated investment of Rs 3,336 crore, Chief Minister Thakur Sukhvinder Singh Sukhu said. The agreements mark another step in the state’s effort to harness its significant hydropower resources, expand electricity generation and strengthen its long-term energy revenue base. The projects cover a wide range of capacities and locations across the state. They include Soyal Dashal (9 MW), Khauli-II (6 MW), Gramang (9 MW), Umli (10 MW), Bharmour Stage-I (24 MW), Bharmour Stage-II (21 MW), Harsar Stage-II (22.5 MW), Harsar Stage-III (19 MW), Tundah Stage-II (24 MW), Janglik (18 MW), Rupin Stage-II (15 MW), Dunali-I and II (17 MW), Jari (12 MW), Toral Kundli (18 MW), Tundan (15 MW), Kot Dogri (10 MW), Upper Kurmi (8 MW), Kalal Khol (11 MW) and Melan (9.6 MW). Together, these projects are expected to add fresh power capacity and attract new capital into the state’s power sector.
India’s electric vehicle (EV) industry is racing towards deeper localisation, with several high-value component categories expected to achieve 90-100% localisation by 2030, but the sector remains heavily dependent on imported semiconductors and rare-earth magnets, exposing the country’s clean mobility ambitions to global supply-chain disruptions despite a ₹25,938-crore government incentive programme, according to a report by IEEFA and JMK Research. The challenge is particularly significant because India’s EV market has expanded nearly 14-fold since FY20, making it one of the fastest-growing automotive segments in the country. Yet some of the most critical technologies powering electric vehicles continue to be sourced from overseas. The report found that traction motors remain 100% dependent on imported rare-earth magnets, while motor controller units and vehicle control units continue to rely entirely on imported semiconductors, with global supply chains concentrated largely in China and Taiwan.
A supertanker has been provisionally booked to transport oil from the Persian Gulf to India at a rate equivalent to almost nine times benchmark freight costs, an eye-watering price that reflects the shortage of available, empty vessels in the area. The very-large crude carrier, capable of handling about two million barrels of oil, will be supplied by South Korea shipowner Sinokor at 897 Worldscale points, or 897% of the benchmark, according to shipbrokers. That fee ranks as the highest so far this year, they added, asking not to be named as discussions are not public. Worldscale rates, the standard measure of charter fees in the tanker industry, are set yearly for specific routes such as Persian Gulf to China, or to Singapore. Ships are booked at a percentage — also known as points — of this underlying rate. In this case, the Sinokor booking was based on the rate for the Persian Gulf-to-Singapore route, the shipbrokers said.
India is increasing the use of domestic fuel to more than 50% at power plants designed to run on imported coal, as the world's second-largest thermal coal importer seeks to curb costly overseas purchases, government and industry officials said. The South Asian nation is already using domestic coal for operating 5.7 gigawatts capacity so far this year of the total 18.7 GW capacity at imported coal-based power plants, they said. Trials are underway to expand the switch to another 4.3 GW of capacity.
India's pharmaceutical industry continues to rely heavily on China for critical raw materials, with nearly 65 per cent of its requirements for active pharmaceutical ingredients (APIs), key starting materials (KSMs), and intermediates being sourced from the neighbouring country, according to NITI Aayog. In the eighth edition of its Trade Watch Quarterly report released on Tuesday, the government think tank highlighted persistent supply chain vulnerabilities in the sector, particularly in fermentation-based products, while also flagging rising environmental compliance costs that are increasing manufacturing and research expenses for domestic drugmakers. The report stated that India's pharmaceutical ecosystem faces challenges beyond supply chains, including a weak innovation and commercialisation framework that has created uncertainty for innovators and discouraged long-term investments.
The global economy remains fragile despite a temporary US-Iran truce with the risks of renewed inflation pressure, supply disruptions, slower investments and financial instability if tension escalates, the Reserve Bank of India's state of the economy report said.
Germany's private sector activity contracted at its fastest pace in 18 months in June as the services downturn deepened, a survey showed on Tuesday. The Composite Flash Purchasing Managers' Index for Germany, compiled by S&P Global, fell to 48.0 in June from 48.8 in May, below the expectations of analysts polled by Reuters that it would be at 49.6. The 50-mark separates growth from contraction.
France's private sector contraction eased in June as declines in manufacturing and services output both slowed, a business survey showed on Tuesday. The S&P Global Flash France Composite Output Index rose to 47.6 from 44.9 in May, a preliminary survey by S&P Global showed. The 50-mark separates growth from contraction.
British grocery inflation slowed to 3.0% in the four weeks to June 14, researcher Worldpanel by Numerator said on Tuesday, easing concerns about the impact of the Middle East conflict filtering through to supermarket shelves.
Euro zone consumer confidence rose by 1.3 points in June from the May number, figures released on Monday showed. The European Commission said a flash estimate showed euro zone consumer morale increased to -17.7 this month from -19.0 in May.
Canada's annual inflation rate in May accelerated more than expected to 3.2%, a 29-month high, data showed on Monday, as the impact of higher crude oil prices due to the Iran conflict continued to filter through gasoline costs.
An adverse south-west monsoon, if it materialises, could weigh on India’s growth and inflation outlook, the Reserve Bank of India (RBI) said in its June Bulletin. The central bank noted that the global economic landscape remains fragile despite some relief from the interim US-Iran peace agreement. “Any breakdown of the agreement may reignite material risks in terms of inflationary expectations, disrupted critical energy infrastructure, delayed investment spending, food security concerns, adverse financial stability outlook and structurally lower growth,” the RBI said.
India does not negotiate trade deals with a deadline in mind but if there has to be a deadline for the agreement with the US, it should be for them as the additional tariffs imposed by the Trump administration expire on July 24, commerce and industry minister Piyush Goyal said Monday. The 10% additional tariffs were imposed by the US after the reciprocal tariffs were invalidated by the US Supreme Court under the Section 122 of the Trade Act. There tariffs can be imposed only for 150 days.
India’s core sector growth slowed sharply in May 2026, with the combined output of eight key infrastructure industries expanding by just 0.5% year-on-year, according to provisional data released by the Ministry of Commerce and Industry on Monday. The slowdown comes amid sharp declines in production across major sectors such as coal, crude oil, natural gas and petroleum refinery products, even as steel, cement and electricity generation posted healthy growth during the month.
ndia’s economic growth rate could get back to the 7%- plus range in FY27 if the West Asia peace endures and crude oil prices maintain the downward trajectory, Nagesh Kumar, external member of the RBI’s Monetary Policy Committee, has said, citing an improved macroeconomic outlook since the panel’s meeting on June 3-5. Kumar said the outlook for the Indian economy has brightened following the easing of geopolitical tensions in West Asia and the subsequent decline in crude oil prices from around $110 a barrel to below $80.
India may get relative relief from the United States’ Section 301 tariff, as the two sides agree shortly on the terms of the interim bilateral trade agreement. To reduce the tariff linked to forced-labour imports from the currently proposed 12.5%, New Delhi may need to strengthen the mechanism for supply-chain labour compliance, sources privy to the matter said. Currently, while domestic regulations proscribing forced labour are duly supported by law, due diligence on upstream supply chains are largely voluntary in nature. This deficiency may be addressed with a new set of norms.
India's private sector expanded at its slowest pace in three months in June as weaker demand growth weighed on both factory and services activity, while business confidence slipped to its lowest level since January, a survey showed. * HSBC's flash India Composite Purchasing Managers' Index (PMI), compiled by S&P Global, fell to 57.4 this month from May's 59.3. A PMI reading above 50.0 indicates expansion in activity. * Overall new orders, a key gauge of demand, rose at their slowest pace since March with firms citing competitive pressures and gas shortages as obstacles to securing business.
Micro, small, and medium enterprises (MSMEs), women entrepreneurs, and sustainable trade infrastructure are becoming central to India's growth, as it aims for global manufacturing and export leadership. Akanksha Sharma, Vice President-Sustainability for Subcontinent, Central Asia, Levant & Egypt at DP World, shared with The Economic Times Digital how skills development, logistics infrastructure, export preparedness, and environmental responsibility are collectively shaping a more inclusive and competitive Indian trade environment. Edited excerpts.
India's fragmented water governance structure, highly subsidised pricing and slow reallocation among sectors can result in water shortage and higher risk of sustained fiscal pressure, Moody's Ratings said on Monday. In a report, Moody's said allocation frameworks, which govern how water supply is prioritised, priced and distributed across households, industry and agriculture, are becoming a more important determinant of economic resilience in water-stressed systems because they influence how shortages are absorbed and how quickly supply stress translates into fiscal pressure. It also said that rapidly growing demand from data centers, driven by the expansion of cloud computing and artificial intelligence, is adding a further source of water-intensive industrial pressure that governments and utilities will increasingly need to accommodate.
Hindustan Zinc has signed an MoU with Advantek Associates and Aero Eagle Automobiles to explore green hydrogen and other clean energy solutions across its mining operations, the company said in a regulatory filing to stock exchanges. The world’s largest integrated zinc producer and one of the top ten silver producers globally said the partnership will look at hydrogen-based technologies for use in underground mining, heavy earth-moving machinery, surface vehicles and generators. If the underground mining application moves ahead, the company said it would be the only player attempting to deploy hydrogen fuel technology in that setting.
Key defence manufacturer Bharat Electronics (BEL) has secured additional orders worth Rs 1,081 crore since its last disclosure on May 25, 2026, the company informed stock exchanges. In a regulatory filing, the Navratna defence public sector undertaking said the new orders cover communication equipment, radars, CBRN (chemical, biological, radiological and nuclear) protection systems, seekers, avionics, upgrades, spares and services.
Bharti Airtel has raised its stake in Airtel Africa by 16.31 per cent to about 79 per cent through a share-swap agreement, which is estimated to be around Rs 28,200 crore, according to a company filing on Tuesday. Before the transaction, Bharti Airtel held 62.73 per cent in Airtel Africa. "The company completed the acquisition of 595,204,251 shares (around 16.3 per cent stake) of Airtel Africa, from ICIL on June 22, 2026. Consequently, the company's effective stake in Airtel Africa has increased to around 79 per cent," Bharti Airtel said in the filing.
Tata Motors' commercial vehicle business has outlined an ambitious roadmap for the next two years, targeting double-digit EBITDA margins, free cash flow of 7-9% of revenue and annual investment spending of 2-4% of revenue by FY2028 as it pursues global expansion, electrification and higher-margin digital businesses. At its Investor Day 2026, the company said it had already achieved several of its FY2027 targets ahead of schedule, including margin improvement, cash generation and strengthening its leadership position in heavy commercial vehicles. The company said it will now focus on three strategic pillars: strengthening its domestic business, scaling new growth engines and pursuing a global pivot.
Vedanta Aluminium Metal Ltd (VAML), which recently got listed on the BSE and NSE, on Monday said it plans to double its production capacity to 60 lakh tonnes per annum (LTPA) to meet rising demand from infra, automotive and electrification sectors. VAML officially commenced trading as an independent listed entity on the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE) from June 15, following the successful completion of Vedanta Group's demerger, which became effective on May 1. The listing marks a major milestone in the company's evolution, creating a focused, pure-play aluminium business with enhanced strategic flexibility and stronger long-term growth visibility, the company said in a statement.
The Central Board of Direct Taxes (CBDT) has directed its zonal income tax heads to keep a close watch on the sectors which recorded a decline in tax payments in the first quarter of this financial year as well as top advance tax payees, along with identifying any incorrect exemptions or deductions, sharpening its focus on risk assessment, sectoral monitoring and taxpayer outreach to bolster revenue collection in the coming quarter. The communication, dated June 16, a copy of which was seen by ET, also mandated each zone to submit a report to the Directorate of Tax Research and Analysis by July 31. "The idea is to identify risks early, engage with large taxpayers proactively and ensure that tax payments are aligned with actual income trends," said a senior official, who did not wish to be identified.
A recent ruling by the Mumbai bench of the Income Tax Appellate Tribunal (ITAT) has come as a major relief for taxpayers who invest their capital gains in a house but face delays in getting possession because of the builder. The tribunal held that a taxpayer cannot be denied tax exemption under Section 54F of the Income Tax Act merely because possession of the residential property was delayed due to reasons beyond their control, provided the investment was made within the prescribed timelines. The ruling is particularly relevant for homebuyers who have sold assets such as shares and invested the proceeds in a residential property to save capital gains tax.
Despite the war in West Asia, foreign direct investment (FDI) inflows rose sharply in both gross and net terms in April this year, bucking the trend of heightened outflows by foreign portfolio investors. Gross FDI inflows rose to $15.3 billion in April this year compared with $9.3 billion in the same month last year. Similarly, net FDI inflows rose to $6.6 billion from around $1.6 billion during the same period, the Reserve Bank of India’s (RBI) monthly bulletin for June shows. In fact, net FDI remained negative for five consecutive months from August to December last year due to a rise in repatriation and outward FDI.
There is a growing discussion on revamping India’s bilateral investment treaties (BITs). In the FY26 Budget speech, the FM had announced that the BIT model will be modified to make it more investor-friendly. Reji K Joseph traces the background and explains why the debate has now gained fresh urgency What are BITs? Countries aim to attract FDI since it comes as a package of capital, technology, managerial expertise, and linkage. To avoid risks of arbitrary actions by host countries, home and host countries have developed mechanisms to protect foreign investors. BITs are the most widely used such mechanism. Foreign investors who are adversely affected by host country actions can seek compensation for damages in international tribunals. Sometimes investment provisions can be a part of bilateral and multilateral trade agreements. All these together are called international investment agreements (IIAs).
Timelines for an interest-rate increase by the Reserve Bank of India (RBI) are gradually being pushed further back, with economists now visibly tilting toward the second half of FY27 for any rate tightening instead of earlier expectations of a decision by monetary policymakers in the August review itself. This assessment by economists, despite some concerns about wholesale prices, inflationary pressures and rate increases by several other central banks, is driven by two key factors. First, coordinated measures announced by the government and the RBI are expected to attract sizable foreign currency inflows, likely easing the pressure on the rupee. Second, the recent moderation in crude oil prices, after the US and Iran agreed to a broad peace framework, has reduced upside risks to inflation while also underpinning growth, economists said.
The Reserve Bank of India (RBI), through a series of measures, is making the FCNR(B) deposit route more attractive for both depositors and lenders, bankers said. The measures include allowing unlimited leverage against deposits and permitting Indian banks to lend to non-resident Indian (NRI) clients through their overseas branches. Bankers have been seeking clarity from the central bank on these measures since they were announced on June 5. Earlier, there were concerns over whether the RBI would impose limits on the extent of leverage available against FCNR(B) deposits. “The RBI is not against such leverage. FCNR(B) deposits backed by loans from banks, whether Indian or foreign, will come with a lien, with the first charge on the deposit resting with the originating bank. The depositor will receive a portion of the interest earnings from the loan amount in their account,” said a banker.
The Reserve Bank of India (RBI) was a net seller of $8.944 billion in the spot foreign exchange market in April, marking the second consecutive month of intervention to support the rupee amid persistent currency pressures. According to the RBI's monthly bulletin released on Monday, the central bank purchased $16.225 billion and sold $25.169 billion in the spot market during April, resulting in a net sale of $8.944 billion, PTI reported. The intervention follows net sales of $9.758 billion in March.
Two of Asia's biggest stock markets are now hostage to a single bet: that the AI chip boom doesn't stumble. Three companies — TSMC, Samsung Electronics, and SK Hynix — have absorbed approximately 28% of the entire MSCI Emerging Markets index between them, more than 2.6 times India's total 10.87% country weight in the same benchmark. For emerging market (EM) investors, it is a concentration level with no historical precedent, parked in two countries, where an entire regional allocation now lives and dies by one order book, one export curb, one US trade policy pivot.
Global investing is now easier than ever for Indians. From buying international stocks directly through a broker or investing through GIFT City (Gujarat International Finance Tec-City), there are multiple ways to access markets abroad. But which route suits your specific needs and financial profile best? While both options provide global exposure, they differ significantly in terms of accessibility, taxation, investment flexibility, and costs. Here’s how the two routes compare and which route suits which type of investor.
As India continues its journey towards becoming one of the world's largest economies, tax reforms that improve predictability and reduce complexity will play a vital role in attracting global capital and fostering entrepreneurship, a senior financial industry expert said here on Tuesday. "It is also important to have a deep understanding of the growing economic partnership between India and Singapore and the importance of continuous dialogue on regulatory developments that impact cross-border investments," said Sanjay Gattani, chairperson of the Singapore Chapter of the Institute of Chartered Accountants of India (ICAI).
Shares of U.S. technology megacaps tumbled on Monday as SpaceX fell for the third straight session and hyperscalers Alphabet and Amazon looked set to lose billions of dollars in market value, driven by AI spending concerns. SpaceX slid over 10% after last week's blistering post-IPO rally. The Elon Musk-led firm said it is launching a notes offering on Monday. Alphabet dropped 6%, set for its biggest one-day fall since May 2025 and on pace to erase more than $256 billion in market capitalization. Google DeepMind's senior research scientist and Nobel laureate John Jumper said he was leaving for AI startup Anthropic, the lab's latest high-profile exit. "This is more of a broader sector pullback on ongoing anxiety over tech companies' massive capital spend on the AI infrastructure," said David Wagner, head of equity and portfolio manager at Aptus Capital Advisors.
Oracle reduced its workforce by about 13%, or nearly 21,000 employees, during fiscal 2026 as the company continued a major restructuring of its business, a move that comes as artificial intelligence plays a bigger role across its operations. According to Oracle’s annual report released on Monday, the company had 141,000 employees as of May 31, 2026. A year earlier, it employed around 162,000 people. According to Layoffs.fyi, a website that tracks job cuts in the tech sector, 196 technology companies have laid off more than 119,800 employees so far this year.
Micron Technology said on Monday it has signed an agreement with Anthropic that includes supply of memory and storage products, and a strategic investment in the IPO-bound AI company's latest funding round. AI developers are racing to secure critical components for increasingly expensive data-center buildouts, while memory makers look to tap into the soaring demand for high-bandwidth memory and storage used in training and running advanced AI models. "Our compute strategy depends on getting every layer of the stack right, and memory and storage are central to how efficiently we can train and serve Claude," said Tom Brown, Anthropic's co-founder and chief compute officer.
Elon Musk's SpaceX turned to the bond market for the first time, capitalizing on a post-IPO momentum that has vaulted its cash reserves past $100 billion as the rockets-to-AI group ramps up spending. Monday's notes offering comes mere days after SpaceX's IPO, signaling the company's push to reshape its balance sheet by replacing short-term bridge financing with longer-dated debt, which can help it fund an ambitious and costly expansion into AI and next-generation rockets. Its shares slid 9% in morning trading, falling for the third consecutive trading session. SpaceX listed on the Nasdaq on June 12 after raising $85.7 billion from its initial public offering, making it one of the world's most valuable companies. Musk holds 82% of SpaceX's voting power after the IPO. "With Musk maintaining supermajority voting control through a dual-class structure, issuing bonds keeps economic ownership intact for existing shareholders without new share issuance," said Adam Sarhan, chief executive of 50 Park Investments.
The United States has temporarily lifted sanctions on Iranian crude oil exports until August 21, a move that could pave the way for the return of Iranian barrels to global markets, including India, as Washington and Tehran advance negotiations linked to a broader peace framework and the reopening of the Strait of Hormuz. In a general licence issued on Monday, the US Treasury department authorised “all transactions” previously prohibited under sanctions involving the production, sale, transport and delivery of Iranian-origin crude oil and related petroleum products through 12:01 am Eastern Daylight Time on August 21, 2026.
By Vinod K. Bansal For decades, India’s electricity story was defined by scarcity. Power cuts were routine, industries planned production around outages, and households learned to live with uncertainty. The central question facing policymakers was whether the country could generate enough electricity to support economic growth and meet the aspirations of a rapidly developing nation. That question has largely been answered. India today possesses one of the largest power systems in the world. Installed generation capacity has crossed 520 GW, while non fossil fuel sources account for more than half of that capacity. Peak power demand has reached record levels and, more importantly, has been met without major shortages. Massive investments in generation, transmission, and renewable energy have transformed a sector that was once considered a chronic bottleneck for growth.
If India’s Engineering, Procurement, and Construction (EPC) companies had to choose a phrase to describe FY27, it would probably be “record order book”. From Larsen & Toubro (L&T) and NCC to KEC International and Kalpataru Projects International, recent earnings calls and investor presentations have been replete with references to all-time-high order inflows, robust bid pipelines and unprecedented revenue visibility. Some companies are sitting on order books equivalent to three to four years of revenue. Others have guided investors to double-digit growth in FY27 despite geopolitical uncertainty and execution challenges. The optimism is understandable.
As artificial Intelligence drives an unprecedented surge in computing demand, SpaceX and xAI have announced plans to deploy 100 GW of orbital computing capacity annually — ten times the combined announced pipeline of all other orbital data centre developers globally — highlighting growing industry interest in moving data infrastructure beyond Earth. But despite the momentum, the economics remain daunting, with a hypothetical 1 GW orbital data centre estimated to cost $170 billion, more than three times the cost of an equivalent terrestrial facility, according to a report by Wood Mackenzie. The push comes as next-generation AI agents are expected to consume between 10,000 and 40,000 times more computing power per task than today’s chatbots, placing mounting pressure on power systems, grid infrastructure and data centre capacity worldwide.
India spends tens of billions of dollars every year importing crude oil and natural gas, and that bill is set to climb further over the next two decades even as the country pushes electric vehicles and solar power, according to estimates by Kotak Institutional Equities. The budding question here is whether a faster shift to renewables and EVs meaningfully cuts the country’s dependence on imported fuel, or will rising overall demand simply outpace the gains from going green? The scale of the import problem India currently imports 85% of its crude oil needs, and roughly half its natural gas, a dependence that leaves the economy exposed every time global energy prices spike. As per the Kotak report, the country’s total energy demand will rise from 40 exajoules in FY2026 to 89 exajoules by FY2056, while domestic supply will lag behind, reaching only 65 exajoules in the same period.
India has emerged as the world's top ship-recycling nation, with its share of global ship-recycling increasing to 35.4 per cent in 2025 from 30.1 per cent in 2024, according to an official statement. The statement, citing the latest report by the United Nations Conference on Trade and Development (UNCTAD), said ship recycling in India rose significantly to 2.99 million gross tonnes (GT) in 2025, up nearly 60 per cent from 1.86 million GT in 2024. With this achievement, the target set under the Maritime India Vision (MIV) 2030 to become the world's leading ship-recycling nation has been met well ahead of schedule, it added.
When India launched the India Semiconductor Mission in 2021 with a Rs 76,000-crore incentive package, its objective extended beyond manufacturing chips. The ambition was to secure a place in a technology supply chain increasingly shaped by geopolitics, reduce dependence on imports for a critical technology, and position India as a credible player in an industry expected to cross $1 trillion globally by the end of the decade.
At the Global Wind Day Conference in Goa recently, Suzlon announced the launch of its first 5 MW wind turbine following its successful commissioning at Vijayanagar, Karnataka. Girish Tanti, Executive Vice Chairman of Suzlon Group, spoke with Rakesh Kumar of TNIE on how its new offering would help unlock new wind energy opportunities while supporting the country's clean energy transition. You have said that India's target of achieving 100 GW of wind energy capacity is achievable. With the country having crossed 56 GW of installed capacity, what gives you confidence that the target can be met?
Vulnerable countries that paid a high economic price during the Iran war are seeking to build domestic oil and gas storage buffers against future shocks, a drive that could bring roughly half a billion barrels of additional demand down the pike. While the near-total closure of the Strait of Hormuz cut off a fifth of global oil and liquefied natural gas supplies for over three months – reshuffling energy markets and boosting Brent crude to nearly $120 a barrel – it could have been far worse. One key stabilizing force was the world’s ability to tap emergency reserves. Early in the conflict, all 32 members of the International Energy Agency agreed to a record 400 million-barrel release from strategic petroleum reserves (SPRs), with the U.S. contributing the largest share. The drawdown — the sixth since the energy watchdog's creation — validated a strategy forged after the 1973 Arab Oil Embargo, under which IEA members must hold emergency stocks equal to at least 90 days of net imports.
India’s rooftop solar market recorded its strongest-ever quarterly performance in the January-March period, with installations surging 125% year-on-year to 2.7 GW, driven by robust residential demand under the PM Surya Ghar scheme and rapid adoption across large states, including Uttar Pradesh. The addition was 25% higher than the 2.2 GW installed in the previous quarter and more than double the 1.2 GW added in Q1 2025, according to Mercom India Research. While Maharashtra led quarterly installations with a 17% share, Uttar Pradesh accounted for 16% of all rooftop solar capacity additions, emerging as one of the country’s most significant growth markets. Gujarat followed closely with a 15% share. The strong performance highlights how rooftop solar adoption is expanding beyond traditional solar-heavy states. Uttar Pradesh also recorded one of the fastest growth trajectories in the country, registering a 22% compounded quarterly growth rate between Q1 2025 and Q1 2026, second only to Assam’s 40%.
Design and engineering software company Autodesk is betting on India’s infrastructure and data centre buildout to drive growth as it shifts to a platform-led delivery model. India’s ambitious infrastructure pipeline, manufacturing push and rising investment in AI-led data centres are creating long-term demand for digital design and construction technologies, Kamolika Gupta Peres, Vice President – India & SAARC, Autodesk said. Autodesk is increasingly positioning itself as a platform provider rather than a standalone software vendor. Through its Forma platform, formerly Construction Cloud, the company aims to connect designers, contractors, suppliers and project owners on a common data environment.
Demand for cooling appliances, particularly air conditioners (ACs), has slowed sharply in June compared with May as the peak summer buying cycle eases and consumers remain cautious amid higher prices, industry executives told FE. Persistent price increases over recent months have also pushed some entry-level buyers towards lower-cost alternatives such as air coolers and fans. In contrast, fast-moving consumer goods such as beverages and ice cream have seen strong growth in June as consumers continue to seek relief from high temperatures. “Sales growth rates for ACs in June have slowed to around 10-15% versus 30-35% seen in May,” NS Satish, chief executive officer, Haier Appliances India, said. “Input costs remain elevated across several categories, including ACs, requiring calibrated pricing actions. Consumers are increasingly focused on value, particularly in larger appliances,” he said.
Bharat Heavy Electricals Limited and Coal India Limited are jointly investing over Rs 25,000 crore in a coal gasification project in Odisha. The foundation stone was laid by Prime Minister Narendra Modi in Jharsuguda on Saturday — a landmark move to expand coal utilisation beyond conventional power generation. Union Coal and Mines Minister G Kishan Reddy said the initiative signalled a transformative shift in how India leverages its coal reserves, dubbing it a new chapter for the coal sector of Odisha. “Today, Prime Minister Narendra Modi and President Droupadi Murmu have ushered in a new chapter for Odisha’s coal sector. Moving beyond the traditional use of coal, new avenues will now open up through coal gasification…BHEL and Coal India Limited are jointly investing Rs 25,000 crore in this initiative,” Reddy said.
As artificial intelligence attracts trillions of dollars in investment worldwide, valuation expert and NYU Stern School of Business professor Aswath Damodaran is warning that the risks associated with the current AI boom may be far greater than those seen during the dot-com era. Damodaran, known as the “Dean of Valuation,” believes the ongoing AI race differs significantly from the internet boom of the late 1990s, not only in the scale of investment involved but also in the way the sector is being financed. While he stopped short of predicting an imminent crash, he said history tells that periods of intense market enthusiasm are often followed by a correction.
The over 3-month conflict across West Asia has some far reaching impact. Even as the Strait of Hormuz is opening up gradually with the ship movement increasing, India has significantly diversified its import sources for LPG. A Crisil report highlights that even during the peak of the conflict and supply constraints, India made adequate efforts to diversify its LPG sourcing. India diversifying LPG import sourcing The Crisil report showed that India sharply diversified its liquefied petroleum gas (LPG) sourcing during the West Asia conflict, increasing imports from the US, Iran and several other countries to reduce dependence on the Gulf region, while state-owned fuel retailers absorbed much of the surge in international prices to shield households.
The department of telecommunications (DoT) has issued draft rules for administrative assignment of spectrum to state-run entities such as BSNL and MTNL, law enforcement agencies as well as private firms in the satellite and broadcasting segment including very small aperture terminal (VSAT) players and teleport operators. The rules will be applicable when spectrum is assigned administratively or without auctions to entities for specific purposes under Schedule 1 of Telecommunications Act. For satellite spectrum, the draft rules, however, apply only to firms using a geostationary orbit (GSO) satellite such as traditional players offering VSAT, teleport or broadcasting services. The rules won't be applicable to non-GSO players such as Starlink, Eutelsat OneWeb and Amazon Leo. "Spectrum assignment rules for NGSO players are also being worked out by the DoT and a Cabinet approval has to be taken for pricing and other modalities," an official told ET on condition of anonymity.
On May 26, on the sidelines of the Quad foreign ministers' meeting in New Delhi, India and the United States signed a bilateral framework to secure the supply of critical minerals and rare earths. The same day, the four Quad nations; India, the US, Australia, and Japan, unveiled the Quad Critical Minerals Initiative Framework, pledging to mobilise up to $20 billion in public and private investment for mining, processing, and recycling. "This framework aims to deepen our cooperation across the entire critical minerals and rare earth supply chain, including mining, processing, recycling and related investment," External Affairs Minister S Jaishankar said at the May 26 signing. US Secretary of State Marco Rubio framed the stakes plainly. "We cannot afford to leave the foundational materials of these industries vulnerable to a single-source monopoly that could deny us these things, not just in a time of conflict, but as a leverage point contrary to our sovereign national interests," he said.
Delays to green steel projects are growing and government support is far short of what is needed, jeopardising the industry's drive to cut emissions, steel associations warned at an annual meeting in Singapore this week. About half of the world's planned green steel projects have already been delayed, while governments have committed just $20 billion of the $1.5 trillion needed to decarbonise the sector, according to the World Steel Association. Industry executives said progress on cutting emissions has been slow and is likely to remain so without a major increase in state funding or customers willing to pay more for cleaner steel. The gloomy assessment stands in contrast to renewed investor interest in renewable energy and clean technology following the Iran war, which has driven up oil and gas prices.
India is seeking to seize a rare opportunity to promote its airports as hub alternatives to Dubai, Abu Dhabi, and Doha amid the travel disruptions in the Gulf due to the Iran war. The government has formulated an integrated policy to develop the main airports of Delhi, Mumbai and Bengaluru into international transit centres, said a senior official. Such airports aggregate passenger demand from an entire region and offer multiple direct flights to major cities worldwide. Currently, 85% of India's connecting traffic travels via airports such as Dubai, Abu Dhabi, and Singapore's Changi. Many Indian passengers travelling to North America also tend to connect through European airports such as Frankfurt and London.
IBM Chairman and Chief Executive Officer Arvind Krishna has questioned whether the economics of the current artificial intelligence infrastructure race can justify the scale of spending being committed by major technology companies, saying the capital required to build data centres for artificial general intelligence may be difficult to recover under current assumptions. Speaking on The Verge's Decoder podcast with editor-in-chief Nilay Patel, Krishna said it costs about $80 billion to fill a one-gigawatt data centre at today's ☐ prices. A company committing 20-30 gigawatts of capacity would be looking at about $1.5 trillion of capital expenditure, he said.
Simon Boyd's firm makes prefabricated steel structures on the south coast of England and ships them to customers as far away as Ghana and Barbados. Mike Hawes represents Britain's carmakers as the head of the Society of Motor Manufacturers and Traders.
China left benchmark lending rates unchanged for the 13th consecutive month in June on Monday, in line with market expectations. WHY IT'S IMPORTANT The steady loan prime rates (LPRs) signal authorities are in no rush to ease policy, even as broader economic divergence persists and policymakers show little concern about slowing credit growth.
China's domestic economy continues to face significant headwinds despite robust export growth, with consumer spending, property activity and credit demand remaining weak, according to a recent market strategy report by Jefferies. The report said there is "a continuing lack of any evidence of a pickup in domestic demand", underscoring persistent challenges in the world's second-largest economy even as its manufacturing and export sectors remain resilient.
Prospects of delayed kharif crop sowing and adverse impact on crop yield are looming large, as the southwest monsoon lost momentum after its onset earlier this month. Farmers in the rainfed regions of central India—especially Maharashtra (-82%), Jharkhand (-69%), Chhattisgarh (-67%), Madhya Pradesh (-48%) and Odisha (-47%)—are anxious because rainfall so far has been scanty or much below the benchmark long period average (LPA). If the monsoon does not revive and the deficiency is not bridged over the next few weeks, it would lead to considerable delays in sowing kharif crops such as pulses, oilseeds, paddy and cotton.
India’s oil imports from Russia are on track to hit a new record in June, as refiners continue to rely heavily on discounted Russian crude after supply disruptions in West Asia caused by the regional conflict. According to preliminary vessel-tracking data from commodity analytics firm Kpler, India imported an average of 2.6 million barrels of Russian oil per day in June so far. That accounts for 53.5% of the country’s total crude imports during the period.
Spot electricity prices on power exchanges fell below ₹1 per unit during solar hours on nearly 25% of the days in FY26, with prices touching near-zero levels across multiple time blocks, triggering a sharp shift in industrial power procurement and pushing participation by open-access consumers up by more than 50% year-on-year. The trend is reshaping power sourcing strategies across India’s manufacturing sector, where electricity accounts for as much as 50% of operating costs in energy-intensive industries such as cement, metals, automobiles, chemicals and paper.
India’s merchandise exports rose by about 15% during April-June 14 this year, Commerce and Industry Minister Piyush Goyal said on Sunday, signalling that outbound shipments have so far held up despite a difficult global trade environment. The full trade numbers for June will be released by the Commerce Ministry on July 15. “Even now, if we see April, May and 14 days of June. I have data until June 14, it is 15%,” Goyal said during an interaction with chartered accountants in Mumbai.
India is facing one of its most difficult monsoon seasons in more than a decade. A brutal heatwave has already strained farms, power grids and patience nationwide. Now the India Meteorological Department (IMD) has confirmed what markets had been dreading: an El Niño is taking shape over the Pacific. Rainfall is expected to stay below normal through the June-September season. The numbers are stark as IMD has pegged seasonal rainfall at 90% of the Long Period Average. The period between June 1 and June 16 has already run 35% short of normal.
Normalcy returned to India’s crude oil imports in June, boosted by record Russian shipments, recovering from a few months of disruptions that saw an unlikely mix of suppliers spanning Angola, Brazil, Iran and Venezuela moving to cushion the impact of logistical bottlenecks due to closure of the Strait of Hormuz. India imported slightly more than 5 million barrels per day (mbd) so far this month, above the average of 4.9 mbd between April 2025 and February 2026, according to energy cargo tracker Kpler. Oil ministry data, which differs marginally from Kpler estimates, pegged the average at 5 mbd. The start of the Iran war on February 28 saw India’s oil imports falling 14% to 4.5 mbd in March from 5.2 mbd in February, according to Kpler.
Around 10-12 of the 16 fertiliser cargo vessels stranded near the Strait of Hormuz crossed the waterway before Iran claimed to have shut it again on Saturday following Israeli attacks on southern Lebanon, traders said, raising hopes of a decline in prices with the increased supply. Global urea prices have already begun to soften. At the onset of the Iran war, eight urea, four diammonium phosphate (DAP), one ammonia and three sulphur vessels bound for India were stranded in the strait. "Some vessels carrying urea, ammonia and DAP have crossed the strait," said an importer of fertilisers, who did not wish to be identified.
Tata Motors on Sunday said it has secured orders for more than 3,400 electric commercial vehicles (eCVs) across multiple segments, signalling a sharp acceleration in the adoption of zero-emission mobility solutions by businesses and public transport operators in India. The country's largest commercial vehicle maker said the orders span a broad spectrum of applications, ranging from e-commerce and logistics to heavy industries such as cement, steel and mining, reflecting growing confidence among fleet operators in the viability of electric mobility beyond pilot projects
Ambuja Cements, the Adani Group-owned cement maker, has partnered with UK-based clean technology company Leilac Limited to develop a commercial-scale low-carbon cement production pathway at its Sanghipuram plant in Gujarat's Kutch district, marking a significant step in the company's decarbonisation plans. The companies said they will jointly undertake a commercial demonstration project at Ambuja's 6.6 million tonnes per annum (MTPA) Sanghi cement plant to evaluate Leilac's carbon capture and hybrid electric heating technology. The technology is designed to reduce emissions, lower fuel consumption and increase the use of renewable electricity in cement manufacturing.
The media and entertainment business of Reliance Industries posted a revenue of Rs 34,917 crore in FY26, with JioHotstar emerging as the country's largest digital streaming platform, and becoming the first Indian paid OTT service to cross one billion downloads, said Akash Ambani on Friday. Addressing shareholders of Reliance Industries Ltd (RIL), Ambani said the group's media ecosystem comprising JioStar, Jio Studios and Network18 delivered an EBITDA of Rs 5,842 crore and a net profit of Rs 3,434 crore during the fiscal year.
Reliance Jio is evaluating the development of a sovereign low Earth orbit (LEO) satellite constellation for India as it looks to expand connectivity to remote parts of the country, Reliance Jio Chairman Akash Ambani said at Reliance Industries' 49th annual general meeting on Friday. "Jio is evaluating the development of a sovereign low Earth orbit satellite constellation for India," Ambani said, outlining the company's plans to extend broadband access beyond the reach of terrestrial telecom networks. The announcement comes a day after ET reported that Reliance Jio was planning a constellation of around 1,600-1,650 LEO satellites to offer broadband and direct-to-device services, potentially becoming the first Indian company to build a large-scale satellite network in the segment.
The IMF expects India to be the world's third-largest economy by FY28. However India's share of world equity market capitalisation fell below 3% in May 2026, the first such reading in four years. That divergence, between the scale of our economy and our presence in global capital markets, is structural. The infrastructure to close it is being built at GIFT IFSC, from both directions. Roughly two-thirds of Indian household savings sit in real estate and gold. Equities are approximately 5% of household wealth. Foreign assets are less than half a percent. Indian and US equity markets don't move in lockstep. Our internal analysis, back-testing equally weighted India-US portfolios from the 2008 market bottom through early 2026, shows an equally split India-US allocation returned 1,080% against 750% for an India-only portfolio over that period. The gap is widest when it matters most: when domestic markets come under stress, uncorrelated exposure is what keeps a long-term portfolio intact.
In a move that could reduce delays in insolvency proceedings, the government has stripped the National Company Law Tribunal (NCLT) of its discretionary power to dismiss or defer insolvency applications filed by financial creditors once a default has been established. In the IBC Amendment Act, 2026, the government has replaced the word “may” with “shall” in Section 7(5) of the Insolvency and Bankruptcy Code (IBC), making it mandatory for the NCLT to admit a corporate insolvency resolution process (CIRP) application once the default is established through Information Utility (IU) records.
Indian banks have turned cautious on lending to small businesses as early signs of stress emerge in the micro, small and medium enterprises (MSME) segment, prompting tighter underwriting and a moderation in credit growth, showed a report by 360 ONE Capital citing a CRIF High Mark report. MSME loan growth slowed to 12.7% year-on-year in April 2026 from around 18%-20% seen in previous quarters, as lenders reassessed risk and curtailed fresh disbursals, data from CRIF High Mark showed. The slowdown was sharper in active loans, which advanced just 2.5% year-on-year compared with 6%-9.4% earlier, indicating a more cautious stance by lenders, the CRIF High Mark report showed.
India's financial services sector has long been a testing ground for technology-led disruption. From the UPI revolution that made India the world's largest real-time payments market to the Jan Dhan-Aadhaar-Mobile stack that brought 500 million people into the formal financial system, the sector has repeatedly demonstrated the capacity for transformative change. The current wave of Al adoption is, by most measures, the most consequential yet.
Foreign investors' derivatives bets continue to signal caution on Indian equities despite a slowdown in their cash-market selling, as uncertainty around the fragile US-Iran peace deal, a weak rupee and more attractive opportunities in other Asian markets keep sentiment subdued. The Nifty gained 1.65% last week. However, the long-short ratio of foreign portfolio investors' positions in Nifty futures-a measure of bullish bets relative to bearish ones-stood at 12.95% on Friday. While the increase in the ratio from 8.1% two weeks earlier shows some reduction in short positions, the reading remains far too high to conclude that foreigners have turned bullish. IIFL Securities
Inactivity fees on dormant PhonePe wallets do not affect users' linked bank accounts or UPI transactions, according to clarifications issued by the company after notifications sent to some customers triggered confusion over how digital wallets operate. The notifications apply only to the PhonePe Wallet, a prepaid payment instrument (PPI), and not to payments made through the Unified Payments Interface (UPI), where funds are debited directly from a user's bank account. The issue has highlighted a common misconception among consumers that their PhonePe account, UPI account and PhonePe Wallet are the same product. In reality, they operate independently and are subject to different rules.
India's asset-backed securities market has surged to a record as global banks ramp up purchases to gain exposure to one of the world's fastest-growing major economies. Foreign banks' share in total issuance grew to about 35% in the year ended March, from 28% to 30% in each of the preceding two fiscal years, according to Krishnan Sitaraman, chief ratings officer at Crisil Ratings. Based on the total asset-backed debt sales of 1.53 trillion rupees ($16 billion) in the year ended March, that translates into roughly $5.6 billion of purchases by overseas lenders. Barclays Plc, Citigroup Inc., JPMorgan Chase & Co. and Standard Chartered Plc are among foreign lenders to have stepped up investments in such debt, according to people familiar with the matter, who asked not to be identified discussing private information.
In a first, the Insurance Regulatory and Development Authority of India (Irdai) has proposed enhanced disclosure norms for insurance intermediaries earning commissions above a prescribed threshold. Aiming to curb misselling of insurance policies, the regulator has released a consultation paper proposing that insurance intermediaries disclose details of commission income, related-party transactions, profits earned and dividend repatriation. Under the exposure draft, corporate agents, brokers, insurance marketing firms and web aggregators earning more than ₹10 crore in commission income in a financial year will be required to annually disclose to Irdai details of commissions earned, related-party transactions, profits and dividends. These entities will also have to publish the disclosures on their websites.
The number of ships that passed through the Strait of Hormuz fell sharply on Sunday after Iran announced it had again closed the waterway, citing Israeli and U.S. violations of the interim peace deal, shipping data showed. Five vessels passed the strait on Sunday, from 26 ships spotted a day earlier, data from analytics firm Kpler showed. These included three Very Large Crude Carriers carrying 2 million barrels of Saudi crude and fuel oil each, one of which was heading to Japan. The data may exclude vessels that switch off their transponders while travelling in the Gulf.
China added MP Materials and USA Rare Earth as well as eight other U.S. entities it said are linked to the U.S. military to its export control list in retaliation for Washington placing several Chinese companies under restrictions this month. Aveox, a motor manufacturer for mission-critical applications, was also among those placed on the list, which halts Chinese dual-use exports to the companies. Pentagon-backed MP Materials, which operates the only active rare earth mine in the U.S., and USA Rare Earth are both involved in the mine-to-magnet supply chain. The three U.S. companies were not available for comment outside of business hours. The measures are a response to the "U.S. government's malicious practice" and were taken to safeguard national security and interests, as well as to fulfil international obligations such as non-proliferation, China's Commerce Ministry said in a statement on Monday.
Kuwait has asked its energy customers to pick up refined petroleum directly from its ports as the US and Iran aim for a final agreement within 60 days, adding to signs that cement the opening of the Hormuz Strait. The country is situated deep inside the Persian Gulf and is among the worst-hit economies due to the conflict. According to Bloomberg, the National Oil Company, Kuwait Petroleum Corporation, issued a tender to sell naphtha, a specific kind of refined petroleum to make gasoline and plastics, asking buyers to pass through the Strait with their own vessels. During the conflict, Kuwait Petroleum previously shipped liquefied petroleum gas through the Strait of Hormuz with its own ships.
India, once the world's second-largest sugar exporter, is expected to have little surplus for export for at least three more seasons as El Nino weather conditions threaten cane production and rising ethanol demand squeezes supply. The twin pressures are poised to keep millions of tons of sugar off the world market, tightening supplies for importers across Asia, Africa and the Middle East and supporting benchmark prices in London and New York. A prolonged absence by India from export markets would remove a key balancing supplier as weather risks and biofuel policies reshape global sugar trade flows.
Japan plans to set a target of about $2.3 trillion in combined public and private investment by 2040 across 17 strategic sectors as part of Prime Minister Sanae Takaichi's new growth strategy, the Nikkei reported on Friday.
The Russian central bank cut its benchmark interest rate by 25 basis points to 14.25% on Friday, a smaller move than the 50 bps that analysts had expected, citing risks stemming from soft budget policy and a decline in fuel production.
The euro zone economy is in the midst of a mid-sized inflation shock, with inflation holding above 3% for the rest of the year, a situation that requires a "measured" policy response, European Central Bank Chief Economist Philip Lane said on Friday.
Europe's banking sector could boost lending by more than €2 trillion ($2.2 trillion) if regulators were to simplify rules while maintaining financial resilience, the head of Spanish banking association AEB, Alejandra Kindelan, said on Friday.
A U.S. Iran deal is in place for now but the next few weeks will test whether a more permanent agreement can be reached. Key U.S. and Australian economic data are due, Colombians head to the polls, and London hosts a major climate gathering.
British government borrowing jumped much more sharply than expected in May as higher inflation pushed up the cost of servicing index-linked debt, in unwelcome news for the public finances.
India’s textile and apparel exporters expect the India-UK Comprehensive Economic and Trade Agreement (CETA) to create fresh growth opportunities, with industry players projecting double-digit growth in export volumes and India’s share of the UK textile market rising threefold to 10-15% over time. The clarity on the implementation of the trade pact comes at a time when stability is expected to return to West Asia, a key destination and transit route for Indian textile exports, strengthening the industry’s export outlook.
All six members of the RBI Monetary Policy Committee voted unanimously to keep the repo rate unchanged at 5.25% at its June 3-5 meeting, favouring to adopt a “wait and watch” approach rather than making a pre-emptive policy pivot amid global uncertainties and elevated crude oil prices. According to minutes of the committee’s meeting released on Friday, the panel said that they would await incoming data and closely monitor the developments before taking any rate hike decision. The meeting took place before the US-Iran agreement to end the war in West Asia.
India-Russia joint venture urea manufacturing project is on track, Russia’s Ambassador to India Denis Alipov said on Friday. Moscow is committed to ensuring uninterrupted supplies of various soil nutrients to the India, he added. The project, which will be located in Togliatti, Samara, Russia, involves urea manufacturing capacity of 2 million tonnes per annum. The entire quantity of the fertiliser produced will be supplied to India.
As a weakening rupee drives up the cost of imports from China, some Indian businesses, as reported earlier by The Economic Times, are exploring yuan-denominated settlements to mitigate foreign exchange pressures. However, exporters, risk experts, and economists tell ET Digital that adoption of the practice remains limited among micro, small and medium enterprises (MSMEs). Most businesses see localisation and supply-chain diversification as more sustainable strategies for managing currency volatility than moving away from the US dollar. Notably, the development comes as Indian manufacturers grapple with rising costs of imported raw materials and components amid currency volatility.
India and Uzbekistan have agreed to deepen trade, address non-tariff barriers and work towards doubling bilateral trade in next three years, the government said Friday, adding that pharmaceuticals, medical devices, auto and machinery are some sectors where New Delhi can increase its exports. The issues were taken up at the 14th Session of the India-Uzbekistan Intergovernmental Commission on Trade, Economic, Scientific and Technological Cooperation. India-Uzbekistan goods trade was $672.5 million in FY26.
The Reserve Bank of India's Monetary Policy Committee (MPC) unanimously kept the repo rate unchanged at 5.25% with a neutral stance at its June 2026 meeting, with external member Saugata Bhattacharya flagging mounting inflationary risks and calling for a risk management approach to monetary policy, according to minutes released by RBI on Thursday. In his statement, Bhattacharya said the balance of risks has "tilted towards embedding inflationary pressures" since the April 2026 review, even as the overall risk picture has not changed materially.
Reliance Consumer Products (RCPL) has set an ambitious target of achieving Rs 1 lakh crore in revenue by FY30, positioning itself among the fastest-growing FMCG companies in the country, Isha Ambani, executive director at Reliance Retail Ventures and non-executive director at Reliance Industries (RIL), said at the company’s 49th annual general meeting (AGM) on Friday. The target comes as RCPL more than doubled its business over the last year, reporting gross revenue of Rs 22,000 crore in FY26.
Reliance Industries Ltd (RIL) is accelerating its transformation into a global manufacturing and export powerhouse, with plans to scale its consumer goods, retail, electronics and renewable energy businesses into large international platforms. Speaking at the company’s 49th Annual General Meeting (AGM) on Friday, Chairman Mukesh Ambani outlined an ambitious strategy to enable $125-150 billion in exports by 2032, building on Reliance’s position as India’s largest merchandise exporter. For perspective, Reliance recorded exports of Rs 2.79 lakh crore ($29.4 billion) in FY26, accounting for 6.7% of India’s total merchandise exports.
Reliance Industries’ leadership made several major announcements at the company’s 49th Annual General Meeting on Friday. Jio Platforms filing a draft red herring prospectus (DRHP) for its initial public offering (IPO) was the biggest announcement of the day. Other important announcements made by Reliance Industries’ top executives include the launch of a new manufacturing division for Reliance Retail, doubling down on artificial intelligence and planning for satellite internet services.
For generations, Indian investors have viewed rental income as the most trusted route to passive income. Buy a property, lease it out, and collect a monthly cheque. But with property prices rising, rental yields staying modest, and tenant management becoming a real effort, investors are asking a more practical question: can bonds create similar monthly cash flow with lower capital? The answer lies in the math.
Tax season is underway, and as Al adoption gathers pace, several professionals are taking to LinkedIn to share how Al tools have helped them file their income tax returns. One widely discussed post came from a data security analyst who claimed Anthropic's Claude read his Form 16, cross-checked details with the AIS, navigated the Income Tax portal, resolved filing errors and submitted the return with minimal human intervention. He described the experience as feeling like "a CA was sitting next to me", sparking debate over Al's role in tax filing.
Punjab finance, planning, and excise & taxation minister Harpal Singh Cheema on Friday said the state govt has intensified its recovery drive against tax defaulters by initiating public auctions of properties belonging to "chronic VAT and GST evaders." "In a decisive move to recover long-pending dues, the excise and taxation department has carried out three major property auctions, recovering significant amounts from businesses and individuals who failed to clear liabilities despite repeated notices," the minister said.
The Securities and Exchange Board of India (Sebi) will discuss with market players about longer-tenure derivatives contract. Though there are no regulatory restrictions on introducing longer-term contracts, the regulator said it needs to understand what are the challenges that holds back market players on this front. Currently, derivatives contracts available in India expire on weekly and monthly basis. “We need to discuss with market participants about what is holding them back (to introduce long-term derivatives),” Chairman Tuhin Kanta Pandey said in a press conference on Friday. The regulator will look to resolve the barriers after getting a better understanding about them, he added.
Markets regulator Sebi on Friday said that its board has approved a proposal to reintroduce open-market buybacks. The new mechanism will come into effect from August 1, Sebi chief Tuhin Kanta Pandey said at a press conference. Currently, companies are permitted to repurchase shares through tender offers, where shareholders participate proportionately, or via odd-lot buybacks and other structured routes. The open market mechanism through stock exchanges, however, was earlier phased out due to concerns around inefficiencies and lack of equitable participation.
The Reserve Bank of India (RBI) has asked banks to report data on FCNR (B) deposits, external commercial borrowings and overseas foreign currency borrowings daily, it said in a notification on Friday. On June 8, the RBI launched the swap facility for FCNR (B) deposits and ECBs. It would absorb the full hedging cost on incremental FCNR(B) deposits and partial hedging cost for ECBs, as part of a broader package of measures aimed at attracting foreign currency inflows and supporting the rupee.
Punjab National Bank has increased the interest rate on FCNR(B) deposits of $1 million and above to 6.60% for tenures of three to five years. For deposits of less than $1 million, the public sector bank is now offering 6.50% per annum. Earlier the bank was offering rates in the range of 6-6.10%.
The much-awaited Jio IPO DRHP has been filed. It’s expected to be the biggest IPO ever, and the company has said it will issue up to 27 crore fresh equity shares. The Mukesh Ambani-led telecom major aims to raise proceeds towards the re-payment of its outstanding debt and deploy capital towards general corporate purposes. Here are the top five highlights from Jio Platform’s DRHP. #1 Jio Platform IPO: Issue Size and BRLM The Mukesh Ambani-led Jio Platforms IPO is entirely a fresh issue, as the company will issue up to 27 crore shares, each having a face value of Rs 10.
Recordent, a credit risk and collections platform, has rolled out a credit registry for Section 8 Microfinance Institutions (MFIs) to improve credit visibility and strengthen risk assessment. The MFI Credit Registry will enable participating institutions to share and access borrower loan data through a common platform, helping lenders improve underwriting, monitor borrower indebtedness and make more informed credit decisions. The initiative comes amid efforts to strengthen credit information sharing and risk assessment across the microfinance ecosystem.
India’s foreign exchange reserves fell by $9.99 billion to $671.63 billion in the week ended June 12, 2026, according to data released by the Reserve Bank of India (RBI) on Friday. Foreign currency assets (FCAs), the largest component of the reserves, rose by $846 million to $544.29 billion during the week. However, the increase in FCAs was more than offset by a sharp decline in gold reserves, which fell by $10.75 billion to $103.82 billion.
India's benchmark 10-year bond yield snapped a six-session decline on Friday, as a halt in U.S.-Iran peace talks slowed oil's retreat and curbed risk appetite, while some investors locked in gains after a recent rally in prices. Brent crude inched higher in Asian trade, briefly rising past $80 a barrel, after a Swiss foreign ministry statement said U.S. talks with Iranian negotiators were scrapped, as Vice President JD Vance dropped plans to travel there, fuelling uncertainty over a lasting truce.
Investors poured the most capital in roughly 19 months into global equity funds in the week to June 17, buoyed by optimism over an interim deal to end the U.S.-Iran war and expectations that reopening the Strait of Hormuz could help ease inflationary pressures. They bought a net $55.22 billion of global equity funds during the week in their largest weekly purchase since November 13, 2024, data from LSEG Lipper showed. The U.S. and Iran signed an agreement on Wednesday that extends a ceasefire announced in April by another 60 days to allow the two sides to negotiate a truce.
China is stepping up scrutiny over exports of indium, leading some buyers to fear the niche metal, sought after for next-generation data centers, may be added to the export control regime that has become one of Beijing's most potent trade weapons. China produces nearly 70% of the world's indium, a byproduct of zinc refining mostly used in displays and solder but also the raw material for making indium phosphide, used to make high-speed optical chips for AI data centers.
After months of disruption, oil exports from Iran finally picked up after Tehran and Washington reached a peace deal. According to shipping data cited by Bloomberg a wave of 11 tankers carrying 20 million barrels of crude left the Gulf of Oman port. The vessels had previously been unable to sail into the Indian Ocean due to a US military blockade aimed at limiting Iran's access to oil revenues. Most of the country's oil exports are shipped to China.
Mukesh Ambani on Friday unveiled an expansive artificial intelligence strategy that spans compute infrastructure, AI applications and satellite connectivity, signalling its ambition to become a key provider of the country’s AI and digital infrastructure. At the centre of the strategy is a massive AI data centre and compute facility being built in Jamnagar under Reliance Intelligence, the group’s AI venture announced last year. Ambani said the project is aimed at addressing what he described as India’s biggest AI bottleneck today: the scarcity and high cost of compute capacity required to train, deploy and run AI applications.
As India’s ambitions expand and problems grow more complex the institutions capable of long-term thinking and policy translation are essential. The Director of Adani Enterprises and Gautam Adani‘s nephew, Pranav Adani called for stronger investment in India’s ‘intellectual infrastructure’ and argued that physical infrastructure alone—roads, ports, airports and digital networks—will not be enough to navigate the complex issues that India faces today. Adani urged India to invest in intellectual infrastructure, saying the country’s growing ambitions and mounting challenges require institutions that can think beyond immediate headlines and connect ideas to policy and added that the intellectual capacity be built alongside physical projects to navigate the nation’s evolving challenges.
Reliance Industries‘ battery giga factory in Jamnagar and its renewable energy hub in Kutch will set new global benchmarks in clean energy deployment, Chairman Mukesh Ambani said outlining the scale of the Group’s green energy ambitions. The projects form the centrepiece of Reliance’s new energy strategy and are expected to begin contributing meaningfully to the company’s financial performance from FY27 onwards, Ambani said. At the 5,000-acre Dhirubhai Ambani Green Energy Giga Complex in Jamnagar, Reliance is building battery energy storage systems (BESS), cell manufacturing facilities, solar photovoltaic modules and electrolyser production units. Ambani said the company is targeting peak installation rates of 55 MWp of solar modules and 150 MWh of battery containers a day.
India's beauty and personal care (BPC) products market is projected to reach USD 39 billion by 2030, driven by a fundamental shift in consumer behaviour, according to a report by e-commerce major Flipkart. Once an aspirational segment, beauty is increasingly being viewed as a daily essential for self-care and identity rather than an occasional indulgence, the report said. According to the 'Flipkart GlamUp Annual Beauty Trends Report 2026', the Indian beauty market, currently valued at approximately USD 27 billion, is identified by industry experts as one of the most attractive growth markets globally.
Passenger vehicle sales are likely to grow 4-6 per cent this fiscal, driven by sustained demand momentum, improving affordability following GST rate cuts, and traction in utility vehicles, a report said. Passenger vehicle wholesale volumes recorded a strong 27 per cent year-on-year growth in the last fiscal, reaching 4.4 lakh units, while retail sales grew 33 per cent on the back of robust consumer demand, newly launched models, and an extended summer wedding season, according to the report by ratings agency Icra. However, the agency said that rising fuel and commodity prices, along with concerns around a weak monsoon, remain key factors to watch.
Mukesh Ambani on Friday laid out an ambitious roadmap to reinvent Reliance Industries' traditional oil-to-chemicals (O2C) business, saying the conglomerate plans to move beyond conventional refining and convert crude oil into high-value products such as carbon fibre, specialty materials and green chemicals to reduce its exposure to geopolitical and commodity price shocks. Speaking at Reliance's 49th annual general meeting, Ambani described the O2C business as the group's long-standing growth engine but said its next phase would look very different.
India has initiated an anti-dumping probe against imports of a chemical, used in tyre and rubber products, from China and Japan, a commerce ministry notification said. The investigation followed a complaint in this regard by Atul Ltd to the Directorate General of Trade Remedies (DGTR). The applicant has alleged that the cheap imports of 'Resorcinol' is significantly harming the domestic industry. "On the basis of the duly substantiated application filed by the applicant and having satisfied itself, on the basis of the prima facie evidence submitted by the applicant, regarding dumping of the subject goods...the authority hereby initiates an anti-dumping investigation," the DGTR's notification said.
A U.S. Iran deal is in place for now but the next few weeks will test whether a more permanent agreement can be reached. Key U.S. and Australian economic data are due, Colombians head to the polls, and London hosts a major climate gathering.
British government borrowing jumped much more sharply than expected in May as higher inflation pushed up the cost of servicing inflation-linked debt, official figures showed on Friday in unwelcome news for the public finances.
British consumers did more shopping in May and April's sharp drop was revised up as hot weather boosted sales of summer items like fans and paddling pools, data showed on Friday, suggesting households were shrugging off inflation concerns.
The dollar strengthened in Asian trade on Friday, pinning the yen near a four-decade low as a peace deal between the U.S. and Iran hung in the balance and traders speculated further intervention may be needed to arrest a slide in the Japanese currency. The Japanese currency reversed earlier strength to trade flat against the U.S. dollar at 161.455 yen, grinding closer to its weakest level in two years, though public holidays in China, Hong Kong and Taiwan and an impending one in the U.S. kept liquidity thin.
Japan's core consumer prices rose 1.4% in May from a year earlier, government data showed on Friday. The core consumer price index, which includes oil products but excludes fresh food prices, compared with economists' median estimate for a 1.4% annual gain.
British consumer confidence held steady in June but younger people turned more pessimistic about the economy and their personal financial situation against a backdrop of political uncertainty, a long-running survey showed on Friday.
Foreign holdings of U.S. Treasuries rose in April, data from the Treasury Department showed on Thursday, led by gains by the two largest holders of government dent -- Japan and the UK. Holdings of U.S. Treasuries edged higher to $9.352 trillion in April, up from $9.348 trillion in the previous month. But compared with a year earlier, Treasuries owned by foreigners were up 4%.
Argentina posted a trade surplus of $3.50 billion in May, after registering $9.54 billion in exports and $6.03 billion in imports in the month, the government's statistics office said on Thursday. The data landed well above the $2.2 billion surplus forecast by analysts polled by Reuters.
Spain's economy likely expanded by 0.5%-0.6% in the second quarter from the preceding three months, when it grew at a similar pace of 0.6% to outperform other large euro zone economies, the Bank of Spain said on Thursday.
Taiwan's central bank on Thursday raised its growth outlook for the year thanks to the AI boom, while keeping its policy interest rate steady as expected, though the decision was not unanimous due to inflation concerns. The central bank also said it needed to be a bit more hawkish.
Germany's economy will grow less than previously expected this year and next as the Iran war and a resulting energy price shock weigh on consumption and investment, the IMK economic institute said on Thursday. The Macroeconomic Policy Institute (IMK) forecast gross domestic product would expand by 0.6% in 2026 and 0.9% in 2027, cutting its March projections by 0.3 and 0.7 percentage points respectively.
British High Commissioner to India Lindy Cameron on Thursday said the India-UK Free Trade Agreement (FTA) will deepen economic ties between the two countries, unlock new opportunities across sectors and strengthen the broader strategic partnership between the nations. The India-UK Comprehensive Economic and Trade Agreement (CETA) and the Double Contribution Convention (DCC), also known as the social security agreement, will come into force on July 15. Calling the pact a major milestone, Cameron told ANI the agreement goes beyond trade and has the potential to transform cooperation in areas such as defence, education, technology and science.
The beneficiaries pool of the Pradhan Mantri Garib Kalyana Anna Yojana (PMGKAY) is being rationalised. The names of 22.1 million people have been deleted across states from the list of those eligible for free ration under the scheme, a move that will allow better targetting of the food subsidy. Food Minister Pralhad Joshi said on Thursday that what was done is “rightful targeting.” He cited instances of ration cards issued in the names of deceased individuals and those who pay income tax availing themselves of the free ration facility.
With the southwest monsoon stalled over southern Maharashtra, India is facing a nationwide rainfall deficit of 41 pc between June 4 and June 18, according to the latest India Meteorological Department (IMD) data. The country has received just 42.6 mm of rainfall against the normal 72.2 mm during the above-mentioned period.
For decades, trade policy was mostly about lowering tariffs and signing free trade agreements (FTAs). Today, however, the global economy is being reshaped not only by tariffs but also by supply chains, critical minerals, technology partnerships, and geopolitical considerations. The era when countries traded simply because they were economically efficient is giving way to an era in which they trade with those they trust. The fact that India has secured multiple FTAs and Comprehensive Economic Partnership Agreements (CEPAs) with important trading partners, such as the United Arab Emirates (UAE), Australia, and the EFTA (European Free Trade Association) bloc, is highly commendable.
India’s micro, small, and medium enterprises (MSMEs) are increasingly looking beyond their first international sale and focusing on building sustainable global businesses. In an interaction with The Economic Times Digital, Abid Murshed, Market Leader-India at PayPal, a global digital payments platform, discusses the challenges Indian exporters face while scaling globally, emerging export opportunities, the role of trust in cross-border commerce, and how data and artificial intelligence (AI) help merchants make better business decisions. Edited excerpts:
India has the potential to increase exports to USD 200 billion to BRICS countries by 2030 from USD 96 billion in the last fiscal year, industry chamber Assocham said on Thursday. BRICS is an intergovernmental organisation comprising 11 major emerging economies: Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Iran, Saudi Arabia, UAE, and Indonesia.
India’s state-run refiners have already secured enough crude for the next two months and are in no rush to resume purchases from the Middle East even if the Strait of Hormuz reopens to commercial traffic. Local processors have been asked by Middle Eastern suppliers, including Abu Dhabi National Oil Co., to begin taking contractual volumes under long-term supply agreements, according to people familiar with the matter, who didn’t wish to be identified as the information isn’t public. The refiners, however, have yet to commit, they said. The global oil market is zeroed in on the waterway after the US and Iran agreed to an interim peace deal this week that should allow transits to resume. During the conflict, energy shipments initially came to a near-total halt — with the strait subject to a double blockade by both Tehran and Washington — but they are now starting to recover as ships trickle through.
The biggest question in the global copper market right now is whether US President Donald Trump will move ahead with tariffs on refined copper. The decision, expected within weeks, could shape the next phase of trade flows, inventories and prices. As the market awaits a Commerce Secretary review due at the end of June that will inform Trump’s decision, traders are watching for signals on whether to unwind their copper positions or double down on bets that US prices will continue marching higher. “Everyone is waiting before we can step in to do relevant trades,” said Nicole Ni, vice general manager at Eagle Metal International Pte, a trading firm that sells copper to fabricators. “This policy has a significant impact on copper prices.”
Corporate India is expected to witness moderation in its revenue growth to mid-to-high single digit in Q1FY27 against a 13.2% YoY growth in Q4FY26) and a contraction in its operating profit margin by 100-150 bps on a YoY basis., rating firm ICRA said on Thursday. As a result of the earnings pressure, credit metrics are expected to soften, with an estimated interest coverage ratio of 4.8-5.0 times in Q1 FY27, against 5.8 times recorded in Q4 FY26, despite stable cost of funds and leverage, it said The ongoing geopolitical tension in West Asia is likely to act as a key overhang, given its significant implications on global trade flows, logistics costs and demand sentiments in key export markets. Further, the conflict results in a second-order impact on travel and tourism-linked businesses like aviation and hotels targeting foreign tourists, LPG-dependent industries like ceramic tiles, quick service restaurants, among others.
Brent crude steadied on Friday but remained set for a more than 8% weekly decline as traders weighed fading U.S.-Iran truce prospects after talks were called off and Israel escalated attacks in Lebanon. Brent crude futures were little changed at $79.78 a barrel by 0820 GMT. The front-month July contract for U.S. West Texas Intermediate crude, which expires on Monday, rose nearly $1 or 1.3% to $77.59 a barrel. The more actively traded WTI August contract was up 13 cents at $75.98 a barrel. Switzerland said U.S. talks with Iranian negotiators on a pact to end the Middle East conflict would not take place on Friday, as Vice President JD Vance dropped his travel plans, adding to uncertainty over the prospects for a lasting truce.
Nykaa, which is operated by FSN E-Commerce, announced that it is targeting a growth of more than $5 billion by FY30. The growth is expected to scale up its beauty and retail business, enabling sustained margin expansions and a Return of Capital employed of over 40%. Nykaa, in its filing, said that by financial year 2030 the company aims to nearly double or triple its revenue growth, which would translate into 4-5X EBITDA growth (low to mid-teens) EBITDA margins. The company also outlined its AI roadmap. Following the announcement, the company’s stock hit a fresh 52-week high of Rs 303.75 on stock exchanges in Thursday’s trade.
Reliance Industries Chairman and Managing Director Mukesh Dhirubhai Ambani used the company's AGM 2026 to make a strong case for greater self-reliance in energy and technology, outline Reliance's artificial intelligence ambitions, confirm a key milestone in Jio's journey towards a public listing and congratulate Prime Minister Narendra Modi on becoming India's longest-serving elected prime minister. Ambani described PM Modi's tenure as a "stupendous feat" and also congratulated him on completing 25 uninterrupted years in public office on October 7, 2026. Calling for a renewed push towards Atmanirbharta amid rising global uncertainty, Ambani said the most important lesson for India from recent geopolitical conflicts is the need to accelerate efforts towards self-reliance. He urged the country to pursue energy and Al self-sufficiency as national missions, while positioning Reliance Intelligence as the group's next growth engine.
India has managed to secure a virtual exemption from the UK’s controversial steel safeguard tariff measures, paving the way for the implementation of the Comprehensive Economic and Trade agreement (CETA) between the two countries starting July 15. The measures, set to come into force from July 1, were expected to impact 15% of India’s commodity exports to the UK while 85% were exempt. Sources said that through a combination of measures covering country-specific quotas and “other instruments,” almost all Indian products will get duty-free access to the UK, once the CETA is in force, sources said. India exported steel goods worth nearly $ 840 million to the UK in FY26. In all 188 items that accounted for $ 137 million worth of steel exports from India to UK (in FY26) were covered by safeguard measures but now these products too will get duty-free market access, sources said.
Reliance Industries Limited spent Rs 1,44,271 crore ($15.2 billion) on capex in FY26. RIL's consolidated revenues stood at Rs 11,75,919 crore ($124.0 billion), up 9.8% year-on-year, for this period. Announcing the numbers at the company's 49th Annual General Meeting, RIL Chairman and MD Mukesh Ambani told shareholders that "Reliance posted a record high revenue, a record high EBITDA and a record high net profit in FY 26 despite global challenges." RIL's EBITDA rose to Rs 2,07,911 crore ($21.9 billion) in FY26, meeting a company commitment to double EBITDA every five years. In FY21, RIL had recorded EBITDA of Rs 97,580 crores. The company's net profit for FY26 stood at Rs 95,754 crore ($10.1 billion), up 17.8% over last year.
India’s gems and jewellery exports fell 2.49% in May to $2,047.89 million, with plain gold jewellery shipments down nearly 15% as record-high gold prices and a shortage of gold for factories hurt export production. Despite this, a Nuvama report added that the same price rise helped jewellery shops at home report some of their best sales in years. Exports slip as gold supply tightens India’s total gems and jewellery exports fell 2.49% in May to $2,047.89 million, from $2,100.21 million in the same month last year, according to the Gem and Jewellery Export Promotion Council (GJEPC). The biggest drag was plain gold jewellery, where exports dropped 14.75% to $758.44 million. GJEPC chairman Kirit Bhansali said three things were behind the fall: gold prices were too high, there was not enough gold available for factories to make jewellery for export, and banks were facing regulatory hurdles in supplying gold to manufacturers.
India’s new domestic-content mandate for solar cells is set to sharply reduce reliance on imports, with indigenous manufacturers expected to meet around half of the country’s 60-65 GW solar cell demand this fiscal, compared with just one-fourth last fiscal. However, the rapid capacity build-up triggered by the policy could pressure utilisation levels and extend payback periods for new investments, according to Crisil Ratings. The assessment comes as the government’s Approved List of Cell Manufacturers (ALCM) framework becomes effective from June 2026, requiring the use of domestically approved solar cells in utility-scale, net-metering and open-access projects. The move is aimed at reducing dependence on imported solar cells and strengthening domestic manufacturing. “The ALCM will sharply reset India’s solar cell supply mix. Domestic supply will gain share and meet around half of the 60-65 GW demand this fiscal, with imports making up for the rest,” said Manish Gupta, Deputy Chief Ratings Officer, Crisil Ratings. “The shift will be led by demand for indigenous cells from newer utility-scale bids, net-metering and open-access projects, and government-backed schemes such as KUSUM.”
The Income Tax (I-T) Department has enabled online filing and Excel utility for Income Tax Return-3 (ITR-3) form for the Assessment Year 2026–27 (AY 2026-27) Financial Year 2025-26 (FY 2025-26) on its official e-filing portal. The ITR-3 form is meant for individuals and Hindu Undivided Families (HUFs) with business or professional income. Taxpayers who are not eligible to use simpler forms such as ITR-1, ITR-2 or ITR-4 are required to file ITR-3. Who can use ITR 3? If an individual or a Hindu Undivided Family has income under the heading ‘profits or gains of business or profession’ and is not qualified to submit Form ITR-1 (Sahaj), ITR-2, or ITR-4 (Sugam), they must use the ITR-3 form.
The India-UK Comprehensive Economic and Trade Agreement (CETA), which comes into force on July 15, is set to create a significant export opportunity for Indian automakers by opening duty-free access for up to 88,000 electric, hybrid and hydrogen-powered passenger vehicles in the UK market. According to the agreement, India will gain preferential access to the UK’s green vehicle segment from the sixth year of implementation. The quota for made-in-India electric, hybrid and hydrogen-powered passenger vehicles will start at 17,600 units and gradually rise to 88,000 units annually by the 15th year, benefiting manufacturers such as Tata Motors, Mahindra & Mahindra and Maruti Suzuki. At the same time, India has agreed to allow imports of 3,78,000 conventional internal combustion engine (ICE) passenger vehicles from the UK at concessional customs duty over the first 15 years of the agreement.
India could need 817 gigawatts of solar power capacity by 2035, more than five times what it has today, driven in large part by two sources of demand that were barely on the radar when the country first set its renewable energy targets: artificial intelligence data centres and green hydrogen production. According to a Nuvama Institutional Equities’ report, the market has significantly underestimated where solar demand is headed. The demand from data centres and green hydrogen plants alone, they estimate, could add 251 gigawatts of solar capacity over the next decade, which, to give you more context, is more than India’s entire installed solar base today. The brokerage further noted that solar power demand is growing at 22% annually through FY35, with solar’s share of total electricity generation rising from 9% now to 33% by the end of the decade. Despite that growth outlook, solar photovoltaic cell (PV) companies currently trade at just 14 times FY28 estimated earnings.
Indian defence manufacturer SMPP has signed a teaming agreement with European defence major KNDS to manufacture advanced loitering munitions in India, as the country looks to strengthen indigenous defence production and meet the armed forces' growing requirement for precision strike systems. The agreement, signed at the Eurosatory defence exhibition in Paris on Wednesday, will see SMPP, through its subsidiary SMPP Ammunition, manufacture the systems in India under the government's Make in India and Atmanirbhar Bharat initiatives. The partnership will initially focus on offering the loitering munitions to the Indian Army, which has an urgent requirement for such systems amid the military's push to induct advanced battlefield capabilities.
The government should consider a host of measures, such as removing the import levy on unwrought aluminium, correcting the inverted duty structure, and imposing a 20 per cent export duty on the metal to boost domestic aluminium-based manufacturing, think tank GTRI said on Thursday. It said that India's tariff policies have created some major distortions in the aluminium value chain - encouraging metal exports, inflating raw material costs for manufacturers, and increasing dependence on imported finished products. Aluminium is one of the foundations of modern industrial economies. It is essential for power transmission, renewable energy, electric vehicles, railways, construction, packaging, aerospace, defence, and a wide range of consumer and engineering products.
French beauty major L’Oréal on Thursday said it had signed an agreement to acquire a majority stake in personal care startup Innovist, best-known for brands such as Bare Anatomy, Vinci Botanicals, Sunscoop and Chemist at Play, strengthening its presence in India’s fast-growing beauty and personal care market. According to sources familiar with the matter, the transaction is valued at around Rs 4,000 crore, making it one of the largest acquisitions involving an Indian startup and the biggest deal in India’s beauty and personal care startup space, crossing Hindustan Unilever‘s purchase of Minimalist for nearly Rs 3,000 crore in early-2025. While HUL’s acquisition pertained to one brand only, Innovist has a portfolio of brands as part of the deal, experts said.
The early Chinese backers of AI startup Manus are planning to buy the company back from Meta at the $2 billion price that the Facebook parent paid, The Information reported on Thursday, citing two people with direct knowledge of the matter. The reported move comes months after China ordered Meta to unwind its acquisition of Manus, amid Beijing's tightening scrutiny of U.S. investment in Chinese startups developing advanced AI technologies. Early investors in Manus, including HSG, ZhenFund and Tencent are participating in the buyback, The Information said, adding that HSG and ZhenFund are considering using fresh capital to acquire Meta's position in the startup.
India's thermal coal imports fell to a 4-year low in January-May due to higher local output and rising renewable energy generation, commodities consultancy BigMint said. Overall, thermal coal imports, at 65 million tons in the year till May, declined by an annual 12%, the consultancy said. India, the world's second-largest importer of thermal coal, has been seeking to reduce its reliance on imports and aims to cut the use of such coal for power generation by at least 30% this year.
Intense competition for FCNR (B) deposits has left some lenders apprehensive they could lose overseas customers as their offerings may not be as attractive as those of others. With the Reserve Bank of India (RBI) having lifted the cap on these deposits, a clutch of banks has raised their interest rates making their offers more attractive. In fact, a couple of banks, that had announced new interest rates on FCNR (B) deposits, are understood to be reconsidering their products after the removal of the cap.“We were early to announce rates but will revisit them in the light of the new rules,” said a senior banker.
Commercial banks have sought approval from the banking regulator to allow existing non-resident Indian customers to prematurely withdraw and rebook deposits to take advantage of the time-bound FCNR deposit scheme, which in some cases offers almost double the returns of regular term deposits. Some large depositors are instructing their banks to prematurely close term deposits and redeploying the funds in other banks, bankers said. Banks are offering between 6% and 7.1% for three- to five-year deposits under the special scheme, compared with 3.35% to 4% previously.
The Reserve Bank has cancelled the licence of Karnataka-based Shree Mahalaxmi Urban Co-operative Credit Bank due to its worsening financial position. The Registrar of Co-operative Societies, Karnataka has also been requested to issue an order for winding up the bank and appoint a liquidator, the Reserve Bank of India (RBI) said in a statement on Thursday. On liquidation, about 97.9 per cent of depositors would receive full amount of their deposits from Deposit Insurance and Credit Guarantee Corporation (DICGC). Giving reasons for cancellation of the licence, the RBI said the lender does not have adequate capital and earning prospects and does not comply with certain provisions of the Banking Regulation Act, 1949.
Say it quietly, but Gulf airlines are back in business. The Middle East is home to some of the world's biggest carriers, whose networks have been upended by the Iran conflict, with Iranian missile and drone attacks at times shutting airports in recent months and redrawing traffic routes across the Gulf. Flightradar24.com data shows that the overall number of flights by major Gulf airlines has now returned to some 82% of the level on February 27, the day before the war started. Gulf Air and Kuwait Airways have topped 100% of that level in recent days. Emirates, Qatar Airways and Etihad - the biggest three - are above or near 90% of their pre-war level. Etihad and Qatar Airways were as low as 40-50% just a month ago. Emirates, which has spent big to keep flights going, has been higher for longer.
A blazing rally in India’s short-end bonds, driven by plans to attract foreign capital, may fizzle out because the central bank is expected to drain excess cash from the financial system, according to analysts.BofA Securities and Bandhan AMC Ltd. expect the Reserve Bank of India to step up short-term cash withdrawal operations in coming months as surplus banking liquidity is seen climbing to pandemic-era levels of about 8 trillion rupees ($85 billion). DBS Bank Ltd. expects the central bank to deploy a stronger tool in August by requiring banks to keep a larger proportion of deposits with the RBI.
Meta Platforms has secured new agreements to get AI computing power from data center developer Crusoe, Bloomberg News reported on Thursday, as it strengthens infrastructure required to support its AI expansion. Meta and Crusoe did not immediately respond to Reuters' requests for comment on the report, which cited people familiar with the situation. Reuters could not independently verify the report. Here are some details: • Meta is under contract to buy computing capacity from Crusoe at two data centers, which are located in Childress, Texas, and Warrenton, Missouri, according to the report.
Surging Chinese trade with Africa and lifting of tariffs for most countries on the continent look set to boost yuan use, aiding Beijing's bid to build alternatives to Western finance. China-Africa trade rose by nearly 18% last year, customs data show, with tariff cuts on imports from 53 countries in May expected to increase flows and yuan-denominated settlements. International Monetary Fund research has found that yuan usage rises with trade exposure to China, which announced new measures on Wednesday to promote the global use of its currency. From Nigerian cattle bone pellets to Kenyan avocado oil and South African apples, Chinese ports are receiving more African cargo after the tariff elimination, boosting demand for settlement from yuan into local African currencies.
Indian government bonds edged slightly lower in early trade on Thursday after the U.S. Federal Reserve struck a more hawkish tone than expected, with most policymakers now projecting the start of a rate-hiking cycle before year-end. The yield on the benchmark 6.94% 2036 bond rose to 6.8639% by 10:20 a.m. IST from its previous close of 6.8626%. Yields move inversely to prices. "Bulls will take a backseat for now, as the current levels are bound to react more to negatives, with all positives priced in," trader with a primary dealership said.
The Federal Reserve left interest rates unchanged at 3.50%-3.75% on Wednesday in Kevin Warsh‘s first meeting as chair. However, the Fed’s latest forecasts show that policymakers are becoming more concerned about inflation and are increasingly open to raising rates again if price pressures remain high.
Chaiyaporn Arunrasamee hunched over his fishing nets, overlooking the waters of the Andaman Sea, where Thailand's government is proposing an ambitious "Land Bridge" that will ferry goods between ports on opposite sides of the peninsula.
Germany's economy will grow less than previously expected this year and next as the Iran war and a resulting energy price shock weigh on consumption and investment, the IMK economic institute said on Thursday. The Macroeconomic Policy Institute (IMK) forecast gross domestic product would expand by 0.6% in 2026 and 0.9% in 2027, cutting its March projections by 0.3 and 0.7 percentage points respectively.
The number of people employed in German industry in 2025 fell to a 10-year low of just 6.6 million workers, a study by the German Economic Institute (IW) showed on Thursday. • The decline was not driven by rising numbers of dismissals by employers but by hesitation to refill vacancies and hire new staff • "The decline in new hires is a warning signal for future employment trends," said Luisa Kunze, labour market expert at the Bertelsmann Stiftung, which commissioned the IW study
Brazil's central bank cut rates at a third straight meeting on Wednesday and left its next steps open, acknowledging a tougher inflation outlook and risks from election-year fiscal stimulus. The bank's rate-setting committee, called Copom, unanimously voted to lower its benchmark Selic rate by 25 basis points to 14.25%, a level last seen in May 2025, in line with forecasts from 41 of 45 economists polled by Reuters.
China's booming exports are emerging as a major concern for Europe, with leaders of the Group of Seven (G7) economies discussing ways to address growing trade imbalances amid fears of a new "China Shock" hitting European industry, according to news agency AP.
The Comprehensive Economic and Trade Agreement (CETA) between India and the United Kingdom will come into force from July 15 with both sides reaching an understanding on the last-leg issues around Britain’s steel safeguard measures. The date for Entry into Force (EIF) of the agreement was announced by UK Prime Minister Keir Starmer and Prime Minister Narendra Modi after their meeting on the sidelines of the G-7 Summit at Evian in France.
India’s imports of Russian crude oil surged 21% month-on-month in May, driving the country’s total purchases of Russian fossil fuels to €5.8 billion ($6.7 billion) and reinforcing its position as Russia’s second-largest energy buyer globally, even as Moscow’s fossil fuel export revenues rose only marginally amid softer crude prices. The sharp increase comes at a time when Russian crude is becoming increasingly important for Indian refiners. According to the latest analysis by the Centre for Research on Energy and Clean Air (CREA), crude oil accounted for 83% of India’s total Russian fossil fuel imports, amounting to €4.8 billion ($5.55 billion) in May alone. Oil products contributed €550 million, while coal imports stood at €429 million.
Two new SEZ projects are slated to come up at the Kandla Special Economic Zone (KASEZ), Asia’s first export processing zone located in Gujarat, with proposals under active consideration by the Board of Approval. The projects have got inprinciple approvals by the Gujarat government. Of the two, a project proposed by Essar Power SEZ will have an initial investment of Rs 50 crore while the other, proposed by Arham SEZ (I) Pvt. Ltd. is pegged at Rs. 230 crore. According to details shared at a programme organised by KASEZ in Ahmedabad on Wednesday, Essar Power Limited has proposed a sector-specific biofuels and biorefiner SEZ in Khambhalia taluka and Arham SEZ (I) Pvt. Ltd has proposed a large multi-product SEZ at Vadala village.
Prime Minister Narendra Modi and US President Donald Trump directed their officials to work towards a balanced, mutually beneficial and commercially meaningful trade agreement at the earliest. The Ministry of External Affairs (MEA) said this on Thursday, a day after the two leaders held wide-ranging talks for the first time in 16 months on the margins of the G7 Summit in an attempt to rebuild the strained bilateral ties. US Trade Representative, Jamieson Greer, will be visiting India next week to take forward the talks on the proposed trade deal.
India is said to be in talks with multilateral lenders to secure about $2.5 billion in funding from existing credit lines as New Delhi tees up fresh sources of money after the Middle East conflict crimped its ability to step up spending. The World Bank and Asian Development Bank are in discussions to disburse loans worth $1.5 billion and $1 billion respectively, with announcements likely within the next two months, according to people familiar with the matter. The funding is largely to boost urban infrastructure and create jobs, they added, asking not to be identified discussing private matters.
The Indian Rupee climbed to 6-week highs of 94.28 per dollar, driven by strong central bank purchases and a slip in oil prices. Brent Crude slumped below the $80 per barrel mark. The currency finally closed trade at 94.52 per dollar. Oil prices have tumbled by more than 32% from their March peaks, as Brent crude futures were trading near the $79 per barrel mark, while the US contract for crude, West Texas Intermediate, was quoted around the $76 per barrel level. Lower oil prices are rupee-positive as they help ease the pressure on country’s import bill “Lower oil levels certainly helped, oil companies purchased during the first half of the trade,” said Anil Kumar Bhansali, head of treasury at Finrex Treasury Advisors. He added that heavy dollar buying by RBI was witnessed during the second half of the trade, during which the currency touched its fresh intraday high level.
Telecommunications company HFCL has bagged an order worth Rs 2,666 crore from PSU– Rail Vikas Nigam. The contract which pertains to the supply of telecom equipment expands its partnership with RVNL. Earlier, the PSU had awarded contracts worth Rs 2,167 crore to the company for BharatNet Phase-III projects in Uttar Pradesh. HFCL-RVNL: Order details Under the scope of work, HFCL will supply telecom equipment and related accessories to RVNL. This also includes the installation and commissioning of these accessories. Additionally, the tech firm will create an optical fiber cable telecom network for RVNL.
Solar equipment company Waaree Renewable Technologies has bagged a commercial order worth Rs 1,044 crore for the enhancement of a project under its existing EPC contract which entails the works of a solar power plant. Waaree Renewable Technologies: Project details The Waaree Group subsidiary has been awarded this project from ‘one of India’s leading Renewable Energy companies’, the company said in its exchange filing. It added that the scope of commercial order aggregates to Rs 1,044.69 crore, inclusive of taxes. This has been enhanced by Rs 30.91 crore. Under the scope of project Waaree Renewables will carry out the execution of engineering, procurement and construction (EPC) work pertaining to the solar power plant, which has a capacity of 080 MWp/700 MWac. The timeline of order execution is yet to be mutually agreed upon by both the companies, Waaree Renewables noted. “The aggregate order size remains same as per the 1st disclosure submitted on February 20, 2024 i.e. 980 MWp / 700 MWac,” it added in its filing.
State Bank of India (SBI) is positioned to secure one of the most lucrative windfalls in recent years, as the National Stock Exchange (NSE)’s much-awaited mega Rs 30,000 crore IPO will monetise decades of patient capital with an astronomical 256,775% profit for the country’s largest lender. The proposed Rs 30,000 crore issue, which is structured entirely as an offer for sale (OFS) of up to 148.9 million shares representing nearly 6% of NSE's paid-up capital, is poised to become the largest-ever IPO in India. It eclipses the Rs 27,000 crore record held by Hyundai Motor India's 2024 listing, though Reliance Industries Ltd.'s Jio is also planning an IPO that could be larger but has yet to file papers. Because regulations prohibit a stock exchange from self-listing, the NSE will be listed on rival BSE.
Reference is invited to the GSTN Advisory dated 20.05.2026 regarding enhancements in the e-Way Bill system, wherein it was informed that “Ship-to GSTIN” shall be mandatorily captured in Bill-to/Ship-to transactions. It was also clarified that where the consignee is an unregistered person, the value “URP” shall be entered in the Ship-to GSTIN field. In this regard, representations have been received from trade, ERP vendors, GSPs, ASPs, private IRPs and other stakeholders seeking clarification on the applicability of the said requirement in cases where e-Way Bill is generated along with e-Invoice or by using IRN. Representations have also been received regarding the Voluntary Closure of e-Way Bill facility and its impact on portal-based and API-based operations.Accordingly, an advisory has been issued to apprise stakeholders of the corresponding changes introduced in the e-Invoice API, e-Way Bill by IRN API and EWB Closure API. It has also been informed that the aforesaid changes have been made available in the Sandbox environment for testing and system preparedness. The changes are scheduled to be implemented in the Production environment with effect from 1st August, 2026.
The government has ratified 8.25 per cent rate of interest on employees' provident fund (EPF) deposits for 2025-26, which is likely to be credited to over seven crore contributing members this month, a source said on Thursday. EPFO provides the rate of interest on EPF after it gets ratified by the government through the finance ministry. The source told PTI that the finance ministry has given its concurrence to 8.25 per cent rate of interest fixed by Central Board of Trustees (CBT), the apex decision making body of the Employees' Provident Fund Organisation (EPFO).
India's central bank is not looking to enable direct settlement of government securities via offshore settlement platforms like Euroclear -- one of the world's largest securities settlement systems -- despite recent tax changes aimed at attracting foreign investors, three sources familiar with the matter said. The Reserve Bank of India (RBI) wants overseas investors to participate directly on the domestic Negotiated Dealing System-Order Matching (NDS-OM) platform, an electronic system for secondary market trading in government bonds, the sources said. India has gradually opened up its bond markets to foreign investors over the last six years, by creating a pool of securities with no foreign investment limits and more recently by scrapping taxes on capital gains for overseas investors in these securities.
The Reserve Bank of India (RBI) on Wednesday temporarily removed interest-rate caps on select non-resident external (NRE) and foreign currency non-resident (bank) [FCNR(B)] deposits, giving banks greater flexibility to attract overseas funds at a time when policymakers are seeking to strengthen foreign currency inflows and support external-sector stability. Under the revised framework, banks will be free to offer higher interest rates on fresh NRE deposits with maturities of three years and above. The RBI has also withdrawn the ceiling on interest rates for fresh FCNR(B) deposits with maturities of three to five years. The relaxation will remain in force until September 30 and will apply both to fresh deposits mobilised during the period and to eligible renewals upon maturity.
About $26 billion worth of shares across 71 recently listed companies will become eligible for sale between June 17 and September-end as IPO lock-ins expire, according to Nuvama Alternative & Quantitative Research. The lifting of these lock-ins could create a potential supply overhang for several stocks, said analysts. Of this, shares worth about $15.96 billion across 31 companies that mostly made their stock market debuts in the last six months are slated to become eligible for sale over the next month, said Nuvama Alternative's head Abhilash Pagaria. The list includes ICICI Prudential AMC, Vishal Mega Mart, Inventurus Knowledge Solutions, Sai Life Sciences, Nephrocare Health Services and Oswal Pumps.
Uncertainty isn't a passing phase anymore, it's the new normal for investors. That was the core message from wealth management leaders at the ET Alpha Wealth Summit, where a panel of top industry voices including Rajesh Saluja, Co-Founder, CEO & MD, ASK Private Wealth, Nilesh Shah, Group President & Managing Director and Kotak Mahindra Asset Management Company (KMAMC) broke down how India's affluent investors are repositioning their portfolios for a world of constant geopolitical and economic flux. The topic of discussion was 'Global or Local? The New Allocation Reality'. "Resilient, not return-maximizing" portfolios are the new goal Rajesh Saluja, Co-Founder, CEO & MD of ASK Private Wealth, told the audience that decades of market shocks, from the Asian crisis to the pandemic, have taught wealthy investors one lesson: chasing the highest possible returns is a losing game. Instead, the focus has shifted to building portfolios that can absorb shocks without falling apart.
The green economy—the business lines of global listed companies that generate revenue from climate solutions — now boasts a record high market value of $10 trillion. The increase occurred as revenue tied to environmental products and services climbed to $5.5 trillion last year, expanding at its fastest pace since 2022, according to a report published Wednesday by London Stock Exchange Group. Investors have rewarded that growth: Companies deriving over 20% of their income from green activities have been outperforming the broader equity market, LSEG said. The S&P Global Clean Energy Transition Index has surged more than 80% since the end of 2024, more than double the return of the S&P 500.
The Indian rupee is set to open weaker on Thursday after a hawkish surprise from the U.S. Federal Reserve boosted bets of an interest rate hike later this year. The rupee is expected to open in the 94.70–94.75 range on Thursday, traders said, after settling at 94.5250 in the previous session. Fed policymakers struck a more hawkish tone than expected late Wednesday, with nine of 18 projecting at least one rate hike in 2026. Economists had anticipated far fewer, with Goldman Sachs saying it expected around three members to signal a hike. Goldman Sachs further flagged the Fed’s inflation outlook, noting the median projection for 2027 core PCE inflation (Q4/Q4) was set at 2.5%, above its 2.3% estimate. The meeting raises the risk of interest rate hikes later this year, the bank said in a note. However, their base case for now remains that the Fed will leave the policy rate unchanged this year.
U.S. President Donald Trump said in a Truth Social post on Thursday that Apple has agreed to work with Intel to design and manufacture its chips in the United States. A partnership with Intel helps Apple diversify its manufacturing base as it seeks additional chip capacity. The iPhone maker relies heavily on TSMC, whose advanced production lines are in high demand from AI chipmakers such as Nvidia and AMD. Intel reached a preliminary deal to make some chips for Apple after more than a year of discussions, the Wall Street Journal reported in May. Apple and Intel did not immediately respond to a Reuters' request for comments outside regular business hours. An Apple contract gives Intel a steady demand from one of the world's largest consumer electronics companies, boosting both its reputation and a manufacturing business that has lagged TSMC in recent years.
Rising fuel prices driven by the Iran war are boosting demand for new and used electric vehicles across Europe, industry data shared with Reuters shows, though some executives warn interest could fade if petrol costs fall. Industry experts say improvements in charging infrastructure and a wave of more affordable models - including from Chinese automakers - are helping make EVs more mainstream, supporting demand. The U.S. and Iran have agreed to an extended ceasefire, but shipping disruptions mean oil flows through the Strait of Hormuz may take weeks to normalise, with fuel prices likely to remain elevated for months. Data provided to Reuters by research group New Automotive and industry group E-Mobility Europe show new EV registrations rose 34% year-on-year in May across 17 markets covering more than 90% of European Union and European Free Trade Association car sales. Fully electric models accounted for almost one in four new registrations in those markets.
Apple plans to raise prices on its products to offset increasing memory and storage chip costs, CEO Tim Cook told the Wall Street Journal in an interview. A surge in AI-driven demand for data centers has forced consumer electronics companies into a fierce competition for dwindling supplies of the key components, driving prices sharply higher. Groups representing automakers, retailers, electronic firms and others had warned earlier this month that the increasing demand for memory chips could lead to dramatic price hikes in U.S. consumer goods and disrupt supply chains. "Unfortunately, price increases are unavoidable," Cook told WSJ. "We're doing our best to mitigate the huge increases that are being passed to us, and we've been trying to shield our customers from the increases, but the situation has become unsustainable."
Nippon Steel, the world's No. 3 steelmaker, expects the American market to remain buoyant, supported by import tariffs and resilient demand, which could lift earnings at U.S. Steel beyond current forecasts, Vice Chairman Takahiro Mori said. "We are confident that U.S. Steel will be able to post profits in excess of 100 billion yen ($624 million) this year," Mori said, adding that the strong market outlook through 2027 suggested additional upside. He said U.S. Steel would generate an annual profit of 300 billion yen to 400 billion yen in the long run. Mori described U.S. conditions as highly favourable, with hot-rolled steel sheet prices above $1,200 per metric ton, more than double the level in Asia. To capitalise on the strong pricing environment, U.S. Steel resumed an idled Illinois blast furnace in March and is now running it at full capacity.
Saudi Aramco is considering the sale of a stake in its sulphur business, three sources with knowledge of the matter told Reuters, extending a strategy of tapping its infrastructure assets to raise tens of billions of dollars. Aramco, the crown jewel of the world's largest crude exporter, has been seeking outside capital to fund the kingdom's ambitious diversification agenda amid mounting fiscal pressure. The oil giant has been actively seeking to sell assets, improve efficiency and cut costs, Reuters reported exclusively last year. The total value of assets from its vast infrastructure empire that it may tap for fundraising could reach around $50 billion, according to one of the sources and Reuters calculations. Aramco invited banks to pitch last month for the sulphur deal, known internally as Project Yellowstone, the sources said, and could raise up to $7 billion, one of them added. Aramco, the world's biggest energy firm, declined to comment.
The Strait of Hormuz is back in business after more than 100 days of disruption, with over 60 million barrels of crude set to leave the pipeline. Following a US-Iran peace deal, one of the world's most important oil routes is set to reopen, releasing millions of barrels of crude that had been stuck inside the Persian Gulf. However, the return of crude shipments back into the market could create a problem that looked unthinkable just weeks ago an oversupplied market. For Asian refiners that spent recent weeks rushing to secure alternative supplies, the sudden return of those cargoes could quickly turn concerns over shortages into worries about too much oil on the way.
A high-level delegation from South Korea’s Hyundai Korea Shipbuilding and Offshore Engineering (HD KSOE) met Tamil Nadu Chief Minister C Joseph Vijay on Wednesday (June 17) to advance plans for a mega greenfield shipbuilding cluster in Thoothukudi valued at roughly Rs 38,000 crore (USD 4 billion). The proposed investment, if realised, would mark one of the largest single industrial commitments to southern Tamil Nadu and is projected to catalyse significant economic activity across the region. Big-ticket investment and employment impact The Rs 38,000 crore project is expected to create about 15,000 direct jobs and a far larger number of indirect positions through ancillary industries and local supply chains. Officials described the development as a strategic move to position Thoothukudi as a global shipbuilding hub and to strengthen India’s maritime manufacturing capacity.
The operating profit of domestic airlines is expected to decline 10-15% this financial year as elevated aviation turbine fuel (ATF) prices, airspace restrictions and rupee depreciation linked to the West Asia conflict continue to increase costs, Crisil Ratings said on Wednesday. It estimates aggregate operating profit for domestic airlines at ₹16,000-17,000 crore this fiscal, down from around ₹19,000 crore last fiscal, due to higher operating costs, limited pricing power and capacity rationalisation. According to Crisil Ratings, the West Asia conflict has pushed up global ATF prices, which remain well above last fiscal’s average despite recent easing.
Tata Sons Chairman N Chandrasekaran’s prediction that Tata Consultancy Services could have as many AI agents as human employees within three years deserves attention not because of the precise number involved but because of what it signals about the future of the country’s information technology (IT) industry. For decades, the sector’s success has been measured not only by revenues and exports but also by the number of engineers it employed. India’s largest IT services companies became symbols of upward mobility by creating millions of jobs and recruiting tens of thousands of graduates every year. Chandrasekaran’s remarks suggest that this equation may be changing. If AI agents increasingly perform coding, testing, support, and other routine tasks, technology companies may be able to grow without expanding their workforce at the pace that became familiar over the past three decades. The significance of the statement lies less in the technology itself and more in the possibility that the industry’s traditional link between growth and hiring is beginning to weaken.
India is readying an incentive scheme to support local manufacturing of advanced cell battery components, officials said. Manufacturing of cathode active materials (CAM), anode active materials (AAM), electrolysers and copper foil separators will be supported under this scheme with a likely allocation of about ₹12,000 crore via financial support, they said. India is currently completely dependent on imports for these components crucial to advanced chemistry cell battery manufacturing. "The battery component incentive scheme is in final stages of approval," one of the officials told ET, adding funding support will come with attached conditions to encourage domestic manufacturing and setting up of supply chains. "We don't want companies to import end products or perform last stage processing and claim incentives," the official said.
In a relief for India's pharmaceutical sector, prices of active pharmaceutical ingredients (APIs) have declined by 5-10% as the geopolitical situation in West Asia shows signs of stabilisation. The easing of the crisis, which had severely disrupted supply chains of critical raw materials including petrochemical-based solvents, ammonia, methanol and propylene, has brought some breathing room to domestic drug manufacturers which had been grappling with soaring input costs. "There has been a fall in the prices by 5-10%. Prices of azithromycin, paracetamol and major vitamins are down," said Mehul Shah, an industry expert. However, industry insiders caution that a full normalisation may still take time.
As prospects of a US-Iran truce brightened, US buyers have resumed enquiries with Indian apparel exporters. However, buyers are seeking discounts of 5%-10% across apparel categories, putting pressure on already-thin exporter margins. "Enquiries are coming, but US buyers are offering lower prices," said K.M. Subramanian, president of the Tirupur Exporters Association (TEA). India's readymade garment (RMG) exports have declined for the sixth consecutive month in May, shrinking the year-on-year growth by 14.1% in May 2026 primarily due to weaker demand in the United States, India's largest apparel export market. The US accounts for nearly one-third of India's total apparel exports.
After being at a war for over four months, the US and Iran will finally be signing an interim memorandum of understanding on Friday. The signing, which will take place in Switzerland, will pave the way for 60 days of negotiations aimed at ending the conflict and imposing strict limits on Tehran's nuclear programme. According to a draft of the agreement, Iran would be allowed to immediately resume oil exports and gain access to an economic development programme worth at least $300 billion as part of broader efforts to reach a permanent peace deal addressing its nuclear activities.
The country's installed power generation capacity has crossed 530 GW and is expected to reach nearly 600 GW next year, driven by rapid additions in renewable energy, thermal power and battery storage, a senior Power Ministry official said on Wednesday. Aadhar Raj, Joint Secretary in the Ministry of Power, said the country's electricity sector continues to expand at one of the fastest rates globally, with annual growth of more than 7-8 per cent and renewable energy additions of around 30-40 GW every year.
Japan is moving toward temporarily cutting its consumption tax on food to 1% in what would be the first effective reduction of its kind, further straining its already worsening finances.
This time 10 years ago, few would have predicted that Northern Ireland would be topping the United Kingdom's economic growth charts after the 2016 vote to leave the European Union.
British inflation unexpectedly held at 2.8% for May, unchanged from the 13-month low reached in April, official figures showed on Wednesday, a day before the Bank of England will announce its next interest rate decision.
Japan's exports grew for a ninth straight month in May, data showed on Wednesday, as a weaker yen, higher commodity prices and solid semiconductor demand offset the drag from major supply disruptions linked to the U.S.-Israeli war with Iran. The global artificial intelligence boom has cushioned parts of the world economy against war-driven risks, enabling import-dependent nations like Japan to absorb the immediate shock to growth and trade.
apanese manufacturers' sentiment improved for the second consecutive month in June, as persistent semiconductor demand supported chemicals and machinery makers, the latest Reuters Tankan survey showed. The monthly poll, a leading indicator of the Bank of Japan's quarterly Tankan business survey, revealed that manufacturers' sentiment rose to plus-13 in June from plus-8 in May.
Argentina likely posted a trade surplus of $2 billion in May, a Reuters poll showed, as crude shipments were buoyed by high global oil prices and weak domestic demand meant exports outweighed imports.
France's economy is growing more slowly than expected after a sluggish start to the year with the Middle East conflict weighing on activity, the central bank said on Tuesday, warning the outlook was hostage to geopolitical developments.
India’s exports of agricultural and processed food products rose by 8% year-on-year to $ 4.51 billion during April-May period of the current fiscal year as shipments of buffalo meat increased sharply. Exports of rice, fruits and vegetables, however, declined in current fiscal because of the West Asia crisis. According to data from Directorate General of Commercial Intelligence and Statistics, the shipment of buffalo meat, dairy and poultry products in the first two months of FY27, increased sharply by 45% to $ 1.18 billion, while the value of rice exports including basmati and non-basmati varieties dropped marginally to S 2.04 billion on year.
Even in this global landscape of heightened volatility and uncertainty, strategic shifts are creating unique opportunities. India's 'China Plus One' gains have been uneven. But the smartphone success story demonstrates what's achievable when policy, infrastructure and investment align. Electronics leads. But integration can deepen across sectors like auto components, automobiles, pharma and engineering goods. India is well-positioned to capture a larger share of low- and mid-tech manufacturing as supply chains diversify. To achieve this, it requires a pragmatic stance on China. Proliferation of FTAs should also open an even wider market for exporters.
Su Shan Tan, the chief executive of Singapore-based DBS Bank, views India as a long-term structural growth story despite nearterm volatility. The country could benefit from the surge in global demand for memory chips and hardware driven by the artificial intelligence boom, but to capitalise on the opportunity, it must invest in people and education, she says. The bank infused Rs 1,600 crore in its India operations in March and remains committed to the country, stepping up investments in wealth, supply chain financing and client connectivity, she tells ET’s Joel Rebello & Sangita Mehta.
Sales of over 1,800 listed private manufacturing companies expanded by 14.5 per cent in the fourth quarter of 2025-26, mainly driven by automobiles, electrical machinery and non-ferrous metals industries, according to RBI data released on Tuesday. At the aggregate level, listed private non-financial companies continued to record a double-digit sales growth of 13.9 per cent during the January-March period of 2025-26, up from 10.1 per cent in the previous quarter.
New Delhi, Uttar Pradesh, Gujarat, Jharkhand, Manipur, and 9 other states recorded surplus revenues in 2024-25, while the remaining 15 states had a deficit. Eighteen states targeted revenue surplus, 3 states targeted revenue deficit, and 7 targeted zero revenue deficit in FY 2024-25, according to a report on 'State Finances 2024-25' released by Comptroller and Auditor General of India K Sanjay Murthy on Tuesday. "In FY 2024-25, 15 states were revenue-deficient while the rest 13 states were revenue surplus," the report said.
The conflict in West Asia is reshaping India’s trade flows in unexpected ways, triggering a dramatic reordering of both import sources and export destinations. The most striking shift has been Oman’s emergence as a key trade partner. Ranked only 30th among India’s import sources in April-May 2025, the Gulf nation has jumped to 10th place in the first two months of the current financial year. Imports from Oman surged 3.8 times to $3.4 billion, largely driven by energy shipments. The changes extend far beyond the Gulf. The UAE slipped to fourth place among India’s import partners, while Russia reclaimed the second spot, followed by the US. India’s search for alternative LPG supplies helped lift imports from the US, while purchases from Brazil rose 2.8 times to $2.7 billion. Imports from Peru climbed 3.7 times to more than $2 billion, making it India’s 20th-largest import source compared with 35th a year earlier.
States' aggregate expenditure rose sharply by 131 per cent between 2015-16 and 2024-25, keeping pace with economic growth, as they focused on welfare and development activities, said a CAG report on Tuesday. Revenue expenditure continued to dominate budgets, averaging over 83 per cent of total spending, while capital expenditure increased in absolute terms but remained a relatively smaller share. "Social and economic services together accounted for about two-thirds of total expenditure, reflecting states' focus on welfare and development," said the CAG's Publication on State Finances 2024-25.
India's merchandise trade deficit stood at $ 28.21 billion in May 2026, with lower crude oil prices and higher duties on gold imports likely to ease pressure on the import bill in the coming months, according to a report by Dolat Capital cited. According to ANI, the report noted that petroleum imports surged to $ 22.7 billion in May 2026, up from $ 14 billion a year earlier, even as non-petroleum exports rose to $ 70.7 billion during April-May FY27 from $ 64 billion in the corresponding period last year. Non-petroleum, non-gems and jewellery exports also increased to $ 65.9 billion from $ 59.2 billion.
The Centre’s fertiliser subsidy may not rise as much as it was earlier feared, with global prices declining after the announcement of the US-Iran peace deal, even as a weaker monsoon may lead to lower fertiliser demand as sowing may get hit. The fertiliser subsidy bill, initially feared to double to Rs 3.4 lakh crore, may eventually be around Rs 2.5 lakh crore this fiscal, as per newer estimates.
Tata Motors Passenger Vehicles is targeting an 18-20% market share and a double-digit Ebitda margin by FY30, while planning to invest Rs 33,000-35,000 crore across its passenger vehicle and electric vehicle operations over the next five years, according to the company’s FY26 annual report. The investment will support new product development, capacity expansion, electrification and the broader EV ecosystem as the automaker looks to strengthen its position in the country’s fast-growing SUV and electric vehicle segments. SUVs, CNG, EVs to drive growth The company, which emerged as the second-largest car manufacturer in the second half of FY26 based on Vahan registrations, expects industry growth to continue to be driven by SUVs, compressed natural gas (CNG) vehicles and EVs. Chairman N Chandrasekaran said the company was entering FY27 with a robust pipeline of launches and a multi-powertrain strategy spanning petrol, diesel, CNG and electric vehicles.
Adani Ports & Special Economic Zone (APSEZ) on Tuesday said it has expanded its partnership with the US-based Kaleris to drive next-generation capabilities across its ports and logistics network. The partnership is part of its broader 2030 objectives involving an outlay of $850 million towards decarbonisation, technology upgrades and an ambitious one billion tonne of cargo handling capability per annum, APSEZ said. The multi-year agreement will see Kaleris deploy its foundational terminal operating system and AI-augmented advanced container handling and optimisation solutions across 15 APSEZ container terminals spanning nine domestic and international ports, it said.
Inox Wind Ltd has signed a memorandum of understanding (MoU) to supply 1,500 MW of wind turbines to Inox Clean Energy, in a deal valued at around ₹8,000 crore, significantly boosting the company’s order pipeline and strengthening visibility for future growth. The agreement will take Inox Wind’s order book from 3.1 GW to over 4.5 GW, providing multi-year execution visibility for one of India’s largest wind turbine manufacturers. “The deal value is around ₹8,000 crore,” a senior company official said, requesting anonymity. Under the MoU, Inox Wind will supply its advanced 3.3 MW and 4X MW wind turbines for renewable energy projects being developed by Inox Clean Energy across India.
Jaguar Land Rover (JLR) is pinning its FY27 growth ambitions on a new product cycle led by the much-awaited Range Rover Electric and the first model from its reimagined Jaguar line-up. In Its FY26 annual report, Chief Executive Officer P B Balaji outlined a strategy centred on product innovation, electrification and stronger brand positioning, while continuing to build around the company’s four core vehicle brands, Range Rover, Defender, Discovery and Jaguar. “2026 is set to be an exciting year for JLR as we develop our next-generation vehicles, including the launch of the Range Rover Electric and the unveiling of the first new Jaguar,” Balaji said.
An Indian pollution regulator has alleged wastewater discharged from a Tata components factory for Apple's iPhone has contaminated the groundwater for nearby farms and warned of a forced shutdown unless Tata gives a satisfactory explanation. India's Tata Electronics is central to Apple's push to diversify iPhone production beyond China and is the second-biggest supplier to Apple in South Asia after Taiwan's Foxconn. The Tata plant under investigation is in Hosur in southern Tamil Nadu state and makes back panels and other components for iPhones. Farmland owners near the plant had complained for months to the Tamil Nadu Pollution Control Board that wastewater from the factory was contaminating their land and open wells.
Avaada Group is on track to add 10.5 GW of renewable energy capacity over the next two years, taking its total installed generation capability to 17.7 GW, a top company official said on Tuesday. Talking to PTI on the sidelines of the Avaada Bharat Uday Yatra event, Avaada Energy CEO Kishor Nair stated that the group currently has a renewable energy portfolio surpassing 17.7 GWp, including over 7.2 GWp of operational capacity and approximately 10.5 GWp under construction. He said the company is on track to achieve 17.7 GW of renewable energy capacity in the next two years, as power purchase agreements (PPAs) have already been signed for under-construction projects.
Raw material expenses of listed manufacturing companies surged 18.3% year-on-year in the January-March quarter of FY26, highlighting growing input cost pressures amid global uncertainties. The raw material-to-sales ratio rose to 58.5% in Q4 FY26 from 57.5% in the preceding quarter, signalling that a larger share of revenues was being absorbed by input costs, according to Reserve Bank of India (RBI) data released on Tuesday. The increase in input costs came despite a strong improvement in sales. Aggregate sales growth of 3,266 listed private non-financial companies accelerated to 13.9% year-on-year in Q4 FY26 from 10.1% in the previous quarter, while manufacturing companies recorded sales growth of 14.5%, driven by automobiles, electrical machinery and non-ferrous metals.
The GST Appellate Tribunal (GSTAT) has fixed June 30 as the deadline for filing appeals against GST orders passed before April 1, 2026, and no appeals will be accepted after the portal closes, GSTAT Bihar vice-president Manoj Shankar said at an awareness programme organised by the Bihar Industries Association (BIA) in Patna on Tuesday. Addressing industrialists, traders, tax professionals and taxpayers, Shankar said GSTATS are now operational across the country and urged eligible taxpayers to file appeals well before the deadline to avoid last-minute difficulties.
The new labour code along with the central government rules has introduced several practical changes that are beneficial for employees. One such change is the removal of distinct rules for each central law. Now, all the regulations are combined into a single act, which simplifies things and makes it easier for employees to look up the relevant law and its rules. Moksha Bhat, Managing Partner, AP & Partners, told ET Wealth Online that the rules framed under the four labour codes, at a basic level, make it easier for employers to comply. Instead of having to navigate through different sets of rules for each Central Act, employers now have to refer to one set of Rules for each Code.
The Securities and Exchange Board of India (Sebi) on Tuesday issued a circular allowing alternative investment funds (AIFs) and venture capital funds to retain funds beyond fund life under specific circumstances. This addresses bottlenecks where funds cannot close because of locked-up capital due to unfavourable circumstances such as disputes, tax claims, or ongoing wind-up costs. The circular, which comes into immediate effect, follows the regulator’s notification in April to provide such flexibilities to AIFs. There are three conditions specified by the regulator for both AIFs and venture capital funds, of at least one needs to be met for retaining funds beyond expiry. These include providing demonstrable receipt of litigation notice or demand by the funds that indicates a potential tax, regulatory, or legal liability.
Distressed companies undergoing insolvency proceedings could get higher valuations under a new mechanism proposed by the Insolvency and Bankruptcy Board of India (IBBI). According to a circular issued by the regulator, it will be mandatory for valuers to take into account “synergistic value” and intangible assets while estimating an entity’s worth. The norms also mark a shift in the valuation approach under the Insolvency and Bankruptcy Code (IBC) from a largely asset-based reporting structure to a more holistic assessment of a company’s market value.
Goldman Sachs has managed more than $1 trillion worth of announced mergers and acquisitions so far in 2026, marking a record pace for any investment bank within a half-year period, the Wall Street giant said in a LinkedIn post citing Dealogic data. The figure comes on the back of the investment bank managing SpaceX's landmark initial public offering as lead left underwriter. The Elon Musk company went public in New York on Friday. The bank also acted as co-financial advisors to power company Dominion Energy in its sale to NextEra Energy in a $66.8 billion deal announced last month. In a separate post, CEO David Solomon said global M&A volumes have already exceeded $2.6 trillion this year as AI and strategic consolidation reshape industries, while trading volumes have reached all-time highs as clients navigate a range of risk events.
The Reserve Bank of India’s (RBI) incentives to attract Foreign Currency Non-Resident (Bank) (FCNR(B) deposits have prompted leading private-sector banks to approach overseas lenders with proposals aimed at financing their non-resident Indian (NRI) clients and encouraging them to place funds through this route. “Foreign banks will gain access to a large NRI customer base and tap secured lending opportunities with limited credit risk. We, in turn, can multiply FCNR deposits beyond our existing dollar liquidity, while NRIs benefit from interest-rate arbitrage,” said a senior banker at a private-sector lender. According to sources, HDFC Bank, Axis Bank and IndusInd Bank have lined up proposals for offshore lenders as they compete for a share of the estimated $50 billion expected to flow through the FCNR(B) route.
ICICI Prudential Mutual Fund and SBI Mutual Fund led the cash deployment, reducing their cash holdings by Rs 4,679 crore and Rs 3,407 crore, respectively. Quant Mutual Fund, Nippon India Mutual Fund and Axis Mutual Fund also deployed significant amounts, with cash reductions of Rs 1,609 crore, Rs 1,436 crore and Rs 1,036 crore, respectively. The trend, however, was not uniform across the industry. While 24 fund houses deployed cash during the month, an equal number of asset management companies (AMCs) increased their cash levels. However, the rise in cash holdings was significantly lower than the deployment.
The US-Iran peace deal and the planned reopening of the Strait of Hormuz may have calmed oil markets, but marine cargo and war-risk insurance premiums are unlikely to fall anytime soon, according to industry executives. “For the marine community, crucially absent from the agreement are the practical details surrounding the reopening of the Strait of Hormuz reopening, particularly Iran’s guarantee to respect freedom of movement within the Strait and the region as a whole,” said Marcus Baker, Global Head of Marine, Cargo & Logistics, Marsh. Baker added that while some marine insurers recognise that conditions in the Persian/Arabian Gulf region have improved over the weekend, the overall market response in the short term will largely depend on further de-escalation of hostilities or perceived breaches of the agreement.
Around 130-150 million barrels of liquid cargo, ships carrying more than 2 million tonnes of fertilisers, and nearly 500 commercial vessels remain caught in the fallout of the Strait of Hormuz disruption, implying that while tanker traffic could resume within days of a reopening, global supply chains may take up to six months to fully normalise, experts warn. According to Kpler, approximately 130-150 million barrels of liquid supplies are currently loaded on tankers inside the Middle East Gulf (MEG) region. In addition, around 35-45 vessels carrying more than 2 million tonnes of fertilisers remain stranded in the region, with no meaningful export offset through alternative ports. “We are currently tracking approximately 130-150 million barrels of liquids loaded in the Middle East Gulf. Based on current loading levels, it could take roughly 7-10 days for these volumes to exit the region, although the timeline will ultimately depend on vessel traffic conditions and the pace at which tanker movements normalise,” said Nikhil Dubey, senior refining analyst, at Kpler.
Just days after its blockbuster Nasdaq debut catapulted its valuation beyond $2 trillion, Elon Musk‘s SpaceX is making another audacious bet, this time in artificial intelligence. The aerospace and technology giant said Tuesday it will acquire Anysphere, the company behind the fast-growing AI coding assistant Cursor, in a deal valued at $60 billion. The transaction, expected to close in the third quarter of 2026,is one of the largest acquisitions in the rapidly evolving AI software sector. It also shows SpaceX’s ambitions to expand beyond rockets and satellite communications, deepening its footprint in enterprise artificial intelligence at a time when demand for AI-powered software tools is surging.
The U.S. has held off adding China’s AI startup DeepSeek, memory chipmaker CXMT and more than 100 other companies flagged as national security risks to a trade blacklist, according to two people familiar with the matter, as the Trump administration tries to avoid escalating tensions with Beijing. DeepSeek, CXMT and other companies were approved by an interagency committee last year for addition to the Commerce Department's Entity List, which is being reported for the first time. Reuters is also exclusively reporting the large number of companies awaiting publication on the list. DeepSeek, whose low-cost AI model sent shockwaves through the technology world in January 2025, has supported China's military and intelligence operations, a senior U.S. State Department official told Reuters last year, adding that the startup tried to use Southeast Asian shell companies to illegally access advanced U.S. chips.
OpenAI burned through $3.7 billion in the first quarter of 2026, more than half its $5.7 billion in revenue, The Information reported on Tuesday, citing documents the company shared with shareholders. Reuters could not immediately verify the report. Earlier this month, OpenAI said it had confidentially filed for a U.S. IPO that a source said could come as early as September and value the company at up to $1 trillion.
BMW slashed its outlook for 2026 on Tuesday, blaming an accelerated downturn in the key Chinese market as well as the impact of the Iran war, which the German premium carmaker said had hit consumer sentiment and raised energy costs. The comments showed how exposed Europe's auto sector — already pummelled by fierce Asian competition and weak demand at home — is to developments abroad. BMW said it now expects an operating margin in its core automotive segment of between 1% to 3%, down from 4% to 6% previously, as well as a slight decrease in core deliveries in 2026, having previously expected them to be on par.
When President Donald Trump announced the US deal with Iran on Sunday and declared the "opening" of the Strait of Hormuz, his Truth Social post ended with the words "Ships of the World, start your engines. Let the oil flow!" BBC Verify analysis of MarineTraffic ship-tracking data, however, shows that just seven vessels appear to have passed through the critical waterway since the deal was announced and as many as 580 ships appear to be waiting in the Gulf. Tehran effectively closed the Strait of Hormuz, through which about a fifth of the world's oil and gas supplies are usually transported, following US and Israeli strikes on 28 February.
India is weighing a China-style policy to mandate domestic refiners to build and maintain significantly larger crude oil inventories to cushion the country against future supply disruptions such as those triggered by the Iran war, according to people familiar with the matter. The proposed stockpile would be in addition to the roughly 15 days of crude that refiners hold at their facilities for operational needs. The proposal is at a preliminary stage and key details have yet to be finalised, the people said, adding that no final decision has been taken on its implementation. Refiners are likely to push back against the plan, citing the substantial cost of building new storage facilities and filling them with crude oil, said one of the persons, who did not wish to be identified. If refiners are required to double their inventory levels to cover about 30 days of national demand, they would need to hold a combined 150 million barrels of crude, based on India's consumption of 5 million barrels per day.
India's rice stocks in government warehouses rose 15 per cent year-on-year to a record high at the start of June, while wheat inventories climbed to their highest level in five years following strong procurement from farmers, according to official data.
India could need 817 gigawatts of solar power capacity by 2035, more than five times what it has today, driven in large part by two sources of demand that were barely on the radar when the country first set its renewable energy targets: artificial intelligence data centres and green hydrogen production. According to a Nuvama Institutional Equities’ report, the market has significantly underestimated where solar demand is headed. The demand from data centres and green hydrogen plants alone, they estimate, could add 251 gigawatts of solar capacity over the next decade, which, to give you more context, is more than India’s entire installed solar base today.
India's annual defence production rose to an all-time high of Rs 1.78 lakh crore in the financial year 2025-26, more than doubling in five years as the government's push for self-reliance in military manufacturing gathered pace. The record output marks a 15.6 per cent increase from Rs 1.54 lakh crore in FY 2024-25 and a 110 per cent jump from Rs 84,643 crore in FY 2020-21, according to the Ministry of Defence (MoD). Indigenous defence production has nearly quadrupled from Rs 43,746 crore in FY 2013-14, underscoring the rapid expansion of domestic manufacturing capabilities. Defence Minister Rajnath Singh hailed the milestone, crediting Prime Minister Narendra Modi's leadership and the efforts of stakeholders across the sector.
The Indian Pharmaceutical Market (IPM) is expected to maintain its double-digit growth trajectory, driven by strong volume growth and broad-based demand across therapies, according to a report by brokerage firm Equirus. The brokerage described May's performance as one of the strongest demand trends in recent years, with both chronic and acute therapies witnessing robust growth. According to the report, the IPM "posted monthly growth of 12.1 per cent in May'26, marking the sixth consecutive month of double-digit expansion - the most sustained high-growth run in over two years."
For more than two decades, China's breakneck urbanisation and construction boom dictated the fortunes of the global steel industry. Today, as Chinese steel demand slows and miners search for new growth markets, attention is increasingly shifting to India. Executives from BHP and Rio Tinto this week pointed to India and Southeast Asia as the next major centres of steel demand growth, arguing that infrastructure spending, industrialisation and urbanisation could help offset weaker consumption in China.
Sunday’s memorandum of understanding between the US and Iran will come as a huge relief to a world weary of the 107-day conflict that roiled oil markets, threatened to push inflation higher, and cast a shadow over global growth and trade. Fingers crossed, the formal agreement scheduled to be signed in Geneva this Friday will pave the way for constructive negotiations and, ultimately, a durable peace.
China's economy showed increasing unevenness in May, with retail sales falling for the first time in over three years and investment slumping, while industrial output picked up pace. Tuesday's data highlighted a two-speed growth pattern in the world's second-largest economy, with factories buoyed by surprisingly resilient exports but domestic demand worsening amid a multi-year property downturn.
Pakistan could improve economic projections for 2027 after the end of the Iran war, but it is still too early to revise the budget, Finance Minister Muhammad Aurangzeb told Reuters, hours after the U.S. and Iran signed a deal to end the fighting. Damaged energy infrastructure meant supply chains would take time to return to normal, after the conflict pushed inflation back into double digits, Aurangzeb said.
Australia's central bank held its cash rate steady at 4.35% on Tuesday, saying the economy was slowing in the face of tighter financial conditions but warned it might hike the rate again if it was needed to control inflation. Wrapping up its June policy meeting, the Reserve Bank of Australia (RBA) said inflation was still too high and it would do whatever necessary to bring it down, "including increasing the cash rate target further if required."
Peru's economy expanded 3.73% in April from a year earlier, data from the government's INEI statistics agency showed on Monday, exceeding expectations as nearly all sectors posted growth. April's reading came above the 3.55% increase forecast by analysts polled by Reuters and compared with a 3.21% expansion in March.
The world economy is weathering the shock of the war in the Middle East with no signs yet of a global slowdown, but risks remain high, International Monetary Fund chief Kristalina Georgieva said on Monday. Georgieva, who will brief G7 leaders on the global economy at a summit in France this week, welcomed the agreement by the U.S. and Iran on Sunday to end their war and reopen the Strait of Hormuz, but warned in a new blog that an intensification of the conflict and supply disruptions posed a "clear risk to global growth."
U.S. factory production was unexpectedly unchanged in May after gains in the prior months, which some economists said were related to businesses building up inventory in anticipation of shortages and higher prices due to the war in the Middle East. Despite the flat reading in output reported by the Federal Reserve on Monday, an artificial intelligence spending boom by businesses is offering a lifeline to manufacturing, helping to offset some of the drag from import tariffs and the recent oil price shock. Business tax incentives for equipment investment are also supporting the sector.
The US-Iran tentative deal to end their 107-day conflict and reopen the Strait of Hormuz could at once boost India’s economic sentiments, ease an already evident pressure on the fisc, avert an emergent balance of payments problem, and help the rupee to hold against the dollar, economists said. If supply chain normalises fast and let prices of key commodities decline like oil and LNG decline, the Reserve bank of India may opt for a moderate upward revision of its GDP estimate of 6.6% for the current fiscal year, many of them felt. However, they cautioned that things were still unfolding.
The recovery in shipment volume to West Asia after two months of decline and the high value of petroleum product shipments helped merchandise exports grow at the fastest rate in six months in May. Shipments rose 18% to $45.2 billion, and with the war in the region winding down prospects for the rest of the year look promising, government officials and trade circles feel. Exports to West Asia, which had fallen sharply to $2.62 billion in March as the war began, returned to last year’s level of $5.3 billion in May. “The May numbers are one of the highest monthly export data. Going by the trend, this year will be good for exports,’ Commerce Secretary Rajesh Agrawal said.
The progress of the southwest monsoon has been sluggish so far with cumulative rainfall until June 14 being just 28.4% below the benchmark longer period average (LPA) for the period. This is in the ‘deficient’ range, according to the India Meteorological Department’s criteria. This follows the late arrival of monsoon over Kerala on June 5 against the usual date of June 1. Finance Minister Nirmala Sitharaman on Monday expressed concern over the impact deficient rains would have on farmers’ income as the IMD has officially forecast a below-normal monsoon for 2026. “Of course, we have enough buffer stocks. Since last year we’ve maintained it, so there shouldn’t be a food shortage.
India’s trade deficit widened sharply in May 2026 despite a strong surge in exports, as rising imports outpaced gains in both merchandise and services trade, news agency ANI reported based on data released by the Ministry of Commerce and Industry. While exports touched record levels during the month, a steep increase in imports pushed the country’s trade gap significantly higher compared to the same period last year, underlining growing domestic demand and rising commodity costs, as per the data released by the ministry.
India will take more steps to spur foreign capital inflows, not stopping with the recent announcements made by the government and the Reserve Bank of India, Finance Minister Nirmala Sitharaman said on Monday. “We will be doing more. We recognise we need more foreign capital to come in,” she said at the Hero Mind Mine Summit here. On June 5, the government and RBI launched a coordinated, multi-pronged package to combat persistent Foreign Portfolio Investor (FPI) sell-offs, ease balance-of-payments (BoP) pressures, and stabilise the rupee. Through an Ordinance, the government scrapped 20% withholding tax on interest income on government bonds and the 12.5% long-term capital gains (LTCG) tax on foreign bond holdings
The US and Iran have agreed to a deal to end the conflict, with the agreement set to be signed in Switzerland on Friday, raising hopes of a reopening of the Strait of Hormuz and a revival of oil and gas flows from West Asia. The prospect of a peace deal has already pushed Brent crude down to around $83 per barrel, while analysts expect Asian spot LNG prices to fall by up to 40% to $12-15 per MMBtu from the current $18-20 range, potentially delivering significant relief to India’s energy import bill, inflation, subsidy burden and industrial fuel costs. The development is particularly significant for India, which imports more than 85% of its crude oil requirement and over 50% of its natural gas consumption. Nearly 20% of global oil and gas supplies move through the Strait of Hormuz, making any disruption a direct threat to India’s energy security and import costs. Analysts estimate that a $10 decline in crude oil prices can reduce India’s annual import bill by $13-15 billion.
India’s inflation trajectory is beginning to show signs of renewed pressure, with both consumer and wholesale prices rising sharply in May 2026 amid higher food costs, fuel price increases and global commodity volatility, according to separate research reports by HSBC and Bank of Baroda. While retail inflation remains within the Reserve Bank of India’s tolerance band for now, economists warn that a combination of rising energy prices, weather disruptions and global supply-side risks could push inflation significantly higher in the coming months.
Goldman Sachs has turned more optimistic on India's external position, lowering its current account deficit (CAD) forecast for 2026 to 1.3% of gross domestic product (GDP) from 2% earlier and projecting a balance of payments (BoP) surplus of 0.6% of GDP after two years of deficits. Despite lower capital inflows, India posted a $7.2 billion BoP surplus for the January-March period, supported by stronger remittances, robust services exports and reduced oil imports. According to Goldman Sachs, this reflected precautionary dollar demand amid heightened uncertainty in West Asia.
India recorded a current account surplus of $4.7 billion in April 2026, compared with a deficit of $4.8 billion a year earlier, even as net foreign portfolio investment (FPI) outflows widened to $8.7 billion and pushed the overall balance of payments into a deficit, according to preliminary data released by the Reserve Bank of India (RBI) on Monday. The surplus came despite a wider merchandise trade deficit of $27.9 billion in April 2026, compared with $27.1 billion a year earlier. Merchandise exports rose to $44.6 billion from $38.7 billion, while imports increased to $72.5 billion from $65.8 billion. Net services exports strengthened to $18.6 billion during the month, up from $15.9 billion in April 2025. Services exports stood at $37 billion, while imports were $18.4 billion.
India's export outlook remains challenging in FY27 amid moderating global demand and elevated electronics imports, but the worst phase appears to be behind as a weaker rupee, resilient services exports and strong remittance inflows are likely to cushion external sector pressures, according to a report by Elara Securities. The report noted that softer crude oil prices and easing freight costs in the coming months could help normalise India's import bill, providing some relief to the country's trade balance.
India’s unemployment rate climbed to an 11-month high of 5.5 per cent in May from 5.2 per cent in April, even as labour-force participation eased, suggesting a softening labour market, according to the latest monthly bulletin of the Periodic Labour Force Survey (PLFS), released by the National Statistics Office (NSO) on Monday. Key Labour Market Indicators Decline Notably, the labour-force participation rate (LFPR), which is the percentage of the population that is either working or actively looking for work, hit an 11-month low of 54.4 per cent in May, down from 55 per cent recorded in April. The LFPR rate in rural areas declined to 56.6 per cent during the month from 57.5 per cent in April, while in urban areas it decreased marginally to 49.8 per cent from 50.1 per cent.
Vedanta chairman Anil Agarwal on Monday said each of the group’s five demerged businesses has the potential to become a $100 billion company, as he outlined ambitious growth plans across steel, nuclear power, oil and gas, aluminium and critical minerals following the conglomerate’s restructuring into sector-focused entities. “Every (demerged) company has the potential to become a $100 billion company,” Agarwal said while addressing the media at the listing ceremony of the newly created entities. The four companies — Vedanta Aluminium Metal, Vedanta Power, Vedanta Oil and Gas, and Vedanta Iron and Steel — were listed on the National Stock Exchange and Bombay Stock Exchange on June 15. Agarwal also outlined a major expansion push into nuclear power, saying the group has signed an agreement in the sector and is targeting an initial capacity of 20,000 MW, with a long-term ambition of reaching 50,000 MW.
B2B manufacturing platform Zetwerk posted an estimated 24% revenue growth to Rs 15,900 crore in FY26, up from Rs 12,800 crore a year earlier, according to a CRISIL rating note dated June 3. The recovery was driven by the company’s exit from unprofitable businesses and a scaled-down civil infrastructure vertical, the agency noted. The Bengaluru-based firm, which spans energy, precision manufacturing, capital goods, and trading, carries an order book exceeding Rs 12,000 crore, executable over the next 12–18 months, it added. CRISIL pegged Zetwerk’s adjusted net worth at Rs 4,500–4,900 crore as of March 31, 2026, with debt at Rs 2,700–2,800 crore. The rating agency did not disclose profit after tax but noted the net worth estimate factored in expected losses for the year. Zetwerk had reported a net loss of Rs 371 crore in FY25, narrowing from Rs 918 crore in FY24.
Adani Enterprises and US based Jabil on Monday said they will form an alliance to set up an AI and data center infrastructure manufacturing platform in the country. The platform plans to deploy multi-GW of high-density AI Rack manufacturing capacity in the country . “This will serve the critical infrastructure needs of global hyperscalers, co-location facilities, and enterprise data centers through the advanced manufacturing and integration of next-generation liquid-cooled AI racks, servers, storage, and networking systems utilizing state-of-the-art SMT (Surface Mount Technology) and complex box-build processes,” a release the duo said.
Suzlon, a renewable energy company, has launched India’s tallest and most powerful wind turbine, the 5 MW S175, with the commissioning of a wind project in Vijayanagar, Karnataka. Until now, the Indian market has primarily featured turbines in the 1-2 MW range, but it is beginning to shift toward more powerful options. Girish Tanti, Executive Vice Chairman of Suzlon Group, stated, “The S175 is engineered specifically for Indian wind conditions, grid realities, and operating environments. Its greatest breakthrough lies not only in significantly increasing energy generation but also in its ability to make previously unviable wind sites viable, thus expanding the potential market for wind energy.” He further explained that India could grow from a 350 GW market to a 1.1 Terawatt (TW) capacity, marking a threefold increase in the addressable market. Advanced technologies and innovations have made sites that were previously unviable now operational.
Corporate profits are becoming an increasingly crucial driver of India’s economy. Yet it isn’t a chest-thumping accomplishment in policymaking. If anything, it’s the opposite because those surpluses aren’t being plowed back into new physical assets. The aggregate net income of listed Indian firms is approaching a record 6% of gross domestic product. Even so, their capital expenditure has remained flat, hovering at 3.6% to 3.7% of gross domestic product.
The Reserve Bank of India (RBI) has amended the rules on how Non-Resident Indians (NRIs), Overseas Citizens of India (OCIs) and other residents outside India can make investments, receive sale proceeds and how such transactions can be reported to the central bank. One of the major changes is that a person residing outside India (NRIs and OCIs) can now maintain a designated repatriable rupee account for investments made on a repatriable basis. These regulations, known as Foreign Exchange Management (Mode of Payment and Reporting of NonDebt Instruments) (Amendment) Regulations, 2026, came into force on June 13, 2026 .
The Securities and Exchange Board of India (SEBI) is working on a comprehensive framework to govern the use of artificial intelligence (AI) in the capital markets ecosystem, its chief Tuhin Kanta Pandey said on Friday. "AI will be an important part of our regulatory agenda. AI can improve surveillance, risk assessment, fraud detection, and investor servicing. But it also brings risks relating to opacity, bias, data protection, cybersecurity, and accountability. SEBI will issue detailed guidelines on the responsible use of AI in capital markets," Pandey said. He was speaking at the ET NOW Markets Summit 2026.
The bankruptcy regulator on Monday issued a circular stipulating standardised formats and documentation requirements for the valuation of companies undergoing resolution under the Insolvency and Bankruptcy Code (IBC). The aim is to put in place a scientific approach to the valuation of stressed firms-which significantly influences creditors' considerations of bid offers and revival plans-and minimise the scope for arbitrary methods. The circular followed a November 2025 discussion paper on valuation guidelines by the Insolvency and Bankruptcy Board of India (IBBI). The latest guidelines have three parts. The first part sets out general requirements regarding documentation to be maintained by the registered valuer, the minimum content of the valuation report, key parameters to be considered while valuing receivables and duties of registered valuers towards designated coordinating valuer.
Even as large e-commerce and quick-commerce companies continue to grapple with the economics of serving rural India, a growing set of startups built specifically for village markets is gaining scale, attracting investor interest and expanding across underserved geographies. These companies, operating at the intersection of agritech, retail distribution and e-commerce, are drawing capital on the back of steady growth and business models tailored to rural realities. In March, rural commerce startup Rozana raised Rs 290 crore in a Series B funding round led by Bertelsmann India Investments, taking its valuation to about $200 million, more than double its previous valuation. Rural distribution platform Gramik recently raised Rs 17 crore in a bridge round ahead of a planned Series A fundraise.
The earnings season got over last month. Before we analyse the quarterly performance of listed Indian banks, let's take a look at how they performed in FY26. The combined net profit of listed private and public sector banks is ₹3.94 trillion, the highest ever, 7.47 per cent higher than in FY25. The private banks' collective net profit is up 4.02 per cent to ₹1.96 trillion and that of public sector banks by 11.13 per cent to ₹1.98 trillion. All figures are rounded off. All PSBs have recorded a rise in net profit for the year -- the quantum of rise varies between 1.65 per cent (Punjab National Bank) and 56.18 per cent (Indian Overseas Bank). In contrast, four private banks have reported a drop in net profit. They are IndusInd Bank Ltd (64.69 per cent), Bandhan Bank Ltd (55.43 per cent), Kotak Mahindra Bank Ltd (14.85 per cent) and Axis Bank Ltd (7.27 per cent).
The Reserve Bank of India’s (RBI) decision to allow banks to lend directly to Real Estate Investment Trusts (REITs) is expected to improve access to long-term capital, lower borrowing costs and reduce the sector’s dependence on the corporate bond market, according to the Indian REITs Association (IRA). The RBI on Wednesday issued a framework permitting banks to lend directly to REITs and Infrastructure Investment Trusts (InvITs). Under the norms, banks can lend only to Sebi-registered REITs with at least 80% of their underlying assets generating positive cash flows for at least one year. The aggregate exposure of all banks to a REIT, along with its underlying special purpose vehicles (SPVs) and holding companies, has been capped at 49% of the trust’s asset value. The norms will come into effect from October 1, or earlier if adopted by banks.
Foreign institutional investors have not walked away from Indian equities, they've simply rotated their bets, Samir Arora, Founder and Group CIO of Helios Capital Management, said at the ET Alpha Wealth Summit, delivering one of the sharpest macro reads on India's market narrative in recent months. The $200 billion rotation nobody is talking about Citing data from an ICICI report, Arora revealed a striking structural shift in foreign portfolio behaviour. Four years ago, heavyweight names, HDFC, Reliance, Infosys, TCS, Kotak, Bajaj Finance, and Hindustan Unilever, collectively made up around 40% of the total foreign institutional investor (FII) portfolio in India. Today, that share has nearly halved to roughly 20%.
The Reserve Bank of India allowed all foreign individual investors to buy shares in domestically listed firms directly, implementing a budget proposal and expanding access beyond non-resident Indians (NRIs) and overseas citizens of India (OCIs). This comes at a time when foreign portfolio investors (FPIs) have been pulling money out of Indian equities, adding to pressure on the rupee. The RBI said Monday evening that overseas individuals can invest in equity instruments of listed firms on recognised stock exchanges with enhanced limits, marking a further liberalisation of India's foreign investment regime. KYC Checks This potentially widens the investor base for domestic equities. Such individuals currently bet on Indian markets mainly through pooled investment vehicles managed by foreign institutions, alternative investment funds, mainly Category III, or via limited NRI channels.
Schneider Electric and Taiwan’s Hon Hai Technology Group (Foxconn) have entered into a strategic partnership to develop and scale next-generation artificial intelligence (AI) data centres, as surging AI adoption drives demand for faster, more energy-efficient digital infrastructure globally. The collaboration brings together Foxconn’s expertise in AI servers, advanced compute platforms, rack integration and large-scale manufacturing with Schneider Electric’s capabilities in power systems, cooling technologies and energy management, aiming to deliver integrated AI data centre solutions that can be deployed rapidly across markets. Production under the partnership is scheduled to begin later this year. The announcement comes amid an unprecedented build-out of AI infrastructure worldwide, with hyperscalers and technology companies racing to add computing capacity to support generative AI applications, cloud services and large language models.
Saudi Arabia is known as the “swing exporter” in the oil market because it can either pump out more or less of the black stuff in response to shocks. Historically the kingdom hasn’t had a match on the demand side. Barring a major economic crisis, consuming nations have always kept their purchases steady. Not anymore. After the Iran war, China has emerged as the world’s first oil “swing importer.” The ramifications of China becoming a stabilizing force for commodity prices go way beyond the latest Middle East conflict. This potentially reshapes the energy market — and Asian geopolitics. If the 1973 supply shock minted the term “Arab oil weapon,” the 2026 US-Israeli war on Iran now gives us the “Chinese oil weapon.” Or maybe “shield” is a better word, seeing how it might be wielded by Beijing in future stand-offs with the US.
OpenAI spent $34 billion last year to dominate the booming AI market ahead of its planned IPO, the Financial Times reported on Monday. Audited financial figures show the ChatGPT maker spent about $19 billion on research and development in 2025 and nearly $6 billion on sales and marketing, as well as other costs, the report said.
Global demand for electric vehicles rose for a third straight month in May, as subsidies and high petrol prices continued to drive the transition away from combustion-engine cars, data from consultancy Benchmark Mineral Intelligence showed on Wednesday. Registrations of new battery-electric vehicles and plug-in hybrid electric vehicles rose 3% from a year earlier to around 1.8 million in May, a proxy for sales, pushing the total 0.9% higher than last year for the first five months of the year, BMI said.
Oil supplies could normalise and prices fall below $80 per barrel within two-three weeks if the planned US-Iran agreement is signed on Friday and the Strait of Hormuz is reopened without any restrictions, said executives at Indian refineries. The US and Iran have agreed on a deal, scheduled to be signed on Friday, to end all military hostilities, remove the US naval blockade of the Islamic Republic and reopen the Strait of Hormuz. The two countries have also given themselves another 60 days to conclude negotiations over Iran's nuclear programme. Brent crude fell 5% on Monday to $83 per barrel following the announcement.
India's gold imports rose by 34 per cent year-on-year to USD 3.41 billion in May, driven by high prices of the precious metal, while silver imports dipped 86.65 per cent during the month, according to the commerce ministry data. The government increased import duty on precious metals from 6 per cent to 15 per cent effective May 13. According to the data, silver imports dipped to USD 75.57 million during the month under review from USD 566.22 million in May 2025. The rise in gold imports in May pushed the country's trade deficit (difference between imports and exports) to USD 28.21 billion. The price of the yellow metal is hovering near Rs 1,60,000 per 10 grams (inclusive of all taxes) in the national capital. Silver was priced at around Rs 2.60 lakh per Kg.
A record 45% of the reserve managers surveyed by the World Gold Council, up 2 percentage points from a year ago, expect to increase their own institutions' gold holdings over the next 12 months, the international organization said on Tuesday. The majority — 54% of 74 central banks that responded to the WGC's annual survey, conducted between February 5 and May 19 — said their holdings would remain unchanged, while 1% anticipated a decline. Most responses were received after the start of the Middle East conflict in late February, which triggered a rally in oil prices and drove gold prices down. Central banks remain keen on gold, and the recent price fall has not changed their minds, said Shaokai Fan, head of the central banks sector at the WGC. The U.S. and Iran agreed over the weekend on terms to end their war and reopen the Strait of Hormuz, prompting a 3% rise in gold prices on Monday. [GOL/]
The Health Ministry has issued a notice that excludes all “syrups” from over-the-counter sale of medication. The move is likely to affect a wide array of products — including cough syrups and some digestive medications. A prescription is now mandatory for purchase of all medicines consumed under this dosage format. The notification did not outline any specific formula or brands — opting instead for an umbrella change that covers nearly all oral, liquid medications. The change will not impact alternative solid formats of the same medicines. “In the Drugs Rules, 1945, in Schedule K, in the column, under the heading Class of Drugs, against serial number 13, in item number (7), the word ‘Syrups,’ shall be omitted,” read the official message from the Health Ministry.
Veteran venture capitalist Vinod Khosla has issued a bold warning about the future of India’s massive IT services industry, saying the traditional model that built the sector could soon collapse under the pressure of artificial intelligence. Speaking on the latest episode of Podcast Alpha, Khosla did not hold back. “India’s IT services industry will be gone,” he said, “That’s not a hedged observation.” The comment comes at a striking moment for the sector. India’s IT and business process management industry is on track to cross $300 billion in revenue in FY26 for the first time, according to NASSCOM. Exports alone are estimated at around $200–233 billion. The industry supports nearly 6 million jobs and remains one of the country’s biggest economic pillars.
India stands at a crossroads. With over one million young workers entering the labour market every month, a demographic dividend that economists call the envy of the world, and an ambitious $5-trillion economy target firmly in sight, it has every structural reason to accelerate the formalisation of its workforce. And yet, buried within the GST framework — a tax architecture otherwise celebrated for unifying India into a single market — lies a quiet contradiction: an 18% tax on the very services that convert informal workers into formal employees, for the industry that brings underprivileged job market entrants to formal employment opportunity.
After a record-breaking year of adding 6.1 GW of installations in 2025-26, the Indian wind sector is projected to exceed expectations and add 8 GW of wind capacity in 2026-27. Pralhad Joshi, the Union Minister for New and Renewable Energy (MNRE), stated that 6.1 GW was the highest capacity India has added in a single year. He said the sector is poised for its next growth phase as wind energy becomes a more reliable source of renewable power, especially with energy security becoming a key focus for the country. According to Joshi, renewable energy has recently met 33% of the nation’s peak energy requirements and can provide round-the-clock power through a combination of solar, wind, and energy storage.
Gujarat has unveiled its Industrial Policy 2026, targeting investments worth ₹10 lakh crore during the five-year policy period. The policy combines higher incentives, support for MSMEs, promotion of emerging sectors, and a new framework aimed at shifting industries away from congested urban centres. One of the key features of the policy, titled Viksit Gujarat Industrial Policy 2026, is a 50% capital subsidy for R&D centres, with building costs capped at 20% of the total investment. The subsidy is available for the first five R&D centres with a minimum investment of ₹300 crore, subject to a cap of ₹50 crore per annum for five years. In a first-of-its-kind initiative, the policy also gives a thrust to Mission THRIVE (Transition for Harmonized Relocation and Inclusive Vibrant Economy), aimed at decongesting cities and improving urban living by encouraging eligible industrial units to relocate outside city limits.
Japan's Proterial, a global leader in advanced materials, will set up a rare earth permanent magnet manufacturing facility in Andhra Pradesh with an investment of ₹2,250 crore, marking a key step toward building India's local rare earth value chain and reducing its reliance on Chinese sources, said people with knowledge of the matter. The project, to be located at Achutapuram in Anakapalli district, will manufacture 1.2 kilo tonnes per annum (ktpa) of sintered neodymium-iron-boron (NdFeB) permanent magnets, among the most critical components used in electric vehicles, wind turbines, industrial motors, electronics, aerospace and defence systems. The State Investment Promotion Committee approved the project at its meeting last week.
Stepping up efforts towards strengthening energy security amid growing AI/data centre push, the Centre is learnt to have asked states to speed up clearances and processes on proposed nuclear power plants and renewable energy storage systems, ET has learnt. The matter was taken up at the recent 11th Governing Council meeting of Niti Aayog with all chief ministers and top officials where it was pointed out that nearly 15 states/UTs required "accelerated action". ET gathers that before the June 11 meeting, states were reminded of pending approvals with respect to setting up of nuclear plants and battery energy storage systems.
Union Minister for New and Renewable Energy Pralhad Joshi on Monday launched India's first dedicated Wind Turbine Supply Chain Management (WT-MARUT) Portal, aimed at strengthening the country's domestic wind manufacturing ecosystem and accelerating its clean energy ambitions. The portal was unveiled at the Global Wind Day Conference in Goa, organised by the Ministry of New and Renewable Energy (MNRE) with support from industry bodies including the Indian Wind Turbine Manufacturers Association (IWTMA), Wind Independent Power Producers Association (WIPPA) and Indian Wind Power Association (IWPA).
Recently, the Central Board of Direct Taxes (CBDT) issued guidelines for compulsory selection of income tax returns (ITRs) for complete scrutiny and in this regard specified two deadlines, one for internal use and the other for sending tax notices. The two deadlines are: June 15, 2026: (internal deadline) Tax officers have to forward certain selected ITRs which satisfy specific guidelines to the Directorate of Income Tax (Systems) so that further action can be taken. June 30, 2026: This is the deadline for issuance of tax notice under Section 143(2) for ITRs filed in FY 2025-26.
The government will examine demands for rationalising taxes on equity investments, but is not considering any knee-jerk response to stem foreign institutional investor (FII) outflows from Indian equity markets, a senior Finance Ministry official told The New Indian Express. “There is a need for a deeper study of the taxation of capital gains from equity investments,” the official said, acknowledging that there are currently divergent views on the issue. The official was responding to a question from TNIE on why the government chose to provide tax relief on investments in government bonds by foreign investors while leaving unaddressed the long-standing demand for lower capital gains taxes on equities.
Foreign portfolio investors (FPIs) stepped up purchases of Indian government securities after the government and the Reserve Bank of India (RBI) announced measures to attract foreign capital inflows. FPIs bought ₹11,087 crore worth of government securities through the fully accessible route (FAR) over the past week following the June 5 announcements. So far in June, FPIs have made net purchases of ₹15,895 crore in government bonds — the highest in 15 months. This follows moderate inflows of ₹5,693 crore in May and ₹5,081 crore in April. In contrast, March witnessed a record outflow of ₹17,688 crore amid heightened global uncertainty following the onset of the war.
Market intermediaries are likely to face a liquidity squeeze in the near term after the Reserve Bank of India’s (RBI) tighter lending norms come into effect from July 1. Industry estimates suggest the measures could impact market liquidity by ₹50,000-₹60,000 crore and significantly raise the impact cost for foreign portfolio investors (FPIs) and mutual funds. Consequently, leverage among market intermediaries will get curtailed and make liquidity provision more capital intensive. According to Ketan Marwadi, member of the Commodity & Capital Market Participants Association of India (CPAI), around ₹50,000 crore of liquidity could be affected once the new norms are implemented. He said clearing corporations have around ₹11 lakh crore in collateral, including nearly ₹1.2 lakh crore through bank guarantees and around ₹1 lakh crore through intra-day facilities.
Global asset managers have been adding Chinese government bonds to their portfolios since the Iran war broke out, drawn not by yield but by their near-zero correlation with Western markets. Amid a global rout in sovereign debt since March that has sent benchmark yields soaring between 35 and 60 basis points (bps) in the U.S., Britain, Europe and Japan, yields on equivalent CGBs have declined 8 bps. The striking outperformance has caught the attention of real money investors - from sovereign funds and central banks to insurers - prompting a re-assessment of portfolio construction even as it pushed Chinese yields to the lowest outside Switzerland. Chinese debt is attracting investors with a "preservation mandate," offering regional portfolios a low-volatility counterbalance to riskier, higher-yielding assets, said Wei Li, head of multi-asset investments at BNP Paribas Securities.
The government may consider additional measures to attract foreign capital, Finance Minister Nirmala Sitharaman indicated on June 15, saying recent tax relief announced for sovereign debt was "not the end of the story". "We believe the bond market can be a good way to absorb the capital coming in. As of now we have done it only for government securities," she said. "Certainly, that is not the end of story. We recognise we need more foreign capital coming in," Sitharaman added at the Mindmine Summit 2026 in New Delhi. The Finance Minister said India sees the bond market as an important channel to absorb overseas capital but noted that reforms so far have been limited to government securities. "Between RBI, government we have analysed and taken steps towards capital gains tax, withholding tax," Sitharaman said at the Mindmine Summit 2026.
Foreign investors remained sellers in Indian equities, dumping more than Rs 62,853 crore of shares in the first fortnight of June amid heightened geopolitical tensions, concerns over global economic growth and persistent weakness in the rupee. With the latest outflows, total withdrawals by Foreign Portfolio Investors (FPIs) from Indian equities have surged to Rs 2.87 lakh crore so far in 2026, surpassing the Rs 1.66 lakh crore pulled out during the entire calendar year 2025, according to data from the National Securities Depository Ltd (NSDL). Factors Driving FPI Outflows Pabitro Mukherjee, Deputy Vice President-Research at Bajaj Broking, said FPI flows in the coming week will depend on developments in the US-Iran peace talks, the US Federal Open Market Committee's policy decision, the Bank of Japan's rate decision and commentary from major central banks.
The rising healthcare costs are seen as the key factor behind the health claim burden and rising renewal premiums. When you say healthcare is expensive, what goes unsaid is that people are using more healthcare because they are getting treated more proactively. So, the healthcare utilisation rate rises not by 5-10%, but exponentially. People today are seeking more healthcare to live longer, and be more active and productive in advanced age. This is the trend; you cannot argue against it. So the product, health insurance, is essentially paying for the increased healthcare use across society.
Elon Musk said on Sunday that his rocket company, SpaceX, could bring in $1 trillion in revenue by 2030, making the statement two days after the company went public, valuing it at over $2 trillion. "And I would be surprised if revenue is not greater than $1T in 2031," he wrote on his social media platform X, replying to journalist and financial commentator Jon Erlichman. SpaceX on Friday became the sixth-largest U.S. firm, cementing Musk's status as the world's first trillionaire. However, the company still makes far less money than similarly valued tech giants like Broadcom and Amazon.com. In 2025, SpaceX's revenue jumped to $18.67 billion from $14.02 billion a year earlier, but the company swung to a net loss of $4.94 billion from a profit of $791 million. Some Wall Street analysts are cautious about the company's growth. Goldman had estimated that SpaceX's revenue would exceed $470 billion in 2030, while Morgan Stanley projected it would reach nearly $330 billion, according to a Wall Street Journal report from earlier this month.
Chinese technology company ByteDance is in talks with Shanghai-based Iluvatar CoreX to purchase AI chips for inference work and is also considering a similar deal with Baidu, according to two sources familiar with the matter. If a deal is agreed, Iluvatar CoreX would become ByteDance's third major domestic supplier of graphics processing units (GPUs) after Huawei and Cambricon, the sources added. TikTok parent ByteDance is also considering using Baidu's Kunlunxin chips, they said, declining to be named as the talks are not public. Tencent is already a Kunlunxin chip customer, according to one of the sources. ByteDance, Iluvatar CoreX, Baidu and Tencent did not respond to requests for comment. The potential deals demonstrate that efforts by Chinese chipmakers to offer alternatives to foreign AI chips are gaining traction as Beijing promotes the use of locally developed chips to improve self-reliance amid U.S. export controls on advanced chips. Chinese GPU and AI chipmakers captured nearly 41% of China's AI accelerator server market last year, eroding Nvidia's once-dominant position in one of its most important overseas markets, Reuters reported in April.
US investment groups are racing to capitalise on the reopening of Venezuela's oil sector, targeting underinvested oilfields and launching new investment vehicles after US President Donald Trump's January call for companies to invest $100 billion to help rebuild the country's energy industry, the Financial Times reported. Among the early movers is Miami-based Lionheart Capital, which has signed a letter of intent aimed at merging its publicly listed affiliate, Lionheart Holdings, with Keo Energy, a group with oil assets in Venezuela's Maracaibo Basin, according to London-based business daily the FT.
Global crude oil prices have retreated sharply from their wartime highs, offering relief to consumers and businesses alike. However, according to market expert Vandana Hari from Vanda Insights it is too early to declare victory, as significant uncertainties continue to surround the reopening of key energy routes and the broader geopolitical settlement.
Amid the US-Israel conflict with Iran, exports of basmati rice and tea to West Asia have come to a halt. Exporters said the Strait of Hormuz is shut and three vessels loaded with a total of 100,000 tonnes of basmati rice at Kandla Port have been waiting for the last one week for the route to reopen. Tea exporters said they are flooded with orders for the premium second flush orthodox teas from the Gulf Cooperation Council (GCC) countries, but are unable to ship them.
The government is overhauling the IndiaAI Mission, reassessing priorities amid growing concerns over access to frontier artificial intelligence technologies and the strategic implications of relying on overseas providers, sources said. The review comes against the backdrop of the recent decision by US authorities to suspend foreign access to Anthropic’s latest AI models, Fable 5 and Mythos 5, a move that has intensified debate globally over sovereign AI capabilities and access to advanced technologies. Officials said detailed consultations are underway with industry leaders, researchers and startups to redefine the mission’s objectives. While the current IndiaAI Mission has largely focused on building compute infrastructure and supporting the development of indigenous AI models, there is a growing feeling that the rapid proliferation of open-source models has altered the landscape.
India has emerged as one of Amazon Web Services’ (AWS) fastest-growing markets, powered by its vast talent pool, thriving developer ecosystem, and an increasingly innovation-first mindset. As AI adoption accelerates across industries, businesses are moving beyond experimentation and exploring new ways to transform operations and customer experiences. Jaime Valles, Amazon VP and MD of AWS Global Sales for Asia Pacific, Japan and Greater China (APJC), speaks to Sudhir Chowdhary about India’s rise as a technology innovation hub, the growing impact of AI, and the opportunities shaping the region’s digital future. Excerpts: What makes India unique for AWS, and which sectors are leading cloud and AI adoption? India stands out for its scale, talent, and mindset. It has one of the world’s largest developer communities and a strong “build from India for the world” outlook, which accelerates innovation. We are seeing strong AI and cloud adoption across sectors. Agentic AI, in particular, is driving transformation, supported by startups, enterprises, and developers.
For decades, India's telecom wars have been fought over spectrum auctions, mobile towers and data tariffs. The next one could be fought on highways. Buried within a 263-page consultation paper titled the Regulatory Framework for Vehicle-to-Everything (V2X) Communication released by the Telecom Regulatory Authority of India (TRAI) is a question that extends far beyond connected cars and road safety: who will control the digital infrastructure of India's future mobility ecosystem?
Domestic passenger vehicle dispatches from companies to dealers rose 27.3 per cent year-on-year to a record 4,38,854 units in May this year with the demand created due to reduced GST rates and impact of easier financing reflected in higher offtake, industry body SIAM said on Monday. Passenger vehicle (PV) dispatches stood at 3,44,656 units in May 2025, SIAM said in a statement. Total two-wheeler sales rose 14.8 per cent to 19,02,209 units last month as against 16,57,116 units in May last year, it added. "Passenger vehicles, three-wheelers and two-wheelers recorded the highest ever sales of May in 2026, with high double-digit growth in each segment," SIAM Director General Rajesh Menon said.
Stepping up efforts towards strengthening energy security amid growing AI/data centre push, the Centre is learnt to have asked states to speed up clearances and processes on proposed nuclear power plants and renewable energy storage systems, ET has learnt. The matter was taken up at the recent 11th Governing Council meeting of Niti Aayog with all chief ministers and top officials where it was pointed out that nearly 15 states/UTs required "accelerated action". ET gathers that before the June 11 meeting, states were reminded of pending approvals with respect to setting up of nuclear plants and battery energy storage systems
Despite surging urbanisation, booming real estate and ambitious city visions, the country has only one building that towers over the 300-metre mark. Apoorva Mittal traces the limit of our vertical ambitions. Non-profit organisation Council on Tall Buildings and Urban Habitat (CTBUH) defines supertalls as buildings that measure at least 300 metres (984 feet). Lokhandwala Minerva in Mumbai is at 301 metres. Completed in 2022, it is India’s first — and so far only — building that crosses the threshold. Just about. KEY REASONS INDIA HAS NO SUPERTALLS “There are many bottlenecks namely fragmented regulations, approval red tape and lack of infrastructure readiness that prevent supertall buildings from emerging. The local bodies ( municipalities ) in most Indian cities are not used to handling such projects for approvals. The requisite technical personnel and specialised expertise to examine them are not there.
India is set to add 25.4 lakh tonnes of annual urea production capacity with two new fertiliser plants expected to begin operations shortly, a move the government says will strengthen domestic availability and reduce reliance on imports, PTI reported. The announcement comes as India continues efforts to boost fertiliser self-sufficiency while shielding farmers from global supply disruptions and price volatility. According to a statement issued by the Ministry of Chemicals and Fertilizers, six new mega urea plants have already been established since 2014, adding a combined annual capacity of 76.2 lakh tonnes. "Two more high-capacity urea plants with a combined annual capacity of 25.4 lakh tonnes are set to commence production shortly," the ministry said.
The impact of the Iran war continues to ripple across the world economy, pushing up prices and denting the outlook for growth. The European Central Bank raised interest rates for the first time in nearly three years, and inflation in the US accelerated to the fastest pace since 2023.
War in the Middle East pushed the yen to the brink of multi-decade lows and prompted the government to prop it up -- a peace deal, however, won't pull it back from the precipice. Stocks and bonds soared on Monday on news of the planned Iran-U.S. halt to a war that has inflamed global inflation expectations, particularly in energy importers like Japan. But the yen barely budged, holding above the 160 per dollar level that invited official intervention just last month.
South Korea's artificial intelligence-led semiconductor boom has yet to generate a meaningful spillover into the broader economy, even as concerns over the won and financial stability are increasing the likelihood of a Bank of Korea (BOK) rate hike next month, Nomura's senior economist said.
India’s 100% import dependence on key minerals, over 90% reliance on China for graphite, and heavy supplier concentration across lithium, cobalt and copper are emerging as major risks for its s energy transition, with global supply disruptions threatening availability and costs. India remains fully dependent on imports for lithium, cobalt and nickel, leaving critical sectors exposed to geopolitical tensions, export controls and price volatility. The risks are amplified by concentrated sourcing — China accounts for over 91% of synthetic graphite imports, while Finland supplies nearly 60% of cobalt oxide and hydroxide imports, highlighting structural vulnerabilities in supply chains.
Artificial intelligence could prove more disruptive than earlier technological shifts because it can affect both knowledge-intensive professions and skill-based work, Chief Economic Adviser V Anantha Nageswaran has said. “AI can be more disruptive because it is coming for both cognitive and skill-based jobs,” Nageswaran told ANI, pointing out that the technology is no longer limited to automating routine factory or clerical work.
Prime Minister Narendra Modi and US President Donald Trump are expected to hold key discussions on a possible India-US trade agreement during their meeting on the sidelines of the upcoming G7 Summit 2026 in France, with senior American officials indicating that economic ties and ongoing trade negotiations will be a major focus.
Union Minister for Road Transport and Highways Nitin Gadkari, on Saturday (June 13), announced that India has given full legal recognition to 100 per cent ethanol blend fuel—a move that will allow vehicles to run entirely on ethanol and is expected to drastically reduce the country’s dependence on fossil fuel imports. Gadkari said, “the approval would enable ethanol to emerge as a “viable alternative to petrol,” helping India lower its burden of Rs 22 lakh crore in annual fossil fuel imports”. He was speaking at a press conference marking 12 years of Prime Minister Narendra Modi’s leadership.
Commerce and Industry Minister Piyush Goyal on Sunday sought investments from France in the manufacturing sector. Speaking at the 'Bharat Innovates' event in the presence of Prime Minister Narendra Modi and French President Emmanuel Macron in Nice, France, Goyal said India can offer a huge talent pool and scale for manufacturing. "I would invite our French friends to visit India, invest in India, design in India, innovate in India and manufacture in India, both for the large domestic market and export from India to the rest of the world," he said.
India’s agriculture sector is heading into a challenging season. Concerns over a potentially weak monsoon, the possible impact of El Niño, geopolitical tensions in West Asia, and rising input costs have reignited a longstanding debate over the sustainability of India’s fertiliser subsidy regime. against this backdrop, agricultural economist Ashok Gulati argues that the current system has become fiscally burdensome, heavily dependent on imports, and environmentally damaging, making comprehensive reform increasingly unavoidable.
India's wholesale inflation stood at 9.68% in May under a new series, while food and fuel prices stayed at elevated levels amid the continuing Middle East tensions due to the US-Iran war that inflated global crude prices and strained supply chains. India's wholesale inflation had accelerated to a 42-month high of 8.26% in April under the old series. A Reuters poll of economists had forecast a 9.05% annual increase in wholesale prices for May. India's wholesale food prices stood at 4.49% in May while fuel and power prices surged 30.33% in May.
Finance Minister Nirmala Sitharaman on Sunday said India continues to remain the world's fastest-growing major economy, while addressing the BJP's Viksit Bharat event in Bengaluru. The finance minister slammed Congress leader Rahul Gandhi, accusing him of "undermining" the achievements of India and its people while targeting Prime Minister Narendra Modi and the Centre.She alleged that Rahul Gandhi "ignores" India's achievements even in the face of major crises like COVID and the conflict in West Asia. Sitharaman clarified that there is no crisis awaiting in the country as is being portrayed by Rahul Gandhi.
Electronics could evolve from a rapidly growing export sector into the cornerstone of India's next manufacturing and export-led growth cycle, Yes Securities said, with Monte Carlo simulations showing a 55.2% probability of generating a high FTA Opportunity Score. The brokerage sees Engineering & Machinery and Pharmaceuticals as broad-based beneficiaries too, while Textiles, Gems & Jewellery and Specialty Chemicals face structural headwinds despite FTAs. "India's recent wave of FTAs marks a fundamental shift in economic strategy from cautious protectionism toward deeper global trade integration," Yes Securities said in a research report. To assess impact, it built an FTA Opportunity Score combining five dimensions: change in sectoral export share, structural trade competitiveness, export momentum, manufacturing growth, profitability relative to exports and FDI intensity. Monte Carlo tests ran 2000+ iterations by varying weights to check robustness.
The announcement that the US and Iran have finalised a deal to end their 107-day conflict and reopen the Strait of Hormuz is expected to boost India's exports to West Asia, which was severely impacted by the hostilities, spur manufacturing activity and help stabilise the rupee, according to exporters and experts. They said the announcement, if implemented successfully, would reduce pressure on India's import bill, ease inflationary covers and create a more conducive environment for trade. The peace agreement would be signed on June 19 in Switzerland.
Six months after signalling a strategic reset and a sharper focus on profitability, Tata Starbucks is preparing to accelerate growth again. The 50:50 JV between Tata Consumer Products and Starbucks Corporation is now looking at a long-term opportunity of as many as 8,000 stores in India, a significant escalation from its earlier target of 1,000 outlets by 2028. The shift follows discussions between the two partners, according to an update provided by Tata Consumer chairman N Chandrasekaran at the firm’s 63rd annual general meeting last week. Chandrasekaran, also the chairman of Tata Sons, said that Starbucks was a “very high-potential business” that had significant growth prospects in India. ‘We have had discussions with our partner, and we think eventually the company can have 8,000 stores in India. We are continuing to add 50 to 100 stores a year,” he said.
In the 1970s, a 20-year-old boy stood in the middle of Bombay’s bustling wholesale markets. Around him, shopkeepers scooped coconut oil out of large metal tins and poured it into customers’ steel containers. There were no labels, no sealed packs and no recognisable brands, only a commodity changing hands in the same way it had for generations. Most people would have walked past the scene without a second thought. Harsh Mariwala did not. If consumers trusted packaged food, soap and medicines, why should something as widely used as coconut oil remain an unbranded product sold from bulk containers? That moment of curiosity would eventually lead Harsh Mariwala to build Marico India into one of the most successful consumer goods companies. Long before it became a Rs 13,611-crore business with operations across 25 countries and a market capitalisation exceeding Rs 1 lakh crore, it began with a visionary’s big bet with a blue bottle.
LIC CEO and MD R Doraiswamy has said that despite rising competition in the life insurance sector, the Corporation will stay focused on strengthening its leadership position while contributing to the national development as it heads toward its platinum jubilee. Insurance behemoth LIC alone commands close to 60 per cent market share in the life insurance segment and manages assets of over Rs 57 lakh crore. It has real estate properties valued at around Rs 60,000 crore. The story of Life Insurance Corporation of India (LIC), which completed its 70th year of existence, is inseparable from the story of India.
Adani Green Energy (AGEL) plans to commission a 14 gigawatt-hour battery energy storage system (BESS) at Khavda, Gujarat, by end of this fiscal year, seeking to reduce wastage of clean energy in a country that's still in the process of building the necessary storage infra. The country's largest renewable energy company has already commissioned a cumulative 3.37 GWh BESS at the site, and plans to scale this up to 50 GWh over the next five years. The site is also home to 30 GW of renewable energy capacity. "This is the world's largest at Khavda where we will have 30GW of renewable energy at a single location and 14 GWh of battery storage," said Rajat Seksaria, CEO, Battery Energy Storage and Green Hydrogen, Adani Group. The project gains urgency as India wasted 300 GWh of clean power in the first quarter of 2026 due to lack of storage infrastructure.
Amazon is stepping up its India bet with fresh investments across ecommerce, quick commerce, artificial intelligence and exports, with the company describing the current period as its most aggressive phase of expansion in the country so far. The renewed push comes after Amazon announced plans to invest $35 billion in India by 2030, adding to the $40 billion it has already invested in the country. "If you look at our investments, we are one of the largest investments in India...USD 35 billion over the next five years, USD 80 billion of exports enablement, continuing to invest in Amazon Now and speed with 100 cities and 1,000 micro fulfillment centres, so we are in the most aggressive phase of expansion in India yet, we are here to play a long-term and win in India," Amazon India country manager Samir Kumar told PTI. The comments come at a time when competition in India's online retail and quick commerce segments is intensifying, with companies racing to expand delivery networks and strengthen product offerings.
Vedanta Chairman Anil Agarwal said the group's aluminium business can double capacity to 6 million tonnes in about three to three-and-a-half years and has a longer-term vision to reach 10 million tonnes in around five years, as Vedanta completed the listing of its demerged businesses on Indian exchanges. ☐ In an exclusive interview with CNBC-TV18, Agarwal said Vedanta Aluminium is fully integrated and among the lowest-cost producers globally. "Price will go up, price will go down. I am lowest cost producer in the world. Fully ☐ integrated. I have started producing 3 million tonne, going to be 6 million tonne. And vision is to go for 10 million tonne," Agarwal told CNBC-TV18. Asked when the business could reach 6 million tonnes and 10 million tonnes, Agarwal said the first milestone could come in "three, three-and-a-half years" and the larger target in "five years". He said aluminium demand remained high, though prices would continue to move in cycles.
A growing number of Americans are falling behind on their credit card payments, pushing delinquency levels to their highest point since the years following the Great Recession and raising concerns about financial stress among a section of US consumers. Data from the Federal Reserve Bank of New York shows that about 13% of the nation’s total credit card balance was at least 90 days overdue during the first quarter of 2026, reported The USA Today. That is the highest level recorded since 2011, when the United States was still recovering from the financial crisis that began in 2008.
The Italian economy will grow by 0.6% this year and 0.4% in 2027, the country's central bank said on Friday, confirming its previous estimate for 2026 but trimming next year's outlook from a 0.5% projection made in early April. "Economic activity is set to be affected by weaker domestic demand, held back by the surge in energy prices and even higher geopolitical uncertainty," the Bank of Italy said, forecasting a jump in inflation this year compared with its previous estimate.
U.S. consumer sentiment bounced off record lows in early June as easing gasoline prices offered households some relief, though concerns about inflation stoked by the Middle East conflict lingered. Lower-income households led the broad improvement in sentiment reported by the University of Michigan's Surveys of Consumers on Friday. Gasoline prices have dropped from four-year highs over the past three weeks, according to data from motorist advocacy group AAA, as oil prices stayed below $100 a barrel despite a fragile ceasefire.
Brazil's consumer inflation accelerated more than expected in May, official data showed on Friday, breaching the top of the central bank's target range for the first time since October ahead of a key rate decision next week. Annual inflation in Latin America's largest economy rose to 4.72% in May, statistics agency IBGE said, up from 4.39% in April and above the 4.66% consensus forecast by economists in a Reuters poll.
Heavy government spending on defence and infrastructure will stop Germany from slipping into recession this year, as the war in Iran takes its toll on Europe's biggest economy and lifts inflation, the Bundesbank said on Friday. Germany’s economy has been broadly stagnant for the past three years, with a jump in spending expected to restart growth this year, only for a war-driven surge in energy prices to derail the recovery.
Germany's economic recovery is likely to proceed in small steps at best, depending on the conflict in the Middle East, and energy and commodity prices, the economy ministry said on Friday. The ministry added in its monthly report that economic momentum likely slowed noticeably in the second quarter, with industrial production expected to show only modest growth in the coming months and no upturn in labour demand anticipated even during the summer due to higher energy prices.
Consumer prices in France rose 2.8% year-on-year in May, the highest level since February 2024, statistics office INSEE said on Friday, confirming a preliminary reading published last month. The EU-harmonised inflation rate in the bloc's second biggest economy continued accelerating in May, after a 2.5% increase in April.
Food inflation, as measured by the recently revised consumer food price index, rose sharply to 4.78% in May, primarily because tomatoes and ginger became costlier. Sequentially, the all-India Consumer Food Price Index (CFPI) rose by 0.91% in the month from the April level. Food inflation was 4.2% in April 2026, and it was in the negative territory for seven months through December 2025. Food inflation was 2.13% in January, when the new consumer price index (CPI) series with a base year of 2024 was introduced by the Ministry of Statistics and Programme Implementation.
India's new generation of Free Trade Agreements can act as a catalyst for manufacturing expansion, private capex revival and supply-chain integration, with Electronics, Pharmaceuticals and Engineering & Machinery Goods positioned as the strongest beneficiaries. Yes Securities said the agreements, combined with PLI schemes and "China+1" diversification, give India its clearest shot yet at achieving US$1 trillion in merchandise exports by 2030.
India's labour productivity gap with China has widened by more than USD 30,000 per worker since 2000, despite decades of strong economic growth, with the country yet to achieve the industry-led productivity transformation seen in economies such as China, South Korea and Vietnam, according to an Equirus Securities research report. The report, titled "Labour Productivity in Emerging Economies: Catch-up, Innovation, and now AI", said India's GDP per worker has more than tripled since 1995, but productivity gains have lagged behind some of its Asian peers.
India's inflation trajectory is giving the Reserve Bank of India more room to hold rates through Q1FY27, but food and fuel risks could still flip the script in H2. Yes Securities expects headline CPI for Q1FY27 to undershoot RBI's 4.2 per cent forecast as the May print at 3.93 per cent YoY and benign base effects keep the average low. However, building momentum in vegetables, core services and pump prices, plus the looming El Nino threat, means RBI will likely stay "data-dependent" rather than front-load any August rate hike.
India must expand its international engagement to realise its vision of becoming a USD 30 trillion economy by 2047, according to Union Minister of Commerce and Industry Piyush Goyal. Speaking at the closing session of the 5th Annual Meeting of the India Global Innovation Connect, the Minister emphasised that India's economic growth is not a zero-sum game. Instead, he argued that the country's trajectory is deeply linked to fostering strategic partnerships with developed nations, which stand to complement rather than compete with Indian industry.
Metals and mining giant Vedanta Resources is set for a historic restructuring that will see the $18 billion conglomerate split in four. In an exclusive interview with Saket Kumar, Sudheer Pal Singh and Asit Ranjan Mishra/Business Standard in New Delhi, Vedanta Founder and Chairman Anil Agarwal discusses the motivation behind the exercise, and explains why he thinks India's mining industry needs an overhaul.
Tata Sons' board met on Friday to approve the company's financial results for the year ended March 31, 2026, recommending a dividend to equity shareholders, even as it kept chairman N Chandrasekaran's reappointment off the agenda for a second consecutive time. "The board stuck to the agenda and there was no discussion on controversial matters," said a person familiar with the proceedings.
Air India is looking to defer aircraft deliveries, cut flights and postpone expansion plans after majority owner Tata Group instructed the carrier to focus on reducing its record losses, according to people familiar with the matter. The change in strategy is an abrupt pivot from an ambitious growth plan. It reflects the loss of confidence in an airline that suffered a fatal crash a year ago and has since incurred an annual loss equivalent to about $3 billion (about Rs 28,500 crore).
Tata AIG General Insurance reported a net profit of Rs 1,008 crore for FY26 despite facing the largest claim in Indian aviation history last year. The company's books were protected due to its conservative policy of reinsuring the bulk of large risks. The General Insurance Corporation had estimated claims of over $400 million last year from the Air India Ahmedabad crash. Since then, reinsurers have settled some claims. Tata AIG, which was the lead insurer, had a 45% share of the risk. "We fully provided for it in that same quarter itself. Net of reinsurance, our exposure was less than Rs 50 crore," said Amit Ganorkar, MD & CEO, Tata AIG General.
To cut mounting losses in the backdrop of several headwinds, the Tata Group-run Air India is looking to defer aircraft deliveries, cut flights and postpone expansion plans. According to a Bloomberg report citing sources, Air India is in discussions with aircraft manufacturers - Airbus SE and Boeing Co - to slow down deliveries of as many as 500 planes previously ordered. This, as per the report, would enable Air India to push back the large payments due to plane makers upon delivery. The carrier is also reevaluating plans to fly to new domestic and international destinations, pruning some routes and postponing launches at some airports, such as the new Noida International Airport (NIA), the people familiar with the matter said.
A ruling by the Mumbai bench of the Income Tax Appellate Tribunal (ITAT) has underscored the importance of understanding tax deduction at source (TDS) obligations when purchasing property. The case involved a Mumbai resident, who had jointly purchased a residential flat in the tony area of Haji Ali, worth Rs 1.9 crore with her husband. She held a 15% share in the property (Rs. 28.50 lakh) and deducted TDS of Rs 28,500 under Section 194-IA on her share of the purchase price. However, the tax department later raised a demand exceeding Rs 5.8 lakh, alleging short deduction of tax on the ground that the seller's PAN was inoperative and therefore higher TDS provisions under Section 206AA should have applied. The ITAT deleted the demand, noting that the seller had subsequently linked Aadhaar with PAN and regularised the PAN within the timeline prescribed by a circular issued by the Central Board of Direct Taxes (CBDT) in July 2025. The ITAT also observed that the seller had disclosed the capital gains in his tax return and paid the applicable taxes, making it inappropriate to treat the buyer as an 'assessee in default'.
India's total outward foreign direct investment commitments declined 49.02 per cent month-on-month to USD 4.49 billion in May 2026 from USD 8.84 billion, mainly due to lower equity investments, loans, and guarantees issued by Indian companies, according to RBI data. However, total financial commitments by Indian entities under overseas investment increased 34.6 per cent year-on-year in May 2026 from USD 3.34 billion, data showed. Equity investments abroad dropped sharply to USD 1,247.82 million in May from USD 3,537.35 million in April, marking a decline of about 64.72 per cent. Overseas loans extended by Indian companies also declined to USD 632.12 million in May from USD 1,299.69 million in April. Guarantees issued, which formed the largest component of overseas commitments, fell to USD 2,608.83 million in May from USD 3,999.79 million in April, declining around 35 per cent. However, it increased from USD 1,122.37 million in May 2025.
The RBI's recent measures to incentivise overseas borrowings could lower funding costs for banks by 2-2.50 per cent through the external commercial borrowing (ECB) route, helping lenders raise resources at cheaper rates while improving liquidity conditions, according to a report. It also said that the RBI's concessional USD/INR swap facility for ECBs and overseas foreign currency borrowings (OFCBs) will significantly reduce hedging costs for banks, allowing them to mobilise overseas funds while keeping funding costs under control. "The borrowing cost for banks via the ECB route is expected to fall by 2-2.50 per cent, which will enable the system to raise resources while keeping funding costs under control," said brokerage firm Motilal Oswal Financial Services in its report.
After seven quarters of contraction, the microfinance sector’s gross loan portfolio (GLP) posted a sequential growth of 3% to ₹3.25 lakh crore in Q4FY26, aided by a sharp recovery in disbursements and improving asset quality. On a year-on-year basis, however, the sector’s GLP remained 13% lower than ₹3.75 lakh crore reported in March 2025, according to the 57th edition of Micrometer for Q4FY26 released by Microfinance Industry Network (MFIN), a self-regulatory body for the sector. Microfinance loan disbursements rose 28% quarter-on-quarter to a seven-quarter high of ₹77,524 crore in Q4FY26. The industry had last witnessed higher quarterly disbursements in Q4FY24, when it reported a record ₹1.07 lakh crore. “We can now say that despite the tough 2 years, Industry is turning the corner as evidenced by uptick in portfolio and continued improvement in Portfolio at Risk – PAR 31-180 declining to 2.0% as of March 2026 compared to 6.3% a year ago,” Alok Misra, CEO & Director of MFIN said in a statement. He added that a significant policy development which will further strengthen this recovery is the CGSMFI 2.0 scheme of Government of India. Recent extension of the scheme till August 2026 will allow sufficient time for utilisation.
Securities and Exchange Board of India (Sebi) Chairman Tuhin Kanta Pandey on Friday said the regulator is working on developing longer-term futures and options (F&O) contracts in the equity derivatives market as part of its broader effort to strengthen the derivatives ecosystem. Speaking at the ET Now Market Summit in Mumbai, Pandey said deepening the cash market remains a priority for Sebi. The regulator is reviewing the lending, borrowing and short-selling framework to improve inter-linkages between the cash and derivatives markets and enhance liquidity. Pandey also highlighted other areas under review, including the delisting framework, with the aim of ensuring a fair entry and exit mechanism for investors in the capital markets. On market volatility, the Sebi chief said fluctuations cannot be wished away during challenging periods and must instead be managed. He said the true test of markets lies in their ability to absorb shocks while protecting investors.
Indian investors looking to diversity seyond domestic markets can now ccess global stocks, mutual funds, woods and other International westment products through the GIFT ty (Gujarat International Finance ec City It's India's first smart city and International Financial Services Centm (IFSC) acting as a global hub in finance and tertionlogy offering special business zones and tax benefits to attract international companies. However, there are Investment limits, costs and regulatory requirements that levestors should understand before getting started What investment options are available through GIFT City? GIFT Chy has several outhound retail mutual funds that invest in global markets. For example, DSP Global Equity Fund launched in Sept 2025, Edelweiss Greater China Fund in March 2026 and PPFAS launched S&P 500 and Nasdaq 500 Fund of Funds from GIFT Cry in May 2026" says Ankur Choudhary,en founder and CEO Belong
Elon Musk is once again at the centre of global financial attention as his net worth surges to unprecedented levels, putting him on the brink of becoming the world’s first trillionaire. According to the latest Bloomberg Billionaires Index, his wealth has climbed to around $1.1 trillion, driven largely by a sharp rise in the valuation of SpaceX and continued strength in Tesla.I The jump has widened the gap between Musk and other global tech billionaires, reinforcing his dominance at the top of the global rich list. Musk Leads Global Rich List by a Massive Margin Recent rankings highlight just how far ahead Elon Musk has pulled from the rest of the world’s wealthiest individuals. Elon Musk: $1,331 billion Larry Page: $304 billion Sergey Brin: $283 billion Jeff Bezos: $262 billion Larry Ellison: $237 billion Michael Dell: $211 billion Mark Zuckerberg: $202 billion Jensen Huang: $170 billion Bernard Arnault: $165 billion Jim Walton: $147 billion
India's forex reserves dropped $711 million to $681.610 billion during the week ending June 5 due to a sharp decline in foreign currency reserves, according to the latest data released by Reserve Bank of India (RBI). The decline follows an increase of $938 million in the previous reporting week, when the forex reserves had risen to $682.321 billion. For the week ended June 5, foreign currency assets, that form a major component of the reserves, was down $2.704 billion to $543.444 billion, according to RBI. However, the value of gold reserves increased $1.975 billion to $114.575 billion during the week. The special drawing rights (SDRs) were up $18 million to $18.765 billion, the RBI said.
On Friday, Elon Musk’s image loomed large over Times Square from the giant TV screen of the Nasdaq stock exchange, as tourists outside snapped selfies, SpaceX investors in T‑shirts grinned at their newfound fortunes and news cameras jostled for position. “If people had told me this was going to happen, I was like, ‘man you must be smoking some really good crack,’” Musk said in a video address celebrating SpaceX going public. "I gave SpaceX less than a 10% chance of succeeding at all." Global reaction to SpaceX’s public listing - which values the company at more than $2 trillion and has made Musk the world’s first trillionaire - has spanned investor euphoria to admiration among fans and sharp criticism from politicians and members of the public who see him as a symbol of rising global inequality. At Starbase, where SpaceX launches its Starship rockets on the Texas border with Mexico, cheering fans traveled from far and wide in the hope of catching a glimpse of Musk. Lesley Varin, from Washington state, surrounded her car with stuffed toys holding handwritten signs celebrating SpaceX. One read: “Congrats Elon, Big 1st!”
India's measures to improve the attractiveness of its debt are welcome, though concerns over oil prices and their impact on the rupee remain big hurdles in drawing foreign investors to government bonds, a top official at BlackRock said. Seeking to shore up the rupee and interest in bonds, India last week announced tax cuts for overseas bond investors and a host of measures aimed at boosting inflows and improving market access. Foreign inflows into Indian debt have accelerated in the wake of steps, with some managers viewing the steps positively, particularly for India's case for inclusion in the Bloomberg Global Aggregate Index. BlackRock, however, has largely stayed out of the Indian market this year, and is not "meaningfully changing strategic exposure yet," Navin Saigal, BlackRock's head of global fixed income for Asia Pacific, said.
Anthropic said on Friday it will "abruptly disable" its most advanced AI models for all users after the U.S. government ordered it to suspend access to the models for foreign nationals, citing national security concerns. The company received the export control directive to suspend access to Fable 5 and Mythos 5 for all foreign nationals, without being given specific details of its national security concern, Anthropic said in a statement. It is Anthropic's understanding that the government believes there is a method of bypassing, or "jailbreaking," a safeguard that would prevent Fable 5 from being used in identifying software vulnerabilities, the company said. The order comes just as a previous dispute between Trump administration officials and IPO-bound Anthropic showed signs of easing across parts of the U.S. government.
The US, country that once refused to export its fuel, has now climbed to the top spot in the global oil export rankings, overtaking crude heavyweights such as Saudi Arabia and Russia. As the world continues to feel the ripples of the ongoing Middle East crisis, US exports of crude and fuel reached around 10.5 million barrels per day (bpd) in May, driven by strong domestic production and releases from strategic reserves. The performance marked the third straight month that the United States held the position of the world's largest oil exporter. By comparison, Russian exports stood at 7 million bpd in May, according to Reuters calculations, while Saudi Arabia exported 5.9 million bpd, Vortexa data showed. The latest rankings highlight how dramatically the global energy order has shifted. Just a year earlier, Saudi Arabia had exported around 8.1 million bpd, ahead of the United States at 6.6 million bpd, while Russia's exports were estimated at roughly 5.8 million bpd. The shift came after supplies through the Strait of Hormuz, a key Middle Eastern oil passage, were disrupted for more than 100 days. The conflict began on February 28, when the US and Israel launched joint strikes on Iran.
India's edible oil imports increased 6.7 per cent year-on-year to nearly 13.39 lakh tonnes in May, driven mainly by higher shipments of crude soyabean oil, industry body Solvent Extractors' Association of India (SEA) said on Friday, reported news agency PTI. According to SEA data, edible oil imports rose to 13,38,936 tonnes in May 2026 from 12,54,883 tonnes in the same month last year. The increase was led by crude soyabean oil imports, which climbed to 4,93,854 tonnes from 3,98,585 tonnes a year earlier. Imports of non-edible oils more than doubled to 26,202 tonnes last month from 12,040 tonnes in May 2025. With both edible and non-edible oils taken together, India's vegetable oil imports rose 8 per cent to 13.65 lakh tonnes in May 2026 from 12.67 lakh tonnes in the year-ago period, the association said. During the first seven months of the 2025-26 oil year, total vegetable oil imports increased 12 per cent to 93.65 lakh tonnes from 83.39 lakh tonnes in the corresponding period of the previous year. Edible oil imports during November 2025-May 2026 grew 13 per cent to 92.17 lakh tonnes from 81.31 lakh tonnes a year ago, while non-edible oil imports declined to 1,47,710 tonnes from 2,07,505 tonnes. SEA said edible oil imports rose in May primarily because the price premium of soyabean oil over palm oil narrowed, making soyabean oil more competitive.
India’s quick commerce sector is seeing renewed interest and entering a new phase of competition. With Zepto moving closer to its stock market debut after filing an updated Draft Red Herring Prospectus (DRHP), investors are deliberating on the changing dynamics in the fastest-growing internet businesses. How does Zepto compare with the two listed players already competing in the segment, namely Eternal’s Blinkit and Swiggy’s Instamart? Although all the three companies are chasing the same customer who wants groceries, snacks, electronics and daily essentials delivered within minutes, their operating strategies, profitability profiles and growth priorities look quite different. Let’s take a look at some of the most important trends shaping India’s quick commerce race –
India is preparing a major DigiDukaan push to digitise 1.4 crore kirana stores, as industry stakeholders discuss a coordinated digital transformation for the country’s sprawling General Trade network. The Department for Promotion of Industry and Internal Trade (DPIIT), together with the Open Network for Digital Commerce (ONDC), convened the CPG Roundtable, Bharat Commerce Chintan Shivir on Friday (June 12) to plan how to bring millions of neighbourhood shops online and integrate them into formal digital supply chains. DigiDukaan is an initiative aimed at giving kirana stores digital tools for ordering, inventory visibility, scheme tracking and working‑capital optimisation so they can transact more efficiently with distributors and brands. Today, most of India’s 1.4 crore kiranas operate with fragmented ordering systems, manual record‑keeping and limited secondary‑sales visibility, which leads to inventory inefficiencies, higher costs and poor scheme implementation. It seeks to address these gaps by enabling direct procurement, digitised collections and shop‑level data flows that improve fill rates, reduce field costs for distributors and provide brands with actionable demand signals.
India’s defence exports are on track to surpass the government’s Rs 50,000 crore target before 2029. Speaking at an investor interaction hosted by JM Financial, former DRDO chairman Dr Samir V Kamat said that India’s defence exports currently stand at around Rs 38,000 crore and are expected to grow rapidly in the coming years. “Indigenous system procurement has risen to 70% and imports have fallen to 30%. Over the next five years, indigenous procurement is expected to reach 80-85%,” Kamat said. Growing global demand helping India India is likely to exceed the target as international interest in Indian defence products continues to grow. Key export products include the BrahMos missile, Akash missile system, Astra air-to-air missile, Pinaka rocket system, advanced artillery guns and radar systems. However, he noted that major defence spenders such as the US and China are unlikely to source military equipment from India due to geopolitical considerations. Europe presents a significant opportunity, although many European countries are also pushing for local manufacturing. This could create larger opportunities for Indian companies supplying subsystems and components rather than complete defence platforms.
The banking sector was one of the worst impacted sectors due to the Middle East war. Elara Capital, an investment bank and brokerage firm, noted that the loan growth to MSMEs has slowed across all types of lenders – PSU banks, private banks, and NBFCs as their businesses are hurting due to higher fuel costs, shipping disruptions, and weaker trade. Elara Capital also believes that the impact remains manageable so far, but the brokerage cautioned that a prolonged conflict in West Asia could create challenges. MSME loan growth loses momentum According to Elara Capital, the MSME loan portfolio stood at Rs 46 trillion in April 2026, up 12.8% year-on-year (YoY). Active loans rose 2.4% from a year ago to 19.2 million.
India’s space sector is poised for rapid transformation as the government calls upon established industries to scale up their participation in the country’s burgeoning space economy. The government has introduced a Rs 1,000 crore Venture Capital Fund and a Rs 500 crore Technology Adoption Fund. Union Minister of State (Independent Charge) for Science and Technology and Earth Sciences, Dr Jitendra Singh, highlighted how the private space ecosystem has evolved from a handful of pioneering enterprises to more than 400 startups. He mentioned the role of firms like Skyroot Aerospace, Agnikul Cosmos, Pixxel, GalaxEye and many others that are now leading the charge in developing launch vehicles, satellites, propulsion systems and downstream space solutions.
Indian government bonds surged on Friday, buoyed by a sharp drop in crude prices after U.S. President Donald Trump revived hopes of a breakthrough with Iran, though domestic fiscal concerns limited gains. The yield on the benchmark 6.94% 2036 note shed 2.8 basis points to 6.8957%, its lowest since issuance in May. A U.S.-Iran memorandum to halt the Gulf war could be signed as early as Sunday, a source told Reuters on Friday, adding that the text was still being finalised.
Finance Minister Nirmala Sitharaman on Thursday said India is expected to remain one of the world’s fastest-growing major economies, with GDP growth projected at around 7% over the medium term, while cautioning that the responsibility for correcting global economic imbalances should not fall disproportionately on developing nations. Addressing the Global Convergence for Growth Summit virtually, chaired by French President Emmanuel Macron, Sitharaman joined leaders from G7 nations and major emerging economies to discuss measures to support balanced global growth through a more effective international economic framework.
Inside a new Bangladeshi glass factory with a production floor nearly twice the size of a soccer field, machinery sits wrapped in tarpaulins. At a neighboring steel mill, construction has slowed and production has yet to begin. The facilities, at a sprawling complex near Dhaka, were supposed to symbolize Bangladesh’s economic boom and shift to heavy industry, all built on plentiful liquefied natural gas. Instead, they’ve become a stark illustration of how a shortage of energy is threatening the country’s growth, just as a new democratically elected government led by Prime Minister Tarique Rahman tries to turn the country’s fortunes around.
Consumer prices in France rose 2.8% year-on-year in May, the highest level since February 2024, statistics office INSEE said on Friday, confirming a preliminary reading published last month. The EU-harmonised inflation rate in the bloc's second biggest economy continued accelerating in May, after a 2.5% increase in April.
Britain's economy contracted by 0.1% in April, its first monthly drop since August as the Iran war's cancellation of Formula 1 Grand Prix races and other Gulf sporting events delivered a blow to the British entertainment industry. Friday's data from the Office for National Statistics (ONS) showed the first clear signs of an impact from the U.S.-Israeli war on Iran in terms of British economic growth.
German inflation eased slightly to 2.7% in May, the federal statistics office said on Friday, confirming preliminary data. Inflation, or the gain in consumer prices harmonised to compare with other European Union countries, stood at 2.9% year-on-year in April.
Japan's core consumer inflation likely held steady in May at roughly the previous month's pace due to end of government fuel subsidies, leaving inflation below the Bank of Japan's 2% target for a fourth month, a Reuters poll showed on Friday. Here are a few details: • The nationwide core consumer price index (CPI), which includes energy items but excludes fresh food prices, is expected to have risen 1.4% in May from a year earlier, according to a poll of 16 economists, unchanged from April when it marked the slowest increase since March 2022.
New Zealand's manufacturing activity contracted slightly in May, slipping back into negative territory after seven months of expansion, as businesses remained concerned about weak demand and global economic pressures. The Bank of New Zealand-Business NZ's seasonally adjusted Performance of Manufacturing Index fell to 49.9 in May from 50.4 in April and 52.8 in March.
Argentina recorded slower inflation in May for the second month in a row, below analyst forecasts, even as the 12-month figure increased, data from national statistics agency INDEC showed on Thursday. May's inflation rate of 2.1% was down from 2.6% registered in April and came slightly under analyst expectations of 2.3%.
The International Monetary Fund cut its growth forecast for the euro zone on Thursday and raised its expectation for inflation because of the U.S.-Israeli war on Iran, adding that the economic situation could worsen if high energy prices persisted. In its regular report on the economy of the 21 countries that share the euro currency, the IMF said economic growth this year would be 0.9%, down from 1.1% forecast in April while inflation would be 2.8%, up from 2.6% forecast in April.
Bangladesh unveiled a 9.38 trillion taka ($77 billion) national budget on Thursday, targeting 6.5% economic growth and 7.5% inflation as the government seeks to revive an economy strained by high prices, weak investment and financial sector fragility. The budget, for the fiscal year beginning in July, marks a political and economic turning point after the ouster of former prime minister Sheikh Hasina in 2024.
U.S. producer prices increased more than expected in May, leading to the largest annual gain in 3-1/2 years as the Middle East conflict boosted the cost of energy products, providing more evidence that inflation pressures were building up. The report from the Labor Department on Thursday and continued labor market resilience amid relatively low layoffs reinforced economists' expectations that the Federal Reserve would keep interest rates unchanged into 2027 and for the Federal Open Market Committee to ditch its easing bias at next week's policy meeting.
India is currently witnessing a massive surge in its data centre buildout wave. Installed capacity has already tripled in five years. And if you thought that was incredible, there is an even bigger wave ahead. Committed investment for Data Centres has already crossed US$156 billion. Three of the world’s biggest tech companies Microsoft, Amazon and Google have together pledged $67.5 billion to build here. Most recently, Robin Khuda’s Air Trunk announced an investment of $30 billion into building data centres in India.
The World Bank has marginally raised its growth forecast for India to 6.6% for FY27 from 6.5% projected earlier, citing resilient domestic demand, even as it lowered its global growth outlook for 2026 to 2.5% amid escalating conflict in West Asia. In its June 2026 Global Economic Prospects report, the multilateral lender also revised upward its FY28 growth estimate for India by 0.6 percentage point to 7.2%. “Despite heightened uncertainty related to the conflict, economic activity in India remained robust early this year, supported by resilient domestic demand,” the World Bank said, adding that private consumption, particularly in rural areas, has remained strong, while urban demand is showing signs of recovery. The Bank noted that collections from domestic sales taxes have continued to rise steadily. To contain inflationary pressures stemming from higher energy costs and shortages of agricultural inputs, especially fertilisers, India has undertaken several measures, including reductions in fuel taxes.
The government may reassess the fertiliser subsidy budget for the current fiscal year following a softening of urea prices in the latest tender floated for soil nutrient imports, Aparna S Sharma, Additional Secretary, Department of Fertilisers, said on Thursday. “Whatever is indicated (the lower price bid in the urea tender) is based on preliminary estimates. “Presuming that trends remain the same, there is a definite case to reassess the fertiliser subsidy depending on the confirmation of the quantities to be imported,” Sharma said.
As India sharpens its focus on becoming a developed nation by 2047, the 11th Governing Council meeting of NITI Aayog on Thursday turned into a showcase of the diverse ambitions and development blueprints of states, with chief ministers presenting roadmaps centred on human capital, technology, infrastructure and inclusive growth. Chaired by Prime Minister Narendra Modi, the meeting revolved around the theme of “Inclusive Human Development for Viksit Bharat @2047”, with states outlining strategies tailored to their strengths while aligning with the national vision.
India is preparing for a wider-than-expected budget deficit this year, Bloomberg News reported on Friday, citing an official familiar with the matter, as the war in Iran drives up energy subsidy costs and adds pressure on government finances. Reuters could not immediately verify the report and has sought comment from India's finance ministry. Authorities are willing to let the deficit widen by as much as half a percentage point to 4.8% of gross domestic product compared with the 4.3% goal set in February, the report said.
India must expand its international engagement to realise its vision of becoming a USD 30 trillion economy by 2047, according to Union Minister of Commerce and Industry Piyush Goyal. Speaking at the closing session of the 5th Annual Meeting of the India Global Innovation Connect, the Minister emphasised that India's economic growth is not a zero-sum game. Instead, he argued that the country's trajectory is deeply linked to fostering strategic partnerships with developed nations, which stand to complement rather than compete with Indian industry.
Commerce and industry minister Piyush Goyal on Thursday said countries around the world are increasingly protecting their domestic industries, including in sectors such as steel, but India continues to navigate global trade challenges through dialogue, cooperation and trade partnerships. Speaking at the India Global Innovation Connect, he said such measures are part of global trade realities and are not unique to India.
Deeper cooperation in hydrocarbons could play a key role in helping India and the United States achieve their goal of expanding bilateral trade to $500 billion by 2030, according to a report released by the US-India Business Council (USIBC) and Grant Thornton Bharat. The report, titled Strengthening the India-US Energy Partnership: Unlocking Hydrocarbon Opportunities through Investment and Collaboration, said the two countries' energy relationship is evolving beyond a traditional buyer-seller dynamic into a broader traditional buyer-seller dynamic into a broader strategic partnership encompassing trade, investment, technology, infrastructure and energy security.
Tata Power expects the rapid expansion of artificial intelligence (AI), data centres and rising need for cooling these to drive a sharp increase in electricity demand in India over the coming years. “Due to the rapid growth of data centres, advanced economies saw a resurgence in electricity demand growth for the first time in nearly a decade,” said Tata Group chairman N. Chandrasekaran in Tata Power’s FY26 Integrated Annual Report.
L&T Technology Services has entered a strategic partnership with Databricks to co-develop artificial intelligence solutions for asset-intensive industries, the company announced via a filing with the exchanges. What is the LTTS-Databricks partnership about? The collaboration sits within LTTS’ Sustainability segment, which covers Process Engineering, Discrete Manufacturing and Industrial Products. The immediate client targets are companies in energy, petrochemicals and industrials, the filing noted.
Tata Consultancy Services on Friday launched India's first Oracle AI Data Platform Lab and Centre of Excellence (CoE) here to help enterprises accelerate adoption of artificial intelligence and data-driven transformation. The facility at Delta Park Lords in Kolkata has been set up in collaboration with Oracle and will support customers in addressing challenges such as fragmented data systems, slow analytics cycles, limited AI scalability and operational inefficiencies, the IT major said. Driving AI-Powered Data Transformation TCS said the lab will leverage Oracle AI Data Platform, which combines Oracle Cloud Infrastructure, Oracle Autonomous AI Database and OCI Enterprise AI, to help organisations make enterprise data AI-ready and deploy AI-powered applications and automation at scale. The IT services major also plans to establish similar Oracle AI Data Platform Labs and Centres of Excellence in four more Indian cities over the next three years, a statement said.
A set of latest changes to the rules framed by the Insolvency and Bankruptcy Board of India (IBBI) has put additional checks and balances on the actions of the committee of creditors (CoC) involved in the resolution process of bankrupt entities. Under the revised framework, notified through IBBI (Insolvency Resolution Process for Corporate Persons) (Fourth Amendment) Regulations 2026, the CoC will now be required to provide stronger justification for key decisions taken during the resolution process. For example, the lenders will not only have to consider fair and liquidation values while evaluating bids but also undertake a mandatory market discovery exercise, including a challenge mechanism, which was previously optional in many cases. The changes suggest a shift from the long-standing principle that the CoC’s commercial wisdom is beyond judicial review. Experts argue that the amendments introduce additional safeguards on lenders’ decision-making to ensure greater transparency and value maximisation.
Honeywell on Thursday said it is targeting deals valued at $2 billion to $4 billion and sees scope for acquisitions in its industrial automation business. "There is a ton of opportunity for M&A,” said Peter Lau, president of Honeywell’s Industrial Automation unit during the company's investor day in New York, adding the business operates in a roughly $35 billion market. Lau cautioned that organic growth remains a priority, however, describing the business as “way underpenetrated” in solutions and software.
Indian lenders have sought clarity from the Reserve Bank of India (RBI) on whether domestic banks can leverage the foreign currency non-resident bank [FCNR(B)] deposit scheme by extending loans to depositors through their overseas branches, bankers said. This follows the RBI’s decision to allow depositors to borrow from foreign banks for placing FCNR(B) deposits with Indian banks, while permitting Indian banks to issue letters of credit (LoCs) to support such borrowings. “It remains unclear whether the guidelines permit overseas branches of Indian banks to provide leverage to their own customers. The current rules do not explicitly address that scenario, and further clarification is needed,” said a senior executive at a large private-sector bank.
India's bank credit growth accelerated to its fastest pace in nearly two years, driven in part by rising borrowing from oil marketing companies hit by lower realisations following the recent surge in crude prices, according to a report by Times of India. Credit expanded 17.7% year-on-year in the fortnight ended May 31, 2026 — the strongest growth recorded so far in FY27 and the highest since June 2024. Outstanding bank credit rose by Rs 1.5 lakh crore between March 31 and May 31, 2026, marking a 0.7% increase in the first two months of the financial year, the report said. Total outstanding credit reached Rs 215.2 lakh crore by the end of May.
Elon Musk’s SpaceX has pulled off the biggest initial public offering (IPO) in US history, raising a staggering $75 billion and instantly becoming one of the most valuable companies in the world. The rocket maker priced its shares at $135 each on Thursday, selling 555.56 million shares and reaching a valuation of $1.77 trillion. The blockbuster debut puts SpaceX among the largest publicly traded companies in America, ahead of corporate giants such as JPMorgan Chase, Berkshire Hathaway, Eli Lilly, Meta Platforms and even Musk’s own Tesla. When trading begins on Nasdaq on Friday, SpaceX is expected to rank as the seventh-largest listed company in the United States. The only six US-listed giants ranking ahead of it by market capitalisation will be NVIDIA, Alphabet, Apple, Microsoft, Amazon, and Broadcom.
A U.S. appeals court on Thursday extended its block on a lower court ruling against the Trump administration's 10% global tariff under Section 122 of the Trade Act, keeping the tariffs in place for three importers that had won a reprieve from the duties last week. The decision from the Federal Circuit appeals court allows the U.S. to continue collecting tariffs from three importers while the government's appeal plays out. The U.S. trade court ruled against the new tariffs on May 7, but did not widely block their collection. The three importers impacted by the ruling are two small businesses and the state of Washington, which paid tariffs on purchases by the University of Washington.
The United States and the European Union have yet to decide whether to continue suspending or to reimpose tariffs on $11.5 billion of goods in a decades-long dispute over aircraft subsidies with just days to go before their truce expires. The two sides in 2004 lodged parallel cases at the World Trade Organization over subsidies for U.S. plane maker Boeing and European rival Airbus, accusing each other of unfair competition. The WTO in 2019 authorised the United States to impose tariffs on $7.5 billion of EU goods, such as cheese, in the case against Airbus. A year later, it gave the EU the right to respond with countermeasures on $4 billion of U.S. imports, including tobacco and spirits. On June 15, 2021, both sides agreed to suspend these tariffs for five years. A European Commission spokesperson said on Thursday that discussions were ongoing to extend the suspension.
Alphabet's Google is in talks with Samsung Electronics to manufacture part of its next-generation artificial intelligence processor, The Information reported on Thursday, citing two people familiar with the matter. Google plans for TSMC to make the main computing part of the tensor processing unit, codenamed "Icefish", while Samsung may produce a component that helps connect it to memory using its 2-nanometer production technology, the report said. The tech giant is working with chip firm MediaTek on the design, and “Icefish” is still in development, with mass production possible as early as 2028, the report said.
The government’s wheat procurement for 2026-27 rabi marketing season (April-June) has crossed 35 million tonne (MT), highest in the last four years. As agencies wind up the Minimum Support Price (MSP) purchase operations in key producing states, the overall grain purchase so far has been 35.41 MT which exceeds the target of 34.6 MT for the season. Wheat purchases this season, which officially ends by the end of June, are 18% higher compared to 30 MT purchased in the previous marketing year (2025-26). This against the arrivals of 42.22 MT of grain across mandis in key producing states. The aim of the government purchase is to bolster stock and ensure supplies under the public distribution system. Previously, a record 43.33 MT of wheat was purchased from farmers during the 2021-22 marketing season.
In a move aimed at ensuring uninterrupted fuel availability for ordinary consumers, the government has barred industrial, commercial and institutional users from purchasing petrol and diesel from retail fuel pumps and directed them to procure fuel through designated bulk supply channels instead, PTI reported citing an official order. The restrictions, which can remain in force for up to 90 days, come amid concerns that a growing number of bulk consumers have shifted to buying fuel from petrol pumps to take advantage of lower retail prices, putting pressure on supplies meant for the general public. The Ministry of Petroleum and Natural Gas on June 11 issued the Motor Spirit and High Speed Diesel (Temporary Regulation of Supply through Retail Outlets) Order, 2026, empowering fuel retailers and oil marketing companies to regulate fuel sales through retail outlets.
The first India-manufactured Airbus C295 military transport aircraft has successfully completed its maiden test flight from the Final Assembly Line (FAL) in Vadodara. This marks a major milestone for India’s defence manufacturing ambitions and the country’s push to build military aircraft domestically under the Make in India and Atmanirbhar Bharat initiatives. Announcing the development, Air Defence said that the first “Made in India” C295 conducted its maiden flight from Vadodara, calling it a “milestone for Indian aviation and defence.” The company said the flight is a crucial step in the aircraft’s post production testing process and advances the programme’s objective of delivering the first India-built C295 aircraft to the Indian Air Force (IAF) later this year. Reacting to the achievement, the IAF said it “congratulates the entire team behind the successful maiden flight of the first India-made C-295.” The force added that the milestone “reinforces India’s growing aerospace capabilities” and highlights its commitment to fostering indigenous defence capability under the vision of Atmanirbhar Bharat.
Gujarat International Finance Tec-City (GIFT City), home to India’s only International Financial Services Centre (IFSC), is seeking to emerge as a hub for aviation leasing. With Indian airlines expected to add around 2,200 aircraft over the next decade, GIFT City sees a significant opportunity in aircraft leasing and aviation finance. “Right now, the aircraft is flying in one place while the financing is happening somewhere else. What we aspire to do is bring that financing activity here,” said Sanjay Kaul, Managing Director and Chief Executive Officer of GIFT City, during a media interaction on Thursday. At present, Dublin is the global hub for aircraft leasing and aviation finance, accounting for more than 60% of the world’s leased commercial aircraft fleet. Other established centres include Dubai and Singapore.
India is rapidly reshaping its energy landscape, with solar power playing the central role. Vikram Solar Ltd has emerged as a frontrunner, leveraging technology, innovation, and sustainability to lead the sector. Having evolved as a leading solar photovoltaic (PV) module manufacturer from India, the company is now embedding itself deeper into the energy ecosystem. India's ambitious target of 500 gigawatts (GW) of non-fossil fuel-based energy capacity by 2030 aims to transform the energy landscape. As of March 2024, the country’s renewable energy capacity had tripled, reaching 191GW, with solar power contributing a significant 82GW.
Indian industrial groups Reliance, Vedanta and Adani have shown interest in developing facilities to process Andhra Pradesh state's significant reserves of increasingly important rare-earth minerals, according to two sources with knowledge of the matter. With New Delhi seeking to cut India's dependence on China for rare earths, the three companies are among about 10 who have expressed interest in setting up rare earth facilities in the southern state, one of the sources said. The sources declined to be identified as they were not authorised to speak to the media.
India on Thursday granted retrospective customs duty relief on specified nuclear power generation equipment imported between April 1, 2019 and January 31, 2026, shielding importers from any tax demands on such shipments during the period. In a notification issued Thursday, the Finance Ministry said the relief covers goods used for generation of nuclear power. The notification clarified that any customs duty, if any, payable on imports of the specified goods during the period would not be required to be paid.
A plant that farmers across the Deccan Plateau dismissed for decades as a fencing weed is now earning them premium payments from India's newest category of distillers, according to a BBC report published on June 12. Masapalli Venkatesh, who grows tomatoes, peanuts and corn on a 10-acre farm in Kandukur on the Deccan Plateau, was first approached by traders seeking agave americana in 2010, the BBC reported. Farmers in the region had treated the cactus as a 'stubborn, valueless weed, planting it only as fencing to keep wild animals away from crops, according to the report. The plant, however, belongs to the same family that supplies the $15-billion global tequila and mezcal market, the BBC said. Venkatesh now coordinates villagers and farmers across a 100-km radius, aggregating wild agave from multiple farms into the steady, high-volume supply that distilleries pay a premium for, he told the BBC. The income stream has earned the plant a local nickname, 'blue gold', according to the report
The Bureau of Labor Statistics has released the US Consumer Price Index (CPI) data for May, offering insights into how inflationary pressures have moved across food, shelter, and other areas of the economy. The annual inflation rate in the US rose to 4.2% in May 2026, marking its highest level since April 2023, from 3.8% in April and in line with market expectations. This represents the third consecutive monthly acceleration in headline inflation, with energy costs jumping 23.5% vs 17.9% in April, due to the energy shock triggered by the conflict with Iran. Gasoline prices soared 40.5%, after a 28.4% gain.
The United States has become the world's largest oil exporter, upending a decades-old order long dominated by Saudi Arabia and Russia, a shift that tightens American companies' grip on energy markets as Washington's war with Iran reshapes global energy trade. America's ascendancy to the top spot marks a stunning reversal for a country that was dependent on Middle Eastern oil for decades and suffered from an oil embargo imposed by some OPEC members in 1973 to retaliate against U.S. support for Israel.
Japanese business sentiment soured in April-June for the first time in four quarters, a government survey showed on Thursday, a sign of growing economic pain from the Middle East conflict. An index measuring big companies' sentiment fell to -0.5% point in the second quarter following a reading of +4.4 points in January-March, the survey showed.
Mexico's financial system remains solid and can handle adverse situations, the central bank said on Wednesday, while highlighting geopolitical conflicts as issues to monitor. Risks in the system have increased marginally since the prior stability report published in December, it said, although the system has strong capital and liquidity levels and would be able to withstand shocks.
Russian President Vladimir Putin told top officials on Wednesday that there are grounds to expect a cut in the central bank's key interest rate when it meets next week, and praised the monetary policy of central bank chief Elvira Nabiullina, who was absent from the meeting due to illness. Nabiullina has cancelled two public appearances in the past week, including at the St Petersburg International Economic Forum, Russia’s biggest business conference, often dubbed the “Russian Davos.”
Italian industrial output unexpectedly rose in April from the previous month, data showed on Wednesday, posting a 0.5% increase that marked the third gain in a row for a manufacturing sector showing signs of emerging from a long-runnng slump. Industrial output rose 0.6% rise in March, amid surging energy costs following U.S. and Israeli strikes on Iran that began at the end of February.
Germany's economy is likely to slip into a technical recession this year as an energy price shock triggered by the war in Iran derails a fragile recovery, the DIW economic institute said on Wednesday, cutting its 2026 growth forecast in half. DIW Berlin now expects Europe's largest economy to grow by 0.5% this year and 0.8% in 2027, around half a percentage point lower than forecast in spring.
The National Capital Region (NCR) is set for a major urban transformation under the proposed Regional Plan 2041, which seeks to develop up to eight new smart townships and establish a high-speed transport network that would allow commuters to travel between Delhi and major NCR cities within 30 minutes. The plan, which is expected to be taken up for adoption by the NCR Planning Board (NCRPB) at its meeting on June 16, has been circulated among participating states. It outlines a long-term strategy to accommodate rapid population growth, reduce pressure on Delhi, and improve connectivity across the region through integrated urban development and modern transport infrastructure.
With state-run oil marketing companies (OMCs) losing an estimated ₹690 on every domestic LPG cylinder sold — translating into nearly ₹1.38 lakh crore annually — the Centre has launched a nationwide push to shift households from LPG to piped natural gas (PNG) in areas where city gas infrastructure is already available. In a letter to chief secretaries of all states and union territories, Petroleum Secretary Neeraj Mittal said recent developments in the Strait of Hormuz region have necessitated accelerated measures to reduce dependence on LPG and promote PNG as an alternative cooking fuel.
Private sector investment is showing signs of revival, with companies increasingly borrowing for expansion and infrastructure projects, Punjab National Bank (PNB) Chairman and Managing Director (CMD) Ashok Chandra said, stressing that the private sector has started "reposing faith" in the economy. In an exclusive interview with ANI, Chandra said the PNB has witnessed a sharp rise in corporate loan sanctions over the past year, indicating growing investment activity across multiple sectors.
India's GDP is likely to grow at 6.6 per cent in the current fiscal as compared to 7.7 per cent in FY26, on weaker investments and consumption growth and trade shocks from the West Asia crisis, BMI, a Fitch group company, said. According to government data released last week, GDP growth in FY26 accelerated to 7.7 per cent from 7.1 per cent in FY25, supported by healthy consumption and robust investment activity.
The big news at this hour – TCS and Anthropic have launched Global Premier Partnership to drive Enterprise AI scaling. The IT sector major, Tata Consultancy Services (TCS), is partnering Anthropic, the artificial intelligence company behind Claude, to help enterprises scale AI adoption across industries. TCS in its regulatory filing said, “TCS will setup a dedicated Business Unit focused on delivering strong customer value propositions, joint industry solutions and deep AI expertise on the Claude family of models through early access to Claude models.”
US-based IT services firm Cognizant expects an AI-driven system that analyses employee and customer interactions to generate as much as $1 billion in incremental business pipeline by the end of this year, after already creating about $200 million in opportunities. Speaking at the company’s AI forum last week, CEO Ravi Kumar S said the initiative, built around what Cognizant calls “context engineering”, mines emails, meetings, chats, contracts and other enterprise data to uncover potential sales opportunities that would otherwise remain scattered across the organisation.
Electric vehicle company Omega Seiki Mobility (OSM) has partnered with Honda Power Pack Energy India, a subsidiary of Honda Motor Co., to develop swappable battery technology. Honda Power plans to establish 250 battery swapping stations in Bengaluru, 150 in Delhi, and 100 in Mumbai, aiming to create the largest battery swapping network in these cities. OSM’s cargo electric three-wheelers, the Rage+, will now use the Honda e:Swap battery ecosystem. Uday Narang, founder of OSM, said they were not just into the production of electric vehicles but also wanted to make electric mobility more practical, profitable, and convenient for those who rely on these vehicles for their livelihoods.
Meta Platforms has expanded its renewable energy partnership with Clean Max Enviro Energy Solutions Ltd beyond 900 MW, backing 837 MW of new solar and wind capacity across Rajasthan and Karnataka in one of the largest clean energy procurement deals by a global technology company in India. The announcement comes amid rapidly rising electricity demand from digital infrastructure and artificial intelligence applications, with technology firms emerging as major drivers of renewable energy investments globally.
Hindustan Zinc has signed a Memorandum of Understanding (MoU) with Sulfozyme Agro India under its flagship Zinc Industrial Park initiative at Khankhala in Rajasthan’s Bhilwara district. The partnership aims to strengthen India’s downstream zinc sector through sustainable metal recovery, resource efficiency, and innovation-led industrial development.
Can a taxpayer face a hefty tax demand merely because her name appears on a property purchase agreement, even though the entire payment was made by someone else? In a recent ruling by the Mumbai bench of the Income Tax Appellate Tribunal (ITAT) in the case of Sanjeevani Sanjay Rane vs ACIT (ITA No. 7361/Mum/2025) for Assessment Year 2017-18, the tribunal deleted additions of Rs 54.93 lakh made by the tax department after finding that the entire investment in the property had been made by the taxpayer’s husband and that the source of funds was adequately explained. How the dispute began The case relates to a residential property purchased during FY 2016-17 for Rs 52.81 lakh. According to the taxpayer, her name was included in the registered agreement only as a family member for convenience, while the entire consideration for the property was paid by her husband, Sanjay Rane.
Reference is invited to the GSTN Advisory dated 20.05.2026, wherein it was informed that the following functionalities would be implemented in the E-Way Bill system with effect from 15th June, 2026: 1. Mandatory capture of "Ship To GSTIN" in Bill-To/Ship-To transactions; and 2. Voluntary Closure of E-Way Bill functionality. Representations have been received from trade and industry seeking extension of the implementation timeline, citing the requirement of system changes, testing, API/ERP readiness and master data updation across the taxpayer ecosystem. In view of the above, and to facilitate smooth transition and adequate preparedness by taxpayers, GSPs, ERP providers and other stakeholders, it has been decided to extend the implementation timeline for both the above functionalities.
Corporate India may soon find it more difficult to float shell companies or maintain existing incorporated structures that serve little purpose other than tax evasion, money laundering or hiding ownership. In some cases, corporate groups could also face an increased compliance burden even to maintain legitimate structures like holding companies. According to official sources, the government is set to widen the grounds on which a company could be stricken off from the official register. The Corporate Laws (Amendment) Bill, 2026 would inter alia seek to empower the Registrar of Companies to dissolve a company if it hasn’t conducted any “significant accounting transactions” for three years. Non-filing of annual returns and financial statements for two consecutive years could also lead to removal of a firm from the register.
India's total outward foreign direct investment commitments declined 49.02 per cent month-on-month to USD 4.49 billion in May 2026 from USD 8.84 billion, mainly due to lower equity investments, loans, and guarantees issued by Indian companies, according to RBI data. However, total financial commitments by Indian entities under overseas investment increased 34.6 per cent year-on-year in May 2026 from USD 3.34 billion, data showed. Equity investments abroad dropped sharply to USD 1,247.82 million in May from USD 3,537.35 million in April, marking a decline of about 64.72 per cent.
India attracted cumulative Foreign Direct Investment (FDI) inflows of USD 843 billion between 2014-15 and 2025-26, registering a 169 per cent increase over the preceding 12-year period, a commerce and industry ministry official said on Wednesday. Despite global economic uncertainties, the country recorded a historic USD 94.53 billion FDI in 2025-26, with over 90 per cent of equity inflows coming through the automatic route, said Sumeet Jarangal, joint secretary in the department for promotion of industry and internal trade (DPIIT). He highlighted that flagship initiatives such as Make in India and the Production Linked Incentive (PLI) Scheme have translated investments into manufacturing strength.
The Reserve Bank has issued final amendment directions permitting commercial banks to lend to Real Estate Investment Trusts and InvITs, while retaining key prudential safeguards on exposure limits, asset quality, and repayment structures. The final directions were issued after incorporating feedback received from stakeholders on the draft norms. Major changes and conditions Among major changes, the Reserve Bank of India (RBI) said overseas branches of Indian banks may participate in Real Estate Investment Trusts (REITs) financing under syndication arrangements, subject to a 20 percent cap on contribution and a 150 percent risk weight.
REC has secured the approval from the Ministry of Power to merge with Power Finance Corporation (PFC). This marks a significant step in the consolidation of the two state-owned power sector financiers. In a regulatory filing the company said, “The Ministry of Power, vide its letter dated June 10, 2026, has conveyed the approval of the Competent Authority in respect of the aforesaid proposal.” Earlier on May 16, the company informed exchanges that its Board of Directors had authorised the company’s Chairman and Managing Director (CMD) to seek approval from the President of India for the proposed merger under Sections 230-232 of the Companies Act, 2013.
A day after the Reserve Bank of India (RBI) released the final contours of its foreign currency non-resident bank [FCNR(B)] deposit scheme, banks have started offering rates ranging from 5% to over 7%. The higher returns reflect the central bank’s decision to exempt incremental FCNR(B) deposits from cash reserve ratio (CRR) and statutory liquidity ratio (SLR) requirements, experts said. State Bank of India has launched a special deposit scheme, SBI Advantage FCNR(B), with a one-year lock-in period, offering interest rates of 5.25-6% in the three- to five-year maturity bucket. HDFC Bank and Central Bank of India are offering up to 6% on longer-tenor FCNR(B) deposits, while YES Bank and AU Small Finance Bank are offering as much as 7.1% on five-year deposits. CSB Bank is offering 7.05% on FCNR(B) deposits. The revised rates came into effect on June 10.
The asset quality of Indian banks is expected to further improve over the next year, providing cushion against pressure on margins, liquidity and credit growth arising from geopolitical tensions and broader macroeconomic uncertainties. According to consensus estimates compiled by S&P Global Market Intelligence, the gross non-performing asset (NPA) ratio of State Bank of India is seen declining to 0.92% by March 2027 from 0.96% at the end of FY26. HDFC Bank‘s bad loan ratio is projected to improve to 0.76% from 0.78%. The report attributed the betterment to moderating stress in unsecured retail segments such as personal loans, credit cards and microfinance.
The rapid expansion of artificial intelligence is reshaping global credit markets as technology companies seek new ways to fund massive investments in data centers, chips and computing infrastructure. Morgan Stanley expects AI-related global debt issuance to more than double and reach nearly $570 billion in 2026, reported Reuters. The investment bank estimates that AI-related debt issuance had already reached nearly $236 billion by May 31, 2026, reported Reuters. That figure is about four times higher than the amount recorded during the same period a year earlier. Major technology companies have traditionally relied on strong cash flows to fund growth. However, the scale of investment required for artificial intelligence is pushing many firms to seek additional funding through debt markets.
The mutual fund SIP stoppage ratio has dropped to 95% in May against a stoppage ratio of over 100% for two consecutive months. In April, the SIP stoppage ratio was 101.14% whereas in March was 101.06%. The latest reading indicates that more mutual fund SIPs were registered than those stopped or whose tenures ended. The number of SIPs discontinued/ tenure completed in May were recorded at 51.70 lakh whereas the number of new SIPs registered in the same period stood at 54.16 lakh. In April, 51.29 lakh SIPs were discontinued or completed their tenure, and 50.71 lakh new SIPs were registered.
Foreign investors pulled nearly $27 billion net from emerging market portfolios in May, partially reversing a rebound in April as equity selling in Asia overwhelmed debt inflows, data from a banking trade group showed on Wednesday. Non-resident investors withdrew a net $26.6 billion from emerging bonds and stocks in May, according to the Institute of International Finance, compared with inflows of $70.6 billion in April. The reversal was driven almost entirely by equities - foreign investors pulled $37.0 billion from EM stocks during the month. Debt markets attracted a net $10.4 billion. “The month-to-month swing was large, at $97.2 bln, and shows that April's reopening did not become a straight-line normalization in capital flows,” said Jonathan Fortun, senior economist at the IIF.
As global investors gravitate towards markets, such as South Korea and Taiwan, Indian equities have slipped down the pecking order. The gloom around India is more about relative growth than absolute growth, says Ridham Desai, managing director and chief equity strategist India, Morgan Stanley. In an interview with Samie Modak and Sundar Sethuraman/Business Standard in Mumbai ahead of the Morgan Stanley India Investment Forum 2026, Desai argues that investor positioning has turned excessively bearish.
Barely a week after Nvidia-backed chipmaker Coherent warned of a shortage of indium phosphide in an earnings call in early May, its CEO Jim Anderson was on a plane with a U.S. business delegation accompanying President Donald Trump on his trip to China. Anderson's visit was partly to raise the issue of delays in China's export licenses involving the highly strategic material, essential in manufacturing high-speed optical chips for AI data centres, said three sources familiar with the matter. The issue was also discussed during talks in Seoul between top trade negotiators of the two countries ahead of Trump's May 14-15 summit with China's President Xi Jinping, according to two U.S. government officials and a person briefed on the talks.
The European Central Bank is all but certain to raise interest rates on Thursday in the hope of nipping higher inflation in the bud before a surge in energy costs triggered by the Iran war spreads more broadly across the euro zone economy. The well-telegraphed move would come as inflation in the 21-country currency bloc is already above 3%, well in excess of the ECB's 2% target, and economic growth is very weak - a backdrop that has economists split over the case for tighter policy. ECB policymakers, some of whom had already pushed for action in April, are nonetheless expected to press ahead, seeking to keep a lid on inflation expectations and to safeguard their credibility after being slow to react to a post-pandemic inflation spike in 2022.
Chinese electric vehicle maker BYD is looking to take over an existing factory in southern Europe for its second assembly plant on the continent, with Spain among the countries on its shortlist, a top executive said on Wednesday. "We would prefer to take over an existing plant," executive vice president Stella Li told reporters in Berlin during the European launch of the Dolphin G, a small electric car. She did not say which other European countries are on BYD's shortlist, or when a decision on a location was expected.
U.S. access to critical minerals from China remains difficult due to export controls and licensing delays, a U.S. business lobby said on Wednesday, with Beijing's restrictions driving three-quarters of impacted companies to search for new supplies. Introduced in April 2025 in retaliation for U.S. President Donald Trump's tariffs, Beijing's controls tightly restrict exports of certain rare earths crucial for advanced manufacturing. That's despite Trump's deal with China's Xi Jinping in October in which the White House said China committed to "effectively eliminate" all current and proposed critical mineral export controls.
The Middle East conflict has already removed 1 billion barrels of crude oil from global markets in just three months — equivalent to nearly two-and-a-half times the entire US Strategic Petroleum Reserve — with cumulative losses projected to approach 2 billion barrels by the end of the year even under a relatively optimistic recovery scenario, according to Rystad Energy. The disruption has shut in 11.8 million barrels per day (bpd) of production across six Gulf producers, making it the most severe oil supply disruption of the modern era, the consultancy said, warning that every additional month of conflict could erase another 350 million barrels from global supply. “Cumulative losses have now reached 1 billion barrels and are on track to nearly double by year-end under our base case,” said Aditya Saraswat, MENA Research Director at Rystad Energy.
OPEC oil output in May hit its lowest in more than two decades, a Reuters survey found, as a U.S. naval blockade cut Iran's exports and Iran's effective closure of the Strait of Hormuz slashed exports by other Gulf producers. Output by the 11-member Organization of the Petroleum Exporting Countries fell by 1.06 million barrels per day month-on-month to 16.13 million bpd, the survey found. That was the lowest monthly figure since at least 2000, according to Reuters surveys, and well below the levels seen during the COVID-19 pandemic in 2020 when demand collapsed.
India, which ranks as the world’s third-largest importer and consumer of oil, announced on Wednesday that it has removed the excise duty on petrol blended with higher proportions of ethanol. Under the new policy, petrol containing between 22% and 30% ethanol will no longer be subject to excise tax, according to an official notification. The tax exemption applies to E22, E25, E27 and E30 petrol blends, which contain different amounts of ethanol mixed with petrol. According to the Finance Ministry, these fuels consist of 78%, 75%, 73% and 70% petrol, with the remaining 22%, 25%, 27% and 30% containing ethanol, respectively. The news does not just put oil marketing stocks in spotlight. In fact, the development will directly put the focus on stocks linked to the Ethanol Blended Petrol (EBP) program. These include a host of sugar manufacturers that are looking to pivot to green fuel. Balrampur and Dhampur Chini are up well over 2% each after opening with 4 per cent plus gains. Biofuel manufacturer Praj Industries also opened higher but has now given up the gains intra-day.
As Reliance Jio moves closer to a long-awaited public listing, investors are taking a fresh look at a telecom sector that appears markedly different from the one shaped by tariff wars, mounting debt and regulatory disputes over the past decade. The reassessment comes amid a series of developments that have improved visibility on the sector’s long-term economics. The government’s recent relief package for Vodafone Idea, coupled with the Bombay High Court’s decision to strike down a long-running one-time spectrum charge dispute, has strengthened expectations that many of the legacy overhangs that weighed on telecom valuations are gradually easing. Together with rising tariffs, improving average revenue per user (Arpu) and a more predictable spectrum auction framework, the changes are altering the investment case for the industry.
Zoho Corp on Wednesday launched Nathu La, a server platform designed in India, which makes it one of the few domestic technology companies to build a homegrown server architecture leading to reduced infrastructure costs and greater control over AI workloads. Built over five years by Zoho’s hardware engineering team in Nagpur, this is the company’s first bet towards entering hardware and is expected to reduce total cost of ownership by 20-30% and lower power consumption by 12-18%. The Chennai headquartered company has already deployed nearly 1,000 Nathu La servers in production and pre-production environments as part of its India data centres by year-end. For Zoho, which operates 20 data centres globally and runs its software stack on its own infrastructure rather than public cloud providers, the move depicts a fragment of its larger strategy to own every layer of technology, from hardware and data centres to software applications and artificial intelligence models.
India has identified more than 102 GWp of floating solar potential across reservoirs and water bodies, opening up a new frontier in the country’s clean energy expansion and taking the nation’s total assessed solar potential to 3,445 GWp, Union renewable energy minister Pralhad Joshi said on Wednesday. The assessment, released by the National Institute of Solar Energy (NISE), comes as India rapidly scales up renewable energy capacity and seeks new avenues to sustain growth after emerging as one of the world’s largest solar markets. The government is now working on a dedicated scheme for floating solar projects, signalling a policy push towards reservoir-based renewable energy development. The report estimates India’s floating solar photovoltaic (FSPV) potential at 102.18 GWp, based on utilisation of up to 20% of suitable waterbody area across the country.
A UAE real estate magnate close to Donald Trump is pumping billions of dollars into data centres, hoping to cash in on the AI boom and become the global leader in the field. DAMAC Properties chairman Hussain Sajwani, who attended the US president's 2025 inauguration and is second on Forbes' Arab rich-list, sees "huge" potential in data as demand for computing power soars. Sajwani, whose Instagram feed pictures him with the likes of Trump, Elon Musk and Jeff Bezos, rode Dubai's real estate rollercoaster to amass a net worth of $15.3 billion, according to Forbes.
The Indian textile sector is entering a phase of recovery and renewed optimism as the uncertainty surrounding US tariffs recedes and global demand begins to improve, according to a report by Dolat Capital. The report, said that the "worst is behind" for the sector and highlighted improving industry fundamentals, better demand visibility and favourable policy developments. "The sector, in our opinion, is now entering a phase of renewed optimism, supported by the resolution of US tariff-related uncertainties, improving demand visibility, and a series of strategic Free Trade Agreements (FTAs) that are strengthening India's position in global sourcing chains," the report said.
The Centre on Wednesday decided to extend anti-dumping duty on aluminium foil imported from China, Malaysia, Thailand, and Indonesia till December 15, 2026. Several companies, including Hindalco Industries and SRF Altech, had requested this measure. The Ministry of Finance through a notification amended Notification No. 51/2021-Customs (ADD) dated September 16, 2021, inserting a new provision stating that, notwithstanding anything contained in the earlier notification, the anti-dumping duty will continue to remain in force up to and including December 15, 2026.
Giving a push to cleaner non-fossil energy, ministry of new and renewable energy (MNRE) has officially launched operational guidelines for setting up small hydropower projects of up to 25 MW capacity over the next five years, with a financial outlay of nearly Rs 2,585 crore. It has also launched a dedicated portal to enhance transparency and efficiency in implementation of the programme The scheme aims to support the installation of around 1,500 MW of small hydropower capacity across the country, with special emphasis on hilly and northeastern states.
Government plans to raise the issue of the US decision to impose a 100% duty on patented drug imports from India, seeking tariff parity to safeguard the interests of domestic manufacturers. The matter is expected to figure during the trade negotiations with Washington, with New Delhi seeking tariff concessions in line with the UK and countries in the European Union, following industry representation, sources told TOI. The tariffs announced in April, following the Section 232 probe, could place domestic companies exporting innovator drugs at a sharp disadvantage compared with the UK and EU countries, which enjoy concessional tariff rates of 15-20%, they added. Industry experts said these duties threaten the viability of India's drug exports and future investments in the CRDMO (Contract Research, Development, and Manufacturing Organisation) sector. The tariffs are expected to be implemented in phases beginning July this year.
China's producer prices rose for a third straight month in May to the highest since July 2022, while consumer prices stayed elevated as global energy prices piled cost pressures on manufacturers and drove up costs of living for households. Cost pressures from the Iran war could squeeze corporate profits and further subdue domestic consumption, although global AI-related demand provided a boost for some sectors.
China's exports picked up pace in May, rising 19.4% from a year earlier, its customs agency said Tuesday, as technology-related shipments remained robust despite impacts from the Iran war. The stronger than expected performance was an improvement from April's 14.1% year-on-year (Y-o-Y) increase. Imports in May jumped 27.4%, also at a faster pace compared with April's 25.3% Y-o-Y expansion.
The US trade deficit shrank slightly in April, government data showed Tuesday, bolstered by energy exports on a supply crunch following war in the Middle East. The overall trade gap narrowed 1.2 percent to $55.9 billion, said the Commerce Department. Economists surveyed by Dow Jones Newswires and The Wall Street Journal had expected a $56.1 billion figure.
Norway's annual core inflation rate rose unexpectedly in May, Statistics Norway (SSB) data showed on Wednesday, supporting expectations interest rates could increase further this year. Core inflation, which strips out changing energy prices and taxes, stood at 3.4% year-on-year, up from 3.2% in April, and above the 3.2% expected by analysts in a Reuters poll. Norges Bank had expected core inflation of 3.3%. Norway's currency, the crown, strengthened to 10.96 against the euro by 0609 GMT, from 11.00 ahead of the data release.
U.S. consumer inflation likely increased at its fastest pace in three years in May as the Middle East conflict raised prices of energy products, which would provide more ammunition for the Federal Reserve to keep interest rates unchanged this year. The anticipated third straight month of strong year-on-year Consumer Price Index readings from the Labor Department on Wednesday is expected to highlight mounting pressure on households as evidence suggests more consumers are dipping into savings to finance their spending. Inflation is likely to outpace wage growth in May for a second straight month, a development that could weigh on overall economic growth.
Japan's wholesale inflation accelerated in May at the fastest pace in three years as price pressures from the Middle East war broadened, adding to the case for further interest rate hikes by the central bank. The Bank of Japan meets next week and is expected to deliver its first interest rate hike since December to cope with mounting inflationary pressures from a weak yen and the war-induced energy shock.
U.S. small-business sentiment fell in May and the share of owners planning to raise prices over the next three months increased to the highest level in nearly four years, suggesting inflation could remain elevated for a while. The National Federation of Independent Business said on Tuesday its Small Business Optimism Index slipped 0.6 to 95.3 last month, falling further below its 52-year average of 98.0. The survey's uncertainty index rose three points to 91. It is running well above its historical average of 68.
German industrial production rose less than expected in April and economists said the outlook for Europe's largest economy remains weak, despite an unexpected increase in exports. Industrial production rose by 0.4% in April compared with the previous month, the federal statistics office said on Tuesday. Analysts polled by Reuters had predicted a 0.5% rise. It was the first monthly increase since the start of the Iran war, but that was no cause for optimism, Carsten Brzeski, global head of macro at ING, said.
Despite mounting pressure from surging global commodity prices that could nearly double the Centre’s fertiliser subsidy bill to Rs 3.4 lakh crore and necessitate support of Rs 1.23 lakh crore for oil marketing companies, the government remains firmly in control of the fiscal situation and sees little risk to India’s growth momentum, senior officials said. Even as geopolitical tensions in West Asia and global trade uncertainties cloud the external environment, officials said the economy continues to be supported by resilient domestic demand and a strong underlying growth trajectory.
The central government has announced to provide financial support of about Rs 1.23 lakh crore to oil marketing companies to cushion losses triggered by the West Asia conflict and shield consumers from a sharper rise in fuel prices. However, no proposal has been made to curb capital outflow, PTI reported, quoting sources. The support covers the initial 78 days of the conflict and includes the impact of excise duty reductions, the agency said. As the war rages on, with no respite in sight, the fertiliser minister has also sought to double budgeted subsidy to Rs 1.77 lakh cr for FY27, sources told PTI.
Fitch Ratings has lowered its GDP growth projections for India amid the US-Israeli war against Iran. The credit rating agency estimates that the ongoing conflict will slow the economy in the September and December quarters. Fitch also projected 6.4% growth in the current fiscal — down from an earlier estimate of 6.7% in its June Global Economic Outlook. “We expect GDP growth to ease to 6.4% in FY27, a downward revision of 0.3pp from March. Domestic demand will be the main driver of growth, but lower imports in real terms imply positive contributions to growth from net external demand,” Fitch Ratings wrote. The estimates came even as the Reserve Bank of India cut its growth forecast for the current fiscal to 6.6% and upped its inflation projection to 5.1%. Fitch has also lowered its 2026 global growth forecast to 2.4% as an extended oil crisis hurts prospects.
India’s economic growth is expected to moderate in FY27 after accelerating to 7.7% in FY26. According to economists at Elara Capital, the improvement in FY26 was a cyclical recovery in demand rather than a structural shift in the economy. Motilal Oswal expect the FY27 growth to slow to 6.5% broadly in line with the Reserve Bank of India’s (RBI) revised estimate of 6.6%. The economists note that FY27 is facing headwinds since the beginning of the fiscal year unlike in FY26 where growth remained strong through most of FY26 and peaked at 8.3% in Q2 FY26 before moderating slightly in Q4 FY26.
Even as the country is said to witness a “balance of payments stress test” in the current fiscal year due to rising energy import bill, subdued exports and an unusually weak capital account, data revealed by the Reserve Bank of India (RBI) on Monday showed a surprise current account surplus in the fourth quarter of 2025-26. This resulted in a benign current account deficit (CAD) of 0.6% of the gross domestic product (GDP) in FY26, the same level as the year before, as against around 1% expected by many analysts. The Q4FY26 current account surplus reached $7.1 billion (0.7% of GDP) despite an $83.4 billion merchandise trade deficit. This surplus was supported by solid net services receipts of $60.4 billion and remittances of $43.5 billion.
Although the southwest monsoon is advancing up the west coast and interior peninsula, the prospect of El Niño-induced below-normal rainfall doesn’t augur well for the countryside and economy. The uneven spatial and temporal spread of rains will hit cultivation of kharif crops like paddy, coarse cereals, pulses, and soya bean among others. Lower rains that are 90% below the long period average (LPA) of 868.6 mm usually entail drought conditions. As if on cue, the Union ministry of agriculture and farmers’ welfare has already lowered the food grain production target for FY27. These prospects threaten the growth momentum of the agricultural sector that expanded by 4.1% per annum during the five years till FY26 due to a run of normal and above-normal monsoons, barring FY24.
The Centre has already mobilised close to Rs 20,000 crore through stake sales and asset monetisation in the first two months of the current financial year, as it looks to shore up revenues amid growing concerns over the fiscal impact of the conflict in West Asia, according to a TOI report. The amount raised so far accounts for roughly a quarter of the government's full-year target, reflecting a renewed push to generate non-tax revenues at a time when spending pressures are mounting. The urgency stems largely from rising energy and fertiliser costs.
The government plans to push ahead with reforms, including further measures to boost foreign investment, speeding up divestment and asset monetisation, as it seeks to preserve India's growth momentum in the face of rising fuel and fertiliser import costs triggered by the West Asia crisis, government sources said on Tuesday. They said that the country's GDP growth momentum remains intact, with domestic consumption holding up. "Growth is not under stress, but there are external challenges... Quarter after quarter, growth is showing momentum. Domestic economy is doing good, consumptions are not coming down...," the sources said.
India's exports have witnessed consistent growth in recent years, driven by supportive government policies, improved digital infrastructure, better logistics and trade reforms, a senior commerce ministry official said on Tuesday. Speaking at a regional media interaction organised by the Apparel Export Promotion Council (AEPC) and the Department of Commerce here, Senior Economic Adviser Agrim Kaushal highlighted the government's commitment to making India a global leader in the textiles and apparel sector. He referred to the Prime Minister's "5F vision" - "Farm to Fibre, Fibre to Factory, Factory to Fashion, and Fashion to Foreign" -- as a key framework guiding the sector's growth.
The Indian economy is facing headwinds from external sectors with rising fuel and fertiliser import bills due to West Asia crisis, but GDP growth momentum remains intact with domestic consumption holding up, government sources said on Tuesday. Sources said the FY27 Budget had taken into cognisance the uncertainties in the global economy around tariffs, and the government do not immediately need to account for additional borrowing or bring in supplementary demands for grants in the upcoming monsoon session of Parliament. On the fiscal deficit front, sources said the budgeted target of 4.3 per cent of GDP is still intact, and the government is actively tapping its non-tax revenue areas like disinvestment and asset monetisation in the current fiscal.
India has a strong foundation for economic growth and is expected to maintain robust growth momentum in the coming years despite global uncertainties, said Paul Procee, Operations Manager and Acting Country Director for India at the World Bank. Spea
Mukesh Ambani-led Reliance Industries announced a partnership with Meta Platforms for an AI-enabled data centre in Jamnagar, Gujarat. This marks Meta’s first built-to-suit data centre project in India. Under the agreement, Reliance Industries will build the 168 MW data centre and is expected to be completed within two years. The project also includes an option to expand capacity in the future. Meta will lease capacity from the facility to support its global infrastructure, including its growing artificial intelligence (AI) computing requirements. Partnership puts India at forefront of global AI race: Mukesh Ambani Mukesh D. Ambani, Chairman and Managing Director, Reliance Industries, said, “Building India’s first built-to-suit data centre for a global technology leader of Meta’s scale demonstrates India’s readiness to be at the forefront of the global AI revolution.”
Tata Consultancy Services (TCS), India’s largest IT services company, has indicated that it will no longer hire employees at the scale it once did as artificial intelligence increasingly takes over portions of work traditionally handled by humans. Speaking at the company’s 31st annual general meeting, TCS chairman N. Chandrasekaran said the rise of AI agents is fundamentally changing how the IT industry will operate in the coming years. “The company will not be hiring the kind of numbers that you used to hire,” Chandrasekaran said, signalling a structural shift in workforce planning at the IT giant.
Grasim Industries, the Aditya Birla Group flagship, has announced a second phase of investment in lyocell manufacturing at its Harihar facility in Karnataka, committing Rs 3,094 crore to add 110,000 tonnes per annum of new capacity. The announcement signals the company’s intent to become one of the largest producers of the sustainable fibre globally, and pushes its overall cellulosic staple fibre capacity past the one million tonne mark by the end of the decade. What is being built The Phase II expansion will come up as two production lines of 55,000 TPA each at Harihar. The first line is targeted for commissioning in 2028, with the second following in 2030. This is in addition to Phase I, a 55,000 TPA lyocell plant already under construction at the same site, which is expected to go on stream by mid-2027.
Vodafone Idea has secured a major legal victory. Bombay High Court quashed demand notices issued by the Department of Telecommunications (DoT) seeking one-time spectrum charges (OTSC) worth Rs 2,113 crore. Vodafone Idea in its regulatory filing said that the court has directed the DoT to return the bank guarantees submitted by the company against the disputed demand. The Bombay High Court on Monday quashed the Centre’s 2012 decision to impose a one-time spectrum charge for spectrum held above 6.2 MHz from 2008 onwards, questioning its source of power to make such a call.
Tata Consumer Products crossed the ₹20,000 crore revenue milestone in FY26, the company said at its 63rd Annual General Meeting, reporting consolidated revenue of ₹20,290 crore, a 15% increase over the previous year. Net profit rose 20% to ₹1,547 crore, supported by operating leverage, while EBITDA grew 12% to ₹2,815 crore, as reported by ET Now. The company said growth was broad-based across India operations, international businesses, and non-branded segments. Tata Consumer, which has evolved from a tea and coffee business into a diversified multi-category FMCG player, said its growth was driven by both organic and inorganic initiatives.
Jio BlackRock Asset Management plans to launch its first exchange-traded funds in India by August, seeking to replicate BlackRock's global success in passive investing in a market where ETFs are still nascent. The joint venture between Mukesh Ambani's Jio Financial Services and the world's largest asset manager has amassed about 180 billion rupees ($1.9 billion) in assets under management in roughly a year since its launch by building a base in cash, debt-index and active equity funds. It plans to start with equity-focused ETF strategies. BlackRock oversees about $5.1 trillion in ETF assets globally, more than a third of its total assets under management, underscoring the importance of the product line to its franchise. Jio BlackRock currently ranks as India's 29th-largest asset manager. "ETFs are a long-term play. While it is a predominantly institutional heavy market (in India), retail are starting to get more involved in ETFs. And we can see from global trends how well ETFs have been adopted as a choice for investing," Sid Swaminathan, managing director and chief executive officer of Jio BlackRock Asset Management, told Reuters.
Wanting to do something for the community is nothing new at Larsen & Toubro (L&T). Santosh Kumar Singh, its Chief Sustainability Officer, says the company’s first community health centre was set up in 1967. The number has grown to over ten today. “In the 1990s, the first Construction Skill Training Institute was established. Again, it was in the direction of improving the availability of skilled manpower and making more youth employable in the construction sector,” is how he describes it. It has been recognised as the Most Sustainable Company in Infrastructure in the category of Sectoral Excellence in Manufacturing in this year’s BT India’s Most Sustainable Companies. When there are multiple business verticals, the concept of sustainability evolves and matures over time. Steps taken at a certain point in time tend to produce a much larger impact later. Sustainability reporting started at L&T in 2008, but it was not till a decade later that it moved to integrated reporting. “That’s when financial performance started connecting with the impact on the environment and society,” says Singh. One important moment was in 2021 when the company set a target for both carbon neutrality and water neutrality. “In many cases, what we did was purely voluntary.”
The Central Board of Indirect Taxes and Customs (CBIC) is drafting rules to operationalise Section 11A of the CGST Act, a provision that allows the government, on the GST Council's recommendation, to waive tax dues for an industry in exceptional cases, according to two government sources familiar with the matter.
Morgan Stanley is closely monitoring merger and acquisition opportunities as US regulators signal a more favourable stance toward bank deals, CEO Ted Pick said on Tuesday. Speaking at the bank’s annual US investor conference, Pick stressed that the Wall Street powerhouse is actively tracking sector developments and stands ready to move swiftly if the right opportunity arises. “M&A in the banking industry is challenging; we want to get it right,” Pick said, adding that Morgan Stanley wants to be “wide awake” to the M&A activity in the sector. A Reuters report said that several major banks have already expressed interest in strategic acquisitions aimed at strengthening their competitive edge, upgrading technology, and expanding into high-growth areas such as wealth management and payments.
Adani Energy Solutions on Tuesday signed a binding agreement to acquire 100% stake in IntelliSmart Infrastructure Pvt Ltd for ₹3,050 crore, a move that will create India’s largest smart metering platform with a combined portfolio of over 4.7 crore smart meters. The proposed transaction includes acquisition of IntelliSmart’s entire equity share capital and redemption of optionally convertible debentures held by the National Investment and Infrastructure Fund (NIIF). The deal is subject to regulatory and other customary approvals. The acquisition significantly strengthens AESL’s position in India’s fast-growing smart metering market, which is emerging as a key pillar of power distribution reforms and digitalisation of utilities.
The banking sector expects to attract around $40–50 billion through Foreign Currency Non-Resident (Bank) [FCNR(B)] deposits after the Reserve Bank of India’s measures announced last week to boost foreign currency inflows. According to an SBI Research Ecowrap report, fresh FCNR(B) inflows could reach $40–45 billion under the scheme. “In 2013, when the RBI introduced the FCNR(B) facility, fresh inflows of $24.5 billion were mobilised within three months. This time, the facility window is open for four months, and we believe fresh FCNR(B) deposits could amount to $40–45 billion,” the report said. Outstanding FCNR(B) deposits stood at $33.8 billion at the end of March 2026, compared with $32.8 billion a year earlier. “Banks with a larger overseas presence, such as Bank of Baroda, SBI and HDFC Bank, are naturally better positioned to benefit as they have stronger access to the NRI customer base,” a senior public sector bank official said.
OPEC+’s latest decision to raise oil production by 188,000 barrels per day (bpd) is unlikely to bring meaningful relief to global markets as the closure of the Strait of Hormuz and Russia’s inability to meet higher production targets undermine the alliance’s efforts to boost supply, according to Rystad Energy. The producer group remains on course to unwind the first tranche of voluntary production cuts by September, but analysts say the market is increasingly facing a gap between announced production targets and actual barrels reaching consumers. The warning comes at a time when energy markets are grappling with one of the biggest supply disruptions in recent years, with the Strait of Hormuz remaining shut and limiting the movement of crude from the Gulf region, a critical source of global oil supplies.
India's sharp increase in gold import tariffs is fuelling a resurgence in smuggling that could exceed 100 metric tons this year, as soaring grey market margins allow smugglers to undercut banks and refiners of the precious metal, industry officials and bullion dealers said. India, the world's biggest gold market after China, more than doubled import tariffs to 15% in May to curb demand, cut the trade deficit and ease pressure on the rupee. But the move has created an opportunity for smugglers who are able to offer prices legitimate importers cannot match, they said. The grey market discount has gone beyond $200 per ounce, or more than 4%, said a Mumbai-based bullion division head at a private gold importing bank, adding that banks were unable to offer even a $10 discount, let alone one of three digits. He declined to be named because he was not authorised to speak to media. The recent resurgence in the grey market suggests illegal imports could exceed 100 tons in 2026, said another dealer who also declined to be identified because he was not authorised to speak to the media.
A barrage of shares is heading toward investors in India, signalling a pickup in dealmaking at the end of a subdued first half of 2026. About a dozen companies are expected to collectively raise more than 600 billion rupees ($6.3 billion) across initial public offerings, institutional placements and government stake sales in two months, creating one of the busiest periods for equity offerings this year. In another sign of the increase in activity, rapid-commerce company Zepto Ltd. has filed updated paperwork for an IPO that could raise $1 billion. National Stock Exchange of India Ltd. may be close behind with a $2.5 billion filing.
In a move that may possibly be a sign of upcoming measures on gold, the finance ministry has directed bullion-importing banks to furnish detailed information on gold metal loans and loans backed by gold from 2023 onwards. Despite a lower import volume of 721 tonnes compared with the previous year, India's gold import bill rose 24% to a record $71.9 billion in 2025-26. The dozen banks involved in gold imports either borrow gold from international lenders and extend it to jewellers through gold metal loans, or procure the metal from overseas banks under a consignment arrangement, making outright payments based on confirmed demand from domestic wholesale buyers.
The share of early stage delinquency in microfinance loans rose in April while the sector's overall credit risk eased, data from CRIF high Mark showed. The portfolio at risk (PAR) for the 1-30 day bucket inched up to 0.8% in April from 0.6% a month prior while the ratio for 1-180 days was recorded at 2.5% as compared with 2.6% over the same period. Head of microfinance lenders said that there is no additional stress while the marginal rise in April reflects the usual slack business trend early in the fiscal. "The first quarter is always a difficult quarter for business and the rise in early delinquency is only a reflection of this," Satin Creditcare Network chairman HP Singh told ET. "Till now there is not much uncertainty around macroeconomic conditions and resultant impact on microfinance," he said.
Foreign investors have purchased nearly 10,000 crore of Indian bonds over the past four trading sessions following the government’s decision to fully exempt taxes on gains from eligible debt investments and the central bank decision to expand the investable universe, data published by CCIL showed. Bond yields have cooled in tandem. This marks a significant reversal from the stance taken by foreign investors that had been pulling out from India’s debt and equity markets in the recent months. Since the start of the US-Israel war on Iran, FPIs have net sold over 10,119 crore of debt.
The piling up of containers and the shortage of trailer drivers at the large West Coast ports have resulted in increasing instances of exporters missing their contracted ships. Turnaround time at ports has risen, inflating costs by up to Rs 25,000-30,000 per container. This compounds exporters’ worries at a time when geopolitical developments have dented market access and intensified competition in key markets. One reason for the container pile-up was the cargo bound for West Asia returning due to the onset of war in the region. Many containers that came back have still not been evacuated back to factories. Unloading of transhipment cargo at Indian ports added to the congestion. Adding to the worries was a sudden shortage of trailer drivers in April-May. The reason for the shortage of drivers was that this is the time when a lot of them head back home for vacation. Adding to the seasonal vacation time shortage of drivers was elections in West Bengal and increase in Liquefied Petroleum Gas (LPG) prices in the open market, industry sources said.
Electric passenger vehicle retail sales in India grew by 81.2 per cent to 26,682 units in May as compared to 14,725 units in the same month last year, Federation of Automobile Dealers Associations (FADA) said on Tuesday. Tata Motors Passenger Vehicles Ltd continued to lead the pack with 10,340 units sold last month, up 103.42 per cent from 5,083 units in May 2025, FADA said in a statement. Homegrown rival Mahindra & Mahindra followed in the second spot with 6,210 units in May 2026, as against 2,891 units in the year-ago month, up 114.8 per cent, it added.
India's decision to exempt foreigners from taxes on government bonds and broaden access to the debt market is expected to make the country more attractive to overseas investors, catalyse fresh inflows and strengthen its case for inclusion in global indexes. On Friday, policymakers unveiled a wide-ranging set of measures to draw in overseas capital while shoring up the currency and external balances, which have been strained by higher oil prices. They scrapped withholding and capital gains taxes on foreign investments in government bonds, broadened the pool of securities that are available without investment limits and introduced incentives to encourage banks to raise foreign currency deposits from non-resident Indians and for companies to tap overseas borrowings. The slew of measures, rolled out in response to the oil shock that has hit Indian assets, is beginning to lure foreign investors back into an overlooked market against a backdrop of rising global rate volatility.
A key measure of bulk shipping rates dropped for an eighth consecutive day as demand in the larger vessel segments cooled following a multi-month rally that pushed the market to its highest level since late 2023. The Baltic Dry Index fell 3.4% to 2,818 points on Tuesday, marking its longest losing streak since mid-January. The gauge tracks freight rates for Capesize, Panamax and Supramax ships transporting raw materials such as iron ore, coal and grain. “It’s attributed to the recent loss of momentum in the Capesize segment, but we should note that it has still delivered the strongest first half of the year in the past three years,” said Maria Bertzeletou, a senior market analyst at Signal Group.
India will consider extending import tax exemptions on petrochemicals used for making plastics and pharmaceutical goods beyond June 30 to help local industries, Ravi Teja, deputy director at the Department of Commerce, said on Tuesday. In April, India suspended the import tax on 40 petrochemicals products until June 30.
Net inflows into equity mutual funds dropped sharply by 40.4% month-on-month in May 2026, reflecting a more cautious investor mood amid heightened market volatility, geopolitical tensions, inflation worries, and pressure on the rupee, according to the latest AMFI monthly data of May 2026. According to AMFI data, net equity fund inflows fell to Rs 22,907.77 crore in May, the lowest level in 12 months, from Rs 38,440.20 crore in April, a decline of Rs 15,532 crore in just one month. The sharp plunge has come after months of strong retail participation and suggests that investors turned more selective amid uncertainty in domestic and global markets. During May, investors had to contend with concerns around rising geopolitical tensions in West Asia, volatility in crude oil prices, inflation risks, fluctuations in the rupee, and sharp swings in equity markets.
Life insurers reported 5% year-on-year growth in new business premium (NBP) in May, the slowest monthly expansion in more than eight months, as the impact of the GST rate reduction on premium collections faded after supporting double-digit growth in the preceding months. The industry’s total new business premium stood at ₹32,030.84 crore in May, compared with ₹30,463.21 crore in the same month last year, according to data released by the Life Insurance Council. The slowdown comes a month after life insurers reported their highest monthly growth in NBP in more than two years. In April, the industry’s NBP had risen 39% year-on-year to ₹30,550 crore. According to the May data, state-owned Life Insurance Corporation of India (LIC) reported a 3% growth in NBP to ₹19,042 crore, while the 26-member private life insurance industry posted an 8% increase to ₹12,989 crore. Both LIC and private life insurers had reported strong double-digit growth in recent months after the government exempted individual life insurance products, including term life policies, from GST in September 2025.
The closure of the Strait of Hormuz has removed more than 80 million tonnes per annum (mtpa) of LNG from global markets — equivalent to nearly one-fifth of worldwide supply — creating conditions for a fresh wave of multi-billion-dollar LNG investments outside the Middle East even as energy buyers grapple with unprecedented uncertainty over future gas supplies, according to a new Wood Mackenzie analysis. The report suggests that while the immediate impact has been a sharp tightening of LNG availability and heightened price volatility, the bigger story may be the investment response. More than 150 mtpa of LNG export capacity is already under construction outside the Persian Gulf, predominantly in the United States, while another 30 mtpa is expected to reach final investment decision (FID) by the end of 2027. Under a prolonged disruption scenario, that pipeline could expand further as buyers seek alternatives to Gulf supplies and developers rush to fill the supply gap left by the world’s most important LNG transit corridor.
Beijing: China's domestic car demand has declined more sharply than expected at the start of the year and will likely remain under heavy pressure throughout 2026, an auto association executive said on Wednesday. "Stabilizing domestic demand this year should be regarded as a very important task for the automotive industry," said Chen Shihua, deputy secretary-general of the China Association of Automobile Manufacturers (CAAM). China's total vehicle sales dropped 2.1% in May from a year earlier, while sales at home slid 20.4% year on year, CAAM data showed on Wednesday.
Wang Chuanfu, chairman of BYD, on Tuesday said he expected the Chinese firm to become the world's largest automaker within five years, as he sought to reassure investors following a steep decline in the company's share price. BYD, which ranked sixth globally in 2025 with 4.6 million vehicles sold, has struggled to restore growth after its domestic sales were hit by intensified competition with local peers over the past year. Shares of the company have dropped more than 45% from their peak in Hong Kong over the past year, while its Shenzhen-listed stock has fallen 33%. Speaking at the company's annual shareholder meeting at its Shenzhen headquarters, Wang addressed nearly 1,000 shareholders, emphasizing a focus on ramping up the output of its second-generation Blade Battery, which he identified as this year's key growth bottleneck, according to the state-owned Shanghai Securities News. The report was confirmed by an attendee at the meeting.
Apollo and Blackstone are financing a $35 billion expansion of AI computing capacity for Anthropic using Broadcom's custom chips and networking solutions as part of a tie-up between the asset managers and the chipmaker. The initial commitment will expand the Claude Code creator's AI computing capacity by one gigawatt, the companies said on Tuesday. One gigawatt is enough to power about 750,000 homes. The capacity is expected to be deployed at Fluidstack-operated sites beginning mid-2026, with the cloud computing company providing the physical data-center infrastructure that will run Anthropic's AI systems.
China is preparing to spend around 2 trillion yuan ($295.43 billion) over the next five years on building data centers across the country, Bloomberg News reported on Tuesday, as Beijing looks to challenge the U.S. in the intensifying AI race. National Development and Reform Commission is among key government agencies drafting a blueprint to build a network of inter-connected computing hubs across the country, the report said, citing people familiar with the matter. China's new five-year policy blueprint laid out its ambitions to aggressively adopt AI throughout the world's second-biggest economy and dominate emerging technologies such as quantum computing and humanoid robots.
South Korea's cabinet approved on Tuesday a presidential decree as part of the process to allow $350 billion of strategic investments in the United States to proceed under a trade deal struck between the countries last year. The decree specified some terms and conditions in the investment plan, including the definition of "commercial reasonableness," which will serve as the basis for $200 billion in direct investments in strategic U.S. industries. South Korea also agreed to invest $150 billion in shipbuilding-related cooperation in return for more favourable tariff terms.
The world's largest chipmaker has told the BBC that inflation is pushing up the cost of doing business, and did not rule out price rises. Taiwan Semiconductor Manufacturing Company (TSMC) makes the most advanced chips designed by companies such as Nvidia, AMD and Apple, so any increase in pricing could ripple through to the cost of AI infrastructure, and potentially over time, the prices customers pay for their electronic devices. However, the firm's chief financial officer, Wendell Huang, said it would not introduce sudden "fourfold, fivefold" price rises. "We reflect our value," he said, pointing to its "technology leadership" and "manufacturing excellence".
Chief Economic Advisor V Anantha Nageswaran on Monday said the audit of fund flow to Panchayati Raj Institutions (PRIs) by Comptroller and Auditor General of India (CAG) of Panchayati Raj Institutions will improve their functioning and enhance ease of living at the rural level. "The CAG audit would tell us state by state, function by function, where we actually stand. It would create an evidence base that does not currently exist, and it would create accountability for the gap between constitutional intent and administrative reality," he said here.
German exports rose unexpectedly by 0.9% in April compared with the previous month, data from the federal statistics office showed on Tuesday. The result compared with a forecast for a 0.5% decrease in a Reuters poll. The statistics office publishes more detailed economic data on its website.
The Bank of Japan will consider maintaining the current pace of bond purchases beyond next fiscal year, sources said, pausing a taper process that would mark a turning point in its quantitative tightening (QT) plan. But the decision could be a close call as the nine-member board is seen as split between those who want to focus on soothing investor nerves and others who see the need to steadily slow purchases to reduce the BOJ's large balance sheet, they said.
South Korea's economy grew in the first quarter at a stronger pace than previously estimated in April, revised central bank data showed on Tuesday. Gross domestic product grew 1.8% in the January-March quarter from the preceding three months, faster than the 1.7% increase estimated earlier, according to the Bank of Korea.
The Confederation of British Industry cut its forecast for the country's economic growth on Tuesday and predicted unemployment would rise to its highest in more than a decade as the Iran war pushes up energy prices and squeezes living standards. Consumer price inflation looks set to peak at 3.7% in the first quarter of next year, up from 2.8% in April and similar to the rise predicted by the Bank of England.
The International Monetary Fund's Executive Board approved reviews of Papua New Guinea's lending arrangements, unlocking about $163 million in combined disbursements, the fund said on Monday. • The Extended Fund Facility and Extended Credit Facility arrangements were approved in 2023, to address a protracted balance of payments problem that caused foreign exchange shortages.
The Centre has reduced the number of subsidised LPG refills available annually under the Pradhan Mantri Ujjwala Yojana (PMUY) from nine to four, officials said during an inter-ministerial briefing on Monday (June 8). The government cited a sharp increase in global liquefied petroleum gas (LPG) prices amid the ongoing crisis in West Asia as the reason behind the move. The move comes as state-run oil marketing companies (OMCs) face mounting losses on the sale of domestic cooking gas. According to the petroleum ministry, the effective cost of a domestic LPG cylinder has crossed Rs 1,600 based on international benchmark prices, while consumers continue to pay significantly lower rates.
India’s current account moved into a surplus of $7.1 billion in the March quarter of FY26, supported by stronger services exports and higher remittance inflows, according to Reserve Bank of India data released on Monday (June 8). The surplus was equal to 0.7% of GDP but it was narrower than the $13.7 billion surplus posted in the same quarter last year. The improvement on the services side and from remittances helped offset a larger goods trade gap. India’s merchandise trade deficit widened to $83.4 billion in Q4 FY26 from $59.3 billion a year earlier, reflecting higher import outgo.
India’s appetite for transport fuels remained largely unaffected by the steepest fuel price increase in nearly four years, with consumption of petrol and diesel continuing to rise in May despite cumulative retail price hikes of over ₹7 per litre and elevated global crude oil prices. Data released by the Petroleum Planning and Analysis Cell (PPAC) showed overall petroleum product consumption rose 2.38% month-on-month to 19.93 million metric tonnes (MMT) in May from 19.47 MMT in April, driven by higher demand for road transport fuels and aviation fuel.
Adani Ports and Special Economic Zone (APSEZ) has secured a 10-year marine services contract tied to Argentina’s first liquefied natural gas export project, the company said on Monday, extending its international marine operations to South America for the first time. The contract was awarded to The Adani Harbour International FZCO, a step-down subsidiary of APSEZ, in consortium with Argentina-based Meridian Group. It follows a global competitive tender by Southern Energy S.A. (SESA), the project developer.
Public sector company RailTel has bagged a Rs 41.3 crore work order from Uttar Pradesh Police Recruitment and Promotion Board. In an exchange filing, the company said that it has received the order to provide security-related ancillary services during the recruitment examination. This is the second major order the company has received in a month. Earlier, RailTel had received a Rs 31 crore work order from Newspace India for the supply, installation, commissioning, operation & maintenance of the upgradation of the IT Infrastructure.
Rajiv Bajaj will step down as a non-executive director of Bajaj Finserv after deciding not to seek re-election at the company's annual general meeting scheduled for July 31, 2026, according to a filing on the exchanges by the financial services company on Tuesday. Bajaj informed the company that increasing responsibilities at Bajaj Auto, including oversight of newly established businesses and the group's recent acquisition of KTM, have prompted him to reduce his external commitments.
Bengaluru-headquartered green energy major Emmvee Group, a pioneer in solar energy having launched the country’s first solar water heaters way back in 1992 under Solarizer label that became the largest solar water heater not only in India but also in Europe, now a leading manufacturer of solar modules and cells, is on a massive expansion spree investing `5,500 crore in a greenfield gigafactory at Devanahalli in Bengaluru. In an interview with TNIE’s Benn Kochuveedan, group founder chairman DV Manjunatha Donthi, tells the new plant, spread across 100 acres is 5x bigger than the present facility, will make it the largest integrated player. Edited Excerpts: How has the supply-chain disruptions following the Iran war hit you? How much of the raw materials are imported?
The three Airbus A320s, being inducted on a damp lease basis, are scheduled to join the airline’s fleet in July. The move comes as SpiceJet seeks to stabilise operations after a sharp decline in fleet strength that has seen it fall behind younger rival Akasa Air as reported by FE last month. The airline said the additional aircraft will enhance operational flexibility and support network requirements during the peak travel season across domestic and international routes. The fleet augmentation comes at a critical juncture for SpiceJet. Once among India’s largest low-cost carriers, the airline operating just 21 aircraft as of May 2026, down from 33 in December and well below Akasa Air’s fleet of 38 aircraft.
Meta description: Vedanta Resources is set to refinance $5.2 billion of dollar debt to lower borrowing costs after rating upgrades, Bloomberg reported. Billionaire Anil Agarwal's Vedanta Resources Ltd. is set to refinance $5.2 billion of US dollar bonds and loans, according to people familiar with the matter, as it seeks to lower borrowing costs by replacing expensive debt after securing credit-rating upgrades.
The Central Board of Direct Taxes (CBDT) has notified fresh guidelines for compulsory scrutiny of Income Tax Returns (ITRs) during the financial year 2026-27, identifying six categories of cases that may be selected for detailed examination by the Income Tax Department. The guidelines, issued through a notification dated June 4, 2026, aim to ensure closer scrutiny of high-risk cases involving surveys, search and seizure actions, tax-evasion information, recurring tax disputes, and certain trusts or institutions claiming tax benefits despite cancellation or denial of registrations. Which taxpayers can face mandatory scrutiny? According to the CBDT guidelines, the following categories of cases can be selected for compulsory scrutiny: 1. Taxpayers covered under survey operations Returns of taxpayers on whom a survey under Section 133A of the Income-tax Act was conducted on or after April 1, 2024, will be selected for scrutiny. However, surveys conducted under Section 133A(2A) have been excluded from this category.
Union Commerce and Industry Minister Piyush Goyal said on Sunday that India remains open to investments from China and other neighbouring countries in desirable sectors, but there is “absolutely no chance” that the Narendra Modi government will join the Regional Comprehensive Economic Partnership (RCEP). Speaking at the Financial Express Best Banks Awards 2026 in Mumbai, Goyal defended India’s investment screening framework and launched a sharp attack on the previous Congress-led government for taking India into RCEP negotiations. Responding to a question on whether India should review its approach towards Chinese investments as the trade deficit with China continues to rise, Goyal said India does not oppose investments from China as long as they do not pose risks to the economy or lead to opportunistic acquisitions of strategic assets. “We encourage investments from all over the world. We have no problem also on Chinese investments as long as they are in desirable segments, as long as they are not coming in as an opportunistic takeover of an asset which may at some point of time be underpriced,” Goyal said.
The Reserve Bank of India (RBI) on Wednesday announced the launch of payment systems connectivity between India and Cambodia, allowing Indian travellers to make UPI-based QR code payments at merchants across the Southeast Asian nation. The facility, launched in Phnom Penh on Tuesday, marks the first phase of collaboration between NPCI International Payments Ltd (NIPL) and Acleda Bank Plc under the aegis of the RBI and the National Bank of Cambodia. Under the arrangement, Indian users can make real-time merchant payments at more than 4.5 million merchants enabled with Cambodia’s KHQR, the country’s national QR code standard, using UPI-enabled applications.
Securities and Exchange Board of India (SEBI) Chairman Tuhin Kanta Pandey on Monday said the capital markets regulator and the Reserve Bank of India (RBI) are jointly working on introducing derivatives on corporate bond indices as part of efforts to deepen India's corporate bond market. Addressing the ICICI Securities India Investor Conference 2026 in Mumbai, Pandey said the architecture of the corporate bond market has been significantly strengthened in recent years. "The Electronic Book Provider platform has been expanded to include issuances by REITs and InvITs, improving transparency and efficiency in the debt market," he said. In line with the Union Budget announcement, a working group is currently finalising operational details for a market-making framework aimed at improving liquidity in the corporate bond market. "Additionally, SEBI and RBI are working together to introduce derivatives on corporate bond indices," Pandey said.
IT service firm, Dynacons Systems and Solutions has secured an order of over Rs 125 crore from the Central Bank of India for a project aimed at the expansion of private cloud. The order will also focus on building advanced AI infrastructure. Dynacons Systems and Solutions: Order key details The project which is domestic in nature aims at building larger and more advanced cloud and AI. It also includes the establishment of a containerization platform and servers based on the NVIDIA H200 Blackwells GPU. The total order value exclusive of GST stands at Rs 125.88 crore, and will be executed within a period of five years. The company in its exchange filing clarified that there are no related-party transactions involved in the project.
The Indian Rupee posted sharp declines, sliding further into the 95 to the dollar levels, weighed by renewed geopolitical tensions, which led to a surge in oil prices. The currency ended Monday’s trade at 95.70 per dollar, down 0.8% from its previous close, marking one of its biggest single-day falls in nearly four weeks. Despite the spate of measures announced by the RBI on Friday to attract foreign capital, the currency opened on a weak note at 95.32 per dollar, and traders reported that the central bank stepped in to help curb its fall. “RBI was not in the market to protect the rupee until it fell to 95.70,” said Anil Kumar Bhansali, head of treasury at Finrex Treasury Advisors LLP.
HCLTech will launch an AI Innovation Zone in collaboration with Google Cloud at Santa Clara, California. The AI Innovation Zone will enable global enterprises to scale artificial intelligence(AI) applications across agentic, kinetic and physical AI. The company said in its regulatory filing that the centre will provide a dedicated environment for businesses to design, build and deploy AI-powered workflows. It will also support robotics-led innovation and help enterprises develop industry-specific AI solutions that deliver measurable business outcomes. Focus on scaling enterprise AI The AI Innovation Zone is powered by Gemini Enterprise, Google’s AI platform. The initiative builds on the expanded partnership between HCLTech and Google Cloud announced in March this year.
Tata Consultancy Services (TCS) has signed a multiyear, multimillion Euro transformation and managed services agreement with Canada Life, to support the modernisation of Canada Life’s IT infrastructure services across its European businesses, the IT major said in a statement on Monday. The programme aims to improve operational resilience, increase automation and enhance user experience while helping Canada Life accelerate its broader technology strategy by leveraging TCS’ AI & digital capabilities. The engagement will also support the insurer in scaling technology services more effectively and responding more quickly to changing business needs. “Working with TCS marks the next stage of our journey to modernise the technology foundations that underpin our business. TCS brings deep technical expertise, strong transformation capabilities and a collaborative approach that aligns well with our strategy,” Caroline Dibbs, Chief Information & Transformation Officer, Europe, Canada Life Group said.
U.K. pharmaceutical group GSK has entered an agreement to acquire U.S.-based drugmaker Nuvalent for $10.6 billion to bolster its lung cancer pipeline, in what would be the British drugmaker’s largest acquisition in more than a decade. The all-cash deal values Nuvalent at about $124 per share, according to a GSK filing on Tuesday, representing a 40% premium to its last closing price. The Financial Times had reported the transaction earlier on Tuesday. Nuvalent did not respond to a request for comment.
Vietnam has ordered its major airlines to review the progress of multibillion-dollar agreements signed with Boeing (BA.N), opens new tab and Pratt & Whitney, and explore new import deals with American companies, as Hanoi seeks to strengthen its hand in trade talks with the United States. The directive, issued by the Ministry of Construction on June 5 and reviewed by Reuters on Tuesday, followed a request from the Ministry of Industry and Trade, which is leading Vietnam's efforts to demonstrate to Washington that bilateral trade commitments are being acted upon. The move follows three separate Trump administration probes targeting Hanoi for allegedly distorting trade through excess capacity, intellectual property violations, and the use of goods produced using forced labour.
Johnson & Johnson (JNJ.N), opens new tab said on Monday it will acquire biotech Firefly Bio for $1 billion in cash, as it looks to expand its cancer drug pipeline. Firefly's Firelink platform uses antibodies to deliver a protein-degrading drug directly into cancer cells, an approach J&J says could help attack tumors while sparing more healthy tissue than existing treatments. The platform for tumors with a mutation in a gene known as KRAS "bolsters Johnson & Johnson's oncology pipeline and ambition to develop targeted medicines for the most prevalent and hard-to-treat solid tumors with high unmet need," said the drugmaker.
Nvidia (NVDA.O), on Monday announced a series of deals in South Korea with tech giants including SK Hynix (000660.KS), and Naver (035420.KS), as it looks to secure crucial memory chips to power its AI ambitions and entice new customers. The agreements come during a high-profile trip by Nvidia CEO Jensen Huang to South Korea that began on Friday and has seen him dine on grilled pork belly and local spirit soju with the country's top corporate bosses, throw a baseball pitch and meet with a well-known gamer.
Commerce and industry minister Piyush Goyal on Monday projected that India’s pharma industry could double its current size of around $60 billion to $120 billion in the next five years, largely driven by innovation, and alignment with the global best manufacturing practices. He said that India has certainly not reached anywhere close to its potential in the pharma sector, the industry is now moving beyond the generics segment into innovative products, while continuing to supply affordable medicines to the patients worldwide. Addressing the launch event of iPHEX 2026, Goyal said that India’s patent filings have jumped by almost 100% in the last few years. “We are focusing on high value segments through Biopharma Shakti mission, a programme that was launched to encourage innovation in the pharma sector,” the minister said.
Passenger vehicle retail sales surged 23.25 % year-on-year to 402,591 units in May, helping the country’s loverall auto retail market grow 9.55 % to 2.53 million units despite a sharp fuel-price hike, intense heatwave conditions and geopolitical tensions in West Asia, according to data released by the Federation of Automobile Dealers Associations (FADA). “The growth was unexpected despite what is going on in the market. The booking backlog helped push sales, while rural sales saw 30 % growth, which also supported demand,” said Sai Girdhar, vice-president, FADA. The passenger vehicle story was driven largely by rural India rather than metropolitan cities. Rural PV sales jumped 30.35 % , significantly outpacing the 18.8 % growth recorded in urban markets, reflecting stronger rural consumption and improving farm incomes. Demand was aided by a revival in small cars alongside continued strength in SUVs.
Indian Railways has approved a Rs 285.01 crore project to strengthen train operations on one of its important high-density routes. The project will upgrade the existing electric traction network on the Mahbubnagar-Secunderabad-Medchal section, improving power supply and supporting higher traffic volumes. The upgrade covers nearly 141 route kilometres under South Central Railway and forms part of the national transporter’s broader effort to enhance capacity on heavily used rail corridors. At the heart of the project is the replacement of the existing 1×25 kV electric traction system with a more advanced 2×25 kV system. Railway officials expect the modern technology to provide a more stable and efficient power supply for trains, helping improve operational reliability across the route.
Delhi is set to significantly expand its public transport system with the addition of 2,800 new air-conditioned low-floor electric buses under the Centre’s PM Electric Drive Revolution in Innovative Vehicle Enhancement (PM E-DRIVE) scheme. The new buses will be added to the fleet operated by the Delhi Transport Corporation (DTC), strengthening both main routes and neighbourhood-level connectivity. New Electric Bus Plan The planned induction includes 1,400 nine-metre electric buses and 1,400 twelve-metre electric buses, designed to serve both busy routes and local areas.
India’s dealmaking activity moderated in May after an exceptionally strong April, even as investor appetite for large-ticket deals remained intact, according to Grant Thornton’s latest Dealtracker report. A total of 190 mergers and acquisitions (M&A) and private equity (PE) deals worth $10.2 billion were recorded in May, compared with 212 deals valued at $21.8 billion in April. The sharp decline in overall deal value was largely because April included Sun Pharma’s $11.8 billion acquisition of US-based Organon. Excluding this outlier, overall deal values remained largely stable on a month-on-month basis, indicating continued momentum in underlying deal activity despite lower reported volumes, says Shanthi Vijetha, Partner, Deals Lifecycle, Grant Thornton Bharat.
State governments started 2026-27 on a cautious note, with an estimated 8% dip in their budgetary capital expenditure and moderate growth in revenue expenditure. Data compiled from 20 major states showed that aggregate capital expenditure fell 8.2% year-on-year to Rs 20,931 crore in April 2026, reversing the 15.9% growth recorded in the corresponding month of the previous year. The decline suggests that states may be prioritising fiscal prudence and preserving financial flexibility amid heightened global uncertainty and concerns over the impact of geopolitical tensions on growth, inflation and public finances.
India has launched E85 fuel as part of a wider plan to reduce dependence on imported crude oil. But the new fuel is meant only for flex-fuel vehicles, not regular petrol or E20-compliant cars. India’s E85 launch is not just another fuel station story. It is the Centre’s latest attempt to solve a much older problem: how to reduce the country’s dependence on imported crude oil without waiting for the transport economy to fully shift to electric vehicles.
India's inflation likely rose to the Reserve Bank of India's medium-term target of 4% in May, driven by a pickup in vegetable prices and higher fuel costs following the U.S. and Israel war against Iran, a Reuters poll of economists showed. Inflation has remained below the RBI's 4% target for 15 consecutive months. But that benign trend is unlikely to continue, with state-owned fuel retailers raising fuel prices four times in May alone, pushing up transport costs, while food inflation continued to rise from last year's low levels.
India's currency has tumbled to record lows this year because of pressure on the economy's balance of payments (BoP), prompting steps by authorities to try to cool dollar outflows. A surge in oil prices following the Iran conflict and selling of Indian stocks by foreign investors are likely to widen the BoP deficit this financial year, economists say.
India's growth momentum remains strong and fears that crude price shocks will derail it are a "narrative problem, not reality," said Neelkanth Mishra, India's newly appointed Executive Director at the World Bank. In an exclusive interview with ANI, Mishra spoke on Indian economy's outlook amid West Asia tensions, he argued that India is better placed than most energy importers to absorb higher oil prices without major damage to growth. Mishra is also a member of the Prime Minister's Economic Advisory Council and is widely known for his work as an economist and market expert.
India's gross domestic product growth is expected to moderate to around 6.5 per cent in FY27 as higher input costs, geopolitical tensions, and a weak monsoon bite, according to recent research reports by brokerage firms Dolat Capital and ICICI Global Markets. The risk is less about supply availability and more about the landed costs of crude and inflation being passed to consumers. Dolat sees agriculture GVA slowing to 1.2 per cent YoY in FY27 if IMD's forecast of 90 per cent of LPA monsoon under El Nino plays out, while softer Middle East demand could hit exports. ICICI flags weaker exports, rising input costs and potential El Nino disruptions as key headwinds, though private consumption and capex should keep growth above 6 per cent.
Urban consumers turned more pessimistic about the economy, jobs and spending in May, while professional forecasters lowered India's growth outlook, pointing to emerging signs of softer demand and weakening sentiment, according to Reserve Bank of India (RBI) surveys released on June 05. The RBI's Urban Consumer Confidence Survey (UCCS) showed consumer confidence for the current period fell for the third consecutive round, with the Current Situation Index (CSI) declining to 90.7 in May from 95.7 in March.
The Reserve Bank of India's announcements after the monetary policy committee meeting are some measures aimed at flipping the rupee narrative from depreciation risk to inflows, SBI research and Kotak Securities said in their respective research reports. SBI projects at least $40 billion of capital flows that could pull the rupee back toward 92-93 levels, while Kotak estimates the full package may bring $50-75 billion. Both houses expect the MPC to pause in August, keeping the repo rate at 5.25% with a "neutral" stance, even as inflation vigilance rises and growth forecasts are trimmed.
Highlighting the deep-seated historical and strategic ties between the two nations, External Affairs Minister S Jaishankar on Sunday stated that the visit of Indonesian President Prabowo Subianto as the Republic Day Chief Guest in 2025 has imparted fresh momentum to the bilateral Comprehensive Strategic Partnership. Welcoming the Indonesian delegation for the 8th India-Indonesia Joint Commission Meeting (JCM), which is being held after a gap of four years, Jaishankar outlined the vast potential for multi-sectoral cooperation.
Economist Ashok Kumar Lahiri, who took over as vice chairman of NITI Aayog ☐ last month, believes India's growth debate is focused on the wrong question. Rather than looking for ways to boost consumption, Lahiri said policymakers should focus on increasing investment by accelerating reforms and removing obstacles to capital flows. In an exclusive interview with Surojit Gupta and Nalin Mehta, Lahiri made the case for an investment-led growth strategy, pointing to India's relatively low Investment rate, compared to those of the East Asian Tigers and China when they were at similar economic levels.
Adani Power‘s plans to more than double generation capacity by FY32, improve power purchase agreement coverage and strengthen cash-flow generation. This has reinforced Jefferies‘ positive view on the stock following a management interaction. The brokerage maintained its ‘Buy’ rating and target price of Rs 255, implying an upside of about 11% from the previous closing price. Jefferies said 56% of the company’s planned 23.7 gigawatts of upcoming capacity is already tied up under long-term power purchase agreements, while management aims to secure agreements for the balance capacity as well. Adani Power: Jefferies expects steady growth The brokerage expects Adani Power Ltd. to deliver a 23% earnings before interest, tax, depreciation and amortisation compound annual growth rate between FY26 -FY30 and turn free cash flow positive by FY30.
Reliance Infrastructure has entered the artificial intelligence space by launching three AI-focused subsidiaries- Reliance AI World Private, Reliance AI Apex Private, and Reliance AI One Private. In a regulatory filing, the company said it has started incorporating AI and related technology-driven activities into its business framework as part of its expansion into new-age technologies. “Reliance Infrastructure, as a step to participate in the rapidly evolving field of Artificial Intelligence (“AI”) and allied new-age technologies, has through its subsidiaries, undertaken certain enabling steps to incorporate AI and related technology-driven activities within its business framework,” the company said in its regulatory filing.
Natural diamonds, at least in India, have always earned blanket trust from customers—trust in their value, reliability, and endurance. They are expected to last and to shine light( pun intended) on generations gone by as they are passed down family lines. The diamond industry is evolving, like all industries need to, in order to adapt to modern requirements and younger generations. Consumers nowadays have questions and access to answers from the internet. They want to know, “Is my diamond natural or laboratory-grown? Has it been certified? Is it ethically sourced?”, etc. For this reason, the Bureau of Indian Standards (BIS) has introduced disclosure norms for clarity and consistency.
Union Commerce and Industry Minister Piyush Goyal said on Sunday that India remains open to investments from China and other neighbouring countries in desirable sectors, but there is “absolutely no chance” that the Narendra Modi government will join the Regional Comprehensive Economic Partnership (RCEP). Speaking at the Financial Express Best Banks Awards 2026 in Mumbai, Goyal defended India’s investment screening framework and launched a sharp attack on the previous Congress-led government for taking India into RCEP negotiations. Responding to a question on whether India should review its approach towards Chinese investments as the trade deficit with China continues to rise, Goyal said India does not oppose investments from China as long as they do not pose risks to the economy or lead to opportunistic acquisitions of strategic assets.
The big story of the day is the big block deal across Adani Group companies. GQG Partners Emerging Markets Equity Fund offloaded shares in Adani Enterprises and Adani Energy Solutions’ equity shares via block deals. These shares were bought entirely by SBI Mutual Fund. On June 05, GQG Partners sold 1.64 crore shares, 1.26% of Adani Enterprises’ total market capitalisation, at an average price of Rs 2,913.40, totalling the stake sale at Rs 4,789.62 crore. Another block deal was of Adani Energy Solutions, where GQG Partners sold 63.65 lakh shares at an average price of Rs 1,504.80. SBI Mutual Funds bought these shares for the same price. Taking the total deal price at Rs 957.93 crore. About GQG Partners GQG Partners is a global investment firm that is a prominent shareholder in the Adani Group. The firm is led by Chief Investment Officer Rajiv Jain. GQG famously took a contrarian stance by purchasing massive stakes in various Adani companies when their stock prices plunged in early 2023 after US-based short seller Hindenburg Research struck the Adani Group.
The FII outflows from Indian equity markets continue. Foreign portfolio investors net sold Rs 42,927 crore worth of equities in the first week of June alone. Experts believe a convergence of global capital rotation toward artificial intelligence opportunities and a sharply weaker rupee continued to erode the investment case for India. The week’s outflows take total FPI selling in 2026 to Rs 2.67 lakh crore exceeding the full-year figure of Rs 1.66 lakh crore recorded in 2025, according to National Securities Depository Ltd (NSDL) data. The scale of the exit is significant: India is no longer just facing a pullback, it is absorbing a structural reallocation of global money.
The Centre’s and the Reserve Bank of India’s recent measures to attract foreign capital inflows are expected to ease pressure on the rupee and arrest its one-way slide, but a sharp appreciation remains unlikely amid persistent geopolitical uncertainty, market participants said. Most analysts expect the rupee to trade in a range of 94-96 against the dollar in the near term, with further movement dependent on geopolitical developments and the scale of inflows generated by the measures. A FE poll of nine respondents found that 66% do not expect the rupee to strengthen beyond the 94-per-dollar mark in the near future.
India plans to make a renewed pitch for inclusion of its sovereign debt in major global bond gauges, including the Bloomberg Global Aggregate Index, after exempting foreign investors from capital gains and withholding taxes and vastly widening the investable pool of long-dated securities, officials said. Reserve Bank of India (RBI) and finance ministry officials may also reach out to the Basel-based Bank for International Settlements (BIS) for talks, they said. BIS has been given a special tax-exempt status in the latest rejig. BIS invests significantly in government securities (G-secs) and enjoys tax-free status everywhere.
Global container shipping rates have surged to their highest levels in about a year as the war between the United States and Iran continues to disrupt trade routes, raise fuel costs and strain shipping networks across Asia. Fresh data from freight analytics platform Xeneta shows the cost of moving goods by sea rose sharply over the past week, as per Bloomberg report. The spot rate for a 40-foot container from Asia to Northern Europe climbed to $3,649 as of Friday, up 27% from a week earlier. Shipping costs from Asia to the US West Coast jumped 20% to $3,933, reported Bloomberg citing data from Xeneta.
The widening conflict in the Middle East has emerged as the biggest threat to the global airline industry’s profitability this year. At the meeting in Rio de Janeiro on Sunday, the International Air Transport Association (IATA) sharply downgraded its 2026 financial outlook, citing the fallout from the US and Israeli strikes on Iran. The conflict triggered widespread airspace restrictions across the region, forcing airlines to avoid key flight corridors, lengthening journey times, increasing fuel burn and reducing aircraft utilisation. The disruption has been especially severe for Gulf carriers such as Emirates, Qatar Airways and Etihad Airways, which sit at the heart of one of the world’s busiest long-haul transit networks. The near-complete shutdown of regional airspace during the initial phase of the conflict exposed the vulnerability of airlines that depend heavily on the Middle East as a global aviation crossroads.
China's export growth likely strengthened in May, underpinned by a backlog of overseas orders brought forward to pre-empt energy price pressures tied to the Gulf war, alongside sustained global demand for semiconductors and AI-related components. Exports from the world's second-largest economy are forecast to have risen 15% year-on-year in dollar terms, according to 32 economists in a Reuters poll, up from the 14.1% growth recorded in April. The Middle East conflict has yet to dent China's exports, policymakers' preferred growth driver, but economists say it's only a matter of time. As foreign buyers' stockpiling peaks, the benefits of front-loading orders fade and input costs rise, prompting buyers to run down inventories and wait out a ceasefire.
Nvidia on Monday announced a series of deals in South Korea with tech giants including SK Hynix and Naver, as it looks to secure crucial memory chips to power its AI ambitions and entice new customers. The agreements come during a high-profile trip by Nvidia CEO Jensen Huang to South Korea that began on Friday and has seen him dine on grilled pork belly and local spirit soju with the country's top corporate bosses, throw a baseball pitch and meet with a well-known gamer. Nvidia and its partners, which also included SK Telecom and conglomerate Doosan Group, did not disclose the value of the deals. SK Group, South Korea's second-largest family-owned conglomerate, said its SK Hynix and SK Telecom arms had agreed deals with Nvidia. Memory chip maker SK Hynix signed a multi-year technology partnership that will see it commit to developing advanced types of memory for global AI data centres, SK Group said. SK Hynix and Nvidia said the agreement, which comes as memory chip makers have been straining to keep up with demand, would enable supply to keep pace with Nvidia's plans, which have expanded to robotics, personal computers and AI supercomputers.
Swiss companies invested $27 billion in the United States between January and April, as Switzerland moves to fulfil a pledge to sharply increase investment following a tariff agreement with Washington, NZZ am Sonntag reported. The figure was contained in an internal email from the Swiss-American Chamber of Commerce to its members seen by the newspaper, it said. • Switzerland and the U.S. said on November 14 that Swiss companies would invest $200 billion in the U.S. over the next five years. The pledge formed part of a preliminary agreement under which U.S. President Donald Trump reduced punitive tariffs on Swiss goods to 15% from 39%, after imposing the higher rate at the beginning of August.
OPEC+ approved a fourth consecutive increase in oil production targets on Sunday, even as a severe supply crisis continues to disrupt oil exports from several major producers and keeps the group’s actual output far below official targets, reported Reuters. The alliance, which includes members of the Organization of the Petroleum Exporting Countries (OPEC) and partners such as Russia, agreed to raise production targets by 188,000 barrels per day (bpd) in July, reported Reuters. The increase follows similar output hikes announced for April, May and June.
The biggest oil supply shock in decades has entered its fourth month - with no resolution in sight as neither the U.S. nor Iran appears willing to budge - yet the market has settled into an eerie calm. This disconnect reflects an uncomfortable reality: the biggest drivers of today's energy market are a host of unknowns. In recent weeks, benchmark Brent crude has retreated from a four-year high of $118 a barrel, set in March, to below $95, returning to levels that sit comfortably within the range of the past two decades. This has happened even though the Strait of Hormuz - the world's most critical oil chokepoint - has remained largely shut for more than three months, disrupting flows equivalent to roughly 13% of global supply.
When the day comes, the reopening of the Strait of Hormuz will be an extraordinary event: restarting about 10,000 oil wells, pumping roughly 15% of the world’s production, that had been shut down for a hundred days and counting. Nothing even remotely close has been attempted — ever. The oil industry doesn’t have a playbook for it; it will learn by doing. Unsurprisingly, the commodity market is deeply divided about how long it would take: oil bears believe it could be done in days and weeks, while the bulls talk about six to eight months, perhaps even a year. The most pessimistic say many wells won’t restart at all. My industry soundings are far more upbeat: When it happens, it would start as a trickle, but very quickly — in just a handful of weeks, if not days — transform into an oil flood. I’m on the side of the bears, as you may have guessed.
The widening conflict in the Middle East has emerged as the biggest threat to the global airline industry’s profitability this year. At the meeting in Rio de Janeiro on Sunday, the International Air Transport Association (IATA) sharply downgraded its 2026 financial outlook, citing the fallout from the US and Israeli strikes on Iran. The conflict triggered widespread airspace restrictions across the region, forcing airlines to avoid key flight corridors, lengthening journey times, increasing fuel burn and reducing aircraft utilisation. The disruption has been especially severe for Gulf carriers such as Emirates, Qatar Airways and Etihad Airways, which sit at the heart of one of the world’s busiest long-haul transit networks. The near-complete shutdown of regional airspace during the initial phase of the conflict exposed the vulnerability of airlines that depend heavily on the Middle East as a global aviation crossroads.
The passenger vehicle market may be becoming increasingly concentrated, but a clutch of global automakers and new entrants are preparing a fresh investment and product offensive aimed at strengthening their presence. The push comes even as Maruti Suzuki India, Hyundai Motor India, Mahindra & Mahindra and Tata Motors together accounted for 78.28% of industry sales in April 2026, underscoring the growing dominance of the top four manufacturers. Rivals, including Toyota, Honda, Renault, Nissan, Volkswagen, Skoda, Stellantis and MG Motor, along with new entrant JSW Motors, are responding with new factories, local product development programmes, SUVs, hybrids and electric vehicles.
The domestic pharma market recorded sales of Rs 21,805 crore in May 2026, up by 10.9% from the corresponding month last year, driven by continued demand across chronic therapies, and an overall improvement in the volume growth, according to the latest Pharmarack report. The latest figures show that the unit growth of the industry stood at 1.4%, suggesting that price increases have largely contributed to the May growth in comparison to the volume growth. The sector recorded healthy growth last month despite a relatively high base and, persistent pricing pressures.
Asset reconstruction companies (ARCs) acquired bad loans worth over Rs 2 lakh crore in FY26, with retail assets emerging as the fastest-growing segment amid a steady decline in corporate non-performing assets (NPAs). According to industry data, total dues acquired by ARCs rose by Rs 2.05 lakh crore to Rs 18.2 lakh crore as of March. While corporate assets continued to account for the bulk of acquisitions, retail loans recorded a significantly faster growth. Retail dues acquired increased by Rs 54,727 crore, or nearly 29% year-on-year, to Rs 2.47 lakh crore, while corporate acquisitions grew by Rs 1.5 lakh crore, or around 11%, to Rs 15.7 lakh crore.
West Bengal could get a major railway infrastructure upgrade if projects worth around Rs 1 lakh crore are advanced as planned. The proposed investments were discussed during a meeting between Chief Minister Suvendu Adhikari and Railway Minister Ashwini Vaishnaw at Nabanna on Saturday. The plans include redevelopment of the 102 station, metro extensions, new rail links and road-rail infrastructure aimed at enhancing connectivity across the state. Adhikari stated that the state would support the Railways in securing land and clearances for pending projects. He further added that timely land acquisition and no-objection certificates (NoCs) could clear the way for railway investments of about Rs 1 lakh crore in West Bengal.
India's automobile retail sales rose 9.6% year-on-year in May, defying higher fuel prices, intense heatwave conditions and uncertainty stemming from the West Asia conflict, dealers' body FADA said on Monday, while expressing confidence that monsoon-led rural demand and Kharif sowing activity will help sustain sales momentum in the coming months. Vehicle registrations across categories climbed to 25.31 lakh units in May, according to data released by the Federation of Automobile Dealers Associations (FADA). The industry recorded its best-ever May performance for passenger vehicles (PVs), three-wheelers, tractors and overall retail registrations, even as sales slipped 6.8% from April due to seasonal factors and a delayed onset of the southwest monsoon.
India's Global Capability Centres (GCCs) — in-house technology and operations hubs set up by multinational corporations — have taken the lead as one of the fastest-growing segments of the country's technology sector, outpacing the traditional IT services sector on several metrics. Behind the trend driving the rapid expansion of GCCs in India is the corporate need for control. Industry stakeholders say that the shift from outsourcing services to relying on in-house capabilities allows multinational companies to better manage intellectual property, proprietary technologies and sensitive data. India, currently the world's largest GCC hub with over 2,100 centres, employs around 2.36 million people while generating nearly $100 billion in revenue, driven largely by the country's deep and diverse talent pool, according to a report by Nasscom and Zinnov. By 2030, 2,500 GCCs are projected to employ 3.5 million.
Vietnam will lean towards expansionary fiscal policies to meet the government's economic growth target, with the room narrowing for monetary policy, the country's deputy central bank governor Pham Thanh Ha was cited by state media as saying on on Monday.
Japan's economy lost momentum in the January-March quarter from the previous three months on sluggish capital expenditure, revised gross domestic product data showed on Monday, pointing to challenges ahead due to the Middle East conflict.
Commerce and Industry Minister Piyush Goyal has said India-US trade negotiations are moving “extremely well”, but warned that the final value of the deal will depend on whether Indian exports are burdened by additional tariffs under the US Section 301 process. Speaking at the FE Best Banks Awards 2026, Goyal said the two sides had made strong progress and that a deal would come through. However, he indicated that India is closely watching the tariff structure Washington may impose under Section 301, as cumulative duties could reduce the advantage created by the trade agreement.
The American labour market proved strong in May, with the economy adding 172,000 jobs and the unemployment rate holding steady at 4.3%, according to data released by the Bureau of Labor Statistics.
Global oil inventories are running dangerously low as a deal to re-open tanker traffic through the Strait of Hormuz has proven elusive, and industry executives and analysts warn there could be another oil price shock in the coming weeks, severe enough to upset broader financial markets.
Canadian economic activity expanded at a faster pace in May and inflation pressures heated up, Ivey Purchasing Managers Index (PMI) data showed on Friday. The seasonally adjusted index rose to 58.2 from 57.7 in April, marking the highest level since September.
Canada's economy added 87,800 jobs and the unemployment rate fell to 6.6% in May, data showed on Friday, defying widespread expectations of only modest employment growth and showing some resilience despite signs of softer economic growth.
The World Trade Organization said on Friday there were signs global merchandise trade growth may be starting to slow, though it had shown resilience in the first half of 2026 in the face of widespread disruption sparked by the Middle East conflict.
Italy's economy will grow by 0.7% this year, national statistics bureau ISTAT said on Friday, trimming a previous forecast of 0.8% made in December. In its twice-yearly economic outlook, ISTAT said gross domestic product (GDP) in the euro zone's third-largest economy would expand by 0.7% also in 2027.
Pakistan's foreign exchange reserves are nearing the government's $18 billion target for FY26, but a widening trade deficit, mounting external payment obligations and pressure on the rupee are raising concerns about the country's economic stability, PTI reported.
India’s economy grew 7.8% year-on-year in Q4FY26, and 7.7% YoY in FY26, according to the provisional estimates released by the Ministry of Statistics and Programme Implementation (MoSPI) on Friday. India’s real Gross Domestic Product (GDP) in Q4FY26 is estimated to grow at Rs 87.77 lakh crore, up from Rs 81.40 lakh crore in Q4FY25, showing a growth rate of 7.8%. Nominal GDP expanded 9.1% during the quarter to Rs 94.65 lakh crore. real GVA estimated to grow 7.9%, while nominal GVA increased 9.9%.
Union Petroleum and Natural Gas Minister Hardeep Singh Puri on Friday announced the finding of natural gas in the Andaman Sea, a development that could strengthen India’s efforts to increase domestic energy production and reduce dependence on imported fuel. The discovery was made at the Sri Vijayapuram-3 exploratory well drilled by Oil India Ltd around 15 kilometres off the east coast of the Andaman Islands. According to the minister, the well was drilled in waters about 355 metres deep, and initial testing confirmed the presence of natural gas.
In a sweeping and coordinated response to the mounting pressure on the rupee, the Centre and the Reserve Bank of India on Friday unveiled a package of measures designed to attract dollar inflows, arrest the currency’s slide and finance a current account deficit that could nearly double to 2% of GDP this fiscal year if crude oil prices remain elevated around $95 per barrel. RBI Governor Sanjay Malhotra left little doubt about the central bank’s resolve. “We shall remain vigilant, and we are fully prepared to do whatever it takes to preserve orderly market conditions,” he told reporters. He also ruled out any restrictions on capital outflows, saying no such measures were under consideration.
Petrol and diesel prices may need to be raised by another ₹5 per litre despite multiple hikes over the past three weeks, as state-run oil marketing companies (OMCs) continue to incur under-recoveries of around ₹610 crore every day amid elevated crude oil prices and fuel losses triggered by the West Asia crisis. According to Prashant Vasisht, Senior Vice President and Co-Group Head, Corporate Ratings, ICRA Ltd, OMCs are currently losing around ₹5.5 per litre on petrol and ₹4.5 per litre on diesel, even after cumulative retail fuel price increases of about ₹7.5 per litre since May 15.
Reserve Bank of India Governor Sanjay Malhotra and four Deputy Governors, in the post policy press conference on Friday said, the central bank remains committed to its 4% target despite a higher inflation outlook. They also expressed confidence that measures announced to attract foreign currency inflows will support a stronger balance of payments position. Malhotra said the RBI expects healthy inflows through ECB and FCNR(B) deposit schemes and will remain data-dependent on future policy actions. Excerpts:
While the Reserve Bank of India (RBI) held the policy repo rate steady for a third straight meeting, it raised its inflation forecast for FY27 by 50 basis points to 5.1%. However, most economists still anticipate the central bank will begin tightening in the second half of the year. Sakshi Gupta, principal economist, HDFC Bank, said policy could be assessed as slightly hawkish given the 50bps upward revision in the inflation forecast to 5.1% for FY27. “This raises the likelihood of the rate hike cycle beginning by the October policy. We estimate a cumulative 50bps rate increase in FY27.” She added that the central bank recognised the downside risks to growth due to supply chain disruptions and increase in price pressures.
India’s government and central bank took coordinated steps on Friday to spur foreign inflows, providing an immediate boost to the beleaguered currency. The challenge for policymakers will now be to sustain those flows in the face of economic threats beyond their control. The double-barreled intervention by authorities was hailed by investors as significant enough to spur as much as $50 billion into Indian bonds and stocks this year and reverse an outflow that’s dragged the rupee to a record low. The currency and bonds rose on the news.
India could return to a growth rate above 7% by FY28 if macroeconomic stability is maintained and supply-side measures continue, Chief Economic Adviser V Anantha Nageswaran said on Friday, even as rising global uncertainties weigh on the near-term outlook. His comments came hours after the Reserve Bank of India (RBI) cut its GDP growth forecast for FY27 to 6.6% from the 6.9% projected in April, citing higher energy and commodity prices along with persistent supply disruptions linked to the conflict in West Asia.
India’s government and central bank took coordinated steps on Friday to spur foreign inflows, providing an immediate boost to the beleaguered currency. The challenge for policymakers will now be to sustain those flows in the face of economic threats beyond their control. The double-barreled intervention by authorities was hailed by investors as significant enough to spur as much as $50 billion into Indian bonds and stocks this year and reverse an outflow that’s dragged the rupee to a record low. The currency and bonds rose on the news.
India’s government is weighing spending cuts across parts of the budget as higher oil prices inflate subsidy bills and threaten to derail its fiscal consolidation plans, according to officials familiar with the matter. The options have been reviewed in meetings with Finance Minister Nirmala Sitharaman over the past month, although no decision has yet been made, the officials said, asking not to be identified because the discussions are private.
The Centre is ready to take more policy measures to help insulate the economy from the adverse impact of the West Asia conflict and will phase it out instead of rushing with announcements. The focus of these steps will be to ensure that there is enough availability of goods, raw material, inputs and finished products, to meet the domestic requirement, while seeking to provide stability to the Indian currency and foreign exchange flows.
VinFast parent Vingroup’s electric mobility arm Green SM on Thursday entered the Indian market with the launch of its electric ride-hailing service, Green SM Limo, in Delhi NCR, marking its first expansion into South Asia. The company has begun operations with a fleet of around 1,000 electric vehicles and plans to scale up to 10,000 vehicles across Delhi NCR in the coming months, intensifying competition in the country’s ride-hailing market. Scaling the Grid Speaking at the launch event, Haryana Industries and Commerce Minister Rao Narbir Singh said the company had shared its expansion plans with the state government.
VinFast parent Vingroup’s electric mobility arm Green SM on Thursday entered the Indian market with the launch of its electric ride-hailing service, Green SM Limo, in Delhi NCR, marking its first expansion into South Asia. The company has begun operations with a fleet of around 1,000 electric vehicles and plans to scale up to 10,000 vehicles across Delhi NCR in the coming months, intensifying competition in the country’s ride-hailing market. Scaling the Grid Speaking at the launch event, Haryana Industries and Commerce Minister Rao Narbir Singh said the company had shared its expansion plans with the state government.
A Pune bench of the Income Tax Appellate Tribunal (ITAT) has come to the rescue of a scrap dealer who was saddled with a tax demand of nearly Rs 44 lakh after the Income Tax Department treated cash deposits in his bank account as unexplained money. The case involved Wajeed Khan, a scrap trader who had been in business for over a decade. The dispute centred on cash deposits of Rs 1.28 crore made in his cooperative bank account during FY 2015-16. Why did the tax department reopen the case? Wajeed had filed his income tax return declaring an income of Rs 3,00,340. However, the department’s Insight portal flagged cash deposits of Rs 1,28,26,078 in his bank account, prompting the reopening of the assessment under Section 147.
India is making an attempt to woo foreign portfolio investments (FPIs) to the government securities (G-Secs) market at a time when the market has been seeing weakness. On Friday, the government announced the exemption of 12.5% long-term capital gains tax on investments in G-Secs by foreign portfolio investors (FPIs). This is widely expected to bring Indian taxation rule at par with other emerging markets. If FPI participation improves, it will augment the country’s foreign exchange reserves, giving more room for the country’s apex bank to defend the rupee amid stress, debt market experts said. The move could also open the door for Indian G-Secs’ inclusion in the Bloomberg Global Bond Index, which may in-turn bring inflows of around $20-25 billion over the next year.
The Reserve Bank of India (RBI) will release the list of upper-layer non-banking financial companies (NBFCs) soon, Governor Sanjay Malhotra said at the post-policy press conference. "The list is there already. So, it continues till the time we have a new list. We will do it (update) shortly," Malhotra said without elaborating. Tata Sons, the holding company of the Tata group, has sought to de-register as an upper-layer NBFC, which would exempt it from the mandatory listing requirement, the deadline for which was September 2025. The regulator has not officially commented on this request. Responding to a specific question on Tata Sons' application to surrender its upper-layer NBFC classification in an interview with ET in March, Malhotra said the matter is under examination and that the process for finalising a revised list is underway.
Mutual fund (MF) houses are restricting large inflows into gold exchange traded funds (ETFs) and fund of funds (FoFs) feeding into such schemes in order to align with govt's recent policy of discouraging people from buying gold. Three large fund houses--HDFC MF, ICICI Prudential MF and Nippon India MF--have restricted large inflows into gold funds. The decisions will come into effect between June 5 and June 8. "In light of the broader economic and market conditions, it has been decided to temporarily restrict lumpsum subscriptions in HDFC Gold ETF and HDFC Gold ETF Fund of Fund until further notice," a communication from the fund house said.
aiwan's Foxconn said on Friday that its second-quarter performance is likely to be well above its previously anticipated forecast of "significant" growth. Foxconn, which is Nvidia's biggest server maker and Apple's top iPhone assembler, does not provide numeric guidance for its outlook.
Apollo Global Management Inc. and Blackstone Inc. have finalized a $35 billion financing package for Anthropic PBC to expand its Al infrastructure, marking the latest mega-deal in the artificial intelligence race. The debt deal priced across three tranches, according to people familiar with the matter. The capital will fund Google's custom chips for Anthropic to lease, Bloomberg previously reported.
Gold has crossed a key milestone in the financial markets that would have seemed unthinkable just a few years ago. For the first time, gold has surpassed US government bonds as the leading reserve asset globally, driven by massive central bank purchases and a price rally that has nearly doubled gold’s value in just two years. Central banks now hold more gold than US government bonds or euros in their foreign exchange reserves. The share of gold in total official foreign reserves reached 27% at the end of 2025 — surpassing both the euro at 15% and US Treasuries at 22%. In other words, gold is now the single largest component of global official reserves.
Coal India Ltd (CIL) has offered a record 35 million tonnes (MT) of high-grade coal to sponge iron manufacturers under its linkage auction route, while announcing a series of policy changes aimed at increasing coal availability and operational flexibility for non-regulated sector (NRS) consumers. The linkage auction, scheduled for June 12, is expected to support domestic sponge iron producers, a key consumer of high-GCV coal, and help reduce imports of the fuel grade. The move comes as CIL steps up coal supplies to industrial consumers alongside meeting demand from the power sector. Policy Relief In another policy change, the company has allowed the steel (coking) sub-sector to sell surplus coal middlings in the open market. Middlings are power-grade coal generated during the washing of raw coking coal and are partly used in captive power plants. The provision has been introduced under the ongoing Tranche-X linkage auctions, which began on June 3.
Nestle India is intensifying its rural bet, placing greater emphasis on consumer-centricity and penetration-led volume growth, apart from accelerating tech-enabled sales and operations and reinvesting behind brands, Nestle India’s chairman and MD Manish Tiwary said in the company’s latest annual report released Friday. Addressing shareholders in his first letter to them, Tiwary, who succeeded Suresh Narayanan on August 1, 2025, laid out his roadmap for the future amid a dynamic operating environment. Describing domestic consumption in FY26 as a “push-pull”, Tiwary said it was shaped by a combination of improving macro stability and uneven household sentiment. ‘Food inflation and affordability continued to influence everyday choices. Urban demand remained relatively resilient, while premium segments stayed comparatively stable. Rural recovery was shaped by monsoon outcomes, farm income and government support,” Tiwary added.
Airbus SE is falling behind on deliveries of the A321XLR, a longer-range version of its most popular jet, with Indian customer IndiGo unlikely to receive the full batch of nine units this year, according to people familiar with the matter. InterGlobe Aviation Ltd., the operator of Asia’s largest low-cost carrier, was supposed to receive the XLRs by year’s end, but the time frame on some units has been pushed back by several months, said the people, asking not to be identified because the information isn’t public. IndiGo has received two XLR jets so far, and they’re being used on routes to Athens and Istanbul.
Visakhapatnam (Andhra Pradesh) [India], June 5 (ANI): India's seafood exports increased by 70 per cent in dollar terms from 2014 to 2025, contrasting sharply with a global international seafood trade expansion of barely 12 to 12.5 per cent during the same period. Union Minister of Commerce and Industry Piyush Goyal, speaking to ANI, stated that the performance underscores domestic resilience amid international challenges. "Even in dollar terms, from 2014 to 2025, India's seafood exports increased by 70%, whereas the world international trade on seafood increased by barely 12-12.5%, clearly demonstrating the capabilities of our fishermen, the wonderful work that our stakeholders related to this sector, whether they are processors, whether they are exporters, all of them are doing," Goyal said.
U.S. employment growth likely moderated in May after two straight months of strong gains, but the pace would probably remain consistent with stable labor market conditions. Economists expected the Labor Department's closely watched employment report on Friday to confirm that the Middle East conflict, which has stoked inflation through a surge in oil prices, was yet to have material impact on the jobs market.
The European Central Bank is expected to hike interest rates next week, becoming the first of the biggest central banks to do so since the Iran war unleashed an energy crisis that is stoking inflationary pressures in the euro zone. But with the economy of the 21-country bloc weaker than during Europe's previous energy crisis in 2022, policymakers are walking a tightrope as they try to contain rising prices without exacerbating the growth hit from the crisis.
Japan's real wages climbed 1.9% in April from a year earlier, government data showed on Friday, marking a fourth consecutive monthly gain, as higher special payments boosted overall earnings and improved household purchasing power. Here are a few details: • The Bank of Japan, which will next review its interest rates on June 15 and 16, considers steady rises in wages and prices as a prerequisite for another hike. The Japanese central bank is expected to raise interest rates this month unless a sharp escalation in the Middle East conflict roils markets, sources told Reuters.
San Francisco Federal Reserve President Mary Daly on Thursday said that while she believes AI over a five- to 10-year window could be a deflationary force, the effect is "not a pressing issue" for monetary policy which operates on a 12-month horizon. Daly, at a Bloomberg Tech event in San Francisco, also said she also does not think that AI is behind the current rise in inflation, which being driven by higher tariffs and, more recently, by higher energy and food prices since the start of Iran war.
Mexico's economy could grow more than the OECD's latest forecast, Finance Minister Edgar Amador Zamora said in an interview with newspaper Milenio published late on Wednesday, arguing that a planned surge in public investment and government measures to contain inflation would support activity. • The OECD now expects Mexico's economy to expand 0.8% in 2026 and 1.8% in 2027, though it warned that growth would be held back by trade tariffs, slower U.S. growth, global uncertainty and fiscal consolidation that would keep public investment contained.
At a time when global uncertainties continue to keep financial markets on edge, the Reserve Bank of India (RBI) has announced a slew of measures aimed at attracting more foreign capital into the country. The announcements came alongside the central bank’s latest monetary policy decision, where the Monetary Policy Committee (MPC) decided to keep the repo rate unchanged at 5.25%.
India and Venezuela on Thursday agreed to deepen energy cooperation and explore a long-term partnership across the oil sector, as New Delhi ramps up crude diversification and Venezuela emerges as one of the country’s fastest-growing sources of crude supplies. At a press conference following Prime Minister Narendra Modi’s meeting with Venezuelan Acting President Delcy Rodriguez, the Secretary (East) at the Ministry of External Affairs, Rudrendra Tandon said that the discussions focused on forging an energy partnership.
The government is reinforcing its import substitution policies, even as tariffs for foreign goods are being whittled down under a flurry of bilateral free trade agreements. It has constituted six working groups to finalise a list of 100 products currently not being manufactured in India at the required scale for focused policy support to boost local production. The six groups will focus on electronics, pharmaceuticals and medical, capital goods, auto and electric vehicles, advanced capital goods, chemicals, construction equipment, defence and aerospace, and energy.
The newly elected United Democratic Front (UDF) government on Thursday tabled a White Paper on Kerala’s finances in the state Assembly, revealing mounting public debt, rising liabilities and persistent treasury stress that together paint a worrying picture of the state’s fiscal health. According to the report, Kerala’s total public debt has surged to Rs 5.07 lakh crore, while pending liabilities stand at Rs 48,733 crore, including unpaid dearness allowance (DA) and dearness relief (DR) arrears owed to government employees and pensioners.
Aditya Birla Group Chairman Kumar Mangalam Birla said India is passing through a historic phase of transformation that offers a once‑in‑a‑generation opportunity to emerge as a global economic powerhouse. While speaking at the public valedictory of the RSS Karyakarta Vikas Varg‑Dwitiya at Reshimbagh Ground in Maharashtra’s Nagpur, the industrialist highlighted the country’s demographic strengths, infrastructure expansion, digital reforms and financial inclusion as the pillars of this “Amrit Kaal” vision. “India today benefits from a rare convergence of demographic dividends, favourable economic tailwinds, world‑class infrastructure development, digital public platforms and financial inclusion,” Birla said. “Together, these factors provide a historic opportunity to take the country to new heights.”
India and the US on Thursday wrapped up another round of discussions on an interim trade deal, as both sides sought to bridge gaps in their respective positions. A statement issued by the government after the conclusion of the bilateral talks that began on Monday was, however, non-committal on whether India’s demand for a tariff advantage in the US market in relation to its key Asian competitors was accepted by the US side. On Wednesday, even as the talks were on, Washington proposed additional duties of 12.5% on 44 countries, including India, under Section 301 of its Trade Act for their alleged failure to enforce a ban on forced labour.
The Reserve Bank of India on Friday unveiled a series of measures aimed at attracting more foreign capital into the country, as policymakers seek to strengthen external finances amid global uncertainty and pressure on the rupee. The steps, announced by Governor Sanjay Malhotra after the monetary policy decision, include wider access for foreign investors to government bonds, easier investment rules for overseas Indians and foreign residents, and incentives for companies and banks to raise funds from abroad.
The Reserve Bank of India on Friday lowered its FY27 GDP growth forecast to 6.6% from 6.9%, citing rising risks from the ongoing West Asia conflict, elevated energy prices, supply disruptions and weather-related uncertainties, while keeping the benchmark repo rate unchanged at 5.25%. The central bank now expects GDP growth of 6.6% in the first quarter, 6.3% in the second quarter, 6.5% in the third quarter and 6.8% in the fourth quarter of FY27.
The Reserve Bank of India in Friday's monetary policy review revised its inflation forecast upward for FY27, reflecting the sharp uptick in food prices and retail inflation readings amid the ongoing West Asia crisis. Amid global uncertainties, the RBI has projected consumer price inflation (CPI) at 5.1% for FY27, up from 4.6% estimated in the April policy review.
Tata Sons, the holding company of $150-billion Tata Group, infused an additional Rs 5,166 crore into loss-making telecom subsidiary Tata Teleservices during FY26, thus increasing its stake in the unlisted company to 94.3% and helping the company pay government dues. The capital infusion highlights the continued support being extended by the Tata Group’s holding company to some of its loss-making businesses. Along with Air India and Tata Digital, Tata Teleservices is to be discussed at the Tata Sons board meeting scheduled for June 12. The Tata Sons board is also slated to consider the group’s annual accounts and dividend payout to its shareholders, say group sources.
Rajesh Exports, which came under scrutiny after the Indian markets regulator alleged inflated financial disclosures, has refuted the claims. The revenues declared are correct and there is no over-statement of the same, the company said in an exchange filing on Thursday. “There seems to be some type of communication gap and confusion between SEBI (Securities and Exchange Board of India) and the company,” it added. The matter pertains to Sebi’s ex-parte interim order issued on Wednesday to further investigate the Bengaluru-based company and its Chairman Rajesh Mehta for allegedly misrepresenting ₹15 lakh crore of revenues over 5 years till FY25.
India’s IT services company, Tata Consultancy Services (TCS), has announced a strategic partnership with Finland-based premium tyre maker Nokian Tyres to expand the use of artificial intelligence (AI) across its IT operations. Under the agreement, TCS will help Nokian Tyres adopt AI-driven solutions in application management, development, and onsite support services. The move aims to improve efficiency, scalability, and resilience across the company’s IT infrastructure.
Share price of Bharat Heavy Electricals (BHEL) rose more than 2% as the company announced it has bagged an order worth Rs 21,000 crore for the development of a thermal power plant in Uttar Pradesh. BHEL: Order key details BHEL has been awarded this order by Meja Urja Nigam Private (MUNPL), which is a joint venture company between NTPC and Uttar Pradesh Rajya Vidyut Utpadan Nigam (URRVUNL). The order is domestic in nature and has a value of over Rs 21,000 crore (exclusive of GST).
Australia's AirTrunk said on Friday it would invest $30 billion in India within the next four years to build out 5 gigawatts of new data centre capacity in the South Asian nation. Sydney-headquartered AirTrunk, backed by Blackstone and Canadian Pension Plan Investment Board (CPPIB) entered the Indian market in April with its purchase of Lumina CloudInfra.
Income-tax (Amendment) Ordinance, 2026 Notified: Govt Gives Tax Relief on G-Sec Investments for FIIs- So the Centre has officially issued and promulgated the Income-tax (Amendment) Ordinance, 2026, which I guess is meant to be a rather big tax relief for Foreign Institutional Investors (FIIs). It basically waives capital gains and also interest income earned from investments in government securities, the so-called G-Secs. It was published in the Gazette of India on Friday and the Ordinance is amending the Income-tax Act, 2025, and, importantly, it has been applied retrospectively starting from April 1, 2026. In plain terms, India is making its sovereign debt market more appealing for overseas investors, because the tax friction on G-Sec returns is being removed. This step is being read as a strategic nudge to lift foreign participation, especially when global capital flows are still very sensitive to uncertainty and changing risk appetite. Extension Of Benefit To Bank For International Settlements The Income-tax (Amendment) Ordinance, 2026 sort of also extends a similar tax exemption to the Bank for International Settlements (BIS), widening the relief beyond Foreign Institutional Investors. Under that provision, any interest that BIS earns on government securities, and also any capital gains that arise from the sale, exchange, or transfer of such securities by BIS, will be completely exempt from taxation. This step seems to fit the larger aim of encouraging broader involvement in India’s sovereign debt market and making it more appealing to some major global financial institutions, in a way.
The Foreign Direct Investment (FDI) equity inflows into the country increased 18% on year to $ 58.8 billion in 2025-26 with major boost provided by investors in computer software and hardware sectors, an analysis by the Department for Promotion of Industry and Internal Trade (DPIIT) said. Overall FDI last year – which included reinvested earnings and other capital – was up 17% on year to $ 94.5 billion. In the January-March quarter the FDI equity investments grew 17.5% on year to 10.9 billion. The net investment by Foreign Portfolio Investors (FPI) was in the negative. They pulled out $ 15.5 billion from India in 2025-26.
The Reserve Bank of India (RBI) on Friday unanimously voted to keep the benchmark repo rate unchanged at 5.25 per cent, with the Monetary Policy Committee (MPC) retaining its neutral stance as policymakers weighed mounting inflation risks from elevated crude oil prices, a weakening rupee, and concerns over a below-normal monsoon against the need to support economic growth. The six-member MPC, chaired by RBI Governor Sanjay Malhotra, also left the Standing Deposit Facility (SDF) rate unchanged at 5 per cent and the Marginal Standing Facility (MSF) rate and Bank Rate at 5.5 per cent. The committee decided to continue with the neutral policy stance, signalling flexibility to respond to evolving inflation and growth dynamics.
Artificial intelligence has become the defining investment story of the past two years, lifting stock markets, creating trillion-dollar companies and driving unprecedented demand for advanced chips. However, billionaire investor Ray Dalio believes the excitement surrounding AI is also showing familiar signs of a market bubble. The founder of Bridgewater Associates said while speaking to Bloomberg Television on Wednesday that investors should be careful not to confuse belief in the technology with belief in the stocks tied to it. His warning comes at a time when AI-related companies are among the biggest winners on Wall Street, with investors pouring billions of dollars into chipmakers, data-centre operators and AI infrastructure firms. Every great technology creates a bubble, says Dalio Dalio claimed that history shows major technological breakthroughs often trigger periods of excessive optimism and speculation. “All great technology changes produce bubbles,” Dalio told Bloomberg TV. “Nobody can get it exactly right.”
India should stop “selling itself short” over near-term economic challenges as its long-term growth trajectory remains firmly intact, said Jane Fraser, Chair and Chief Executive Officer of Citi, on Thursday. “India’s got to stop selling itself short. There are some short-term headwinds, but the long-term India story is very much intact,” Fraser said at the Citi India Conference. Despite geopolitical tensions and trade-related uncertainties, she said India’s structural growth drivers remain strong. Fraser noted that Prime Minister Narendra Modi appeared committed to addressing bottlenecks and improving the ease of doing business, which would be critical for attracting greater foreign investment.
Japan's Nikkei share average retreated on Friday for a second consecutive session after closing at a record high earlier this week, as momentum slowed in the red-hot technology sector. The benchmark Nikkei 225 Index sank 1.3% to close at 66,588.12, eking out a 0.3% gain for the week. The broader Topix slid 0.07% to 3,949.09. The Nikkei closed at an all-time peak of 68,402.13 on Wednesday and has gained 34% so far this year. The tech-heavy Nasdaq closed lower in the U.S. overnight after chipmaker Broadcom missed revenue expectations, dampening euphoria over AI investment.
Banking and financial services companies foresee AI-assisted decision-making and real-time fraud prevention becoming common in the near future, as early adopters move beyond experimentation to operational deployment, according to the ET-Cisco AI Readiness & Adoption survey for the BFSI sector. Meanwhile, the broader BFSI industry’s enterprise readiness is under the spotlight, even as companies plan to scale up AI deployment. Before large-scale adoption, companies need to address key challenges around AI governance, infrastructure and data security. “The biggest barrier to moving from experimentation to production is not technology readiness, but enterprise readiness,” said Ashish Mittal, Chief Technology Officer at Tata AIG General Insurance. Implementation is often slowed by fragmented data, weak governance frameworks, integration challenges with legacy infrastructure. and difficulties in scaling pilots sustainably, Mittal said.
HDFC Mutual Fund has imposed temporary restrictions on investments in its gold exchange-traded fund (ETF) schemes amid heightened interest in gold-backed assets. The fund house said it will stop accepting subscription transactions from large investors directly into HDFC Gold ETF from June 8, 2026. The restriction will apply to investors making direct investments of at least Rs 25 crore with the mutual fund. In addition, lumpsum purchases and switch-ins into HDFC Gold ETF Fund of Fund (FOF) will be processed only up to Rs 10 lakh per PAN per calendar month at the first-holder level. The cap will apply to transactions received after the cut-off time of 3 pm on June 5. HDFC Mutual Fund said the measures are being introduced in light of prevailing economic and market conditions and will remain in force until further notice.
The Reserve Bank of India's move to increase the limits for investment in India's equity markets by non-resident Indians (NRIs), individual Persons Resident Outside India (PROIs) and overseas citizens of India (OCIs) with SEBI registration is not likely to move the needle on foreign flows. The limit for individual residents under OPI or overseas portfolio investment in listed securities was 10 percent, but this has been hiked to 24 percent. The Street is unanimous in its outlook: while the policy direction is largely positive, the measures will take time to significantly move the needle on foreign flows. Participation in the segment is likely to see a gradual increase, not a sudden jump.
The artificial intelligence boom has created a new group of ultra-rich tech founders. AI startup Anthropic announced on Thursday that it had raised $65 billion in fresh funding. With this, the company’s valuation has skyrocketed to a staggering $965 billion. Anthropic has now overtaken its biggest rival, OpenAI, which is currently valued at $852 billion, making it the world’s most valuable AI startup. The funding round has also dramatically increased the wealth of Anthropic’s seven cofounders. According to Forbes estimates, each founder is now worth about $16.6 billion, more than double what they were worth before the latest investment. How Anthropic’s founders compare with OpenAI’s leaders Anthropic’s billionaire founders include siblings Dario and Daniela Amodei, along with Jack Clark, Sam McCandlish, Chris Olah, Tom Brown and Jared Kaplan. Forbes estimates that each owns slightly more than 1.7% of the company.
The growth of artificial intelligence is putting huge pressure on the global semiconductor industry, and the strain may not ease anytime soon. According to Taiwan Semiconductor Manufacturing Company (TSMC), the world’s largest contract chipmaker, demand for advanced chips continues to exceed what the company can produce. As AI adoption expands across industries, the gap between supply and demand is expected to remain a major challenge for years. Speaking at TSMC’s annual shareholders’ meeting in Taiwan, Chief Executive Officer C.C. Wei said the company is still struggling to keep up with customer needs. “It will be a long time before we can meet customer demand,” Wei said. AI adoption is increasing demand for advanced chips The surge in demand is mainly due to the growing use of AI technologies in consumer products, businesses and government services. AI applications require powerful processors and advanced semiconductors, creating strong demand across multiple industries.
Airbus delivered 81 aircraft in May, up 59% from the same month last year and bringing its total deliveries to 262 so far this year, the planemaker said on Friday in its monthly report. May's tally rose sharply from 67 in April and 51 in May 2025, confirming a Reuters report from Thursday, as deliveries to China resumed after what the company described as an administrative delay that has since been resolved. Airbus, which has booked 815 gross orders since January or a net total of 762 after cancellations, aims to deliver 870 jets in 2026.
Senior U.S. officials held preliminary discussions with major AI companies about the potential for the government to buy some shares in their firms, digital news outlet NOTUS reported on Thursday, citing three people familiar with the matter. While the planning is ongoing and details are in flux, discussions have centered on having the firms voluntarily cede the shares to the government, the report said. The returns on the investment could then be directed to public purposes, such as distributing a dividend payment to all American households, the report said.
China's major solar panel manufacturers are ramping up higher-margin battery exports to boost revenue as growth in photovoltaic (PV) sales slows, betting on rising global demand for renewable energy storage to cut reliance on fossil fuels. The sector has been hit by weaker domestic installations, slowing exports and record-low prices, with executives expecting global demand to decline in 2026. That has pushed players including JinkoSolar, JA Solar, LONGi Green Energy and Trina Solar to accelerate expansion into battery storage, company executives told Reuters.
Goldman Sachs expects revenue from SpaceX's AI division to surge to $322 billion by 2030, up from $3.2 billion in 2025, according to the Wall Street bank's forecasts shared with a potential investor, the Financial Times reported on Thursday. The investment bank has estimated SpaceX's total revenue to reach $474 billion in 2030 from $18.7 billion last year, the report added. Goldman has forecast revenue at SpaceX's AI segment to soar 388% from a year earlier to $15.6 billion in 2026, and reach $34.5 billion in 2027, according to the report, citing a person familiar with the matter.
Anthropic, one of the biggest companies in the artificial intelligence race, is finally raising a question that many in the tech world have been debating for years: What happens if AI becomes so advanced that it can improve itself without human help? In a blog post published on Thursday, the company suggested that the world may need to consider slowing down the development of the most powerful AI systems if they continue advancing at their current pace. Anthropic said such a move could give governments, researchers, and society enough time to understand the risks and put safeguards in place. The tech firm also suggested creating a global agreement that would allow countries and companies to slow development if needed, along with a way to verify that everyone follows the rules.
War-risk insurance premiums for tankers transiting the Strait of Hormuz have surged by more than 1,000%, pushing additional insurance costs for a typical Very Large Crude Carrier (VLCC) to as much as $7.5 million per voyage, even as intermittent ceasefires have failed to restore confidence among shipowners, charterers and insurers. The sharp escalation in insurance costs has emerged as one of the biggest barriers to the resumption of normal commercial traffic through one of the world’s most critical energy chokepoints, forcing shipowners to demand higher freight rates, reroute vessels and reassess deployments in the Gulf region. Prior to the conflict, war-risk premiums typically ranged between 0.1% and 0.3% of vessel value. Following attacks on commercial vessels, premiums jumped to 2.5%-5%, significantly increasing voyage costs and disrupting tanker economics across global energy markets.
PM Surya Ghar: Muft Bijli Yojana has crossed the 40-lakh beneficiary household mark within two years of launch and is on track to reach 75 lakh households by December 2026, marking one of the fastest expansions of residential rooftop solar anywhere in the world. Union new and renewable energy minister Pralhad Joshi on Thursday said the scheme is witnessing unprecedented growth, with more than 65 lakh applications currently in the pipeline and rooftop solar installations rising from around 7,000 per month before the scheme to over 3 lakh installations a month now. “PM Surya Ghar: Muft Bijli Yojana has already crossed 40 lakh beneficiary households within two years and I am hopeful that by the end of 2026, we will cross 75 lakh households,” Joshi said at an event marking two years of the flagship
A day after the Union Cabinet approved a ₹10,000-crore jet fuel price stabilisation fund, the government on Thursday said domestic airlines can opt to buy aviation turbine fuel (ATF) at a fixed benchmark rate of ₹86.32 per litre for domestic operations and ₹104.49 per litre for international flights. This is meant to insulate them from global fuel prices that have surged amid the West Asia crisis. After accounting for airport charges, oil company margins and taxes, the effective selling price under the scheme works out to about ₹115 per litre in Delhi, ₹114.5 per litre in Mumbai and ₹139 per litre in Chennai, officials said. The announcement comes as international ATF prices have climbed sharply due to the West Asia conflict and the disruption of shipping routes through the Strait of Hormuz, increasing cost pressures on airlines and leading to losses for state-owned fuel retailers.
The next wave in India is going to be the demand for data centre capacity. The data centre industry is set for huge expansion, with total installed capacity expected to nearly triple from 1.65 GW in 2025 to 5 GW by 2030. What’s driving the growth? According to Avendus Capital, the sector is benefiting from a dual growth trajectory. On one hand, the sector benefits from a rapid expansion of India’s digital economy and on the other, a rising demand for artificial intelligence (AI) infrastructure. “India’s data centre ecosystem is on a dual growth trajectory, driven by surging demand from expanding digital economy, and scaling infrastructure to support GPU deployments for AI training and inference workloads,” Avendus Capital said in its report. India’s data centre capacity is projected to grow at a compound annual growth rate (CAGR) of 26% through 2030. Developers are expected to invest around $25 billion to add more than 3 GW of new capacity over the next five years. However, AI-dedicated data centre capacity in India alone could rise from 0.3 GW in 2025 to 1.2 GW by 2030.
India is expected to soon unveil a policy to encourage domestic processing of lithium and nickel, two minerals that are crucial for electric vehicle (EV) batteries, news agency Reuters reported quoting sources. The proposed scheme, being prepared by the Ministry of Mines, is expected to have an outlay of around Rs 30 billion (about Rs 3,000 crore). The move is aimed at strengthening India’s supply chain for critical minerals as the country pushes to expand EV adoption and reduce dependence on imports. Reuters had first reported in January that the government was working on an incentive programme covering lithium and nickel processing. In April, the mines secretary said the government had shortlisted two critical minerals linked to securing India’s EV value chain for a processing policy, though he did not identify them.
Whenever you type a question into ChatGPT or any other AI chatbox or ask an AI to write your email, watch a video conjured by a generative model, a small but measurable quantity of water evaporates somewhere on earth. A new report from the United Nations University Institute for Water, Environment and Health (UNU-INWEH) has put hard figures on what was until now only vaguely understood, the full environmental toll of the world’s rapidly growing appetite for artificial intelligence. The report, which quantifies the carbon, water, and land footprints of AI’s global electricity use, finds that by 2030 data centres powering AI are projected to consume 945 terawatt-hours of electricity, nearly triple the combined annual electricity use of Pakistan, Bangladesh, and Nigeria, countries that together are home to more than 650 million people which means AI could use as much water as 1.3 billion people by 2030.
Prime Minister Narendra Modi on Thursday held extensive talks with Venezuela's acting President Delcy Eloina Rodriguez Gomez on forging a long-term energy partnership, as India continues efforts to diversify its crude oil supply sources to bolster energy security. Modi, during the meeting with Delcy, signalled India's willingness to build stable and long-term energy ties with Venezuela, encompassing the upstream and downstream sectors, people said. Both leaders also explored deeper cooperation in critical minerals and mining sectors. The discussions also covered expanding commercial engagement in pharmaceuticals, animal husbandry, transportation, and agriculture for building a strong economic foundation, the people said.
Activity in the US services sector expanded in May, according to survey data released Wednesday, beating expectations and continuing to show strong performance despite respondents citing rising cost pressures.
Indonesia's parliament on Thursday passed sweeping legislation that places further emphasis on Bank Indonesia supporting economic growth, while empowering lawmakers to evaluate independent financial regulators and the central bank. Parliament passed the bill by acclamation, with support from all parties, according to the deputy speaker, Sufmi Dasco Ahmad, who led Thursday's plenary session.
Australia's balance on goods trade swung back into surplus in April after a surprise deficit the month before, data showed on Thursday, as a rebound in resource exports helped offset a surge in fuel imports. The Australian Bureau of Statistics reported the balance on goods recorded a surplus of A$1.8 billion ($1.28 billion) in April, bang in line with market forecasts. March had seen the first deficit since 2017 at A$1.0 billion.
Brazil's trade surplus reached $7.8 billion in May, official data showed on Wednesday, above market expectations, as higher prices drove export growth at a faster pace than imports.
After unleashing 'Epic Fury' on Iran, the United States has launched another front to step up its pressure on the country. The US, on Tuesday, imposed sanctions on Iran's largest cryptocurrency exchange, Nobitex, and several of its senior executives, accusing the platform of helping the Iranian government and sanctioned entities bypass Western restrictions.
Consumer-facing businesses are bracing for turbulence. A weakening monsoon forecast—driven by El Niño conditions—threatens to erode rural demand, the one engine that has kept FMCG companies, automakers and appliance manufacturers moving even as urban recovery sputtered. With the festive season on the horizon, the stakes could not be higher.
The US has proposed an additional 12.5% Trump Tariff on imports from India and 43 other countries, on the grounds their exports contain inputs produced by forced labour. The move is seen as an attempt by the US administration to retain leverage in ongoing trade negotiations. The proposed duties, announced after an investigation into the policies of 60 countries that together account for more than 99% of US imports, will replace the existing 10% tariff imposed under Section 122 of the Trade Act. Those duties are due to expire on July 24. For 16 other countries covered by the investigation, the US has proposed an additional tariff of 10%.
India could face higher inflationary pressures in FY27 as deficient monsoon rains and persistent heatwave conditions threaten agricultural output across major crop-producing regions, economists have warned. In its latest monsoon forecast, the India Meteorological Department (IMD) projected rainfall during the June-September season to remain 10% below normal, or around 90% of the long-period average (LPA). The revised estimate is weaker than the IMD‘s earlier forecast of rainfall being 8% below normal.
State Bank of India Chairman CS Setty on Wednesday said that a pause in the policy rates by the Reserve Bank of India’s monetary policy committee would help stabilise conditions and support economic growth. “Broadly, the market expects that there could be a rate pause at this juncture. Inflation dynamics remain important, but I think a pause would definitely help stabilise conditions and ensure smooth growth,” Setty said at the Citi India Conference 2026. The three-day MPC meeting will announce their outcome on June 5.
Former International Monetary Fund (IMF) chief economist and Deputy Managing Director Gita Gopinath has warned that elevated oil prices could trim India’s growth down toward 6 per cent, below the International Monetary Fund’s current forecast of 6.5 per cent, as higher energy costs sap consumption and investment. Gopinath said the effects of the oil price shock are likely to persist well into next year and that a prolonged conflict in West Asia could make the downside risks substantially worse.
The India-Oman trade pact provides significant market access opportunities for the textiles and apparel sector, placing India in a strong position to expand its exports and consolidate its presence in a key Gulf market, the government said on Wednesday. The India-Oman Comprehensive Economic Partnership Agreement (CEPA), which came into force on June 1, 2026, marks a major milestone in strengthening the economic and strategic partnership between the two countries.
The government is already supporting the economy amid the ongoing West Asia crisis by not allowing the full impact of rising global oil prices to be passed on to consumers, according to Gita Gopinath, former Deputy Managing Director of the International Monetary Fund (IMF). In an exclusive interview with ANI, Gopinath said the limited increase in retail fuel prices by the Indian government, despite a sharp rise in international crude oil prices, has effectively acted as an implicit subsidy for households and businesses.
India's target of achieving 500 GW of non-fossil fuel capacity by 2030 could generate more than 44 lakh full-time equivalent (FTE) jobs, with rooftop solar emerging as the single largest employment generator, accounting for nearly 43% of the total, according to a new study. The findings are significant as rooftop solar gains momentum across the country.
India's economy has remained resilient despite geopolitical tensions, supply-chain disruptions and volatile commodity prices, supported by strong industrial and services activity, broad-based demand and improving corporate performance, RBI Deputy Governor Swaminathan J said. In a speech at the School of International and Public Affairs (SIPA), Columbia University, the Deputy Governor said inflation remains within the Reserve Bank of India's tolerance band and external-sector vulnerabilities are manageable.
Coal gasification has so far saved Rs 28,000 crore in foreign exchange by reducing reliance on imported oil, methanol and ammonia, govt said recently as it prepares to launch the second phase of the programme. At a recent meeting with investors, coal ministry said the first phase of scheme, launched in 2023-24, had mobilised Rs 85,000 crore in investments and enabled utilisation of 23 million tonnes of coal annually.
The Securities and Exchange Board of Inda (SEBI) has ordered an investigation into Rajesh Exports and its Executive Chairman Rajesh Mehta for allegedly misrepresenting financial statements aggregating ₹15 lakh crore. This represents 99.8% of the company’s total consolidated revenue during FY21-FY25. The regulator also restrained Mehta from trading the company’s securities in any form until further orders. A series of violations were found, as per Sebi’s interim order, including non-disclosure of material consolidated financial information, non-availability of financial statements of subsidiaries and step-down subsidiaries, non-availability of information at consolidated levels, misrepresentation of financial statements in annual reports, false claim of investment in gold mine in Africa, and non-cooperation by the company and its chairman, as per Sebi’s interim order. Regulator says company hampered SEBI’s probe The regulator alleged that the company hampered its probe by not providing the required financial information and “furnishing varying and inconsistent submission” at different stages of investigation.
Five years after reporting losses of nearly Rs 4,000 crore and undertaking large-scale layoffs during the pandemic, Oyo is showing signs that a sweeping overhaul of its business model is paying off. Prism, Oyo’s parent company, reported a consolidated revenue of Rs 6,253 crore in FY25, up 16% year-on-year, while profit after tax stood at Rs 245 crore, up 6.5% from the previous year. Earnings before interest, taxes, depreciation and amortisation (Ebitda) rose to Rs 1,083 crore, marking the company’s twelfth consecutive Ebitda-positive quarter, according to its annual report. In the first quarter of FY26, Oyo said provisional profit after tax crossed Rs 200 crore, more than double the Rs 87 crore reported a year earlier, while revenue rose 47% to Rs 2,019 crore. The turnaround follows a fundamental shift away from the growth-at-all-costs strategy that defined Oyo’s early years.
Wind turbine manufacturer Suzlon Energy launched the Suzlon 2.0 initiative, transforming the company from a wind energy equipment and solutions provider into a full-stack renewable energy company. This new direction includes offering wind, solar, and battery energy storage solutions (BESS) as a comprehensive package, along with energy management services. Suzlon has set ambitious growth targets for the fiscal year 2031, aiming to increase its annual renewable energy sales fourfold to 10 GW, expand its order book to 15 GW, and grow its Assets Under Management (AUM) to 70 GW. The company is also re-entering the global market, targeting 3 GW in export orders by FY31, supported by its next-generation high-capacity 5 MW and 6.3 MW wind turbines.
Maruti Suzuki on Thursday launched what it described as India's first flex-fuel passenger car, positioning the technology as a key pillar in the country's efforts to reduce crude oil imports, lower carbon emissions and strengthen energy security. Speaking at the launch event, Managing Director and CEO Hisashi Takeuchi said the introduction of the flex-fuel Wagon R marked more than the debut of a new vehicle and represented "a new chapter in India's energy journey." The company unveiled the vehicle in the presence of Union Road Transport and Highways Minister Nitin Gadkari and Petroleum and Natural Gas Minister Hardeep Singh Puri, both of whom have championed the use of alternative fuels and domestic energy sources. Highlighting India's dependence on imported crude oil, Takeuchi said the country needed energy solutions that were "cleaner, affordable, scalable, and based on India's own strengths."
India is preparing to roll out new measures aimed at attracting more foreign money into the country, with key decisions likely to be taken as early as this week. According to Bloomberg, citing people familiar with the matter, the Union Cabinet is expected to discuss a major reduction in the taxes that foreign funds pay when investing in Indian bonds. Interest tax on bonds also under review The Cabinet is also expected to examine the future of the 20% tax currently imposed on interest earned from bonds. According to Bloomberg, officials are weighing two options: either scrapping the levy altogether or reducing it to a very low level. The proposal is still under consideration, and a final decision could be taken after Cabinet discussions.
The Insolvency and Bankruptcy Board of India (IBBI) has changed the way defaults are authenticated and recorded under the insolvency and bankruptcy code (IBC). A notification by the board has outlined a framework under which if a debtor disputes a default, the Information Utility (IU) will put it in a separate category called “Information of Dispute”. In cases where a debtor confirms a default, an authenticated “Record of Default” will be issued. This is a crucial step because the dispute handling is a fairly ambiguous process under the IBC, and the latest amendment resolves this by ensuring that there’s a transparent and formal process to record and communicate disputes. This also impacts the initiation of insolvency proceedings.
Reserve Bank of India (RBI) Deputy Governor Swaminathan J urged that banking-sector resilience should be deliberately built rather than left to chance, laying out five pillars of ‘resilience by design.’ Drawing on India’s post-2015 banking reforms, he argued that transparent stress recognition, stronger balance sheets, sharper supervision, adaptive regulation, and resilient internal bank practices have made the system sturdier- and that work must continue as new risks emerge. Transparent recognition of stress The first pillar, Swaminathan J said, is the transparent recognition of stress. He cited the post-2015 Asset Quality Review as a turning point, “Recognition required banks to provision, owners to recapitalise, borrowers to negotiate, supervisors to intervene, and markets to reassess risk. Transparency changes incentives.”
The resilience of banks will shift from fixing known balance-sheet stress to managing complexity and uncertainty, Reserve Bank of India Deputy Governor Swaminathan J said while speaking at Columbia University on Monday. The speech was uploaded on the regulator’s website on Wednesday. “Recent years have shown that shocks can arise from very different sources: pandemics, geopolitical tensions, supply chain disruptions, commodity price volatility, cyber incidents or sudden shifts in market sentiment. The task, therefore, is not only to prepare banks for known risks, but also to make them adaptable to risks whose timing, form and transmission may be difficult to predict,” said Swaminathan. He said growth in retail, digital and microfinance lending has widened access and thus requires stricter underwriting, fair recovery practices and close monitoring of borrower leverage.
India’s money-market turnover jumped to a record as state-owned lenders stepped up borrowing to fund booming credit demand. The value of trades in the so-called tri-party repurchase segment, which accounts for about 70% of the nation’s money markets, rose to an all-time high of 5.5 trillion rupees ($57.8 billion) on May 13 and has stayed elevated since, according to Bloomberg-compiled data. India’s economic growth has held up well despite the energy crisis caused by the US-Iran war, preserving credit demand. State Bank of India is seeing strong loan uptake from sectors including power, renewables and data centers, Chairman CS Setty said Wednesday.
IIFL Finance has raised $500 million by selling international dollar bonds to investors across the world in an issue which was priced on Wednesday. The 3.25 year issue was priced at 7.6% after building an order book of close to $2 billion from large institutional investors. This is the first dollar bond issued out of India since January, when ReNew Energy raised $600 million by issuing a five-year bond. Since then, geopolitical tensions, particularly stemming from the US-Israel attack on Iran, have led to high overseas yields which are beyond the expectations of Indian companies looking to raise funds from abroad. Nirmal Jain, founder and managing director at IIFL Finance, told ET the successful issue comes at a time of heightened volatilities, pressure on the rupee and capital outflows from India.
India's red-hot initial public offering market may look irresistible as foreign firms line up for listings, but the rush is not about raising funds to expand in a fast-growing market; it's about sending billions of dollars back to headquarters. Just one of six foreign-based companies that listed their Indian units in Mumbai since 2024 raised new funds, with all others structured purely as secondary offerings - or offer for sale (OFS), where existing shareholders sell their holdings to the public without raising any new funds, according to data from Prime Database, an Indian market research firm.
The RBI rejected all bids for 182-day and 364-day treasury bills while accepting only 91-day bills at auction on Wednesday, signalling its discomfort with rising short-term yields ahead of the monetary policy decision due Friday. The RBI sold 91-day treasury bills at a yield of 5.56%. The central bank typically rejects bids when it finds yields too high, and the move is seen as a signal that it wants interest rates to soften. The decision comes as the MPC began its meeting to decide on interest rates, with the outcome scheduled for Friday and expectations that rates will be held. Yields on govt bonds fell after the auction. This is the second instance in under three months where the RBI has cancelled treasury bill sales. Yields on one-year paper have risen by 40 basis points this fiscal due to the rupee coming under pressure.
Taiwan's TSMC, the world's largest contract chipmaker, is confident in its growth over the next few years, thanks to robust demand for computing power and advanced semiconductors as it rides a relentless AI boom, its CEO said on Thursday. C.C. Wei, speaking at TSMC's annual shareholders' meeting in the Taiwanese city of Hsinchu, said customers are still positive on the outlook for artificial intelligence, although the company continues to monitor the impact of rising component costs. "We continue to see increasing adoption of AI models across consumer, enterprise and sovereign AI applications," Wei said, adding that while the company is working very hard, demand is high and it can only produce so much. "This trend is driving demand for greater computing power, which in turn supports strong demand for advanced semiconductor chips."
EU steel exports to the U.S. have fallen by 34% since Washington hiked tariffs to 50%, with higher duties on derivative products such as washing machines and motorbikes also hitting European demand, steel industry association Eurofer said on Thursday. Steel exports to the U.S. fell to 1.94 million metric tons in the three quarters since the Trump administration doubled import tariffs on steel and aluminium from 25% a year ago. European Union producers exported 3.4 million tons to the United States in 2025, compared with 4.1 million tons in 2024 and 4.7 million tons in 2017, Eurofer said. Eurofer said it was important the EU and the U.S. carried out their trade deal struck last July in full. That agreement, struck at President Donald Trump's Turnberry golf course in Scotland, sets out that the EU should remove its duties on most U.S. goods imports in return for a broad 15% U.S. tariff on EU exports. It also said the two sides should discuss possible tariff-free steel and aluminium quotas and cooperation to address global overcapacity. Axel Eggert, Eurofer director general, said the U.S. needs to fulfil its commitment to work with the EU to find a solution.
Cuba will suspend Visa and Mastercard transactions starting June 6, its central bank said on Wednesday, citing sanctions imposed by the United States that in recent days have led a swath of foreign businesses to sever ties with the Caribbean island. Cuba's central bank said a foreign partner that had previously processed credit card transactions for Cuba had decided to limit operations following a U.S. executive order on May 1 that vastly broadened sanctions on commerce with Cuba. "As a result of this decision, Cuba is unable to receive income from the sale of goods and services through internationally recognized cards such as VISA and MASTERCARD," the central bank said in a statement. The order is another blow to Cuba's economy and already decimated tourism industry, as the Trump administration ratchets up sanctions in a bid to upend the island's Communist-run government. Credit card transactions have historically been handled by a foreign bank and Fincimex, S.A., a financial arm of GAESA, a military-run conglomerate targeted with sanctions by the administration of U.S. President Donald Trump. The United States accuses GAESA of secretly hoarding profits from the country's most valuable industries — including tourism, financial transactions, remittances and logistics — and using them for the benefit of the military and Cuban elite.
Both the European Union and the United States are committed to complying with their trade agreement, U.S. Trade Representative Jamieson Greer said on Wednesday after broad new tariff threats over forced labour rankled Washington's trade partners. After the two sides struck a framework agreement at U.S. President Donald Trump's Turnberry golf resort in Scotland last July, the EU is still in the process of ratifying the deal, prompting Trump to say he would impose "much higher" tariffs if the bloc does not implement its commitments by July 4. "Both sides are committed to compliance with the trade agreement," Greer told France 24 in an interview. "We think there is a lot of room for compliance on both sides," he added. Greer's comments came after the Trump administration proposed new tariffs of up to 12.5% on imports from 60 economies, saying they had failed to curb trade in goods made with forced labor, an assertion rejected by its trading partners. The EU was hit with 10% tariffs over the issue. Greer said the announcement should not have come as a surprise as the investigation had been underway for months, but did not see it holding up the U.S.-EU deal in the European Parliament.
The government's wheat procurement rose 17 per cent to over 35 million tonne in the 2026-27 rabi marketing season, surpassing both the target of 34.5 MT and the previous year's procurement of 30 MT, a senior food ministry official said on Wednesday. "Wheat procurement has crossed 35 million tonne so far this season. We have exceeded the target. Procurement in major producing states has been completed," the official told PTI. The Food Corporation of India (FCI) and state agencies procure wheat at the minimum support price (MSP) to meet requirements under the National Food Security Act and other welfare schemes.
India’s top IT services companies are rapidly scaling artificial intelligence adoption, with Infosys, Tata Consultancy Services (TCS) and Wipro each deploying Microsoft 365 Copilot to more than 100,000 employees, Microsoft said on Wednesday. The milestone takes the combined number of Copilot licences across the three firms to over 300,000, more than double the 150,000 licences announced by Microsoft and the companies in December last year. The expansion highlights how large technology services firms are moving beyond AI pilots and integrating generative AI tools into day-to-day operations across engineering, delivery and corporate functions.
The West Asia conflict is expected to dent the profitability of the domestic auto component sector, with operating margins likely to soften to 10.5–11% in FY27 from around 12% last year amid rising raw material and freight costs, Crisil Ratings said on Wednesday. Raw materials account for nearly three-fourths of the sector’s total cost, with steel and aluminium together comprising 50–60% of input expenses. Both commodities have witnessed sharp price increases in recent months. Despite the cost pressures, Crisil expects the sector’s revenue to grow 9–11% this fiscal, helping stabilise absolute operating profits even as margins narrow. Demand from original equipment manufacturers (OEMs), which contribute more than two-thirds of sector revenues, is expected to remain steady. New passenger vehicle launches, infrastructure-linked commercial vehicle activity, continued premiumisation in the two-wheeler segment, and rising electric vehicle (EV) adoption are expected to support demand. The aftermarket segment also remains stable, backed by a large installed base of vehicles sold in previous years.
India's Global Capability Centres (GCCs) — in-house technology and operations hubs set up by multinational corporations — have taken the lead as one of the fastest-growing segments of the country's technology sector, outpacing the traditional IT services sector on several metrics. Behind the trend driving the rapid expansion of GCCs in India is the corporate need for control. Industry stakeholders say that the shift from outsourcing services to relying on in-house capabilities allows multinational companies to better manage intellectual property, proprietary technologies and sensitive data.
India's push to tighten power grid discipline is colliding with its clean energy ambitions as tougher rules for solar and wind projects alarm investors, who warn the requirements could slash returns and impede investment needed for the energy transition. The most-feared regulations, due to take effect in April 2027, sharply increase penalties when renewable power producers fail to deliver electricity matching their commitments to the grid, according to industry executives, investor presentations and documents reviewed by Reuters. Industry groups estimate the tougher regime could cut revenue by about 11% for solar projects and as much as 48% for wind farms, fuelling concerns that India could make renewable investments less attractive just as it seeks billions of dollars to expand clean energy capacity.
India's federal Ministry of Mines is expected to shortly unveil a policy with incentives to process lithium and nickel with an outlay of around Rs 3,000 crore ($313.48 million), according to two sources familiar with the matter. The sources did not want to be identified publicly because they were not authorised to speak to the media. The mines ministry did not immediately respond to a Reuters email seeking comment. In January, Reuters reported that the incentive policy would cover lithium and nickel.
India will pilot hydrogen-powered buses and trucks on 10 roads across the country, Union Minister for Road Transport and Highways Nitin Gadkari said on Thursday, adding that major conglomerates including Reliance Industries, Tata Group, NTPC and Ashok Leyland have joined the initiative. "We have undertaken a pilot project that on 10 roads of India hydrogen buses and trucks will start. Reliance, Tata, NTPC, Ashok Leyland and many others have joined hands with us for this. We have started making hydrogen," Gadkari said.
Artificial intelligence (AI) may be dominating boardroom discussions, investor presentations and government policy agendas, but the real battle for long-term control of the technology will ultimately be fought in semiconductors, according to Gilroy Mathew, chief operating officer of AI and technology solutions company UST. As countries and technology companies race to secure semiconductor supply chains amid surging demand for AI infrastructure, advanced computing and connected devices, Mathew argues that chips, not AI applications, will determine who controls the economics, scalability and strategic power of the next technology era.
India's exports of refined petroleum products fell to about 930,000 barrels per day (bpd) in May, their lowest level since October 2022, as refinery maintenance, changing production priorities and stronger domestic demand curtailed overseas shipments. Exports declined to around 930,000 bpd, down to levels last seen when shipments averaged 926,000 bpd in October 2022, reflecting a combination of lower refinery throughput and a growing focus on supplying the domestic market, according to data analytics firm Kpler. "This sharp cutback was driven by a combination of lower refinery throughput, maintenance activity, and a structural pivot toward the domestic market," said Sumit Ritolia, model and refining manager at Kpler. A key factor behind the decline was planned maintenance at Reliance Industries' Jamnagar refining complex, India's largest refinery and a major exporter of refined fuels.
India’s revised Schedule M regulations are gradually reshaping the country’s pharmaceutical manufacturing ecosystem. Industry officials caution that while the reforms are expected to improve quality standards and global credibility, they could also lead to consolidation among thousands of small- and medium-sized drug manufacturers that may find it challenging to comply with the new requirements. The common concern across the industry is that compliance is no longer limited to installing new equipment or upgrading facilities. It now requires sustained investment in quality systems, documentation, data integrity, skilled manpower, and continuous audits, significantly increasing the cost of doing business. Latest estimates by industry body Pharmexcil suggest that only 25-40% of India's nearly 8,500 small and medium pharmaceutical manufacturing units are currently fully compliant or near-compliant with the revised Schedule M requirements.
Spain's service sector activity stabilised in May as activity and sales returned to growth after April's decline, a business survey showed on Wednesday. The S&P Global Purchasing Managers Index for the services sector rose to 50.1 in May from 47.9 in April, creeping back above the 50 mark separating growth from contraction.
The global economic outlook hinges on how long the war in the Middle East lasts, with recession in some countries and sharply higher inflation a real possibility if it drags on into next year, the Organisation for Economic Cooperation and Development warned on Wednesday. If the conflict proves short-lived, Gulf oil and gas production could gradually return to pre-crisis levels from the third quarter with shortages confined to Asia and cushioned by strategic reserves and shipments from other producers.
Russia's services sector contracted in May at its quickest pace since September as weaker demand drove steeper falls in new orders and output, a business survey showed on Wednesday. The S&P Global Russia Services PMI Business Activity Index fell to 48.7 in May from 49.7 in April, dropping deeper below the 50 mark that separates growth from contraction.
China's services activity expanded at the fastest pace in three months in May, helped by stronger growth in new business and a rebound in overseas demand, though rising cost pressures weighed on firms, a private-sector survey showed on Wednesday. The RatingDog China General Services Purchasing Managers' Index, compiled by S&P Global, rose to 54.4 in May from 52.6 in April, staying above the 50-mark that separates expansion from contraction.
Australia's economy slowed in the March quarter as strength in business investment was offset by a drag from trade, data showed on Wednesday, while higher borrowing costs and rising petrol prices cooled consumer demand. The pullback is likely to worsen as the Middle East conflict and rapid-fire policy tightening have sent household spending falling, house prices flatlining and the unemployment rate edging higher.
Japan's services sector ground to a halt in May after more than a year of expansion, as surging costs linked to the Middle East war dampened service demand and led to a 12-year high in output price inflation, a private survey showed on Tuesday. • The S&P Global final Japan Services Purchasing Managers' Index (PMI) fell to 50.0 in May from 51.0 in April, marking the end of a 13-month expansion streak. Readings above 50.0 indicate growth in activity, while those below point to a contraction.
U.S. job openings increased by the most in five years in April, but the surge likely overstates the labor market's health, as hiring declined against the backdrop of economic uncertainty stemming from the Iran war. The Job Openings and Labor Turnover Survey, or JOLTS report, from the Labor Department on Tuesday also showed resignations dropped to the lowest level in nearly six years in April, a sign of lack of confidence in the jobs market.
The largest exchange-traded fund (ETF) tracking U.S. software stocks clocked the biggest single-day buy-in by retail investors on record on Monday, data from Vanda Research showed. Software stocks have largely recovered their losses from earlier this year when fears of industry-wide disruptions due to the rise of AI gripped the sector, though volatility still persists.
Canadian Prime Minister Mark Carney, pressed about statistics showing the country is in a technical recession, on Tuesday told reporters that as the government pressed ahead with reforms "the data will be uneven". He continued: "We see some weakness, in part because of clear decisions made by the government." These included cutting back immigration and curbing government spending, he said.
A sharp rise in retail petrol and diesel prices since mid‑May could add materially to India’s consumer price inflation, Crisil warned, even as the Reserve Bank of India’s Monetary Policy Committee (MPC) may initially look through the supply‑side shock. The rating agency estimated the direct impact on the Consumer Price Index (CPI) at roughly 36 basis points for a Rs 7.5/litre increase in fuel costs, rising to about 48 basis points if retail prices climb by Rs 10/litre. Retail fuel surge and inflation mathematics Retail petrol and diesel prices in India have climbed by around Rs 7.5 per litre since May 15 and Crisil said further hikes are possible if crude oil remains elevated. “The direct upside to inflation linked to CPI is estimated at ~36 basis points (bps) with a hike of Rs 7.5/litre in petrol and diesel prices, rising to ~48 bps if the retail fuel prices increase by Rs 10,” the report said.
India’s services sector expanded at its fastest pace in six months in May. The HSBC India Services PMI rising to 59.8 from 58.8 in April amid stronger demand and higher new business inflows. The HSBC India Composite PMI Output Index, which tracks both manufacturing and services activity, also rose to 59.3 in May from 58.2 in April, signalling broad-based strength in private sector activity.
The US has reduced duties on agriculture and construction equipment to 15% from 25% through a proclamation signed by President Donald Trump. The tweaks are, however, expected to have a limited impact on India as its exports of the items that will attract lower duties is less than $ 50 million a year. The Proclamation adjusts the tariffs on agricultural equipment, like combines and harvesters, as well as certain other equipment, from 25% to 15%. It also expands the existing category of industrial equipment subject to a 15% tariff to include mobile industrial equipment, like bulldozers and forklifts, when imported from trade deal countries that are entitled to such treatment.
After more than a decade of preparatory work, the Producer Price Indices (PPI) is finally ready for launch and will be unveiled for the first time along with the revised Wholesale Price Index (WPI) on 15th of June. The PPI will have three indices – Output PPI, Trial Input PPI and Services PPI. Output PPI and Trial Input PPI will be released monthly and Services PPI will be compiled on a quarterly basis.
Economists across CareEdge, Bank of Baroda, and Kotak Institutional Equities warn that the macroeconomic outlook has deteriorated meaningfully since the West Asia conflict began, with a weak, El Nino-hit monsoon and rising fuel costs threatening to compound the strain in the first quarter of FY27. The grim outlook comes despite India’s growth moderating in Q4FY26. Economists believe that in the March quarter the economy remained partially shielded from the adverse effects of geopolitical tension as the war started in late February. Progress on the global trade front and companies’ reliance on existing inventories also helped cushion the impact of rising input costs.
The Reserve Bank of India‘s bi-monthly Monetary Policy Committee (MPC) meeting will begin on June 3. The three-day meeting will conclude on June 5, with RBI Governor Sanjay Malhotra announcing the key policy decisions. Analysts expect the RBI to pause rather than a hike despite rising inflation risks from higher fuel prices, a depreciating rupee, and elevated global energy costs. Here’s why. RBI unlikely to hike rates to defend the rupee Nomura expects the RBI to opt for a hawkish pause, arguing that interest rates are not an effective tool to defend the currency; also their primary mandate is to control inflation and support economic growth, rather than target a specific exchange rate.
The US government has proposed an additional tariff of 12.5% on India, even as its trade negotiators are in Delhi for negotiations with their counterparts. The recommendation came from the Office of the US Trade Representative following an investigation into “forced labour” practices in various countries. Most US trading partners would face a 10% levy under the proposal, while India and 53 other nations (including China, Japan, South Korea, Brazil and Switzerland) face a higher tariff rate. “For economies that impose a forced labor import prohibition, that have committed to impose and enforce such a prohibition through an Agreement on Reciprocal Trade, or economies that have imposed a partial regime with the effect of preventing the importation of certain forced labor goods, the U.S. Trade Representative proposes 10% as the rate of additional duties. For all other economies, the U.S. Trade Representative proposes 12.5% as the rate of additional duty,” USTR wrote in a statement.
A delegation of UK trade officials, led by Secretary of State for Business and Trade Peter Kyle met Commerce Minister Piyush Goyal amid new irritants emerging in the path of operationalising the Comprehensive Economic and Trade Agreement (CETA) between the two countries. “Had great conversations on charting the next phase of India-UK economic engagement, advancing shared business priorities, and further strengthening our robust and forward-looking partnership,” Goyal who led the Indian delegation posted on ‘X’.
India remains engaged with the United States on the ongoing Section 301 proceedings related to forced labour issues, the commerce ministry said on Wednesday, as the two countries continue negotiations on a proposed bilateral trade agreement. The statement comes after the Office of the United States Trade Representative (USTR) proposed additional tariffs on imports from 54 economies, including India, under investigations examining whether countries have imposed and effectively enforced prohibitions on goods produced with forced labour.
Rajasthan is witnessing a major infrastructure expansion with 81 projects worth ₹2.72 lakh crore currently under execution, according to the Project Monitoring Group report of the Ministry of Statistics and Programme Implementation. The projects span railways, highways, energy transmission, petroleum, and civil aviation, making the state one of India’s largest ongoing infrastructure investment hubs. Officials say these projects aim to improve connectivity, logistics, industrial growth, and energy security across the state.
Indian beverage startup Archian Foods, best-known for its flagship Lahori Zeera drink, is targeting revenue of Rs 1,150-1,200 crore in FY27 after closing FY26 with sales of Rs 775 crore, co-founder and CEO Saurabh Munjal said in an interaction with FE. The company is stepping up investments in manufacturing and distribution to capitalise on the rising demand for Indian-flavoured drinks. In three years, the Mohali, Punjab-headquartered firm hopes to achieve a turnover of Rs 2,000 crore for which it has put a blueprint in place, Munjal says. For one, the company is eyeing a bottling push nationwide, with plans to expand its contract manufacturers from five now to about 25-30 in the next few years, he says.
Godrej Industries Group on Tuesday announced the launch of its wealth management arm, Godrej Wealth, through its subsidiary Godrej Investments. The newly-launched company is targeting assets under management of Rs 1 lakh crore over the next five years by focusing on the affluent and the high-net-worth segments and expanding in 35 locations. Godrej Wealth will operate alongside Godrej Capital, the group’s lending business, together forming the financial services arm of the Godrej Industries Group. Kunal Karnani has been appointed the chief executive officer of the wealth management arm.
Indian semiconductor startups raised $92 million in the first five months of 2026 across 12 deals, nearly four times the funds raised in the entire 2025, boosted by government initiatives, rising investor interest and more firms getting into production. According to data from Venture Intelligence, companies that raised funds in 2026 include Constelli, C2i Semiconductors, HrdWyr and VerveSemi, each raising upwards of $10 million. ET had earlier reported that Agrani Labs and Calligo Technologies were in talks to raise fresh funds. Of the funds raised in the January-May period, $34 million were seed rounds across eight deals and the rest were Series A funding. Last year, semiconductor startups raised $25 million in six deals.
The government is set to soon constitute the proposed High-Level Committee on Banking for Viksit Bharat, with the aim of receiving its report within three to four months and initiating a new phase of comprehensive banking sector reforms. Sources said the terms of reference for the committee are almost ready and the panel will be constituted once the members are finalised. The committee is expected to undertake a fundamental review of the banking sector architecture and recommend measures to strengthen the system in line with India’s long-term growth ambitions. Among the key issues likely to be examined are the creation of larger Indian banks through consolidation, enhancement of foreign direct investment (FDI) limits in public sector banks (PSBs), rationalisation of voting rights for investors, and a review of regulatory requirements such as the Cash Reserve Ratio (CRR), Statutory Liquidity Ratio (SLR) and banking licence norms.
Just as the microfinance sector appears to be emerging from a prolonged asset-quality stress cycle, a weaker monsoon forecast threatens to create fresh challenges. With the India Meteorological Department (IMD) downgrading its southwest monsoon forecast to “below normal” — potentially the weakest in 11 years — concerns are resurfacing for India’s over ₹3-lakh-crore microfinance industry. The IMD has revised its June-September southwest monsoon forecast to 90% of the long-period average, down from 92% projected earlier. It has also indicated that El Niño conditions are likely to develop during the season. A weaker-than-expected monsoon could hurt agricultural output, strain rural incomes and stoke inflation, prompting microfinance lenders to take a more cautious approach to fresh loan disbursements. “A weak monsoon could trigger a major supply shock and lift inflation. The MFI sector is likely to withstand the first level of shock as the current guardrails have already reduced its risk exposure.
The Indian central bank likely intervened in the foreign exchange market on Wednesday to limit the rupee's fall, four traders told Reuters, as a rise in crude prices on renewed U.S.-Iran hostilities pressured the South Asian currency. The rupee was at 95.47 per dollar, down 0.2% on the day. State-run banks were spotted offering dollars near the 95.50 mark, a trader at a Mumbai-based bank said. Renewed hostilities in the Middle East sparked the third consecutive daily rise in oil prices, with Brent crude rising about 1% to nearly $97 per barrel.
The Reserve Bank of India (RBI) on Tuesday announced a Rs 50,000 crore two-day Variable Rate Repo (VRR) auction, a move aimed at managing short-term liquidity conditions ahead of the central bank's monetary policy review. The auction will be conducted on June 3 between 9:30 am and 10 am, while the reversal of funds will take place on June 5. "On a review of current and evolving liquidity conditions, it has been decided to conduct a Variable Rate Repo (VRR) auction on Wednesday, June 03, 2026," the RBI said in a release. The announcement comes as surplus liquidity in the banking system has moderated in recent days. System liquidity stood at a surplus of about Rs 85,411.44 crore as of June 1, compared with a surplus of Rs 1.40 lakh crore on May 31.
Chinese AI startup DeepSeek is set to raise about 50 billion yuan ($7.4 billion) in its first funding round from investors including Tencent Holdings and CATL, people with knowledge of the matter said. The fundraising could value the company after the investment at between 350 billion yuan and 400 billion yuan, or between $52 billion and $59 billion, the people said, declining to be identified because the information is confidential. DeepSeek became China's national AI champion and garnered global fame early last year, when its V3 and R1 models drew widespread praise in Silicon Valley and challenged U.S. assumptions about China's AI capabilities.
Microsoft on Tuesday unveiled a new quantum computing chip that it redesigned with the help of AI, saying it now believes it will have commercially useful quantum machines by 2029. The new target date puts Microsoft on track to have quantum computers the same year as rival IBM, which last month said it plans to spend $10 billion on quantum machines. It also spun out a company to make quantum chips for others, with backing from President Donald Trump's administration. Microsoft had not previously given a target year for the new chip, saying only that it would be a matter of years, not decades.
Brazilian President Luiz Inacio Lula da Silva on Tuesday highlighted his country's ties with China after the U.S. proposed a new punitive tariff of 25% on many imports from Latin America's largest economy. • Lula hailed China's decision earlier in the day to recognize Brazil as free of foot-and-mouth disease, calling it a counterpoint to the U.S. move. • "If you don't want to buy from me, I will sell to someone else," Lula said during an event in Goias state. • The leftist leader said he learned of the tariff proposal during trade talks, adding that U.S. and Brazilian trade negotiators had met three times recently but failed to reach a deal. • Lula blamed Brazilian Senator Flavio Bolsonaro for the U.S. proposal, accusing the right-wing presidential hopeful of lobbying Washington to impose tariffs.
Tesla's Chinese-made electric vehicle sales jumped 39.4% from a year earlier in May, marking a seventh consecutive month of growth as it held its ground against Chinese rivals. Deliveries of Tesla's Model 3 and Model Y vehicles from its Shanghai plant, including units exported to Europe and other markets, hit 85,982, up 8.2% from April, data from the China Passenger Car Association showed on Tuesday. The U.S. automaker saw new registrations rebound across several European markets in May, extending a recovery after earlier demand weakness in the continent.
Chinese automakers are expanding in Europe, betting on their competitive pricing and advanced technology to break into a market traditionally dominated by European and American brands, amid a global shift towards electric vehicles. This expansion has stoked trade tensions between Brussels and Beijing, including a row over EU tariffs on Chinese-made EVs, imposed to protect European producers. The following Chinese carmakers have expanded their footprint in Europe. BYD: BYD, the world's largest EV seller, accounted for 2.2% of total car registrations, a proxy for sales, in the European Union, Britain and the European Free Trade Association between January and April, data from the European Automobile Manufacturers' Association showed.
Canada had a positive meeting with the U.S. on the review of their free trade deal, Canada's minister responsible for Canada-U.S. trade, Dominic LeBlanc, said in Washington on Tuesday, but declined to provide many details. LeBlanc, who met with U.S. Trade Representative Jamieson Greer along with Canada's chief trade negotiator, Janice Charette, did not comment on when formal negotiations between the two countries will start. "We presented a number of specific proposals to Ambassador Greer that we think are good in the broader context of the North American economy and respond to some longstanding issues that the United States has raised with us," he said, adding he will be in touch with Greer next week.
The United States has signalled that it wants to end the special waivers that allow countries such as India to continue buying Russian oil, a move that could have major implications for global energy markets and India-US ties. Speaking before the Senate Foreign Relations Committee on Tuesday, US Secretary of State Marco Rubio said Washington would like to stop extending the waivers as soon as possible because US policy continues to support sanctions on Russian oil. However, he added that the final decision rests with the US Treasury Department and will depend on the circumstances when the current waiver expires on June 17.
In a further tightening of import norms for silver, the government on Tuesday mandated that imports be routed through RBI-nominated agencies, Directorate General of Foreign Trade-approved entities and qualified jewellers authorised by the IFSCA via the India International Bullion Exchange against a valid import authorisation. The import authorisation will be issued by the DGFT. Last month, the government raised import duty on gold and silver to 15% to curb non-essential imports amid the West Asia crisis. Silver imports in April jumped 157% year-on-year to $411 million. In a notification, the DGFT said that import of silver (including silver plated with gold or platinum), unwrought or in semi-manufactured forms, or in powder form; powder, grains; and containing 99.9% or more by weight of silver, "through nominated agencies notified by the RBI, in the case of banks, by the DGFT, in case of other agencies, and by qualified jewellers as notified by the IFSCA for import through the India International Bullion Exchange (IIBX), wherever allowed, shall be permitted only against a valid import authorisation issued by the DGFT".
Households planning to install rooftop solar systems may have to pay more as the domestic content requirement (DCR) for solar cells comes into force from June 1, with industry estimates suggesting installation costs could rise by around ₹4,000-6000 per kilowatt, translating into an additional ₹20,000-₹30,000 for a typical 3-kW rooftop system. The mandate requires solar projects connected through net-metering and open-access arrangements to use domestically manufactured solar cells, a move aimed at strengthening India’s solar manufacturing ecosystem and reducing dependence on imported equipment. The cost impact is expected to be most visible in the rooftop solar segment. Alekhya Datta, Director, Electricity and Renewables Division at TERI, estimated that a typical 3-kW rooftop solar system using DCR-compliant equipment could cost between ₹1.8 lakh and ₹2.1 lakh, compared with around ₹1.5 lakh for a non-DCR system, implying an additional cost of about ₹30,000.
A wave of AI-driven layoffs across global technology companies, coupled with growing uncertainty around immigration policies in the US, is prompting an increasing number of Indian professionals overseas to consider returning home, according to affected employees and recruiters. Last week, Meta cut about 8,000 jobs globally, with several Indian-origin employees in the US and the UK among those impacted. The move follows Amazon’s ongoing workforce reduction programme, under which the company has announced 16,000 job cuts this year, in addition to 14,000 layoffs announced in October 2025. For many Indian professionals abroad, the latest round of job cuts has accelerated plans that were already under consideration.
Revenue of India’s cable and wire (C&W) manufacturers is expected to rise 28-30% in FY27, driven by 18-20% price hikes to offset soaring raw material costs, even as the sector continues to benefit from a ₹10-12 lakh crore investment pipeline across power, renewable energy, real estate, data centres and smart meters, according to Crisil Ratings. The sharp growth outlook comes after the industry delivered more than 20% volume-led growth in FY26, with demand continuing to be supported by infrastructure-linked sectors amid rising power consumption, urbanisation and digitisation. An analysis of 17 cable and wire manufacturers, accounting for nearly 70% of the organised sector’s ₹1 lakh crore revenue, indicates that volumes are expected to grow around 10% this fiscal despite higher prices. Organised players account for nearly two-thirds of the overall industry revenue.
In India, a car doesn't just come with keys; it comes with visibility. For decades, that visibility was expected to arrive factory-fresh. But as aspirations race ahead of incomes, a growing number of Indians are discovering that status doesn't have to be showroom-new. The country's booming used-car market is proving that the shortest route to a bigger badge may be through a previous owner. The old assumption, that Indians buy a small new hatchback first, then slowly climb the ownership ladder over the years, is starting to crack. A growing number of buyers are simply bypassing the “starter car” phase entirely.
More than 80% of India’s diesel exports in May headed to Africa as demand from Asia and Europe weakened and geopolitical tensions reshaped global diesel trade flows. India exported 394,000 barrels per day (bpd) of diesel in May, compared with 376,000 bpd in April and 399,000 bpd in February, according to energy cargo tracker Kpler. About 327,000 bpd, or 83% of total exports, went to Africa in May, against 32% in April and 64% in February. No diesel was exported to Europe, while shipments to Asia fell 76% to 40,000 bpd in May. “This shift (from Asia to Africa) is due to improved refinery runs across the broader Asian region this month, as China's crude appetite fell to a 10-year low, freeing up crude availability for other Asian refiners,” said Nikhil Dubey, lead analyst - refining at Kpler.
India’s fuel exports tumbled to the lowest level in nearly four years in May as a push to ensure domestic supplies during the Iran war shock along with refinery maintenance curbed overseas flows. Outbound shipments of products including diesel, gasoline and jet fuel averaged about 878,000 barrels a day last month, the lowest since October 2022 and down 31% from a year earlier, according data analytics firm Kpler Ltd. The conflict in the Middle East has led to the near-closure of the crucial Strait of Hormuz, choking off flows of crude and fuels to global customers, including India. Nations across Asia scrambled to ensure domestic requirements wouldn’t be significantly disrupted by the war by curbing some of their exports.
US manufacturing activity grew at its fastest pace in four years in May. The Institute for Supply Management’s manufacturing PMI rose to 54.0, its highest level since May 2022, marking the fifth straight month of expansion. The stronger-than-expected growth suggests US factories are holding up well regardless of higher costs, supply chain disruptions and ongoing economic uncertainty.
Australian government spending was flat in the first quarter, data showed on Tuesday, offering no impetus to economic growth early in the year after a run of strong outcomes. Spending on operational items fell 0.2% in the March quarter from the previous quarter to an inflation-adjusted A$159.3 billion ($114.09 billion), the Australian Bureau of Statistics reported.
Australia's net trade proved to be a major drag on the economy in the first quarter as imports of data centre equipment and fuel boomed, while government spending added nothing to economic growth.
South Korea's consumer inflation quickened in May to a more than two-year high, exceeding market expectations on high oil prices triggered by the Middle East conflict, supporting the case for monetary tightening as early as next month.
The Bank of Canada on Monday cautioned against putting too much weight on recent GDP data which showed two consecutive quarters of decline on an annualized basis. Senior deputy governor Carolyn Rogers said while two quarters of annualized contraction in GDP did meet one definition of a recession, the April advance estimate showed the economy most likely rebounded.
Canada's manufacturing sector expanded for a second straight month in May as the potential for higher prices and product shortages due to the war in the Middle East likely boosted client demand, data showed on Monday.
The Swiss economy grew by 0.4% in the first three months of 2026, the government said on Monday, helped by a recovery in the manufacturing sector as the burden of U.S. tariffs eased. The figure was an acceleration from the 0.2% rate at the end of 2025 and was in line with the long-term Swiss quarterly growth rate.
Growth in euro zone manufacturing lost momentum in May as demand for goods stagnated and supply-chain disruptions linked to the Middle East war pushed input costs to their highest in four years, a survey showed on Monday.
Germany's manufacturing sector stalled in May as waning demand and soaring costs linked to the war in the Middle East weighed on activity, a business survey showed on Monday. The S&P Global Germany Manufacturing Purchasing Managers' Index (PMI) fell to 50.1 in May from 51.4 in April, a survey by S&P Global showed, holding above the 50 mark separating growth from contraction.
Euro zone consumers kept steady or lowered their inflation expectations in April, a hopeful sign for policymakers that crucial medium-term price bets are not signalling any oversized shift away from the target, an ECB survey showed on Monday.
Cost pressures in Italy's manufacturing sector rose for a fifth month running in May, fuelled by the conflict in the Middle East, a survey showed on Monday. The measure of input cost inflation in the Italian S&P Global Manufacturing Purchasing Managers' Index (PMI) accelerated to 76.5 from 75.4 in April, the highest reading since May 2022.
Spain's manufacturing sector expanded modestly in May, at a slightly slower pace than in April, as disruptions linked to the Middle East conflict worsened supply delays, raised costs and weighed on demand, a business survey showed on Monday.
Amid global uncertainties, the Centre stepped up capital and revenue expenditure in April, leading to a near doubling of the fiscal deficit year-on-year to 21.4% of the annual target, according to official data released on Monday. Data for the first month of FY27 showed that the Centre achieved 6.2% of the annual target in net tax revenues compared with 6.7% in the year-ago month. During the month, non-tax revenues were 3.6% of the annual target, compared to 11.5% in the year-ago month.
Oman is ready to consider diverting its share of the production of the Oman India Fertilizer Project (OMIFCO) entirely to India if a request comes, Advisor for Foreign Trade and International Cooperation at Oman’s Ministry of Commerce Pankaj Khimji said on Monday. OMIFCO is a joint venture between IFFCO, KRIBHCO, and the Oman Investment Authority that became operational in 2006. For 15 years all its production was for India. Now Oman sells its share of the output on a trading platform.
For nearly two decades, India’s economic rise has largely been celebrated through the lens of consumption. A growing middle class, rapid urbanisation, digital adoption, rising incomes and aspirational spending transformed the country into one of the world’s most attractive consumer markets. Global businesses looked at India as a vast marketplace—a nation of buyers, users and consumers.
India's CPI inflation is expected to rise by around 70 bps to 4.8 per cent with crude oil averaging USD 90/bbl in FY27, according to a report by 360 ONE Capital. This projection comes as the ongoing conflict in West Asia and a downgraded domestic monsoon forecast introduce fresh challenges to India's macroeconomic trajectory.
Critical minerals and battery recycling company Lohum is set to operationalise its newly acquired lithium mines in Zimbabwe in a month or two, targeting production of 30,000 tonne of lithium carbonate equivalent per year, even as the ongoing West Asia crisis has pushed procurement costs up by as much as 50%. The company has set a revenue target of Rs 10,000 crore by 2029, backed by planned capital expenditure of Rs 2,500-3,000 crore, Rajat Verma, founder and CEO, tells Saurav Anand in an interview. Excerpts. Lohum has traditionally been known as a recycler. Is the company now formally diversifying into the mining sector, and what does that strategic shift look like on the ground?
Realty firm Anant Raj Ltd has signed a Memorandum of Understanding (MoU) with the Haryana government to invest Rs 20,000 crore in developing large-scale data centre infrastructure across the state. The agreement was formalised during the launch of the ‘Make in Haryana Policy’ and other sector-specific initiatives organised by the Department of Industries & Commerce, Government of Haryana. Investment to strengthen Haryana’s digital infrastructure The proposed investment is aimed at expanding data storage capacity, cloud computing services and digital connectivity infrastructure in Haryana, amid growing demand from businesses and technology firms. According to the company, the planned investment is in addition to its existing and ongoing data centre expansion projects in the state.
The footprint of Indian businesses in the UK expanded sharply this year, with the number of Indian-owned companies rising nearly 60% from a year earlier and combined revenues surpassing £105 billion, according to the latest India Meets Britain Tracker published by Grant Thornton UK. The 2026 edition of the report found that 1,912 Indian-owned businesses are now operating in the UK, up from 1,197 in the previous year, with their combined turnover reaching £105.77 billion compared with £72.14 billion in 2025. Published by Grant Thornton UK in collaboration with the Confederation of Indian Industry (CII) and India Global Forum (IGF), the India Meets Britain Tracker tracks the fastest-growing Indian-owned businesses in the UK and examines trends in investment employment and sector growth.
The Central Board of Direct Taxes (CBDT) has instructed assessing officers to exercise greater diligence and consistency in invoking anti-evasion provisions relating to unexplained income and assets after a draft audit report by the Comptroller and Auditor General of India flagged inconsistencies in their application that led to revenue losses for the government. These provisions-Sections 68, 69A, 69B, 69C and 69D-are used when taxpayers are unable to explain the source of money, assets, investments or expenses found during scrutiny, allowing authorities to treat unexplained cash, investments, jewellery, or spending as income if the taxpayer cannot justify where it came from. Section 68 typically covers unexplained credits in books of account, 69A deals with unexplained money or valuables found in possession, 69B relates to under-reported investments, 69C covers unexplained expenditure, and 69D deals with unexplained borrowing or repayment transactions.
Banks have sanctioned Rs 35,000 crore loans under the Emergency Credit Line Guarantee Scheme (ECLGS) to MSMEs and industries impacted by the West Asia conflict. The scheme, approved by the Union Cabinet on May 5, aimed at providing additional credit flow of Rs 2.55 lakh crore, including Rs 5,000 crore for airlines hit by the ongoing geopolitical crisis. Lenders have cleared about 80,000 applications with loans amounting to Rs 35,194 crore, and guarantees worth Rs 15,720 crore have been issued as of May 29, Department of Financial Services Joint Secretary Manoj Muttathil Ayyappan told reporters here.
UPI transactions hit a record high in May 2026, with the National Payments Corporation of India (NPCI) reporting 23.2 billion transactions worth Rs 29.90 lakh crore, up 24 % and 19 % respectively on an annual basis, because of summer travel, IPL 2026, and seasonal consumer spending, as per PTI. The April figures stood at 22.35 billion transactions valued at Rs 29.03 lakh crore. Looking at the bigger picture, India processed over 200 billion UPI transactions in 2025-26. UPI handled 24.16 billion transactions during the year, up 30% from 18.59 billion the year before. The value of those transactions rose 20.6% to Rs 314.2 lakh crore. UPI now accounts for nearly 86% of all retail payment transactions in the country, according to the latest RBI report For context: three years ago, that share was closer to 80%. The big picture on digital payments Total cashless transactions across all payment systems grew 26.8% in volume during 2025-26. In value terms, all digital payments combined, from large corporate settlements via RTGS to small peer-to-peer UPI transfers, reached Rs 3,251 lakh crore during the year.
South Korea’s equity market has overtaken India’s as the world’s sixth largest, driven by a relentless surge in chip heavyweights powering the global artificial intelligence buildout. The total market capitalization of Korea-listed companies has soared 86% this year to $5 trillion, while India’s has declined to $4.8 trillion, data compiled by Bloomberg show. Samsung Electronics Co. and SK Hynix Inc., newly minted members of the $1 trillion valuation club, have powered Korea’s equity surge, lifting the Kospi’s 2026 gains to more than 100% through their dominance in AI memory chips. Korea has vaulted past Canada, Germany, the UK, and France this year. “Closing in on India is a remarkable milestone for a market that, not long ago, was setting Kospi 5,000 as an ambitious target,” said Ross McGarry, senior investment analyst at Asset Value Investors. “This year’s rally, though, has been heavily carried by the memory cycle — Samsung and SK Hynix have done the heavy lifting. The real test is whether Korea can sustain this re-rating through genuine corporate governance reform.”
Indian government bonds slid on Monday after oil prices jumped as fresh U.S.-Iran strikes threatened a fragile ceasefire and stoked rate-hike worries ahead of a crucial policy meeting. The Reserve Bank of India will announce its rate decision on Friday, with markets largely pricing in a pause even as Standard Chartered, Capital Economics, ANZ, MUFG and OCBC call for a 25-basis-point hike. "While the case for a tighter monetary policy is strengthening, the timing of the move is a matter of debate," Radhika Rao, senior economist and executive director at DBS Bank said in a note. "In our view, the monetary policy committee is likely to prioritise the key mandate, i.e. inflation, to decide on the path ahead, while relying on other instruments to stabilise the currency and bond markets." India's inflation pressure is building. The rise in wholesale prices accelerated to a three and a half-year high in April. State-run fuel retailers have raised fuel prices four times in May. A forecast for a weak monsoon also poses further inflation risks.
US President Donald Trump has signed a proclamation temporarily amending tariffs on copper, aluminum and iron imports. The announcement on Tuesday morning included new rates and an expansion of existing industrial equipment categories. It also sought to incentivise foreign companies by introducing a lower duty rate in certain cases. Details shared by the White House reveal that two new categories of steel and aluminium derivative import products have also been added to the tariff list. Steel racks and aluminium lithographic plates will both be subject to 25% duties. Rate changes and ‘encouragement’ for foreign companies According to the Proclamation issued by Trump, tariff rates for agricultural equipment such as combines and harvesters have been adjusted from from 25% to 15%. The White House said this would also apply to “certain other equipment” without elaboration.
Japan’s corporate pecking order has witnessed a major shake-up, with SoftBank Group overtaking Toyota Motor Corporation as the country’s most valuable company, Bloomberg reported. On Monday (June 1), shares of the Masayoshi Son-led conglomerate surged 14% in Tokyo trading, taking SoftBank’s market capitalisation beyond 48 trillion yen and pushing it ahead of Toyota’s roughly 46 trillion yen valuation. The development marks the first time in over two decades that SoftBank has surpassed the automaker in market value, apart from a brief moment during Japan’s dot-com bubble in 2000.
Nvidia unveiled Monday new powerful chips that would bring advanced artificial intelligence functions into laptops and desktop computers, with the new personal computer models from brands including Microsoft and Dell set to roll out later this year. While Santa Clara, California-based Nvidia has already been massively successful in supplying high-end chips for data centers riding the worldwide AI demand boom, it is plotting different plans to expand its presence across AI systems and products. Jensen Huang, the Taiwanese-American founder and CEO of Nvidia, made the announcement in Taipei at the annual Nvidia GTC event. Microsoft and Nvidia "are going to reinvent the PC (personal computer)," he said in his keynote speech.
U.S. crude exports climbed to a record 5.6 million barrels per day in May as the Middle East crisis pushed up demand for the country's oil from Asian and European refiners, ship tracking estimates showed on Monday. The U.S. and Israel's war with Iran triggered the largest-ever disruption to the global energy market with refiners globally scrambling for alternatives to Middle Eastern supply. Around a fifth of the world's oil and gas supplies passes through the Strait of Hormuz. a key waterway that effectively closed when the war started at the end of February. U.S. crude exports last month surged past the previous record set in April of 5.2 million bpd, according to data and analytics firm Kpler, as benchmark U.S. West Texas Intermediate prices traded at a steep discount to Brent, the global benchmark. Physical U.S. crude grades are typically priced as a differential to WTI, and a large discount to Brent makes it more economic for foreign buyers to purchase U.S. oil and ship it across the world.
Venezuela's oil exports rose slightly to 1.25 million barrels per day in May, its third consecutive month of increase, fueled by more cargoes to the U.S., India and Europe, shipping data showed on Monday. Under the U.S.-supported government of interim President Delcy Rodriguez, Venezuelan crude production and exports have bounced this year as Washington eased sanctions and foreign companies expanded oil and gas projects in the OPEC nation. The oil ministry has forecast a crude output of 1.37 million bpd by year-end, which would imply a 22% increase from the 1.12 million bpd produced in late 2025 and a number not seen since U.S. energy sanctions were first imposed in 2019. The growth also has allowed Venezuela to resume exports to countries it had not been able to sell its oil to in years. The volume of crude and refined products shipped from the South American country in May was 0.7% higher than in April and stood 61% above exports in the same month last year, according to the data, based on tanker movements and records from state company PDVSA. A total of 67 cargoes were exported.
Government subsidies to industry have reached their highest level since the global financial crisis, driven largely by China, a report from the Organisation for Economic Cooperation and Development said on Monday. • The OECD's Manufacturing Groups and Industrial Corporations database, known by the acronym MAGIC, tracks what firms receive as opposed to what governments say they give • This provides an insight into opaque subsidy systems, particularly in China • Subsidies for 15 industries covered by the OECD's database reached $108 billion in 2024, only slightly below a peak in 2023 • As a percentage of firms' revenue, the amount in both years was the highest since western governments provided various forms of state support in 2009 at the height of the financial crisis • The sectors subsidised the most over 2005 to 2024 were solar panels, semiconductors, aluminium, steel and shipbuilding • The OECD said at a conservative estimate Chinese firms received on average three to eight times more government support than firms based in the OECD between 2005 and 2024
The global smartphone market is heading for its steepest annual contraction on record, with shipments projected to slump by 13.9% this year to 1.08 billion units, Counterpoint Research said on Monday, citing a worsening shortage of memory chips. The forecast is a downgrade from the 12.4% decline projected in February, with the squeeze in global chip supply exacerbated by the Iran war. IMPACT MOST ACUTE AT BUDGET END OF MARKET The impact is being felt most acutely in lower-end smartphones as chipmakers shift production capacity to AI-related chips, making entry-level devices less economical to produce. Global smartphone wholesale prices rose 14% in the first quarter while shipments fell 3.1% year on year. That trend is expected to continue as inventory built before the supply shock becomes depleted, with some models priced below $150 likely to disappear from the market. "Smartphone makers in the low and mid-tier are caught between cost increases they cannot absorb and consumers with limited spending power," said Wang Yang, a principal analyst at Counterpoint, an independent research company that publishes quarterly smartphone shipment data. "The question is no longer how to grow shipments or market share, but whether to remain in the market at all."
State-run oil marketing companies (OMCs) are continuing to incur under-recoveries of around ₹30 per litre on aviation turbine fuel (ATF) sold to domestic airlines after keeping jet fuel prices unchanged for a second straight month. Prices for international carriers, however, were cut by a steep 27% in the monthly revision effective June 1. “There is under-recovery of around ₹30 per litre on domestic jet fuel, but this under-recovery is variable based on international prices,” Sujata Sharma, joint secretary at the petroleum ministry, said on Monday. Domestic airlines will continue to pay ₹104,927.18 per kilolitre for ATF, the rate applicable since April 1. The price was left unchanged in May and June despite elevated international benchmark prices.
The two-wheeler industry maintained its growth momentum in May, with leading manufacturers reporting healthy increases in domestic sales and strong export growth, indicating resilient demand in the domestic market and improving conditions in overseas geographies. Domestic sales growth ranged from high single digits to mid-double digits across major manufacturers, supported by sustained demand for motorcycles and scooters. At the same time, exports continued to recover, providing an additional growth driver for the industry.
India’s medical technology sector could grow over four times to touch $89 billion by 2035, driven by rising domestic demand, active policy push, strong capital flows into the sector, and favourable trade position, a new report by BCG, Association of Indian Medical Device Industry (AiMeD) and Kalam Institute of Health Technology (KIHT) said. As per the report, the domestic MedTech market has jumped from $11 billion in 2022 to $16 billion in 2025, making it one of the fastest-growing segments in the healthcare sector. Domestic manufacturing has grown sharply with its share in domestic demand surging from 20% in 2022 to 45% in 2025. At the same time, the share of imports in domestic consumption has dropped from about 80% to 55%. Despite the progress, India still remains heavily dependent on imports in critical segments. Large medical equipment such as MRI and CT scanners continue to have import dependence while consumables and diagnostics also rely significantly on imported components and raw materials.
Passenger vehicle (PV) industry continued its second consecutive month of strong growth of over 25% in FY27, with domestic wholesales rising 26.2% year-on-year (YoY) to 4,44,394 units in May, compared with 3,52,218 units in the year-ago period, driven by sustained SUV demand, improving rural traction and a sharp uptick in CNG vehicle sales amid higher fuel prices. The strong performance indicates continued momentum in the sector at the start of FY27, despite fuel price hikes and global uncertainty, supported by improving supply conditions, new model launches and a clear shift in consumer preference towards lower running-cost vehicles.
The domestic aviation sector saw passenger growth virtually stall in the first four months of 2026, signalling that the post-pandemic travel boom may be losing momentum amid softer discretionary demand, elevated airfares and persistent operational disruptions. Domestic airlines carried 57.55 million passengers during January-April 2026, up just 0.06% from 57.51 million a year earlier, according to industry data. The growth was sharply lower than the 9.87% expansion recorded in the corresponding period of 2025 and marks the weakest performance since the industry emerged from the pandemic-induced downturn. The weakness became particularly visible in April, when domestic passenger traffic fell 3.47% year-on-year to 13.82 million passengers from 14.32 million. Traffic was also 4.2% lower than the 14.4 million passengers carried in March, highlighting a moderation in travel demand.
LPG sales fell 24% year-on-year in May, a much steeper decline than the month before while petrol and diesel sales by state-run oil companies rose 4.8% and 6.4%, respectively. Aviation turbine fuel sales rose 1.8% from a year earlier in May, according to sales data from IndianOil, Bharat Petroleum and Hindustan Petroleum. The three state-run companies control 90% of petrol, diesel and aviation fuel market, and nearly entire domestic LPG market. Sales data for the industry, including private sector, slated to be issued by the oil ministry in a week, will provide a clearer picture of fuel consumption in May. In April, LPG sales by state-run companies had dropped about 16% year-on-year. The unusually high growth in diesel sales by state-run fuel retailers in May points to a significant demand shift away from pumps operated by private retailers.
The April factory output data denotes that industrial activity is largely being supported by capex and construction-related demand than by a fully broad-based consumption cycle, economists say. Economists expect support from government capex to continue driving momentum in IIP growth in the coming months, while consumption growth may remain modest.
India's trade deal with Oman, which came into effect on June 1, could help New Delhi secure fertiliser supplies amid West Asia conflict that has hit disrupted supplies, industry sources said. The India-Oman Comprehensive Economic Partnership Agreement (CEPA) removes tariffs on 99 percent of Indian exports while paving the way for deeper investment ties.
The Tata Sons management sought approval for an equity infusion of approximately Rs 7,000 crore into the group's digital consumer businesses at the May 26 board meeting. The digital consumer business include platforms such as BigBasket, Tata Cliq and other consumer-facing digital ventures housed under Tata Digital, according to people familiar with the matter. However Tata Trusts Chairman Noel Tata is said to nave questioned both the scale of funding sought and the assumptions underpinning the business plan, Deople directly aware of the matter told Moneycontrol. The proposal was accompanied by projections indicating that the businesses are likely to continue reporting losses over the next three financial years as the group continues investing aggressively in building scale, customer acquisition and market share, people familiar with the matter said. These losses could amount to Rs 9,000 crore over the next three fiscal years, the people said.
The income tax appellate tribunal's (ITAT) Mumbai bench has held that the absence of a formal gift deed cannot, by itself, justify treating a property purchase as an 'unexplained investment' when the source of funds is clearly identifiable. Under I-T laws, if income or an asset is treated as unexplained, it is subjected to a steep punitive tax rate. The ITAT held in its May 27 order that a man purchasing a property in his daughter's name out of natural love and affection cannot be treated as a suspicious transaction merely because no formal gift deed was executed. The daughter, a Mumbai-based homemaker with no independent source of income, came under the tax department's scanner after information surfaced that she had purchased an immovable property valued at Rs 1.1 crore in 2015-16.
Nearly half of America’s 857 unicorn startups haven’t raised fresh funding in three years, PitchBook data shows. Startups that last raised in 2021 are worth 68% less on average, PitchBook found, while those that last raised in 2022 have seen their valuations decline 52%. More than 220 companies that once hit billion-dollar valuations are now considered “fallen unicorns” — including Glossier, Savage X Fenty, AG1 and The Farmer’s Dog, according to PitchBook, which provided a list of the companies exclusively to CNBC.
South Korea has overtaken India to become the world's sixth-largest equity market, according to data compiled by Bloomberg, as a rally in chipmakers tied to the global artificial intelligence buildout lifts Asian The combined value of South Korea-listed companies has climbed about 86 percent in 2026 to $5 trillion, led by Samsung Electronics and SK Hynix, while India's has fallen to $4.8 trillion, Bloomberg data showed. The gains are concentrated in chip stocks. Samsung and SK Hynix together account for nearly half of South Korea's market value and TSMC for almost 40 percent of Taiwan's, while Nvidia alone is now worth more than all listed Indian companies combined, Business Standard reported, citing Bloomberg data. TSMC's share of the global foundry market rose to almost 70 percent in 2025, up from 64.4 percent a year earlier, on booming Al demand, research firm TrendForce said, as reported by the Taipei Times.
McDonald’s unveiled its latest global growth plan at its Worldwide Convention for franchisees. A new restaurant design, better-tasting food and drinks, consumer-led innovation and improved customer service are the four cornerstones of the new plan. The growth plan comes as the restaurants compete for a smaller pool of customers amid high gas prices and years of elevated inflation. McDonald’s on Monday unveiled its latest global growth strategy to help the fast-food giant become customers’ first choice as it faces new rivals and consumer spending stretched by high gas prices.
Anthropic, the maker of the Claude Al models, has filed confidentially for an initial public offering after one of the fastest revenue expansions in the technology industry's history. The company said on June 1, 2026 that it had submitted a draft S-1 registration statement to the U.S. Securities and Exchange Commission for a proposed IPO, with the number of shares and the price not yet set and the offering dependent on market conditions, according to TechCrunch. The company was founded in 2021 by siblings Dario and Daniela Amodei and a group of former OpenAl researchers.
Alphabet's plan to raise $80 billion in equity to fund artificial intelligence has put a number on a contradiction that has defined corporate technology in 2026: the companies pouring record sums into Al are also cutting tens of thousands of jobs. Alphabet said on June 1 it would raise $80 billion through equity offerings, including a $10 billion private placement to Berkshire Hathaway, to fund its Al spending, in one of the largest equity deals of all time, according to Bloomberg.
Retrospective tax liability has returned to haunt Indian businesses, this time through the Supreme Court upholding the government’s power to tax online real-money gaming companies for past periods. In Gameskraft Technologies, the court ruled that the government could impose 28 percent GST on the entire contest or betting amount deposited on online gaming platforms. The industry’s principal contention was not merely the rate of taxation but the basis on which GST should be levied. It argued that tax should apply only to the platform fee or commission earned by gaming companies for facilitating online gaming, rather than to the entire amount staked by players. The industry also urged the court against imposing tax liabilities for periods during which the legal position remained uncertain and heavily contested. For years, online gaming companies operated under a framework where GST applied only to platform fees, consistent with the earlier service tax regime. That position changed with an amendment that came into force on October 1, 2023 with the government arguing that it was merely clarificatory and did not introduce a new levy. According to this interpretation, a 28 percent GST on the full betting amount had always been applicable since the introduction of GST on July 1, 2017. Accepting this argument, the Supreme Court held that the amendments were clarificatory rather than substantive. Still, the judgement leaves the industry facing tax demands of nearly ₹1.5 lakh crore, even though the sector’s total revenue during the relevant period—from July, 2017 to March, 2022—was only around ₹10,100 crore.
Federal Reserve officials continued on Friday to signal the U.S. central bank may need to raise interest rates in the future if the war in the Middle East leads to a persistent increase in already-high inflation. The potential shift in the monetary policy outlook has even been embraced by Fed Vice Chair for Supervision Michelle Bowman, one of the central bank's most dovish policymakers. Bowman told a conference in Iceland on Friday that the war and its resulting energy shock could change her view on the outlook for rates.
The U.S. trade deficit in goods contracted more than expected in April as a surge in exports blunted rising imports, but economists cautioned the trend was unlikely to be sustainable, with businesses ramping up investment in artificial intelligence. The advance report from the Commerce Department on Friday suggested the three-month U.S.-backed war with Iran, which has disrupted shipping in the Strait of Hormuz, had yet to have a significant impact on the nation's trade flows. The artificial intelligence spending boom is largely dependent on imports, including computer chips.
Brazil's economy rebounded in the first three months of 2026, supported by household consumption and stronger investment, against a backdrop of a tight labour market and government stimulus that has clouded the outlook for interest rate cuts. Latin America's largest economy expanded 1.1% from the prior quarter, government statistics agency IBGE said on Friday, slightly above the 1.0% growth expected in a Reuters poll.
Inflation in the euro zone's four largest economies hovered above the European Central Bank's 2% target for a third straight month in May, preliminary data showed on Friday, as a rise in fuel costs triggered by the Iran war began to feed through to other prices. Readings from France, Italy, Spain and Germany are likely to cement the case for a rate hike from the European Central Bank next month and stoke some worries about whether high inflation is beginning to take root in the euro zone.
Italy's economy grew by 0.3% in the first quarter from the previous three months, boosted by strong exports, national statistics bureau ISTAT said on Friday, revising up a previous printout pointing to a 0.2% expansion. The main effects of the conflict in Iran, which began with US-Israeli strikes on February 28, are expected to be felt from the second quarter.
Japanese authorities spent 11.7 trillion yen ($73.5 billion) intervening in foreign exchange markets over the past month to support the yen, but with only limited effect as the currency hovers near the same levels that prompted Tokyo to act. Ministry of Finance data released on Friday confirmed traders' suspicions that officials entered the market at the turn of the month, likely on multiple occasions during Japan's Golden Week holidays, when market liquidity was thin.
Nigerian President Bola Ahmed Tinubu said on Friday his economic reforms stabilised the country and revived investor confidence, despite a steep cost-of-living squeeze on households three years into his presidency. Tinubu, who is seeking re-election in January, cited a near fivefold surge in the stock market to a record 250,000 points, rising market capitalisation and increased infrastructure spending, including more than 2,700 km (1,678 miles) of roads under construction or rehabilitation, and ongoing rail upgrades.
Bank of England Governor Andrew Bailey said on Friday that allowing inflation to run above the central bank's 2% target is justified given the uncertainty about the impact of the Iran war on the economy and the weak pace of growth. "But that tolerance would weaken if signs of second-round effects begin to emerge," Bailey said, referring to longer-term inflation pressures, in a speech at a conference in Reykjavik organised by Iceland's central bank.
Italian EU-harmonised consumer prices (HICP) rose by 0.4% in May from the month before, with the annual inflation rate surging to 3.3% from 2.8% in April amid increasing energy costs due to turmoil in the Middle East, preliminary data showed on Friday. The reading was slightly above a median forecast in a Reuters survey of 17 analysts which pointed to an increase of 0.3% month-on-month and a year-on-year rise of 3.2%.
Inflation fell in four key German states in May, preliminary data showed on Friday, suggesting Germany's national inflation rate could ease this month despite higher energy prices due to the Iran war. In Bavaria, the inflation rate fell to 2.6% in May from 2.9% in April. In North Rhine-Westphalia, it decreased to 2.4% from 2.7%, in Baden-Wuerttemberg to 2.4% from 2.6% and in Lower Saxony it fell to 2.7% from 3.0%.
Taiwan's tech-driven economy is expected to grow at its fastest pace in 16 years in 2026, the government statistics agency said on Friday, thanks to booming demand for artificial intelligence-related technologies. Gross domestic product is now expected to be 9.64% higher than a year earlier, the agency said, the quickest pace since 10.25% was recorded in 2010 and revising up the 7.71% forecast it issued in February.
Italy's unemployment rate fell slightly to 5.1% in April and a net 123,000 jobs were created during the month, national statistics bureau ISTAT reported on Friday. • The jobless rate was below a median forecast of 5.3% in a Reuters poll of eight analysts, following a 5.2% rate in March.
Indonesia's annual inflation rate likely accelerated in May to 2.97%, a Reuters poll showed on Friday, closer to the upper end of the central bank's target range amid rising prices of non-subsidised fuel, airfares and cooking oil. Following are details from the survey for Indonesia's inflation rate in May, its trade performance in April and context about the economic data:
India’s economy is expected to remain resilient in 2026-27 despite rising geopolitical tensions and a weakening global environment. However, a prolonged conflict in West Asia could weigh on growth, inflation and key sectors, according to the Reserve Bank of India’s annual report. “The adverse impact of outbreak of the conflict in West Asia in end-February 2026 is reflected in the forecasts of global growth and inflation,” the RBI said.
India’s energy investment is projected to hit a record $170 billion in 2026, driven by rapid expansion in solar photovoltaic (PV) capacity and a surge in oil‑refining projects, as per a report by International Energy Agency (IEA) said. Energy spending in India has risen at an average annual rate of 11% over the past five years, with solar PV investment up about 25% annually and oil‑refining investment growing roughly 23% in the same period.
India is likely to introduce a mandate for blending isobutanol with diesel as early as this year, a move that could have a bigger impact on the country’s energy security than ethanol blending in petrol given diesel consumption is nearly twice that of petrol, said Road transport and highways secretary V Umashankar. Speaking at the CII Multimodal Transportation and Logistics Summit in New Delhi on Friday, Umashankar said the government was examining diesel blending with “great seriousness” and early results from ongoing trials were encouraging.
India’s crude oil imports rose 11.2% month-on-month to 5.04 million barrels per day (mbd) in May, the highest level since the outbreak of the Iran conflict and potentially the strongest-ever import volume for the month, as refiners stepped up purchases of Russian and Venezuelan crude while rebuilding domestic inventories. Kpler data showed crude imports increased by about 509,000 barrels per day from 4.53 mbd in April and were significantly higher than the country’s 2025 average import level of around 4.8 mbd.
The Centre is expected to announce a slew of measures within a week to boost foreign capital inflows and stem outflows, in a move that will help support the rupee and make it easier to finance a widening current account deficit. While the exact details are still being worked out, sources said more than a dozen proposals are under discussion. These include a reduction in long-term capital gains tax (LTCG) on listed equities and government bonds, and a cut in the withholding tax on interest income earned by foreign investors on government securities. Both tax reliefs may be subject to specified time limits.
India and Korea have agreed to address New Delhi’s concerns over the widening bilateral trade deficit within the framework of the existing Comprehensive Economic Partnership Agreement (CEPA), instead of negotiating a fresh trade pact. “Both sides acknowledged India’s bilateral trade deficit, which has risen significantly since the India-Korea CEPA came into force in 2010, and agreed to address the issue within the overall India-Korea CEPA framework,” the commerce ministry said in a statement.
India’s economy continues to show resilience despite growing global uncertainty triggered by the conflict in West Asia, but rising crude oil prices, inflationary pressures and the risk of a weak monsoon could weigh on growth in the coming months, according to the Department of Economic Affairs’ (DEA) Monthly Economic Review for May released Saturday. The finance ministry’s economic assessment said domestic fundamentals remain supportive even as the external environment has turned more challenging. Manufacturing and services activity stayed in expansion mode, labour market conditions remained stable and foreign exchange reserves continued to provide a buffer against global shocks.
India's services trade saw an expansion in imports and exports during April, according to the Reserve Bank of India (RBI). The data showed that exports grew by 12.7 per cent to USD 37.021 billion in April, registering the highest growth in the calendar year.
India has emerged as the world's fifth mos digitalised economy, overtaking several advanced nations as rapid adoption of artificial intelligence, digital public infrastructure and online services reshape the global technology landscape, according to a report released on Friday. The State of India's Digital Economy (SIDE) 2026 repor by the ICRIER-Prosus Centre for Internet and Digital Economy (IPCIDE) ranked India fifth globally on the CHIPS-Combined Index, behind the US, China, Singapore and the UK. India ranked eighth in 2025.
Mid-tier IT services firm Happiest Minds Technologies on Friday reported a 51.7% growth in consolidated net profit to Rs 61.17 crore for the fourth quarter of FY26, up from Rs 40.3 crore in the previous quarter. The Bengaluru-based company’s AI-focused programme, announced in the last quarter, generated significant growth in deal momentum, while also expanding its operating margins. The company’s revenue from operations also increased 2.8% sequentially to Rs 604.08 crore from Rs 588 crore in the third-quarter of FY26. Meanwhile, on a yearly basis, the firm’s consolidated net profit jumped 79.9% during the quarter, rising from Rs 34 crore in the same quarter last year. On the other hand, the firm’s total revenue grew 10.9% from Rs 544.57 crore posted a year ago. Operating margins increased 5.3% q-o-q to Rs 106.21 crore from Rs 85 crore in the previous quarter.
Asian Paints‘ fourth-quarter (Q4FY26) profit and revenue numbers beat estimates amid demand momentum seen during the period. An exceptional item of Rs 183 crore in the year-ago quarter also contributed to the sharp rise seen this year in bottomline. The company’s net profit for the March quarter grew 69.3% year-on-year to Rs 1,172 crore. A year ago, net profit stood at Rs 692 crore. Bloomberg consensus estimates had pegged Q4 net profit at Rs 1,043 crore.
InterGlobe Aviation (IndiGo) posted a consolidated net loss of ₹2,536.9 crore for the March quarter, compared with a profit of ₹3,067.5 crore a year earlier, as foreign exchange losses, elevated costs, and exceptional charges weighed heavily on earnings. The result was sharply below Bloomberg analyst estimates of a profit of ₹1,871 crore. Revenue rose 1.3% year-on-year (Y0Y) to ₹22,438.4 crore from ₹22,151.9 crore in the same period last year, indicating modest top-line growth despite a challenging operating environment. However, profitability was significantly impacted by rising costs and currency volatility.
Reliance Industries Limited is targeting the start of commercial-scale production at its battery giga-factory around July, while simultaneously increasing its planned annual manufacturing capacity to 40 gigawatt hours (GWh) of lithium iron phosphate (LFP)-based batteries from the earlier 30 GWh target, according to the company’s latest annual report. In its FY26 annual report, RIL said its Battery Energy Storage System (BESS) giga-factory has entered an “advanced commissioning” stage. “With civil construction complete and equipment installation underway, production will ramp through the second half of 2026, focused on LFP chemistry for utility-scale BESS and mobility,” the company said.
Defence PSU BEML posted a year-on-year (YoY) decline in its consolidated net profit to Rs 179.82 crore in Q4FY26 from Rs 287.55 crore reported in Q4FY25. The company’s revenue from operations rose 8.57% to its highest-ever quarterly revenue of Rs 1,794.17 crore, compared with Rs 1,652.53 crore reported in Q4FY25. BEML said it has recorded the highest ever closing order book position of 15,896 crores as on March 31.
China's SAIC Motor will sell a further 10% stake in its Indian carmaking venture, JSW MG Motor, two sources with direct knowledge of the matter told Reuters, in a deal that will make local partner JSW the biggest shareholder of the unit. The decision follows SAIC's struggles to bring in equity and expand its operations due to New Delhi's investment curbs, even after it trimmed its 100% ownership of the company and brought on board domestic partners, including billionaire Sajjan Jindal's JSW Group.
Vedanta Group on Friday said that it has received its highest domestic credit rating in over a decade after rating agency ICRA upgraded the long-term ratings of its key group entities to AA+. Securities with an AA+ rating are considered to have a high degree of safety regarding timely servicing of financial obligations. Such securties carry very low credit risk.
A Mumbai taxpayer who declared annual income of just Rs 6.30 lakh found himself facing a tax addition after the Income Tax Department noticed that he had paid credit card bills worth Rs 27.65 lakh in a year, including nearly Rs 14 lakh in cash. The tax department treated the cash payments as unexplained money and added the amount to his income under Section 69A of the Income Tax Act. However, after examining income tax returns, bank statements and other evidence submitted by the taxpayer and his family members, the Income Tax Appellate Tribunal (ITAT) granted substantial relief and deleted a large part of the addition.
The Income Tax Department has begun the phased rollout of online filing and Excel utilities for ITR-1, ITR-2 and ITR-4 on the e-filing portal for Assessment Year (AY) 2026-27. With the utilities now available, taxpayers can start filing income tax returns for Financial Year (FY) 2025-26. While the annual tax filing process may appear routine, several important changes in ITR forms and disclosure requirements could impact how individuals, salaried employees, landlords, and small business owners file their returns this year. Here's a point-by-point look at the key changes for AY 2026-27: 1. Unrealised rent A significant change has been introduced for taxpayers earning rental income. For AY 2026-27, ITR-1 and ITR-4 forms now include a dedicated field titled "The amount of rent which cannot be realized."
Even though the rupee has approached a critical depreciation threshold, India is unlikely to reopen a special Foreign Currency Non-Resident (Bank) [FCNR(B)] deposit window similar to the one introduced during the 2013 “taper tantrum”, as the country’s forex reserves remain strong and US dollar interest rates are now at record highs. During the 2013 “taper tantrum”, the US Federal Reserve’s benchmark interest rate was near 0.25%, as the Fed was still following an ultra-loose post-global financial crisis monetary policy. In contrast, the federal funds rate is currently around 4%, following an aggressive tightening cycle to combat inflation. US bond yields are also hovering around record highs of nearly 5%. Costly NRI deposits FCNR(B) deposit rates offered by public sector banks currently range between 5.5% and 6%. Any move to mobilise dollar deposits from NRIs would therefore be extremely costly for Indian banks and would likely require substantial subsidisation by the Reserve Bank of India (RBI).
The Competition Commission of India (CCI) has extended the filing window for commitment applications from 45 days to 60 days, giving erring companies additional time to assess the allegations and come out with remedial measures. Under the draft amendments, released for public consultation on Friday, the CCI has provided further relaxation by allowing companies to rectify deficiencies in their commitment applications within 10 working days from the date of return of their incomplete application by the commission. Crucially, the filing fee paid for the original application will be adjusted against the fees payable at the time of refiling, thereby reducing the cost burden on entities. CCI charges a non-refundable filing fees of Rs 2.5 lakh to Rs 50 lakh – depending on the turnover – for every commitment application. Structural Relaxation The antitrust regulator has also proposed increasing the overall timeline for commitment proceedings from 130 to 180 working days, with the possibility of further extensions wherever required. It’s expected that the longer timeline will enable CCI to hold critical consultations, conduct detailed assessment of the commitments offered, and map out exactly how the remedies will be implemented.
Bank credit stood at Rs 211.87 lakh crore as on May 15, largely flat compared with the previous fortnight, registering a marginal decline of 0.1%, according to data released by the Reserve Bank of India on Friday. On a year-on-year basis, advances grew 16.2%, translating into an absolute increase of Rs 29.59 lakh crore. Deposits came in at Rs 256.89 lakh crore, down 0.7% over the previous fortnight, with an absolute decline of Rs 1.8 lakh crore. Despite the sequential moderation, deposits recorded a healthy 12.2% rise year-on-year, reflecting an increase of Rs 28.01 lakh crore. Investments rose 0.55% on a fortnightly basis to Rs 69.65 lakh crore, while the year-on-year growth stood at 4.2%, with an absolute increase of Rs 2.8 lakh crore.
India’s banking sector reported a 46% year-on-year jump in frauds to ₹48,021 crore in FY26, the highest in three years, even as the number of fraud cases more than halved to 10,114 from 23,722 in FY25, according to the Reserve Bank of India’s Annual Report. The fraud amount in FY26 was more than four times the ₹11,013 crore reported in FY24. Public sector banks accounted for 74% of the total fraud amount in FY26, reporting frauds worth ₹35,709 crore across 5,418 cases. Private sector banks reported ₹11,399 crore involving 3,956 cases. The RBI said data for FY26 included fraud classification in 314 cases amounting to ₹30,199 crore pertaining to previous financial years, which were reported afresh after re-examination in compliance with the Supreme Court’s March 27, 2023 judgement. “An assessment of bank group-wise fraud cases over the last three years indicates that although the number of frauds for public and private sector banks have reduced, the amount involved has increased over the years,” the RBI said.
The Indian banking industry's return on assets (RoA) is expected to slip 10-15 basis points to 1.1-1.2% this fiscal from around 1.3% last fiscal, Crisil Ratings said in a report, citing reduced treasury income and pre-emptive provisioning ahead of the expected credit loss (ECL) framework. Despite the moderation, RoA will remain well above the 20-year average of 0.8% and 10-year average of 0.6%, the ratings agency noted. "The banking sector's net interest margin (NIM) is expected to hold steady at 2.9% this fiscal, after declining 20 basis points (bps) last fiscal," said Subha Sri Narayanan, Director, Crisil Ratings. "Outstanding deposit rates fell ~50 bps against a decrease of ~80 bps in lending rates last fiscal, following a cumulative repo rate cut of 125 bps. However, the cost of liabilities has likely bottomed out. As credit growth continues to outpace deposit growth, competition for deposits remains intense. This, coupled with increasing reliance on pricier funding sources such as bulk deposits, would likely push deposit costs up," she added. Crisil Ratings expects NIM on a full-year basis to remain stable, though higher deposit costs may lead to a correction from last fiscal's exit NIM of above 3% in the fourth quarter. The agency's base-case assumes a stable policy rate this fiscal. Apart from NIM, fee and other income will also impact earnings. Total other income is likely to soften by 5-10 bps to 1.2% last year, primarily due to normalization in treasury income after sharp bond yield gains in H1 last year. Fee and commission income should grow steadily, underpinned by healthy bank credit growth of around 13% this fiscal.
As part of the government’s push to strengthen oversight of artificial intelligence (AI) across Corporate India, company boards might soon have to formally disclose their exposure to AI and digital risks under new reporting obligations. According to an official familiar with the discussions, the ministry of corporate affairs (MCA) might expand the disclosure requirements under the Companies Act to ensure that boards take bigger responsibility for AI-related risks such as data privacy, algorithmic bias, IP infringement, operational disruptions and cybersecurity vulnerabilities. “The timing is right for AI-related risks to be part of board-level disclosures, considering the increasing integration of AI into business operations,” the official said. The move comes as the government aims to strengthen the corporate governance norms amid the surge in AI adoption across sectors. The official noted that these disclosures could come in the form of a ‘AI & digital risk statement’ as part of the board’s report. “These may not initially emerge as standalone disclosures, and could instead evolve as an expansion of the existing cybersecurity and digital risk disclosure framework,” he said.
Companies can now deploy a portion of their Corporate Social Responsibility (CSR) budgets through instruments listed on Social Stock Exchanges (SSEs), following a recent amendment by the Ministry of Corporate Affairs (MCA) that is expected to boost funding for non-profit organisations and strengthen India's social financing ecosystem. The MCA has amended Schedule VII of the Companies Act, 2013 to include subscription to Zero Coupon Zero Principal (ZCZP) instruments listed on Social Stock Exchanges as an eligible CSR activity. The amendment, notified on May 27, allows companies to allocate up to 10% of their annual CSR expenditure towards such instruments. The move provides a new avenue for corporates to support not-for-profit organisations (NPOs) registered on Social Stock Exchanges through a regulated and disclosure-based platform. Market participants believe the change could help channel more institutional funding into the social sector while improving transparency and accountability.
At first glance, the numbers appear contradictory. More investors are stopping their mutual fund SIPs than starting new ones, yet monthly SIP inflows are touching record highs. In March 2026, the SIP stoppage ratio crossed 100%, meaning the number of SIP accounts discontinued or completed exceeded fresh registrations, for the first time in recent memory. But in the same month, SIP inflows hit an all-time high of Rs 32,087 crore. The trend continued in April. Inflows remained above Rs 31,000 crore even as the stoppage ratio stayed above 100%. The data raises an obvious question: if more SIPs are being closed than opened, who is driving these record numbers? The answer lies in the changing nature of India’s retail investing landscape and in some important nuances that headline figures tend to obscure.
The first signs of foreign portfolio investors (FPI) returning to Indian markets may already be emerging. On May 18, 2026, FPIs were net buyers of Rs 2,813.69 crore in the equity cash market after US President Donald Trump paused fresh strikes on Iran and crude prices eased sharply. While one session does not make a trend, it highlights how quickly market sentiment can shift when key global triggers reverse. But as the saying goes, we cannot miss the forest for the trees. Foreign portfolio investors have pulled out over Rs 2.1 lakh crore from Indian equities in barely four months, a scale of selling described as the worst since foreign portfolio investing in India was permitted in 1993. And with May barely half done, the exodus shows no signs of stopping. To put it in context: this is not a bad year for FPI flows. This is historically bad. The total outflows in 2026 have already surpassed the Rs 1.66 lakh crore pulled out during the entirety of 2025, according to data with NSDL.
India's foreign exchange reserves fell by $7.5 billion to $681.3 billion in the week ended May 22, as the RBI intervened to protect the rupee from depreciating past the 97 per dollar mark. The rupee fell to a record low of 96.96 on May 20. The fall in reserves also comes amid revaluation in gold reserves. Gold reserves fell by $4.5 billion to $114.7 billion, while foreign currency assets decreased by $2.8 billion to $543 billion in the week. The Special Drawing Rights (SDRs) were down by $77 million to $18.748 billion, the apex bank said.
The finance ministry on Friday launched a single unified online platform for citizens to search and trace unclaimed bank deposits, insurance claims, shares and mutual funds across the financial ecosystem. The initiative is expected to enhance public awareness, improve ease of access to information and contribute to the vision of Viksit Bharat 2047 through greater financial empowerment, inclusion and trust in the financial system, the finance ministry said in a statement. The portal has been launched in collaboration with PSB Alliance to facilitate easier access to information relating to unclaimed financial assets.
The value of retail central bank digital currency (CBDC) in circulation declined by 24.08 per cent in 2025-26, despite the continuous pilot use cases for the currency by the Reserve Bank of India (RBI). According to the RBI's annual report, the value of bank notes in circulation in digital form through 'e₹-Retail (e₹-R)' stood at Rs 771.66 crore at the end of March 2026, compared with Rs 1,016.46 crore as on March 31, 2025. Meanwhile, the value of bank notes in circulation in digital form through 'e₹-Wholesale (e₹-W)' stood at nil as on March 31, 2026, unchanged from a year ago.
The Iran war rocked global bond markets again in May, sending yields to multi-decade highs as traders priced in central bank rate hikes - only for signs of progress in peace talks and weak economic data to bring them sharply lower again. Although a clear end to the conflict would bring immediate relief and lower government borrowing costs around the world, May's moves underscore how investors are twitchy about inflation and growing public debts. TREASURY TANTRUM The 30-year U.S. Treasury yield soared to around 5.2% on May 20, its highest since 2007, as the Iran war roiled the $28 trillion U.S. government bond market.
As artificial intelligence grows bigger and more powerful, one problem is becoming impossible to ignore that is energy. Training and running advanced AI models requires massive amounts of data to move constantly between chips, servers and data centres. Today, most of that data travels through electrical signals and copper connections. But as AI systems scale up, experts say this approach could soon become a major bottleneck. That is why chip giant Nvidia is pouring billions of dollars into a technology many believe could redefine the future of AI infrastructure: photonics. Nvidia’s $6.5 billion push In just the past three months, Nvidia has committed at least $6.5 billion to companies developing photonics technology. The company announced investments worth $2 billion in optical technology firms including Lumentum, Coherent, Marvell to develop advanced optical connectivity solutions and participated in optics startup Ayar Labs $500 million Series E funding round. The investments show Nvidia’s belief that photonics could become a critical piece of the AI ecosystem in the coming years.
The United States announced Friday that it is "dismantling a sophisticated Iranian network" used to obtain sensitive military technology. The network "impersonated and defrauded" dozens of American technology companies out of millions of dollars to "acquire advanced equipment -- including spectrum analyzers and security detection devices -- for Iran's defense sector," State Department Tommy Pigott said in a statement.
Roughly one-quarter of the non-Iranian large oil tankers trapped inside the Persian Gulf at the outbreak of the Iran war have managed to slip out in a slow, stealthy trickle. Twenty-nine of the 109 bigger vessels, those capable of hauling 700,000 barrels or more, which were stranded when the Strait of Hormuz was effectively shuttered after the conflict erupted on Feb. 28 have now crossed the chokepoint, shipping data compiled by Bloomberg show. While that flow is a fraction of the crude and oil products still locked inside the Gulf, the cargoes have been snapped up by a global market in which inventory buffers are shrinking at a record pace. And with many ships switching off instruments that broadcast their positions, the real number may well be higher.
Yum Brands is in exclusive talks to sell its Pizza Hut chain to private-equity firm LongRange Capital, a source familiar with the matter said on Friday. The two parties are advancing in discussions about a potential deal that could come together in several weeks, the source said, adding there is no guarantee a deal will be reached. LongRange declined to comment on Reuters' request, while Yum Brands did not immediately respond.
The U.S. Space Force said on Friday it has awarded Elon Musk's IPO-bound SpaceX a $4.16 billion deal for a satellite program designed to track and target airborne threats. The Space-Based Advanced Moving Target Indicator (SB-AMTI) is designed as an interconnected system-of-systems, combining space-based sensors, secure communications links and ground processing to drive closer cooperation across the government space industrial base. The Trump administration's flagship Golden Dome missile defense system has many layers, one of them being a sensing and tracking layer. The satellites would be expected to play a role in tracking missiles.
The EU's trade and investment relationship with China is "not sustainable", the European Commission said on Friday, vowing a stronger response as commissioners discussed how best to shield Europe's industries from surging Chinese imports. Commissioners were pitching ideas ahead of an EU leaders' summit on June 18 to 19, and possible proposals could include forcing EU firms to diversify supply chains or introducing new trade mechanisms to curb China's access to the EU market in chemicals, metals and clean energy technology. "As economic and security interests become ever more intertwined, both dimensions will require a more robust and coherent response," the Commission said.
Indian rice export prices extended gains this week on stronger demand and a rebound in the rupee from a record low, while Thai rice demand firmed as buying interest emerged from the Philippines and Africa. India's 5% broken parboiled variety was quoted this week at $337-$345 per ton, up from the last week's $336-$343. Indian 5% broken white rice was priced at $338-$344 per ton. "Demand from African buyers is improving as supplies from other origins are more expensive than those from India," said a Kolkata-based trader.
India should seek to build a $120-150 billion semiconductor value chain by 2035, with the centre funding at least one-third of the required investments to de-risk projects and attract long-term capital, according to a report released by NITI Aayog’s Frontier Tech Hub. The report titiled ‘Future of India’s Semiconductor Industry’, lays focus on transitioning the country beyond being a participant in the global semiconductor race to building leadership in areas where it can become strategically indispensable. It recommends focusing on advanced packaging, outsourced semiconductor assembly and testing (OSAT), semiconductor design, system architecture, and wide-bandgap materials such as Silicon Carbide (SiC) and Gallium Nitride (GaN), rather than attempting to directly compete with global leaders in advanced wafer fabrication.
Maharashtra is looking to position itself at the forefront of India’s artificial intelligence push, with plans to attract Rs 10,000 crore in investments, create 125 lakh jobs and build dedicated infrastructure to support startups and innovation in the sector. Speaking at an event organised by the tech startup community in Mumbai, Chief Minister Devendra Fadnavis said the state has already put in place an AI policy aimed at creating a comprehensive ecosystem around the technology. “We have created a very robust policy whereby we look at Rs 10,000 crore investment in AI, 125 lakh jobs being created. We want to create six centres of excellence around AI. We are going to create AI innovation regions,” Fadnavis said during his address at day 1 of Mumbai Tech Week.
The domestic aviation sector began the financial year 2026-2027 (FY27) on a subdued note, with domestic passenger traffic declining year-on-year amid elevated airfares, rising fuel costs and geopolitical disruptions weighing on travel demand, according to a report by ICRA. Domestic air passenger traffic stood at 14.08 million passengers in April 2026, down 1.6% year-on-year from 14.31 million passengers in April 2025 and 2% sequentially from 14.37 million passengers in March 2026, the ratings agency said in its latest aviation outlook report released on Friday. The decline comes at a time when airlines are grappling with higher aviation turbine fuel (ATF) prices, rupee depreciation and operational disruptions arising from the ongoing West Asia conflict.
Solar Industries India and its subsidiary have secured export orders worth Rs 1,076 crore for the supply of defence products to international clients. Solar Industries did not disclose the names of the clients or details of the products in its regulatory filing. However, it said that the orders will be executed over a period of three years. Solar Industries Q4FY26 In its Q4FY26 earning release, Solar Industries said that it currently has an order book of Rs 21,300 crore. it is targeting revenue of around Rs 14,000 crore in FY27 while maintaining current margins. The company plans to spend Rs 2,050 crore as capital expenditure in FY27 after investing more than Rs 2,700 crore over the past two years.
India needs to accelerate efforts to build a domestic semiconductor ecosystem, with self-reliance in chip manufacturing becoming critical for economic resilience, national security and inclusive growth, according to a new report by NITI Aayog. The report said that while government initiatives such as the India Semiconductor Mission are helping lay the foundation for a domestic industry, India's semiconductor manufacturing base remains at a nascent stage. With global supply chains undergoing a major realignment, the report cautioned that the country has a narrowing window to establish itself as a meaningful player in the sector.
All India House Price Index (HPI) rose 4.2 per cent in the January-March quarter of 2025-26, compared with an expansion of 3.8 per cent in the year-ago period, according to Reserve Bank data released on Friday. The increase in the fourth quarter was primarily driven by cities such as Nagpur, Jaipur, Chandigarh and Kanpur. The data also showed that the House Price Index rose to 115.9 in Q4:2025-26, from 115.6 in the previous quarter, driven by an increase in housing prices across Jaipur, Lucknow and Pune, reflecting a quarter-on-quarter growth of 0.2 per cent.
India's cumulative investments of nearly USD 360 billion in infrastructure development over the last decade has significantly slashed India's logistics cost to 10-10.7 percent of GDP in FY 2026, from 13-14 percent a decade ago, a report by CII Knight-Frank said on Friday. The report titled 'Fast-Tracking MMLPs to Enable Modal Shift: India's Multimodal Logistics Transformation: A Strategic Outlook' further said India will need many more Multimodal Logistics Parks (MMLPs) to unlock next level logistical efficiency. Reflecting this progress, the report said India's position in the global Logistics Performance Index (LPI) improved from 54th in 2014 to 38th in 2023.
