Economy & Policy News
India's forex reserves jump $9 bn to $697.1 bn in week ended April 3
In the previous reporting week, overall forex reserves had dropped by $10.28 billion to $688.05 billion
 "India's forex reserves jump $9 bn to $697.1 bn in week ended April 3")
India must rethink reliance on West Asia after current energy shock: ONGC
ONGC Chairman and CEO Arun Kumar Singh warned that a shifting global order and rising geopolitical tensions are undermining long-held assumptions about energy security
 "India must rethink reliance on West Asia after current energy shock: ONGC")
E-way bills hit record 140.6 million in March, up 13%, shows GSTN data
GSTN data shows e-way bill generation at record high in March, reflecting strong goods movement and compliance, though experts caution against treating it as a proxy for growth
 "E-way bills hit record 140.6 million in March, up 13%, shows GSTN data")
Domestic refiners splurge on Russian oil as sanctions threat begins to fade
Imports from Russia averaged 1.98 million barrels a day in March, the highest since June 2023, according to data from intelligence firm Kpler
 "Domestic refiners splurge on Russian oil as sanctions threat begins to fade")
ADB pegs India FY27 growth at 6.9% supported by reforms, trade deals
Multilateral lender predicts economic growth to rebound to 7.3% in FY28 driven by EU trade pact and a rise in government staff's income
 "ADB pegs India FY27 growth at 6.9% supported by reforms, trade deals")
ADB suggests unified social protection framework to cut duplication
This can enable a differentiated approach at the state level, where social protection needs can vary by demographic profile, employment structure, and fiscal capacity
India, US to boost cooperation in AI, critical minerals under Pax Silica
Talks in Washington focus on deepening tech and economic ties, with emphasis on AI, supply chains and strategic minerals cooperation under the Pax Silica framework between India and the US
 "India, US to boost cooperation in AI, critical minerals under Pax Silica")
Detroit of Asia sputters as LPG dries up, input costs spike, labour thins
In Chennai's auto nerve centre, Ambattur, prolonged conflict ripples through supply chains, delaying deliveries, raising costs, testing small manufacturers' resilience
 "Detroit of Asia sputters as LPG dries up, input costs spike, labour thins")
West Asia oil shock threatens India despite robust buffers: World Bank
High oil prices pose risks but India's strong buffers, resilient exports and policy space can help navigate global uncertainty, says the World Bank
 "West Asia oil shock threatens India despite robust buffers: World Bank")
Reliance on Hormuz for imports above global average: Oil secy Neeraj Mittal
Oil secretary flags higher dependence on Hormuz route for crude, gas and LPG, underscores need for resilient infrastructure amid West Asia tensions
 "Reliance on Hormuz for imports above global average: Oil secy Neeraj Mittal")
Operators not passing on port relief to exporters, says regulator
Regulator asks operators to pass on benefits directly and seeks proof of higher insurance costs, warning action over unjustified charges
 "Operators not passing on port relief to exporters, says regulator")
India-US trade negotiations to resume in Washington later this month
Indian delegation to visit US capital to advance interim trade pact discussions as both sides seek clarity on tariffs and non-tariff barriers
 "India-US trade negotiations to resume in Washington later this month")
India caps refinery margins after windfall export tax to curb losses
For the second half of March, a discount of ₹22,342 per kilolitre (Rs 22.34 per litre) was fixed on diesel to bring down the RTP of ₹85,349 per kl to ₹63,007 per kl
 "India caps refinery margins after windfall export tax to curb losses")
US to host Indian delegation in April to discuss trade deal: Sergio Gor
India and the US announced a framework for an interim trade agreement in February, after months of negotiations between the two delegations
 "US to host Indian delegation in April to discuss trade deal: Sergio Gor")
Tax experts seek CBDT master circular to resolve legacy guidance issues
Experts flag ambiguity over applicability of legacy circulars under the new Income-tax Act, 2025, seeking clarity to reduce disputes and ensure uniform compliance
 "Tax experts seek CBDT master circular to resolve legacy guidance issues")
Up to 40 GW wind projects at risk by 2030 due to grid delays: Industry
Industry flags transmission bottlenecks, substation delays and land issues as key hurdles to achieving India's 100 GW wind energy target by decade-end
 "Up to 40 GW wind projects at risk by 2030 due to grid delays: Industry")
Rupee falls 0.1% as West Asia truce pushes oil higher, dents stocks, bonds
Rupee slips to 92.65 per dollar as oil prices jump on Middle East tensions, dragging equities and bonds while foreign outflows and weak sentiment add pressure
 "Rupee falls 0.1% as West Asia truce pushes oil higher, dents stocks, bonds")
India well placed to handle energy shock, backed by strong buffers: WB
The US-based multilateral agency also appreciated the Indian government's strategy of handling that energy crisis that emanated due to the West Asia conflict
 "India well placed to handle energy shock, backed by strong buffers: WB")
Banks exit bulk of India rupee arbitrage positions ahead of RBI deadline
The measures were aimed specifically at curbing arbitrage trades between the onshore market and the non-deliverable forward (NDF) market, per bankers
 "Banks exit bulk of India rupee arbitrage positions ahead of RBI deadline")
Hardeep Puri heads to Qatar to secure LNG, LPG supply amid fuel crisis
Qatar is India's single-largest supplier of both LNG and LPG, providing 45 per cent and 20 per cent respectively
 "Hardeep Puri heads to Qatar to secure LNG, LPG supply amid fuel crisis")