Economy

MPC minutes: Frontloaded rate aimed to support growth, faster transmission

RBI's MPC voted 5:1 for a 50 bps rate cut in June to spur growth and boost credit amid benign inflation, with members supporting a shift to a neutral policy stance

Core sectors' growth plunges to a 9-month low of 0.7% in May 2025

Electricity generation contracted for the first time in nine months, with a 5.8 per cent drop that marked the sharpest downturn since June 2020

India's forex reserves rise by $2.29 billion to reach $698.95 billion

The overall reserves had increased by $5.17 billion to $696.65 billion for the previous reporting week ended June 6

GDP base revision could be done more frequently in future: Rao Inderjit

MoSPI is examining the feasibility of salvaging the data of 7th Economic Census in consultation with states/UTs

Fifth edition of Time Release Study shows faster import clearance at ports

Finance Minister Nirmala Sitharaman releases CBIC's NTRS report showing average cargo release times improved at ports and airports, though delays rose at inland depots

GST evasion detection hits all-time high of ₹2.23 trillion in FY25

FM Nirmala Sitharaman urges faster probe closures and easier registrations

Iran-Israel conflict: Exporters urge shift from Bandar Abbas to Chabahar

The official also said that the air freight rates have already seen a 15 per cent rise, and traders expect both air and sea freight costs to increase further if the conflict escalates

EPFO warns zonal and regional offices over delay in relieving transfers

EPFO has warned its offices that non-compliance with staff transfer orders will be treated as insubordination and attract severe disciplinary action under civil service rules

Indian deposits in Swiss banks fall 18% over 10 years, shows SNB data

Indian deposits in Swiss banks fell 18 per cent over the last decade, but 2024 saw a sharp rebound, with total funds surging over threefold to 3.5 billion Swiss francs, SNB data shows

India's core sector growth plunges to nine-month low of 0.7% in May

The previous low pace was recorded in August 2024 when the output had contracted by 1.5%

Russia increases seaborne fuel oil exports to India, Turkey in May

Oil prices fell to four-year lows as an Opec+ decision to expedite its output hikes stoked fears about rising global supply at a time when the demand outlook is uncertain

India may improve trade deficit with Japan by selling quality rice

As Japan considers scaling up imports in the wake of a major rice crisis, there a potential for India

Govt to meet stakeholders to assess impact of Iran-Israel conflict on trade

Exporters have stated that the war, if escalated further, would impact world trade and push both air and sea freight rates

PM Modi's 'make in India' strikes emotional chord with the consumers

The survey shows that 58 per cent of the respondents in China want to buy local products in Q2 of 2025. This has gone up sharply by 7 per cent over the previous quarter

India seeks tighter container safety, cargo disclosure norms in IMO meet

The development comes at the heels of IMO's ongoing session of the Maritime Safety Committee, where India brought up the recent sinking of the Liberian-flagged vessel MSC ELSA 3

Datanomics: Despite gains, Brics still lags behind G7 in per capita terms

Average Brics per capita income stood at $2,087 in 2000, which is projected to rise to $9,437 by 2025. In contrast, G7's average may rise from $27,855 to $53,623

India's trade with GCC in focus amid Iran-Israel ongoing conflict

India's trade with West Asia is crucial, considering that apart from Russia, it imports crude oil from Iraq, United Arab Emirates (UAE) and Saudi Arabia

India flags concerns on ILO's biological hazard pact for informal sector

India urges ILO to reconsider broad applicability of its biological hazard convention, citing implementation challenges for MSMEs and informal sector enterprises

Centre reviews HC order to resume MGNREGA in West Bengal from August 1

Kolkata High Court asks Centre to restart MGNREGA in West Bengal with safeguards against corruption, prompting review of legal and procedural steps

Indian money in Swiss banks triples in 2024, reaches nearly ₹37,600 cr

Indian money parked in Swiss banks tripled in 2024 to CHF 3.5 billion, mainly via financial institutions; however, customer deposits rose modestly even as India climbed to 48th in global rankings