Page 129 - Economy & Policy News
US tariffs to hit nearly one-fourth of textile exports in 6 months: Experts
However, the extension of duty-free import of cotton by three more months till December 31 is expected to bring some much-needed relief to the domestic textile industry
 "US tariffs to hit nearly one-fourth of textile exports in 6 months: Experts")
Centre extends cotton import relief; TN, industry push for more sops
Tamil Nadu and industry bodies urge higher export incentives, faster EU trade deal and wider market access as US tariff hits Tiruppur's exports; Centre extends cotton relief till December 31
India should rethink Russian oil imports as US tariffs hit: Raghuram Rajan
Former RBI governor Rajan pointed out that refiners have been earning excess profits from importing Russian oil, while exporters have taken a hit due to tariffs imposed by the US
 "India should rethink Russian oil imports as US tariffs hit: Raghuram Rajan")
US tariffs to worsen India's solar panel glut as domestic bidding slows
India's awards of solar generation projects and new tenders slowed dramatically in the quarter ended June
 "US tariffs to worsen India's solar panel glut as domestic bidding slows")
Govt extends duty-free cotton imports till Dec 31 to aid textile exporters
The Finance Ministry has extended duty exemption on cotton till December 2025 to ease raw material supply, support garment exporters and cushion the impact of US tariffs on RMG
 "Govt extends duty-free cotton imports till Dec 31 to aid textile exporters")
Sweets and namkeen makers ask for GST reduction to 5% citing jobs, margins
In its note, the federation said that these changes would reduce litigation, stabilise margins, boost employment and align with India's ambition of becoming a global food hub
 "Sweets and namkeen makers ask for GST reduction to 5% citing jobs, margins")
STMAI urges govt to act against surge of low-cost Chinese pipe imports
Chinese importers are reportedly declaring inflated invoice values at the time of customs clearance, while subsequently selling the same products in the Indian market at significantly lower prices
 "STMAI urges govt to act against surge of low-cost Chinese pipe imports")
Trump slammed for 50% tariff on India while sparing China over Russian oil
Democrats say Trump's new tariff on India is unfair and politically motivated, accusing him of letting China off the hook despite being the top buyer of Russian crude oil
 "Trump slammed for 50% tariff on India while sparing China over Russian oil")
Why India's Russian oil imports sparked US tariffs amid Ukraine peace talks
White House trade adviser Peter Navarro said India's purchases of Russian crude were funding Moscow's war in Ukraine and had to stop
 "Why India's Russian oil imports sparked US tariffs amid Ukraine peace talks")
Centre extends cotton import duty exemption amid US tariff pressure
The world's second-biggest cotton producer had earlier announced an exemption on cotton imports from an 11 per cent duty until September-end and has now extended that to December 31
 "Centre extends cotton import duty exemption amid US tariff pressure")
Indian firms delay expansion plans amid demand, trade uncertainty: BofA
Firms are focusing on paying down debt, opting for refinancing rather than expanding capacity, Shankar Subramaniam, the bank's head of India corporate banking said
 "Indian firms delay expansion plans amid demand, trade uncertainty: BofA")
Navarro calls Ukraine conflict 'Modi's war', links tariffs to Russian oil
White House adviser Peter Navarro blamed India for fuelling Russia's war, saying it could get 25% tariff relief if it halts discounted crude imports from Moscow
 "Navarro calls Ukraine conflict 'Modi's war', links tariffs to Russian oil")
US tariffs: Bracing for pain, exporters cling to trade deal hopes
Workers, small business owners fear loss of livelihood as factories reduce operational hours amidst cancelling of orders
 "US tariffs: Bracing for pain, exporters cling to trade deal hopes")
Communication channels open, says govt as 50% US trade tariff kicks in
In the meantime, describing the India-US relationship as "very complicated", US Treasury Secretary Scott Bessent, in a television interview, hoped that "at the end of the day, we will come together"
 "Communication channels open, says govt as 50% US trade tariff kicks in")
India Inc bonds resilient amid record trade costs from US tariffs: Barclays
Barclays says Indian corporates will face margin compression but remain supported by strong leverage, liquidity and domestic demand as US tariffs hit $55 bn exports
 "India Inc bonds resilient amid record trade costs from US tariffs: Barclays")
US tariffs: Govt to launch outreach in 40 nations to push textile exports
Other nations include Germany, France, Italy, Spain, the Netherlands, Poland, Canada, Mexico, Russia, Belgium, Turkiye, the United Arab Emirates, and Australia
Setbacks make us stronger, more agile: Finmin on tariff challenge
India's economic review warns of tariff-related challenges but says reforms, FTAs, and strong fundamentals will support growth
 "Setbacks make us stronger, more agile: Finmin on tariff challenge")
India may become world's second-largest economy by 2038: EY report
The report also said that with appropriate countermeasures, India can limit the adverse impact of higher US tariffs on selected Indian imports to about 10 basis points of real GDP growth
 "India may become world's second-largest economy by 2038: EY report")
Russia-led EAEU team to visit India in September for free trade talks
A high-level EAEU delegation will visit New Delhi next month to begin negotiations on a proposed trade pact, expected to expand India's export markets
 "Russia-led EAEU team to visit India in September for free trade talks")
Employment in manufacturing industry up 5.92% at 18.4 mn in FY24: Govt
The invested capital in the industries rose to Rs 68,01,329 crore in 2023-24 from Rs 61,39,212 crore in 2022-23, as per the report for 2023-24
 "Employment in manufacturing industry up 5.92% at 18.4 mn in FY24: Govt")