Page 164 - Economy & Policy News
India-EU free trade pact could be concluded before year end: Piyush Goyal
He also said that India will raise its concerns over certain EU's regulations such as carbon tax and deforestation rules in the trade talks
 "India-EU free trade pact could be concluded before year end: Piyush Goyal")
52% agricultural homes rely on non-farm income amid rising volatility
Trend towards diversification reduces risks associated with farm income: PRICE report
 "52% agricultural homes rely on non-farm income amid rising volatility")
Govt cuts natural gas price for CNG, cooking use for first time in 2 yrs
The price of natural gas from legacy fields allocated to state-owned ONGC without auction has been reduced from $6.75 to $6.41 per mmBtu
 "Govt cuts natural gas price for CNG, cooking use for first time in 2 yrs")
ADB announces $10 billion plan to transform India's urban infra, services
ADB President Masato Kanda announces a five-year plan aimed at transforming urban infrastructure across India; metro expansion, RRTS corridors and skills programmes in focus
 "ADB announces $10 billion plan to transform India's urban infra, services")
Gross GST collections rise 16.4% to over Rs 2.01 trn in May: Govt data
Goods and Services Tax (GST) collection had touched a record high of Rs 2.37 trillion in April. In May, 2024, the mop up was Rs 172,739 crore
 "Gross GST collections rise 16.4% to over Rs 2.01 trn in May: Govt data")
'Govt has fast-tracked FDI approvals from neighbouring countries'
As per that decision, FDI proposals from these countries need government approval for investments in India in any sector
 "'Govt has fast-tracked FDI approvals from neighbouring countries'")
RBI likely to deliver 3rd consecutive rate cut of 25 bps on Friday: Experts
Aditi Nayar, Chief Economist, ICRA said with CPI inflation forecast to trail 4 per cent for a large part of this fiscal, monetary easing by the MPC is likely to continue
 "RBI likely to deliver 3rd consecutive rate cut of 25 bps on Friday: Experts")
Singapore leads as India's largest FDI source for seventh straight year
FDI from Singapore in 2024-25 increased to $14.94 billion from $11.77 billion in 2023-24, according to the latest government data
 "Singapore leads as India's largest FDI source for seventh straight year")
UK trade body urges continuation of duties on Indian PET plastic imports
The TRA also found that maintaining the measure is in the economic interest of the UK, a statement notes
 "UK trade body urges continuation of duties on Indian PET plastic imports")
Profits earned through ethical means create wealth for nation: FM
Pandit Upadhyaya was one of the founding members of Jan Sangh from which the Bharatiya Janata Party (BJP) emerged in April 1980
 "Profits earned through ethical means create wealth for nation: FM")
Doubling tariff on steel, aluminium by US to impact Indian exporters: GTRI
Trump announced that he would double the existing 25 per cent tariffs on steel and aluminium imports from June 4
 "Doubling tariff on steel, aluminium by US to impact Indian exporters: GTRI")
The rebound: Consumption picks up in FY25 on rural demand, shows NSO data
Dharmakriti Joshi, chief economist, Crisil says that consumption growth outpaced GDP, primarily driven by robust rural demand supported by a strong agricultural sector.
 "The rebound: Consumption picks up in FY25 on rural demand, shows NSO data")
India's GDP expands 7.4% in Q4 to meet annual growth estimates of 6.5%
Nominal GDP for FY25 grew at single digit at 9.8 per cent to Rs 330.7 trillion, slightly higher than Rs 324.1 trillion factored in the Budget
 "India's GDP expands 7.4% in Q4 to meet annual growth estimates of 6.5%")
Fastest growth in years: Corporate manufacturing trumps household units
The gross value added by household manufacturing units has grown 13.5 per cent in absolute terms between FY19 and FY24 after adjusting for inflation
 "Fastest growth in years: Corporate manufacturing trumps household units")
ADB commits up to $4.5 billion in annual sovereign loans for India
ADB President Masato Kanda has said the bank is ready to lend India up to $4.5 bn annually, with added private sector funding, to support clean energy, rural development, and Viksit Bharat 2047 goals
 "ADB commits up to $4.5 billion in annual sovereign loans for India")
India's growth momentum to continue in Q1 of FY26: CEA Nageswaran
CEA Nageswaran says India may grow 6.3-6.8% in FY26, led by consumption and services exports, with momentum from Q4FY25 continuing into Q1FY26
 "India's growth momentum to continue in Q1 of FY26: CEA Nageswaran")
India fastest-growing economy for fourth year running: FM Sitharaman
FM highlights 7.4% Q4 GDP growth driven by industry, services and agri; calls for faith in India's abilities and urges reforms to eliminate corruption and ease regulation
Govt outperforms on fiscal deficit, brings it down to 4.77% of GDP in FY25
Capital expenditure for FY 2024-2025 at Rs 10.5 trillion stood at 103.3 per cent of the revised estimate for the year, CGA data showed
 "Govt outperforms on fiscal deficit, brings it down to 4.77% of GDP in FY25")
Manufacturing mission launch in June: NITI Aayog CEO B V R Subrahmanyam
NITI Aayog CEO BVR Subrahmanyam says new manufacturing mission will focus on clean tech, skilling, and structural reforms for a $7.5-trillion economy by 2047
 "Manufacturing mission launch in June: NITI Aayog CEO B V R Subrahmanyam")
FinMin suggests RBI to give relief for borrowers under ₹2 lakh gold loan
In April, the RBI released draft norms mandating, among other requirements, that borrowers furnish proof of ownership for the gold used as collateral
 "FinMin suggests RBI to give relief for borrowers under ₹2 lakh gold loan")