Page 389 - Economy
UK overtakes China as India's fourth-largest export market in May
Exports to the European nation grew by a third to $1.37 billion in May. While the disaggregated data for the month of May wasn't immediately available
 "UK overtakes China as India's fourth-largest export market in May")
Fearing Donald Trump victory, developed countries push WTO deals
But India not keen to join efforts on fisheries and e-commerce JSI
 "Fearing Donald Trump victory, developed countries push WTO deals")
Cargo handling at India's major ports up 6% to 72 million tonnes in May
Overseas cargo saw a 7.3 per cent growth in May; Kandla bounces back
 "Cargo handling at India's major ports up 6% to 72 million tonnes in May")
Tale of two states: Bihar, Andhra Pradesh carry a high debt legacy
Bihar joins AP in taking fiscal stress in recent years, but lags far behind the southern state in prosperity
 "Tale of two states: Bihar, Andhra Pradesh carry a high debt legacy")
Statsguru: Developing countries are hard hit amid rise in debt burden
A total of 54 developing countries spend more than 10 per cent of their revenues on interest payments, up from 29 in 2010
 "Statsguru: Developing countries are hard hit amid rise in debt burden")
Hike in fuel prices will ensure funding essential services: CM Siddaramaiah
Stating that despite the VAT hike, diesel prices in Karnataka are still lower than in Gujarat and Madhya Pradesh, CM said, "We remain committed to keeping fuel prices reasonable for our citizens"
 "Hike in fuel prices will ensure funding essential services: CM Siddaramaiah")
Employment in informal sector below pre-Covid level, shows NSO data
According to the factsheet, the number of unincorporated enterprises rose by 2 million between July 2015-June 2016 and October 2022-September 2023 to 65.04 million
 "Employment in informal sector below pre-Covid level, shows NSO data")
Trade deficit at 7-month high on rising imports; exports up 9% in May
Apart from petroleum products, items that drove import growth include transport equipment (31.88 per cent), silver (408 percent), vegetable oil (27.5 per cent) and pulses (181 per cent)
 "Trade deficit at 7-month high on rising imports; exports up 9% in May")
Windfall tax on petroleum crude cut to Rs 3,250 per MT from Rs 5,200
The tax, which is revised every fortnight, remained unchanged at zero for diesel and aviation turbine fuel
 "Windfall tax on petroleum crude cut to Rs 3,250 per MT from Rs 5,200")
Oil future prices head for weekly gain on solid 2024 demand outlook
US consumer sentiment weakened in June to a seven-month low as inflation and income worries linger, a survey showed on Friday
The green journey: Cleaner fuels driving one-fifth of PVs sold in India
Auto original equipment manufacturers (OEMs) have focused on launching CNG variants of their popular models to meet consumer demand for vehicles with lower running costs
 "The green journey: Cleaner fuels driving one-fifth of PVs sold in India")
India grappling with 'unfavourable' factors in growth pursuit: CEA
Between 1980 and 2015, China was blessed with very strong globalisation, global politics not being as divisive and polarising, and the world not being as conflict-ridden, he said
 "India grappling with 'unfavourable' factors in growth pursuit: CEA")
Ocean freight rates in rough waters on congestion, Red Sea crisis
The Drewry World Container Index (WCI) increased 2 per cent to $4,801 per 40ft container this week and increased 202 per cent when compared with the same week last year
 "Ocean freight rates in rough waters on congestion, Red Sea crisis")
India's wholesale inflation accelerates to 15-month high of 2.61% in May
The inflation in food prices stood at 9.82 per cent during the month, while in May 2023, the wholesale inflation had stood at -3.61 per cent
 "India's wholesale inflation accelerates to 15-month high of 2.61% in May")
India, EU discuss CBAM concerns ahead of eighth round of FTA talks
The proposed free-trade agreement with Oman will restart soon, although talks are in the final stages, a government official said
 "India, EU discuss CBAM concerns ahead of eighth round of FTA talks")
For firms, royalty payments have grown faster than sales since pandemic
Listed companies have seen a sharper rise
 "For firms, royalty payments have grown faster than sales since pandemic")
RBI will not force mergers of urban co-operative banks: RBI board member
In 2021, an RBI's expert committee had suggested that weak UCBs would get a regulatory nudge to explore voluntary merger
 "RBI will not force mergers of urban co-operative banks: RBI board member")
EEPC India cautiously optimistic on engineering export growth in FY'25
This uptick is part of a consistent growth pattern, with the April-May period of FY25 witnessing exports totalling $18.65 billion
 "EEPC India cautiously optimistic on engineering export growth in FY'25")
India's foreign exchange reserve hits new high of $655.81 billion
Foreign exchange market participants said that the RBI has been absorbing the foreign inflows, which led to the rise in foreign currency assets
 "India's foreign exchange reserve hits new high of $655.81 billion")
Forex reserves jump $4.3 bn to hit new all-time high of $655.8 bn
The previous high for the kitty -- a crucial guard against any disturbances in the external sector -- was USD 648.87 billion on May 10. In the past few weeks, reserves have witnessed handsome jumps
 "Forex reserves jump $4.3 bn to hit new all-time high of $655.8 bn")