Page 18 - Indian Economy

Crude oil imports from Russia set to dip in Sep, Oct before rising again

Indian refiners have resumed tendering Russian oil purchases in the second half of August

Datanomics: Job patterns expose India's labour market fragilities

These fault lines indicate that while growth may remain steady, global shocks such as tariff hikes could magnify job losses

US tariff hike to hit livelihood of 1.5 mn people in Odisha fishing sector

The new tariff imposed by US President Donald Trump on Indian exports will affect the livelihood of at least 15 lakh people engaged in the fishing sector, seafood exporters' association said on Thursday. Claiming that the seafood exports to the US would halt as the Indian businessmen could not compete in the American market, as traders from Vietnam and other Asian countries are taxed at a lower rate there, said Tara Ranjan Patnaik, a member of the Seafood Exporters' Association of India. Patnaik, who is also chairman of Odisha-based Falcon Marine Exports, a leading frozen shrimp exporter, told PTI: We have already reduced production and collection of seafood, which were meant for exports to the US. The impact has already been felt in the coastal states like Odisha. It will affect the livelihood of at least 15 lakh people engaged in the fishing sector." The additional 25 per cent tariff imposed by Trump on India for the country's purchases of Russian oil came into effect on Wednesday

US tariffs may cut India growth by 0.5%: Ex-commerce secretary G K Pillai

A steep 50 per cent tariff imposed by the US on shipments from India would have a very small impact on India's economic growth of about 50 basis points if exporters are unable to find alternative markets, former Commerce and Home Secretary G K Pillai said on Thursday. Terming the steep tariff imposed on India as discriminatory, he said others like China and many European nations also import energy from Russia, but the US has not imposed a penalty against them. "Impact of the US tariffs on India would be very small, say about 0.5 per cent, but it is going to affect labour-intensive sectors like textiles, gems and jewellery, seafood exports, chemicals, and so on," he said at an event here. "At least for 3-6 months, the profitability of Indian companies will come down. Some companies will be forced to lay off workers but I am sure that the government will take steps to see that this is mitigated," he said. The government needs to take some steps to help exporters and industries to tid

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

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"

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

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

Trump 50% tariff: How India stacks up against Asian, Latin American peers

India's effective tariff rate has soared to 50 per cent, while its peers face lesser tariffs despite their larger trade surpluses with the US

Diwali tax cuts risk worsening India's tariff sting as Trump threat looms

While lower consumption taxes will indeed spur demand, particularly for durables such as autos, TVs and ACs, it may not happen immediately

India's GDP growth likely slowed to 6.7% in Q1, set to ease further: Poll

The poll showed India GDP growth slowing to 6.5 per cent this quarter, 6.3 per cent in October-December and 6.2 per cent in January-March

50% US tariffs kick in from Wednesday: Shrimp crimp for sellers, consumers

A 50% import duty has slashed farm-gate shrimp prices in India while pushing up consumer prices in the United States

Sensex, Nifty tumble as US slaps additional tariffs on Indian goods

Indian markets logged their worst fall in three months after the US imposed additional tariffs of up to 25 per cent on Indian exports, dragging Sensex and Nifty sharply lower

India-UK FTA to boost aluminium exports as carbon tariffs pose challenge

FTA could triple aluminium exports to the UK by 2030, while R&D collaboration may enable extraction of critical minerals from aluminium by-products

Sanjaya Baru's new book tracks the journey of the 'Non-Returning Indian'

How a seven-fold growth in nominal gross domestic product will change migration patterns

Proper data integration required to boost MSME lending, say bankers

Bankers highlighted the need for consent-based APIs and structured data to improve MSME lending, addressing working capital, technology, and credit guarantee challenges

Private capex now substantial in order book: L&T chief S N Subrahmanyan

L&T eyes growth with record orders, rising private capex, $100 bn valuation, global projects, and a new strategy focusing on services, tech, and financial businesses

Establish a 2-tier fiscal council to institutionalise fiscal oversight: CII

The blueprint, titled Policies for a Competitive India, lays out over 250 actionable recommendations across 14 reform areas

Govt mulls ₹25k cr support for exporters over six years under EPM scheme

The government is considering support measures worth about Rs 25,000 crore for exporters under the Export Promotion Mission, announced in the Budget, for six financial years (2025-2031), according to sources. "The main focus is on providing easy and affordable credit to the exporter community," they said. The commerce ministry has sent the proposal to the expenditure finance committee (EFC) of the finance ministry. The measures, if approved, can help insulate domestic exporters from global trade uncertainties arising from Trump tariffs. The US has imposed a hefty 50 per cent tariff on Indian goods, starting August 27. At present, a 25 per cent duty is in place. After the approval of the proposal from the EFC, the commerce ministry would approach the Union Cabinet. The proposed mission, a flagship initiative announced in the Union Budget 2025-26, seeks to enable broad-based, inclusive, and sustainable export growth over six years (FY 2025-31) by exploring approaches beyond conventi

India in position to help lift the world out of slow growth: PM Modi

Prime Minister Narendra Modi on Saturday said that guided by the mantra of reform, perform, and transform, India is in a position to help lift the world out of slow growth. Addressing the Economic Times World Leaders Forum here, the Prime Minister said India will soon become the world's third-largest major economy, and is on the way to becoming a developed nation by 2047. Observing that reform is a matter of commitment and conviction for his government, Modi said the next-generation GST reform process, which seeks to make the law simpler, will be completed before Diwali and bring down prices. The Prime Minister also asked the private sector to increase investment in research and development in sectors like clean energy, quantum technology, battery storage, advanced materials and biotechnology. This will strengthen the resolve of a developed India. "It is not in my nature to be satisfied with what has already been achieved. The same approach guides our reforms," he said. "For us,