INTERNATIONAL TRADE DEFICIT
Budget 2024: Jewellery industry urges for 5% import duty cut on gold. What it means
Decoding the impact that is expected from the 5% waiver, Mahendra Luniya, chairman & founder of Vignaharta Gold said that in FY23, India's gold imports totaled an estimated Rs 2.8 lakh crore and at a 15% import duty rate, the industry's customs duty payout is estimated at Rs 42,000 crore, noting that the latest exact data was not available with him.
US Fed hopeful of achieving 2 per cent inflation target soon
The U.S. Federal Reserve noted a lack of significant progress towards its 2 percent inflation target in its latest meeting. Despite this, there have been modest improvements in recent months. This conclusion was shared in the Fed policy minutes released on Wednesday.
Domestic demand for steel soars in India, country turns net importer in FY24: CRISIL Report
India has shifted from being a net exporter to a net importer of steel in fiscal 2024, with a trade deficit of 1.1 million tonnes. Surging domestic demand led to increased imports from China, South Korea, Japan, and Vietnam. Despite a rise in exports, India faces challenges from Chinese competition. Strong domestic demand and production growth indicate positive prospects for the Indian steel industry. Strategic adjustments are needed to manage imports and maintain export competitiveness.
India's exports grew 1.1%, but trade momentum to continue: CRISIL
India's merchandise exports rose by 9.1% to USD 38.1 billion in May compared to last year, with a modest 1.1% increase from April, driven by both oil and non-oil sectors. Imports surged by 7.7% to USD 61.2 billion, mainly due to oil and core imports, widening the trade deficit to USD 23.8 billion.
Gold, silver import surges 210 pc in 2023-24 from UAE; need duty revision in FTA: GTRI
Economic think tank Global Trade Research Initiative (GTRI) said this sharp rise in gold and silver imports is primarily driven by import duty concessions granted by India to the UAE under the India-UAE Comprehensive Economic Partnership Agreement (CEPA).
Pakistan missed GDP growth target; achieves 2.38 % against envisaged 3.5 % in FY 2023-24: Economic Survey
The growth remained below the estimated target of 3.5 per cent for the outgoing year and the government failed to achieve it, mainly due to underperformance of industries and services sectors.
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Tech stocks tumble, dragging Sensex 203 pts lower, Nifty below 23,300 on US rate fears
The Sensex hit a day's high of 77,079, while the Nifty 50 touched 23,411.9 in early trade on Monday on the back of a Modi-fuelled state firm rally, but the IT stocks dampened the buoyant market mood. The IT index fell 1.83%, making it the top sectoral loser. Tech Mahindra, Infosys, Wipro, TCS, and HCLTech declined by 1%-3%, becoming the top losers on the Sensex. The market capitalisation of all listed companies on the BSE surged by Rs 1.59 lakh crore to reach Rs 425.08 lakh crore.
India's GDP grows 7.8 per cent in Q4, FY24 growth pegged at 8.2 per cent
India Q4 GDP: The analysts were anticipating a better-than-expected growth for the January to March quarter this time around. The Reserve Bank of India (RBI) estimated Q4FY24 real GDP growth to be 7 per cent while ET Poll suggested the growth rate of 6.8 per cent. As per a Reuters poll, the Indian economy was expected to grow at 6.7 per cent in the January-March quarter on a year-on-year basis, owing to weak demand.
The US can't be protectionist and world leader
US President Joe Biden's economic nationalism challenges the Pax Americana legacy. The Smoot-Hawley Tariff Act of 1930 symbolises a protectionist era leading to global conflict.
Saudi Arabia may announce landmark Aramco share sale today: Report
Saudi Arabia may announce a landmark secondary share offering in oil giant Aramco later on Thursday, pending final approval from Crown Prince Mohammed bin Salman, people with knowledge of the matter said.
India has potential to capture a large share of global defense market: Mark Matthews
I think there is scope for further expansion if the earnings grow and if the economy grows, then the earnings will grow. If the economy grows by let us say 6-7-8% per year, then I think it is reasonable to assume earnings grow by 12-13-14% per year and if you compound that a couple of years, then actually India is not expensive.
India's engineering exports to Russia surge amid Ukraine conflict but sanctions remain a concern
The geopolitical situation has reshaped India's export patterns, particularly in the engineering and machinery sectors. While opportunities in the Russian market have expanded, exporters must navigate the complexities of sanctions and banking reluctance to capitalize on this growth.
Industrial policy is back. Is this what India needs for an ‘atmanirbhar’ economy?
Mere rise in GDP growth numbers are not enough. What India needs to become a global manufacturing powerhouse is a well-outlined policy that gets the wheel spinning on job creation, skills and holistic growth — especially as the world tilts towards protectionism.
What are the costs behind Trump's economic proposals?
Former President Donald Trump is considering imposing tariffs on all US imports, potentially costing consumers $500 billion annually. His proposals include a 10% tariff on all trading partners and higher levies on Chinese goods, aiming to offset tax cut extensions. These policies could disproportionately impact lower-income groups.
Why power stocks are a healthy combination of high growth and reasonable valuations
Government initiatives and rising energy demand are transforming the Indian power sector, offering investment opportunities with high growth and reasonable valuations. The sector's growth is fueled by a move towards renewable energy sources, positioning India as a major player in global energy markets. A strong correlation exists between GDP growth rate and power consumption.
Exports up 1% in April, yet trade gap widens
India's goods exports grew 1.06% to $34.99 billion in April, with a trade deficit of $19.1 billion fueled by increased gold imports. Switzerland replaced Russia as a key import source. Challenges include rising petroleum imports and ongoing FTA discussions with the UK.
With neighbour like China, we have to learn to compete, says Jaishankar on boosting India's manufacturing
EAM Jaishankar suggested that lack of focus in the past on the manufacturing sector is linked to the upward trajectory in India-China trade notwithstanding New Delhi's approach that normalisation of ties with Beijing is dependent on resolution of the eastern Ladakh border row.
China willing to help Indian firms to cater to its market demand: Envoy Xu Feihong
China's new envoy to India, Xu Feihong, has stated that the Chinese market is open to all countries, including India. He emphasized that Beijing understands India's concerns over its burgeoning trade deficit and is willing to help Indian companies tap into the Chinese market. The trade deficit reached USD 101 billion in 2022, crossing the $100 billion mark. Xu reiterated that China understands India's concerns and is not seeking a trade surplus.
BIPAs vs FTAs: Balance of trade rests on finding an equitable equation
Both types of trade agreements have their merits and demerits. The government has to find the right mix to ensure investments that come into the country benefit the domestic economy in the long run.
IMF raises India’s FY25 growth forecast to 6.8%; FY26 outlook unchanged
The International Monetary Fund (IMF) has revised its forecast for India's economy, predicting a 6.8% growth in FY25 and 6.5% in 2025. This follows upward revisions by other international lenders, which predict strong domestic demand and a revival in the rural economy. The IMF also revised its FY24 growth forecast to 7.8%, higher than the government's estimate of 7.6% for the year.
US growth may be a global boon, but inflation could derail the train
The US's robust economic growth, while beneficial globally, poses risks due to high inflation and tight monetary policy. Uncertainty surrounds whether growth stems from positive factors or fiscal deficits. IMF and World Bank meetings will likely focus on this. Fed's cautious approach reflects concerns about persistently high inflation. International reactions vary, with some central banks facing limitations if US inflation continues.
Rupee trades in narrow range against US dollar in early trade
At the interbank foreign exchange, the rupee opened at 83.33 against the dollar and touched an early low of 83.34 in initial trade, registering a fall of 5 paise over its previous close. It was later trading at 83.31 against the American currency.
India's exports will close fiscal at same level as last year despite uncertainties: Goyal
Goyal also said that the government measures such production-linked incentives schemes and focus on high-quality goods and services would help in containing the country's trade deficit.
What US still needs to be wary of even as economic risks from internal factors recede
A year ago, most forecasters expected the U.S. economy – the world’s largest – to slide into a recession as the Fed raised interest rates to fight a burst of inflation that began in 2021. But the economy unexpectedly kept growing.
Charting the global economy: Red Sea causes the biggest diversion of international trade in decades
Two months of missile, drone and hijacking attacks against civilian ships in the Red Sea have caused the biggest diversion of international trade in decades, pushing up costs for shippers as far away as Asia and North America.
ETMarkets Smart Talk: If you plan to invest Rs 10 lakh ahead of Budget 2024, deploy it over 6 months: Rohit Sarin
As we approach the Interim Budget 2024 or the Vote on Account, the Indian markets are expected to remain strong in 2024 aided by the reallocation of global liquidity towards equity, with the government's policy stance aligned with this momentum. The Indian market is well-positioned for continued growth, although it may remain volatile in the near term. India's fiscal deficit and current account deficit are in line with goals. India's economic indicators reveal sustained growth rates, making it an appealing investment destination.
"A challenge to itself and international community..": What a piece on China's Global Times said on Modi govt's Bharat narrative
India's Narendra Modi government has been praised for its improved approach towards global trade, culture, economy, and politics, according to Zhang Jiadong, director of the Center for South Asian Studies at Fudan University. The Indian government is now more strategically confident and proactive in creating a 'Bharat narrative', aiming to escape the "political dwarf" resulting from colonial rule and act as a "world mentor" politically and culturally.
FY24 to end with strong growth performance, macroeconomic stability: Finance ministry report
In the Monthly Economic Review for October, India's finance ministry said the downside risk will continue to be inflation that should keep both the government and the RBI on high alert.
China data laws could have 'unintended consequences': EU trade chief Valdis Dombrovskis
Recenly, China has implemented expansive new regulations on cybersecurity, counterespionage and data management which have worried some foreign firms, unsure of how their enforcement will affect their business operations in the world's second-largest economy.
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