'Why not aspire for 8 or 9 or even 10 per cent?'
Piyush Goyal on Friday rejected reports suggesting that India is planning to hold off trade deal with the United States for several months.
Monthly gold imports have declined to 25-30 tonnes from 70-80 tonnes while recycling of old jewellery has increased following the recent hike in import duties.
India's exports recorded a 13.78 per cent increase to USD 43.56 billion in April, marking the highest monthly outbound shipments in over four years, primarily driven by petroleum products. However, the trade deficit widened to a three-month high of USD 28.38 billion due to a 10 per cent rise in imports.
If we really want to curb the further depreciation of the rupee and make the rupee appreciate, we want to come out of the mindset that the exchange rate is merely a number, bring policy corrections to help reduce the outflow of foreign exchange by imposing suitable tariffs to discourage imports and bring self reliance, discipline FPIs, and correcting rules governing royalty outflows, suggests Dr Ashwani Mahajan, National Co-Convenor, Swadeshi Jagaran Manch.
The Indian rupee plummeted to a new all-time closing low of 95.81 against the US dollar, driven by surging crude oil prices, persistent inflation concerns, and a strengthening dollar index.
India's wholesale price index (WPI) inflation surged to 9.68 per cent in May, up from 8.26 per cent in April, primarily due to significant increases in the prices of fuel and power, manufactured goods, and food items.
India has strongly protested to the United States after three merchant ships with Indian crew members were attacked by the American military off the coast of Oman, resulting in the deaths of three Indian nationals.
According to exporters, withdrawal of incentives under GSP would impact India's export worth $5.6 billion to the US.
United States President Donald Trump and Iranian President Masoud Pezeshkian have virtually signed a 14-point memorandum of understanding (MoU) to end hostilities, reopen the Strait of Hormuz, and begin a 60-day negotiation process on sanctions and Iran's nuclear programme.
An Indian-flagged commercial vessel was attacked off the coast of Oman, but all crew members are safe, according to the Ministry of External Affairs.
US President Donald Trump will visit China from May 13 to 15 at the invitation of President Xi Jinping. The visit occurs amidst global tensions, including the war in West Asia and trade disputes between the US and China. Discussions are expected to cover China-US relations, world peace, and economic issues.
The commerce and industry ministry has informed the Prime Minister's Office that the Bharti Group has conveyed to the government that its joint venture with Wal-Mart was in compliance with the existing FDI policy.
In a major setback to Trump's pivotal economic agenda for his second term, the US Supreme Court, in a 6-3 verdict written by Chief Justice John Roberts, ruled that the tariffs imposed by the president on nations around the world were illegal.
India has strongly protested a US military strike on the commercial vessel Settebello off the Oman coast, which left three of the 24 Indian crew members missing. The US Central Command stated it disabled the Palau-flagged vessel for violating a blockade of Iranian ports.
In the retail markets, rates have fallen to Rs 30-35 a kg from Rs 100-level.
'The situation globally is quite challenging, but we have the confidence and courage of conviction that we will come out winners even in this challenging time.'
'Every day the meter is ticking. Like a time bomb.' Shipping giants are billing Indian exporters up to $3,000 per container in war surcharges -- on cargo that sailed before the war began -- as the Strait of Hormuz shuts down.
Pakistan Prime Minister Shehbaz Sharif announced that a US-Iran peace deal is on the verge of finalisation, potentially within the next 24 hours, marking a significant diplomatic breakthrough after months of intense negotiations.
China has emerged as India's largest trading partner in 2025-26, with bilateral trade reaching USD 151.1 billion, while India's trade deficit with Beijing widened to an all-time high of USD 112.6 billion.
The commerce ministry has proposed a three-year extension of tax benefits given to Export-oriented Units in an attempt to encourage export industries at a time when global demand is expected to slump further.
India has welcomed the ceasefire between the US and Iran, advocating for de-escalation, dialogue, and diplomacy to secure lasting peace in West Asia.
India and the US have reported positive progress in recent trade talks in Washington, agreeing to maintain engagement to finalise a bilateral trade agreement, which now requires recalibration following new US tariffs.
India and the US have decided to reschedule their meeting to finalize the interim trade pact due to recent developments and implications, including changes in US tariffs.
The Indian government has issued an updated Standard Operating Procedure (SOP) for processing Foreign Direct Investment (FDI) applications, aiming to clear all proposals within 12 weeks, a two-week extension from the previous 10-week target, to ensure a fully paperless and transparent process.
The Quad grouping has expanded cooperation in critical minerals and energy, while unveiling new measures to boost maritime surveillance and port infrastructure across the Indo-Pacific. This move comes against the backdrop of China's growing military posturing in the region, with ministers reiterating strong opposition to destabilising actions and expressing serious concerns over militarisation of disputed features.
India's wholesale price inflation surged to 8.30 per cent in April, up from 3.88 per cent in March, primarily driven by a significant increase in the prices of fuel, power, and crude petroleum, according to data from the commerce and industry ministry.
American industry groups sought punitive tariffs on Indian goods at USTR hearings, while Indian officials defended the country's manufacturing growth as demand-led and WTO-compliant.
The ministry, according to sources, held three special drives during June-July for weeding out and indexing of old files and records
India has expressed strong concern over the targeting of commercial shipping in the Strait of Hormuz during the West Asia conflict, urging for the restoration of unimpeded navigation and global commerce.
'OMCs are incurring losses of Rs 1,000 crore per day due to the West Asia crisis.'
India has fully protected its sensitive sectors like dairy, rice, wheat, pulses, tea, genetically modified (GM) goods, and coffee by not granting any import duty concessions to the European Union (EU) under the bilateral free trade agreement, according to the Commerce Ministry.
India has initiated a probe into imports of subsidised paperboard from China and Indonesia following complaints from domestic manufacturers. The investigation will assess the impact of these imports on the Indian paper industry and determine if anti-subsidy duties are warranted.
India has initiated a probe into imports of subsidised paperboard from China and Indonesia following complaints from domestic manufacturers. The investigation will assess the impact of these imports on the Indian paper industry and determine if anti-subsidy duties are warranted.
Will come out with a response on the issue shortly.
The BRICS foreign ministers' meeting in New Delhi concluded without a joint statement due to disagreements over the West Asia conflict, with Iran blaming the UAE for the lack of consensus. India, as the host, issued a chair's statement highlighting the differing views.
'General Subramani's appointment as military adviser in the NSCS has given him insight into decision-making at the apex level prior to formally taking over as CDS.'
US President Donald Trump said the United States faces a stark choice in its approach to Iran, either to pursue a negotiated settlement or escalate militarily, as tensions continue to rise in the West Asia region.
India's merchandise exports experienced a slight decrease in February, while imports surged due to increased gold and silver purchases, leading to a widened trade deficit. The West Asia crisis is expected to further impact trade in the coming months.
