Domestic automobile retail sales declined 4 per cent year-on-year in July amid drop in demand for passenger vehicles and two-wheelers, dealers' body FADA said on Thursday. Overall registrations dropped to 19,64,213 units last month, as compared to 20,52,759 units in July 2024.
He added that India sells to the US, its biggest "client", "massive" amounts of goods, "but we sell them very little - Until now a totally one sided relationship, and it has been for many decades."
GST Reform 2.0, which trims tax slabs from four to two, signals a push for demand-led growth, and together with recent income tax cuts, sets the stage for sustained economic growth, experts said. The Goods and Services Tax (GST) Council on September 3 approved an overhaul of the indirect tax regime by taxing essentials at 5 per cent and other goods at 18 per cent. A new 40 per cent tax will be applicable on luxury and sin items.
The central government has proposed just two tax rates of 5 per cent and 18 per cent in the revamped Goods and Services Tax (GST), slated to replace the current indirect tax regime by Diwali this year, highly placed sources said.
Commerce and Industry Minister Piyush Goyal on Tuesday expressed hope that India will conclude the proposed bilateral trade agreement (BTA) with the US by the fall or November this year. He said that "a little bit" of geopolitical issues overtook the trade matters in the negotiations for the pact between the two countries.
'Whatever is necessary for life and is not made in your country, we will import it from outside.'
The answer is to be found in the rise of the global south and in particular, the rise of China, explains Aakar Patel.
Taiwanese electronics giant Foxconn's Bengaluru factory, its second-largest manufacturing unit, has commenced operation with production of iPhone 17 recently at a small scale, sources aware of the development said. Foxconn is the largest manufacturer of iPhones, and the second-biggest facility outside China in Devanahalli near Bengaluru, being set up at an investment of $2.8 billion (about Rs 25,000 crore).
The proposed 'Next Gen GST' with sweeping reforms, lower tax rates, and just two slabs, aims to boost the economy amid tariff threats and set the stage for a single tax rate regime by the time India becomes a developed nation, government sources said.
The United States announced a 25 per cent tariff on India as the White House released an expansive list of duties that Washington, DC will impose on exports from countries around the world.
Exporters on Thursday sought a fund of Rs 750 crore for three years to tap USD 25 billion export potential in the US, aiming to seize potential opportunities that may arise as the US President-elect, Donald Trump, has threatened to impose high tariffs on Chinese goods. In its pre-Budget meeting with the finance ministry, Federation of Indian Export Organisations (FIEO) President Ashwani Kumar has also demanded extension of the five per cent Interest Equalisation Scheme (IES).
You can't be the second-most expensive market in the world and deliver just 10 per cent EPS growth, points out Akash Prakash.
Plans for big bang reforms in the GST regime by Diwali, the Putin-Trump summit and S&P upgrading India's sovereign credit rating are likely to instil optimism in the domestic equity market in the week ahead, analysts said. Besides, trends in global markets and the trading activity of foreign investors would also impact domestic investors' sentiment.
Spreading risks in sourcing raw materials for electric vehicle (EV) manufacturing is "very critical" and the government can play a key role by enabling access to these from multiple locations worldwide, said Vivek Srivatsa, chief commercial officer at Tata Passenger Electric Mobility, on Friday while stressing the need for faster localisation, especially of batteries.
'If China shows greater concerns for Indian interests, ties could improve. Otherwise, the thaw could be short-lived.'
Fijian Prime Minister Sitiveni Rabuka discussed US tariffs on Indian goods with Prime Minister Narendra Modi, noting that "somebody is not very happy with you." The discussion occurred during Rabuka's visit to India to strengthen ties.
India's economic growth is expected to be lower at 6.3 per cent this fiscal compared to the RBI's projection of 6.5 per cent, a SBI Research Report said on Thursday. The report pegged the first quarter GDP estimate at around 6.8-7 per cent, mainly due to muted private capex.
External Affairs Minister S Jaishankar defends India's purchase of Russian oil, stating it is not the largest purchaser and that the US had previously supported such actions to stabilize energy markets. He also addresses concerns about tariffs and trade relations with the US.
Prime Minister Narendra Modi and Chinese President Xi Jinping are expected to hold bilateral meetings on the sidelines of the SCO summit in Tianjin, as both nations look to strengthen ties amid global trade tensions.
From the Sensex firms, Trent, Tech Mahindra, Bajaj Finserv, Reliance Industries, Infosys, Kotak Mahindra Bank, HCL Technologies, and NTPC were among the biggest laggards. However, Eternal, Tata Motors, Sun Pharma, Tata Steel, and Titan were the gainers.
The CBI successfully managed to get Monika Kapoor extradited from the United States, ending her 25-year flight from justice. She is accused of economic offenses including forgery and fraud.
Leading automakers Maruti Suzuki, Hyundai, Mahindra, and Tata Motors saw a dip in dispatches to dealers in August amid dip in demand with many prospective buyers postponing their buys anticipating a reduction in vehicle prices on account of the new GST framework. The country's largest carmaker Maruti Suzuki India reported an 8 per cent year-on-year dip in dispatches of passenger vehicles in the domestic market last month.
The comments come ahead of Trump's high-profile meeting with Russian President Vladimir Putin, scheduled for Friday in Anchorage, Alaska.
The Indian services sector growth touched an 11 month high in July, supported by a pickup in new exports orders and sharp rise in overall sales, a monthly survey said on Tuesday. The seasonally adjusted HSBC India Services PMI Business Activity Index was at 60.5 in July, little-changed from 60.4 in June, and the rate of expansion was the best seen since August 2024.
Japan is expected to increase its investment target in India from the earlier 5 trillion yen ($34 billion) to almost 10 trillion yen.
India-US relations, like Rome, were not built in a day, nor can they be demolished in a day.
All said and done, when the new global order emerges, India can only remain with the democracies, asserts Ambassador T P Sreenivasan.
'It's important for India to think about areas where it wants the US to move.' 'We can be far more innovative in what we ask the US.' 'Given that there's a package deal, why not do it?'
The way to deal with a bully is to resist bullying, because submission in the first instance only invites even more overbearing demands in future. What may seem like a small price to pay now will lead to a much higher price later, warns former foreign secretary Shyam Saran.
Any industrial policy is only as good as how it is applied and the other reforms that support it. This was as true 40 years ago as it is now, points out Debashis Basu.
Very sensitive items -- such as apples, which carry political weight and are closely tied to farmer interests in states like Himachal Pradesh and Uttarakhand -- may face restricted concessions.
The era where nations thrived through rigid alignments is giving way to an age where the connective State defines power. For India, that era has arrived, points out Dr Nishakant Ojha.
One must wonder whether Mr Modi's efforts to wine and dine the Big Two of today's world were seen as a sign of weakness rather than a proffered arm of friendship, points out R Jagannathan.
The trade relationship between India and the United States has been strained by the imposition of 25% tariff by the US on Indian goods.
'What's currently underway is not a 'reset'.' 'What needs to be arrived at is a new balance.'
The Swiss government would not object to tennis legend Roger Federer or FIFA President Gianni Infantino intervening to reduce the country's tariff burden after the US slapped a 39 percent import duty on its goods, President Karin Keller-Sutter said.
Russia has a "special mechanism" to confront any challenge arising out of the US slapping punitive measures against India for its procurement of Russian crude oil, Russian charge d'affaires Roman Babushkin said on Wednesday.
Indian OMCs have not been buying Iranian or Venezuelan crude which is actually sanctioned by US. OMCs have always complied with the price cap of $60 for Russian oil recommended by the US.
'In my 26 years at Raj Bhavan, working with more than ten governors, I can tell you C P Radhakrishnan Sir stands out.'
The stage is set for a direct contest between NDA nominee C P Radhakrishnan and joint opposition candidate B Sudershan Reddy for the September 9 vice-presidential election. Nominations have been scrutinized and accepted.
The additional 25 per cent duty will come into effect after 21 days or August 27.
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