Seasoned bureaucrat and a stickler for rules Finance Secretary Tuhin Kanta Pandey will be at the helm of capital market regulator, Securities and Exchange Board of India (SEBI), for three years. The 1987-batch Odisha-cadre Indian Administrative Service (IAS) officer, Pandey, would replace Madhabi Puri Buch, whose three-year term ends on Friday.
The finance minister, in her Budget speech, should focus more on what she is directly responsible for, rather than on programmes where her role is largely supportive, notes Nitin Desai.
Companies have been approached to set up incubation centres that will offer financial and non-financial support to manufacturing startups at various levels.
'Don't play the American game... India is too big for a US game.'
The government has revised gold import data, bringing down numbers for November by $5 billion to $9.84 billion, possibly to rectify double accounting of inbound shipments. According to revised data of the commerce ministry arm Directorate General of Commercial Intelligence and Statistics (DGCIS), gold import numbers have been slashed since April 2024, revealing excess imports of about $11.7 billion during the first eight months of 2024-25.
The government is targeting export of goods and services worth $2 trillion by 2030.
Prabhu was moved out of the important railway ministry and was handed over the commerce and industry portfolio in the Cabinet recast.
United States President Donald Trump on Sunday criticised the trade deficits that the US has with Canada, Mexico, China, and argued that America should no longer 'subsidise' other countries, and urged businesses to manufacture domestically to avoid tariffs.
US shale oil would act as an alternative to India's heavy dependency on Russian crude, which is currently facing sanctions.
Here is a list of Q & As to explain these issues and implications of the US move.
The government's initiative to migrate SEZ data from NSDL software to ICEGATE system for streamlined reporting of import data caused double counting of gold imports, resulting in inflated figures and the issue has now been largely rectified, government sources said. The downward revision has provided the actual picture of trade deficit (difference between imports and exports), which was earlier looking very high. The deficit for November will now be revised downwards from $37.84 billion to about $32.8 billion. Similarly, there will be a revision in overall import numbers as well.
The commerce ministry will approach the 13th Finance Commission next month suggesting measures to reduce the incidence of local taxes on exports. With the state levies accounting for 6 per cent of the cost of exporters' consignments, the ministry wants to ensure that these taxes are rebated on the lines of refund of Central levies through different schemes.
Prime Minister Narendra Modi has concluded his visit to France, which included co-chairing an AI summit and bilateral talks with French President Emmanuel Macron. He is now headed to the US for a bilateral meeting with President Trump. Modi's visit to France included discussions on trade, defense, energy, and cultural linkages. He also inaugurated India's new consulate in Marseille. During his visit to the US, Modi will also interact with business leaders and members of the Indian community.
According to exporters, withdrawal of incentives under GSP would impact India's export worth $5.6 billion to the US.
China on Tuesday retaliated US President Donald Trump's imposition of 2nd round of ten per cent tariffs on its export by slapping an additional 15 per cent tariffs on American goods and initiated legal action against Washington in WTO while leaving the door open for talks to address each other's concerns.
India's External Affairs Minister S Jaishankar has expressed concern over information regarding USAID funding in India, calling it "concerning" and hinting at potential "bad faith" activities. Jaishankar asserted that India is looking into the matter and that the country should know who is involved in such activities. He also emphasized the need to expand India's security definition in the digital age, highlighting the influence of technology and narratives on public perception. The statements come amid controversy surrounding USAID funding for certain activities in India, with the US President Donald Trump questioning the agency's funding of voter turnout efforts.
CBI has also summoned a senior official of Reliance Industries Limited and a noted chartered accountant.
Will come out with a response on the issue shortly.
Gem and Jewellery Export Promotion Council says step will balance trade deficit with the US.
We need to equip the Indian Armed Forces, not 'commercial' as Trump wants, but 'operationally' looking at growing Chinese military capabilities, asserts Lieutenant General Prakash Katoch (retd).
Farmer representatives and agricultural stakeholders urged the government to provide cheaper long-term credit, implement lower taxes, and double the PM-KISAN income support during a comprehensive pre-budget consultation with Finance Minister Nirmala Sitharaman on Saturday. The two-hour meeting saw a detailed discussion of proposals, aimed at addressing multiple challenges in the agricultural sector, with key demands focusing on financial relief, market reforms, and strategic investments.
The Department for Promotion of Industry and Internal Trade (DPIIT), under the Ministry of Commerce and Industry, has entered into a partnership with the Startup Policy Forum (SPF), a premier industry organisation representing India's leading new-age companies.
Fast-moving consumer goods (FMCG) distributors' association has written to the Ministry of Commerce and Industry, expressing its apprehensions that the "unchecked expansion" of quick commerce platforms was leading to severe disruptions in the retail ecosystem. India Consumer Products Distributors Federation on Thursday shot an email to the government, saying that significant challenges were posed by the rapid growth of quick commerce platforms such as Blinkit, Zepto and Instamart to the traditional retail sector and the FMCG distribution network in the country.
Despite the controversy over the entry of foreign retail giants, the government has cleared foreign direct investment worth only $3.1 million in retail between February 2006 and May 2007.
'The US is strongly placed to expand its crude supplies to India.'
India has launched two special category visa for international students intending to pursue higher education in academic institutions in the country.
The Cabinet can take a decision on the matter only after the Election Commission's approval.
What stood out in his 15-year journey as a member of the political executive at the Centre was his glowing record as India's most successful and effective finance minister. Both as prime minister and finance minister, he understood the importance of gradualism, except when the economy or the polity was in a crisis.
India and Qatar on Tuesday agreed to elevate their relationship to a strategic partnership and double bilateral trade to USD 28 billion over the next five years. Prime Minister Narendra Modi and Qatari Amir Sheikh Tamim Bin Hamad Al-Thani signed agreements and MoUs to strengthen economic cooperation, including a revised double taxation avoidance agreement. The strategic partnership will cover the "entire spectrum" of the bilateral relationship, including trade, energy security, and regional and international cooperation. Both leaders also discussed ways to further strengthen and broaden the energy partnership, including "exploring mutual investments." The Amir's visit provided an "excellent opportunity" for the top leadership of the two countries to discuss and "cement a strategic partnership for enhanced future cooperation."
In the retail markets, rates have fallen to Rs 30-35 a kg from Rs 100-level.
India's merchandise exports dipped by about one per cent to $38.01 billion in December 2024 against $38.39 billion a year ago, according to government data released on Wednesday. Imports increased by 4.8 per cent to $59.95 billion in December 2024 compared to $57.15 billion in the year-ago month.
China was India's top import source with $65.89 billion, a 9.8 per cent year-on-year increase, worth of inbound shipments during the April-October period of this fiscal, according to the commerce ministry data. Exports to China, however, dipped by 9.37 per cent to $8 billion. During the period, the US emerged as the top export destination for the country with outbound shipments increasing by 6.31 per cent to $47.24 billion.
The government on Tuesday announced setting up of hubs to promote exports through e-commerce medium in public-private-partnership (PPP) mode and initially 10-15 hubs will be established. Finance Minister Nirmala Sitharaman said that these hubs, under a seamless regulatory and logistic framework, will facilitate trade and export-related services under one roof. "To enable MSMEs (micro, small and medium enterprises) and traditional artisans to sell their products in international markets, e-commerce export hubs will be set up in PPP mode," she said.
'We are getting to understand the mind of this generation.' 'Minor tweaks are being made to ease the process as we go along.'
Gold imports more than doubled in August to a record high of $10.06 billion, mainly on account of a drastic cut in customs duty and ongoing festive demand, according to the Commerce Ministry data. Gold imports stood at $4.93 billion in August 2023. On record high imports, Commerce Secretary Sunil Barthwal said that the tariff rates on gold have been reduced drastically so that smuggling and other activities can come down.
The cabinet of the new government led by Rekha Gupta balances representation of all major communities that propelled the Bharatiya Janata Party to power in Delhi with a massive majority after over 26 years.
The government's subsidised onion sale initiative, launched on September 5, has led to price drops in major cities within days, the consumer affairs ministry said on Saturday. In Delhi, retail onion price fell from Rs 60 to Rs 55 per kg, while Mumbai saw a decrease from Rs 61 to Rs 56 per kg. In Chennai, the retail price reduced from Rs 65 to Rs 58 per kg, the ministry said in a statement.
The wholesale price inflation rose to 1.84 per cent in September as food items, especially vegetables, turned costlier, as per the government data released on Monday. The wholesale price index (WPI)-based inflation was 1.31 per cent in August. It was (-)0.07 per cent in September last year.
The department of personnel and training has asked the Union Public Service Commission to recruit such specialists through "lateral entry" mode in 12 government departments/ministries, he said.
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