India's economic engine is revving up, but navigating the global headwinds requires sharp strategy. The rupee's recent volatility against the dollar underscores the complexities facing Indian businesses, impacting everything from import-export trade to domestic inflation. This week alone, we've seen significant shifts in the IT sector, with major players announcing restructuring and a renewed focus on AI-driven solutions. Meanwhile, the burgeoning startup ecosystem continues to attract substantial funding, despite a cautious global investor sentiment. The government's recent policy announcements on infrastructure development and digitalization are poised to further shape the business landscape, creating both opportunities and challenges for entrepreneurs and established corporations alike. Understanding these market dynamics is crucial for success in today's rapidly evolving Indian economy. Stay informed with Abtak.com for the latest insights and analysis on key sectors including finance, manufacturing, and technology – empowering your business decisions in a dynamic market. Explore the complete business news section now to stay ahead of the curve.
NEW DELHI, - India's exports leapt in November in defiance of U.S. President Donald Trump's steep tariffs, providing fresh leverage in ongoing trade talks with Washington and easing pressure on New Delhi to strike a quick deal. Shipments to the United States rose more than 22% in November from a year earlier, outpacing India's overall export growth of more than 19%, which lifted total goods exports to $38.13 billion, government trade data released on Monday showed. Goods exports were the highest for any November in a decade. Robust shipments have tempered fears of a prolonged tariff-led slump after trade talks between the two nations fell apart and Trump doubled duties on Indian goods to 50% in late August, the highest in the world. The hike included a 25% levy that was in retaliation for India's purchases of Russian oil. The move had initially hit exports and pushed the rupee to a record low as investors awaited progress in trade negotiations. Exports to the U.S. had fallen nearly 9% year-on-year in October after touching a record low in September. Analysts said November's export recovery, coupled with India's strong domestic economy, reduces the urgency for New Delhi to make concessions in talks with Washington. "After the recovery in U.S. exports despite no tariff relief, India now has the leverage to press for a tariff cut to 25% from 50%, especially after sharply reducing Russian crude imports," said Ajay Srivastava, founder of the Global Trade Research Initiative. Economists cited diversification and strong domestic demand as key drivers of resilience, which helped India's economy beat forecasts to grow 8.2% in the July-September fiscal second quarter. GDP is forecast to accelerate to at least 7% in the 2025/26 year. "Improvement in exports signals resilience and diversification," said economist Madhavi Arora from Emkay Global. The U.S.-bound exports have been led by tariff-free sectors such as electronics while tariff-hit sectors have performed better than expected, likely due to exporters tapping new markets, Arora said. India's exports of electronic goods during April to November jumped 38% from a year earlier, data showed. Over the years, rising domestic production of smartphones by global giants such as Apple has been central to India's manufacturing push. Between March and May, for instance, nearly all the iPhones exported by Foxconn from India went to the United States, reflecting a realigning of its India exports to almost exclusively serve the U.S. market this year. Services exports also provided an additional buffer, totalling around $35.86 billion in November and contributing to a nearly $18 billion services trade surplus, according to government estimates. A weaker currency has also softened the tariff blow. The rupee has slid about 6% against the dollar this year, making it among the worst-performing major currencies globally. INDIA HOLDS ITS GROUND Encouraged by the improved data, Indian officials have maintained a firm stance against U.S. trade demand, signalling limited flexibility in areas such as agricultural imports. India has no plans to increase imports of products such as corn or to allow genetically modified crops, which remain key U.S. demands, a senior government official, involved in trade talks, said. The Indian trade ministry did not immediately respond to an e-mailed request for comment. Indian Prime Minister Narendra Modi said he spoke to Trump by phone last week, their third call since Washington doubled tariffs on India, but the discussions remain inconclusive. The call followed U.S. Deputy Trade Representative Rick Switzer's two-day visit to New Delhi that did not lead to agreement over a deal. India's trade secretary said on Monday "there's a fair expectation" that both sides could agree on a deal to lower reciprocal tariffs and they were close to a framework deal. Exporters, however, remain cautious. While overall marine exports rose about 20% during April-November to $5.7 billion, driven by higher shipments to China, Vietnam, Russia, the European Union and the Middle East, shipments to the U.S. have plummeted. Exporters are concerned as U.S. exports command higher profit margins. Pawan Kumar, managing director of Sprint Exports and president of the Seafood Exporters Association of India, said his company's exports to the U.S. had dropped to near zero after tariffs of around 50% made shipments unviable. "We are keenly watching the talks," he said. "Regaining the U.S. market is the only permanent solution."
U.S. President-elect Donald Trump said on Monday that on his first day in office he would impose a 25% tariff on all products from Mexico and Canada, and an additional 10% tariff on goods from China, citing concerns over illegal immigration and the trade of illicit drugs. "On January 20th, as one of my many first Executive Orders, I will sign all necessary documents to charge Mexico and Canada a 25% Tariff on ALL products coming into the United States, and its ridiculous Open Borders," Trump said in a post on Truth Social. Trump said the tariffs would remain in place until the two countries ...Read More >
YORK, UK - In a move to strengthen its position in the equine health market, Animalcare Group Plc (AIM: ANCR) has announced the conditional acquisition of Randlab, a prominent Australian equine veterinary business. The deal, valued at A$120 million (approximately £62.2 million), is expected to significantly boost Animalcare's earnings in 2025. The purchase agreement, involving Animalcare's newly formed subsidiary Animalcare Australia Pty Ltd, encompasses Randlab's entire issued share capital, including its New Zealand and Middle Eastern operations. The acquisition is financed through a combin ...Read More >
The newly elected President of the United States Donald Trump is extending his hands to unapologetically stand firm with United States most reliable ally, Israel. Donald Trump on 2nd December has issued a stark warning, declaring that there would be "hell to pay" in the Middle East if hostages held in the Gaza strip are not freed before his January 20, 2025, inauguration. During October 2023 terrorist attacks led by Hamas upon Israel, the terrorist group captured over 250 innocent individuals, with Israeli reports confirming dual Israeli-American nationals among the hostages. Currently, aroun ...Read More >
This is a Mint Premium article gifted to you. Subscribe to enjoy similar stories. New Delhi: The debate on laboratory-grown meat, dairy, and egg products may soon be settled, with the issue reaching India's apex food regulator, three people aware of the development said. The development comes in the backdrop of concerns about public health, food security and ecological sustainability. While the Food Safety and Standards Authority of India (FSSAI) has put in place a regulatory framework for plant-based protein products, manufacturers and sellers of fermentation-derived and cultivated protein ...Read More >
ess than 24 hours after he asserted in Nigeria's Abuja that stepping out of the comfort zone, innovating and creating new paths has now become the very essence of today's India, Prime Minister Narendra Modi on Monday told the gathering of world's most influential leaders converged in Rio de Janeiro for the G20 Summit that the main reason for India's success lies in his government's 'back to basics' and 'march to the future' approach. Addressing the G20 session on 'Social Inclusion and the Fight Against Hunger and Poverty' at the bayside museum of modern art during the two-day 19th G20 Summit, ...Read More >
Amazon India's first Black Friday Sale starts Nov 29, offering huge discounts on electronics, home appliances, fashion, and more. Amazon India is gearing up for its first-ever Black Friday Sale, bringing the globally celebrated shopping bonanza to Indian customers. Starting November 29, 2024, and running until December 2, this five-day event promises incredible discounts across categories like electronics, home appliances, fashion, and more. Top brands such as Apple, Samsung, Sony, and LG are on the roster, making it a prime opportunity to snag premium gadgets and household items at unbeatabl ...Read More >
At the interbank foreign exchange, the rupee opened at 84.49 against the greenback, registering a fall of 2 paise over its previous close The rupee fell 2 paise to trade at 84.49 against the U.S. dollar in early trade on Friday (November 29, 2024) dragged down by significant foreign fund outflows and month-end dollar demand from importers. Forex traders said the rupee remains in a weakening mode due to dollar demand from importers and foreign banks. At the interbank foreign exchange, the rupee opened at 84.49 against the greenback, registering a fall of 2 paise over its previous close. On ...Read More >
JAKARTA (Reuters) - Indonesia and Canada on Monday signed a Comprehensive Economic Partnership Agreement (CEPA) that aims to strengthen economic ties between the two G20 members, three years after negotiations began. The agreement will take effect in 2026 and was signed in Jakarta by trade ministers of both countries. Indonesia's trade minister, Budi Santoso, said Indonesia appreciated Canada's support for its plan to prioritise its critical minerals sector, which was vital for its sustainable growth. "Together, we advance sustainable critical mineral management, supporting Indonesia's net ...Read More >
As per Moneycontrol's calculations, a 7 per cent growth in the remaining two quarters will put India's GDP at 6.5 per cent. The Indian economy would find it challenging to achieve over 7 per cent growth for the fourth consecutive year, economists said. They pointed out that the second-quarter (Q2) Gross Domestic Product (GDP) data, which was announced on November 29, has made the task even more daunting for the government. "A sharper than expected growth slowdown in Q2 has tilted risks to our outlook of 6.8 per cent for the current fiscal downwards," said DK Joshi, chief economist, Crisil. ...Read More >
The incoming US president has vowed to press for a quick deal to end Russia's war - leaving Kyiv scrambling to position itself ahead of his January inauguration Nato foreign ministers looked set to rebuff Tuesday a push from Ukraine for progress on joining their alliance ahead of Donald Trump taking power in the United States. The incoming US president has vowed to press for a quick deal to end Russia's war - leaving Kyiv scrambling to position itself ahead of his January inauguration. Ukraine's President Volodymyr Zelenskyy has said getting security guarantees from the Western alliance and ...Read More >
New Delhi, December 3: Apple is expected to enter the foldable smartphone market with its first-ever foldable iPhone by 2026. The tech giant delivers premium design and innovation in their products, is reportedly working on a foldable iPhone that could bring a significant shift to its product line. While details remain limited, multiple reports suggest that Apple is focusing on durability, user experience, and integration of advanced features. For several years, there have been many rumours and leaks about the possibility of the first foldable iPhone. It appears that Apple is now looking to t ...Read More >
FRANKFURT (Reuters) - Import tariffs expected to be implemented by the administration of U.S. President-elect Donald Trump could lower economic growth and inflation in the 20 nations sharing the euro, European Central Bank board member Piero Cipollone said on Tuesday. Most economists agree that the possible tariffs would impact growth, though views diverge on the effect on consumer prices. Some argue the U.S. trade barriers will push up the value of the dollar, making imports of key commodities more expensive, while likely retaliation from Europe will also raise costs. Cipollone, speaking i ...Read More >
The escalating conflict could upset a hard-fought consensus that G20 negotiators reached around 5 a.m. on Sunday, after an overnight push to ready the joint statement for final review by leaders arriving in Rio. That preliminary consensus after six days of negotiations included streamlined language about global conflicts including the war in Ukraine, focusing on the need to negotiate peace rather than criticism of any participants. However, sources said even that "simpler" consensus may now be up for reconsideration following the Russian air strike and the prospect of further escalation. Un ...Read More >
Sunmei Hotels Group has announced the launch of Sunmei Group International (SGI) and three new overseas brands—SHANKEE, PENRO, and LANOU—marking its expansion into the UAE market. The company plans to introduce SHANKEE Hotels, a smart economy brand, to cities like Dubai, Abu Dhabi, and Riyadh. SGI focuses on smart marketing, modular renovations, and intelligent operations, leveraging big data and AI to enhance service and guest experiences. Chairman Ma Yingyao aims to open 100 hotels globally within the next decade, doubling revenue and establishing a strong international presence for Chinese ...Read More >
Trump warns BRICS nations against replacing US dollar Dec 2 (Reuters) - A gauge of emerging market stocks rose on Monday, driven by positive manufacturing data from China and expectations of continued policy support from Beijing, while India's rupee hit a record low because of weaker-than-expected economic data. As of 0932 GMT, the MSCI's index for emerging market stocks had risen by 0.7%, on track for its biggest percentage gain in over three weeks. China's blue-chip CSI 300 climbed 0.8%, and the Shanghai Composite index jumped 1.1% after a private survey indicated that Chinese factory act ...Read More >
The U.S. dollar continued its strong run on Monday, bolstered by soaring Treasury yields and expectations of limited Federal Reserve rate cuts. Meanwhile, the yen steadied ahead of a key speech by Bank of Japan Governor Kazuo Ueda, where he may hint at a possible rate hike in December, with markets pricing a 55% chance of such a move. Japanese Finance Minister Katsunobu Kato's warning on yen intervention caused a temporary pullback, while the dollar index touched a one-year high of 107.07. Analysts forecast further dollar gains as U.S. economic policies and performance outshine global peers. K ...Read More >
Euro zone government bond yields increased slightly as investors await upcoming inflation data that may influence the European Central Bank's policy direction. Concerns over potential tariff hikes from the U.S. could further impact ECB strategies. Germany's bond yields and political tensions in France also add to the economic uncertainties. On Tuesday, euro zone government bond yields saw a minor increase after hitting multi-week lows in the previous session. Investors are keenly awaiting inflation data later this week that could provide insight into the European Central Bank's potential poli ...Read More >
The upcoming iPhone 17 Pro, expected in 2025, may feature significant design and performance upgrades. Leaks suggest a return to aluminium frames, replacing the titanium used in previous models, alongside a revamped rectangular camera module made of aluminium. The Pro models might also sport a hybrid rear panel with aluminium and glass for enhanced durability and aesthetics. Performance upgrades include the A19 Pro chip, built on TSMC's 3nm process, promising faster speeds and better efficiency. Additionally, the iPhone 17 Pro Max could feature 12GB of RAM, marking a first for Apple’s flagship ...Read More >
China and Hong Kong stock markets are experiencing a downturn due to rising concerns over the U.S.-China trade war, particularly regarding proposed tariffs and chip sales restrictions. The CSI300 and Shanghai Composite indexes fell, while Hong Kong's Hang Seng Index dropped 1.32%. Investors are wary of potential new restrictions on semiconductor and AI chip exports to China, further exacerbating market uncertainty. The automotive sector, led by BYD, also suffered from intense price competition among Chinese carmakers. Investor sentiment remains cautious, reflecting fears of escalating trade te ...Read More >
Uber has launched India's first Shikara ride on Srinagar's Dal Lake, offering a unique and scenic experience. This new service allows passengers to enjoy the tranquil beauty of the lake while riding in a traditional Shikara boat. Booking is easy through the Uber app, with rides available daily from 10 AM to 6 PM. This initiative aims to boost tourism in the region while providing locals with a new way to experience the lake. With Uber's entry into the Shikara market, visitors can now enjoy a blend of modern convenience and traditional charm on Dal Lake. ...Read More >
Rupee has maintained its position as one of the best performing Asian currencies, despite the ongoing challenges and geopolitical crisis in the Middle East. Pankaj Chaudhary, Minister of State for Finance on Monday said that this stance indicates India's strong economic fundamentals. In a written reply in the Lok Sabha, he mentioned that Rupee's is market-determined, not limited to any target or specific level. He noted that, as of November 19, 2024, the domestic currency had dropped 1.4 percent against the US dollar in the current calendar year (CY) 2024 and decline was primarily driven by ...Read More >
The Chinese yuan was also facing its own challenges from the growing threat of more U.S. tariffs on China, pushing it down to a 13-month trough. Japan's tech-heavy Nikkei jumped 1.6% as of 0200 GMT, and South Korea's KOSPI advanced 1.7%. Taiwanese shares gained 1.1%. Australia's stocks benchmark rose 0.7% and reached a fresh all-time high. However, Chinese stocks were under pressure, with Hong Kong's Hang Seng edging slightly lower and mainland blue chips falling 0.3%. MSCI's broadest index of Asia-Pacific shares added 0.7%. Both S&P 500 and Nasdaq futures were flat after the cash indexes ...Read More >
Still, the ongoing U.N. climate talks have thrown a spotlight on their efforts to tackle global warming. While the COP29 summit in Baku, Azerbaijan, is tasked with agreeing a goal to mobilize hundreds of billions of dollars for climate, leaders of the Group of 20 major economies half a world away in Rio are holding the purse strings. G20 countries account for 85% of the world's economy and are the largest contributors to multilateral development banks helping to steer climate finance. "The spotlight is naturally on the G20. They account for 80 percent of global emissions," U.N. Secretary Ge ...Read More >
Beijing: China has expressed its willingness to engage in dialogue with the United States following recent threats by former President Donald Trump to impose new tariffs on Chinese goods. The statement comes amid growing tensions between the two economic giants over trade practices, technology policies, and geopolitical issues. Chinese Foreign Ministry spokesperson, Wang Wenbin, said that China was open to "constructive dialogue" with the U.S., emphasizing the importance of cooperation to ensure global economic stability. "China believes that both countries should seek common ground and manag ...Read More >
TOI correspondent from Washington: In a warning shot that echoed across major world capitals and business majors on Tuesday, US President-elect Donald Trump said he will issue executive orders on day one of his presidency imposing new tariffs on all imported goods from China, Mexico and Canada, Washington's three largest trading partners, to stop the "invasion" of illegal migrants and drugs into the United States. In a post on his Truth Social platform, Trump put the onus of containing illegal border crossings squarely on two immediate neighbors on its southern and northern borders, saying "b ...Read More >
Despite its vast potential, the full capabilities of GST data remain largely unrealised. While aggregate data provides a broad overview of tax performance and health of the Indian economy, disaggregated sector-wise information is crucial for evidence-based policymaking. A closer look at the performance of GST revenue collection raises several questions. First, though the growth of GST revenue collection improved in the last seven years (13 per cent) compared to the pre-GST period 2012-17 (11.8 per cent), there has been hardly an increase in the tax base of GST in the last seven years compared ...Read More >
Chief Minister Mohan Yadav, campaigning to invite global investors to the Global Investors Summit to be held in Bhopal in February 2025, addressed an interactive session with industrialists during a roadshow in London, UK, on Tuesday. Yadav praised the dynamic leadership of Prime Minister Narendra Modi for the rapid industrial development seen across India. Inviting the industrialists to invest in Madhya Pradesh, he highlighted that the state possesses one of the largest land banks in the country. Madhya Pradesh has transparent and investor-friendly policies and is a leader in the mining and ...Read More >
The Indian government has announced a 375km rail network expansion, aimed at enhancing economic growth and connectivity in North Maharashtra, Madhya Pradesh, and Uttar Pradesh. With a total cost of approximately Rs79.27bn ($1.05bn), these projects are aimed to be completed within four years. Union Minister of Railways, Ashwini Vaishnaw, detailed the Cabinet Committee on Economic Affairs' approval of three railway infrastructure projects. The projects include the Jalgaon-Manmad fourth line (160 km), Bhusawal-Khandwa third and fourth lines (131km), and the Prayagraj (Iradatganj)-Manikpur thir ...Read More >
In the Indo-Pacific region, if one development would prove to be a landmark event in the region's modern history, it would be the signing of the Treaty of Comprehensive Partnership between North Korea and Russia in June 2024. The partnership has paved the way for strengthening bilateral ties between Moscow and Pyongyang and marked the onset of the global order transition, which was already underway. The institutionalization of the U.S., South Korea, and Japan's trilateral security cooperation has also given Russia and North Korea another strategic reason to collaborate. Therefore, with the geo ...Read More >
Trump's pressure on countries to remain tied to a US-dollar-based financial system could backfire, with potential increased motivation for BRICS to create alternatives. While the dollar's dominance persists due to existing economic strengths, recent global currency agreements indicate a cautious shift away from reliance on the greenback.Donald Trump's pressure on countries around the world to stay anchored to a US-dollar-based financial system is a tactic that risks backfiring, market watchers say. Dollar dominance looks set to continue for the foreseeable future and emerging nations' idea of ...Read More >