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NEW DELHI, Sept 30 (Reuters) - India's trade pact with four European nations, including Switzerland and Norway, will take effect from Wednesday, boosting exports of textiles, leather and food products while attracting investments, a government statement said. Under the Trade and Economic Partnership Agreement, opens new tab, signed last March after nearly 16 years of negotiations, the European Free Trade Association - comprising Switzerland, Norway, Iceland and Liechtenstein - will cut tariffs ...Read More >
MUMBAI, Sept 30 (Reuters) - The Indian rupee posted its fifth consecutive monthly fall against the U.S. dollar, and hit a record low on Tuesday, as trade tensions between India and the United States escalated, pushing up dollar demand. The rupee settled at 88.7875 against the U.S. dollar, its weakest ever closing level, and down slightly from its close of 88.7600 on Monday. Earlier in the day, the currency declined to an all-time low of 88.8000. The currency fell 0.7% in September, posting it ...Read More >
MUMBAI, Sept 30 (Reuters) - India's imports of gold and silver nearly doubled in September from August, defying record high prices, as banks and jewellers rushed to build inventories ahead of festivals and escape higher taxes on imports, trade and government sources said. Higher imports by India, the world's second-biggest consumer of the precious metal, are set to support gold prices that hit records this week, even as demand languishes in top buyer China. The surge in imports could widen Ind ...Read More >
Sept 30 (Reuters) - India's central bank on Tuesday said that the overnight weighted average call rate will continue to be the operating target of monetary policy under the revised liquidity management framework. The Reserve Bank of India also said that the 14-day variable rate repos and variable rate reverse repos will be discontinued as the main operations for managing short-term liquidity. Liquidity will me managed primarily through 7-day liquidity operations and through repos and reverse r ...Read More >
MUMBAI, Sept 30 (Reuters) - India's National Stock Exchange will offer a daily expiry on GIFT Nifty (.GIFc1), opens new tab contracts to foreign investors via a tax-neutral jurisdiction as it seeks to attract more global funds, diverging from domestic markets' tighter equity derivatives rules. GIFT Nifty is a dollar-denominated derivative contract of the Nifty 50 traded on NSE subsidiary, the NSE International Exchange (NSE IX) in Gujarat International Finance Tech (GIFT) City. In August, the c ...Read More >
Sept 29 (Reuters) - Tata Steel (TISC.NS), opens new tab has signed a non-binding pact with the government of Netherlands to transition to low-carbon emission steel production at its IJmuiden plant, the Indian steelmaker said on Monday. The plant is among the largest polluters in the country and Tata has been in talks with the Dutch government for months over subsidies to help it clean up production processes. The government intends to provide up to 2 billion euros ($2.35 billion) under the pac ...Read More >
DUBAI, Sept 26 (Reuters) - Defending champions India survived Pathum Nissanka's blistering hundred and some intense Super Over drama before beating Sri Lanka in a dead rubber to maintain their unbeaten run in the Asia Cup on Friday. With India having already secured their place in Sunday's final against Pakistan and Sri Lanka eliminated, the Super Fours clash was of merely academic interest but it turned out to be the most exciting game of this year's tournament. Sri Lanka gave a good account ...Read More >
Sept 26 (Reuters) - U.S. trade negotiators have told their Indian counterparts that curbing purchases of Russian oil is crucial to reducing India's tariff rate and sealing a trade deal, two people familiar with the talks told Reuters. While trade negotiations are on a positive track, a U.S. official said, more work is needed to ensure India addresses U.S. concerns over market access, the trade deficit and purchases of Russian oil. U.S. President Donald Trump has sought to pressure India, the E ...Read More >
NEW DELHI, Sept 26 (Reuters) - India rejected as "incorrect and baseless" remarks by NATO's chief that suggested Indian Prime Minister Narendra Modi was contacting Russian President Vladimir Putin over the impact of punitive U.S. tariffs on its purchases of Russian oil. India's foreign ministry called the remarks speculative and said on Friday there was no such conversation. NATO Secretary General Mark Rutte, in an interview with CNN, had spoken about U.S. President Donald Trump's doubling of ...Read More >
NEW DELHI, Sept 26 (Reuters) - India said on Friday its officials held "constructive" talks with U.S. counterparts during a visit to Washington this week, and both sides agreed to continue discussions aimed at concluding a mutually beneficial trade deal soon. "Both sides exchanged views on possible contours of the deal," the commerce ministry said in a statement. A delegation led by Commerce and Industry Minister Piyush Goyal visited the U.S. from September 22 to 24 and met U.S. Trade Represen ...Read More >
SRINAGAR, India, Sept 26 (Reuters) - Indian police arrested Ladakh activist Sonam Wangchuk on Friday, two days after New Delhi blamed him for violent protests demanding statehood, opens new tab for the Himalayan federal territory in which four people died, and suspended mobile internet services in its main city of Leh. Buildings and police vehicles were torched by angry crowds in Leh on Wednesday, as protesters moved away from a site where Wangchuk had been on hunger strike for 14 days. They cl ...Read More >
Sept 26 (Reuters) - Shares of India's Waaree Energies (WAAN.NS), opens new tab fell 4.5% to 3,288.9 rupees on Friday after U.S. customs officials said they were investigating if the solar panels maker sidestepped tariffs on Chinese-made cells and panels by labeling them as made in India. The U.S. Customs and Border Protection said in a memo on Friday that there was reasonable suspicion that Waaree had failed to label some of its imported products as subject to antidumping and countervailing dut ...Read More >
NEW DELHI, Sept 16 (Reuters) - India's antitrust inspectors have conducted surprise raids at steel pipe makers Jindal SAW (JIND.NS), opens new tab and Maharashtra Seamless (MHSM.NS), opens new tab in an alleged case of bid rigging, two people with direct knowledge of the matter said on Tuesday. The raids were conducted at offices of Jindal SAW and Maharashtra Seamless in and around New Delhi on Monday, and the search operation has now concluded, the two sources said. Reuters is first to report ...Read More >
Sept 16 (Reuters) - Troubled Indian budget carrier SpiceJet (SPJT.BO), opens new tab said on Tuesday it will lease eight additional Boeing (BA.N), opens new tab 737 aircraft to bolster its fleet ahead of the festive and winter season. The latest deal takes the airline's total fleet additions to 18 aircraft, including two earlier agreements to lease 10 Boeing jets scheduled for delivery starting in October. SpiceJet has signed multiple settlements in recent years to resolve disputes with lessor ...Read More >
NEW DELHI, Sept 15 (Reuters) - India and the United States will hold trade talks on Tuesday, New Delhi said, raising hopes for a breakthrough weeks after President Donald Trump imposed punitive tariffs on the South Asian nation for buying Russian oil. The move comes after Trump struck a more conciliatory tone in statements last week and expressed optimism that they could finalise a trade deal. The U.S. trade representative for South Asia, Brendan Lynch, will be in New Delhi for one day of talk ...Read More >
NEW DELHI, Sept 15 (Reuters) - India's merchandise trade deficit narrowed in August to $26.49 billion from $27.35 billion in July, as a drop in exports after U.S. President Donald Trump hiked tariffs on Indian goods was offset by slowing imports. The U.S. imposed an additional 25% tariff on Indian goods from August 27 over New Delhi's continued purchases of Russian oil, bringing total levies on Indian exports to 50% - among the highest for any U.S. trading partner. Trade talks between India an ...Read More >
NEW DELHI, Sept 15 (Reuters) - India and the United States will hold trade talks in New Delhi on Tuesday, weeks after President Donald Trump imposed punitive tariffs on the South Asian nation's exports, slowing its overall shipments to a nine-month low in August. India and the United States will "fast-track" trade talks, Rajesh Agarwal, India's chief negotiator and a special secretary in its commerce ministry, told reporters at an event for the release of trade data, but gave no details. U.S. ...Read More >
Sept 12 (Reuters) - The U.S. subsidiary of India's Vadilal Industries (VDLI.NS), opens new tab will start manufacturing ice cream at its local facility by the year-end to reduce dependence on imports and boost sales, an executive of the unit said on Friday. Vadilal Industries USA currently imports a majority of its products from India. U.S. President Donald Trump last month imposed tariffs of up to 50% on Indian goods, sending exporters of everything from apparel to frozen shrimp into a frenzy ...Read More >
New Delhi: Industry leaders welcomed the recently announced GST reforms, which reduce the number of tax slabs, stating that it will make tax compliance easier while also directly benefiting consumers through lower prices. Jharkhand Chamber of Commerce Joint Secretary Navjot Alang Rubal said that the reduction of the number of slabs from four to two under the new GST structure is a highly positive step. According to Rubal, this reform will greatly benefit the middle and lower-income groups as t ...Read More >
NEW DELHI, Sept 5 (Reuters) - India will continue to buy Russian oil as it proves economical, its finance minister said on Friday, despite the Trump administration's decision to impose heavy import tariffs on Indian goods due, in part, to its energy purchases from Moscow. As Europe and the U.S. have shunned Russian oil over Moscow's 2022 invasion of Ukraine, India has taken advantage of discounts on Russian output to become the largest buyer of Russian seaborne crude. New Delhi has said its pu ...Read More >
NEW DELHI/LUCKNOW, Aug 29 (Reuters) - The Indian government is facing a backlash from motorists after the nationwide rollout of fuel blended with 20% ethanol, amid fears - stoked by a lack of clarity from some automakers - that it may affect the performance of particularly older vehicles. India, the world's third largest car market, set a 2025 target years ago for 20% ethanol blending in fuel, called E20, as part of Prime Minister Narendra Modi's focus on clean energy. But in recent weeks it h ...Read More >
TOKYO, Aug 29 (Reuters) - Japan's Prime Minister Shigeru Ishiba and his Indian counterpart Narendra Modi agreed on Friday to deepen economic and security ties as New Delhi confronts new U.S. tariffs and Tokyo looks to counter China's growing influence. "Japan and India should draw on each other's strengths, help solve each other's challenges, and even tackle together the issues that future generations will face," Ishiba said at a joint press announcement with Modi after talks in Tokyo. The two ...Read More >
New Delhi: The country's largest carmaker Maruti Suzuki has announced the rollout of its first made-in-India electric vehicle - the e-Vitara SUV - in a major boost to the green segment from its upgraded Gujarat plant, which is now set to become one of the world's largest automotive manufacturing hubs with a projected annual capacity of one million units. Crucially, this facility will serve as Suzuki's global production base for electric vehicles (EVs), exporting to over 100 countries, including ...Read More >
Jaipur, Aug 28 (PTI) The Rajasthan High Court on Thursday cancelled the contentious police sub-inspector recruitment exam-2021 owing to paper leak. Justice Sameer Jain in a detailed judgment cancelled the exam 2021 which was the bone of contention for both BJP and Congress governments in the state. "Illegality and fraud on the system was so conspicuous. It is strange that the state government did not take action any decision on the subject. The court's decision hopefully will act as a deterren ...Read More >
NEW DELHI/TOKYO, Aug 28 (Reuters) - Indian Prime Minister Narendra Modi heads overseas on Thursday to meet the leaders of China, Japan and Russia, seeking to build closer diplomatic ties as New Delhi battles fallout from U.S. President Donald Trump's escalating tariff offensive. By drawing nearer to some of the world's largest economies, including his first visit to China in seven years, Modi hopes to to boost support for his flagship "Make in India" initiative, mainly from Japan, as Trump's me ...Read More >
NEW DELHI, Aug 28 (Reuters) - Indian gaming company A23 has challenged the government's ban on online money-based games, a legal filing shows, in the first case against a law that led to the sudden shutdown of popular contests and has thrown the industry's future into doubt. Prime Minister Narendra Modi's government issued a law last week to ban such games, which the industry says rely on skill and are therefore not gambling. Gambling was already highly restricted in India. The legislation is ...Read More >
NEW DELHI, Aug 25 (Reuters) - India shared a warning on possible cross-border flooding with neighbour Pakistan on "humanitarian grounds" and not under the water-sharing Indus Waters Treaty between the old enemies, an Indian government source told Reuters on Monday. India's high commission in Islamabad shared the warning on Sunday, the source said, following heavy rains in the Jammu and Kashmir region bordering Pakistan. India's foreign ministry did not immediately respond to a request for comme ...Read More >
Aug 25 (Reuters) - Credit-rating firm Fitch maintained India's sovereign rating at 'BBB-' on Monday, citing levels of fiscal deficits and debt that are still high, crushing the government's hopes for a lift in ratings by all three major providers. This month, S&P upgraded India to 'BBB', its first such upgrade in 18 years, prompting the government to respond that it expected other rating houses to follow suit. Fitch has rated India at 'BBB-' since 2006, while Moody's has retained its 'Baa3' ra ...Read More >
Aug 22 (Reuters) - India's markets regulator on Friday proposed changes to the country's block deal framework, including raising the minimum order size for such trades. The Securities and Exchange Board of India proposed to increase the minimum block deal size to 250 million rupees from the current 100 million rupees, according to a consultation paper published on its website. A block deal is used to execute large trades through a single transaction without putting either the buyer or seller i ...Read More >
NEW DELHI, Aug 14 (Reuters) - Publicis has sued India's antitrust watchdog for denying access to case files in a high-profile price-fixing investigation of ad agencies, after the French group failed to get the probe stalled until it could review the documents, court filings show. The Competition Commission of India (CCI) shook India's near-$30 billion media and entertainment sector in March with dawn raids at WPP's (WPP.L), opens new tab GroupM, Dentsu (4324.T), opens new tab, Publicis (PUBP.PA ...Read More >
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