INDIAN ECONOMY
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Finance Minister Nirmala Sitharaman on Friday said India's middle-class and slightly affluent class will account for 93% of the country's consumption by 2036 due to the tax relief and welfare measures implemented by the government that have aided to boost the spending capacity of the population....
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Finance minister Nirmala Sitharaman on Friday described the middle class as the growth engine of India and said nearly 500 cities are poised to emerge as the country's next centres of economic activity.
Participating in a panel discussion on 'How to promote the rise of a new middle class' nearly 500 cities...
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The World Bank has moved Sri Lanka back into the upper-middle-income category, marking a significant milestone in the island nation's recovery from its devastating 2022 economic crisis. Vietnam and the Philippines have also been upgraded, reflecting years of sustained economic expansion....
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Housing and Urban Development Corporation (HUDCO) on Friday signed a preliminary agreement with Bihar to provide up to 1 trillion rupees ($10.50 billion) in l
oans for urban infrastructure projects, in one of the country's largest state-level infrastructure financing deals.
The loans will be extended to t...
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India's obsession with gold has always been viewed through two very different lenses. For households, it is a store of wealth and a hedge against uncertainty and also a symbolic asset passed down generations. For policymakers, it is also a recurring macroeconomic headache because almost all the gold Indians b...
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Exporters' body FIEO on Friday urged the government to operationalise goods and services tax (GST) refunds for foreign tourists to promote tourism and retail exports.
It said that Section 15 of the Integrated Goods and Services Tax (IGST) Act, 2017, provides for a GST refund mechanism for foreign tourists ...
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Union Minister for Finance & Corporate Affairs, Nirmala Sitharaman and Roland Lescure, Minister of Economy, Finance, Industrial, Energy, and Digital Sovereignty of France, co-chaired the India-France Economic and Financial Dialogue in Aix-en-Provence on Friday, the Ministry of Finance said.
The Ministry sa...
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The India-Israel Bilateral Investment Agreement (BIA) which was signed in September last year, came into force into Saturday.
"The Bilateral Investment Agreement (BIA) between the Government of the Republic of India and the Government of the State of Israel signed on 8th September 2025 in New Delhi, enters...
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India has set its sights on achieving $1 trillion in exports this financial year, with Union Commerce and Industry Minister Piyush Goyal outlining an ambitious roadmap that hinges on strong growth in both merchandise and services exports.
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India’s export performance has improved sharply after a weak period between December and March, think tank GTRI said, adding that the more encouraging sign is that the recovery extends beyond petroleum. “Exports excluding petroleum grew 9% in April and 11.9% in May, reversing a 9.2% contraction in March and n...
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Union Finance Minister Nirmala Sitharaman on Friday said India’s expanding middle class has become the “engine of growth”, with household consumption playing a key role in supporting the country’s post-pandemic economic momentum.
Speaking at a session on “How to promote the rise of a new middle class?” at ...
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India’s merchandise exports rose by more than 15% year-on-year in the April–June quarter of this financial year, while services exports grew 11% in the same period, Commerce and Industry Minister Piyush Goyal said on Friday.
In the corresponding quarter of the previous financial year, merchandise exports s...
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Global Capacity Centres (GCCs) in India are presently witnessing a sizable boom. Figures posted by CII, NASSCOM and Deloitte via its latest report titled ‘India’s strategic GCC play for Japanese enterprises’ confirms the same.
India’s GCC sector, which had a direct gross value added contribution of around ...
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MARKET & FINANCE
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India's foreign exchange reserves declined by $5.65 billion to $666.93 billion in the week ended June 26, 2026, according to data released by the Reserve Bank of India (RBI) on Friday.
The drop in the reserves came after it rose by $963 million to $671.63 billion in the earlier week ended June 19, 2026.
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People spend years carefully building wealth through fixed deposits, mutual funds, insurance policies and shares. But life has a way of getting in the way. Investors move cities, change banks, forget old investments or simply lose track of paperwork. Sometimes, the original investor passes away without tellin...
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India's bond market today looks vastly different from what it did a decade ago. Once dominated by institutional investors and traditional debt issuances, the market has steadily evolved into a broader ecosystem supported by regulatory reforms, digital platforms, innovative products and a growing pool of inves...
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On paper, 2025 was a spectacular year to be alive, personal wealth around the world climbed at its fastest clip since 2017, due to roaring stock markets and soaring asset prices. But peel back the headline number, there is an interesting story.
According to UBS’s latest Global Wealth Report, most of that w...
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GLOBAL CORPORATE
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Nvidia Corp. is looking to expand access to its leading artificial intelligence hardware by supporting Al cloud computing providers in exchange for a share of their future revenue.
The company at the heart of the Al boom will help connect Al data center operators and cloud service providers with Al develop...
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Trade in goods between the European Union and the U.S. reached a record €875 billion ($1.00 trillion) last year despite tariffs, but the figures mask significant economic damage, notably to Germany's auto sector, a study published on Friday found.
The research by the German Economic Institute, or IW, found...
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German software major SAP is tightening hiring, travel and third-party spending as it steps up investments in artificial intelligence, according to an internal email sent to employees, according to a Shilpa Phadnis’ TOI report.
In the email, SAP said the rapid pace of AI adoption is driving significant inv...
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US oil companies are set to report their strongest quarterly profits in years, courting a possible clash with President Donald Trump, who has been pressing his longtime ally Big Oil to bring down gasoline prices before midterm elections in November. After months of Americans complaining about pain at the pump...
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There is still no lasting peace deal in the Persian Gulf, but energy-hungry Asia is already drawing energy lessons from four months of war: it needs bigger buffers, a greater diversity of fossil-fuel suppliers, and a better mix of power sources overall.
Flows of oil and natural gas have been returning to nor...
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Iranian Parliament Speaker Mohammad Bagher Ghalibaf has said that the United States must accept that realities have changed following the Israeli-US conflict with Iran, during his meeting with Uzbekistan's speaker of parliament, as reported by Al Jazeera.
"Conditions have improved compared to the past, and...
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GLOBAL ECONOMY
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Russia's services sector contracted further in June as weaker client demand drove steeper falls in output and new orders, a business survey showed on Friday.
The S&P Global Russia Services PMI Business Activity Index fell to 48...
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Spain's services sector expanded at its strongest pace this year in June as activity and new business rebounded on stronger domestic demand, a business survey showed on Friday.
The Spain Services PMI Business Activity Index ros...
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Kenya's private sector activity picked up in June, breaking a run of three previous monthly contractions, a survey showed on Friday.
The Stanbic Bank Kenya Purchasing Managers' Index rose to 50.0 in June from 46.6 a month earli...
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Business in Italy's service sector grew marginally in June after three months of contraction, a survey showed on Friday, as cost pressures eased amid signs of de-escalation in the conflict in the Middle East. ...
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France's services sector contracted in June by more than initially forecast, as sluggish demand and inflationary pressures weighed on businesses, said a survey by S&P Global....
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Germany's services sector contracted for a third straight month in June as weaker demand, dragged down by higher prices and lower market confidence, continued to weigh on activity, a survey showed on Friday....
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The euro zone services industry contracted at a slower pace in June as cost pressures fell at the sharpest rate on record outside of pandemic-era lockdowns, helping to stabilise the broader economy after two months of decline, a s...
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Activity in Britain's dominant services sector contracted for a second month running in June and by the most since early 2023 as the fallout from the Iran war continued to weigh on companies, a closely watched survey showed on Fri...
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The US unemployment rate fell to 4.2% in June from 4.3% in May, even as employers added fewer jobs than expected. According to the US Bureau of Labor Statistics (BLS), nonfarm payrolls increased by 57,000 jobs in June, well below ...
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INDIAN CORPORATE
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Nestle India will sharpen its focus on penetration-led volume growth by expanding its distribution network deeper into rural and smaller towns, as the FMCG major looks to drive sustainable growth despite an uneven consumption envi...
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Andhra Pradesh will soon get a major low-carbon steel complex in the Rayalaseema region-with a total investment of Rs 16,350 crore. Construction work for the JSW Integrated Steel Plant was launched by Chief Minister N Chandrababu ...
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Life Insurance Corporation of India (LIC) paid Rs 4.96 lakh crore in benefits to policyholders during FY26, equivalent to 93% of its net premium income for the year. Total benefits paid by the country’s largest life insurer rose 1...
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GST
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As India celebrated GST Day on July 1, public attention rightly focused on one of independent India's most transformative economic reforms. Since its launch on 1 July 2017, the Goods and Services Tax has unified fragmented markets, widened the formal tax base, accelerated digitisation through e-invoicing and ...
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