INDIAN ECONOMY
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Indian households project inflation to hit 10 per cent over the next year, rising from 9.4 per cent in July. The shifting outlook underscores intensifying anxieties over escalating living costs, coinciding with the Reserve Bank of India’s (RBI) aggressive monetary tightening measures aimed at reining in persi...
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he monthly refund of tax paid on plant and machinery for five years, the removal of structural and procedural inefficiencies, and the release of credit blockages will unlock working capital for businesses putting up new lines. Additionally, treating contract manufacturing for foreign principals as an export w...
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Commerce and industry minister Piyush Goyal on Thursday expressed confidence that India would achieve $1 trillion in exports of goods and services in the current fiscal.
"We have set a (target of) big growth in exports...we are looking at $1 trillion exports...and I am confident after looking at the first ...
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Indian refiners have cut back Russian crude purchases for November delivery, as rising competition from China pushes up prices at a time when buyers can tap alternative shipments from the Middle East.
Surging prices for Russia’s flagship Urals crude loaded in the Baltic, a mainstay for Indian refiners, are...
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The GST Council on Thursday approved changes to make it easier for Indian companies to qualify for export benefits when serving overseas customers, including through their own foreign branches, while widening the refund of taxes locked up in input services and plant and machinery.
The measures seek to alig...
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The government is looking at using digital payments and public expenditure data to expand the way it measures the performance of India’s services economy.
The Ministry of Statistics and Programme Implementation (MoSPI) has proposed using UPI transaction data and government salary records to track activity ...
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The Goods and Services Tax (GST) Council on Thursday approved a raft of process and systems reforms that will help make India’s indirect tax regime more globally aligned, offering simpler compliance, faster flow of genuine tax credits and less scope for litigation. The reforms are expected to align the govern...
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MARKET & FINANCE
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US Treasury yields fell on Thursday, October 8, as strong demand at an auction of 30-year government bonds helped the market recover from recent selling pressure. It was only the second time this week that yields across most maturities had declined, showing that investors were still willing to buy long-term U...
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GLOBAL CORPORATE
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China is set to resume October refined fuel exports after a brief halt during its Golden Week holiday, four trade sources said on Friday.
China has approved October exports of diesel, gasoline and jet fuel combined at around 3.7 million metric tons, according to two separate industry sources....
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China's tax crackdown on wealthy individuals has become the latest headache for luxury brands, already grappling with the fallout from the Iran war and signs of slowing consumer spending in the United States.
The combination of challenges is likely to weigh on third-quarter results due from next week, rein...
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OpenAI's annualized revenue is about $20 billion less than has been previously signaled, the Financial Times reported on Thursday, citing financial documents shared with investors.
OpenAI did not immediately respond to a Reuters request for comment. Reuters could not independently verify the report....
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Forty-four European industry associations urged EU members on Thursday to take immediate action to combat what they said were unfair Chinese trade practices threatening EU manufacturing and risking further job losses.
The call from the associations representing sectors including metals, chemicals and autom...
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RTX's Raytheon said on Thursday it won a multi-year US military contract worth up to $6.3 billion to produce and sustain Standard Missile-3 Block IB interceptors, as the Pentagon seeks to rebuild missile-defence inventories and boost munitions production.
The award comes as the Pentagon looks to replenish ...
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India has joined a US-led initiative to tackle “structural excess capacity” in manufacturing, a move that could draw scrutiny given its own rapid expansion in sectors such as solar modules, steel and petrochemicals, some of which are already under the Trump administration’s trade lens.
The initiative seeks...
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Banking
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Higher crude oil prices, an uneven monsoon and drought conditions in five states could pose risks to the asset quality outlook of Indian banks, even as credit costs remain benign, according to a report by 360 ONE Capital.
The report said asset quality and credit costs for both private sector banks (PVBs) a...
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Indian banks could report a 25.4 per cent year-on-year rise in net profit in the July-September quarter, even as higher deposits raised through foreign currency accounts are expected to put pressure on lending margins, according to a report by Emkay Research.
The brokerage expects profitability to improve ...
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GLOBAL ECONOMY
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Artificial intelligence (AI) presents a "historic opportunity" for low- and middle-income countries to overcome long-standing development challenges, but the countries with the most to gain are the least prepared, according to a W...
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Singapore is expected to tighten monetary policy at a scheduled review on Wednesday as robust growth and inflation risks bolster the case for another move.
All 10 analysts polled by Reuters expect the Monetary Authority of Sin...
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As soybean farmer David Schacht begins his fall harvest, surging diesel and fertiliser costs are fast outpacing his earnings. He maintains this has not changed his support for President Donald Trump's Republican Party.
Still, h...
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The West Asia conflict has disrupted energy supplies and shipping routes but has so far failed to derail global merchandise trade, prompting the World Trade Organization (WTO) to sharply raise its forecast for 2026 trade growth to...
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INDIAN CORPORATE
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Fuel marketing losses of state-run oil marketing companies (OMCs) narrowed sharply in the September quarter, helped by lower crude oil prices and the full impact of retail fuel price hikes, according to Emkay Research.
However,...
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Dabur India on Tuesday said it expects double-digit consolidated revenue growth for the September quarter, driven by strong performance in its India FMCG business and sustained momentum in international markets despite geopolitica...
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Coca-Cola is seeking to unwind its $5 billion acquisition of British coffeehouse Costa Coffee after a sales process failed earlier this year, Semafor reported on Thursday, citing people familiar with the matter.
Here are some m...
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The US Department of Labor has uncovered what it described as $22 billion in visa fraud and suspended several major technology companies from the permanent labor certification programme, alleging that the system had been exploited...
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Jio Platforms proposed initial public offering (IPO) will mark the beginning of a new phase of growth for the telecom and digital services company, Managing Director Akash Ambani said on Thursday, while expressing the aspiration f...
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Larsen & Toubro (L&T) has seen a sharp increase in order inflows in Q2FY27, announcing orders worth around Rs 1.3 lakh crore so far.
Domestic brokerage firm, Motilal Oswal expects L&T’s revenue to grow at a compound annual gro...
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IT firm Tata Consultancy Services (TCS) reported a 15% year-on-year (YoY) jump in its Q2FY27 net profit and an 11.22% YoY increase in revenue to Rs 73,188 crore. Along with its Q2 financial results, TCS’ AI revenue, interim divide...
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Oil marketing companies have seen their losses narrow in the September quarter amid a dip in crude prices and the full impact of retail fuel price hikes. ATF margins have also improved while LPG under-recoveries narrowed — even as...
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Tata Consultancy Services (TCS) may be showing early signs of a recovery in its business, but a sharp revival in technology spending remains some distance away. The country’s largest IT services provider returned to sequential gro...
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Tata Consultancy Services (TCS) said its PERM applications were in single digits over the past two year so the suspension of the US government’s Permanent Labor Certification Program (PERM) is unlikely to affect its workforce stra...
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GST
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The government plans to move the central GST (CGST) administration towards a faceless, centralised model, creating a unified window for businesses that currently deal with multiple CGST jurisdictions, finance minister Nirmala Sitharaman said on Thursday.
The proposed faceless framework is expected to reduc...
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The GST Council has recommended allowing passenger transport and rental services using electric vehicles (EVs) to opt for a 5% GST rate with restricted input tax credit (ITC), in a move aimed at bringing greater tax clarity to electric mobility services.
The recommendation covers passenger transport servic...
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By M Pandiyan
For exporters and industries such as pharmaceuticals
textiles and electric vehicles (EVs), GST refunds are no
merely a tax matter. They are a critical source of
working capital, particularly in sectors affected by
inverted duty structures where GST paid on inputs
exceeds GST collected on o...
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The 57th GST Council meeting, chaired by Finance Minister Nirmala Sitharaman, has concluded in New Delhi with the Council approving a wide-ranging package of GST 2.0 reforms aimed at simplifying compliance, speeding up refunds and making the tax system more predictable for businesses and taxpayers.
Among t...
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The GST Council on Thursday approved several reliefs for farmers by rationalising the taxes on a host of products extending from farming inputs and services to seed storage, coffee curing, and tractor tire variants. These measures are expected to bring down the cost of cultivation and improve farming profitab...
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Input tax credit utilisation under the Goods and Services Tax (GST) has risen since the GST Council lowered the number of tax slabs to two from four in September last year, Revenue Secretary Arvind Shrivastava said on Thursday.
Meanwhile, the average GST rate has declined to 10.84% after last year’s tax cu...
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