Economy
CBIC clarifies GST on post-sale discounts, no ITC reversal for buyers
The circular also stated that post-sale discounts given by manufacturers to dealers would not be treated as consideration for services
 "CBIC clarifies GST on post-sale discounts, no ITC reversal for buyers")
Crisil projects 3.2% headline inflation for 2025-26, sees room for rate cut
In its latest report, Crisil said that the moderation implies a decline of 140 basis points in CPI inflation during this financial year, which is likely to give space for monetary easing
 "Crisil projects 3.2% headline inflation for 2025-26, sees room for rate cut")
India, EU trade talks enter crucial phase, aiming to seal deal by year end
The EU is India's biggest trading partner in goods, with bilateral trade hitting $137.5 billion in the 2023/24 fiscal year, up nearly 90% over the past decade
 "India, EU trade talks enter crucial phase, aiming to seal deal by year end")
Govt seeks monthly reports on pricing after GST rate cuts from Sep 22
In the circular, which is seen by Business Standard, the CBIC directed principal chief commissioners to compile commodity-wise price data from trade associations
 "Govt seeks monthly reports on pricing after GST rate cuts from Sep 22")
Electronic components PLI received over ₹50K cr proposals: Vaishnaw
Today, the world trusts India's electronics manufacturing capabilities, says Vaishnaw
 "Electronic components PLI received over ₹50K cr proposals: Vaishnaw")
Will advocate trade reforms in India: US envoy-designate Sergio Gor
Sergio Gor says reforms in India's labour norms and market access are key to fair trade, as US aims to double bilateral trade to $500 bn by 2030
 "Will advocate trade reforms in India: US envoy-designate Sergio Gor")
Retail inflation rises to 2.07% in Aug as decline in food prices slows
India's CPI rose slightly in August on a low base, with rural and urban prices diverging. Economists flag benefits for consumers but risks for government finances
 "Retail inflation rises to 2.07% in Aug as decline in food prices slows")
India's forex reserves rise by $4 billion to reach $698.27 billion
In the previous reporting week, the overall reserves had jumped by $3.51 billion to $694.23 billion
 "India's forex reserves rise by $4 billion to reach $698.27 billion")
India becomes third-largest agrochemical exporter with $3.3 bn exports
Agrochemical exports surged to $3.3 billion in FY25, making India the world's third-largest exporter as ACFI seeks policy support for growth momentum
 "India becomes third-largest agrochemical exporter with $3.3 bn exports")
Kochi Metro to draft Mumbai Water Metro DPR in ₹4.4 crore contract
Kochi Metro Rail wins consultancy contract to prepare the DPR for Mumbai's proposed Water Metro, expanding its role in sustainable mobility beyond Kerala
 "Kochi Metro to draft Mumbai Water Metro DPR in ₹4.4 crore contract")
135,000 jobs lost in Surat due to Trump's trade tariffs: Shashi Tharoor
Congress leader Shashi Tharoor said that US tariffs have already led to around 135,000 layoffs in Surat's gems and jewellery sector, with potential job losses looming in seafood and manufacturing
 "135,000 jobs lost in Surat due to Trump's trade tariffs: Shashi Tharoor")
Retail inflation inches up to 2.07% in August; food inflation at -0.69%
August CPI-based inflation: The food inflation for August stood at -0.69 per cent, rising 107 basis points, as compared to July
 "Retail inflation inches up to 2.07% in August; food inflation at -0.69%")
Trump's trade polices 'self-destructive', hurt India most: Ex-RBI chief
Former RBI Governor C Rangarajan said that he hopes good sense will prevail and the policy makers in the US will realise the policies they want to pursue are self-destructive
 "Trump's trade polices 'self-destructive', hurt India most: Ex-RBI chief")
British Parliament panel opens inquiry into impact of India-UK FTA
With a target to double bilateral trade to $120 billion by 2030, the CETA has been pitched by the Prime Minister Keir Starmer-led government as a landmark agreement
 "British Parliament panel opens inquiry into impact of India-UK FTA")
World isn't transitioning away from fossil fuel; decades of robust use left
The IEA will publish its "Current Policy Scenario" this year, showing oil and gas demand won't peak this decade, overturning past assumptions, sources familiar with the draft report said
 "World isn't transitioning away from fossil fuel; decades of robust use left")
Rupee sinks to record low on strong dollar demand and tariff concerns
The rupee fell to 88.44 per dollar, its lowest ever, amid strong importer demand and tariff worries, even as RBI intervened to contain volatility in the forex market
 "Rupee sinks to record low on strong dollar demand and tariff concerns")
Finance ministry, consumer affairs department review MRP circular
Businesses say they may find it difficult to reduce prices to the full extent of GST reduction because they may have paid higher input taxes on stocks lying with them. For that they won't be refunded.
 "Finance ministry, consumer affairs department review MRP circular")
India's trade parleys with US are progressing well, says Piyush Goyal
US Commerce Secretary Howard Lutnick said he believes the US will sort out a trade deal with India as soon as that country stops buying Russian oil
 "India's trade parleys with US are progressing well, says Piyush Goyal")
India's external debt rose at fastest pace in 7 years in FY25: Report
The dollar-terms growth significantly outpaced the 6.4 per cent uptick recorded in FY24, when external debt had touched $663.8 billion
 "India's external debt rose at fastest pace in 7 years in FY25: Report")
Glitter to gloom on the brass lanes as export orders dry up ahead of Diwali
Strap: In the aftermath of the US tariff, a ground report from Moradabad brings out the new realities of Peetal Nagri
 "Glitter to gloom on the brass lanes as export orders dry up ahead of Diwali")
