Economy & Policy News
India pulls 269 million out of extreme poverty in 11 years: World Bank
From 344 million to 75 million, World Bank says India's extreme poor shrank sharply over 11 years
 "India pulls 269 million out of extreme poverty in 11 years: World Bank")
Govt likely to amend laws to let firms explore critical minerals overseas
India will amend the Mines and Minerals Act 2023 to permit use of ₹5,600 crore for overseas critical mineral exploration and introduce a tailings policy to support extraction
 "Govt likely to amend laws to let firms explore critical minerals overseas")
MoSPI sets up working group to prepare statistical business register
The proposed business register will be prepared using data from the economic census (EC), state specific databases and central databases
 "MoSPI sets up working group to prepare statistical business register")
RBI reviewing bank ownership structure, says Governor Sanjay Malhotra
RBI Governor Sanjay Malhotra says the central bank is examining bank ownership structure and eligibility norms for licensing to meet the growing needs of an expanding economy
 "RBI reviewing bank ownership structure, says Governor Sanjay Malhotra")
Panel formed to chart roadmap for Big Four-like company in India
A first of its kind meeting to discuss this issue was held on Friday by the Prime Minister's office
 "Panel formed to chart roadmap for Big Four-like company in India")
Households expect easing inflation and improved consumer confidence: RBI
According to the RBI's May survey, households see inflation easing with stable near-term and improving one-year-ahead consumer confidence in both rural and urban areas
 "Households expect easing inflation and improved consumer confidence: RBI")
RBI unperturbed by $52.4 bn short position in dollar forward book
The central bank's forward book saw a drop from $78 billion in February to $52.4 billion in April, with a majority of positions concentrated in the 3-12 month segment
 "RBI unperturbed by $52.4 bn short position in dollar forward book")
Switzerland to exchange crypto info with India, 73 other countries
India and Switzerland already have an automatic exchange of information framework in place for bank accounts and other financial assets held by Indians in Switzerland, and vice versa
 "Switzerland to exchange crypto info with India, 73 other countries")
RBI to raise gold lending LTV to 85% for loans under Rs 2.5 lakh: Malhotra
"The LTV was 75 per cent till now. We are expanding it to 85 per cent for small loans of below Rs 2.5 lakh per borrower," Malhotra said
 "RBI to raise gold lending LTV to 85% for loans under Rs 2.5 lakh: Malhotra")
'We've won the inflation battle': RBI Guv Sanjay Malhotra on rate cuts
RBI Governor Sanjay Malhotra says inflation is under control as repo rate is cut to 5.5%, CRR lowered to 3% and policy stance turned neutral to support growth and banking system liquidity
 "'We've won the inflation battle': RBI Guv Sanjay Malhotra on rate cuts")
Drop 10% universal tariff in bilateral trade agreement: India to US
India pushes for early tranche of trade deal to avoid potential 26% reciprocal tariff
 "Drop 10% universal tariff in bilateral trade agreement: India to US")
Annual mean temperature rises 0.7°C in 23 years, says MoSPI report
A 0.5-1°C increase can lead to noticeable changes in various aspects of climate and ecosystems, such as altering the probability of extreme precipitation
 "Annual mean temperature rises 0.7°C in 23 years, says MoSPI report")
Finance ministry meets Moody's execs, makes case for ratings upgrade
Moody's said that Pakistan-India tensions, including the flare-up earlier in May, would weigh on Pakistan's growth more than on India's
 "Finance ministry meets Moody's execs, makes case for ratings upgrade")
Auto equipment manufacturers make 2-pronged plans for rare earth crunch
Firms weigh importing motors or sending parts to China to keep assembly lines running
 "Auto equipment manufacturers make 2-pronged plans for rare earth crunch")
Centre appoints economist S Mahendra Dev as chairperson of EAC-PM
Niti Aayog vice chairman Suman Bery was holding the position following the death of Bibek Debroy who died on November 1 last year
 "Centre appoints economist S Mahendra Dev as chairperson of EAC-PM")
Piyush Goyal calls Italian business enclaves in India to boost investment
Speaking here at India-Italy Business Forum meeting, he said Italian companies can consider setting up manufacturing units and offices in those enclaves
 "Piyush Goyal calls Italian business enclaves in India to boost investment")
KVIC disburses ₹300 cr subsidy to 8,794 beneficiaries under PMEGP scheme
The disbursement covers margin money for loans worth ₹884 crore under the Prime Minister's Employment Generation Programme
 "KVIC disburses ₹300 cr subsidy to 8,794 beneficiaries under PMEGP scheme")
Sebi issues warning letters to NSDL over compliance and cyber alert lapses
Securities and Exchange Board of India warns NSDL for lapses in demat account visibility and cyber alert tracking, urging stronger controls to avoid future issues
 "Sebi issues warning letters to NSDL over compliance and cyber alert lapses")
India, US race to seal interim tariff deal ahead of Trump's July deadline
US Commerce Secretary Howard Lutnick said in Washington on Monday that trade negotiations were progressing and a deal could be finalised soon
 "India, US race to seal interim tariff deal ahead of Trump's July deadline")
US delegation in India to discuss trade pact: What will be on agenda?
A high-level US delegation visits New Delhi to advance bilateral trade negotiations, focusing on tariff reductions, market access, and resolving disputes ahead of July 9 deadline
 "US delegation in India to discuss trade pact: What will be on agenda?")
