
INR falls near 87 per US dollar

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India.com
7 minutes ago
- India.com
Trump's 50% tariffs on India! which sectors will impact? study says ‘estimated impact of…'
U.S. President Donald Trump has announced a 50% tariff on Indian goods, which will take effect from August 7. This move raised major concerns about its potential impact on the Indian economy. However, there's some good news a new report suggests the impact will be minimal. According to a study by the PHD Chamber of Commerce and Industry (PHDCCI), the tariff is expected to affect India's GDP by only 0.19%, which is almost negligible. Out of India's total exports worth $86.5 billion, only $8.1 billion around 1.87% will be affected by this move. Trump Tariffs: What PHDCCI Study Says? The paper, released by the PHD Chamber of Commerce and Industry (PHDCCI), also recommends a series of measures to mitigate the impact of US tariffs. 'Our analysis indicates that there will be an estimated impact of only 1.87 per cent on India's total global merchandise exports and a negligible 0.19 per cent on India's GDP as a result of a 25 per cent tariff announced by the US on India,' said Hemant Jain, President, PHDCCI. The study said the total potential export impact is estimated at USD 8.1 billion based on 2024-25 merchandise exports of USD 86.5 billion (1.87 per cent of India's total global export). Which Sectors Will Impact By Trump Tariffs? Among other sectors, the study said the levies would impact engineering goods (USD 1.8 billion), gems and jewellery (USD 932 million), and ready-made garments (USD 500 million). In the wake of the US tariffs, the industry body has recommended several measures, including increasing market penetration, product development and market diversification. It suggested that stakeholders should negotiate bundled-pricing deals (textiles plus accessories) to absorb some tariff cost and maintain shelf-price competitiveness. 'Leverage Indian diaspora networks (trade fairs, cultural events) to boost volume with existing buyers under current product portfolios,' it said. PHDCCI also made a strong case for investments in joint ventures with US firms to produce tariff-sensitive goods on-shore, thereby converting exports into high-value services and intellectual property (IP) licensing. (With Inputs From PTI)


India.com
37 minutes ago
- India.com
Mukesh Ambani's another BIG move in this sector, launches NFO for…, partners with…
JioBlackRock Asset Management Pvt Ltd a 50:50 joint venture between Jio Financial Services Ltd (JFSL) and US-based BlackRock on Tuesday announced the launch of its first set of five index funds under a New Fund Offering (NFO). The NFO will commence on August 5, 2025, and close on August 12, 2025, Jio BlackRock Asset Management Pvt said in a statement. JioBlackRock NFO For 5 Index Funds This marks a pivotal moment in the organisation's mission to deliver diversification, cost efficiency, reliability, transparency, and digitally empowered investment solutions to Indian investors, it said. The five index funds include Nifty 50 Index Fund, Nifty Next 50 Index Fund, and Nifty 8-13 year G-Sec Index Fund, it said. These funds offer simple, affordable investment solutions to both first-time investors looking to build a well-balanced portfolio, as well as experienced investors looking to scale their existing portfolio, it said. The fund house had mobilised Rs 17,800 crore from maiden NFO. The fund was garnered from three cash/debt mutual fund schemes JioBlackRock Overnight Fund, JioBlackRock Liquid Fund and JioBlackRock Money Market Fund. Paytm Money Partners With JioBlackRock Paytm Money, a wholly-owned subsidiary of One97 Communications Limited (OCL) and a wealth-tech platform, has partnered with JioBlackRock Asset Management to offer easy access to its five Index Fund New Fund Offers (NFOs), directly through the Paytm Money app. As a Direct Mutual Fund platform, Paytm Money offers zero commission on mutual fund investments, along with no hidden charges and zero cost on account opening. Following the successful debut of JioBlackRock's initial NFOs, which saw robust retail participation with over 7,000 successful transactions on the Paytm app, 45 per cent of these transactions were through SIPs. (With Inputs From PTI)


United News of India
an hour ago
- United News of India
Russian official expresses confidence dialogue can resolve US-Russia differences amid Witkoff visit
Moscow, Aug 6 (UNI) Russian President Vladmir Putin's economic envoy Kirill Dmitriev has expressed confidence that Moscow and Washington can resolve their differences through dialogue, reports RT. The statement comes as US Special Envoy Steve Witkoff held a meeting with Putin, with the former holding talks with the Russian leader on reaching a settlement with Ukraine over Trump's threats to impose 100% sanctions on Moscow, should it fail to reach a peace settlement with Kyiv. For its part, Russia has downplayed the threat of sanctions, stating that its long years of having stayed under Western embargo has made it develop an 'immunity' to sanctions, adding that additional sanctions mean nothing for its economy, even as the US President has acknowledged Moscow's ability to skirt past the sanctions. The Kremlin has also mocked the POTUS' deadline manoeuvre, with former Russian President and now Chief of National Security Council, Dmitry Medvedev, having engaged in a furious battle of words with Trump over the issue, resulting in the US' deployment of nuclear submarines. In a post on X on Wednesday, Dmitriev, who is CEO of the Russian Direct Investment Fund (RDIF), thanked his followers for their 'kind wishes for a successful visit of Steve Witkoff to Moscow,' adding that 'Dialogue will prevail.' Dmitriev was also part of the Russian delegation which welcomed Witkoff at Vnukovo Airport, and the two were later seen walking through Zaryadye Park near the Kremlin. Later in the day, Witkoff held face-to-face talks with Putin, which lasted around three hours. Kremlin aide Yury Ushakov, speaking on the Putin-Witkoff talks noted that both sides managed to hold a constructive and productive conversation which focused on the Ukraine conflict and 'prospects for US-Russia strategic cooperation.'