AIIB, NDB & SocGen offer $132 mn debt finance for AP solar project
Each institution has committed US$44 million debt funding towards the project, which was awarded through a competitive auction conducted by the Solar Energy Corporation of India (SECI) to SAEL Solar MHP1 Pvt Limited, a subsidiary of SAEL Industries Ltd, a clean energy company.
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India Gazette
17 minutes ago
- India Gazette
India and China are promising alternatives for investment, says Mirae Asset VC
ANI 02 Jun 2025, 12:10 GMT+10 New Delhi [India], June 2 (ANI): India and China emerge as promising alternatives for investments, said Mirae Asset Securities Vice Chairman Heo Sun-ho while speaking at a global asset allocation forum in Seoul on Thursday, reports Korea Herald. With the return of US President Donald Trump to the Oval Office, crack seems to emerge 'in the US-centered investment landscape'. Speaking at the summit hosted by Mirae Asset, Heo-Sin-ho said the over-dependence on the US as its primary growth engine needs to be re-examined. 'The recent depreciation of the US dollar reflects weakening global confidence, spurred by growing nationalism and ballooning fiscal deficits,' Heo said, urging investors to pivot from a US-centric strategy and realign their portfolios with the shifting global innovation vice chairman mentioned that India is emerging as a vast consumer market, driven by robust digital infrastructure and a rapidly expanding to Heo Sun-ho, 'Innovative technology that once fuelled US growth is no longer its exclusive domain.'He also cited how Chinese AI Startup, DeepSeek positioning itself as a challenger to OpenAI, alongside Chinese automobile company BYD which in April overtook Tesla in the European electric vehicle market for the first to the director and head of Asia Pacific Research at Mirae Asset Hong Kong, policy shifts in China are also creating a more favourable environment for foreign investors. He also echoed the call for a diversified investment South Korean exports to US were down 8.1 per cent for the month of May, as compared to same month last year, weighed down by the US President Donald Trump's tariff, as it took a toll on automobile supplier Foxconn is set to invest USD 1.5 billion in its India unit, Reuters reported, citing a company filing. (ANI)
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Business Standard
22 minutes ago
- Business Standard
China accuses US of violating trade truce over chip curbs, vows retaliation
China has accused the United States of breaching the terms of a recent trade agreement, escalating tensions between the world's two largest economies just weeks after a temporary truce brought hope for renewed dialogue. The Chinese Ministry of Commerce on Monday issued a statement rejecting US President Donald Trump's claims that Beijing had violated the trade consensus reached in Geneva last month. The ministry denounced a series of fresh US trade measures as "discriminatory", warning that China would take "resolute and forceful measures" to protect its interests if the US continued on its current path. Beijing cited Washington's unilateral actions, including new export restrictions on advanced AI chip technologies and chip design software, as well as the revocation of Chinese student visas, as evidence of the US breaching the agreement. The ministry also referenced an earlier understanding between Trump and Chinese President Xi Jinping on January 17, suggesting the latest US moves violated that accord as well. 'If the US insists on its own way and continues to damage China's interests, China will continue to take resolute and forceful measures to safeguard its legitimate rights and interests,' the ministry said. Trump accuses China of trade violations, threatens fresh tariffs On Friday, Trump claimed via a post on his Truth Social platform that China had 'TOTALLY VIOLATED ITS AGREEMENT WITH US", accusing Beijing of backsliding on its trade promises without specifying details. Trump declared the US would double tariffs on both steel and aluminium imports from China, to 50 per cent from 25 per cent, beginning next week. Although China is the world's largest steel exporter, it has sent minimal volumes to the US since Trump imposed 25 per cent tariffs in 2018. However, China is currently the third-largest supplier of aluminium to the US. Trump also alleged that the temporary May deal to ease triple-digit tariffs for 90 days had been made to save China from what he called 'a devastating situation' of factory shutdowns and civil unrest. The brief tariff rollback, hailed by markets at the time, had reduced the effective US tariff rate to the mid-teens, down from around 25 per cent earlier this year. Did China violate US trade agreement? While Trump did not specify how China had allegedly violated the trade agreement made in Geneva, US Trade Representative Jamieson Greer accused China of failing to accelerate exports of critical minerals essential for advanced electronics. Greer told CNBC that China was 'slow-rolling their compliance', calling Beijing's approach 'completely unacceptable'. He added that the US would need to address the issue, though he did not elaborate on what actions may be taken. The Geneva agreement in mid-May included a 90-day pause on sweeping tariffs. Are US-China trade talks in limbo again? Earlier last week, Treasury Secretary Scott Bessent acknowledged that talks with China were 'a bit stalled' and indicated that direct intervention from both Trump and Xi might be necessary to break the deadlock. 'Getting a deal over the finish line will likely need the direct involvement of Trump and Xi,' he said in an interview with Fox News. White House economic adviser Kevin Hassett had also earlier said a phone call between the leaders was likely this week, but no confirmation has come from Beijing. Despite the rising political rhetoric, US stock markets ended last week relatively flat. Trump's renewed complaints came just two days after he was reportedly angered by a journalist's reference to Wall Street's new acronym 'TACO', short for 'Trump Always Chickens Out', used to describe expectations that he will ultimately soften on aggressive trade actions.
Mint
24 minutes ago
- Mint
Prachi Mishra: The Indian economy is at a pivotal point
The economic landscape has shifted dramatically this year. What seemed like an inevitable march towards global recession has given way to cautious optimism, driven primarily by an unexpected de-escalation of trade hostilities between the world's two largest economies. US President Donald Trump's decision to scale back tariffs—from an initial increase of 10 percentage points to a peak of 145 percentage points and then declining by 115 percentage points following the 12 May US-China trade deal—has fundamentally altered the global economic trajectory. This trade détente couldn't have come at a better time for India. As tariffs between the US and China decline, leaving residual increases of just 30 percentage points on US imports from China and 10 percentage points on Chinese imports from the US, global supply chains are beginning to recalibrate. Also Read: Trump's tariffs: Turfed out but raring to return For India, this presents an unprecedented opportunity to position itself as a reliable alternative in global value chains, particularly as companies seek to diversify their manufacturing bases. Beyond favourable global winds, India's domestic economy is also showing signs of revival. The most recent gross domestic product (GDP) data reveals a robust and above-consensus 7.4% year-on-year growth and 9.8% seasonally adjusted annual rate in the first quarter of calendar year 2025—a figure that would have seemed optimistic just months ago. This isn't merely a statistical quirk. High-frequency indicators across the board paint a picture of economic acceleration. Industrial production, non-oil imports, vehicle registrations and air passenger traffic all point in the same direction: upward. Foreign institutional investors have returned as net buyers of Indian equities. The only cloud has been some temporary disruption due to airport closures from the border conflict, but overall, it has proven manageable. Perhaps most encouragingly, inflation appears to be cooperating with this growth revival. Headline consumer-price inflation showed further moderation in April, while the momentum of core inflation, though rising in line with the economic recovery, remains well-contained. Declining crude oil prices can provide additional tailwinds if retail fuel prices were to adjust accordingly. Also Read: RBI's policy review: Why this time is truly different This improving backdrop raises critical questions about the direction of monetary policy. The Reserve Bank of India has already delivered meaningful stimulus—50 basis points of policy rate cuts plus additional measures equivalent to roughly 100 basis points of easing through cash reserve ratio reductions and liquidity injections. The question is how much further to go and at what speed. Economic theory suggests that as long as actual output remains below potential—creating a negative output gap—an accommodative policy will be appropriate, especially when fiscal space is limited. Current estimates suggest this output gap still exists, though it has narrowed significantly to roughly one-fourth of its previous magnitude relative to early this year. A comparison between the actual and potential real rates points to roughly 50 basis points of additional easing space, but the pace should be measured, given global uncertainties. Also Read: Mint Quick Edit | Will inflation relief spell a stable rupee this year? Encouragingly, money market conditions are finally showing signs of proper transmission, with call money rates now trading below the repo rate—exactly what monetary authorities want to see for effective policy propagation. Yet, even as cyclical conditions improve, several structural issues may require attention. The rupee's depreciation in the first quarter of 2025 (partly offset during the last two months due to dollar weakness)—2% against the dollar, 3% against trading partners and 5% in real effective terms—reflects reduced foreign exchange intervention amid declining inflation differentials. While some depreciation may benefit competitiveness, policymakers must carefully assess whether the currency remains overvalued in this new global environment in which supply chain repositioning is creating opportunities for export-oriented economies. More fundamentally, India faces a potential growth puzzle. Despite dramatic improvements in physical and digital infrastructure over the past decade, recent estimates suggest potential growth of only around 6%, well below the 7.5-8.0% range estimated a decade ago. Understanding and addressing this disconnect between infrastructure investment and productive capacity will be crucial for sustained long-term economic growth. Also Read: India's growth and urban planning: On different planets India must also navigate evolving global financial realities. The recent US credit rating downgrade, while overdue given America's debt trajectory, sends important signals about the fiscal sustainability of the US sovereign. It could also raise questions about whether we're seeing early signs of a gradual erosion of the dollar's 'exorbitant privilege'—its unique ability to finance deficits without consequence. Even so, the dollar's dominance as both a currency for transactions and a safe haven for savings is too deeply entrenched to dislodge. For India, this underscores the importance of exploring opportunities to internationalize the rupee and of engaging with credit rating agencies. Research suggests these agencies place excessive weight on current debt stocks relative to future fiscal prospects, a bias that may not fully capture India's improving economic fundamentals. India stands at an inflection point. Global trade reconfiguration, domestic momentum and manageable inflation provide a rare confluence of favourable conditions. But success isn't guaranteed. It will require careful monetary policy calibration, a focus on supply-side reforms and proactive engagement with global financial markets. The next few quarters will be critical. If India can maintain this positive momentum while addressing structural challenges, it could emerge from this period significantly stronger and better positioned in the global economy. The foundations are in place; execution will determine whether this opportunity translates into sustained prosperity. These are the author's personal views. The author is professor of economics at Ashoka University and head of Ashoka Isaac Centre for Public Policy.
