How India are losing the plot
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Indian Express
3 minutes ago
- Indian Express
Asian Development Bank lowers India's FY26 growth forecast to 6.5% over US tariffs
The Asian Development Bank (ADB) on Wednesday lowered India's growth forecast for FY26 to 6.5 per cent, down from 6.7 per cent projected in April 2025, citing the impact of US baseline tariffs and associated policy uncertainty. The regional development bank's revision comes as India remains engaged in high-stakes trade deal negotiations. However, finalising a deal before the August 1 deadline for reciprocal tariffs appears unlikely due to differences over market access for agriculture. 'This revision is primarily due to the impact of US baseline tariffs and associated policy uncertainty, in addition to the effects of lower global growth and the direct impact of additional US tariffs on investment flows. Despite this, economic activity remains robust, with domestic consumption expected to grow strongly on the back of a revival in rural demand,' the bank said. However, it added that India's services and agriculture sectors are expected to be key drivers of growth, with the latter supported by a forecast of above-normal monsoon rains. The Central government's fiscal position remains strong, bolstered by higher-than-expected dividends from the Reserve Bank of India, and it is on track to meet its targeted reduction in the fiscal deficit. The ADB also revised India's inflation forecast for FY26 to 3.8 per cent, down from 4.3 per cent projected in April, due to a faster-than-expected decline in food prices following improved agricultural output. Meanwhile, India's GDP growth forecast for FY27 was revised down to 6.7 per cent, from the April 2025 projection of 6.8 per cent. Earlier this week, The Indian Express reported that Indian negotiators concluded another round of talks in Washington in July, and that a US team led by the US Trade Representative for South and Central Asia, Brendan Lynch, is expected to visit India in mid-August. This fresh round of talks, beyond the August 1 deadline, comes amid rising suspense over whether India will face 26 per cent reciprocal tariffs starting that date. US Commerce Secretary Howard Lutnick on Sunday reiterated that August 1 is a 'hard deadline' for countries to begin paying tariffs. 'That's a hard deadline. So on 1 August, the new tariff rates will come in… Nothing stops countries from talking to us after 1 August, but they're going to start paying the tariffs on 1 August,' Lutnick said in a television interview. Notably, US President Donald Trump's deadline for the implementation of reciprocal tariffs has shifted multiple times. While Trump has reiterated that a deal with India is close, the country could face tariffs of up to 26 per cent if both sides fail to reach an agreement. Ravi Dutta Mishra is a Principal Correspondent with The Indian Express, covering policy issues related to trade, commerce, and banking. He has over five years of experience and has previously worked with Mint, CNBC-TV18, and other news outlets. ... Read More
Nikkei Asia
5 minutes ago
- Nikkei Asia
India to resume issuing tourist visas to Chinese citizens
Ties between China and India have gradually improved, with Chinese President Xi Jinping, right, and Indian Prime Minister Narendra Modi meeting in Russia in October last year. © Reuters HONG KONG (Reuters) -- India will resume issuing tourist visas to Chinese citizens from July 24 this year, its embassy in China said on Wednesday, the first time in five years as both countries move to repair their rocky relationship. Tensions between the two countries escalated following a 2020 military clash along their disputed Himalayan border. In response, India imposed restrictions on Chinese investments, banned hundreds of popular Chinese apps and cut passenger routes. China suspended visas to Indian citizens and other foreigners around the same time due to the COVID-19 pandemic but lifted those restrictions in 2022, when it resumed issuing visas for students and business travelers. Tourist visas for Indian nationals remained restricted until March this year, when both countries agreed to resume direct air service. Relations have gradually improved, with several high-level meetings taking place last year, including talks between Chinese President Xi Jinping and Indian Prime Minister Narendra Modi in Russia in October. China's Foreign Ministry spokesperson Guo Jiakun said on Wednesday that Beijing had noted the positive move. "China is ready to maintain communication and consultation with India and constantly improve the level of personal exchanges between the two countries," he said. India and China share a 3,800 km (2,400-mile) border that has been disputed since the 1950s. The two countries fought a brief but brutal border war in 1962 and negotiations to settle the dispute have made slow progress. In July, India's foreign minister told his Chinese counterpart that both countries must resolve border friction, pull back troops and avoid "restrictive trade measures" to normalize their relationship.
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Business Standard
5 minutes ago
- Business Standard
Android, Play Store generated ₹4 trn revenue, 3.5 mn jobs in India in 2024
A new report by UK-based research firm Public First has highlighted the massive contribution of Google Play and Android to India's digital economy. According to the study, the Android ecosystem helped generate around ₹4 trillion in revenue for app developers and the broader economy in 2024, news agency PTI reported. India is among the world's largest and fastest-growing digital economies. This rapid growth is supported by the increasing use of smartphones, low-cost internet, and a vibrant community of app developers and tech entrepreneurs, the report said. What's powering India's app ecosystem? Android is the most popular mobile operating system globally and is used across smartphones, tablets, laptops, and other smart devices. Google Play, the official app store for Android, is the main platform for downloading and distributing apps. 'In 2024, the Play and Android ecosystem generated ₹4 trillion in revenue for app publishers and the wider economy in India,' the report stated. The report estimated that over 3.5 million jobs were created in India due to the Android and Google Play app ecosystem. India also has the second-largest number of active developers on Google Play, with over 1 million developer jobs supported by the platform. Indian apps see global reach, high downloads Nearly 79 per cent of Indian app developers have international users, the report noted. In 2024, apps made by Indian developers were downloaded 7,200 million times from the Play Store — 6,000 million times by Indian users and 1,200 million times by users abroad. Google adds new tools to improve Android app security To improve user safety, Google has rolled out new security features through Google Play Protect, which scans apps and protects users from harmful behaviour — even for apps installed from outside the Play Store. Play Protect expands fraud safeguards globally Play Protect now auto-revokes permissions from risky apps and disables scanning during calls to prevent scams. It shows Chrome alerts if protection is off and adds a 'verified' badge for trusted VPNs. Its fraud prevention tool, built with Singapore's Cyber Security Agency, now covers more countries, including India, to block harmful side-loaded apps.
