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Time of India
an hour ago
- Business
- Time of India
July goods exports up 7.2%; trade gap hits 8-month high
New Delhi: India's goods exports rose 7.2% year-on-year in July to $37.24 billion, after declining for two consecutive months. However, a sharper rise in imports pushed the trade deficit to an eight-month high of $27.35 billion. Independence Day 2025 Before Trump, British used tariffs to kill Indian textile Bank of Azad Hind: When Netaji gave India its own currency Swadeshi 2.0: India is no longer just a market, it's a maker The previous high trade deficit was recorded in November 2024, when the gap stood at $31.77 billion. Driven by oil and gold imports , inbound shipments rose 8.6% in July to $64.59 billion from a year earlier, data released by the commerce and industry ministry showed on Thursday. Oil imports rose to $15.5 billion in July from $13.7 billion in June, while gold imports increased to $3.9 billion from $1.8 billion the previous month. "Despite an uncertain global policy environment, India's merchandise and services exports in July and April-July FY26 have grown substantially-higher than global growth. Exports have done very well," said Sunil Barthwal, commerce secretary. Key drivers of merchandise export growth included engineering goods, electronics, gems and jewellery, pharmaceuticals, and chemicals. During April-July FY26, goods exports rose 3.07% to $149.2 billion, while imports increased 5.36% to $244.01 billion. The US and UAE were the top export destinations during this period. Among sectors, electronics saw significant growth in both exports and imports. Officials said exports to the US and China have picked up in absolute terms, with electronics exports to China increasing in the first four months of the fiscal. Additionally, rejections of Indian exports have decreased in FY25 compared to FY24, including in the month of July. Export Support Officials noted that, despite ongoing global uncertainty-including the US Section 232 investigations-India is focusing on a clear, four-pillar export strategy: improving export competitiveness, diversifying markets, reducing dependence on a few countries, and strengthening domestic resilience for exporters. The commerce and industry ministry is prioritizing 50 countries that account for over 90% of India's exports. It has also identified 15 products for import substitution and targeted 28 new export markets. "This strategy is working, though it's challenging due to different standards and testing requirements. We will accelerate this activity," an official said. An Export Promotion Mission is also in the works as part of the broader export strategy. "The mission is under inter-ministerial consultation and will be announced soon," another official said, adding that it will have two components: trade finance support and market access. China Rare Earths Issue India is engaging with Chinese authorities regarding restrictions on rare earth magnet exports. A senior official confirmed that Indian companies have received visas to visit China as part of ongoing efforts to ensure the supply chain remains unaffected. In April, China imposed restrictions requiring special export licenses for seven rare earth elements and related magnets. "Efforts are ongoing. The Chinese embassy has issued visas to our companies, and they are in touch with Chinese authorities. Both sides are working to ensure the supply chain is not disrupted," the official said. India's automobile industry has also urged the government to expedite approvals from Chinese authorities for importing rare earth magnets, which are essential in various applications, including passenger vehicles.
Time of India
2 hours ago
- Business
- Time of India
India to set data standards for developed nations to follow: CEA
New Delhi: India will soon set the global standards and benchmark in data, chief economic adviser (CEA) V Anantha Nageswaran said on Thursday. "We are now going to be able to set the benchmark for developed countries to follow" the CEA said, pointing to concerns over data quality worldwide. Independence Day 2025 Before Trump, British used tariffs to kill Indian textile Bank of Azad Hind: When Netaji gave India its own currency Swadeshi 2.0: India is no longer just a market, it's a maker Recently, US President Donald Trump fired the labour statistics chief for publishing inaccurate jobs numbers. In the UK, the statistical authority has called for structural reforms within the organisation. Speaking at a sensitisation and review meeting with statistical advisers of ministries and government departments organised by the Ministry of Statistics and Programme Implementation (MoSPI), Nageswaran noted the importance of generating timely, credible and user-friendly data. "It goes without saying that data and statistics are fundamental to an efficient or informed decision-making process, whether in a corporate setup or government institution," he said. Speaking at the meeting, former Capacity Building Commission chairman Adil Zainulbhai said: "We have an opportunity to upgrade enough for our data systems to become gold standard for the world." He highlighted the need to leverage technology for this purpose across ministries and departments. With an aim to make data more robust, the statistics ministry will come up with a Service Production Index , like the Index of Industrial Production (IIP) that tracks industrial activity in India.
Time of India
2 hours ago
- Business
- Time of India
Big deals keep office space vibrant
Large-sized deals, of over 100,000 sq ft, continue to drive India's commercial office market. They have accounted for around half of the Grade-A office space demand every year from 2021. In the first half of calendar 2025, the segment accounted for 51% of the office deals, driven by demand from multinational firms. Independence Day 2025 Before Trump, British used tariffs to kill Indian textile Bank of Azad Hind: When Netaji gave India its own currency Swadeshi 2.0: India is no longer just a market, it's a maker WHY LARGE DEALS MATTER Consistent share since 2021 enabling long-term commitments WHAT'S DRIVING THE MOMENTUM? India's Talent Advantage Availability of large floor plates in Grade-A developments Competitive rentals vs global markets INDIA: THE MNC MAGNET GCCs projected to grow from 1,800 to 2,400 centres by 2030 Policy push, infrastructure investment and state-level incentives Tech, BFSI, and engineering R&D firms continue expansion Resilient demand despite global headwinds TOP DEAL MAKERS Google Salesforce Qualcomm TCS OUTLOOK Large deals to remain the driving force of India's office market EXPERT TAKE "Despite current headwinds, we expect technology occupiers to maintain the leasing momentum throughout 2025 and fuel commercial real estate in India, mainly supported by expansion of GCCs. Meanwhile, strong IT talent pool and cost arbitrage will continue to be the differentiating factors for Indian office market." Live Events ARPIT MEHROTRA, MD, Office Services, Colliers India
Time of India
2 hours ago
- Business
- Time of India
RBI issues draft regulations on forex guarantees
Mumbai: The Reserve Bank of India's (RBI) draft norms on foreign exchange guarantee say that an Indian citizen can't act as a surety, principal debtor, or creditor for a guarantee involving a current or capital account transaction without the central bank's permission. Independence Day 2025 Before Trump, British used tariffs to kill Indian textile Bank of Azad Hind: When Netaji gave India its own currency Swadeshi 2.0: India is no longer just a market, it's a maker A resident India can provide guarantee only in case where it is not in contravention of the FEMA Act. Authorised dealers have not been allowed to give a letter of comfort or a letter of undertaking for a guarantee. An Indian resident acting as surety under these regulations shall report the guarantee including any change in the amount and invocation of such guarantee, if any, within seven days from the date of issuance/aforementioned change/invocation of guarantee. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Undo Indians who do not meet the reporting requirement have to also pay a late submission fee within seven days at the rates and in the manner as per the directions issued by the RBI. Such a facility of late payment fee is available only up to a period of three years from the due date of such reporting.
Time of India
2 hours ago
- Politics
- Time of India
SC hints local bodies have gone astray; reserves order on stray dogs
New Delhi: The Supreme Court on Thursday reserved its order on pleas challenging its August 11 verdict to remove stray dogs in Delhi-NCR to shelter homes. A three-member bench headed by justice Vikram Nath did not pass any interim order. Independence Day 2025 Before Trump, British used tariffs to kill Indian textile Bank of Azad Hind: When Netaji gave India its own currency Swadeshi 2.0: India is no longer just a market, it's a maker In a curious turn of events on Wednesday, the suo motu case pertaining to stray dogs, being heard by a bench headed by justice JB Pardiwala, was shifted to a newly constituted three-member bench after some lawyers mentioned before the CJI that those directions conflicted with the previous orders passed by other benches. The bench verbally remarked that the "whole problem is because of inaction by local authorities. No implementation (of rules) is being carried out. On one hand, humans are suffering and, on the other hand, dog lovers and dogs are suffering". by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like She Mixed Pink Salt With This - Now She Can't Stop Losing Weight Break The Weight Learn More Undo The bench orally added that the Animal Welfare Department is also doing "nothing". It made it clear that all the intervenors in the case, including NGOs and dog lovers, will have to "own a responsibility and follow it". SC frowned upon the fact that stray dogs have been rounded up and taken away by MCD even when the order (passed by the division bench) was not made public. "Without the order they have picked up dogs?" justice Nath remarked. Live Events Appearing on behalf of the petitioners, senior advocates Kapil Sibal and Abhishek Manu Singhvi argued that the suo motu order passed by the division bench is "contrary to rules". Sibal argued it is a "very serious situation" and that the order needs to be immediately stayed. Referring to answers furnished in the Parliament, Singhvi said there has been zero rabies deaths in Delhi in the past few years. Representing Delhi government, solicitor general Tushar Mehta argued that there are several instances of children dying due to rabies after dog bites. "Sterilisation does not stop rabies," Mehta submitted.
