Latest news with #TILCreativesRepresentational
Economic Times
2 days ago
- Business
- Economic Times
Rural consumers economic situation improved in last 2 months, optimistic for year ahead: RBI Survey
Synopsis The Reserve Bank of India's survey reveals improved economic conditions for rural consumers. The survey conducted in July 2025 shows a rise in consumer confidence. More rural consumers report better economic situations. They also anticipate improvements in the coming year. Expectations include increased employment and income. However, rising spending and inflation remain concerns. TIL Creatives Representational New Delhi: The economic condition of rural consumers in India has shown signs of improvement over the past two months, according to the Reserve Bank of India's latest Rural Consumer Confidence Survey (RCCS). According to the latest survey, conducted during July 1 to 12, 2025, with 7,924 valid responses, rural consumer sentiment has improved marginally during the current period. As per the data, 41.6 percentage of rural consumers responses stated that their economic situation has improved in the past two months, while 24 per cent noted that it remains the same. Only 34.4 percentage said that their situation has worsened. About 7.1 percentage of respondents did not offer any while the economic situation showed improvement, employment conditions remained unchanged according to the survey data. The Current Situation Index (CSI) has edged up slightly due to a broad-based improvement on most parameters covered in the survey. The central bank released the results of the July 2025 round of its bi-monthly survey on survey collects views from rural and semi-urban households across all Indian states and three major Union captures both current perceptions (compared to a year ago) and future expectations for the next year on key indicators such as economic situation, employment, income, spending, and inflationRBI stated "Rural consumer confidence for the current period has improved; the Current Situation Index (CSI) inched up marginally owing to broad-based improvement across major survey parameters".Looking ahead, households expressed optimism about the future. Approximately 59.6 percentage of responses of rural consumers expect their economic condition to improve in the coming year. Meanwhile, 21.2 percentage responses highlighted that it will remain the same, and only 19.2 percentage feel it may also shared that they expect employment opportunities and income levels to rise in the next year. However, many rural households also anticipated an increase in their spending going Future Expectations Index (FEI) has continued to improve steadily for the sixth consecutive round, indicating rising optimism among rural inflation, the survey found that the households' current inflation perception declined by 50 basis points to 5.8 per cent in July 2025 compared to the previous year-ahead inflation expectations also saw a notable drop of 100 basis points, coming down to 7.9 per share of rural households who anticipate a decline in prices and inflation for the year ahead also increased in this the survey highlighted a growing sense of recovery and hope among India's rural consumers, despite challenges in employment and rising spending expectations.
Economic Times
4 days ago
- Business
- Economic Times
India plans Rs 20,000-crore Export Promotion Mission to offset US tariff impact, boost global trade
Synopsis India is set to launch a ₹20,000 crore Export Promotion Mission by September, aiming to protect exporters from global trade uncertainties. The initiative, driven by multiple ministries, includes measures for easy export credit, tackling non-tariff barriers, and promoting Brand India. This plan seeks to mitigate the impact of the US's 25% tariff on Indian goods and boost overall export competitiveness. TIL Creatives Representational New Delhi: India is looking to unveil a ₹20,000 crore long-term plan by September to shield its exporters from global trade uncertainties and fluctuations, officials said. A raft of measures aimed at facilitating easy access to export credit and tackling non-tariff barriers in overseas markets are being planned under the new Export Promotion Mission, the officials said. The government's initiative assumes significance in light of the commerce and industry ministry urging exporters to build and promote homegrown brands for coping with the 25% tariff levied by the US. "For the mission to operationalise as a scheme, more than ₹20,000 crore are required for the next five-six years. This is under consultation," said an mission is being driven jointly by the ministries of commerce and industry, micro, small and medium enterprises (MSME), and finance."The mission will implicitly help exports bound for the US, and wherever our exports go. We will have to close it by August so that it is operational by September," said the official cited above. Ecommerce Hubs The plan also involves elevating Brand India on the global stage on the lines of Japan, Korea, and Switzerland, supporting the setting up of ecommerce hubs, and developing districts as export centres."It will be positive if such a large fund can support our exports in these challenging times," said Ajay Sahai, director general, Federation of Indian Export Organisations (FIEO).Washington has imposed an across-the-board 25% tariff on all Indian-origin goods, effective August 7, along with an unspecified penalty. India's rivals including Pakistan, Vietnam, Bangladesh and Turkey are in the 15-20% range. The steep duty could impact nearly half of India's exports of more than $85 billion annually to the mission will have five components - trade finance, non-trade finance dealing with regulation, standards and market access, better brand recall for Brand India, ecommerce hubs and warehousing, and trade MSME exporters, the plan is to offer fully or partially collateral-free loans with a cap on individual exporters and based on their credit history.
Economic Times
30-07-2025
- Business
- Economic Times
Trump's 25% tariff puts India's ₹60,000 crore seafood export industry under pressure
TIL Creatives Representational India's Rs 60,000 crore seafood export industry is likely to face a dent in export orders from the US with industry executives fearing they would face huge pressure from US importers to absorb the increase in tariffs which could impact farm gate prices, industry executives exporters are presently paying 10% tariffs and additional anti-dumping duty of 4.5% and countervailing duty of 5.8%. With the US announcing the tariffs of 25% and a penalty from August 1, the exporters will face at least 15% additional duty over the existing tariff structure. "The seafood industry will be in dire straits affecting 20 million people. The industry will come to a standstill as we cannot absorb the 15% increase in tariffs," said Pawan Kumar G, president, Seafood Exporters Association. Ecuador, India's closest competitor in sea food exports and is geographically closest to the US, has to pay only 10% tariff to the US while Indonesia pays 19% duty and Vietnam 20%. Kumar said there is also uncertainty about how much the penalty would be. 'We don't know if the new tariff will become applicable to the consignments worth Rs 1500 crores currently sailing on the waters,' he said. Frozen shrimp exports account for more than Rs 40,000 crores of India's total seafood exports and the US accounts for 40% of India's total shrimp exports.
Economic Times
08-07-2025
- Business
- Economic Times
Indian exporters breathe a sigh of relief as US extends suspension of reciprocal tariffs to August 1
TIL Creatives Representational The US has extended the suspension of its April 2 reciprocal tariffs until August 1, a move which provides relief to Indian exporters and additional time for New Delhi and Washington to resolve pending issues to finalise an interim trade deal. India, which is negotiating a trade pact with the US, was not included in the list of countries that received tariff letters from the Trump administration on Monday. The Trump administration, on Monday, sent the first tranche of letters to various countries detailing the tariffs that the US will impose on products from those countries entering American markets from August 1. Bangladesh, Indonesia, Japan, South Korea, Malaysia, Thailand, South Africa, Bosnia and Herzegovina, Cambodia, Kazakhstan, Lao, Serbia and Tunisia are among the countries that received letters signed by US President Donald Trump. "...based on additional information and recommendations from various senior officials, including information on the status of discussions with trading partners, that it is necessary and appropriate to extend the suspension effectuated by Executive Order 14266 until 12:01 a.m. Eastern daylight time on August 1, 2025," the White House has said. This suspension was expiring on July April 2, the US President announced reciprocal tariffs against a number of countries, including India (26 per cent), but paused the implementation of these duties for 90 days, giving all trading partners a July 9 deadline to negotiate and reach a trade deal with on this decision, exporters said the deferment of the imposition of reciprocal tariffs from July 9 to August 1 reflects the US's willingness to engage constructively with its trading partners."It provides an extended window for dialogue, which can help our negotiators to sort out remaining contentious issues," Federation of Indian Export Organisations (FIEO) Director General Ajay Sahai said. He said that the proposed tariffs, covering a dozen countries, may provide India more comparative advantage if it finalises a BTA (bilateral trade agreement) with the US , at least on goods, by the end of this exporter said that the decision will give relief to the domestic industry here as the Indian official team has got some 12-13 more working days to talk to their US counterparts on the interim trade trade expert Biswajit Dhar also said that it is a relief for India. "I see this as a relief for us and this response has come due to India taking a strong stand on certain issues." FIEO President and Ludhiana-based engineering exporter said though this is a small relief, "we are keeping our fingers crossed".Sharing similar views, Mumbai-based exporter and founder of Technocraft Industries (India) Sharad Kumar Saraf said that US President Donald Trump is "very unpredictable"."The period of tariff suspension is very small. Indian exporters should explore new markets to increase exports," Saraf and the US are negotiating a bilateral trade agreement. They have set a deadline to conclude the first tranche by fall (September- October) this year. Before that, the two countries are looking to finalise an interim trade to officials, India has already made its stand clear to the US authorities on the interim trade deal and the ball is now in Washington's court. The US has been India's largest trading partner since 2021-22. In 2024-25, the bilateral trade in goods stood at USD 131.84 billion (USD 86.51 billion worth of exports, USD 45.33 billion of imports and USD 41.18 billion trade surplus).
