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India's economic scale, market potential enabling startups to flourish: Piyush Goyal
Addressing the ‘Startup20 Shikhar’ in Gurugram, Goyal, the Minister for Commerce & Industry, Consumer Affairs, Food & Public Distribution and Textiles, said that there must be a global effort to nurture inclusive, supportive and sustainable startup ecosystems in all parts of the world to address global challenges.
Ensure affordable credit to MSMEs to achieve $1 tn merchandise exports target: Piyush Goyal
He gave these directions during a meeting called recently to discuss the issue of increasing the availability of export credit to the MSME exporters. The meeting was attended by top officials of 21 banks including the State Bank of India, Bank of Baroda, Punjab National Bank, Canara Bank, Union Bank of India, Bank of India and Central Bank of India among others.
Global markets slide on recession fears
Hong Kong's Hang Seng Index led the losses, closing 1.7 per cent down. Japan's Nikkei 225 ended the day 1.5 per cent lower and Australia's S&P/ASX 200 shed 1.3 per cent, CNN reported. Stock exchanges in mainland China were closed for a public holiday.
India, China bought 80% of Russian crude in May: IEA
"India has increased purchases from almost nothing to close to 2 million barrels per day, while China has raised liftings by 500,000 barrels per day to 2.2 million barrels per day," the IEA said in its oil market report. Russia-origin seaborne crude exports averaged 3.87 million barrels per day in May, the highest since Russia invaded Ukraine in February 2022.
India seen as major beneficiary as supply chains migrate from China
"We see India, Mexico and Southeast Asia as best positioned for this transition. India and Mexico are two economies that stand to benefit from increasingly local supply chains," Morgan Stanley said in a report. Morgan Stanley economists have written extensively on the economic and industrial benefits that are beginning to accrue in economies where supply chains are migrating.
China makes surprise rate cut to shore up sputtering growth
The amount of lending affected is small, but the move is significant as it signals that the PBOC is likely to cut several other key interest rates later this month, analysts say. The rate cut reveals "growing concerns among policymakers" about the health of China's recovery, Capital Economics analysts said on Tuesday, CNN reported.
Chinese power companies accuse Pakistan govt of defaulting on payments
The Port Qasim Electric Power Company Ltd (PQEPC), owned by China's Sinohydro Resources Ltd and Qatar's Al Mirqab Capital Ltd, claims that the CPPA owes it Rs 77.3 billion or $263.5 million in unpaid dues for power. The company says that as the deadline of May 31 for the principal payment of $73.6m has passed, the Government of Pakistan has defaulted.
India open to FTA talks bilaterally or individually with African nations: Piyush Goyal
He said India is open to free trade agreement (FTA) negotiations bilaterally or individually with African countries or Africa as a whole. The minister reiterated that this is the beginning of a new engagement and reaffirmed that India would act as a trusted partner to expand trade, commerce, business, investment and opportunities between the two nations.
Cabinet okays up to 10% hike in MSP of several commodities
Minister for Food and Consumer Affairs, Commerce and Textiles Piyush Goyal said that the government's top priority is to keep inflation in check and therefore, in recent times, it has increased procurement so that the common man does not feel the pinch while the entire burden of price rise is borne by the government.
FPIs invest Rs 43,838 crore in India in May
V.K. Vijayakumar, Chief Investment Strategist at Geojit Financial Services, said the FPIs were aggressive buyers in the market in May having invested Rs 43,838 crore through the stock market and primary market put together. A survey among foreign portfolio investors showed that India is now the consensus overweight.
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