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Why four Asian countries got a World Bank income upgrade—and India didn’t

India has remained stuck in the lower-middle-income group as Vietnam and the Philippines have moved up. The gap exposes the harder challenge facing the world's fastest-growing major economy: turning aggregate growth into higher incomes.

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Mint Explainer | India-UK trade deal kicks in—what CETA means for exporters, services and MSMEs

India's trade pact with the UK offers duty-free access for most exports and opens new opportunities in services, procurement and professional mobility. Here's what CETA changes—and what could limit the gains.

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July rains ease monsoon deficit, but crop and inflation risks persist

The cumulative shortfall in rainfall eased to 19.3% during 1 June-13 July from 38% at the end of June. However, the improvement was uneven, with east and northeast India still reporting a 35.5% deficit, followed by the south peninsula (21.5%), northwest (11.9%) and central India (8.5%).

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Net direct tax collections rise 16% so far in FY27

The higher collections strengthen the Centre's revenue position in the early months of FY27, giving it greater fiscal room to pursue its budgeted spending plans.

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The silent labour strike: How a worker shortage is threatening India’s industrial leap

Labour shortages are quietly crippling factory floors across India. For a country betting its economic future on an industrial boom, the reality is stark. Why are both skilled and low-skilled workers turning their backs on manufacturing? We find out.

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Wholesale inflation nears double digits in June as food and fuel costs rise

Producer price inflation climbed to 9.87% in June, driven by food and petroleum-linked costs.

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Inflation breaches RBI target as patchy monsoon adds fresh risks

Driven by rising food prices, CPI-based retail inflation accelerated to 4.38% in June from 3.93% in May, breaching the Reserve Bank of India's medium-term target of 4% for the first time since January 2025—and the first time since the new CPI series was introduced in January 2026

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India stocks up gas from spot markets as West Asia tensions flare

Indian refiners are increasingly turning to the spot market for cooking gas—or liquefied petroleum gas (LPG)—and liquefied natural gas (LNG) to secure supplies. More LPG is being sourced from the US, while LNG is being bought from the US, Angola, Algeria and Oman

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economy6h ago

India's direct tax body notifies Cost Inflation Index for this fiscal year

India's Central Board of Direct Taxes has set the Cost Inflation Index at 384 for the financial year 2026-27. This index is pivotal in gauging the inflation-driven changes in costs over time. Annually published through gazette notices, it pertains to long-term capital assets sold.

Economy-News-Economic Times

economy9h ago

India, EU strengthen strategic partnership at 3rd TTC; announce cooperation in AI, semiconductors, clean technologies

The European Union and India on Wednesday reaffirmed their commitment to strengthen strategic cooperation in trade, technology and security at the third meeting of the India-EU Trade and Technology Council (TTC), with both sides agreeing to deepen collaboration in artificial intelligence, semiconductors, quantum technologies, clean energy and resilient supply chains.

Economy-News-Economic Times

economy9h ago

India eyes UAE ports to skirt Hormuz risks for energy cargoes

Indian refiners and importers are increasingly relying on the United Arab Emirates' Fujairah and Khor Fakkan ports along the Gulf of Oman, outside the traditional Strait of Hormuz shipping route that, to source energy supplies from the region

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economy9h ago

Cabinet clears Rs 1.9 Lakh crore push for chip, mobile phone manufacturing

The Union Cabinet approved significant new schemes for semiconductor and mobile phone manufacturing. The India Semiconductor Mission's second phase will receive ₹1.27 lakh crore for development. A new ₹62,500 crore scheme will boost mobile phone production and domestic sourcing.

Economy-News-Economic Times

Attacks on seafarers hit hiring, raise costs for shipping companies

The recent spate of attacks on commercial vessels is significantly impacting the recruitment of Indian seafarers and driving up associated costs. SV Anchan, chairman of Safesea Shipping, highlighted the soaring insurance premiums necessitated by the need for seafarer protection. Their tanker, Safesea Vishnu, was a recent casualty, targeted within Iraqi territorial waters.

Economy-News-Economic Times

Cabinet approves ₹24,000-crore highway projects in Varanasi to ease congestion

The Union Cabinet approved highway projects exceeding ₹24,000 crore for Varanasi. These projects aim to significantly ease traffic congestion within the temple town. Two railway multi-tracking projects in Odisha and Jharkhand were also cleared. The highway package includes link corridors connecting NH-19 and NH-31 to the Varanasi Ring Road.

Economy-News-Economic Times

RBI pushes banks, NBFCs to own data risks across third parties

The RBI has sought comments from the public by August 17 on its draft proposals titled 'Guidance on Regulatory Expectations for Data Governance.' These seek to strengthen controls over the growing use of external service providers, technology vendors and group entities by banks and other regulated financial institutions.

Economy-News-Economic Times

India, EU hopeful of investment protection pact before year-end

India and the European Union aim to finalize an investment protection agreement by year-end. Both sides expressed optimism about concluding the pact soon after their trade council meeting. They are committed to increasing investment flows between India and the European Union. India and the EU also plan to de-risk dependencies in critical areas.

Economy-News-Economic Times

Softer inflation trips rate hike forecasts, RBI hold more likely

Standard Chartered Bank had already withdrawn its August rate hike forecast following the last policy review. ET’s interactions with bank economists and a review of research reports show that most institutions now expect the RBI to remain on hold through FY27, while some believe any rate hikes would be back-ended later in the year as the central bank prioritises growth over inflation management.

Economy-News-Economic Times

Russian firms seeking more gasoline from India

Russian energy companies are seeking more gasoline from Indian refiners. This request follows Ukrainian strikes which damaged Russia's refining capacity significantly. India is currently the largest buyer of Russian seaborne crude oil. This situation marks an unusual reversal in the energy trade relationship between the two nations.

Economy-News-Economic Times

economy15h ago

Kharif crop acreage to rise as sowing window remains open till August 15: Shivraj Singh Chouhan

In response to current crop shortages, farmers are set to expand acreage for essential kharif crops. Increased rainfall is expected in the next few weeks, enhancing cultivation conditions. A previous drop in paddy, pulses, and oilseeds sowing contributed to rising prices in these food categories. The sowing season for these crops will remain open until August 15.

Economy-News-Economic Times

economy3d ago

Five-year-high grain stocks offer India an El Niño buffer

As the risk of an El Niño looms over the kharif season, India's largest foodgrain stockpile in five years gives the government a cushion against weather-led supply disruptions. The higher reserves also provide greater flexibility to curb food inflation and meet welfare needs.

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economy5d ago

The week in charts: Slow kharif sowing, capex caution, clean energy milestone

In this weekly Plain Facts compilation, we present to you data-based insights, with easy-to-read charts, to help you delve deeper into the stories reported by Mint in the week gone by.

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India merchandise trade gap hits a 5-month high in June on oil bill surge amid war, exports rise 15.5%

India’s merchandise exports rose 15.5% to $40.4 billion in June, but the imports grew even faster, widening the merchandise trade deficit to a five-year high of $30.4 billion. The deficit for the June quarter was $86.86 billion, up from $68.75 billion a year ago.

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