Tuesday, March 10
India aims to finalize the initial phase of its Bilateral Trade Agreement with the US by year-end, with commerce secretary Rajesh Agarwal expressing optimism despite global trade shifts. Negotiations have advanced significantly, though last-minute hurdles remain a possibility. Discussions are also progressing on an immediate Framework Trade Deal to address US tariffs on Indian goods.
Gold and silver prices surged in futures trade on Friday, buoyed by positive global sentiment and increased expectations of a US Federal Reserve rate cut next month. City-wise, gold prices showed mixed trends, with Delhi and Chennai experiencing gains while Noida, Mumbai, and Kolkata saw slight declines.
India is actively pursuing free trade agreements with key global players like the US and EU, alongside around 50 other nations and blocs. Commerce minister Piyush Goyal highlighted the strategic importance of "trusted partners" amid rising global trade risks. Discussions are progressing with the GCC, New Zealand, and Israel, while talks with Canada are set to resume.
China's Envision Group is considering a $34 million battery manufacturing plant in India, aiming to support the nation's renewable energy integration. The proposed facility would assemble battery systems, utilizing Chinese-sourced cells while developing local racks and software. This move comes as India faces storage shortages, hindering its renewable energy expansion and grid stability.
Asian stocks rallied for a second day, fueled by growing confidence in a US Federal Reserve interest rate cut next month. This optimism has boosted risk appetite, lifting equities and even Bitcoin. Dovish Fed comments and weaker US jobs data reinforced expectations for monetary easing, overshadowing concerns about stretched valuations.
The Department of Telecommunications has clarified that the amended Telecommunication Cyber Security (TCS) Rules, 2025, remain in force after a duplicate notification was withdrawn. These rules aim to combat cyber fraud by strengthening mobile number validation, scrutinizing the second-hand device market, and enhancing data-sharing norms for better traceability and accountability.
Banking Connect, a new net banking platform by NBBL, will allow the RBI to monitor fund transfers in shorter lag, aiding in tracking flows to sectors like crypto and gaming. This platform aims to significantly increase monthly bill payment volumes and enhance fraud prevention by addressing existing gaps in the payment ecosystem.
