Wednesday, March 11
India's private sector soared to record levels in August, with the Composite PMI reaching 65.2, fueled by surging order volumes. The services sector led the charge, hitting an all-time high, while manufacturing also showed strong growth. Increased international orders and robust employment growth contributed to the positive outlook, despite rising inflation pressures and businesses remain optimistic about future market conditions.
Existing home sales saw a slight increase in July, driven by marginally lower mortgage rates and a rise in available properties. The market experienced a 0.8% year-over-year sales increase, exceeding expectations, while home price growth slowed. Inventory levels reached a five-year high, offering buyers more negotiating power despite properties taking longer to sell.
Target's CEO, Brian Cornell, will step down in February, succeeded by COO Michael Fiddelke amidst company challenges. The leadership shift occurs as the retailer grapples with declining sales and a need to revive its reputation for affordable style. Fiddelke aims to improve merchandise selection, in-store experience, and technology investment.
Prime Minister Narendra Modi is set to inaugurate multiple infrastructure projects in Kolkata and Bihar. In Kolkata, new metro lines will be launched, improving connectivity and reducing travel times. Additionally, a major road project will ease congestion.
India's textile and apparel sector experienced growth in July 2025, with exports increasing by 5.37% to $3.10 billion. The industry's resilience amid global uncertainties has solidified its role as a key contributor to employment and economic growth. Cumulative textile exports for April-July 2025 reached $12.18 billion, a 3.87% rise. Ready-made garment exports also saw a boost, climbing 4.75% in July.
China's rare earth magnet exports experienced a significant resurgence in July, reaching a six-month peak of 5,577 metric tons. This rebound, a nearly 75% increase from June, signals a return to pre-export control levels, driven by eased restrictions and agreements with the US and Europe.
Starting November 1, 2024, Indian Railways has shortened the advance ticket booking window to 60 days, intensifying competition for seats during the festive season when migrant workers travel home.
Emkay Research suggests GST restructuring may raise India's fiscal deficit temporarily. The deficit could reach 4.6 percent in FY27. However, growth benefits should compensate within three years. States' cooperation is crucial for GST changes. Rationalization is justified despite fiscal risks. Ratings upgrades support reform. Consumer inflation might ease. GST simplification will support long-term growth in India.
The Union Cabinet has approved a bill to regulate online real-money gaming platforms, addressing concerns about gambling, addiction, and inconsistent state regulations. The bill seeks to establish a uniform legal framework, criminalize online betting, and impose strict penalties on offenders, while differentiating real-money gaming from eSports and social online games.
