Thursday, March 12
Amitabh Kant views the US tariff hike on Indian goods as a chance to accelerate economic reforms. Donald Trump's decision, linking tariffs to India's Russia ties, doubles duties on various exports, potentially impacting sectors like textiles and gems. This move precedes trade negotiations, where the US seeks concessions from India.
A senior Indian diplomat criticised the United States for imposing 50% tariffs on Indian exports. The US cited India's continued import of discounted Russian oil as the reason. India called the move unfair. Despite the tensions, India will continue trade negotiations with the US. India is confident that solutions will be found.
President Trump announced new reciprocal tariffs effective at midnight, targeting countries allegedly exploiting the US. He claimed billions would flow into the US, attributing potential obstacles to a "radical left court."
In response to the US's increased tariffs on Indian goods, the government is considering targeted support for sectors like textiles and chemicals. The export promotion mission, with a budget of Rs 2,250 crore, may offer easy credit, overseas warehousing, and global branding to help exporters find new markets.
Nayara Energy faces severe fuel supply disruptions as shipowners halt operations due to EU sanctions linked to its Russian ownership. This forces the company to seek government assistance for alternative shipping solutions to maintain fuel distribution to key Indian demand centers.
Stock market today: The NSE Nifty concluded at 24,596.15, rising by 21.95 points or 0.09 per cent. The BSE Sensex, after falling to 79,811.29, bounced back significantly by 926 points to close at 80,623.26, showing a gain of 79.27 points or 0.10 per cent.
Stock market today: Nifty50 and BSE Sensex, the Indian equity benchmark indices, tanked in afternoon trade on Thursday as Donald Trump’s doubling of tariffs on India to 50% impacted market sentiment.
The Bank of England reduced interest rates to 4% due to economic concerns. This is the fifth cut since August 2024. The move aims to counter rising US tariffs and domestic tax hikes. Inflation rose to 3.6% in June. Growth forecast is slightly up to 1.25%. The decision faced division within the Monetary Policy Committee. Unemployment reached 4.7%.
RBI Governor announced measures to simplify claim settlements for deceased customers' accounts and lockers, alongside a re-KYC drive for PMJDY accounts via panchayat-level camps. The Retail Direct platform will now offer SIPs in treasury bills. Bank credit growth slowed to 12.1% in FY25, but total financial resource flow to the commercial sector increased.
