Ship traffic through the Strait of Hormuz surged briefly following US sanctions relief and a humanitarian evacuation effort. However, a fresh attack in the Gulf of Oman halted the operation, causing traffic to plummet. Iran’s warning about safe passage routes further heightened concerns, leaving major global carriers hesitant to return to the volatile waterway.
Jewar is set to become a major electronics manufacturing hub with two new projects worth Rs 6,750 crore, expected to create 3,000 jobs. Union Minister Ashwini Vaishnaw announced the foundation stones were laid for facilities producing advanced printed circuit boards and HVAC components. This move signifies India’s shift from assembly to deep manufacturing, aiming to
Iran’s inflation has skyrocketed to 88.6%, its highest in months, as the Middle East conflict intensifies economic woes. Food prices have more than doubled, with bread, grains, and meat seeing staggering year-on-year increases. This surge compounds existing challenges of sanctions and hyperinflation, severely impacting household purchasing power and fueling public discontent.
Businesses relocating their primary operations to a new GST jurisdiction will now find that ongoing tax proceedings will seamlessly transfer. The Central Board of Indirect Taxes and Customs (CBIC) has clarified that the new tax authority will pick up cases from where they were left off, ensuring continuity. This move aims to prevent procedural delays
China’s industrial profit growth saw a dip in May, despite robust exports and rising factory prices. This slowdown, the first in six months, highlights persistent weak domestic demand and sluggish investment. While global AI trends and energy market disruptions offered some support, they weren’t enough to overcome internal economic pressures. Companies in certain sectors continue
Kotak Mahindra Bank’s CEO, Ashok Vaswani, will not seek reappointment after his term ends December 31, 2026, citing personal reasons. The bank has initiated the process to find a successor. Vaswani, who took charge in January 2024, aims to elevate the bank’s standing amidst a period of regulatory review and growth acceleration. The bank recently
Artificial intelligence is now a new driver of inflation, according to IMF Chief Economist Pierre-Olivier Gourinchas. He explains that AI is increasing costs for technology hardware and simultaneously making consumers wealthier through booming stock markets, leading to higher spending. This dual impact on both supply and demand channels is creating fresh inflationary pressures, a concern
India has joined 34 nations in a US-led effort to foster robust AI supply chains, signing the Joint Statement on AI Opportunity. This move champions a pro-growth, pro-innovation regulatory path for artificial intelligence. The initiative emphasizes trusted supply chains, private sector involvement, and critical infrastructure development for the future. Discussions also focused on expanding cooperation
Despite India’s advanced digital payments, millions of small businesses struggle for formal finance, with only 14% accessing institutional credit. A significant credit gap, potentially exceeding Rs 50 lakh crore, hinders economic growth. While financial account ownership is high, formal credit access and insurance penetration lag global averages, highlighting critical inclusion gaps requiring policy reforms for
