Indian manufacturers, Dixon Technologies and Florence Shoe Company, are rapidly expanding to capitalize on opportunities arising from global companies seeking alternatives to China, especially after Trump's tariffs. Dixon anticipates a $100 billion export potential in the US and EU, while Florence is increasing shoe production for major brands.
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Infosys has inaugurated a new development center in Gujarat International Finance Tec-City (GIFT City), Gandhinagar, to support over 1,000 employees in a hybrid model. This TechFin hub will deliver advanced digital solutions for global BFSI clients, focusing on areas like digital banking and risk management. The center will leverage AI, GenAI, cloud, and blockchain technologies to enable cross-border digital solutions.
The OECD projects a U.S. economic slowdown to 1.6% in 2025, down from 2.8% in 2024, attributing it largely to President Trump's tariff policies disrupting global trade. These measures have increased U.S. tariff rates significantly, impacting business and consumer confidence. The global economy also faces strain, with growth expected to drop.
IndiGo has solidified its commitment to expanding its long-haul operations by confirming an order for 30 additional Airbus A350 wide-body aircraft. This doubles their initial order, bringing the total to 60 A350s with an option for 40 more.
Yes Bank shares plunged 7.4% to Rs 21.55 following reports of a 3% equity stake changing hands via block deals, potentially involving a PE investor.
Economist S Mahendra Dev assumes the role of Chairman of the Economic Advisory Council to the Prime Minister (EAC-PM), filling the vacancy since November. The council has been reconstituted for two years, retaining full-time members and inducting new part-time members. Dev, a development economist, brings extensive experience from academia and the financial sector.
IndiGo airlines is set to boost air connectivity in Assam following discussions with Chief Minister Himanta Biswa Sarma. New initiatives include a direct Delhi-Jorhat flight starting mid-September 2025 and a Guwahati-Navi Mumbai route launching this winter. The Delhi-Dibrugarh service will now include a Guwahati stopover, enhancing connectivity between Assam's capitals.
Finance minister Nirmala Sitharaman emphasized that embracing rapid technological advancements can significantly boost economic productivity, a primary goal for policymakers. Speaking at the Institute of Economic Growth, she highlighted the increased focus on capital expenditure post-Covid, with states recognizing its growth-enhancing multiplier effect.
Canara Bank is set to eliminate minimum balance requirements for all savings accounts starting June 1, 2025, benefiting a wide range of customers. This move, a first among major public sector banks, removes penalties for not maintaining the Average Monthly Balance (AMB) across all account types, including regular, salary, and NRI accounts.
Donald Trump suggests resuming large-scale trade with Russia after the Ukraine war, but experts cite significant obstacles. Hundreds of foreign companies have exited Russia since the 2022 invasion, facing asset seizures and legal instability. Russia's focus on military production and stringent regulations further deter US firms, making a swift trade revival unlikely despite potential sanction relief.
The rupee weakened by 7 paise to close at 85.55 against the US dollar, influenced by volatile equity markets and rising crude oil prices. Investors were cautious ahead of GDP data release, while the dollar strengthened after a US court ruling on tariffs. Despite FII selling, India's growth outlook remains robust, as highlighted by the RBI.