The RBI's Monetary Policy Committee convened amidst expectations of a policy rate cut to bolster economic growth, influenced by global uncertainties. Analysts anticipate a 25-50 bps reduction in the repo rate, currently at 6%, following previous cuts. Experts believe easing rates will stimulate consumer spending, investment, and credit flow to MSMEs.
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A recent US Commerce Department report indicates a slowdown in inflation, with consumer prices rising just 2.1% in April. This decline occurs amidst concerns that former President Trump's tariffs could drive prices higher.
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.
Aadhaar cardholders can update their identity and address documents online for free until June 14, 2025, as announced by UIDAI. After this date, updates will require a visit to an Aadhaar Enrolment Centre with a fee of Rs 50. Updating PoI and PoA documents every 10 years ensures accurate records and avoids potential service disruptions.
Airbus reports IndiGo and Air India are among its top three global customers with substantial aircraft backlogs. While facing delivery delays, Airbus sees supply chain stability returning, aiming to increase A320 production.
In response to US tariffs, a NITI Aayog paper suggests India selectively lower tariffs on non-sensitive US agricultural imports and offer concessions where supply gaps exist, like in edible oils. It also recommends negotiating greater US market access for Indian exports such as shrimp and spices.
Evergent, a California-based AI-powered SaaS provider, has launched its global value center in Hyderabad, already employing 600 professionals and planning to expand to 1,000 by 2025. The company leverages Hyderabad's deep tech talent to develop AI-driven solutions for global media giants, managing over 920 million subscribers through its India-built platform.
WTO chief Ngozi Okonjo-Iweala acknowledged disruptions to the multilateral trading system and urged India to support China-backed investment facilitation, despite India's opposition. She emphasized India's leadership role for the upcoming MC14, particularly in agriculture, while highlighting the need to address India's concerns in that sector. Reform discussions are anticipated at the mini-ministerial meeting.
India has exempted Saudi Arabia's Public Investment Fund (PIF) from certain foreign portfolio investment rules to attract long-term capital and strengthen financial ties. This move allows PIF's various arms to invest independently in Indian equity markets, bypassing the previous 10% ownership cap. It aims to boost Saudi Arabia's $100 billion investment plan in India, particularly in energy and infrastructure sectors.
