Name: Economic Survey 2022-23: CEA briefs media
Uploaded: 2023-01-31T14:18:53.000+05:30
Duration: T01M46S
Channel: Editorji News Desk
Description: Survey said that though India's merchandise exports have touched an all-time high of USD 422 billion in 2021-22

The CBI has registered a case against Jai Anmol Anil Ambani and Reliance Home Finance Ltd. for allegedly cheating Union Bank of India, causing a loss of ₹228 crore through diversion and misappropriation of funds.

CBI books Anil Ambani's son, Reliance Home Finance Ltd. in Rs 228 crore bank fraud case

The CBI has registered a case against Jai Anmol Anil Ambani and Reliance Home Finance Ltd. for allegedly cheating Union Bank of India, causing a loss of ₹228 crore through diversion and misappropriation of funds.

The CBI has booked the son of industrialist Anil Ambani, Jai Anmol Anil Ambani, and Reliance Home Finance Ltd. (RHFL) in a case of alleged cheating in Union Bank of India that caused a loss of Rs 228 crore to the public bank, officials said on Tuesday.
The CBI acted on a complaint from the bank (erstwhile Andhra Bank) against Reliance Home Finance Ltd., Jai Anmol Anil Ambani and Ravindra Sharad Sudhakar, both directors in RHFL, they said.
The company had availed credit limits to the tune of Rs 450 crore from the bank's SCF branch in Mumbai for business needs, the complaint stated.
The bank had laid down the condition to maintain financial discipline including timely repayment, service of interest and other charges and submission of position of security and other required papers in time and routing the entire sale proceeds through the bank account.
The company failed to pay the instalments to the bank and hence, the said account was classified as a non-performing asset (NPA) on September 30, 2019, the officials said.
A forensic examination of the accounts was carried out by Grant Thornton (GT), for a review period from April 1, 2016 to June 30, 2019, which showed that borrowed funds were mis-apportioned and considered as diversion of funds, they said.
"The accused persons in their capacity of erstwhile promoters /directors of the borrower Company committed fraudulent misappropriation of funds through manipulation of accounts and criminal breach of trust and diverted/siphoned off the funds for the purposes other than the purpose for which finance was extended," the bank alleged.

The RBI has revised India’s FY26 GDP growth projection to 7.3% after robust 8.2% Q2 growth, supported by strong demand, healthy investments and stable inflation.

RBI raises FY26 GDP growth projection to 7.3 pc

The RBI has revised India&rsquo;s FY26 GDP growth projection to 7.3% after robust 8.2% Q2 growth, supported by strong demand, healthy investments and stable inflation.

Reserve Bank on Friday raised the GDP growth projection to 7.3 per cent for the current fiscal from its earlier estimate of 6.8 per cent following robust economic performance in the July-September quarter.
The Gross Domestic Product (GDP) registered a six-quarter high growth of 8.2 per cent in Q2 of 2025-26, underpinned by resilient domestic demand amidst global trade and policy uncertainties.
On the supply side, real Gross Value Added (GVA) expanded by 8.1 per cent, aided by buoyant industrial and services sectors.
Unveiling the December monetary policy, Reserve Bank Governor Sanjay Malhotra said economic activity during the first half of 2025-26 benefited from income tax and Goods and Services Tax (GST) rationalisation, softer crude oil prices, front-loading of government capital expenditure, and facilitative monetary and financial conditions supported by benign inflation.
High-frequency indicators suggest that domestic economic activity is holding up in the October-December quarter, although there are some emerging signs of weakness in few leading indicators, he said.
"GST rationalisation and festival-related spending supported domestic demand during October-November," he said and added rural demand continues to be robust while urban demand is recovering steadily.
Also, investment activity remains healthy with private investment gaining steam on the back of expansion in non-food bank credit, and high capacity utilisation.
The governor also noted that merchandise exports declined sharply in October amid subdued external demand, accompanied by softer services exports.
On the supply side, agricultural growth is supported by healthy kharif crop production, higher reservoir levels and better rabi crop sowing.
Manufacturing activity continues to improve, while the services sector is maintaining a steady pace, Malhotra said.
"Taking all these factors into consideration, real GDP growth for 2025-26 is projected at 7.3 per cent, with Q3 at 7 per cent; and Q4 at 6.5 per cent. Real GDP growth for Q1 of 2026-27 is projected at 6.7 per cent and Q2 at 6.8 per cent. The risks are evenly balanced," he said.
On the external front, the governor said Foreign Direct Investment (FDI) to India increased at a robust pace during the first half of the year.
Net FDI also increased significantly due to a decline in repatriation despite a rise in outward FDI.
However, Foreign Portfolio Investment (FPI) to India recorded net outflows of USD 0.7 billion in 2025-26 so far (April-December 03), due to outflows in the equity segment.
Flows under external commercial borrowings and non-resident deposit accounts moderated as compared to last year.
As on November 28, 2025, India&rsquo;s foreign exchange reserves stood at USD 686.2 billion, providing a robust import cover of more than 11 months, Malhotra said.
"Overall, India&rsquo;s external sector remains resilient. We are confident of meeting our external financing requirements comfortably," he said.
India&rsquo;s current account deficit moderated from 2.2 per cent of GDP in Q2 of 2024-25 to 1.3 per cent in Q2 of 2025-26 on account of robust services exports and strong remittances.
The governor also said that contrary to earlier expectations, global growth has been relatively strong. Evolving geopolitical and trade environments, however, continue to weigh on the outlook, he added.

RBI reduces interest rate by 25 basis points to 5.25% to boost economic growth, with inflation at historic low of 0.25% and Q2 GDP rising to 8.2%. Rate cut aims to make loans cheaper amid rupee depreciation.

RBI trims policy interest rate by 25bps to 5.25pc, loans to get cheaper

RBI reduces interest rate by 25 basis points to 5.25% to boost economic growth, with inflation at historic low of 0.25% and Q2 GDP rising to 8.2%. Rate cut aims to make loans cheaper amid rupee depreciation.

Shrugging off concerns over the depreciation of rupee, the RBI on Friday cut interest rate by 25 basis points to 5.25 per cent in a bid to further bolster economic growth, which rose to a six-quarter high of 8.2 per cent in the second quarter of the current financial year.
The development is expected to make advances, including housing, auto and commercial loans cheaper.
Announcing the fifth bi-monthly monetary policy for the current fiscal, RBI Governor Sanjay Malhotra said the Monetary Policy Committee (MPC) has unanimously decided to cut the short-term lending rate or repo rate by 25 basis points to 5.25 per cent with a neutral stance.
The rate cut comes on the back of the consumer price index (CPI) based headline retail inflation ruling below the 2 per cent lower band mandated by the government for the last three months.
India's retail inflation dropped to a historic low of 0.25 per cent in October 2025, marking the lowest level since the Consumer Price Index (CPI) series was introduced.
Besides, the Indian economy has clocked better-than-expected GDP growth of 8.2 per cent in the second quarter.
However, the rupee declined to historic low and crossed 90 against a dollar earlier this week making imports costlier, raising fears of rise in inflation. Rupee has depreciated by about 5 per cent so far this year.
The RBI has sharply raised growth projection to 7.3 per cent from earlier 6.8 per cent for the current financial year. The central bank has been tasked by the government to ensure that CPI- based retail inflation remains at 4 per cent with a margin of 2 per cent on either side.
Based on the recommendation of the MPC, the RBI reduced the repo rate by 25 bps each in February and April, and 50 basis points in June amidst easing retail inflation.
The retail inflation is trending below 4 per cent since February this year. It eased to historic low in October, aided by an easing of food prices and favourable base effect.

The Indian rupee plunged to a new intra-day low of 90.25 against the US dollar due to FII outflows, strong dollar demand by banks, and uncertainty over India-US trade talks.

Rupee slumps to all-time low of 90.25 against US dollar in intra-day trade

The Indian rupee plunged to a new intra-day low of 90.25 against the US dollar due to FII outflows, strong dollar demand by banks, and uncertainty over India-US trade talks.

The rupee plummeted to a new low of 90.25 against the greenback in the intra-day session on Wednesday, falling 29 paise from its previous close, amid FII outflows and sustained buying of dollars by banks.
A decline in the domestic equity markets and the absence of an India-US trade deal put further pressure on the local unit, according to forex traders.
At the interbank foreign exchange, the rupee opened at 89.96 against the greenback and slipped to an all-time intra-day low of 90.25, down 29 paise from its previous close.
On Tuesday, the rupee settled 43 paise down at an all-time closing low of 89.96 against the US dollar, largely owing to continued short-covering from speculators and sustained importer demand for the American currency.
Jateen Trivedi, VP Research Analyst, Commodity and Currency, LKP Securities, said, "The rupee slipped below the 90-mark for the first time, pressured by the absence of a confirmed India-US trade deal and repeated delays in timelines. Markets now want concrete numbers rather than broad assurances, leading to accelerated selling in the rupee over the past few weeks."
"Record-high metal and bullion prices have further worsened India's import bill, while steep US tariffs continue to strain export competitiveness," he said.
"The rupee has been weakening with the Government of India and the Reserve Bank of India (RBI) wanting to help exporters and may have kept the dollar well bid in the past few days," Anil Kumar Bhansali, Head of Treasury and Executive Director, Finrex Treasury Advisors LLP, said. Nationalised banks purchased dollars at higher levels consistently on Tuesday, he said.
The MPC meeting starts on Wednesday and the interest rate decision will be declared on December 5 ahead of the Fed interest rate outcome on December 10. "A rate cut by the RBI could invite further selling of the rupee," Bhansali added.
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.18 per cent lower at 99.17. Brent crude, the global oil benchmark, was trading 0.03 per cent lower at USD 62.43 per barrel in futures trade.
On the domestic equity market front, Sensex was down intra-day by 277.23 points, or 0.33 per cent, to 84,861.04 points. Nifty, too, was trading lower by 111.70 points, or 0.43 per cent to 25,920.50.
Foreign Institutional Investors sold equities worth Rs 3,642.30 crore on Tuesday, according to exchange data.

Reliance Industries announced that Star Television Productions Ltd has officially merged with Jiostar, following the media consolidation with Disney’s India business, forming one of the country’s largest entertainment platforms.

Reliance completes merger of Star Television Productions with Jiostar

Reliance Industries announced that Star Television Productions Ltd has officially merged with Jiostar, following the media consolidation with Disney&rsquo;s India business, forming one of the country&rsquo;s largest entertainment platforms.

Reliance Industries has completed the merger of Star Television Productions Ltd (STPL), a subsidiary of the company, with Jiostar, according to regulatory updates.
On November 14, 2024, Reliance had intimated about the scheme of arrangement for the merger of STPL with Star India, now known as Jiostar India, another subsidiary of the company.
"Jiostar has, on November 30, 2025 at 6:09 pm (IST), informed the Company that the said scheme has become effective from November 30, 2025, and STPL stands merged with Jiostar," Reliance Industries Ltd informed in a regulatory filing.
STPL owns the &lsquo;STAR&rsquo; brand and licenses it to group companies.
JioStar is the joint venture created after the merger of the media business of Reliance and the India business of global media giant Walt Disney in November 2024. The combined company was valued at USD 8.5 billion.
It is the country's leading media and entertainment platform and had reported revenues of Rs 7,232 crore in the September quarter along with a profit after tax of Rs 1,322 crore.
It had launched JioHotstar after the merger of two leading OTT platforms -- JioCinema and Disney+ Hotstar -- in February this year.

Moody’s Ratings projects India’s GDP will expand 7% in 2025 and 6.4% in 2026, making it the fastest-growing economy among emerging markets and across the Asia-Pacific region.

India to lead emerging market growth with 7pc GDP rise in 2025: Moody’s

Moody&rsquo;s Ratings projects India&rsquo;s GDP will expand 7% in 2025 and 6.4% in 2026, making it the fastest-growing economy among emerging markets and across the Asia-Pacific region.

Moody's Ratings on Friday said with a 7 per cent GDP expansion in 2025 and 6.4 per cent in the next year, India will lead growth among emerging markets and across the Asia Pacific region.
Moody's also said that India's domestic growth drivers underpin its economic resilience amid global uncertainty.
Although the Indian rupee has continued to weaken against the dollar, most rated companies have active currency risk management or strong financial buffers, while investment-grade entities have demonstrated access to international capital markets.
"India will lead growth among emerging markets and across the region, with GDP growing 7 per cent in 2025 and 6.4 per cent in 2026," Moody's Ratings said.
Its projected average GDP growth in APAC (Asia-Pacific) will remain steady at 3.4 per cent in 2026 compared with 3.3 per cent in 2024 and expected growth of 3.6 per cent in 2025.
On a weighted average basis, emerging markets will drive GDP growth in the region, with average growth of 5.6 per cent, compared to average growth of 1.3 per cent in advanced markets, Moody's said.

Indian benchmark indices extended gains on Thursday, with Nifty reaching an all-time high amid hopes of a US Fed rate cut, strong foreign fund inflows, and positive global market trends.

Nifty hits record high after 14 months; Sensex nears all-time peak

Indian benchmark indices extended gains on Thursday, with Nifty reaching an all-time high amid hopes of a US Fed rate cut, strong foreign fund inflows, and positive global market trends.

Stock market benchmark indices extended their previous day's rally in early trade on Thursday, with the Nifty hitting its fresh record high amid favourable global trends on growing hopes of a US Fed rate cut and foreign fund inflows.
The 30-share BSE Sensex advanced 313.38 points to 85,922.89 in early trade. The 50-share NSE Nifty rallied 90.25 points to hit an all-time high of 26,295.55. The broader index had earlier scaled its record intra-day high of 26,277 on September 27, 2024.
From the Sensex firms, Bajaj Finance, Bajaj Finserv, ICICI Bank, Larsen &amp; Toubro, Asian Paints and Mahindra &amp; Mahindra were among the biggest gainers. However, Eternal, Kotak Mahindra Bank, UltraTech Cement and Maruti were among the laggards.
In Asian markets, South Korea's Kospi, Japan's Nikkei 225 index, Shanghai's SSE Composite index and Hong Kong's Hang Seng index were trading in positive territory. US markets ended higher on Wednesday.
Foreign Institutional Investors (FIIs) bought equities worth Rs 4,778.03 crore on Wednesday, according to exchange data. Domestic Institutional Investors (DIIs) also purchased stocks worth Rs 6,247.93 crore in the previous trade.
"Expectation of a rate cut by the Fed and a possible Russia-Ukraine peace accord have improved sentiments for equity markets globally," VK Vijayakumar, Chief Investment Strategist, Geojit Investments Limited, said.
Brent crude, the global oil benchmark, dipped 0.48 per cent to USD 62.83 per barrel.
"Global equity markets have extended their gains, buoyed by growing expectations of interest-rate cuts by the US Federal Reserve. Major US indices &mdash; including the S&amp;P 500, Dow Jones, and Nasdaq &mdash; posted another session of solid advances as softer Treasury yields and renewed policy optimism strengthened risk appetite. This upbeat sentiment has carried into today&rsquo;s global trade, with Asian markets opening higher," Ponmudi R, CEO of Enrich Money, an online trading and wealth tech firm, said.
On Wednesday, the Sensex jumped 1,022.50 points or 1.21 per cent to settle at 85,609.51. The Nifty zoomed 320.50 points or 1.24 per cent to end at 26,205.30.

Reliance Industries stops using Russian crude at its export-only Jamnagar SEZ refinery ahead of EU fuel sanctions starting January 2026. All future exports from December 1 will be made from non-Russian oil to ensure full compliance.

Reliance stops Russian oil use at its only-for-export refinery to comply with EU sanctions

Reliance Industries stops using Russian crude at its export-only Jamnagar SEZ refinery ahead of EU fuel sanctions starting January 2026. All future exports from December 1 will be made from non-Russian oil to ensure full compliance.

Reliance Industries Ltd has said it has halted the use of Russian crude at its export-only refinery in Jamnagar, Gujarat, as the company moves to comply with European Union sanctions.
Reliance is India's largest buyer of Russian oil, which it processes and turns into fuel, such as petrol and diesel, at its giant oil refining complex at Jamnagar.
The complex is made up of two refineries - one SEZ unit from which fuels are exported to the European Union, the US and other markets, and an older unit that caters to the domestic market.
The European Union - a big market for Reliance - has imposed wide-ranging sanctions targeting Russia's energy revenues, including measures that restrict the import and sale of fuels produced from Russian crude oil. To comply with these, Reliance has stopped processing Russian crude oil at its only-for-exports (SEZ) refinery.
"We have stopped importing Russian crude oil into our SEZ refinery with effect from November 20," a company spokesperson said in a statement on Thursday.
As is the case with any large industrial factory, the refinery must have past raw material (crude oil) inventories, which it is currently processing and turning into fuels. Once the old inventory runs out, newer products will only be made from non-Russian oil.
"From December 1, all product exports from the SEZ refinery will be obtained from non-Russian crude oil," the firm said. "The transition has been completed ahead of schedule to ensure full compliance with product-import restrictions coming into force in January 2026."
Last month, when the US sanctioned Russia's largest oil exporters - Rosneft and Lukoil, the firm had stated that it would meet all applicable restrictions and would adjust its refinery operations to meet compliance requirements.
"We have noted the recent restrictions announced by the European Union, the United Kingdom and the United States on crude oil imports from Russia and export of refined products to Europe. Reliance is currently assessing the implications, including the new compliance requirements," Reliance had said on October 24.
Reliance, which operates the world's largest single-site oil refining complex at Jamnagar in Gujarat, purchased about half of the 1.7-1.8 million barrels per day of discounted Russian crude shipped to India.
The company refines the crude into petrol, diesel and aviation turbine fuel (ATF), a large share of which is exported to regions such as Europe and the United States, at market prices, generating strong margins.
All this may change after US President Donald Trump imposed sanctions on Open Joint Stock Company Rosneft Oil Company (Rosneft) and Lukoil OAO (Lukoil) -- Russia's two largest oil companies that he accuses of helping fund the Kremlin's "war machine" in Ukraine.
Additionally, the European Union has barred the import of fuel made from Russian crude, starting January 2026.
"We will comply with the EU's guidelines on the import of refined products into Europe," Reliance had said.
On Thursday, the firm said the crude oil import in SEZ is a fully segregated facility catering to the production line in SEZ.
"All pre-committed liftings of Russian crude oil as of October 22, 2025, are being honoured, considering all transport arrangements were already in place."
"The final such cargo was loaded on November 12. Any (Russian) cargoes arriving on or after November 20 will be received and processed at our refinery in the domestic tariff area (DTA)," it said. "All operational activities ordinarily incident to such oil supply transactions can be completed, we believe, in a compliant way."
Reliance, which has signed a 25-year deal to buy up to 5,00,000 barrels of crude oil per day (25 million tonnes in a year) with Rosneft, has been cutting Russian imports since the US sanctions.
The company has huge business interests in the US and cannot risk attracting scrutiny.
Reliance, which bought an estimated USD 35 billion worth of Russian oil since the start of the Ukraine war in February 2022, started "recalibration" of its imports soon after the European Union adopted its 18th package of sanctions against Moscow in late July this year.
Recalibration is nothing but moving the import requirement to a different region. And this may get expedited now, industry sources said. Transactions involving the two sanctioned Russian firms need to be wound down by November 21.
Russia currently supplies nearly a third of India's crude imports, averaging around 1.7 million barrels per day (mbd) in 2025, of which approximately 1.2 mbd came directly from Rosneft and Lukoil.
Most of these volumes were bought by private refiners, Reliance Industries Ltd and Nayara Energy, with smaller allocations to state-owned refiners.

The Enforcement Directorate has attached assets worth over Rs 1,400 crore linked to Reliance Group chairman Anil Ambani, taking the total attached assets in the ongoing money laundering case to around Rs 9,000 crore.

ED attaches fresh assets worth over Rs 1,400 cr in case against Anil Ambani's Reliance Group

The Enforcement Directorate has attached assets worth over Rs 1,400 crore linked to Reliance Group chairman Anil Ambani, taking the total attached assets in the ongoing money laundering case to around Rs 9,000 crore.

The Enforcement Directorate (ED) has attached fresh assets worth more than Rs 1,400 crore as part of a money laundering probe related to Reliance Group chairman Anil Ambani and his companies, official sources said.
The federal investigative agency had earlier attached properties worth Rs 7,500 crore in this case.
The latest provisional attachment order has been issued under the Prevention of Money Laundering Act (PMLA) for the assets located in various parts of the country, the sources said.
A response from the Reliance Group is awaited.
Sources said the assets worth over Rs 1,400 crore have been attached as part of the latest order. This brings the total attachment in this case to about Rs 9,000 crore, the sources said.

India’s state-run oil firms have signed a landmark one-year deal to import 2.2 million tonnes of LPG from the US Gulf Coast in 2026, marking a major shift in sourcing strategy and a move to balance trade ties with Washington.

India signs 1-year deal to import 2.2 million tonnes of LPG from US

India&rsquo;s state-run oil firms have signed a landmark one-year deal to import 2.2 million tonnes of LPG from the US Gulf Coast in 2026, marking a major shift in sourcing strategy and a move to balance trade ties with Washington.

Indian state-run oil companies have signed a one-year deal to import cooking gas LPG from the United States in 2026, marking a push by New Delhi to expand energy purchases from Washington. The move is seen as an attempt to narrow India's trade surplus with the US - a sticking point for President Donald Trump, who has slapped a 50 per cent tariff on Indian goods entering America.
"Indian PSU oil companies have successfully concluded a one-year structured contract to import around 2.2 million tonnes of LPG from the US Gulf Coast for the contract year 2026," an official statement said on Monday.
The quantity contracted is close to 10 per cent of India's annual LPG imports and marks the first such structured US LPG contract for the Indian market. While India is either self-sufficient or has surplus production in most fuels like petrol, diesel and jet fuel, it imports about 65 per cent of its LPG consumption of 31 million tonnes.
In 2024, about 90 per cent of the 20.4 million tonnes of LPG imports came from UAE, Qatar, Kuwait and Saudi Arabia. It sporadically imported cargos from the US but this is the first time it has entered into a structured contract.
State-owned Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) will import about 48 very-large gas carriers of LPG in 2026. The supplies will be made by super majors Chevron, Phillips and TotalEnergies Trading SA.
India has offered to raise energy imports from the US as part of the bilateral trade deal that has been under discussions for the past couple of months. New Delhi buys about 8 per cent of its crude oil - the raw material for making petrol and diesel - from the US.
In the first half of 2025, India imported about 271,000 barrels per day (bpd) of US crude, up 51 per cent from 180,000 bpd in H1 2024. Scope for raising crude imports from the US is limited given that shipments take 45 days sea voyage to reach Indian shores - a period during which ships can make six sorties from the Middle East.
Oil Minister Hardeep Singh Puri took to X to announce the LPG deal. "A historic first! One of the largest and the world&rsquo;s fastest growing LPG markets opens up to the United States," he said.
&nbsp;
<blockquote class="twitter-tweet">
A historic first! One of the largest and the world&rsquo;s fastest growing LPG market opens up to the United States. In our endeavour to provide secure affordable supplies of LPG to the people of India, we have been diversifying our LPG sourcing. In a significant development,&hellip;
&mdash; Hardeep Singh Puri (@HardeepSPuri) <a href="https://twitter.com/HardeepSPuri/status/1990264405108670828?ref_src=twsrc%5Etfw">November 17, 2025</a></blockquote>
&nbsp;
&nbsp;
"In our endeavour to provide secure affordable supplies of LPG to the people of India, we have been diversifying our LPG sourcing. In a significant development, Indian PSU oil companies have successfully concluded a 1 year deal for imports of around 2.2 MTPA LPG, close to 10 per cent of our annual imports - for the contract year 2026, to be sourced from the US Gulf Coast - the first structured contract of US LPG for the Indian market," he said.
This purchase is based on using Mount Belvieu as the benchmark for LPG purchases, he said adding a team from the three PSUs had visited the US and engaged in discussions with major US producers over the last few months, which have been concluded now.
He touted poor Ujjwala consumers - who make up for a third of all LPG users in the country - receiving cooking gas cylinders at just Rs 500-550 while the actual cost was over Rs 1,100. "Government of India incurred the cost of over Rs 40,000 crore last year in order to ensure our mothers and sisters did not feel the burden of rising international LPG prices."
The price of LPG for non-Ujjwala users currently is Rs 853 per 14.2-kg cylinder. For the US contract, the pricing shift - using Mount Belvieu as a benchmark - brings greater transparency and global linkage into India&rsquo;s procurement model.
For consumers, this diversification strengthens the ability to shield households from global price spikes. "The Minister emphasised that this new sourcing arrangement for 2026 is another step in strengthening India&rsquo;s energy security while ensuring affordable access to clean cooking fuel for millions of households," the statement added.

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Survey said that though India's merchandise exports have touched an all-time high of USD 422 billion in 2021-22

Economic Survey 2022-23: CEA briefs media 

Economic Survey 2022-23: CEA Briefs Media 

Survey said that though India's merchandise exports have touched an all-time high of USD 422 billion in 2021-22

Chief Economic Advisor, V Anantha Nageswaran's outlines the highlights of the economic survey 2022-23. The survey, which is a report card of the state of the country's economy, is always presented a day before the union budget.

New Zealand has pledged USD 20 billion in FDI into India over 15 years under the free trade agreement, supporting manufacturing, infrastructure, services and jobs.

New Zealand commits USD 20 bn investment in India under FTA in 15 yrs; on lines of EFTA pact

New Zealand has pledged USD 20 billion in FDI into India over 15 years under the free trade agreement, supporting manufacturing, infrastructure, services and jobs.

New Zealand has committed to invest USD 20 billion in India over the next 15 years under the free trade agreement between the two countries, an official statement said on Monday.
The commitment is in line with a similar trade pact that India implemented with the four-nation European bloc EFTA (European Free Trade Association) in October this year. Under that agreement, EFTA has committed to invest USD 100 billion in 15 years.
Both the countries have announced the conclusion of the negotiations. It is likely to be signed in the next three months and will be implemented after that as it requires approval from New Zealand.
"New Zealand has committed to facilitate investments of USD 20 billion into India over the next fifteen years, thereby supporting manufacturing, infrastructure, services, innovation and employment under India's Make in India vision," the commerce ministry said.
Commerce and Industry Minister Piyush Goyal said the USD 20 billion foreign direct investment (FDI) commitment is backed by a rebalancing mechanism to suspend benefits if it is not fulfilled. He also said that this will include only FDI and not FPI/FIIs (foreign portfolio or institutional investors).
"We will get a long term sustainable capital. FPI and FIIs are not included in the USD 20 billion investment commitment," he told reporters here.
India has received USD 88.24 during April 2000 and September 2025.
India's chief negotiator and joint secretary in the ministry Petal Dhillon said that investments can come in areas such as manufacturing and infrastructure.
"Rs 1.80 lakh crore commitment from a country," which has invested small amounts of FDI into India so far "is a big gain for India," Goyal said.

India and New Zealand conclude free trade agreement talks, offering duty-free access to key goods, USD 20 billion FDI commitment, services mobility, and trade expansion opportunities.

India, New Zealand announce free trade agreement; to serve as catalyst for trade, investment

India and New Zealand conclude free trade agreement talks, offering duty-free access to key goods, USD 20 billion FDI commitment, services mobility, and trade expansion opportunities.

India and New Zealand on Monday announced the conclusion of talks for a free trade agreement that will give duty-free access to a range of domestic goods, particularly from labour-intensive sectors, and includes an FDI commitment of USD 20 billion over 15 years.
The agreement is expected to help double bilateral trade in goods and services to USD 5 billion in five years.
On the other hand, New Zealand will get duty-free access to goods such as sheep meat, wool, coal and over 95 per cent of forestry and wood articles. Under the pact, Wellington will get duty concessions on a number of other items such as kiwi fruit, wine, some seafood, cherries, avocados, persimmons, bulk infant formula, Manuka honey and milk albumins.
To protect the interests of domestic farmers and MSMEs, India will not give any duty concessions in the politically sensitive dairy sector, like milk, cream, whey, yoghurt, and cheese. The other products which will not be covered under the pact include vegetable products (onions, chana, peas, corn, almonds), sugar, artificial honey, animal, vegetable or microbial fats and oils, arms and ammunition, gems and jewellery, copper and its products, and aluminium and articles.
As regards the services sector, New Zealand will give a temporary employment entry visa pathway for Indian professionals in skilled occupations with a quota of 5,000 visas annually and a stay of up to three years. This pathway covers Indian professions such as AYUSH practitioners, yoga instructors, Indian chefs, and music teachers, as well as high-demand sectors including IT, engineering, healthcare, education, and construction, strengthening workforce mobility and services trade.
The agreement is likely to be signed and implemented in about 7-8 months. The pact would help Indian exporters, reeling under the impact of 50 per cent tariffs imposed by the Trump administration on Indian goods, to diversify shipments in the Oceania region. India has already implemented a trade pact with Australia.
Prime Minister Narendra Modi and his New Zealand counterpart Christopher Luxon on Monday announced the firming up of the pact. The two prime ministers held a phone conversation, following which the announcement on the FTA was made. With negotiations having been initiated during Luxon's visit to India in March 2025, the two leaders agreed that the conclusion of the FTA in a record time of nine months reflects the shared ambition and political will to further deepen ties between the countries.
The FTA would significantly deepen bilateral economic engagement, enhance market access, promote investment flows, strengthen strategic cooperation between the two countries, and also open up new opportunities for innovators, entrepreneurs, farmers, MSMEs, students and youth of both countries across various sectors.
"Both leaders expressed confidence in doubling bilateral trade over the next five years as well as an investment of USD 20 billion in India from New Zealand over the next 15 years," an official statement said. Goyal said that the investment will give a boost to domestic manufacturing and generate jobs.
Further under the pact, New Zealand will set up a dedicated Agri-Technology Action Plan on kiwifruit, apples and honey with a view to helping Indian farmers enhance productivity and quality. The cooperation includes the establishment of Centres of Excellence, improved planting material, capacity building for growers and technical support for orchard management, post-harvest practices, supply chain performance, and food safety.
Commitment has been extended by New Zealand on Geographical Indications (GIs), including amendment of its law to facilitate the registration of India's wines and spirits. "Cooperation has been agreed in AYUSH, culture, fisheries, audio visual tourism, forestry, horticulture and traditional knowledge systems," the commerce ministry said.
Apart from tariff liberalisation, the pact includes provisions to address non-tariff barriers through enhanced regulatory cooperation, and streamlined customs, sanitary and phyto-sanitary measures and technical barriers to trade disciplines.
Pharma and Medical Devices sector will get a boost through faster regulatory access in New Zealand by enabling acceptance of GMP (Good Manufacturing Practice) and GCP (Good Clinical Practice) inspection reports from comparable regulators, including approvals by the US FDA, EU's EMA, UK's MHRA. "This will reduce duplicative inspections, lower compliance costs, and expedite product approvals, thereby facilitating the growth of India's pharmaceutical and medical devices exports to New Zealand," the ministry said.
Commerce and Industry Minister Piyush Goyal said that this is the seventh agreement finalised by the NDA government. It includes the UAE, Australia, the UK, EFTA bloc, Oman and Mauritius. He said that the India-New Zealand pact is the first pact in which all the main officials from the Indian side involved in the negotiations were women. India's chief negotiator is Joint Secretary in the Ministry, Petal Dhillon.
He also said that India has so far finalised FTAs with three members of the Five Eyes (FVEY) alliance - Australia, the UK and New Zealand. The five countries of the intelligence sharing network are Australia, Canada, New Zealand, the UK, and the US. India is in the advanced stage of negotiations for a bilateral trade agreement with the US and in the process of resuming talks for a trade agreement with Canada.
"The current bilateral trade with New Zealand is small but the upside potential is huge," Goyal told reporters here. Bilateral merchandise trade stood at USD 1.3 billion in 2024-25, while total trade in goods and services reached about USD 2.4 billion in 2024, with services trade alone reaching USD 1.24 billion, led by travel, IT, and business services.
Commerce Secretary Rajesh Agrawal said that although only five formal rounds were held for the pact, both sides remained in continuous touch to close the negotiations.

India and New Zealand conclude a historic free trade agreement aimed at deepening economic engagement, boosting market access and doubling bilateral trade.

India and New Zealand Finalize Historic Free Trade Agreement

India and New Zealand conclude a historic free trade agreement aimed at deepening economic engagement, boosting market access and doubling bilateral trade.

The free trade agreement (FTA) with New Zealand will significantly deepen bilateral economic engagement, enhance market access and promote investment flows, India said in a statement on Monday.
Prime Minister Narendra Modi and his New Zealand counterpart Christopher Luxon on Monday announced the firming up of a "historic" FTA between the two countries.
The two prime ministers held a phone conversation, following which the announcement on the FTA was made.
"The two leaders jointly announced the successful conclusion of the historic, ambitious and mutually beneficial India-New Zealand free trade agreement," the statement issued by the Ministry of External Affairs (MEA) said.
It said the two leaders agreed that the conclusion of the FTA in a record time of nine months reflects the shared ambition and political will to further deepen ties between the two countries.
"The FTA would significantly deepen bilateral economic engagement, enhance market access, promote investment flows, strengthen strategic cooperation between the two countries, and also open up new opportunities for innovators, entrepreneurs, farmers, MSMEs, students and youths of both countries across various sectors," the MEA said.
It said both leaders expressed confidence in doubling bilateral trade over the next five years as well as an investment of USD 20 billion in India from New Zealand over the next 15 years.
"The leaders also welcomed the progress achieved in other areas of bilateral cooperation such as sports, education, and people-to-people ties, and reaffirmed their commitment towards further strengthening of the India-New Zealand partnership," the MEA said.

The rupee slipped past the 91-per-dollar mark for the first time in intra-day trade, pressured by sustained FII outflows, trade deal uncertainty, and weak domestic equities.

Rupee breaches 91-mark against US dollar for first time in intra-day trade

The rupee slipped past the 91-per-dollar mark for the first time in intra-day trade, pressured by sustained FII outflows, trade deal uncertainty, and weak domestic equities.

The rupee plunged 36 paise to breach the 91-mark against the US dollar for the first time in intra-day trade on Tuesday, weighed down by sustained FII outflows and a lack of clarity on the India-US trade deal.
The rupee fell from 90 a dollar to 91 in the last 10 trading sessions. The local unit has slipped 1 per cent against the greenback in the past five sessions alone.
At 11.45 am, the local unit was trading at 91.14 against the US dollar, down 36 paise from its previous close. At the interbank foreign exchange, the rupee opened at 90.87 against the greenback and kept losing ground as the session progressed.
The rupee on Monday settled at a new all-time low of 90.78 against the US dollar, registering a loss of 29 paise over its previous close.
"The US-India trade deal still seems to be off by a distance with the Commerce Secretary saying the first phase will be signed before the end of the year and news that we are closest to the deal being signed. The uncertainty has clouded the recovery on the USD/INR pair... with dollar buying happening every day," Anil Kumar Bhansali, Head of Treasury and Executive Director, Finrex Treasury Advisors LLP, said.
Even a reduction in trade deficit on Monday could not bring about a recovery in the rupee with Foreign Institutional Investors (FII) outflows continuing, he added. FIIs sold equities worth Rs 1,468.32 crore on Monday, according to exchange data.
Also, wholesale price inflation stayed in the negative for the second consecutive month in November at (-) 0.32 per cent, even though there was an uptick in prices of food articles like pulses and vegetables on a month-on-month basis, government data showed on Monday.
Wholesale Price Index (WPI)-based inflation was at (-) 1.21 per cent in October and 2.16 per cent in November last year.
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.03 per cent lower at 98.27.
Brent crude, the global oil benchmark, was trading 0.61 per cent lower at USD 60.19 per barrel in futures trade.
On the domestic equity market front, the 30-share benchmark index, Sensex, declined 363.92 points to 84,849.44 in early trade while the Nifty was down 106.65 points to 25,920.65.

Microsoft CEO Satya Nadella announced a USD 17.5 billion investment in India over 2026–2029 to boost AI infrastructure, sovereign cloud, and skilling initiatives, marking the company’s largest-ever investment in Asia.

Microsoft commits USD 17.5 billion investment in India: CEO Satya Nadella

Microsoft CEO Satya Nadella announced a USD 17.5 billion investment in India over 2026&ndash;2029 to boost AI infrastructure, sovereign cloud, and skilling initiatives, marking the company&rsquo;s largest-ever investment in Asia.

Microsoft CEO Satya Nadella on Tuesday announced plans to invest USD 17.5 billion in India to help build infrastructure and sovereign capabilities for the country's AI-first future, marking the third major AI-driven investment in the country in the past two months.
Microsoft said that the USD 17.5 billion (around Rs 1.58 lakh crore) investment builds on the USD 3 billion (around Rs 26,955 crore) funding announced earlier this year, which the company is on track to spend by the end of CY (calendar year) 2026.
"To support the country&rsquo;s ambitions, Microsoft is committing USD 17.5B&mdash;our largest investment ever in Asia&mdash;to help build the infrastructure, skills, and sovereign capabilities needed for India&rsquo;s AI-first future," Nadella said on X after meeting Prime Minister Narendra Modi.
&nbsp;
<blockquote class="twitter-tweet">
Thank you, PM <a href="https://twitter.com/narendramodi?ref_src=twsrc%5Etfw">@narendramodi</a> ji, for an inspiring conversation on India&rsquo;s AI opportunity. To support the country&rsquo;s ambitions, Microsoft is committing US$17.5B&mdash;our largest investment ever in Asia&mdash;to help build the infrastructure, skills, and sovereign capabilities needed for&hellip; <a href="https://t.co/NdFEpWzoyZ">pic.twitter.com/NdFEpWzoyZ</a>
&mdash; Satya Nadella (@satyanadella) <a href="https://twitter.com/satyanadella/status/1998376337938039091?ref_src=twsrc%5Etfw">December 9, 2025</a></blockquote>
&nbsp;
&nbsp;
Microsoft, in a statement, said it plans to invest USD 17.5 billion in India over the next four years (2026-2029) to drive AI diffusion at a population scale.
The announcement follows Nadella&rsquo;s meeting with Modi, ahead of the Microsoft India AI tour. "In their meeting, both leaders discussed the country&rsquo;s AI roadmap and growth priorities," Microsoft said.
Microsoft's funding commitment is the third major AI-driven investment announced in the country in the past two months.
On October 14, Google announced plans to invest USD 15 billion over the next five years to set up an AI hub in India, which will include the country's largest data centre in partnership with Adani Group.
It was followed by a USD 11 billion investment plan announced by Digital Connexion&mdash;a joint venture between Brookfield, Reliance Industries and US-based Digital Realty.
In May 2023, Amazon announced plans to invest USD 12.7 billion in India by 2030 into its local cloud and AI infrastructure across Telangana and Maharashtra. The company has already invested USD 3.7 billion between 2016 and 22 in India.
Microsoft said that its India South Central cloud region, based in Hyderabad, is set to go live in mid-2026.
"This will be our largest hyperscale region in India, comprising three availability zones &mdash; roughly equivalent in size to two Eden Gardens stadiums combined," the statement said.
Microsoft has doubled its commitment on developing AI skilled talent in India to 20 million by 2030 from 10 million it planned earlier.
"India&rsquo;s AI journey depends on empowering skilled talent. For this, we are doubling our commitment of January 2025 to equip 20 million Indians with essential AI skills by 2030, working with government, industry, and digital public platforms to ensure equitable access to opportunity. Through our ADVANTA(I)GE India initiative, executed by Microsoft Elevate, we have already trained 5.6 million people since January 2025 &mdash;well ahead of the original goal of training 10 million by 2030," the statement said.
Union Electronics and IT Minister Ashwini Vaishnaw said that India remains committed to innovation anchored in trust and sovereignty as AI reshapes the digital economy.
"Microsoft&rsquo;s landmark investment signals India&rsquo;s rise as a reliable technology partner for the world. This partnership will set new benchmarks and drive the country&rsquo;s leap from digital public infrastructure to AI public infrastructure," Vaishnaw said.
Microsoft India and South Asia, President, Puneet Chandok said that the company's investment will be used to continue to scale its cloud and AI infrastructure, skilling initiatives and ongoing operations across India.
"This includes our workforce of more than 22,000 employees across Bengaluru, Hyderabad, Pune, Gurugram, Noida and other cities &mdash; representing the diversity of Microsoft&rsquo;s businesses," Chandok said.
As the country gears up to implement the Digital Personal Data Protection regime, Microsoft is introducing sovereign public cloud and sovereign private cloud for Indian customers.
&ldquo;With sovereign public cloud now available in India, organisations can leverage a prescriptive architecture for deploying workloads in Azure with built-in compliance guardrails using Sovereign Landing Zones, do policy enforcement, and apply governance controls,&rdquo; the statement said.
The company had recently announced that Microsoft 365 Copilot will offer in-country data processing in India by the end of 2025.
The move by Microsoft to put sovereign cloud and in-country data processing is likely to put pressure on competitors in AI space which may lead to more investment flowing into the country ahead of the Digital Personal Data Protection Rules 2025 coming into effect.
The company also announced integration of advanced AI capabilities into two key digital public platforms of the Ministry of Labour and Employment &mdash; e-Shram and the National Career Service (NCS).
&ldquo;The initiative aims to extend the benefits of AI to more than 310 million informal workers,&rdquo; the statement said.

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