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President Trump announces reduced reciprocal tariffs on India and China, targeting 26% and 34% respectively, aiming to bolster U.S. industry.

Trump's Discounted Tariffs: India 

Trump targets India and China with discounted reciprocal tariffs aiming to protect U.S. jobs and industry. India sees 26%, China 34%.

President Trump announces reduced reciprocal tariffs on India and China

Trump announces tariffs, targeting India at 26% and China at 34%. Other nations face varying rates. Measures aim to boost U.S. jobs and economy.

President Donald Trump has declared significant reciprocal tariffs targeting India and China, suggesting these are merely half of what these nations impose on the United States.
Labeling them as "discounted reciprocal tariffs," Trump stated the U.S. will implement a 26% import duty on India and a 34% duty on China.
Addressing the tariffs imposed by India, Trump described Delhi's policies as "very, very tough." He remarked on his recent meeting with India's Prime Minister Narendra Modi, whom he called a "great friend," but expressed discontent over India's 52% tariffs on American goods.
"You're a friend, but you've not been treating us right," Trump reportedly told Modi, hence the U.S.'s decision to impose a matching tariff of half that rate.
In addition to India and China, the President unveiled tariffs on other major economic partners: a 20% levy on European Union imports and a 10% duty from the UK. Japan, another key ally, will see a 24% tariff on its goods.
These measures, outlined by the White House, add to a base import duty of 10% applicable to all foreign products entering the United States. However, President Trump did not provide specifics on how these tariffs would be distributed across various industries.
The announcement, made amid loud applause at the White House Rose Garden, was celebrated as "Liberation Day" by Trump. "For far too long, other countries have looted and plundered us, while taking advantage of our policies.
But no longer," he declared. "By doing this we will reclaim our jobs, we will reclaim our industry, we will reclaim our small and medium scale businesses... and we will make America wealthy again." Trump anticipates these tariffs will boost domestic employment and industry.
The White House conveyed that due to a "national emergency" linked to security concerns from ongoing trade deficits, a "baseline" 10% import tariff will be enforced starting at 12:01 am local time on April 5th. The increased country-specific tariffs will be enacted from April 9th at the same local time.

How are world markets performed today? Get a snapshot of global stock market indices and key market movements on February 12, 2025

Global stock market indices: How the world markets performed today - 12 February 2025

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<div class="relative p-1 rounded-sm flex items-center justify-center bg-token-main-surface-primary text-token-text-primary h-8 w-8">On February 12, 2025, global stock markets showed mixed performances, revealing varying investor sentiments. Notable movements included a positive showing by DJI with a 0.28% increase, while BSESN saw a slight decline of 0.16%. Let's delve into the details.</div>
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Benchmark indices Sensex and Nifty declined for the second consecutive day, driven by caution ahead of the RBI's monetary policy decision and fresh foreign fund outflows. 

Stock markets fall for 2nd day ahead of RBI policy decision; Airtel, ITC major drag

Benchmark indices Sensex and Nifty declined for the second consecutive day, driven by caution ahead of the RBI's monetary policy decision and fresh foreign fund outflows.&nbsp;

Benchmark indices Sensex and Nifty slid for the second consecutive day on Thursday (February 6, 2025) amid caution ahead of the RBI's monetary policy decision and fresh foreign fund outflows.
The 30-share BSE Sensex dropped 213.12 points or 0.27% to settle at 78,058.16. During the day, it tumbled 427.29 points or 0.54% to 77,843.99.
The NSE Nifty declined 92.95 points or 0.39% to 23,603.35 with 30 of its constituents closing lower.
Among Sensex scrips, Bharti Airtel, Titan, NTPC, State Bank of India, ITC, Tata Steel, Mahindra &amp; Mahindra and Tata Motors were the major laggards.
Adani Ports, Infosys, Axis Bank, HCL Technologies, Tech Mahindra and IndusInd Bank were among the gainers.
Foreign Institutional Investors (FIIs) turned net sellers on Wednesday (February 5, 2025) offloading equities worth Rs 1,682.83 crore, according to exchange data.
The Reserve Bank of India (RBI) on Wednesday (February 5, 2025) started deliberations on the monetary policy and the decision will be announced on Friday (February 7, 2025).
&ldquo;The benchmark indices experienced a moderate decline as investors awaited the RBI&rsquo;s decision on a potential rate cut amidst the ongoing trade war. The broader market remained cautious and in a consolidation phase despite the government&rsquo;s focus on boosting consumption to cushion lower growth,&rdquo; Vinod Nair, Head of Research, Geojit Financial Services, said.
In Asian markets, Seoul, Tokyo and Hong Kong settled in the positive territory. European markets were trading with gains. U.S. markets ended higher on Wednesday (February 5, 2025).
Global oil benchmark Brent crude rose by 0.60% to $75.06 a barrel.
The BSE barometer gauge declined 312.53 points or 0.40% to settle at 78,271.28 on Wednesday (February 5, 2025). The Nifty dropped 42.95 points or 0.18% to 23,696.30.

Sensex and Nifty continued their upward momentum for the third consecutive session, driven by positive global market cues and hopes for rate cuts by the Federal Reserve after lower-than-expected US inflation data.

Market Update: Sensex, Nifty extend gains for 3rd day on strong global cues, lower US inflation

Sensex, Nifty extend gains for 3rd day on strong global cues, lower US inflation

Sensex and Nifty continued their upward momentum for the third consecutive session, driven by positive global market cues and hopes for rate cuts by the Federal Reserve after lower-than-expected US inflation data.

Equity benchmark indices Sensex and Nifty rallied for the third session on the trot, helped by a rally in global markets after lower-than-expected consumer inflation in the US ignited hopes of more rate cuts by the Federal Reserve.
The 30-share BSE index climbed 318.74 points or 0.42 per cent to revisit 77,000 level at 77,042.82. During the day, it jumped 595.42 points or 0.77 per cent to 77,319.50.
On the similar lines, the NSE Nifty rallied 98.60 points or 0.42 per cent to 23,311.80.
"Benchmark indices continued to trade in the positive, albeit off highs, driven by positive investor sentiment following mild US inflation data, which raised hopes for a potential rate cut by the Federal Reserve.
"Additionally, favourable developments in the Israel-Hamas ceasefire and a reduced trade deficit further boosted the market's upward movement. However, weak economic growth data from the UK dampened some of this optimism," Vinod Nair, Head of Research, Geojit Financial Services, said.
From the 30-share blue-chip pack, Adani Ports, State Bank of India, Bajaj Finserv, Bharti Airtel, Tata Motors, IndusInd Bank, NTPC, Maruti, Reliance Industries and Axis Bank were the biggest gainers.
In contrast, HCL Tech, Nestle, Infosys, Hindustan Unilever, ITC and Tata Consultancy Services were among the laggards.
In Asian markets, Seoul, Tokyo, Shanghai and Hong Kong settled in the positive territory.
Equity markets in Europe were quoting higher. US markets rallied on Wednesday.
Foreign Institutional Investors (FIIs) offloaded equities worth Rs 4,533.49 crore on Wednesday, according to exchange data.
Global oil benchmark Brent crude dipped 0.18 per cent to USD 81.88 a barrel.
In the previous session, the BSE benchmark rose 224.45 points or 0.29 per cent to settle at 76,724.08 on Wednesday. The Nifty advanced 37.15 points or 0.16 per cent to 23,213.20.

Indian equity indices Sensex and Nifty plunged 1.6% on Monday, driven by concerns over third-quarter earnings growth, FII selling, and the impact of the HMPV virus. 

Sensex and Nifty Tumble 1.6% amid FII selling, earnings woes, and HMPV fears

Indian equity indices Sensex and Nifty plunged 1.6% on Monday, driven by concerns over third-quarter earnings growth, FII selling, and the impact of the HMPV virus.&nbsp;

Benchmark equity indices Sensex and Nifty crashed 1.6 per cent on Monday due to an across-the-board selloff, as concerns over third-quarter earnings growth and the continued flight of foreign capital sapped risk appetite.
Besides, traders said that the new HMPV scare, depreciating rupee and weak trend in Asian markets further weighed on sentiment.
Extending loss for the second straight session, the 30-share BSE benchmark Sensex tanked 1,258.12 points or 1.59 per cent to close below the 78,000 level at 77,964.99. During the day, it plunged 1,441.49 points or 1.81 per cent to 77,781.62.
As many as 3,474 stocks declined, 656 advanced and 114 remained unchanged on the BSE.
The NSE Nifty slumped 388.70 points or 1.62 per cent to 23,616.05.
"Emerging markets are undergoing consolidation due to uncertainties surrounding new US economic policies, the Fed's hawkish stance on future rate cuts, potential upward revision for CY25 inflation, and a strong dollar, all of which are negatively impacting market sentiment. The primary catalyst for a sharp sell-off in the domestic market appears to be concerns over the human metapneumovirus (HMPV).
"Additionally, the initial Q3 consensus earnings estimate suggests a potential gradual recovery in domestic corporate earnings, which could explain the domestic market's underperformance compared to global markets led by premium valuation," Vinod Nair, Head of Research, Geojit Financial Services, said.
From the 30-share blue-chip pack, Tata Steel, NTPC, Kotak Mahindra Bank, IndusInd Bank, Power Grid, Zomato, Adani Ports, Asian Paints, Mahindra &amp; Mahindra and Reliance Industries were among the biggest laggards.
Titan and Sun Pharma were the only gainers.
"The Indian equity markets witnessed a sharp decline today, with both Nifty and Bank Nifty slipping below their 200-day moving averages (DMA). The sell-off can be attributed to a rise in Foreign Institutional Investor (FII) selling and concerns surrounding the upcoming Q3 earnings season.
"Additionally, fears related to the new HMPV have added to the bearish sentiment, triggering fresh rounds of selling after the recent counter-trend pullback rally," Santosh Meena, Head of Research, Swastika Investmart, said.
The BSE smallcap gauge cracked 3.17 per cent and the midcap index fell by 2.44 per cent.
"Indian equities faced intense selling pressure amid concerns regarding the outbreak of HMP Virus (Human Metapneumovirus) and sharp fall in banking stocks post lacklustre quarterly updates. Diagnostic stocks were in focus as the first two cases of HMPV were detected in Bangalore.
"There was broad-based sell-off in the market with midcap and smallcap indices falling between 2-3 per cent each and all sectoral indices closing in the red," Siddhartha Khemka, Head - Research, Wealth Management, Motilal Oswal Financial Services Ltd, said.
All BSE sectoral indices ended lower, with utilities tumbling 4.16 per cent, power (3.73 per cent), services (3.45 per cent), metal (3.15 per cent), oil &amp; gas (3.15 per cent), energy (3.03 per cent), industrials (2.97 per cent) and commodities (2.74 per cent).
"In the capital goods sector, order inflows are anticipated to rise from 4QFY25 onwards. Defence sector order is also expected to ramp up based on recent approvals. We expect markets to remain volatile until concerns relating to the new virus ease out. We could see stock/sector-specific action on the back of pre-quarterly business updates and the start of the Q3 result season," Khemka said.
The Indian Council of Medical Research has detected two cases of Human Metapneumovirus (HMPV) in Karnataka through routine surveillance for multiple respiratory viral pathogens, the Union health ministry said on Monday.
Foreign Institutional Investors (FIIs) offloaded equities worth Rs 4,227.25 crore on Friday after a day's breather, according to exchange data.
In Asian markets, Seoul settled higher while Tokyo, Shanghai and Hong Kong ended lower.
European markets were trading on a mixed note. US markets ended in positive territory on Friday.
Global oil benchmark Brent crude dipped 0.25 per cent to USD 76.32 a barrel.
The rupee declined 4 paise to settle at a fresh record low of 85.83 (provisional) against the US dollar on Monday.
Meanwhile, India's services sector growth touched a four-month high in December, supported by new business inflows on strong demand conditions and easing inflationary pressures, a monthly survey said on Monday.
The seasonally adjusted HSBC India Services Business Activity Index, rose from 58.4 in November to 59.3 in December, highlighting the strongest rate of expansion in four months.
In the previous session, the BSE benchmark tumbled 720.60 points or 0.90 per cent to close at 79,223.11 on Friday. The Nifty tanked 183.90 points or 0.76 per cent to 24,004.75.

Sensex surged by 1,436 points to hit a two-week high, with significant gains in financial, auto, and IT sectors. Bajaj Finserv, Maruti, and Infosys were major drivers of the rally. 

Sensex Soars 1,436 Points; Bajaj Finserv, GST Growth Drive Market Rally

From 30 Sensex shares, Bajaj Finserv jumped nearly 8 per cent while Bajaj Finance soared over 6 per cent.

Benchmark Sensex rallied 1,436 points to close at a two-week high on Thursday on buying in financial, auto and IT shares, extending gains to the second day of the New Year.
The 30-share BSE benchmark Sensex jumped 1,436.30 points or 1.83 per cent -- its best single-day gain in more than a month -- to settle at 79,943.71. During the day, it soared 1,525.46 points or 1.94 per cent to 80,032.87.
The NSE Nifty surged 445.75 points or 1.88 per cent to 24,188.65 as 48 of its constituents closed in green.
From 30 Sensex shares, Bajaj Finserv jumped nearly 8 per cent while Bajaj Finance soared over 6 per cent. Maruti, Titan, Mahindra, Mahindra &amp; Mahindra, Infosys, HCL Tech, Zomato, UltraTech Cement and Kotak Mahindra Bank were the other major gainers.
Sun Pharma emerged as the only laggard.
"Increased momentum was observed in the domestic market, driven by optimism about the upcoming earnings season starting next week. The rally was broad-based, with most sectoral indices posting gains. The auto sector led the way, showing the strongest momentum due to robust December sales that defied the usual subdued demand. Banking and IT stocks also performed well, as the economy bottomed in Q2," Vinod Nair, Head of Research, Geojit Financial Services, said.
The BSE midcap gauge jumped 0.89 per cent and smallcap index climbed 0.68 per cent.
All sectoral indices ended in positive territory. Auto surged the most by 3.66 per cent, followed by BSE Focused IT (2.34 per cent), IT (2.31 per cent), consumer discretionary (2.24 per cent), teck (2.19 per cent), consumer durables (2.02 per cent) and commodities (1.41 per cent).
As many as 2,395 stocks advanced while 1,574 declined and 117 remained unchanged on the BSE.
The gross GST collection rose 7.3 per cent year-on-year to Rs 1.77 lakh crore in December despite a significant increase in both domestic and export refunds.
India's manufacturing sector growth fell to a 12-month low in December, as new business orders and production expanded at softer rates, a monthly survey said on Thursday. The seasonally adjusted HSBC India Manufacturing Purchasing Managers' Index was at 56.4 in December, down from 56.5 in November, indicating a weaker improvement in operating conditions.
Despite the decline, the headline figure remained above its long-run average of 54.1 thereby signalling a robust rate of growth. In PMI parlance, a print above 50 means expansion, while a score below 50 denotes contraction.
In Asian markets, Seoul, Shanghai and Hong Kong settled lower. European markets were trading mostly lower. US markets were closed on Wednesday for New Year holiday.
Foreign Institutional Investors (FIIs) offloaded equities worth Rs 1,782.71 crore on Wednesday, according to exchange data.
Global oil benchmark Brent crude climbed 1.09 per cent to USD 75.47 a barrel.
The BSE benchmark climbed 368.40 points or 0.47 per cent to settle at 78,507.41 on the first trading session of 2025 on Wednesday. The Nifty went up by 98.10 points or 0.41 per cent to 23,742.90.

The Indian rupee recovered 10 paise to close at 85.03 against the US dollar, supported by potential RBI intervention and easing crude oil prices. 

Rupee Recovers 10 Paise, RBI Intervention and Dollar Index Aid

The Indian rupee recovered 10 paise to close at 85.03 against the US dollar, supported by potential RBI intervention and easing crude oil prices. Traders anticipate continued volatility as the dollar index remains elevated and foreign institutional outflows persist.

On Thursday, the rupee depreciated 19 paise and breached the crucial 85 level to close at a fresh all-time low of 85.13 against the US dollar.

The rupee saw some recovery from its all-time low level and appreciated 10 paise to close at 85.03 (provisional) against the US dollar on Friday, on softening of the US dollar index and a potential intervention by the Reserve Bank of India (RBI).
Forex traders said the rupee is likely to remain in a weakening mode due to significant dollar demand. The Dollar Index (DXY) is expected to remain elevated, with resistance near the 110 level in the near-term amid a reduced likelihood of significant Fed rate cuts in 2025.
The Federal Reserve cut rates by 25 basis points on Wednesday, but its forward guidance for 2025 has softened, with expectations reduced from four rate cuts to just two.
At the interbank foreign exchange, the rupee opened at 85.07 against the greenback. During the day it witnessed an intraday high of 84.95 and a low of 85.12 before ending the session at 85.03 (provisional) against dollar, higher by 10 paise over its previous close.
On Thursday, the rupee depreciated 19 paise and breached the crucial 85 level to close at a fresh all-time low of 85.13 against the US dollar.
Traders said the rupee recovered from lower levels in the latter half of the day on softening of the US dollar index and a potential intervention by the Reserve Bank of India (RBI). A decline in crude oil prices also supported the rupee at lower levels.
"We expect the rupee to trade with a negative bias on weak domestic markets and overall strength in the US dollar amid a hawkish Fed and improved US economy," Anuj Choudhary &ndash; Research Analyst at Mirae Asset Sharekhan, said.
Choudhary further added that FII outflows may also weigh on the rupee. However, any intervention by the RBI or any further correction in crude oil prices may support the rupee at lower levels.
"Traders may take cues from core PCE price index, personal spending and revised consumer sentiment data from the US. USD-INR spot price is expected to trade in a range of 84.80 to 85.15," he said.
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading lower by 0.14 per cent at 108.26.
Brent crude, the global oil benchmark, fell 0.99 per cent to USD 72.16 per barrel in futures trade.
In the domestic equity market, the 30-share BSE Sensex closed 1,176.46 points, or 1.49 per cent, down at 78,041.59 points, while Nifty settled down 340.10 points, or 1.42 per cent to 23,611.60 points.
Foreign Institutional Investors (FIIs) were net sellers in the capital markets on Thursday, as they offloaded shares worth Rs 4,224.92 crore, according to exchange data.

UK Prime Minister Keir Starmer hosted a delegation of 13 Indian companies at 10 Downing Street in London on what the British government described as a “curated visit” to enhance the bilateral partnership and boost investment flows.

UK PM Keir Starmer hosts Indian business chiefs to boost investments

The companies represented are said to have collectively invested over GBP 10 billion into the UK and employ tens of thousands of people across the country.

UK Prime Minister Keir Starmer hosted a delegation of 13 Indian companies at 10 Downing Street in London on what the British government described as a &ldquo;curated visit&rdquo; to enhance the bilateral partnership and boost investment flows.
The visit on Wednesday follows Starmer&rsquo;s meeting with Prime Minister Narendra Modi on the sidelines of the G20 Summit last month, when the leaders committed to take forward an &ldquo;ambitious&rdquo; UK-India Comprehensive Strategic Partnership with collaboration opportunities on economic growth, security and defence, technology, climate, health, and education.
According to a readout from the British High Commission in New Delhi, the Indian investors and CEOs also met senior Cabinet ministers to discuss job creation and growth opportunities under a proposed India-UK trade deal after Starmer had confirmed the relaunch of Free Trade Agreement (FTA) negotiations early in the new year.
&ldquo;India is a vital partner for the UK and we have huge ambition to unlock more opportunities together, building on our already strong relationship,&rdquo; said Starmer, with reference to the business meeting.
&ldquo;I&rsquo;m delighted to welcome some of India&rsquo;s most senior business leaders to Downing Street and to outline the UK&rsquo;s ambitious focus on economic growth and innovation,&rdquo; he said.
The delegation, supported by the Confederation of Indian Industry (CII), discussed deepening ties with Chancellor of the Exchequer Rachel Reeves and Foreign Secretary David Lammy. Meanwhile, Business and Trade Secretary Jonathan Reynolds and minister for trade policy Douglas Alexander discussed bilateral trade, worth GBP 42 billion a year and supporting over 600,000 jobs across both economies as per UK government statistics.
&ldquo;As one of the most globally connected economies in the G20, the UK provides unmatched opportunities for Indian businesses to thrive. India already accounts for the second highest number of FDI projects into the UK, and this government is committed to deepening our trade and investment links with India even further,&rdquo; said Reynolds.
&ldquo;Boosting investment is a mission at the heart of this government. It was great to hear first-hand from Indian business leaders on why so many of them have given us a vote of confidence and chosen to invest here,&rdquo; he said.
The companies represented are said to have collectively invested over GBP 10 billion into the UK and employ tens of thousands of people across the country. The delegation was led by Sunil Bharti Mittal, founder and chairman of Bharti Enterprises which completed a major investment in the BT Group this year.
&ldquo;This business delegation comes at a pivotal moment, as India stands as the fastest-growing large economy and is on track to become a USD 5 trillion economy by 2027. Over time, India-UK relations have developed into a robust, multifaceted partnership built on historical ties, economic synergy, and increasing geopolitical alignment,&rdquo; said Mittal.
&ldquo;The India-UK Free Trade Agreement negotiations present significant opportunities for mutual growth and cooperation. We are optimistic that this delegation will pave the way for numerous successful business collaborations. We shall seek guidance from Prime Minister Starmer on the sectors that may exhibit better collaboration opportunities,&rdquo; he said.
Other companies represented at the meeting included Bharat Semi Systems, Biocon Group, Blue Star Limited, Essar Group, Hero Enterprise, Jet Synthesis, Piramal Group, Reliance Industries, Tata Steel, TVS Motor Company, TVS Supply Chain Solutions and UPL Limited. The delegation concluded their tour with a reception hosted by the High Commission of India in London.

New Zealand tipped into recession in the third quarter, official data showed Thursday, with the economy suffering an unexpectedly sharp slump that sent the country's currency tumbling and sparked political finger-pointing.

New Zealand enters recession with sharp GDP decline

The economy has for months teetered on the verge of recession, with consumer sentiment weighed by high prices, elevated borrowing costs and a housing crisis.

New Zealand tipped into recession in the third quarter, official data showed Thursday, with the economy suffering an unexpectedly sharp slump that sent the country's currency tumbling and sparked political finger-pointing.
The conservative coalition government defended its "respect for taxpayers' money" as the opposition accused it of feeding a "recessionary fire".
The economy has for months teetered on the verge of recession, with consumer sentiment weighed by high prices, elevated borrowing costs and a housing crisis.
But the latest figures showed gross domestic product fell a bigger-than-expected 1.0 percent July-September from the previous three months. Analysts had forecast a contraction of 0.2 percent.
That marked the second quarterly contraction in a row, after shrinking a revised 1.1 percent in April-June.
"Yes, the one percent decline in activity is huge. And it's much weaker than anyone had anticipated," said a report by Kiwibank economics.
Excluding an economic decline during the Covid-19 pandemic, the New Zealand economy had posted the weakest six-month period since 1991, it said.
"And weakness is spreading across most industries," the report said.
However, the recent drop was partly balanced out by a statistical revision of growth upwards earlier in the year, Kiwibank said.
And the latest quarter may be the last in the cycle of decline, it said, with a one percent cut in interest rates over the quarter likely to provide relief going forward.
The New Zealand dollar was trading in the late afternoon at US$0.5626 -- down about 1.8 percent from the previous day -- as the scale of the slump took traders by surprise.
"The latest economic figures highlight the importance of the steps the government has taken to restore respect for taxpayers money and drive economic growth," the government said in a statement.
Finance Minister Nicola Willis said the economy had now contracted for eight quarters on a per-capita basis.
"The decline reflects the impact of high inflation on the economy. That led the Reserve Bank to engineer a recession which has stifled growth," she said.
But she predicted the economy would pick up in the next quarter, and grow more strongly in 2025.
The opposition Labour Party said the recession was of the finance minister's making.
"Nicola Willis' cuts and austerity has fed the recessionary fire," said Labour finance spokesperson Barbara Edmonds. "There's no creative accounting that Nicola can do to make these GDP figures better."

#WorldClassFromIndia | FutureSkills Prime, a joint initiative of Government &amp; Nasscom is skilling the tech workforce to help achieve India's aim to become a trillion-dollar digital economy 2025. How has it fared? Here's the #ReportCard.

FutureSkills Prime: Making India A Digital Talent Hub

#WorldClassFromIndia | FutureSkills Prime (@fsprimeofficial), a joint initiative of Government (@GoI_MeitY) & Nasscom (@nasscom) is skilling the tech workforce to help achieve India's aim to become a trillion-dollar digital economy 2025. How has it fared? Here's the #ReportCard.

#WorldClassFromIndia | FutureSkills Prime, a joint initiative of Government &amp; Nasscom is skilling the tech workforce to help achieve India's aim to become a trillion-dollar digital economy 2025. How has it fared? Here's the #ReportCard.

#WorldClassFromIndia | FutureSkills Prime (@fsprimeofficial), a joint initiative of Government (@GoI_MeitY) &amp; Nasscom (@nasscom) is skilling the tech workforce to help achieve India's aim to become a trillion-dollar digital economy 2025. How has it fared? Here's the #ReportCard.

Gujarat's GIFT City will get 200 tonnes of gold imported from the UAE which will then be distributed to other parts of the country. UAE is currently India's third-largest trading partner and the second-largest export destination, after the US

Gujarat's GIFT city to get gold imports from UAE

Gujarat's GIFT City will get 200 tonnes of gold imported from the UAE which will then be distributed to other parts of the country. UAE is currently India's third-largest trading partner and the second-largest export destination, after the US

GIFT City will be nominated as an agency to import 200 tonnes of gold from the United Arab Emirates under the recently signed Free Trade Agreement said Piyush Goyal, Union Minister of Commerce and Industry, during his visit to Gujarat Saturday.
&ldquo;I have take a decision which profits GIFT City and its expansion. Recently, we signed an FTA with the UAE. This agreement has come into force from May 1 under which almost 100 per cent of items exported to the UAE will go as duty-free. We have also allowed some items to be imported from the UAE with lesser duty. In order to encourage our gem and jewellery sector, 200 tonnes of gold will be brought at discounted rates to India. We will nominate GIFT City as the agency to import the gold,&rdquo; said Goyal during his interaction with media persons at iHub, a student startup and innovation hub in Ahmedabad.
Goyal who had visited GIFT City at Gandhinagar and interacted with officials on Saturday morning said the imported gold will be distributed from GIFT City to other parts of the country.
Also watch: <a href="https://www.editorji.com/india-news/politics/here-s-what-congress-leader-digvijay-singh-said-after-dropping-out-of-the-party-leadership-race-1664520101643">Here's what Congress leader Digvijaya Singh said after dropping out of the party leadership race</a>
&ldquo;This solves a big problem of middlemen faced by the gem and jewellery sector. Due to these middlemen, gold purchases used to be expensive. With today&rsquo;s decision, we have solved their problem too,&rdquo; he added.
Piyush Goyal reviewed the functioning of the GIFT special economic zone on Monday.&nbsp;
Gujarat International Finance Tech-city special economic zone is India's first International Financial Services Centre (IFSC). It is being developed as a global financial services hub.
It was operationalised by the central government in April 2015. "Held a fruitful interaction with industry representatives at GIFT City. Discussed benefits of setting up units here," Goyal said in a tweet.
The minister also held interactions at the International Bullion Exchange (IIBX) in GIFT City to understand issues with respect to trading of gold; operationalising the gold spot exchange and reducing the cost of gold metal loans for jewellery exporters through the GIFT IFSC.
"Urged representatives of Jewellery sector to discover competitive prices for gold through IIBX," he said.
The minister issued directions to improve the trading of gold on the IIBX, including enabling the utilisation of the TRQ (Tariff Rate Quota) on gold obtained in the trade pact with the UAE.&nbsp;

MARKET MOOD CHECK US markets see rebound rally in trade. Dow jumps 400 points, Nasdaq adds more than 2% to cut two-day losing streakCRUDE WATCH Saudi Arabia promises more oil, prices however refuse to cool. Oil prices set for sixth weekly advance.ECONOMY WATCH India's trade deficit widened to a record high in May at $23.3 billion. In the first two months of FY23 (April and May), India's merchandise import increased by 42.35% yoy to $120.81 billion.CRYPTO CORNERGemini – the crypto exchange spearheaded by billionaire twins Cameron and Tyler Winklevoss – announced first-ever job cuts. After laying off 10% of employees the backers of the digital asset said investors must brace for a 'crypto winter'STOCK WATCHReliance Industries: reports indicate Mukesh Ambani led RIL is set to make a bid for international chemist and drugstore units branded Boots.

Top Market Headlines on June 3: Here is are the top business news notifications

Markets see a rebound, economy signs still bleak

MARKET MOOD CHECK&nbsp; US markets see rebound rally in trade. Dow jumps 400 points, Nasdaq adds more than 2% to cut two-day losing streak CRUDE WATCH&nbsp; Saudi Arabia promises more oil, prices however refuse to cool. Oil prices set for sixth weekly advance.
Also read/watch| <a title="Explained: What is a fat finger trade and how it can make you lose crores!&nbsp;" href="https://www.editorji.com/business-news/markets/explained-what-is-a-fat-finger-trade-and-how-it-can-make-you-lose-crores-1654228204966">Explained: What is a fat finger trade and how it can make you lose crores!&nbsp;</a> ECONOMY WATCH&nbsp; India's trade deficit widened to a record high in May at&nbsp;$23.3 billion.&nbsp;In the first two months of FY23 (April and May), India's merchandise import increased by 42.35% yoy to $120.81 billion. CRYPTO CORNER Gemini &ndash; the crypto exchange spearheaded by billionaire twins Cameron and Tyler Winklevoss &ndash; announced first-ever job cuts. After laying off 10% of employees the backers of the digital asset said investors must brace for a 'crypto&nbsp;winter' STOCK WATCH Reliance Industries: reports indicate Mukesh&nbsp;Ambani led RIL&nbsp;is set to make a bid for international chemist and drugstore units branded Boots.

Initiative aims to encourage, facilitate women to showcase talents, skills across sectors and verticals of economy; event in Guwahati attended by 35 entrepreneurs.

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