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Farmers across the country have sown kharif crops on nearly 104.0 million hectares as of Friday, up 4% on year, according to data released by the Ministry of Agriculture and Farmers Welfare. The area under coarse cereals, paddy, and pulses rose from the year-ago period, while oilseeds and cotton acreage fell as farmers shifted to other crops. Read more
Prices of chana are likely to fall in the near term on weak demand from millers, the India Pulses and Grains Association said in its weekly report Monday. Prices of tur are expected to stay range-bound amid low demand and a fall in imports, while urad prices are likely to rise in the short term on firm demand and a fall in supply, the association said. Read more
India exported rice worth $921.43 million in July, up nearly 11% from the same month a year ago, according to data released by the Ministry of Commerce and Industry on Thursday. The value of spice exports rose over 4% on year to $347.52 million in July, the data showed. Read more
Following Prime Minister Narendra Modi's speech on Independence Day in which he announced goods and services tax reforms by Diwali, three Groups of Ministers are scheduled to meet Wednesday-Thursday here to work on the proposals, two people aware of the development said Monday. The ministerial panel on health and life insurance will meet Wednesday, while the two Groups of Ministers on compensation cess and rate rationalisation will meet Thursday. The meetings will likely be held in Vigyan Bhawan, the people cited above said. Read more
India's crude oil import bill for the first four months of 2025-26 (Apr-Mar) fell nearly 18% on year to $40.4 billion, the Ministry of Petroleum and Natural Gas said in a report. In volume terms, the country's crude oil imports were at 81.2 million tonnes in Apr-Jul, down from 81.7 million tonnes from the corresponding period a year ago, the report said. Read more
Extremely heavy rainfall is likely to continue over parts of west India till Wednesday under the influence of a well marked low-pressure area over Bay of Bengal, the India Meteorological Department said Monday. The department has also issued a red alert in parts of western India till Wednesday. Read more
India produced 2.96 billion standard cubic metres of natural gas in July, down 3.7% on year, according to data released by the Petroleum Planning and Analysis Cell. The production in Apr-Jul was 11.7 billion standard cubic metres, down 3.1% from a year ago. Read more
By Priyasmita Dutta and Sagar Sen Prime Minister Narendra Modi made headlines with his announcement of reforms in the goods and services tax that has markets and policymakers anticipating a big boost to consumption which will eventually drive growth. But before the surge in demand materialises, a consumption shock is imminent as purchase decisions get deferred. To add to this, an overambitious target of rolling out the reforms by Diwali have further added to the uncertainty, especially because a GST rate rationalisation exercise has never worked out in such a short timeframe. So, it is fair to say, while demand may--if all things go smoothly--be robust post-Diwali, there is going to be a period of lull in the interim, experts believe. Register to read more
Days after announcing reforms to the goods and services tax by Diwali, Prime Minister Narendra Modi Monday chaired a meeting with senior ministers, government officials, and economists to discuss the roadmap for next-generation reforms. Read more
India's proposed overhaul to the Goods and Services Tax system, where four tax slabs may be reduced to two, could help lift economic growth amidst trade-related uncertainties, economists said. The rationalisation of GST rates can also bring down inflation. Read more
