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Karnataka sells ₹423 crore worth surplus power to national grid

$327.1b US exports in April touch record high

The United States trade deficit narrowed in April as exports of petroleum products and capital goods jumped to record highs, a trend that if sustained, will put trade on course to contribute to economic growth in the second quarter.The trade gap contracted 1.2% to $55.9 billion, the Commerce Department's Bureau of Economic Analysis and Census Bureau said. Data for March were revised lower to show the deficit at $56.6 billion instead of the previously reported $60.3 billion.Exports increased 2.6% to $327.1 billion, a record high. Goods exports surged 4.1% to a record $221.3 billion.Petroleum exports increased to a record high of $36.7 billion from $27.6 billion in March, driven by higher volumes and oil prices tied to West Asia conflict. The United States is a net oil exporter.Crude prices have shot above $100 per barrel since the war started in late February.The increase in petroleum products, including crude oil, pushed exports of industrial supplies and materials to a record high of $89.0 billion. The nation's petroleum trade surplus swelled to a record high of $17.7 billion from $9.4 billion in March.

India moved from power deficit to surplus in 12 years, says Pralhad Joshi

Union Minister highlights gains in renewable energy, economic growth and poverty reduction while outlining the NDA government’s 12-year record and Centre’s support for Andhra Pradesh projects

How India is trying to attract foreign capital

As the rupee came under pressure from rising crude oil prices, geopolitical tensions in the Middle East and sustained foreign portfolio investor (FPI) outflows, the government and the Reserve Bank of India rolled out a set of measures over Friday and Monday aimed at attracting foreign capital and strengthening India's external position.The RBI, while keeping the repo rate unchanged at 5.25% in its June monetary policy review, unveiled a package to boost dollar inflows. Simultaneously, the government followed up with a tax ordinance exempting foreign investors from taxes on investments in government securities. Together, the measures are designed to improve India's balance of payments, ease pressure on the rupee and make Indian debt markets more attractive to overseas investors.Also Read: India scrapping tax for foreign investors in govt bonds aimed at inclusion in Bloomberg index, govt official saysSo, why were policymakers worried?The West Asia conflict and its impact globally is no secret. The ripple effects are real. The rupee had come under pressure in recent weeks trading in the range of ₹95.20 to ₹95.80 against the US Dollar as crude oil prices surged following the escalation of the Iran-Israel conflict, raising concerns over India's import bill and current account deficit. However, a surprise sprang on Monday when India reported a current account surplus of $7.1 billion in the fourth quarter of FY26. The RBI's package1. Concessional forex swap facility for overseas borrowingsThe RBI introduced a special dollar-rupee swap facility at a concessional rate for public sector entities and banks raising funds overseas. The facility will remain available until September 30.Companies often borrow abroad but must hedge currency risk. Hedging can be expensive. By lowering that cost, the RBI is encouraging more overseas borrowing and, consequently, more dollar inflows into India.2. RBI to bear hedging costs on FCNR(B) depositsOn Monday, the RBI issued detailed guidelines for the FCNR(B) deposit scheme announced during the monetary policy.Also Read: Deposits under RBI's latest foreign currency non-resident bank scheme will carry one-year lock-inUnder the framework, banks can mobilise fresh FCNR(B) deposits with maturities of three to five years between June 8 and September 30 and swap the dollar inflows with the RBI. The swap window will remain available until October 16. The central bank will bear the entire hedging cost, effectively allowing banks to hedge these deposits at par. Banks can also offer leverage against such deposits.The RBI also exempted these deposits from Cash Reserve Ratio (CRR) and Statutory Liquidity Ratio (SLR) requirements, improving the economics of mobilising foreign currency deposits.To ensure stability of inflows, deposits raised under the scheme will carry a mandatory one-year lock-in period. Banks will not be allowed to cancel swaps undertaken with the RBI before maturity. The RBI further exempted swap positions arising from FCNR(B) deposits from net unhedged foreign exchange exposure calculations.This is the closest India has come since the 2013 FCNR(B) mobilisation scheme launched during the rupee crisis. By eliminating hedging costs, providing CRR and SLR relief, relaxing regulatory treatment and offering a dedicated swap window, the RBI is giving banks a strong incentive to attract dollar deposits from overseas Indians. Why analysts think this scheme could be bigger than 2013Brokerage Jefferies believes the latest package could attract $50-70 billion of foreign currency inflows, substantially higher than the inflows generated under the 2013 FCNR(B) scheme.The brokerage argues that the current framework is more attractive than the one introduced during the rupee crisis more than a decade ago. While banks had to bear hedging costs of around 3.5% under the 2013 scheme, the RBI is now absorbing the entire cost. The deposits are also exempt from CRR and SLR requirements, similar to the earlier programme.A key difference this time is the ability to use leverage. Jefferies noted that the RBI has permitted banks to provide standby letters of credit (SBLCs), potentially allowing depositors to amplify returns through leverage. According to the brokerage, this could significantly improve the attractiveness of FCNR(B) deposits for overseas investors.3. Expansion of the Fully Accessible Route (FAR)The RBI expanded the FAR framework to include all new 15-year, 30-year and 40-year government securities and removed concentration limits for foreign investors.Large global investors, including pension and sovereign funds, prefer long-dated bonds. The move widens the universe of Indian government securities available for unrestricted foreign investment.4. Easier access for non-resident investorsThe RBI broadened investment access for individuals residing outside India and eased certain norms governing non-resident participation in Indian markets.The measure aims to tap a larger pool of overseas capital, particularly from the Indian diaspora.The Government's follow-up Tax reliefAfter the RBI's measures, the government issued the Income-tax (Amendment) Ordinance, 2026.5. Capital gains tax exemption on government bondsThe ordinance exempted foreign institutional investors and the Bank for International Settlements from capital gains tax on investments in specified government securities. Earlier, long-term gains attracted a 12.5% tax.1316102436. Interest income tax exemptionThe government also removed taxes on interest income earned by eligible foreign investors from these government securities. Previously, interest income faced a 20% withholding tax.131610254

Current account surplus at $7.1 bn in Q4

India recorded a current account surplus of $7.1 billion, or 0.7% of GDP, in the January-March quarter of FY26, supported by strong growth in services exports and remittance inflows, according to data released by the Reserve Bank of India on Monday.The surplus was lower than the $13.7 billion, or 1.4% of GDP, recorded in the corresponding quarter of the previous year.The country's merchandise trade deficit widened to $83.4 billion during the quarter, compared with $59.3 billion a year earlier, reflecting higher import outgo. However, this was partly offset by a rise in net services receipts to $60.4 billion from $53.3 billion in the year-ago period, driven by growth in computer services and other business services exports.Also read: FPI exodus from financials cools, but foreign investors remain net sellersAs per the central bank data, remittance inflows remained a key pillar of external stability, with personal transfer receipts, largely including money sent home by Indians working overseas, rising to $43.5 billion in the March quarter from $33.9 billion a year ago. Meanwhile, net outgo under the primary income account declined to $11.1 billion from $11.9 billion, providing additional support to the current account balance.Capital flows in Q4 FY26According to RBI data, net foreign direct investment (FDI) inflows stood at $4.2 billion during the quarter, higher than $0.4 billion in the year-ago period.Foreign portfolio investors (FPIs) recorded a net outflow of $12 billion in the March quarter, compared with a net outflow of $5.9 billion a year earlier.Non-resident Indian (NRI) deposits registered net inflows of $3.3 billion, up from $2.8 billion in the corresponding quarter of FY25. Net inflows through external commercial borrowings (ECBs) amounted to $3.6 billion, compared with $7.5 billion a year ago.Foreign exchange reserves increased by $7.2 billion on a balance of payments basis during the quarter, compared with an accretion of $8.8 billion in the year-ago period.FY26 balance of paymentsFor the financial year 2025-26, India’s current account deficit stood at $25.2 billion, equivalent to 0.6% of GDP, compared with a deficit of $22.9 billion, or 0.6% of GDP, in FY25.The merchandise trade deficit widened to $337.3 billion in FY26 from $286.9 billion a year earlier. Net services receipts rose to $216.6 billion from $188.8 billion, while secondary income receipts increased to $143.6 billion from $123.5 billion.Net invisibles receipts stood at $312 billion in FY26, higher than $264 billion in the previous year, primarily on account of net services receipts and net personal transfers.Capital flows in FY26Net FDI inflows increased to $6.9 billion in FY26 from $1 billion in FY25. FPIs recorded net outflows of $16.4 billion during FY26, compared with net inflows of $3.6 billion in the previous year.Foreign exchange reserves declined by $23.6 billion on a balance of payments basis in FY26, compared with a depletion of $5 billion in FY25.

Jharkhand Rajya Sabha Race: Why JMM's 6 Surplus Votes Could Prove Crucial

As Rajya Sabha nominations close in Jharkhand, attention centres on JMM's surplus votes amid speculation over Parimal Nathwani's potential support base.

OPEC+ increases production quotas for July

Vienna, OPEC+ ministers decided Sunday to increase oil quotas by a total 188,000 barrels per day for July, in a move analysts said would be unlikely to have an impact on prices sent higher by the Mideast war.Jorge Leon, analyst at Rystad Energy, said ahead of the expected increase that it "means very little while the Strait of Hormuz remains closed".He added: "The market is not short of quota announcements; it is short of physical barrels that can actually move. In that sense, the 188,000 barrels per day increase would be more of a policy signal than a real supply boost."The hiked production output was agreed Sunday in a video meeting of oil ministers from key OPEC+ countries Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman, a statement from the organisation said.The increase was similar to ones decided in previous months.The OPEC+ statement said the latest agreed hike was "to support oil market stability" but that the seven countries also saw an opportunity "to accelerate their compensation" in a time of historically high oil prices.It added that the ministers "reaffirmed the importance of adopting a cautious approach and retaining full flexibility to increase, pause or reverse the phase out of the voluntary production adjustments, including reversing the previously implemented voluntary adjustments announced in November 2023".Leon, at Rystad Energy, said that OPEC+ was wary in case the Mideast war changes, and Iran's stranglehold on the Strait of Hormuz eases."When the Strait of Hormuz reopens, the market could move very quickly from fear of shortage to fear of surplus," he said."Returning OPEC+ supply, a stronger US shale response and weaker demand after a period of very high prices could leave the market with a very large oversupply problem," he said.

Tamil Nadu receives surplus Cauvery water for yet another year

During June 2025 to May 2026, the State recorded, at Billigundulu, about 330 thousand million cubic feet (tmc ft.) against 177.25 tmc ft. prescribed in the Cauvery Water Disputes Tribunal’s final award of 2007, which was amended by the Supreme Court in its 2018 judgment

An app to help eateries sell surplus food

The Kozhikode Corporation backs the initiative, citing its potential to divert food from landfills and reduce methane emissions

Govt Fixes July 2029 Deadline To Link Chenab To Beas Basin. Here's How The Blueprint Looks | Exclusive

The 8.7-km-long tunnel will divert surplus water from the Chenab basin into the Beas river system, which could ring alarm bells in Pakistan

RBI banks on services surplus to boost external sector

Agri-tech has improved productivity and post-harvest management, say experts at webinar

An expert said that 47% of farm work was now mechanised, and that the introduction of scientific methods has led to surplus production