Modi's government plans GST tax cuts. This move may cause revenue loss for states. States and the center will negotiate revenue sharing. Some states worry about financial impact. The GST Council will discuss the proposal. The government aims for consensus before implementation. The changes may influence upcoming elections in Bihar. The government expects stronger consumption to offset losses.
Source: The Economic Times
(21st Aug, 2025)
A key meeting on GST rate changes is underway in New Delhi. The Group of Ministers is considering cutting tax slabs to 5 and 18 percent. This move aims to simplify the tax system. It also seeks to benefit the common person, farmers, and small businesses. Another group discussed exempting GST on health and life insurance.
Source: The Economic Times
(21st Aug, 2025)
India and Russia plan to boost their annual trade by 50% to reach $100 billion. Both nations seek to reduce tariffs. This comes amid rising tensions with the US. Subrahmanyam Jaishankar highlights the need to remove trade barriers. Narendra Modi and Vladimir Putin have strengthened ties. India defends its right to buy discounted Russian oil.
Source: The Economic Times
(21st Aug, 2025)
India's textile exports demonstrated resilience in July 2025, increasing by 5.37% to USD 3.10 billion, driven by strong demand in ready-made garments, jute, carpets, and handicrafts. Cumulative exports for April-July 2025 rose by 3.87% to USD 12.18 billion, highlighting the sector's role as a key driver of economic growth despite global uncertainties. Ready-made Garment exports alone reached USD 1.
Source: The Economic Times
(20th Aug, 2025)
The government has disbursed Rs 21,689 crore under Production-Linked Incentive (PLI) schemes across 12 sectors, including electronics and pharmaceuticals, as of July 31, 2025. Launched in 2021 with an outlay of Rs 1.97 lakh crore for 14 sectors, the PLI scheme has approved 806 applications, with the food products segment receiving the most approvals, followed by specialty steel and auto.
Source: The Economic Times
(21st Aug, 2025)
Industries minister P Rajeeve inaugurated an online platform to market the products of textile units under the industries department on Wednesday. The platform www.bpt.cditproject.org was developed under the leadership of Board for Public Sector Transformation with the assistance of CDIT to sell the products of all textile units through e-bidding. A plan for garment manufacturing is being implemented, he stated. Value-added products developed by various public sector undertakings were also launched.
Source: Times of India
(21st August, 2025)
As textile and apparel hubs across India brace for US President Donald Trump’s 25 per cent additional tariff on Indian goods, Gujarat—a major player in the sector—is staring at turbulent times ahead. Industry insiders are ringing alarm bells over the unfolding situation.
Source: Fibre2fashion
(21st August, 2025)
Jaishankar highlighted India and Russia's steady ties, urging more strenuous efforts to diversify and balance trade between the two nations.
Source: Business Standard
(21st August, 2025)
To enhance financial cooperation and trade between the two countries, the People’s Bank of China (PBOC) has renewed a bilateral currency swap agreement with the Bank of Thailand for five years. The agreement has an option for further extension by mutual consent. The renewal deal, signed by Pan Gongsheng, governor of PBOC, and Sethaput Suthiwartnarueput, governor of the Bank of Thailand, enables currency exchanges of up to 70 billion yuan (~$9.81 billion) or 370 billion baht. The arrangement will enhance cross-border trade and investment while supporting regional financial stability, PBOC said.
Source: Fibre2fashion
(20th Aug, 2025)
Bangladesh Bank recently extended the usance period (deferred payment) of letter of credit (LC) for importing industrial raw materials, agricultural implements and chemical fertilisers to 360 days from 180 days.The extension is applicable to imports made under suppliers' or buyers' credit and is valid until December 31, 2025. The extension, in effect since January 20 this year, was set to expire.
Source: United News of Bagladesh
