Meanwhile, Indian equity markets have shown positive momentum, with the Nifty reclaiming the 22,500 mark and the Sensex gaining 610 points. The rupee, however, fell six paise against the US dollar amid uncertainties over trade tariffs.
Additionally, the Reserve Bank of India is set to conduct significant liquidity measures, including $10 billion in forex swaps.
Rattled by Trump’s tariff threats, the European Central Bank has cut its benchmark interest rate by 25 basis points to 2.65% to boost economic growth amid ongoing inflation and a slow Eurozone recovery.
In the aviation sector, IndiGo announced its entry into long-haul markets with direct flights to Manchester and Amsterdam, making its Europe debut.
Amidst these economic shifts, External Affairs Minister S Jaishankar stressed the need for a stable India-China relationship. There was a security incident during the minister’s visit, when a lone demonstrator breached the cordon, rushed towards Jaishankar’s car, and tore India’s national flag. This incident has sparked condemnation from India.
US seeks zero tariffs on most goods in trade talks with India, excludes agricultural products
The United States has sought a zero-to-zero tariff regime on almost all products traded between India and the US, barring agricultural goods, sources told CNBC-TV18.
Commerce Minister Piyush Goyal recently held high-level trade talks in Washington, engaging with both the US Trade Representative (USTR) and the US Secretary of Commerce. Officials from both countries are expected to reconvene after reviewing the outcomes of the latest discussions.
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Sajjan Jindal on Tesla’s India entry: ‘Musk can’t do what Mahindra and Tata can’
Sajjan Jindal, Chairman of JSW Group, made a bold assertion about India’s automobile industry, declaring that local players hold the advantage over global giants like Tesla at the EY Entrepreneur of the Year awards.
When asked whether Elon Musk could disrupt the Indian market, Jindal was dismissive.
“Elon Musk is not here. He is in the US,” he said. “We Indians are here. He cannot produce what Mahindra can do, what Tata can do—it’s not possible. He can do (it) under Trump’s shadow, in the US. He’s super smart, no question about it. He’s a maverick, doing spacecraft and all that. He’s done amazing work, so I don’t want to take anything from him. But to be successful in India is not an easy job.”
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Trump grants 1-month tariff exemption for automakers
US President Donald Trump will exempt automakers from his punishing 25% tariffs on Canada and Mexico for one month as long as they comply with existing free trade rules, the White House said on Wednesday, a development that halted at least for now Wall Street’s steepest skid in nearly three months.
Trump is also open to hearing about other products that should be exempted from the tariffs, which took effect Tuesday, the White House said.
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Nifty extends gains, reclaims 22,500; Sensex gains 610 points
Indian equity markets extended Wednesday’s gains on Thursday, with the Nifty reclaiming the 22,500 mark and the Sensex rising 610 points, bolstered by positive global cues and the Reserve Bank of India’s liquidity measures.
The Nifty closed 207 points higher at 22,545, marking a two-week high. The Sensex gained 610 points, ending the session at 74,340. Among the broader indices, the Nifty Bank advanced 138 points to 48,628, while the Midcap Index rose 180 points to 49,348.
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Rupee falls six paise to settle at 87.12 against US dollar
The rupee snapped its three-day rally and settled with a loss of 6 paise at 87.12 (provisional) against the US dollar on Thursday amid uncertainty over trade tariffs and persistent foreign fund outflows.
According to forex traders, investors moved cautiously awaiting the weekly unemployment claims data from the US and the monetary policy announcement by the European Central Bank.
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RBI’s forex swap, bond purchase to ease liquidity and lower borrowing costs
The Reserve Bank of India (RBI) is set to conduct $10 billion worth of buy/sell swaps on March 24, along with purchase bonds worth ₹1 lakh crore. This move is part of their broader strategy to manage liquidity.
In the past few months—November, December, and January—the RBI intervened in the currency market but did not directly sell dollars. Instead, they used a buy/sell swap mechanism, meaning they first sold dollars and later did a buy/sell. Now, some of those earlier transactions are maturing, and RBI needs to deliver the dollars. To manage this, they are extending some obligations.
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Also read: Oil holds near six-month low as tariffs dent demand outlook
European Central Bank cuts interest rate by 25 bps to 2.65% from 2.9%
The European Central Bank (ECB) has slashed its benchmark interest rate by 25 basis points, bringing it lower from 2.90% to 2.65%, along with reducing the deposit facility rate to 2.50% and the marginal lending rate to 2.90%.
The move aims to stimulate economic growth amid persistent inflation and slow recovery in the Eurozone amid a looming trade war as US President Donald Trump pushes tariffs against all major economies.
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IndiGo announces Europe debut, direct flights to Manchester and Amsterdam
The race to grab a higher share of India’s fast-growing international traffic just got intense with India’s largest carrier, IndiGo, announcing its debut in the long-haul markets, starting with the UK and The Netherlands. The airline has announced non-stop flights to Manchester and Amsterdam saying the service to Manchester will be the only direct route from India to the North of the UK.
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Over 30,000 taxpayers report foreign assets valued at ₹29,000 crore: Govt sources
On the back of information from 108 countries, the Income Tax Department has successfully prompted 30,161 taxpayers to voluntarily declare foreign assets worth over ₹29,000 crore.
With scrutiny of the data, government sources revealed, “24,678 taxpayers reviewed their ITRs, and 5,483 filed belated returns for AY 2024-25, declaring foreign assets worth ₹29,208 crore and additional foreign income of ₹1,089.88 crore. Not just this, 6,734 taxpayers updated their residential status from ‘Resident’ to ‘Non-Resident.'”
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India wants stable relation with China but with these conditions, says Jaishankar
External Affairs Minister S Jaishankar said India wants a stable relationship with China where “interests are respected and sensitivities are recognised”.
“The key issue is how to create a stable equilibrium and transition into the next phase of balance. We want a stable relationship where our interests are respected, our sensitivities are recognised, and where it works for both of us. That is really the main challenge in our relationship,” Jaishankar said on the India-China relationship.
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India condemns security breach, pro-Khalistani protest during Jaishankar’s UK visit
India has strongly condemned a security breach and an attempt by a pro-Khalistani extremist to heckle External Affairs Minister S Jaishankar during his visit to the UK. A viral video shows a man rushing towards Jaishankar’s car and tearing the Indian national flag in front of the police.
The incident occurred outside Chatham House in London, where Jaishankar participated in a discussion on Wednesday. Protesters carrying flags and loudspeakers gathered outside, chanting slogans.
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Indian business leaders stress hard work over inherited wealth for next-gen entrepreneurs
At the EY Entrepreneur of the Year awards program on CNBC-TV18, some of India’s top business leaders emphasised the importance of self-reliance and perseverance for the next generation of entrepreneurs.
Industry stalwarts highlighted that young entrepreneurs should not rely solely on family wealth but instead work hard to establish their own success.
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