NEW DELHI: Commerce and industry minister Piyush Goyal on Thursday suggested to industry that it was imperative to shed some protectionism as the world was looking at reciprocity, while assuring exporters that govt was working overtime to protect their interests.
“Reflecting on reciprocal tariffs, he has cautioned the EPCs (export promotion councils) to come out of their protectionist mindset and encouraged them to be bold and ready to deal with the world from a position of strength and self-confidence,” an official statement said.
Some industries, such as pharma and engineering goods, especially auto parts, appeared nervous in the wake of US president Donald Trump’s reciprocal tariff threat. The UK and EU too are seeking sharp cuts in duties, arguing that levies in India are high.
“MSME Exporters are a worried lot. Total exports of $5 billion dollars are hit by recent tariff imposed by Donald Trump… Since voyage time to the US is approximately 60 days, about $1 billion is in the high seas and will be affected by this duty,” said EEPC India chairman Pankaj Chadha, referring to the decision to increase duties on iron and steel products to 25%.
Commerce secretary Sunil Barthwal, however, sought to comfort industry, suggesting that labour intensive sectors will be shielded. While outlining the focus of the proposed agreement, Barthwal told exporters that the idea was to lower duties and reduce non-tariff barriers and asked industry representatives to share their aggressive interests, sources told TOI. Besides, businesses have been asked to identify inputs and products where sourcing can be diversified, in what is seen as a message to buy from the US to reduce the trade surplus and address Trump’s top concern.
The comments came amid repeated attacks by American president Donald Trump over India’s “high tariffs” and the threat to impose reciprocal tariffs against countries that levy higher duties than those charged in the US, starting April 2.
Goyal said that govt is working on several tracks, negotiating with multiple trading partners to ensure the best interests of Indian exporters. “Indicating that govt has reached final stages in FTAs with few in particular, the minister was positive that it will lead to much better opportunities for Indian exporters and will also bring in higher investment,” the statement said.
Staring at a second consecutive year of decline in goods exports, commerce department on Thursday asked exporters to push shipments during the remaining fortnight of March to reach as close to last year’s level of $437 billion. While overall exports — including goods and services — are expected to cross $800 billion during the current fiscal year, minister Piyush Goyal asked exporters to target $900 billion during 2025-26.
Gold bars are stacked in a vault. File
| Photo Credit: AP
Gold prices on Monday (April 28, 2025) declined ₹391 to ₹94,601 per 10 grams in futures trade amid muted spot demand.
On the Multi Commodity Exchange (MCX), gold contracts for June delivery traded lower by ₹391 or 0.41% to ₹94,601 per 10 grams in a business turnover of 17,572 lots.
Analysts attributed the fall in gold prices to weak global cues.
In the international markets, gold futures declined 0.99% to $3,286.89 per ounce in New York.
Published – April 28, 2025 01:13 pm IST
A guard walks past the Reliance Industries logo in Navi Mumbai. File
| Photo Credit: Reuters
Shares of Reliance Industries Limited on Monday (April 28) jumped nearly 4% after the firm reported a 2.4% rise in March quarter net profit.
The blue-chip stock climbed 3.60% to ₹1,346.90 on the BSE.
At the NSE, it surged 3.58% to ₹1,347 apiece.
The stock emerged as the biggest gainer among the Sensex and Nifty firms.
The 30-share BSE benchmark gauge jumped 778.49 points to 79,991.02 in morning trade. The NSE Nifty rallied 219.45 points to 24,258.80.
Reliance Industries Ltd. on Friday (April 25) reported a 2.4% rise in March quarter net profit as store rationalisation in retail business and improved margins in telecom helped offset weakness in mainstay oil and petrochemicals business and higher finance cost.
Consolidated net profit of ₹19,407 crore, or ₹14.34 per share, in January-March — the fourth quarter of April 2024 to March 2025 fiscal (FY25) — was higher than ₹18,951 crore, or ₹14 a share, in the same period a year back, the company said in a statement.
Profit was also up sequentially from ₹18,540 crore in the October-December quarter.
Annual profits were almost unchanged at ₹69,648 crore but the oil-to-telecom-and-retail conglomerate became the first company to hit a networth of over ₹10 lakh crore in 2024-25. Last year, it became the first company to hit a market cap of ₹20 lakh crore.
In the fourth quarter, increased subscriber base led to higher earnings in the telecom business while a rationalisation of stores and pick up in quick commerce improved retail metrics. The oil-to-chemicals (O2C) business however saw pre-tax earnings fall on lower fuel cracks and polyester chain margins.
The profit before tax (EBITDA) rose 3.6% to ₹48,737 crore. This was despite an almost 7% rise in finance cost due to higher debt (₹3.47 lakh crore as of March 31, 2025, compared to ₹3.24 lakh crore a year back).
Jio Platforms Ltd, the unit that houses the telecom and digital businesses, saw profits rise by 26% to ₹7,022 crore in Q4 and 22% in full-year (₹26,120 crore).
Published – April 28, 2025 11:58 am IST
Representational file image.
| Photo Credit: Reuters
The rupee appreciated 12 paise to 85.29 against the US dollar in early trade on Monday (April 28, 2025), supported by strong domestic fundamentals, such as rising forex reserves and healthy capital inflows.
Forex traders said a steady rise in reserves enhances India’s import cover, providing a crucial buffer against external shocks and lending stability to the rupee.
However, the rupee could face pressure amid any escalation in tensions between India and Pakistan as geopolitical uncertainties like these tend to drive investors toward safer assets, causing outflows from emerging markets and weakening local currencies like the rupee.
At the interbank foreign exchange, the domestic unit opened at 85.29 against the greenback, registering a gain of 12 paise over its previous close.
In initial trade, the rupee also touched an early low of 85.42 against the greenback.
On Friday, the rupee settled lower by 8 paise at 85.41 against the US dollar.
“Looking ahead, USD/INR is expected to remain volatile. Strong domestic fundamentals, such as rising forex reserves and healthy capital inflows, are likely to support the rupee. However, persistent geopolitical tensions and global risk aversion could cap any meaningful appreciation,” CR Forex Advisors MD Amit Pabari said.
Technically, USD/INR has strong support between 85.00 and 85.20 levels, and it could move towards the 85.80–86.20 range, Pabari added.
Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading higher by 0.17% at 99.63.
Brent crude, the global oil benchmark, rose 0.22% at $67.02 per barrel in futures trade.
In the domestic equity market, the 30-share BSE Sensex advanced 426.00 points or 0.54% to 79,638.53, while the Nifty rose 144.55 points or 0.60% to 24,183.90.
Foreign institutional investors (FIIs) bought equities worth ₹2,952.33 crore on a net basis on Friday, according to exchange data.
Meanwhile, India’s forex reserves jumped $8.31 billion to $686.145 billion for the week ended April 18, the RBI said on Friday.
This is the seventh consecutive week of a rise in the kitty, which had jumped by $1.567 billion to $677.835 billion in the previous reporting week ended April 11. The forex reserves had touched an all-time high of $704.885 billion in end-September 2024.
Published – April 28, 2025 10:15 am IST
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