April 22, 2025 – Tuesday

Economy

Core sector growth rises slightly to 3.8% in March, shows govt data
India’s core sector growth rose by 3.8 per cent year-on-year (Y-o-Y) in March from an upwardly revised figure of 3.4
per cent in February, according to data released by the Ministry of Commerce and Industry on Monday. The growth
was kept in check by a high base effect. In March 2024, core sector growth had stood at 6.3 per cent. The growth in
March was led by the electricity sector (6.2 per cent), followed by steel (7.1 per cent), and cement (11.6 per cent).
https://www.business-standard.com/industry/news/core-sector-growth-rises-slightly-to-3-8-in-march-shows-govt-
data-125042101109_1.html

Govt to release monthly unemployment data from May 15 for first time
The government will release the unemployment data every month starting from May 15, 2025, a senior government
official said on Monday. The first set of data will include the figures from January, February and March 2025 and
thereafter it will be released every month.
https://www.business-standard.com/india-news/government-to-release-monthly-unemployment-data-from-may-
15-for-first-time-125042100862_1.html

House panel to discuss CCI role in digital era next week

Senior corporate affairs ministry officials will brief the parliamentary standing committee on finance on April 28 on
the "evolving role of the Competition Commission of India (CCI) in the economy, particularly the digital landscape",
according to a Lok Sabha Secretariat notice. The briefing could cover topics ranging from a digital competition law,
which was proposed to regulate large players, to the effective oversight of antitrust behaviour of e-comerce as well
as quick commerce players, said a person aware of the details.
https://economictimes.indiatimes.com/news/economy/policy/house-panel-to-discuss-cci-role-in-digital-era-next-
week/articleshow/120496792.cms

Direct benefit transfers fall 4% to Rs 6.6 lakh crore in FY25

India's Direct Benefit Transfers fell 4% to Rs 6.6 lakh crore in FY25 amid delayed scheme rollouts and lower subsidies.
Fertiliser and food subsidies declined, while PMAY-G and MGNREGS saw reduced payouts. Over 1.85 billion
beneficiaries are registered under various DBT schemes.
https://www.financialexpress.com/policy/economy-direct-benefit-transfers-fall-4-to-rs-6-6-lakh-crore-in-fy25-
3817234/

EPFO registers 1.61 million net members in February 2025, shows data
The Employees' Provident Fund Organisation (EPFO) has released its provisional payroll data for February 2025,
reporting a net addition of 1.61 million members. This marks a 3.99 per cent year-on-year increase compared to
February 2024, reflecting improved employment prospects and growing awareness about employee benefits.
https://www.business-standard.com/economy/news/epfo-payroll-data-february-2025-net-new-members-youth-
workforce-states-125042100730_1.html
Finance

RBI mandates 2.5% additional run-off factor on digital retail deposits

In a relief to banks, the Reserve Bank of India (RBI) has mandated 2.5 per cent additional run-off factor for retail
deposits linked to internet and mobile banking (IMB) facilities for commercial banks. This was stated in its final
guidelines for computation of liquidity coverage ratio (LCR) compared to 5 per cent proposed in the draft norms
issued in July 2024.
https://www.business-standard.com/finance/news/liquidity-coverage-ratio-rbi-mandates-2-5-additional-run-off-
factor-125042101200_1.html

Banks seek clarity from RBI on realty risk weight hike

Following RBI directives to increase risk weights to 150% on specific commercial real estate exposures, several banks
have approached the regulator seeking clarification. This move, stemming from observations during the third-
quarter inspection and aligned with April 2024 Basel guidelines, impacts lending due to increased capital
requirements.
https://economictimes.indiatimes.com/industry/banking/finance/banking/banks-seek-clarity-from-rbi-on-realty-
risk-weight-hike/articleshow/120496549.cms

RBI permits minors above 10 years to operate bank accounts independently

The Reserve Bank of India has permitted banks to allow minors above 10 years old to independently open and
operate savings and term deposit accounts. Banks can offer facilities like internet banking and debit cards based on
their risk management policies. The RBI has instructed banks to align their policies with these revised guidelines by
July 1, 2025.
https://economictimes.indiatimes.com/industry/banking/finance/banking/rbi-permits-minors-above-10-years-to-
operate-bank-accounts-independently/articleshow/120490810.cms

India's soon-to-be-introduced bond forwards seen boosting demand for state debt
India's upcoming bond forwards are set to boost demand for state debt and lower borrowing costs for sub-national
issuers, a move investors say could help deepen the country's local bond market. The Reserve Bank of India
announced guidelines for bond forwards in February, with rules set to take effect from May 2.
https://www.thehindubusinessline.com/markets/indias-soon-to-be-introduced-bond-forwards-seen-boosting-
demand-for-state-debt/article69474040.ece

Loans to priority sector halve in FY25, dragged by agri & housing

As the overall credit growth in the economy skids due to regulatory tightening and high interest rates, priority sector
loans are also witnessing a slowdown. Total lending to the priority sector stood at ₹76.1 lakh crore as of January
2025 compared with ₹68.8 lakh crore in January 2024. The year-on-year (y-o-y) growth registered in these loans was
10.87 per cent in January 2025. This is half of the y-o-y growth in January 2024 at 20.55 per cent. This is a sharp
moderation compared to the y-o-y growth of 26.42 per cent and 16.07 per cent recorded in January 2022 and
January 2021 respectively. It is also the first time since FY21 that PSL growth has dropped below 11 per cent.
https://www.thehindubusinessline.com/data-stories/data-focus/loans-to-priority-sector-halves-in-fy25-dragged-
by-agri-and-housing-loans/article69474601.ece

Industry

Laptops ditch the dragon: India’s PLI push powers up as brands shift gears from China
India's IT hardware PLI scheme is gaining traction as global brands partner with local manufacturers to produce
laptops, spurred by US-China trade tensions and potential tariffs. Indian manufacturers are expanding capacity,
offering cost advantages and incentives to attract these partnerships.
https://economictimes.indiatimes.com/industry/cons-products/electronics/laptops-ditch-the-dragon-indias-pli-
push-powers-up-as-brands-shift-gears-from-china/articleshow/120495846.cms

Tractor sales likely to hit record high in FY26 on monsoon, MSP hike
Expected above-normal monsoon, increased minimum support prices (MSPs) for key crops, and rising replacement
and construction demand are likely to drive domestic tractor sales to a record high of approximately 9,75,000 units
in the financial year 2025-26 (FY26), marking a 3-5 per cent year-on-year growth. In FY25, tractor sales had dipped
by 1.04 per cent.
https://www.business-standard.com/industry/agriculture/monsoon-tailwinds-msp-hike-to-drive-tractor-sales-in-
fy26-crisil-125042100834_1.html

India's pet care industry to touch Rs 10K cr by 2028: Godrej Pet Care chief
India’s pet care industry has the potential to touch Rs 10,000 crore by 2028, up from around Rs 6,000 crore now,
said a top executive of Godrej Pet Care (GPC). Godrej Pet Care, a subsidiary of Godrej Consumer Products, had
forayed into the pet care segment recently and is planning to invest around Rs 500 crore over the next five years.
https://www.business-standard.com/industry/news/india-s-pet-care-industry-to-touch-rs-10k-cr-by-2028-godrej-
pet-care-chief-125042100909_1.html

Cement industry Q4 results preview: Strong recovery expected, brokerages see volume growth of 5-6%
Eyeing a strong recovery, the cement industry is expected to report volume growth of 5-6 per cent YoY in Q4FY25,
stated a report by Nomura. This, it added, will be on the back of improved demand and channel stocking. “Within
our coverage universe, we expect Ultratech and Ambuja to have recorded the highest volume growth, up 14 per
cent YoY each, partially on account of inorganic acquisitions. According to our checks with cement dealers, trade
prices improved by Rs 7/bag QoQ in Q4FY25 to Rs 344/bag, up 2 per cent sequentially, led by the East and North
regions, up Rs 16/bag and Rs 13/bag QoQ, respectively,” the brokerage firm said.
https://www.financialexpress.com/business/industry-cement-industry-q4-results-preview-strong-recovery-
expected-brokerages-see-volume-growth-of-5-6-here-are-key-drivers-3816507/

Khadi records ₹1.7 lakh crore turnover in FY24-25

In a milestone for India's rural economy, the Khadi and Village Industries Commission (KVIC) has achieved a turnover
of over ₹1.7 lakh crore in FY24-25. KVIC Chairman Manoj Kumar released the provisional data at the Commission's
headquarters near Rajghat on Monday. He attributed this achievement to Prime Minister Narendra Modi's
leadership and guidance of Ministry of Micro, Small and Medium Enterprises (MSMEs).
https://www.thehindubusinessline.com/economy/khadi-records-17-lakh-crore-turnover-in-fy24-
25/article69474320.ece

India's consumer sector ready to rebound, earnings to grow by 13 pc in FY26: UBS Report
UBS reports India's consumer sector is poised for a strong rebound, projecting a 13% earnings growth in FY26. This
recovery is fueled by potential income stimulus like lower taxes and the Eighth Pay Commission, coupled with
corrected valuations making consumer stocks attractive.
https://economictimes.indiatimes.com/news/economy/indicators/indias-consumer-sector-ready-to-rebound-
earnings-to-grow-by-13-pc-in-fy26-ubs-report/articleshow/120502237.cms

Indian IT services to find opportunity in GCC-led disruption

Indian IT services companies are increasingly feeling the pressure from the rapid expansion of Global Capability
Centers (GCCs) in India. These in-house technology hubs, established by multinational corporations, are absorbing a
significant share of outsourcing work and intensifying competition for top-tier talent. Industry players, however,
view this dynamic as symbiotic — with GCCs focusing on core functions, while IT services firms support them by
handling non-core operations.
https://www.thehindubusinessline.com/info-tech/indian-it-services-to-find-opportunity-in-gcc-led-
disruption/article69475175.ece

CIABC, APEDA to organise AlcoBev India 2025 on April 23

The Confederation of Indian Alcoholic Beverage Companies (CIABC) and APEDA will jointly host AlcoBev India 2025
on April 23. The event will address taxation reforms, policies for revenue growth, premiumisation, and global
competitiveness. It aims to support APEDA's goal of achieving USD 1 billion in exports, fostering dialogue among
industry leaders and policymakers.
https://economictimes.indiatimes.com/industry/cons-products/liquor/ciabc-apeda-to-organise-alcobev-india-
2025-on-april-23/articleshow/120492976.cms

Agriculture

Vegetable clusters near cities soon, government invites EOI to select implementing agency
The National Horticulture Board (NHB) has released revised composite guidelines of the Cluster Development
Programme to address challenges such as high post-harvest losses, inadequate supply chain infrastructure, and price
fluctuations in domestic markets. It has also invited an expression of interest (EoI) to appoint implementing agencies
for the cluster development programme. The selected agencies will be responsible for development of both
components -- high-value multi-commodity horticulture clusters and peri-urban vegetable clusters, said NHB in the
EoI document.
https://www.thehindubusinessline.com/economy/agri-business/vegetable-clusters-near-cities-soon-government-
invites-eoi-to-select-implementing-agency/article69474871.ece

India should restore soybean exports to US in bilateral trade talks: SEA

India should prioritise reviving exports of organic non-GMO soybean and soybean meal to the United States during
ongoing Bilateral Trade Agreement (BTA) negotiations, industry body Solvent Extractors Association (SEA) said on
Monday. India previously exported 150,000-200,000 tonnes of organic, non-GMO soybean products to the US before
safeguard duties imposed after opposition from domestic US producers effectively halted this trade, according to
SEA.
https://www.business-standard.com/economy/news/india-should-restore-soybean-exports-to-us-in-bilateral-
trade-talks-sea-125042100439_1.html

Fertilizer subsidy falls 6% to ₹1.77 lakh cr in FY24-25

The government’s expenditure on providing fertilizers at cheaper rates to farmers dropped 6 per cent in the last
fiscal to ₹1,77,129.5 crore, from ₹1,88,291.62 crore during 2023-24. The fall is mainly due to a reported decline in
the import of urea and di-ammonium phosphate (DAP) coupled with lower international prices. Despite the drop,
the actual subsidy was 3.4 per cent higher than the ₹1,71,310 crore provided in the Budget (Revised Estimate). The
government has estimated the fertilizer subsidy to be about ₹1.68 lakh crore for FY25-26, with ₹1.19 lakh crore
allocated for urea and ₹49,000 crore for phosphatic and potash.
https://www.thehindubusinessline.com/economy/agri-business/fertilizer-subsidy-falls-6-to-177-lakh-cr-in-fy24-
25/article69473850.ece

Every Indian now consumes 24 kg edible oil a year, triple the 2001 level
India’s per capita edible oil consumption has nearly tripled in the last two decades, escalating the country’s
dependence on imports and deepening public health concerns related to obesity and non-communicable diseases,
according to a report. From just 8.2 kg in 2001, per capita annual consumption of edible oil has soared to 23.5 kg—
nearly double the limit of 12 kg recommended by the Indian Council of Medical Research (ICMR). Niti Aayog member
Ramesh Chand noted that the government is working to enhance domestic production under the National Mission
on Edible Oils, with a dual focus on palm oil and traditional oilseeds.
https://www.business-standard.com/industry/agriculture/india-edible-oil-consumption-tripled-imports-health-
obesity-palm-oil-125042100484_1.html

Infrastructure

Indian real estate attracts nearly Rs 74K cr till Dec'24 from AIFs: Anarock
Alternative Investment Funds (AIFs) have cumulatively infused nearly Rs 74,000 crore in the Indian real estate space
till December 2024, highest among all sectors, according to property consultant Anarock. AIF means any fund
established or incorporated in India which is a privately pooled investment vehicle that collects funds from
sophisticated investors, whether Indian or foreign, for investing it in accordance with a defined investment policy
for the benefit of its investors.
https://www.business-standard.com/industry/news/indian-real-estate-attracts-nearly-rs-74k-cr-till-dec-24-from-
aifs-anarock-125042100628_1.html

Real estate market sees 28 deals worth $1.2 billion in Jan-Mar: Report
Indian real estate market witnessed 28 deals valued at $1.2 billion in January-March this year led by private equity
transactions, according to Grant Thornton Bharat. Consultancy firm Grant Thornton Bharat on Monday released a
report 'Real Estate/REITs Dealtracker-Providing M&A and PE deal insights'. "In Q1 (January-March) 2025, the Indian
real estate markets recorded 28 deals valued at $1.2 billion, marking a whopping 133 per cent growth in volumes
and an over five-fold increase in values over Q1 2024 even after muted IPO and QIP activity, reflecting sustained
investor interest," the report said
https://www.business-standard.com/industry/news/real-estate-market-sees-28-deals-worth-1-2-billion-in-jan-
mar-report-125042100891_1.html

Railways ramps up speed mission with track upgrades, fencing drive

To make progress in its Mission Raftaar, the Ministry of Railways this financial year is working on further removing
speed caps for trains, renewing tracks, and installing fences along railway lines to keep off animals, according to
officials in the know. Two months after the Union Budget and following consultations with all railway zones, the
ministry has finalised its performance targets for tracks and track-related works.
https://www.business-standard.com/economy/news/railways-ramps-up-speed-mission-with-track-upgrades-
fencing-drive-125042100923_1.html

Energy

Wind energy body pegs FY26 capacity addition at 6-7 GW

India's wind energy sector is poised for growth, potentially adding 6-7 GW of capacity this financial year, exceeding
last year's 4.15 GW. While the sector has recovered from a turbulent period, achieving the projected 122 GW by
2032, requiring roughly 10 GW annual additions, faces challenges despite increased capacity additions.
https://economictimes.indiatimes.com/industry/renewables/wind-energy-body-pegs-fy26-capacity-addition-at-6-
7-gw/articleshow/120496746.cms

Disclosure of wind turbine parts' source may be must

To promote domestic manufacturing and reduce reliance on imports, the government is considering mandating wind
turbine makers to disclose details of domestic vendors and the origin of key components like blades, towers,
gearboxes, and generators for RLMM inclusion. A one-year exemption will be granted for imports needed for a
limited number of turbines or by new manufacturers, encouraging local production.
https://economictimes.indiatimes.com/industry/renewables/disclosure-of-wind-turbine-parts-source-may-be-
must/articleshow/120496636.cms

India allows extension for commissioning of certain solar power projects until December
India's renewable energy ambitions face hurdles as the Ministry of New & Renewable Energy extends the
commissioning deadline for solar projects under the CPSU Scheme Phase-II to December 2025. The extension,
granted to SECI and IREDA, addresses challenges like limited domestic module availability, transmission issues, and
tender delays.
https://economictimes.indiatimes.com/industry/renewables/india-allows-extension-for-commissioning-of-certain-
solar-power-projects-until-december/articleshow/120493090.cms

States

UP registers highest number of electric vehicles in FY25

Uttar Pradesh has the highest adoption rate of electric vehicles in the country, with 2,75,833 electric vehicles
registered in the State in FY25. According to Vahan, which tracks vehicle registrations, 11,67,720 electric vehicles
were registered between April 1, 2024 and March 31, 2025. As per the data, Maharashtra ranked second with
1,00,801 electric vehicles registered, followed by Karnataka with 88,060, Tamil Nadu with 76,359 vehicles, and
59,358 electric vehicles registered in Assam.
https://www.thehindubusinessline.com/companies/up-registers-highest-number-of-electric-vehicles-in-
fy25/article69475391.ece

Coal India signs MoU with DVC to set up brownfield power project in Jharkhand, with investment of ₹16,500 crore
Coal behemoth Coal India on Monday signed a Memorandum of Understanding (MoU) with State-run power utility
Damodar Valley Corporation (DVC) to set up a coal-fired 1,600 MW ultra-supercritical power project in Jharkhand,
with a total investment of around ₹16,500 crore. This brownfield project of 2 X 800 MW power plants — an
expansion of existing Chandrapura Thermal Power Station of 2 X 250 MW capacity — is Coal India’s move to further
widen its business diversification portfolio into thermal power generation.
https://www.thehindubusinessline.com/companies/coal-india-signs-mou-with-dvc-to-set-up-brownfield-power-
project-in-jharkhand-with-investment-of-16500-crore/article69474921.ece

Toshiba signs MoU with Telangana to invest ₹562 crore in expanding manufacturing capacity
The MoU reaffirms Toshiba’s long-term commitment to India and strengthens its alignment with the ‘Make in India’
and ‘Export from India’ initiatives through a significant investment to expand TTDI’s manufacturing footprint in
Hyderabad.
https://www.thehindubusinessline.com/news/national/toshiba-signs-mou-with-telangana-to-invest-562-crore-in-
expanding-manufacturing-capacity/article69473954.ece

India’s largest cruise terminal begins operations

Mumbai International Cruise Terminal (MICT) commenced operations, inaugurated by Union Minister Sarbananda
Sonowal. Designed to accommodate 1 million passengers annually, the terminal can handle five ships
simultaneously. Investment in the MICT project totaled Rs 556 crores. Agreements were also signed for
infrastructure projects exceeding Rs 5,700 crores at Vadhavan Port, including container, bulk, and liquid cargo
terminals.
https://economictimes.indiatimes.com/industry/transportation/shipping-/-transport/indias-largest-cruise-
terminal-begins-operations/articleshow/120491227.cms

External

First phase of India-US trade deal likely by fall this year: Sitharaman
Finance Minister Nirmala Sitharaman, on Monday said that India is in advanced discussions with the United States
(US) to finalise a bilateral trade agreement and the first phase of the pact could be signed by fall this year. During
her interaction with the Indian diaspora during a community event in San Francisco, Sitharaman added that a
reciprocal tariff issue is part of a broader trade negotiation strategy.
https://www.business-standard.com/economy/news/first-phase-of-india-us-trade-deal-likely-by-fall-this-year-
sitharaman-125042100379_1.html

Govt defines 'proof of origin' for trade to boost ease of doing business
The government on Monday defined the 'proof of origin' for trade purposes to promote ease of doing business and
prevent the possibility of misuse of trade pacts. To seek duty concessions, an importer has to furnish proof or a
'certificate of origin' of a product from the FTA (free trade agreement) partner. According to the circular of the
Department of Revenue, proof of origin means a certificate or declaration issued in accordance with a trade
agreement certifying that the goods fulfil the country of origin criteria.
https://www.business-standard.com/industry/news/govt-defines-proof-of-origin-for-trade-to-boost-ease-of-
doing-business-125042100988_1.html

India to impose 12% temporary tariff on steel to curb cheap China imports
India is set to impose a temporary tariff, known locally as safeguard duty, of 12% on steel imports, said a government
source with direct knowledge of the matter, to try and curb a surge in cheap imports from China and elsewhere. The
government would enact the tax as soon as possible, the source, who did not wish to be named, told Reuters on
Monday.
https://www.business-standard.com/economy/news/india-to-impose-12-temporary-tariff-on-steel-to-curb-cheap-
china-imports-125042100734_1.html

India must engage with China, US on equal terms: GTRI

Think tank GTRI advises India to maintain strategic autonomy while engaging with both China and the US, prioritizing
economic interests and global trade principles. This comes amid China's warning of retaliation against nations
aligning with US trade efforts. India's trade deficit with China widened to USD 99.2 billion in 2024-25, even as the US
remains its largest trading partner.
https://economictimes.indiatimes.com/news/economy/foreign-trade/india-must-engage-with-china-us-on-equal-
terms-gtri/articleshow/120485807.cms

Leather exports up 25% at $5.7 bn in FY25, may hit $6.5 bn in FY26: CLE
The country's leather, non-leather footwear and products' exports rose by about 25 per cent year-on-year to $5.7
billion in 2024-25 and the shipments are likely to cross the $6.5 billion mark this fiscal, exporters' body CLE said on
Monday. The Council for Leather Exports (CLE) said that demands in both developed and developing countries are
"healthy".
https://www.business-standard.com/industry/news/leather-exports-up-25-at-5-7-bn-in-fy25-may-hit-6-5-bn-in-
fy26-cle-125042100506_1.html