The Economic Times

Fifteen Indian states faced revenue deficits in the fiscal year 2024-25. Thirteen states, however, reported revenue surpluses. The Comptroller and Auditor General's report highlights these financial outcomes. States' own tax revenues are growing, forming a significant part of total receipts. Committed expenditures like salaries and pensions remain a major cost for states.

Star Air is launching new flights to Mundra, Gujarat, its 32nd destination. Services begin June 23. This connects Mundra, home to India's largest private port, with major cities. Flights will link Mundra to Mumbai and Hindon. This expansion aims to boost regional connectivity and economic growth. It offers convenient travel for business and tourists.

Iran and the United States are set to begin crucial negotiations in Switzerland this Friday. The talks aim to finalise a comprehensive agreement following the commencement of an interim deal. Iran's Foreign Minister also issued a stern warning regarding any Israeli actions against Lebanon. He emphasised that such moves would breach the interim accord.

Novartis India has launched Pluvicto, the nation's first approved radioligand therapy for eligible prostate cancer patients. This precision radiotherapy precisely targets cancer cells, offering a new treatment approach for metastatic prostate cancer. The therapy will be available through select hospitals and nuclear medicine centers across India.

Britain plans to ban children under 16 from using social media apps. Prime Minister Keir Starmer stated this move aims to protect young people. This decision aligns with a global trend of increasing online safety for children. Several countries have already implemented similar age-based restrictions. The UK government received significant public support for this proposed ban.

America's plan to control critical mineral prices faces hurdles. G7 nations and the US mining sector are divided. The proposal aims to reduce reliance on China. Allies worry about costs and governance. The US wants bilateral deals, while others prefer a broader G7 approach. Discussions continue as G7 leaders meet.

US President Donald Trump attends a G7 summit in France. Key topics include Iran, Ukraine, and trade. A recent Iran war ceasefire agreement could reshape discussions. Ukrainian President Volodymyr Zelenskyy will present his case on the Ukraine war. Leaders will also address China's economic practices and artificial intelligence. The G7 has a long history of addressing global economic challenges.

A oll free reopening of the Strait of Hormuz, following a US-Iran ceasefire agreement, promises significant relief for India's crude oil imports. This normalization is expected to lower freight costs, ease inflationary pressures, and stabilize global energy markets, benefiting key sectors and policymakers.

Prime Minister Narendra Modi said India has made healthcare more affordable and accessible over the past 12 years through initiatives such as Ayushman Bharat and the PM Bharatiya Jan Aushadhi Pariyojana. He highlighted lower-cost medicines and medical devices, expanded medical education, and progress in tackling diseases like tuberculosis.

India continued its strong demand for Russian fossil fuels in May. The nation emerged as the second-largest buyer globally, importing hydrocarbons worth 5.8 billion euros. Crude oil formed the bulk of these imports, with refiners significantly increasing their purchases from Russia. This trend highlights India's strategic energy sourcing amidst global shifts.

Gujarat is set to launch its Industrial Policy 2026 on June 15, aiming to accelerate growth, attract investments, and foster innovation. The policy will focus on enhancing ease of doing business and promoting advanced manufacturing. Meanwhile, Chief Minister Patel inaugurated Hexaware Technologies' new Delivery Centre in GIFT City, expected to create 1,000 skilled jobs in AI and cloud computing.

Assam Chief Minister Himanta Biswa Sarma announced that Aadhaar cards will not be issued to individuals above 18 to prevent illegal immigrants from obtaining the document. This measure, aimed at curbing illegal immigration from Bangladesh, will be fully implemented from April 1, 2027, though exceptions will be made for tea garden community and Scheduled Tribes members until then.

India's External Affairs Minister S Jaishankar lodged a strong protest with US Secretary of State Marco Rubio following US Navy attacks in the Gulf that resulted in the deaths of three Indian mariners. Jaishankar stated that such lethal actions against commercial shipping are unjustified. The incident occurred when three vessels with Indian crews were attacked off the Oman coast.

The Cockroach Janta Party is launching a nationwide protest from Pune today. They demand the resignation of Union Education Minister Dharmendra Pradhan over alleged exam irregularities. Climate activist Sonam Wangchuk will join the peaceful demonstration. The party will release an education manifesto focusing on preventing paper leaks and improving exam transparency.

India's economic growth is expected to moderate to 6.6 percent in the current fiscal year. This slowdown follows a robust 7.7 percent growth in the previous year. Weaker investments and consumption are key factors. Trade disruptions from the West Asia crisis also pose challenges. The Reserve Bank of India's growth estimate aligns with this projection.

United States and Iran exchanged air strikes for a second day. President Trump vowed more attacks if Iran does not agree to a peace deal. Tensions escalated after a US helicopter was downed near the Strait of Hormuz. Iran claimed to have closed the strait, a claim the US denied. Fighting also continues in Lebanon.

India's decision to raise gold import duties to 15% is triggering a fresh surge in smuggling, as illegal operators exploit a widening price gap with the formal market. Industry participants estimate illicit gold inflows could top 100 tonnes this year, hurting legal imports, refiners and government tax revenues.

DMK leader R S Bharathi declared no future alliance with the Congress party. He issued a strong electoral challenge to rivals for upcoming local body polls. Bharathi also downplayed actor Vijay's TVK party's recent electoral gains.

India is set to overtake China in global economic power by 2060. A new report indicates China's GDP share will decline in the latter half of this century. India's population growth and economic expansion are key factors. This shift signals a multipolar world order for the 21st century. The global economic landscape is undergoing significant transformation.

India's refined fuel exports dropped significantly in May, reaching their lowest point since October 2022. Refinery maintenance, particularly at Reliance Industries' Jamnagar complex, reduced processing. Refiners also prioritized domestic demand for LPG, cutting petrol and diesel output for export. Favorable domestic sales and taxes on exports further influenced this trend. India's refined product trade is adapting to these changing dynamics.

India is poised to significantly boost its drone capabilities with a potential order exceeding $2 billion from domestic manufacturers this year. This substantial procurement, driven by global and regional conflicts, aims to equip the military with advanced tactical drones within 18-24 months. The move underscores India's commitment to bolstering its defence sector and leveraging indigenous technology for enhanced operational readiness.

India's central bank and markets regulator are intensifying scrutiny on overseas investments by firms and family offices, issuing multiple queries to detect potential misuse of investment routes. This move comes amid pressure on the rupee from rising oil prices and foreign outflows, prompting a focus on capital outflow pace and currency impact.

India's booming dairy sector, a global leader, faces a significant threat from escalating heatwaves. Farmers like Neeraj Bharadwaj are witnessing premature births and reduced milk yields, forcing costly adaptations. While research into heat-resilient breeds and improved farm practices is underway, smallholders struggle to afford these changes, jeopardizing future milk supply amidst growing demand.

India's Consul General in Shanghai, Pratik Mathur, met with a Chinese cultural official to boost cultural exchanges and tourism. This aims to strengthen people-to-people connections in eastern China. Mathur also inaugurated a Yoga camp and announced upcoming music concerts featuring Indian and Chinese artists. These events promote Indian culture and deepen bilateral ties.