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Two LPG carriers successfully transit Strait of Hormuz to provide energy support for India

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Commerce Minister Piyush Goyal emphasized the need for Indian industries to leverage free trade agreements (FTAs) to boost exports, warning against a rise in imports. With the FTA with Oman set to launch on June 1, Goyal urged exporters to engage proactively. He noted that imports have outpaced exports in past agreements, particularly with the UAE. Goyal called for increased exports in value-added products and acknowledged the necessity of certain imports for economic growth, urging industries to adapt to global challenges as opportunities.

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FTAs must drive exports, not just imports: Commerce Minister Piyush Goyal

Prime Minister Modi's appeal to conserve fuel and postpone gold purchases aims to protect India's forex reserves amid high global oil prices. The Balance of Payments (BoP) records financial transactions with the world, with a deficit indicating more currency leaving than entering. India's current account deficit was $13.2 billion in FY26's October-December quarter. The BoP affects the rupee's strength, with a surplus strengthening it and a deficit weakening it. Forex reserves are crucial for managing currency stability during external shocks.

Explained: What is Balance of Payments and how does it affect the rupee?

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A report by WorkIndia reveals a 31.4% year-on-year increase in job-related migration among blue- and grey-collar workers from January to April 2026, with 8.6 million applications for jobs outside applicants' hometowns. This trend highlights a significant shift, as more women and freshers seek better opportunities, with nearly 24.1% of workers pursuing jobs beyond their home cities. The report indicates that migration is becoming a deliberate career choice rather than a last resort, reshaping India's labor landscape.

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Franklin FTSE India

More women, freshers migrating for better blue, grey-collar jobs: Report

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India has raised its export duty on petrol while cutting the duties on diesel and aviation fuel, as announced by the government. This change comes shortly after the country increased retail fuel prices for the first time since the onset of the Iran war.

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India raises export duty on petrol, cuts those on diesel and aviation fuel

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The Securities and Exchange Board of India (Sebi) has announced relaxed PAN allotment requirements for foreign portfolio investors (FPIs) to ease compliance amid significant overseas equity outflows, totaling over Rs 2.1 trillion this year. The changes provide FPIs with more flexibility in submitting necessary details when applying for PAN through the Common Application Form (CAF), aiming to facilitate easier onboarding for foreign investors.

Invesco India ETF

Sebi eases FPI compliance norms amid continued overseas equity outflows

Inflows into India's small- and mid-cap equity mutual funds reached record highs in April, driven by strong earnings and attractive valuations following a recent market correction. Small-cap funds attracted 65.62 billion rupees, while mid-cap funds saw inflows of 68.86 billion rupees, both record figures. In contrast, large-cap funds experienced a 15.3% decline in inflows to 25.25 billion rupees, indicating a shift towards growth and value investments outside of major stocks. Overall, total inflows decreased by 5% to 384.4 billion rupees.

Yahoo Finance

India's small-cap, mid-cap mutual fund inflows hit record highs April

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Indian Prime Minister Narendra Modi achieved significant victories in recent state elections, expanding his party's influence and ousting key opposition leaders. The BJP's win in West Bengal marks a historic shift, ending a 15-year rule by Mamata Banerjee. In Tamil Nadu, the election of movie star C Joseph Vijay signals potential changes for Modi's allies. Modi emphasized stability and economic growth, while Indian stocks rose following the results. Despite challenges in parliament, these victories may revive contentious reforms and push for simultaneous elections, reflecting a return to dominance for Modi's party.

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Modi clinches big wins as key opponents ousted in state polls

India starts counting votes in key states, crucial for Prime Minister Modi's popularity amid economic challenges. The BJP aims for its first win in West Bengal against Chief Minister Mamata Banerjee, following a contentious campaign. A victory would expand BJP's influence and impact national politics ahead of the 2029 elections. High voter turnout and controversial voter roll changes have marked the election. Results from Assam, Tamil Nadu, and Kerala are also anticipated, with exit polls indicating potential wins for the BJP in Assam and a strong performance for the ruling party in Tamil Nadu.

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Modi eyes milestone win as key Indian states begin vote counts

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The government has extended the tenure of the Managing Directors of Bank of India (BoI) and Bank of Baroda (BoB) for three years. Rajneesh Karnatak's term as MD and CEO of BoI is extended until April 29, 2026, while Debadatta Chand's term as MD and CEO of BoB is extended until July 1, 2026. The government has not yet decided on the extension for UCO Bank's MD and CEO Ashwani Kumar, whose term ends on June 1, 2026. Additionally, Ashutosh Choudhary's term as executive director of Indian Bank has been extended for three years.

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Govt extends tenure of BoI, BoB managing directors for 3 years

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HSBC has downgraded Indian stocks from 'neutral' to 'underweight' due to concerns over earnings and energy dependence. The report predicts a 16% reduction in average earnings expectations for 2026, highlighting that valuations may remain high until the impact of these lowered expectations is fully realized. Analysts are worried about the sustainability of earnings recovery, particularly given India's reliance on imported energy and its potential effects on inflation and domestic demand.

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