Economy news

• 'Silicon Valley of North India': Ashwini Vaishnaw sees Jewar emerging as chip manufacturing hub

  27-06-2026 18:35 via timesofindia.indiatimes.com
  
  Jewar is set to become a major electronics manufacturing hub with two new projects worth Rs 6,750 crore, expected to create 3,000 jobs. Union Minister Ashwini Vaishnaw announced the foundation stones were laid for facilities producing advanced printed circuit boards and HVAC components. This move signifies India's shift from assembly to deep manufacturing, aiming to reduce import dependence and boost the economy.
  
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• Iran's inflation surges to 88.6% as war deepens economic crisis

  27-06-2026 17:45 via timesofindia.indiatimes.com
  
  Iran's inflation has skyrocketed to 88.6%, its highest in months, as the Middle East conflict intensifies economic woes. Food prices have more than doubled, with bread, grains, and meat seeing staggering year-on-year increases. This surge compounds existing challenges of sanctions and hyperinflation, severely impacting household purchasing power and fueling public discontent.
  
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• Firm moved to a new GST jurisdiction? CBIC issues clarity on how pending cases will be handled

  27-06-2026 15:45 via timesofindia.indiatimes.com
  
  Businesses relocating their primary operations to a new GST jurisdiction will now find that ongoing tax proceedings will seamlessly transfer. The Central Board of Indirect Taxes and Customs (CBIC) has clarified that the new tax authority will pick up cases from where they were left off, ensuring continuity. This move aims to prevent procedural delays and jurisdictional disputes, allowing for the efficient conclusion of investigations, audits, and other tax matters.
  
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• China's industrial profit growth slows for first time in 6 months as weak domestic demand bites

  27-06-2026 15:00 via timesofindia.indiatimes.com
  
  China's industrial profit growth saw a dip in May, despite robust exports and rising factory prices. This slowdown, the first in six months, highlights persistent weak domestic demand and sluggish investment. While global AI trends and energy market disruptions offered some support, they weren't enough to overcome internal economic pressures. Companies in certain sectors continue to face challenges, indicating an ongoing imbalance between supply and demand within the country.
  
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• Kotak Mahindra Bank CEO Ashok Vaswani to exit after term ends in December 2026

  27-06-2026 14:19 via timesofindia.indiatimes.com
  
  Kotak Mahindra Bank's CEO, Ashok Vaswani, will not seek reappointment after his term ends December 31, 2026, citing personal reasons. The bank has initiated the process to find a successor. Vaswani, who took charge in January 2024, aims to elevate the bank's standing amidst a period of regulatory review and growth acceleration. The bank recently reported a 13% net profit increase for Q4 FY26.
  
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• Can AI boom make everything more expensive? IMF's chief economist says the inflation story is just beginning

  27-06-2026 13:49 via timesofindia.indiatimes.com
  
  Artificial intelligence is now a new driver of inflation, according to IMF Chief Economist Pierre-Olivier Gourinchas. He explains that AI is increasing costs for technology hardware and simultaneously making consumers wealthier through booming stock markets, leading to higher spending. This dual impact on both supply and demand channels is creating fresh inflationary pressures, a concern for the global economy.
  
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• Pax Silica Summit: India among 35 countries backed US-led 'AI Opportunity' declaration

  27-06-2026 12:08 via timesofindia.indiatimes.com
  
  India has joined 34 nations in a US-led effort to foster robust AI supply chains, signing the Joint Statement on AI Opportunity. This move champions a pro-growth, pro-innovation regulatory path for artificial intelligence. The initiative emphasizes trusted supply chains, private sector involvement, and critical infrastructure development for the future. Discussions also focused on expanding cooperation in semiconductors and AI.
  
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• Just 14% of MSMEs get formal loans despite India's digital finance boom: Report

  27-06-2026 11:50 via timesofindia.indiatimes.com
  
  Despite India's advanced digital payments, millions of small businesses struggle for formal finance, with only 14% accessing institutional credit. A significant credit gap, potentially exceeding Rs 50 lakh crore, hinders economic growth. While financial account ownership is high, formal credit access and insurance penetration lag global averages, highlighting critical inclusion gaps requiring policy reforms for broader economic participation and resilience.
  
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• 'Target Indians': NZ foreign minister alleges ‘covert’ immigration changes under FTA

  27-06-2026 10:35 via timesofindia.indiatimes.com
  
  New Zealand's Foreign Minister Winston Peters has accused the government of covertly introducing discriminatory immigration rules targeting Indian citizens under the new Free Trade Agreement. He claims these changes, including stricter visa tests and residency requirements, were deliberately kept from public view to avoid Indian backlash. The government, however, has vehemently rejected these allegations, calling them misinformation and highlighting the FTA's benefits for trade.
  
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• Explained: How India’s transition from WPI to PPI will strengthen inflation measurement - what it means for policy making

  27-06-2026 09:53 via timesofindia.indiatimes.com
  
  PPI captures the prices relevant for the production process without being complicated by inclusion of indirect taxes net of subsidies or wholesalers’ margins.
  
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