Economy news

• Govt expects pick-up in economy as West Asia situation improves

  02-07-2026 23:33 via timesofindia.indiatimes.com
  
  India's economy is showing robust resilience, with strong GDP growth, expanding manufacturing and services, and healthy GST collections. Despite initial global uncertainties and a weaker monsoon, domestic demand and investment remain strong. Government's sustained capital expenditure, particularly in infrastructure like railways, is front-loaded, boosting sectors like construction and transport, and signaling a positive economic outlook.
  
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• Cryptocurrency difficult to regulate, RBI tells Parliamentary panel

  02-07-2026 23:29 via timesofindia.indiatimes.com
  
  The Reserve Bank of India has firmly stated its opposition to legalizing cryptocurrencies, citing concerns about their potential to fund illicit activities like drug trafficking and terrorism. The central bank emphasized the challenges in regulating virtual digital assets, particularly for emerging economies like India. In contrast, the Institute of Chartered Accountants of India sees VDAs as strategic opportunities, advocating for a comprehensive law to boost cross-border payments and fintech i
  
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• OMCs back in foreign exchange market? Spike in $ demand raises buzz

  02-07-2026 23:24 via timesofindia.indiatimes.com
  
  The Indian rupee weakened against the dollar, closing at 95.4, as oil marketing companies reportedly resumed significant dollar purchases for upcoming crude oil imports. This renewed demand for dollars, despite positive global sentiment for Asian currencies and lower oil prices, has raised concerns about rupee volatility. Experts anticipate a potential return to stronger rupee levels once this temporary dollar demand subsides.
  
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• Adani, IHC join hands for $11.5 billion aluminium project

  02-07-2026 23:14 via timesofindia.indiatimes.com
  
  Abu Dhabi's International Holding Company is significantly expanding its partnership with the Adani Group by investing $11.5 billion in a massive integrated aluminium project in Odisha. This joint venture will establish one of India's largest aluminium hubs, featuring a refinery, smelter, and power plant. The move comes as Adani Enterprises also launched a $1 billion qualified institutional placement, bolstering its capital raise efforts.
  
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• Chipflation is here and you'll have to pay for it

  02-07-2026 23:01 via timesofindia.indiatimes.com
  
  The AI boom is driving up the cost of everyday electronics, a phenomenon dubbed 'chipflation'.Memory chip prices have surged dramatically, impacting everything from smart TVs and smartphones to kitchen appliances.Manufacturers are diverting chip production to AI infrastructure, leading to scarcity and price hikes for consumers.This could significantly slow down upgrades for budget-conscious buyers, with global smartphone shipments expected to hit a decade low.
  
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• Bank of Baroda enters 5.7k crore settlement with creditors of NMC Health

  02-07-2026 22:51 via timesofindia.indiatimes.com
  
  Bank of Baroda has settled a major legal dispute, agreeing to pay $600 million to administrators of the collapsed NMC Health group. This out-of-court agreement concludes years of litigation concerning cross-border insolvency and alleged fraud following NMC's 2020 downfall. The payment will be distributed to creditors, with the bank's shares seeing a reaction to the news.
  
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• Recruiters deploy AI to catch ghost coders

  02-07-2026 22:48 via timesofindia.indiatimes.com
  
  Campus hiring faces a new wave of sophisticated cheating, fueled by GenAI. Recruiters are battling hidden devices, AI tools, proxy candidates, and ghost coders. To counter this, companies are increasingly deploying AI-powered proctoring and shifting away from browser-based tests.Experts highlight that live follow-up interviews are proving effective in exposing candidates who relied on AI assistance.
  
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• US stock market today: Wall street trades mixed after job data release; Dow jumps 400 points, Nasdaq trades flat

  02-07-2026 16:52 via timesofindia.indiatimes.com
  
  Wall Street saw a mixed trading session as a weaker-than-expected US jobs report fueled hopes the Federal Reserve might pause interest rate hikes. The Dow and S&P 500 edged up, while the Nasdaq dipped. Investors are now betting on an 80% chance of the Fed holding rates steady, influenced by easing inflation concerns and falling oil prices. This sentiment also boosted cryptocurrency-linked stocks.
  
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• US adds just 57,000 jobs in June as hiring loses momentum despite easing unemployment

  02-07-2026 16:29 via timesofindia.indiatimes.com
  
  US job creation significantly decelerated in June, with only 57,000 new positions added, a stark drop from May's revised figure. While the unemployment rate dipped slightly to 4.2%, the labor force participation rate also declined.Despite job gains in sectors like healthcare and professional services, leisure and hospitality saw a notable loss. Layoffs, however, remained subdued, indicating a stable, albeit slower, labor market.
  
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• Japan’s Rs 1 trillion investment push in India: PM Modi and Japanese PM Sanae Takaichi unveil initiatives to boost ties

  02-07-2026 16:29 via timesofindia.indiatimes.com
  
  Highlighting the growing economic partnership between the two nations, PM Modi said more than 100 new business agreements had been signed over the past year, paving the way for Japanese investments worth over $10 billion in India.
  
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• Market wrap: Top gainers and losers on NSE Nifty50 and BSE Sensex today

  02-07-2026 15:01 via timesofindia.indiatimes.com
  
  Indian stock markets surged on Thursday, with Sensex and Nifty climbing nearly 1%. A significant rally in IT stocks, coupled with easing crude oil prices and positive India-Japan strategic agreements, boosted investor confidence. Despite some blue-chip weakness, the market extended its upward trend, driven by technology shares and optimism surrounding new economic and defence pacts.
  
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• Air India Express restores Middle East flights: Check routes, destinations and schedules

  02-07-2026 13:44 via timesofindia.indiatimes.com
  
  Air India Express has fully reinstated its Middle East flight operations, bringing back services to Kuwait and Salalah. Flights to Kuwait from Kozhikode and Bengaluru are resuming with increased frequencies. The airline's Middle East network now spans 13 destinations, with approximately 780 weekly flights connecting 18 Indian cities. This restoration marks a significant step in expanding the carrier's regional connectivity.
  
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• FPIs continue to exit India: June equity outflows hit Rs 49,340 crore as debt inflows persist

  02-07-2026 13:20 via timesofindia.indiatimes.com
  
  Foreign investors continued their exit from Indian equities in June, withdrawing Rs 49,340 crore amid global risk aversion and domestic valuation concerns. Despite a brief February recovery, outflows have reached Rs 2.7 lakh crore this year, surpassing 2025's total. While equities saw selling, foreign investors remained active in the debt market, with policymakers introducing measures to boost overseas investment.
  
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• India-Japan trade: PM Modi, 'younger sister' Takaichi sign MoC including $10 billion investment, AI boost

  02-07-2026 10:30 via timesofindia.indiatimes.com
  
  India and Japan elevated their trade and strategic ties with a new Memorandum of Cooperation signed during the 16th Annual Summit in New Delhi. Prime Minister Modi welcomed his Japanese counterpart, highlighting shared priorities for a free and prosperous Indo-Pacific. The leaders discussed initiatives to boost Japanese investment in India, aiming for significant growth in capital and company presence, underscoring a strengthened partnership built on trust and shared values.
  
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• Who should file ITR & is income tax return filing mandatory for salaried taxpayers?

  02-07-2026 10:18 via timesofindia.indiatimes.com
  
  The important thing to understand is that ITR filing is a statutory requirement and an important financial record-keeping. For the financial year 2025-26, the basic exemption limit for individuals below 60 years of age is Rs 2.5 lakh under the old income tax regime and Rs 4 lakh under the new income tax regime.
  
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• India's EV boom could save Rs 1 lakh crore in oil imports by 2030: SBI

  02-07-2026 10:05 via timesofindia.indiatimes.com
  
  India stands to save a staggering Rs 1 lakh crore by 2030 if electric vehicles capture 20% of the market, a recent SBI report reveals.The surge in EV adoption, accelerated by geopolitical events, saw registrations jump significantly.However, the report emphasizes the urgent need to expand charging infrastructure and implement a long-term EV roadmap to sustain this growth and bolster the nation's economy.
  
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• OpenAI weighs giving Trump administration 5% stake amid US scrutiny of AI firms: Report

  02-07-2026 08:38 via timesofindia.indiatimes.com
  
  OpenAI reportedly explored offering the Trump administration a 5% stake, a move aimed at fostering government ties and addressing public profit-sharing concerns amid rising AI scrutiny. Discussions, involving Sam Altman and Trump officials, are conceptual, potentially requiring congressional approval. This comes as AI firms face pressure over job impacts, cybersecurity, and data centers, with some pushing for tighter regulation.
  
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• New EPF Scheme 2026: What it means for your provident fund savings

  02-07-2026 08:28 via timesofindia.indiatimes.com
  
  India’s provident fund framework has now entered a new phase with the notification of the Employees’ Provident Funds Scheme, 2026 (EPF Scheme, 2026) under the Code on Social Security, 2020.
  
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• Top stocks to buy today: Stock recommendations for July 2, 2026 - check list

  02-07-2026 05:44 via timesofindia.indiatimes.com
  
  Top stock market recommendations: REC, Oberoi Realty, and Home First Finance Company India have been recommended by Aakash K Hindocha, Vice President - Research, Nuvama Professional Clients Group/Nuvama Wealth Management as top stocks to buy on July 2, 2026. He has also shared his views on Nifty and Bank Nifty.
  
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• Unable to withdraw PF or file claims? EPFO services unavailable for 7 days

  02-07-2026 04:23 via timesofindia.indiatimes.com
  
  Employees' Provident Fund Organisation (EPFO) services remain unavailable beyond the scheduled July 1 deadline due to a planned database consolidation and software upgrade. This outage, affecting member and employer portals, prevents access to crucial functions like claim submission and e-passbook. Meanwhile, a new EPF Scheme, 2026, has been notified, introducing digital reforms and simplified withdrawal rules, alongside initiatives to address past compliance issues.
  
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