India’s trade pact with EFTA may begin in September, Union Minister Piyush Goyal said. EFTA includes Iceland, Liechtenstein, Norway, and Switzerland. The deal, signed in March 2024, will cut or remove import duties on items like Swiss watches and chocolates. India will also get $100 billion in investment over 15 years. All four countries have approved the deal. In Switzerland, the public can raise objections until July 10. Once active, India will get duty-free access for 99% of its goods, including rice. The aim is to boost trade and investment between India and the four European countries. (PC: PTI)

Elon Musk’s Starlink has secured a license from India’s Department of Telecommunications and is poised to begin operations within the next two months . The satellite-based internet kit will cost around ₹33,000, with unlimited data plans at ₹3,000 per month . Customers will benefit from a complimentary one-month trial with each device purchase . Initial bandwidth capacity is projected at 600–700 Gbps, targeting 30,000–50,000 users, with potential to scale up to 3 Tbps by 2027 . Positioned as a premium connectivity option aimed at remote and underserved regions of India, this satellite service complements existing telecom offerings from Airtel and Jio. (PC: Reuters)

India is cautious about curbing trade with Turkey despite pressure to ban imports like apples and marble. The country enjoys a substantial $2.73 billion trade surplus in goods, driven by strong industrial exports engineering goods, electronics, chemicals over the past five years. While some Himachal apple growers, alarmed by cheaper Turkish fruit, urged a ban, officials argue that restricting imports could backfire and hurt exporters. Instead, New Delhi has limited its actions to national-security-driven bans on select Turkish firms involved in critical infrastructure avoiding broader economic fallout. The government is weighing diplomatic signaling versus preserving the lucrative trade relationship. (PC: The Daily Jagran & ETV Bharat)

India bucked global trends after the World Bank raised the extreme poverty line from USD 2.15 to USD 3.00 per day (2021 PPP), which added approximately 125 million to the global poverty count. However, thanks to refined consumption data—via the new Household Consumption Expenditure Survey using the Modified Mixed Recall Period—India offset this entire increase, reducing its extreme poverty headcount by around 125 million . Its extreme poverty rate dropped dramatically from 27.1% (344 million) in 2011–12 to just 5.3% (75 million) in 2022–23 . Rural and urban gaps narrowed, and consumption inequality eased—marking a significant socio-economic achievement amid tougher global benchmarking. (PC: ANI)  

Elon Musk’s Starlink has received a Global Mobile Personal Communication by Satellite (GMPCS) license from India’s Department of Telecommunications, allowing it to provide satellite-based internet services in the country. This makes Starlink the third satellite internet provider in India, alongside Reliance Jio and Eutelsat-OneWeb. The move follows Musk’s February 2025 meeting with PM Modi and Starlink’s partnerships with telecom giants Reliance Jio and Bharti Airtel. Aimed at expanding connectivity in rural areas, Starlink still requires approvals from India's space regulator and spectrum licenses. India's satellite internet market is projected to hit $1.9 billion by 2030. (PC: ANI)    

Elon Musk's Starlink has obtained a crucial license from India's Department of Telecommunications, enabling it to offer satellite-based internet services across the country. This approval positions Starlink as the third operator in India's satellite internet sector, following Reliance Jio and Bharti's OneWeb. The license comes after prolonged regulatory delays since 2022, primarily due to national security concerns. Starlink's entry is expected to enhance internet connectivity in remote and underserved regions, aligning with India's digital inclusion goals. The development also intensifies competition in the satellite internet market, potentially reshaping the country's broadband landscape. (PC: Bloomberg)

India is significantly increasing its crude oil imports from the United States without reducing its dependence on Russian oil, even as Western sanctions against Moscow tighten. In February 2025, U.S. crude exports to India surged to a two-year high of 357,000 barrels per day, up from 221,000 bpd the previous year. By April 2025, the U.S. became India’s fourth-largest crude supplier, overtaking the UAE. Meanwhile, Russia remains India’s top oil supplier at 1.58 million bpd. Indian refiners are diversifying their sources to balance geopolitical interests and ensure energy security. (PC: Forbes)  

IndiGo will terminate its wet lease agreement with Turkish Airlines by August 31, 2025, following a final three-month extension granted by India's Directorate General of Civil Aviation (DGCA). The lease, involving two Boeing 777-300ER aircraft operated on routes between Delhi, Mumbai, and Istanbul, faced scrutiny after Turkey expressed support for Pakistan during recent India-Pakistan tensions. IndiGo's request for a six-month extension was denied, with the DGCA approving a shorter period to minimize passenger disruption. The airline has committed not to seek further extensions, aligning with government directives to curtail business ties with Turkey. (PC: India Today)

A recent Jefferies report highlights India's exceptional growth in the global steel sector, with a 33% increase in steel output from 2019 to 2024, contrasting a 1% global decline. The report attributes this to India's robust infrastructure development, rising domestic demand, and supportive government policies, including a 12% safeguard duty on flat steel imports introduced in April 2025. Jefferies projects an 8–10% compound annual growth rate (CAGR) in steel volumes for FY25–27. The firm has upgraded ratings for major Indian steel companies, such as Tata Steel and JSW Steel, citing strong fundamentals and growth prospects. (PC: ANI)

India and the U.S. are progressing towards finalizing an interim trade deal by June 25, 2025, aiming to resolve longstanding trade issues before potential new tariffs from U.S. President Donald Trump. The agreement seeks to enhance bilateral trade relations, focusing on reducing tariffs and non-tariff barriers, and improving market access. A U.S. delegation is scheduled to visit India in June for the final round of discussions. Both nations have committed to doubling their bilateral trade to $500 billion by 2030, emphasizing the importance of a mutually beneficial agreement to strengthen economic ties and supply chain integration. (PC: X)