US Ambassador Sergio Gor announced that the India-US trade deal could be finalised over the next few weeks and months, with USTR officials due in New Delhi for final negotiations. According to Business Standard, this development comes as Union Minister of Commerce and Industry Piyush Goyal engaged with over 50 prominent business and industry leaders for a closed-door roundtable discussion in New York City, focusing on expanding partnerships across trade, investment, innovation, and supply chains to drive shared prosperity between India and the US. The minister provided an encouraging update on U.S.-India trade negotiations, assuring the industry that an interim agreement is close. The discussions centered on deepening India-US trade, investment, innovation, and supply-chain partnerships for shared prosperity, with Goyal emphasizing that investor confidence, business stability, and a predictable regulatory environment remain top priorities for the Indian government.
Finance Minister Nirmala Sitharaman highlighted that the West Asia crisis was creating pressure through crude oil, fertiliser and gold prices, all requiring foreign exchange payments. As reported by Business Standard, this pressure was visible in India's sourcing pattern, with India raising Russian crude imports to 1.92 million barrels per day till May 28 and increasing US gas purchases as disruptions in West Asia affected traditional supply channels. Fuel prices remained a key domestic concern, with CNG in Delhi rising by ₹2 to ₹83.09 per kg, marking the fourth increase since May 15 and taking the cumulative rise to ₹5 per kg. The Finance Ministry warned that fuel price hikes and weak monsoon rains could push up retail inflation through transport, energy and food costs, linking two major risks for households and policymakers.
The Union Cabinet approved a five-year extension of SARTHAK-PDS till March 2031 with a ₹25,530-crore outlay, bringing together support for foodgrain movement and public distribution system technology reforms. In another supply-side step, the government exempted cotton imports from customs duty and the Agriculture Infrastructure and Development Cess from June 1 to October 31, aimed at improving availability and easing input costs for the textile sector. The Ministry of Mines asked agencies and states to speed up exploration and operationalise auctioned blocks, with critical minerals such as rare earths, lithium and cobalt in focus as India tries to strengthen domestic supply chains for minerals used in clean energy, electronics and advanced manufacturing. Additionally, the Ministry of Statistics and Programme Implementation will launch the 2022-23 base-year Index of Industrial Production series on June 1, adding sectors such as rare earths, gas supply, water supply and waste management.
India turned a net importer of finished steel in April, with imports rising 30.8 per cent year-on-year to 0.7 million tonnes, even as consumption grew 8.2 per cent, reflecting strong domestic demand but also highlighting pressure from rising shipments. The government revised fuel export levies for June 1-15, setting export levies at ₹1.5 per litre on petrol, ₹13.5 per litre on diesel and ₹9.5 per litre on ATF, while keeping domestic fuel rates unchanged. These measures, combined with the ongoing trade negotiations, point to a broader effort by India to manage external uncertainty and recalibrate its trade relationships at a time when energy, minerals and manufacturing inputs are shaping policy priorities.
