Make GIFT City more attractive for HNIs, sovereign and pension funds, says Sitharaman (mint)
Finance Minister Nirmala Sitharaman, during her visit to GIFT City, urged faster reforms and strategic efforts to attract more foreign capital through GIFT IFSC, emphasising its potential to become a globally competitive financial gateway. She highlighted the need for mobilising investments from sovereign and pension funds, expanding operations at the India International Bullion Exchange, and making the hub cost-effective to attract high-net-worth individuals and global institutions. Stressing its role in India’s long-term growth, she reaffirmed the government’s commitment to transforming GIFT City into a premier global financial hub aligned with the Viksit Bharat 2047 vision.
India seizes 39 containers with Pakistani-origin goods routed via UAE (The Indian Express)
Following the Pahalgam terror attack, the Indian government intensified trade restrictions on Pakistan, leading to the seizure of 39 containers—carrying 1,115 metric tonnes of Pakistani-origin goods worth ₹9 crore—by the Directorate of Revenue Intelligence (DRI) under “Operation Deep Manifest.” These goods, misdeclared as UAE-origin, were rerouted via Dubai to bypass India’s import ban imposed after April 24, with investigators uncovering financial links and transshipment trails from Karachi to Indian ports. While bilateral trade fell from ₹4,370 crore in 2018–19 to ₹2,257 crore in 2022–23, it rebounded to ₹3,886 crore in 2023–24, though still far below the $37 billion potential estimated by the World Bank.
'Pact driving up almond and machinery exports from South Australia' (The Economic Times)
Since the India-Australia Economic Cooperation and Trade Agreement (ECTA) came into effect in December 2022, South Australia has seen significant export growth to India—almond exports surged 124% to AUD 21.5 million, wine exports rose 23% to AUD 8.6 million, and citrus exports increased 22% to AUD 2.4 million. On the flip side, India’s exports to Australia have risen 9% overall, with a notable 200% jump in rice and 135% in vehicles to South Australia, outpacing India’s global export growth. With bilateral trade at $25 billion in FY25 and CECA negotiations underway, both sides see potential for deeper ties—especially if excise duties on premium Australian wine are further reduced.
