Among the top news of the day is the latest update related to the India-US bilateral trade pact talks. New Delhi’s negotiating team led by Special Secretary Rajesh Agrawal may extend its stay in Washington for trade talks with the United States, government sources told NDTV Profit.
Back home, the Goods and Services Tax collections for May 2025 rose to Rs 2.01 lakh crore, marking a 16.4% increase, while IIP growth slumped and fiscal deficit coming in at 0.8% of the target for fiscal 2026.
Here’s a quick roundup of today’s key headlines:
Indian Negotiators To Extend US Stay
India’s negotiating team, currently in Washington for trade talks with the United States, may extend its stay beyond June 30 as discussions remain ongoing, government sources told NDTV Profit. The delegation, led by Special Secretary Rajesh Agrawal, was originally scheduled to wrap up its visit by June 27, but the possibility of a longer engagement is now on the table as both sides seek to finalise a limited trade agreement before the July 9 deadline.
IIP Growth Slumps In May
India's industrial output growth slowed to 1.2% in May, as against the revised growth of 2.6% in the preceding month of April, according to the data released by the Ministry of Statistics and Programme Implementation on Monday. It is the lowest nine months. Manufacturing activity, which comprises the largest component of the index, expanded on an annual basis by 2.6%, compared to 5.1% in the same month last year.
US Stock Markets: S&P 500, Dow Jones Rise
S&P 500 and Dow Jones Industrial Average began the shortened week higher amid signs of progress in the US' trade negotiations with a number of trading partners. This comes after the S&P 500 hit a record high at the end of last week. The S&P 500 rose over 0.33%, whereas the tech-heavy Nasdaq Composite and Dow rose 0.48% and 0.52%, respectively.
Global Slowdown May Drag India's Growth: RBI Report
A deceleration in global growth will act as a drag on domestic output, according to the Reserve Bank of India's Financial Stability Report released on Monday. It is estimated that a 100 basis points slowdown in global growth can pull down India’s growth by 30 bps, the report estimated. While the Indian economy has exhibited resilient growth, the headwinds from protracted geopolitical tensions, elevated uncertainty and trade disruptions, and weather-related uncertainty pose downside risks to growth.
India's Fiscal Deficit At 0.8% Of FY26 Target
India's fiscal deficit in April-May stood at only 0.8% of the fiscal 2026 target as the Reserve Bank of India's record dividend of Rs 2.69 lakh crore transferred last month has bolstered the government's finances. The fiscal deficit for the two months came in at Rs 13,163 crore, as compared to the FY26 budgeted estimate of Rs 15.68 lakh crore, according to the official data released on Monday.
India’s GST Collections Cross Rs 2 Lakh Crore In May
The Goods and Services Tax collections for May 2025 rose to Rs 2.01 lakh crore, marking a 16.4% increase compared to Rs 1.72 lakh crore collected in May 2024, indicating steady economic momentum. This follows a record-breaking April 2025, when GST collections hit an all-time high of Rs 2.37 lakh crore, registering a 12.6% growth.
RBI Stress Test Projects GNPA Rise To 2.5% By March 2027
The macro stress tests by India's central bank indicate resilience of scheduled commercial banks to macroeconomic shocks. The aggregate gross-non-performing-asset ratio of the 46 banks may marginally rise from 2.3% in March 2025 to 2.5% in March 2027 under the baseline scenario and to 5.6% and 5.3% under the adverse scenario of geopolitical risk and adverse scenario of global growth slowdown respectively.
Private Banks Face Rising Stress In Unsecured Retail Loans
Private sector banks are seeing growing signs of stress in their unsecured retail loan portfolios, even as the overall pace of such lending has moderated in recent quarters, the Reserve Bank of India's Financial Stability Report for June shows. According to the latest data, unsecured retail loans now constitute 25% of all retail loans and 8.3% of total gross advances, but their asset quality has deteriorated more sharply than the broader retail segment, the report said.
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