India’s April PMI Hits Eight-Month High as Export Demand Soars

This April, India’s private sector experienced its fastest growth rate in eight months, fuelled by a significant increase in demand and a sharp rise in overseas orders for manufactured goods. The HSBC Flash India Composite Purchasing Managers’ Index (PMI), reported by S&P Global, increased to 60.0 in April from 59.5 in March. This represents the strongest growth in manufacturing and services since August.

Manufacturing growth stood out, with a PMI of 58.4—the highest level in a year—up from 58.1. The services sector also fared well, with a four-month high PMI of 59.1, up from 58.5. A record surge in new export orders was a major contributor to this growth, with high demand recorded from Africa, Asia, Europe, the Middle East, and the Americas.

Pranjul Bhandari, HSBC’s Chief India Economist, said that a short stop in tariff implementation led to the export surge. This increase resulted in improved output and employment in both industries. While input cost inflation remained unchanged from March, selling prices rose slightly, increasing business margins.

Despite increased costs in resources such as rubber, steel, and chemicals, inflation remained controllable and lower than long-term averages.

Argentina Sees 5.7% Growth in February Amid IMF Support and Sectoral Gains

Argentina’s economic activity increased by 5.7% in February 2025, the highest monthly gain in recent years. This large increase occurs at a time when structural reforms, increased investor confidence, and international backing are bearing fruit. The spike is largely due to a $20 billion IMF accord signed in April, with an initial $12 billion tranche to strengthen foreign reserves. Key measures included in the pact, like as budgetary discipline and a flexible exchange rate regime, have helped to calm markets.

Agriculture and mining were key drivers of February’s development. Export incentives and favourable commodity prices improved performance, while tax reductions under the RIGI statute encouraged investment in technology and energy. The government’s $22 billion tax amnesty initiative also helped to boost bank liquidity.

Meanwhile, the central bank’s decision to cut interest rates to 29% in early 2025 lowered borrowing costs. A consistent exchange rate policy stabilised currency markets, limiting monthly depreciation to 1%.

Despite these advances, inflation remains high, at 66.9% year on year in February. March witnessed a 3.7% increase, primarily due to food and service prices. With poverty still affecting more than half of the population and elections approaching, economic stability remains precarious.

PM Modi Hails Amravati Airport Launch as a Boost for Maharashtra’s Growth

Prime Minister Narendra Modi praised the inauguration of Amravati Airport, calling it an important milestone for Maharashtra. Taking to social media, he welcomed the new airport as “great news” for the Vidarbha area, emphasising its potential to promote regional connections and business.

Several senior leaders attended the opening ceremony, including Maharashtra Chief Minister Devendra Fadnavis, Deputy Chief Ministers Eknath Shinde and Ajit Pawar, and Union Civil Aviation Minister Ram Mohan Naidu Kinjarapu.

According to Chief Minister Fadnavis, Amravati’s advanced airport and pilot training centre would now help it stand out. He emphasised that this event represents the inclusion of Vidarbha into Maharashtra’s greater developmental narrative.

Ram Mohan Naidu Kinjarapu described the event as a momentous day for Vidarbha. He mentioned that the airport, which was supported by the Regional Connectivity Scheme, now connects Amravati to Mumbai through Alliance Air’s first flight. He also witnessed a test flight at what would soon be South Asia’s largest Air India Flying Training Organisation.

Fadnavis emphasised the airport’s ability to stimulate local economic activity, enhance the textile industry, produce large-scale employment, and support initiatives such as PM Mitra Park, which is expected to create two lakh jobs for cotton farmers and entrepreneurs alike.

Saudi Arabia Cuts May Oil Prices for Asia to Near Four-Year Low

Saudi Arabia, the world’s top oil supplier, has cut crude prices for Asian buyers to near-four-year lows, fuelling speculation that it is attempting to reclaim market dominance. The decision follows OPEC+’s recent decision to accelerate oil output increases.

Saudi Aramco, the state-owned oil company, reduced the official selling price for Arab Light crude in May by $2.30 per barrel, putting it $1.20 higher than the averages in Oman and Dubai. This is the steepest price decline in more than two years, and

The action followed OPEC+’s surprising decision to increase oil output by 411,000 barrels per day in May, double the planned increase and accounting for 0.4% of world supply.

The price adjustment may be due to Iraq and Kazakhstan exceeding production expectations. Analysts expected a price decrease of $1.80 to $2.00, in line with declining benchmark prices. Furthermore, increased Russian oil supplies to Asia have helped to reduce Dubai crude premiums, which fell from $3.33 per barrel in February to $1.38 in March.

Furthermore, increased Russian oil supplies to Asia have helped to reduce Dubai crude premiums, which fell from $3.33 per barrel in February to $1.38 in March.

India’s GST Collection Surge 10% in March, Signalling Steady Economic Growth

India’s Goods and Services Tax (GST) revenue grew by 9.9% in March, reaching ₹1.96 lakh crore, marking the second-highest monthly collection. The finance ministry reported an 8.8% increase in GST revenue from domestic transactions, amounting to ₹1.49 lakh crore, while GST on imports rose 13.5% to ₹46,919 crore.

The total GST collection included ₹38,145 crore from Central GST, ₹49,891 crore from State GST, and ₹95,853 crore from Integrated GST. Cess collections stood at ₹12,253 crore. Refunds rose significantly, reaching ₹19,615 crore, leading to a net GST revenue of over ₹1.76 lakh crore—a 7.3% year-on-year increase.

Experts said the increase in collections indicates strong compliance and economic activity. Some states witnessed over 10% increase, but others had slower rates, necessitating further investigation. The high rise in export refunds and import GST indicates global trade activity.

Higher refunds limited net growth, but industry executives said sustained GST receipts imply fiscal stability. Businesses react to changing tax laws, improving compliance and transparency. The government’s aggressive export refund expedition promotes India’s growing trade footprint.

PM Modi Launches Rs 33,700 Crore Infrastructure Projects in Chhattisgarh

On Sunday, Prime Minister Narendra Modi inaugurated and laid the foundations for numerous infrastructure projects, totalling Rs 33,700 crore in Chhattisgarh, to improve connectivity, economic growth, and living standards.

PM Modi laid the foundations for seven railway projects covering 108 kilometres and inaugurated three railway projects totalling 111 km, worth more than Rs 2,690 crore. He launched the MEMU train service from Abhanpur to Raipur and pledged to electrify all railways in Chhattisgarh to reduce congestion and boost economic prospects.

In the energy sector, he launched NTPC’s Sipat Super Thermal Power Project Stage III for Rs 9,790 crore and CSPGCL’s First Super Critical Thermal Power Project worth Rs 15,800 crore and dedicated three Power Transmission projects worth Rs 560 crore to the Western Region Expansion Scheme.

To encourage greener energy, he laid the groundwork for BPCL’s City Gas Distribution project, which includes a 200 km high-pressure pipeline and an 800 km MDPE pipeline costing Rs 1,285 crore. Additionally, he inaugurated HPCL’s Visakh-Raipur Pipeline Project (540 km), which is valued at Rs 2,210 crore.

PM Modi also handed over homes to three lakh underprivileged families through PMAY-G, reaffirming his government’s commitment to housing for all.

UAE Introduces New Dirham Symbol and Digital Currency to Boost Financial Stability

The Central Bank of the UAE (CBUAE) has unveiled a new symbol for the UAE Dirham, a crucial step towards increasing the currency’s worldwide recognition. According to the CBUAE, the use of the new symbol is consistent with efforts to establish the Dirham as an international currency.

The new symbol is based on the English term for the Dirham and contains two horizontal lines to reflect the currency’s stability. The design is also influenced by the UAE flag, which emphasises the country’s commitment to financial and monetary security.

In addition to introducing the new symbol, the CBUAE revealed progress in the implementation of the Digital Dirham, a crucial component of the Financial Infrastructure Transformation Program, which was launched in 2023. The Digital Dirham is set to become a widely accepted legal tender across all payment platforms and venues.

The CBUAE-issued Digital Dirham will be available through licensed financial institutions, such as banks, exchange houses, and fintech enterprises. Governor Khaled Mohamed Balama emphasised that this project represents a significant step forward in digital finance by boosting financial inclusivity and security. He stated that blockchain-based Digital Dirham technology will improve financial resiliency while also promoting innovation and cost-effectiveness in international transactions.

UAE Unveils Polymer Dh100 Banknote with Enhanced Security and Sustainability

On Monday, the Central Bank of the United Arab Emirates (CBUAE) announced that it has launched a new Dh100 polymer currency, a significant step towards the country’s commitment to financial innovation and sustainability. This latest addition to the UAE money series integrates modern security features while honouring the country’s history and prosperity.

The front of the new banknote prominently features the Umm Al Quwain National Fort, a site that highlights the UAE’s vast cultural heritage. The back side of the note depicts the Port of Fujairah and an illustration of Etihad Rail, representing the country’s ongoing infrastructure expansion and economic aspirations. The note keeps the characteristic red colour of its predecessor, making it easy to recognise.

The banknote is made of tough polymer and has a far longer lifespan than paper notes. This lessens the environmental impact while also lowering production and replacement costs. The polymer substance also increases resilience to wear and tear.

To increase security, the note has KINEGRAM COLORS®, a cutting-edge multi-colored security chip that inhibits counterfeiting. It also contains Braille symbols to assist visually impaired people in determining its worth.

UAE to Invest $1.4 Trillion in U.S. AI, Semiconductors, and Energy Over a Decade

The UAE has pledged a major $1.4 trillion investment in the United States over the next decade, greatly increasing bilateral economic ties. The agreement comes after a high-profile meeting between top UAE officials and former US President Donald Trump earlier this week. On Friday, a White House official confirmed the deal, emphasising the focus on artificial intelligence, semiconductors, energy, and manufacturing.

According to the official, the framework aims to increase the UAE’s current investments in crucial sectors of the US economy. Trump and UAE National Security Adviser Sheikh Tahnoon bin Zayed discussed the accord in the Oval Office. Additional discussions took place over dinner, attended by Vice President JD Vance, Cabinet officials, and UAE business leaders, including the heads of significant sovereign wealth institutions and enterprises. As part of the strategy, UAE investment fund ADQ, in collaboration with US-based Energy Capital Partners, has announced a $25 billion investment drive in energy infrastructure and data centres. Meanwhile, XRG, the global investment arm of UAE oil major ADNOC, plans to invest in NextDecade’s LNG export terminal in Texas, boosting US natural gas output and exports.

Australia Gains Ground as Top Mining Listing Destination Amid Global Shifts

Australia is solidifying its place as a top destination for mining listings, with the Australian Securities Exchange (ASX) expected to see an increase in secondary listings this year. Mine developers are drawn to Australia because of its large pension riches, stable rules, and protection from US trade disputes, according to industry sources.

The ASX is increasing its market share in metals and mining, competing with Toronto and London as the industry strives for $100 billion in annual expansion to attain net-zero ambitions by 2050. While overall ASX listings have decreased, mining continues to grow.

Last year’s successful listing of Canadian copper miner Capstone sparked new interest, providing an exit for private equity and granting Australian investors access to a major copper mine. Sherif Andrawes of BDO highlighted growing interest from Canadian-listed corporations, describing the ASX as a healthier choice for exploration companies.

A big draw is Australia’s pension wealth, which is the world’s fourth largest, with assets worth A$4.1 trillion ($2.58 trillion). Local pension funds invest approximately 23% of their assets in domestic stocks, which is significantly more than Canada and the United Kingdom.