China has solidified its position as India's foremost trading partner, with bilateral commerce amounting to USD 118.4 billion in the fiscal year 2023-24, slightly surpassing the United States, according to data from the Global Trade Research Initiative (GTRI), an economic think tank. This marks a significant shift, as Washington held the top position in the preceding two fiscal years.

In the latest fiscal year, India's exports to China experienced a notable uptick of 8.7 percent, reaching USD 16.67 billion. Key sectors driving this growth included iron ore, cotton yarn/fabrics/madeups, handloom products, spices, fruits and vegetables, plastic, and linoleum. Conversely, imports from China increased by 3.24 percent, totaling USD 101.7 billion.

On the other hand, India's trade with the US witnessed a slight decline, with exports dipping by 1.32 percent to USD 77.5 billion, and imports contracting by about 20 percent to USD 40.8 billion. Despite this, the overall trade surplus with the US expanded, reaching USD 36.74 billion.

From fiscal year 2019 to FY2024, India's trade dynamics with its top 15 trading partners underwent significant transformations, as outlined by GTRI. While India experienced a marginal decline in exports to China, imports from the country surged by 44.7 percent, resulting in an expanding trade deficit. Conversely, trade with the US demonstrated growth, with both exports and imports seeing substantial increases, leading to an expanded trade surplus for India.

Historically, China has intermittently held the position of India's top trading partner, alongside periods where the UAE and the US claimed the spot. In the latest fiscal year, the UAE ranked as India's third-largest trading partner, with a trade volume of USD 83.6 billion, followed by Russia, Saudi Arabia, and Singapore.

These shifts underscore the evolving nature of India's trade relationships and highlight the importance of monitoring trade dynamics to assess economic trends and challenges.

Sri Lankan President Ranil Wickremesinghe emphasized to lawmakers that there is no other viable route to economic recovery for the nation apart from adhering to the reform plans prescribed by the International Monetary Fund (IMF). The island nation has been grappling with its worst economic crisis since gaining independence from British rule in 1948, resulting in a significant surge in the prices of essential goods, including fuel.

President Wickremesinghe addressed Parliament on the second anniversary of public protests against President Gotabaya Rajapaksa's government, which faced criticism for its handling of the unprecedented economic challenges.

Following anti-government demonstrations on May 9, 2022, Prime Minister Mahinda Rajapaksa was compelled to resign. Wickremesinghe assumed the role of prime minister and later succeeded Gotabaya Rajapaksa as president, serving the remainder of the term until the end of 2024.

Upon taking office, Wickremesinghe inherited a nation in crisis, with severe economic contraction and soaring inflation reaching 70 percent. He informed Parliament that the budget deficit had swelled to 10-12 percent, leading to a staggering interest rate hike to 30 percent. The president highlighted the dire situation where there were insufficient funds to import food and essential goods, leaving a majority of the population struggling and enduring lengthy queues for necessities.

Under the IMF bailout package of USD 2.9 billion, the government enforced economic discipline. Wickremesinghe projected a modest growth rate of 3 percent for the current year and noted a significant decrease in interest rates to 10-13 percent.

He reiterated the indispensability of the ongoing economic program, stating that no other plan matches its efficiency or offers a viable alternative. Meanwhile, the Election Commission of Sri Lanka announced the schedule for the upcoming presidential election, slated to be held between September 17 and October 16. Despite several opposition leaders declaring their candidacy, Wickremesinghe has not yet disclosed his intentions regarding a second term.

Equity indices extended their decline on Tuesday, driven by concerns over escalating Middle East tensions and weak global market trends. Foreign fund outflows and a rise in Brent crude oil prices further soured investor sentiment.

The 30-share BSE Sensex continued its downward trend for the third consecutive day, plummeting 585.63 points to reach 72,814.15. Similarly, the NSE Nifty fell by 168.65 points, settling at 22,103.85.

Major stocks contributing to the Sensex's decline included IndusInd Bank, Infosys, Bajaj Finance, Kotak Mahindra Bank, Bajaj Finserv, NTPC, Tata Consultancy Services, and ICICI Bank. Conversely, Titan Company, Mahindra & Mahindra, Nestle, and Maruti witnessed gains.

In Asian markets, Seoul, Tokyo, Shanghai, and Hong Kong experienced downward trends. Wall Street also closed negatively on Monday.

N Chandrasekaran, Chairman of Tata Sons, reaffirmed the conglomerate's dedication to preserving the legacy of its founder, Jamsetji Tata, during an event commemorating Tata's 185th birth anniversary at Postal Park in Bistupur, Jharkhand's Jamshedpur. Accompanied by Tata Steel CEO and MD TV Narendran, Chandrasekaran emphasized Tata's vision of industry as a force for positive change, pledging to uphold the values of integrity, innovation, and social responsibility that have guided the company since its inception.

Chandrasekaran highlighted the company's commitment to working in collaboration with the community to foster a brighter and more prosperous future for Jamshedpur and its residents. The occasion also witnessed the inauguration of an exhibition at Steelennium Hall, showcasing Tata Steel's various technology-led initiatives across departments.

Founder's Day celebrations were held across different units of the Tata Group, underscoring the enduring legacy and values instilled by Jamsetji Tata. As part of the festivities, Chandrasekaran flagged off a fleet of green-fuel-powered commercial vehicles manufactured by Tata Motors for Tata Steel's operations. This fleet included Prima tractors, tippers, and the Ultra EV bus, utilizing both Liquified Natural Gas (LNG) and battery electric technologies, in line with Tata Group's commitment to sustainability.

The event not only paid tribute to Jamsetji Tata's pioneering vision but also demonstrated Tata Sons' ongoing dedication to innovation, social responsibility, and ethical business practices. Through collaborative efforts with the community and investment in cutting-edge technologies, Tata Sons aims to continue Jamsetji Tata's legacy of creating positive impact and driving progress in the industrial landscape of India.