Markets

The Sensex opened at 77,418.97 (down 309.19) and stood at 77,451.92 by mid-session—about 33 points above its opening mark. The Nifty followed a similar pattern, opening at 24,223.85 and trading around 24,230.40. Selling pressure was concentrated strictly in the opening auction rather than throughout the trading session.

Banking & Credit

Outstanding bank credit reached ₹220.78 trillion against total deposits of ₹269.41 trillion, placing the banking system’s Credit-Deposit (CD) ratio at approximately 82% as of July 31. At this threshold, incremental lending becomes a funding-constrained decision rather than a demand-driven one, making deposit growth the primary metric to monitor.

Defence Procurement

The 6th Positive Indigenisation List features 405 items worth ₹3,070 crore, averaging roughly ₹7.58 crore per item. This smaller tender size enables mid-sized engineering firms to bid independently without needing to form a consortium, aligning with the goal of driving indigenisation through in-house production and ‘Make’ procedures.

Agriculture

Kharif sowing reached 1,016.57 lakh hectares up to August 14, compared to 1,037.52 lakh hectares in the previous year. Lower rice acreage (14.37 lakh hectares) accounts for 68.6% of the overall 20.95 lakh hectare deficit. Conversely, pulse acreage remains virtually unchanged at 108.14 lakh hectares (vs 108.49 lakh hectares last year), reflecting differences in crop water intensity.

Semiconductors

Three of the twelve approved commercial semiconductor facilities are now operational, representing ₹1,65,685 crore of approved investment across six states. India’s first semiconductor fab—the Tata–PSMC facility at Dholera—remains under construction. Additionally, the ‘Semicon 2.0’ scheme launched on July 15 adds ₹1.275 lakh crore to the framework, covering equipment and specialty materials for the first time.

Energy

India crossed 300 GW of non-fossil fuel capacity on July 31, achieving over 60% of its 500 GW target set for 2030. To hit the remaining target, capacity additions need to average roughly 3.8 GW per month. Currently, solar additions alone are averaging 4.1 GW per month (28.78 GW added in seven months), even before accounting for wind power.

International Trade

Exports of coconut and coconut-based products grew 25% to reach ₹4,349.03 crore in 2024–25 (up from ₹3,469.44 crore). However, coconut oil exports (valued at $50.47 million in calendar year 2024) account for less than 10% of this basket. The export expansion is primarily driven by fresh and desiccated coconut products rather than oil.

India–UK Trade

The India–UK Comprehensive Economic and Trade Agreement (CETA) entered into force on July 15. Day 1 saw over 50 consignments worth over $140 million move across more than 20 ports and airports. Key employment-generating sectors benefit from major tariff eliminations, particularly textiles (previously subject to a 12% tariff) and leather/footwear (previously 16%).

Africa Relations

Union Commerce and Industry Minister Piyush Goyal engaged with South African counterparts regarding trade agreements and strategic cooperation in critical minerals. The inclusion of critical minerals reflects India’s effort to secure essential raw materials required for its growing domestic battery and electronics manufacturing ecosystem.

Labour & Defence Supply Chain

The Regional Labour Commissioner (Central), Kanpur, finalized a conciliation agreement covering 423 contract workers at a local ordnance factory. As India’s defence production base takes on 405 new indigenisation items, maintaining workforce stability across contract labor in the ordnance supply chain remains a key operational requirement.