1 june 2016 | Today’s Latest and Top 10 Business News of India

On Jun 1, 2026

TEN NEWS NETWORK

India News (01/06/2026) : 1. Market Meltdown: Sensex and Nifty Slide Despite IT Rally Indian equities faced a tough start to the month as the BSE Sensex plummeted 508.40 points (0.68%) to close at 74,267.34. Similarly, the NSE Nifty50 dropped 165.15 points (0.70%) to finish at 23,382.60. Rising crude prices, persistent foreign portfolio investor (FPI) selling, and geopolitical tensions continue to weigh heavily on large-cap sentiment.

2. Digital Payments Skyrocket: UPI Hits Historic ₹29.90 Lakh Crore in May
Unified Payments Interface (UPI) recorded its biggest month ever in May. Transaction values surged to an all-time high, inching close to the ₹30 trillion mark (₹29.90 lakh crore), showcasing the unstoppable momentum of India’s digital public infrastructure.

3. Landmark Broadcast Deal: Zee Secures 2026 FIFA World Cup Rights
Ending a months-long standoff over one of the world’s last major unsold media packages, Zee Entertainment officially secured the exclusive broadcast and streaming rights for the 2026 FIFA World Cup and 38 other FIFA events in India through 2034.

4. Manufacturing Sector Booms: PMI Rises to 3-Month High
India’s manufacturing sector demonstrated robust health, with the Manufacturing Purchasing Managers’ Index (PMI) climbing to 55.0 in May. This expansion was strongly driven by resilient domestic demand, defying broader global economic slowdowns and ongoing Middle East supply chain disruptions.

5. Historic Trade Milestone: India-Oman Free Trade Pact Goes Live
The comprehensive free trade agreement between India and Oman has officially come into force. The pact is expected to give a massive competitive edge to Indian exporters and secures a critical strategic “Plan B” energy corridor for India amid ongoing vulnerabilities around the Strait of Hormuz.

6. High-Stakes Diplomacy: India-US Interim Trade Pact Talks Begin
Chief negotiators from India and the United States have kicked off a crucial four-day bilateral meet in New Delhi. The objective is to iron out the final tranches of an interim trade deal, with the Ministry of Commerce reporting that “all major issues” have now been fundamentally settled.

7. Commercial LPG Costs Hiked; Domestic Rates Kept Flat
In a major rule shift on June 1, the price of a 19-kg commercial LPG cylinder was hiked to ₹3,113.50 in Delhi. The hike lands alongside new government directives forcing oil marketing companies to maintain a mandatory 30-day LPG reserve to prevent supply crunches. Thankfully, domestic household cylinder prices remain unchanged.

8. Green Energy Crackdown: Tougher Solar Import Rules Effective Today
India has officially tightened its import regulations on solar components starting June 1. The structural shift aims to aggressively cut dependency on foreign equipment, incentivize domestic manufacturing, and bolster India’s local clean-energy supply chains.

9. Aviation Relief: International Jet Fuel Slashed by 27% Airlines operating out of India received significant structural relief as the government cut the export and international pricing duties on Aviation Turbine Fuel (ATF) by 27%. The correction brings international flight fueling costs roughly to par with domestic jet fuel rates.

10. Tax Relief: IT Department Eases Rules on Parental Property Transfers
In a taxpayer-friendly clarification, the Income Tax Department announced that flat or property transfers from parents to their children will not attract harsh gift tax penalties or scrutiny, even in the absolute absence of a formal registered gift deed.