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BL Morning Report, June 02, 2026: Get today’s top business news, market headlines about key market insights, economic highlights, and the latest updates from India and global markets.Welcome to The Morning Report, brought to you by Renil S Varghese — your quick dive into the top stories shaping the business world today. Fast, insightful, and to the point.Audio Credit: businessline1. India may roll-back Scotch duty cuts if UK doesn’t sort out steel restrictionsIndia is considering withdrawing tariff concessions on select UK goods, including Scotch whisky, under the bilateral Comprehensive Economic and Trade Agreement, due to new British restrictions on steel imports. The UK plans to cut tariff‑free steel quotas from July 1, 2026, and raise duties on excess shipments to nearly 50 percent. India’s iron and steel exports to the UK, valued at about $900 million in FY26, may be affected. Concerns over these measures and the Carbon Border Adjustment Mechanism will be discussed in a June 2 meeting between Piyush Goyal and UK Trade Secretary Peter Kyle, as India weighs rebalancing provisions if issues remain unresolved.2. Commercial LPG prices hiked by ₹42 per 19-kg cylinder; no change in domestic cooking gas ratesCommercial LPG prices have been increased by ₹42 per 19‑kg cylinder, primarily impacting hotels and restaurants. In Delhi, the revised price now stands at ₹3,113.50, up from ₹3,071.50. Industry sources confirmed that the hike applies only to commercial cylinders. Meanwhile, there has been no change in domestic cooking gas rates. The price of a 14.2‑kg LPG cylinder for household use remains unchanged at ₹913. The revision reflects adjustments in commercial fuel pricing, while the government continues to keep domestic LPG prices stable to avoid impacting household consumers3. GST revenue tops ₹1.94 lakh crore in May, driven by broad-based growth in consumption.Goods and Services Tax collections rose 3.2 per cent year-on-year to over ₹1.94 lakh crore in May, reflecting activity in April. Adjusted for a one-time ₹10,000 crore payment last year, gross GST revenue grew 9 per cent, with domestic growth at 5 per cent. Taxable supply in goods increased 26.9 per cent, covering all 27 commodity groups. Services taxable supply rose 22.2 per cent, with growth across major segments. IGST from imports grew 20.2 per cent to ₹60,166 crore. Net GST collections, after refunds, increased4. Industrial growth at 4.9% in April as new 2022-23 base series debutsIndustrial production grew 4.9 per cent in April, compared to 5.7 per cent a year earlier, marking the first release under the new 2022-23 base year. Manufacturing expanded 6.2 per cent, electricity 4.9 per cent, and water supply 6.6 per cent, while mining contracted 5.1 per cent. Seventeen of 23 manufacturing sectors recorded growth, led by automobiles, electrical equipment, and machinery. Under use-based classification, capital goods grew 16 per cent, intermediate goods 7.7 per cent, and infrastructure goods 7.1 per cent. Consumer durables grew 4.3 per cent, while consumer non-durables rose 2.8 per cent during the month.5. India-Oman CEPA takes effect: 98% duty-free access opens doors for textiles, pharma, MSMEs: Piyush GoyalThe India-Oman Comprehensive Economic Partnership Agreement came into effect on June 1, providing India duty-free access to 98 per cent of Oman’s tariff lines, covering over 99 per cent of exports. The agreement is expected to boost sectors including textiles, pharmaceuticals, engineering, and MSMEs. It also expands opportunities in services through enhanced mobility provisions for Indian professionals. Oman will serve as a gateway to markets in the Gulf, Asia and Africa. The pact includes faster approvals for certain Indian medicines and removal of restrictions on marble exports. Bilateral trade continues to grow, with India importing key resources such as crude oil, LNG, and fertilizers from Oman.Listen to our previous podcasts here ⬇️More Like ThisPublished on June 2, 2026
