ECONOMIC NEWS

The World Bank has forecast an economic growth rate of 6.3% for India in the current fiscal year which has decreased by 0.7% since the World Bank’s last forecast in October. India is also expected to grow at a rate of 6.4% in the next financial year which is a 0.3% upgrade from the World … Continue reading World Bank lowers India’s growth Forecast

The S&P Global India Purchasing Manager’s Index (PMI) rose to a three-month high as it increased to 56.4 in March from 55.3 in February. The increase on this index indicates the strongest improvement in operating conditions in 2023 so far as output and new orders increased to a three month high.The private survey showed that … Continue reading Manufacturing PMI expands to a three month high

Global uncertainty and soaring inflation will have a negative impact on the forecast in the upcoming quarter. The output of the agriculture sector may also be impacted by the El Nino influence at the same time.India published their estimated GDP numbers for the three months ending in December 2022. In line with our prediction (4.5% … Continue reading India is anticipated to grow by 7% in FY23, but the outlook will be hampered by global uncertainty and spiralling inflation.

Renowned banker KV Kamath, who now heads the National Bank for Infrastructure and Development (NaBFID), expects the digital sector to contribute a quarter of GDP growth by the time the economy becomes a US$7 trillion giant in FY29 . Currently, the share of the digital economy is a low percent, while in China it is … Continue reading KV Kamath says digital economy can contribute 25% of GDP growth in FY29 by the time India becomes US$ 7 trillion economy in FY29.

The government is working hard to formalise the economy, according to Finance Minister Nirmala Sitharaman, and tax deducted at source (TDS) is one method for doing so.TDS isn’t a brand-new tax. At a post-Budget stakeholders’ event in Hyderabad, Sitharaman responded to a recommendation for the repeal of a certain TDS provision, saying, “The government is … Continue reading Government’s priority is to formalise the economy: FM

The Supreme Court, however, dismissed the petition.In her speech, Justice Gowri said her responsibility as a judge entails hearing the oppressed voices of the poor and liberating the marginalized.“I’m conscious and fully aware that today I’m handed over with the greatest responsibility of taking charge only to heed to the unheard and oppressed voices of … Continue reading Greatest responsibility, says Justice L Victoria Gowri after oath as HC judge

Moody’s Investors Service on Friday said the budget for FY24 balances the government’s commitment to longer-term fiscal sustainability against its “more immediate priority” of supporting the economy amid high inflation and weak global demand, ahead of general elections next year.The target to narrow the deficit to 4.5% of GDP by fiscal 2025 is unlikely to … Continue reading Material revenue gains must be for the 4.5% fiscal deficit target

On the first day of the Union Budget Session 2023–24, after the President’s address, Union Finance Minister Nirmala Sitharaman presented the Economic Survey for the Financial Year 2022–23. According to the Economic Survey, India’s economic recovery from the pandemic is complete, and economic growth in the range of 6% to 6.8% is anticipated for the … Continue reading CEA said India can increase GDP growth if “LIC” is demolished

Prior to the annual budget announcement, a leading U.S. business and strategic advocacy group focused on India has urged Nirmala Sitharaman, the union finance minister, to rationalise and simplify India’s direct and indirect taxation system. The group believes this will boost foreign direct investment and boost investor confidence globally. While indirect taxes such as GST, … Continue reading American business wants Sitharaman to rationalise and streamline India’s direct and indirect taxes

Due to the potential for weak exports, India is expected to lower its estimated nominal gross domestic product (GDP) growth for the current fiscal year to approximately 11% in the annual Budget due next week, according to two government sources. According to the sources, who declined to be identified because the conversations are still private, … Continue reading India is reportedly planning to estimate nominal GDP growth for FY24 at around 11%

The Reserve Bank of India (RBI) statistical supplement revealed on Friday that India’s foreign exchange reserves increased to $572 billion in the week ending January 13, their highest level since early August of the previous year. That amount exceeds both the country’s reserves for the week ending January 6 ($561.58 billion) and the more than … Continue reading Reserves of foreign currency reach a five-month high

India is a bright spot in the international crisis; the WEF Chairman stresses the importance of PM Modi’s leadership in a fragmented globe The founder and executive chairman of the World Economic Forum, Klaus Schwab, praised Prime Minister Narendra Modi’s leadership in a divided world and said India is a shining star amidst the crisis.Mr. … Continue reading India is a bright spot in the international crisis; the WEF Chairman stresses the importance of PM Modi’s leadership in a fragmented globe

On January 17, 2023, former RBI governor Raghuram Rajan stated that it is premature to assume that India will overtake China as a factor in driving global economic growth. However, given that India already has the fifth-largest economy in the world, is expanding, and has the capacity to continue doing so, the scenario may alter … Continue reading Raghuram Rajan believes it is early to assume that India will overtake China in influencing global economic growth

We have a difficult year ahead, but there are indications of resilience, said Gita Gopinath, the Deputy Managing Director of the International Monetary Fund (IMF), while describing the IMF’s forecast for 2023. She posted a video to Twitter while at the 2023 World Economic Forum Annual Meeting in Davos. She claimed in the video message … Continue reading Gita Gopinath on the IMF’s outlook for 2023: “Tough year ahead”

Despite being more optimistic than their global counterparts about their nation’s economic prospects, the vast majority of Indian CEOs reported in a study that companies are cutting or plan to cut operating costs in response to mounting geopolitical threats. According to the annual Global CEO Survey conducted by the world-renowned consulting firm PwC in Davos … Continue reading According to a global CEO survey, Indian CEOs outperform the average in terms of initiatives to reduce operating costs

India’s wholesale price inflation decreased from 5.85% in November to 4.95% in December 2022, primarily as a result of lower costs for food items and crude oil.  Inflation measured by the Wholesale Price Index (WPI) was 5.85% in November 2022 and 14.27% in December 2021. In December 2022, the inflation rate for food items was … Continue reading In December 2022, the wholesale price inflation rate will drop to 4.95%

Indian imports of Chinese commodities increased by more than 21% last year, which helped India’s bilateral commerce with China reach a record $135.98 billion in 2022, according to data from Chinese Customs released on January 13, 2023.  But in 2022, India’s exports to China decreased, pushing a trade deficit that was already sizable above the … Continue reading In 2022, China’s imports to India reached an all-time high, and the trade deficit exceeds $100 billion 

After a ten-month stretch above the central bank’s 6% tolerance limit, India’s retail inflation decreased to 5.72% in December 2022. Rural inflation, on the other hand, continued to be higher, just slightly decreasing from 6.09% in November 2022 to 6.05% in December. Consumers in rural and urban areas had very different price increases for food … Continue reading In December 2022, retail inflation falls to a one-year low of 5.72%

According to Chief Economic Advisor V. Anantha Nageswaran, the Indian economy would be worth $3 trillion by the end of the current fiscal year 2022–2023 and is projected to grow to $7 trillion in the following seven years. India’s government had earlier predicted that its economy will reach $5 trillion by 2025. Nageswaran essentially said … Continue reading According to CEA, India’s economy will reach $7 trillion in seven years

To appeal to middle-income taxpayers, experts recommended that the limit for 30% tax be increased to 20 lakhs under the concessional income tax structure in Budget 2023–24 and investments in Public Provident Fund (PPF) and other tax savings programmes be allowed as deductions.  The government introduced an optional income tax system in Budget 2020–21, under … Continue reading To make the optional tax regime more appealing, allow deductions and raise the limit for peak 30% taxation: Experts 

According to the First Advance Estimates of National Income for the year issued by the National Statistical Office (NSO) on Friday, India’s real GDP is projected to rise by 7% in 2022–23, dropping from 8.7% in FY22.  The advance estimate predicts that growth will slow to 4.5% in the second half after the GDP increased … Continue reading India’s GDP will increase by 7% this fiscal year despite poor industrial performance: NSO 

India’s coal production rose by 10.8% to nearly 83 million tonnes (MT) in December 2022 from 74.8 MT a year ago, and coal shipped from mines to consumer industries increased by 5.28% to nearly 79 MT. According to preliminary figures from the Coal Ministry, December 2022 marked the second consecutive month in which coal output … Continue reading In December 2022, coal production increased by 10.8%

Microsoft and the Indian Space Research Organization (ISRO) inked a Memorandum of Understanding (MoU) on Thursday to partner in order to support the development of space technology businesses in India. According to a statement released by Microsoft, the partnership would provide technology tools and platforms, go-to-market support, and mentoring to space tech start-ups across the … Continue reading ISRO and Microsoft collaborate to promote Indian space-tech start-ups

According to the S&P Global India Services Purchasing Managers’ Index (PMI), which increased to 58.5 last month from 56.4 in November 2022, the sectors sector in India had a significant increase in new business in December 2022, driven by the finance and insurance services. According to the survey-based PMI Business Activity Index, which showed the … Continue reading S&P Global: Services increased in December, as industry performance reached an 11-year high

According to a formal decision, the government has increased the excess profit tax imposed on locally produced crude, export of diesel and ATF in response to the plumping of global oil prices. According to a January 2 decision, the tax on crude oil produced by firms like Oil and Natural Gas Corporation (ONGC) has increased … Continue reading Government increases surplus tax on crude oil, diesel exports, and ATF

The rupee in circulation (CIC), which has increased by about 83% after the announcement on November 8, 2016, has not been significantly impacted by the demonetisation of the greater paper currency of 500 and 1,000.  On Monday, the Supreme Court backed the government’s choice to implement demonetisation. One of the main goals of the historic … Continue reading Since demonetisation in 2016, the amount of money in circulation has increased by 83%

In December 2022, India’s Goods and Services Tax (GST) income grew to around 1.5 lakh crore, 2.5% more than November’s collections and 15% more than December 2021. Revenues from domestic transactions, including that of the import of services, were 18% greater than those from these sectors in December 2021, while revenues from imports of products … Continue reading December 2022 GST income growth is 15%, said Finance Ministry

An Indian parliamentary committee on Thursday suggested that the government create a digital competition law to regulate Big Tech companies’ anti-competitive business practices on their platforms. The administration of Prime Minister Narendra Modi has strained ties with a number of major tech giants, and New Delhi has begun tightening regulations on companies like Facebook, YouTube, … Continue reading A panel in India suggests passing the digital competition act to control Big Tech

According to Tech Mahindra on Tuesday, the year 2023 might give the country the push it needs to become digitally ready and set the pace for global technological growth. According to Jagdish Mitra, Chief Strategy Officer and Head of Growth at Tech Mahindra, 2023 has the ability to provide India with the push it needs … Continue reading As per Tech Mahindra, India would dominate global digital innovations in 2023

According to Union Minister Dharmendra Pradhan, the government is enhancing the manufacturing and marketing of forest products produced by tribal groups and working with online retailers like Amazon and Flipkart to boost their sales. According to Mr. Pradhan, the tribal population will most benefit from the National Education Policy’s emphasis on the use of the … Continue reading Dharmendra Pradhan is enlisting e-commerce companies to promote sales of tribal producers’ products

On December 20, the government told the Rajya Sabha that the States still due 17,176 crore in GST compensation as of June 2022. Pankaj Chaudhary, a minister of state for finance, responded to questions during the question period by stating that the Centre is providing States with GST compensation for a period of five years. … Continue reading Parliamentary proceedings | States still due a total of 17,176 crore in GST compensation as of June: Govt.

Nirmala Sitharaman, the Union Finance Minister, said in the Lok Sabha on December 19 that scheduled commercial banks have written off loans totalling more than $10,09 lakh crore over the course of the last five fiscal years, and the process of collecting debts from debtors is ongoing. According to Ms. Sitharaman, the process of recovering … Continue reading Parliamentary proceedings: FM writes off loans totalling 10,09,511 crores in five years

According to figures from the Commerce Ministry, the nation’s imports of crude oil increased by 52.6% to $146.57 billion for the April through November fiscal period. The report showed that imports of coal and coke soared by 97.7% to $37.25 billion during the same time period. However, throughout the course of the eight-month period, imports … Continue reading According to the Commerce Ministry, the amount of crude oil imported rose by 52.6% between April and November to $146.57 billion

Women chant and dance as they cut down rice stalks with a sickle or knife outside the village of Dak in central Senegal. The harvest is in progress in west Africa, but there won’t be enough for everyone. Many African nations rely on imports, and the market has been shaken since India placed limits in … Continue reading African nations struggle to emancipate themselves from imported Indian rice

According to a statement from Jio, “real 5G will now be available on iPhone 12 and higher, and iPhone users must upgrade to the current software to use the service.  On Thursday, Jio said, “iPhone 12 and above will gain JioTrue5G support starting today.” All iPhone 12 and later Jio users will receive an unlimited … Continue reading For iPhone 12 and later users, Jio provides unlimited 5G data at no additional cost

The national government will take steps to further reduce inflation, which has fallen below the Reserve Bank of India’s upper tolerance level of 6%, Finance Minister Nirmala Sitharaman informed the Lok Sabha on Wednesday. From 6.77% in October to 5.8% in November, retail inflation slowed to an 11-month low.  The finance minister responded to a … Continue reading Centre to take action to reduce inflation even more: FM

Prime Minister Narendra Modi has led India to have the “fastest-growing” economy, but “some” in the opposition continue to criticise the nation’s development out of “jealousy,” according to Finance Minister Nirmala Sitharaman, who made the statement in the Lok Sabha on December 12, 2022. During the Question Period, Congressman from Telangana A Revanth Reddy brought … Continue reading According to Nirmala Sitharaman, India is the fastest-growing economy in the world

Retail inflation in India dropped below 6% in November for the first time this year, slowing to 5.88% from 6.77% in October, with consumer-experienced food price inflation falling to 4.67% from over 7% in October. However, rural retail inflation remained strong at 6.09%. India’s industrial output fell sharply by 4% in October, the second time … Continue reading Retail inflation drops for the first time below the 6% barrier in 2022

By participating in various debates on the report by ILO Director-General Gilbert F. Houngbo, India significantly impacted the four-day Asia Pacific Regional Meeting of the International Labour Organization (APRM of ILO), which concluded here on Friday. Arti Ahuja, the vice chair of the 17th APRM and the union labour secretary, was instrumental in arranging these … Continue reading India’s labour secretary estimates an increase in jobs and reduced inflation

The proposed free trade deal between India and the U.K. includes commerce in products, including passenger vehicles, according to information provided to Parliament on December 9. Britain and India. have finished five rounds of negotiations for a prospective free trade agreement, and both nations are striving to wrap up the discussions as soon as possible, … Continue reading India and the UK trade in products and passenger vehicles. Trade talks: Ministry of Commerce and Industry

On Thursday morning, the benchmark equity indexes Sensex and Nifty remained practically unchanged as gains in the price of crude oil and several banking stocks were offset by losses in the IT and FMCG sectors due to the assembly election results in Himachal Pradesh and Gujarat. The National Stock Exchange’s broader Nifty index was up … Continue reading Sensex and Nifty were unchanged in early trading before important poll results

As the world’s GDP is anticipated to slow to just 1.4% in 2023 from an earlier estimate of 1.7%, the worst expansion since 2008, Fitch Ratings on Tuesday lowered its growth expectations for India for the years 2023 to 24 from the 6.7% level it had predicted in September to 6.2%. The global rating agency … Continue reading Fitch lowers its 2023–24 growth forecast to 6.2% and anticipates a 25-bps increase from the RBI

The World Bank predicted that India’s economy will expand by 6.9% in the current fiscalyear in a report released on Tuesday, December 6, 2022. The research cited tighter monetarypolicy and high commodity prices as factors affecting the country’s growth.The World Bank projects that the current fiscal year’s inflation will be 7.1%.Chief Economic Advisor V. Anantha … Continue reading World Bank predicts 6.9% growth for India this fiscal year

According to the S&P Global India Services Purchase Managers’ Index (PMI), whichincreased to 56.4 from 55.1 in October, the services sector in India continued to recover inNovember, with the quickest production rise in three months and new orders accruing at thefastest rate since August.The burden of input costs on service providers, however, persisted, increasing at … Continue reading November saw a booming services sector, as foreign orders rosefor the first time since the start of COVID-19

According to industry group ISMA, India’s sugar production grew slightly to 47.9 lakh tonnesduring the months of October and November. The Indian Sugar Mills Association (ISMA)released a statement stating that production of the sweetener until November 30 of the current2022–23 marketing year was 47.9 lakh tonnes as opposed to 47.2 lakh tonnes during the sameperiod … Continue reading A slight increase in production of sugar at 47.9 lakh tonnes in October and November:ISMA

Early on Friday, the rupee gained 18 paise to 81.08 against the dollar due to a weaker dollarin international trading. Forex traders claimed that the local currency was under pressurefrom weak domestic equities and foreign fund outflows, which limited the inclination forappreciation. The native currency rose 18 paise from its previous close to reaching 81.08 … Continue reading Early trading sees the rupee rise 18 paise to 81.08 against thedollar

According to the S&P Global India Manufacturing Purchasing Managers’ Index (PMI), whichincreased from 55.3 in October to 55.7 last month, November saw the best growth in outputand new orders for the manufacturing sector in India since August, and falling input costshelped sentiment reach an eight-year high.A PMI reading of 50 implies no change from the … Continue reading S&P Global PMI says manufacturing production and ordersincreased in November

The Indian economy can develop by 7-7.8 percent this monetary on the rear of better farming creation and a renewed provincial economy in the midst of worldwide headwinds fundamentally because of the continuous Russia-Ukraine war, prominent financial experts said.Prominent financial expert and BR Ambedkar School of Economics (BASE) Vice-Chancellor NR Bhanumurthy said at present Indian … Continue reading India’s GDP likely to grow by 7-7.8% this fiscal despite global headwinds

India’s raw petroleum imports from Russia have gotten multiple times since April and presently compensate for 10% of all unrefined purchased from abroad, a senior government official said on Thursday. Russian oil compensated for simply 0.2 percent of all oil imported by India before the Ukraine war. ”Russia oil presently makes up 10% of India’s … Continue reading India’s Russian oil imports jump 50 times; now accounts for 10% of all import

India’s media and entertainment (M&E) industry is supposed to develop at a 8.8% CAGR to arrive at Rs 4,30,401 crore by 2026, according to PwC’s Global Entertainment and Media Outlook 2022-2026. This is PwC’s 23rd yearly examination and conjecture of the area spending by buyers and publicists across 52 regions. The report features that India … Continue reading Indian M&E industry to grow at 8.8% CAGR to reach Rs 430,401 Cr by 2026: PwC

Sri Lanka’s economy has “totally imploded” and it is confronting what is happening past the simple deficiencies of fuel, gas, power and food, Prime Minister Ranil Wickremesinghe cautioned on Wednesday, highlighting the direness of showing up at an early concurrence with the IMF to get an extra credit office. Sri Lanka has been confronting the … Continue reading Sri Lanka’s economy has ‘completely collapsed’: Wickremesinghe

Farming Minister Narendra Singh Tomar on Thursday guaranteed the agro-synthetic compounds industry that he would take up the business’ interest to decrease GST on pesticides to 5 percent from 18% with the money serve.Tending to the ‘eleventh Agrochemicals Conference 2022’ coordinated by FICCI, the clergyman pushed on the requirement for crop broadening and said ranchers … Continue reading Tomar to take up industry’s demand on reducing GST on pesticides with FM

The rupee on Thursday shut at its untouched low of 78.32 (temporary) against the US dollar as solid American money and steady unfamiliar asset outpourings burdened financial backer feelings. At the interbank unfamiliar trade market, the neighborhood cash opened at 78.26 lastly settled at its untouched low 78.32, unaltered from its past close.On Wednesday, the … Continue reading Rupee settles at all-time low of 78.32 against US dollar

The World Bank on Tuesday cut India’s financial development figure for the current monetary to 7.5% as rising expansion, store network disturbances and international strains tighten recuperation. This is the second time that the World Bank has overhauled its GDP development gauge for India in the ongoing financial 2022-23 (April 2022 to March 2023). In … Continue reading World Bank cuts India’s economic growth forecast to 7.5% for FY23

The assumption for development of ebb and flow account deficiency isn’t simply determined by raised worldwide item costs, but on the other hand is connected to opening of economy resuscitating repressed request and further developed immunization cover helping a natural recuperation in economy, evaluations and exploration firm Acuite Ratings and Research said in a report. … Continue reading High commodity prices continue to weigh on trade deficit, estimate for FY23 at $90bn

Uttar Pradesh Chief Minister Yogi Adityanath said on Monday that the state was moving towards turning into India’s second biggest economy. He said India had seen phenomenal development in the eight years of the National Democratic Alliance government at the Center under the administration of Prime Minister Narendra Modi. “Urban conveniences have expanded the nation … Continue reading CM: UP moving towards becoming India’s second-largest economy

Imports from China declined 7.2 percent to USD 65.21 billion out of 2020-21 from USD 70.31 billion of every 2018-19, Parliament was educated on Friday. Then again, India’s products to China rose 26% to USD 21.18 billion of every 2020-21 from USD 16.75 billion out of 2018-19, Minister of State for Commerce and Industry Anupriya … Continue reading Imports from China slip 7.2% to $65.21 bn in ’21

The Small Industries Development Bank of India (SIDBI) has held hands with the Meghalaya government to foster a biological system for little and medium organizations. SIDBI has gone into a Memorandum of Understanding (MoU) with the Meghalaya Infrastructure Development and Finance Corporation Ltd (MiDFC) to foster the MSME environment in the state, SIDBI said in … Continue reading SIDBI, Meghalaya Govt to develop MSME ecosystem

Giving a lift to indigenization in transport constructing, the protection service on Friday gave an agreement worth up Rs 800 crore with Larsen and Toubro for obtaining of Two Multi-Purpose Vessels (MPVs) for the Indian Navy. The arrangement it is under “Purchase Indian” Category and was endorsed here within the sight of Vice Admiral SN … Continue reading Defence Ministry signs contract to boost indigenisation of ship building

The Government appoints Dr.V Anantha Nageswaran as the New Chief Economic Advisor. Dr. Nageswaran, an academic and former executive with credit Suisse Group AG and Julius Bear Group,succeeds Kv Subramanian,who demitted office of CEA in December 2021 after completion of his three-year term From 2019 to 2021, Dr Nageswaran remained a part-time visiting member of … Continue reading V Anantha Nageswaran  as the new chief Economic advisor

Since the upcoming budget for the year 2022-2023 was about to be presented on February 1,2022, by The Finanace Minister Nirmala Sitaraman ,The Former RBI Governor Subbarao said that this budget should focus mainly on creating jobs and bringing the widening inequality in the economy. Accelerating growth is the objective of every budget as it … Continue reading Budget should focus on creating jobs and minimizing inequality in economy: Former RBI Governor Subbarao

On Tuesday ,January 25,2022 Eqity benchmark Sensex slumped over 900 points in opening trade with trackable losses in Wipro,RIL,and HDFC bank. The BSE gauge was trading 905.16 points or 1.57 percent lower in early trade.Also  the Nifty fell 253.80 points or 1.48 percent . The top loser ijn the sensex was the Asian paints followed … Continue reading Early trade sensex: over 900 points

Prime Minister Narendra Modi launched the ambitious Rs 100 lakh crore Gati Shakti Master Plan to provide multi-modal connectivity to more than 1,200 industrial clusters on October 13, 2021. It will bring together 16 Ministries including Rail and Roadways, that will help in removing long-standing issues such as disjointed planning, lack of standardisation, problems with … Continue reading National Masterplan Portal to be Ready by end of March

Among the world exporters of Gherkins, India emerged as the largest exporter ,with a shipment worth $114 million from  April –october 2021 to $200 million of exports  in FY21 1,23,846 metric tonne of cucumber and gherkins have been exported by India.It has crossed  $200 million exports of pickling cucumber ,which has been globally refered as … Continue reading India stands the top most exporter of cucumber and gherkins

According to new study conducted by NASSCOM and Zinnov ,there is a two-fold increase in Start-ups.It has raised a record of $24.1 billion in 2021 pre covid -19 levels.            There is a drastic raise in the start-ups as it has raised from 600 to 2,250 in the year 2021.According to the study,”India tech start-up Ecosystem:Year … Continue reading Indian tech start ups:Raised  $24.1 billion in 2021

The union Government sanctioned Rs,221.03 crore for the development of a nine km by-pass road for gudiyatham. Nitin Gadkari,Union Minister of Road Transport and Highways has tweeted about the sanction along with land acquisition and shifting of NH 234 with the budget of Rs.221.03 crore. Official news from the Government said that a nine km … Continue reading Gudiyatham bypass road:Rs.221.03 cr sanctioned

Union Minister for Ports, Shipping & Waterways Shri Sarbananda Sonowal today announced that the contract for Haldia inland waterway terminal has been awarded. The minister also said that there is thinking to provide guarantee to banks to give easy and soft funds for barges so that this sector can take off. This terminal would revive … Continue reading Contract awarded for Haldia Inland Waterway Terminal

India’s antitrust body, the Competition Commission of India, suspended the deal between the giant US company Amazon and Kishore Biyani, headed Future Retail, to buy a stake in Future Group, and has imposed a Rs 202 crore penalty for major violations. It also imposed a separate penalty of Rs 2 crore for suppressing the actual … Continue reading CCI suspends 2019 Amazon- Future deals and fines Rs.200 Crore

India’s industrial growth remained tepid at 3.2% in the peak festive month of October, weighed down by the base effect and weak production of consumer durables and capital goods, sparking concern that the economic recovery may be plateauing. Economists called for more measures from the government to support the revival, pointing to below-expectation growth in October and signs of … Continue reading Economists fear India’s recovery may be plateauing

Swiss brokerage Credit Suisse expects the economy to continue to show positive surprises and record up to 9 percent growth in the next fiscal. For the current financial year too, the brokerage anticipates growth to be higher than the consensus forecast of 8.4-9.5 percent, and printing in at around 10.5 percent. As a policy, Credit … Continue reading Indian economy likely to grow 9% next fiscal: Credit Suisse

People in India are in “extreme pain” and the economy is still below the 2019 levels, with “small aspirations” of people becoming even smaller now, Nobel laureate economist Abhijit Banerjee has said. He was virtually addressing students of the Ahmedabad University in Gujarat on Saturday night from the US during the varsity’s 11th annual convocation which was … Continue reading Time of ‘extreme pain’ in India, economy below 2019 levels: Abhijit Banerjee

The Indian economy registered an impressive growth rate of 8.4 per cent in the second quarter of FY22. The gradual re-opening of the economy and an increased pace of vaccination supported the revival of economic activities. The performance of high-frequency indicators during the second quarter was also pointing towards the fact that the economy was slowly heading … Continue reading Economy is on recovery path, but hold the celebrations

Lawrence H. Summers, one of America’s leading economists, believes India could be a dominant story in the world’s economic history in the second quarter of this century. Summers, who played a key role in shaping the US government’s response to various episodes of global economic stress in recent years, including as Treasury Secretary in the … Continue reading India’s potential for growth is unmatched: Lawrence Summers

India is expected to remain on track to post the fastest economic growth among major economies even as the spread of the Omicron coronavirus variant has raised fears for the future. The country’s economic recovery is expected to strengthen in the July-September quarter, helped by an uptick in consumer spending, data due later Tuesday is … Continue reading India’s economic recovery gathers pace as Omicron looms

The India-Bangladesh CEO Forum will meet soon for the first time, even as the two countries work towards finalising a Comprehensive Economic Partnership Agreement (CEPA) to deepen trade and economic ties as partners rather than competitors, Commerce and Industry Minister Piyush Goyal said on Sunday. Congratulating the Bangladesh Prime Minister Sheikh Hasina on the country’s … Continue reading India, Bangladesh to deepen trade and economic ties as partners: Piyush Goyal

As the Covid-19 virus ebbs and wanes, post-pandemic realities are beginning to emerge. They underline a growing set of understandings and arrangements that form the basis of an emerging world order. Empirically speaking, downturns are followed by recovery. The Indian economy is beginning to bounce back with economic output and activity surging. A vaccination campaign … Continue reading An order that looks beyond just economics, prioritises humans

Moody’s Investors Service in its latest report has projected that the economic growth in India will rebound strongly. It has pegged GDP growth for the nation at 9.3% and 7.9% in FY22 and FY23, respectively. Steady progress in Covid vaccination will support a sustained recovery in India’s economic activity, Moody’s analyst Sweta Patodia said. “Consumer demand, spending … Continue reading India eco growth to rebound strongly, FY22 GDP growth pegged at 9.3%: Moody’s

India and the United States have reached an agreement to settle differences relating to the 2% equalisation levy imposed by New Delhi on e-commerce operators. The settlement is broadly on the lines of the one reached under the Unilateral Measures Compromise reached among the UK, Austria, France, Italy and Spain with the US on October 21 this year. Under the … Continue reading India, US reach settlement on 2% equalisation levy

The United States and India committed to integrating their economies across sectors to harness the untapped potential of the bilateral relationship, at the Trade Policy Forum convened after a gap of four years on Tuesday. Co-chaired by Commerce and Industry, Textiles, Consumer Affairs and Food & Public Distribution Minister Piyush Goyal and U.S. Trade Representative, Ambassador Katherine Tai, the … Continue reading India, U.S. commit to linking economies across sectors

Prime Minister Narendra Modi on Thursday said his government is using all channels including diplomatic to bring back high-profile economic offenders, leaving them with no option but to return to the country. Speaking at a symposium on credit flow and economic growth, he asked banks to support wealth and job creators with proactive lending while promising to … Continue reading PM Modi to fugitive eco offenders: Return to India

India, the world’s largest recipient of remittances, received USD 87 billion in 2021 with the United States being the biggest source, accounting for over 20 per cent of these funds, according to the World Bank. India is followed by China, Mexico, the Philippines, and Egypt, the Washington-based global lender said in its report released on Wednesday. In India, remittances are … Continue reading India, world’s largest recipient of remittances, received USD 87 bn in 2021: World Bank

India is better positioned to face external shocks emanating from increasing geopolitical tensions, the aftermath of the COVID pandemic and the inevitability of climate change, Reserve Bank Deputy Governor Michael Debabrata Patra said on Monday. Relative to macroeconomic configurations in 2013 when India was described as one of the fragile five countries, he said, “India … Continue reading India better positioned to face external shocks: RBI’s Michae D. Patra

Indian economy is expected to see a double-digit growth in 2021-22 and between 6.5-7 per cent in the next  financial year, outgoing chief economic advisor K V Subramanian said on Sunday. The CEA said that he does not expect commodity inflation will taper the V-shaped recovery going forward.  “I expect India to grow at double digit this year … Continue reading Indian economy to grow at double-digits this fiscal: CEA

NITI Aayog vice-chairman Rajiv Kumar said the Indian economy is expected to grow beyond 10% in this fiscal, supported by a record kharif crop, bright rabi prospects and strong rebound in trade. However, inflation is emerging as a key risk to sustainable global economic recovery with supply chain constraints and rising energy prices, Kumar cautioned. We expect India’s real … Continue reading Indian economy is expected to grow beyond 10% in this fiscal: NITI Aayog vice chairman Rajiv Kumar

In its latest research report, the World Economic Forum has propagated that a Green New Deal for India could represent upwards of a $15 trillion economic opportunity by 2070 & that it has the potential to create more than 50 million net new jobs. In its report Mission 2070: A Green New Deal for a Net Zero India, … Continue reading India’s transition to net zero economy can create over 50 million jobs: WEF

India’s current median population age stands at 26 years with around 36 percent of the people under the age 20. Among the key developed and developing nations, we are one of the youngest countries, certainly younger than the US, Australia, China, South Korea, UK, France, Germany and Japan. What is icing on the cake is … Continue reading ‘Young and agile, India is poised for rapid economic growth’

India showed more signs of a recovery taking hold last month as its consumption-driving festive season kicked off, keeping it on track to regain the title of the world’s fastest-growing major economy. An array of indicators compiled by Bloomberg News pointed to a continuing rebound in demand in September, helping keep the needle on a … Continue reading Festive season fuels India’s return to world-beating growth

Moving to renewables in India to get dearer after the Union government raised GST on critical components used in solar technology, including photovoltaic cells. The government has hiked GST to 12% from the existing 5% with effect from the beginning of this month. The hike in taxes could increase solar power tariffs to ₹2.6-2.7 per … Continue reading Top economy and business news of the day| Govt invites applications for CEA post; Sensex rallies 383 pts and more

Union Minister Hardeep Singh Puri on Thursday exuded confidence that India will become a USD five-trillion economy by 2024-25 and USD 10-trillion by 2030. Speaking at a virtual conference of PAFI India, Puri said, “Economic growth is accelerating. India is poised for growth to become a USD 5 trillion economy by 2024-25 and USD 10-trillion economy by 2030”. On … Continue reading India poised to become $5-trillion economy by 2024-25: Puri

India, United States, Israel and the UAE have decided to form a forum for future economic cooperation and to explore possibilities of joint infrastructure projects in the fields of transportation, technology, maritime security, and economics and trade. External Affairs Minister S Jaishankar, who is on a five-day visit of Israel, accompanied his Israeli counterpart Yair … Continue reading India to be part of 4-country forum on economic cooperation

India, the world’s third-largest energy consumer, has told Saudi Arabia and other OPEC nations that high oil prices will hurt the nascent economic recovery the world is witnessing after the devastating pandemic and that they have to price oil at reasonable levels, a top official said on Monday. Petrol and diesel prices have shot up … Continue reading India Tells OPEC Nations High Oil Prices Hurting Economic Recovery

Cricket Yuvraj Singh was on October 17 arrested by the Haryana Police and let on interim bail as per a High Court order in a case pertaining to offensive remarks against the Scheduled Castes on a social media platform. Confirming the arrest, Nitika Gahlaut, Hansi Superintendent of Police, said that the cricketer was arrested and released on … Continue reading Casteist remarks  Yuvraj Singh arrested, released on bail

India’s Finance Minister Nirmala  Sitharaman here said the Biden Administration and leaders from the corporate sector in the US have welcomed recent economic reforms introduced by her government.  “The reforms that we’ve undertaken, particularly the steps taken for the withdrawal of the retrospective tax has been mentioned by the United States Administration as a very … Continue reading Biden admin, US companies welcomed economic reforms by India: Sitharaman

International Monetary Fund (IMF) has retained its projection for India’s economic growth in the current financial year at 9.5 per cent, even as it has moderately scaled down its forecast for the world economy during 2021 by 10 basis points to 5.9 per cent in view of worsening Covid dynamics and supply disruptions.  In its … Continue reading IMF keeps its India economic growth projection for FY22 unchanged at 9.5%

Synopsis Yadav will travel in a Mercedes bus that has been turned into a “Rath”. On one side are posters of Akhilesh Yadav and on the other that of party founder Mulayam Singh Yadav, along with a photo of party leader Mohammad Azam Khan. To mobilize public support ahead of the parliamentary elections in Uttar … Continue reading Akhilesh Yadav starts Yatra on Tuesday to reach  UP voters

The World Bank has revised the country’s growth forecast to 8.3 per cent for the current financial year 2021-22, compared to the earlier estimate of 10.1 per cent. The World Bank stated in its latest report that the Indian economy – South Asia’s largest will register the growth aided an increase in public investment and … Continue reading India’s Economy Expected To Grow By 8.3% In 2021-22: World Bank

Synopsis The S&P 500 closed lower on Friday after September data showed weaker-than-expected job growth, but investors still expected the Federal Reserve to begin cutting bond purchases this year. The top three Wall Street indices were mixed for much of the session before losing ground towards the end. All three indices posted weekly gains. The … Continue reading S&P 500 Ends Down After Losing US Jobs In September

Chief Economic Adviser K.V. Subramanian on Friday said that he would step down following the completion of his three-year tenure. “I have decided to return back to academia following the completion of my 3-year fulfilling tenure as the Chief Economic Adviser, Government of India. To get an opportunity to serve one’s nation is an absolute privilege,” he said. … Continue reading KV Subramanian steps down as India’s chief economic adviser, says he will return to academia

India has untapped opportunities in manufacturing, engineering, and digitalisation that can play a key role in the country’s vision of a $1 trillion digital economy in the next five years, Union Minister of State for Electronics and IT Rajeev Chandrasekhar said on Wednesday. Addressing the 13th edition of the ‘Design and Engineering Summit’ of IT industry association Nasscom, Chandrasekhar said … Continue reading India can become $1 trillion digital economy in 5 years: MoS for IT

Synopsis “We cannot take the current stable situation for granted. We have to be mindful of the fact that the pandemic is going on and can take an untoward turn if we are not careful,” an official said at a joint press conference. “Please watch your October, November, December,” a senior Health Ministry official warned  … Continue reading “Please watch your October, November, December,” the government warns  of the increase in covid during the festival and wedding season