Category: ECONOMY

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  • ECONOMY

India to clock GDP growth of 6.5 pc in FY24 despite high crude oil prices: NITI Aayog member Arvind

Mr. Virmani has confidently stated that the gross household savings ratio in India has consistently increased.

According to NITI Aayog member Arvind Virmani, the Indian economy is projected to grow at approximately 6.5 percent in the current fiscal year, despite the challenges posed by ....

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  • ECONOMY

Keep calm: On solar radiation management

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  • ECONOMY

Testing times: On shrinking of India’s goods exports

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  • ECONOMY

India, Brazil begin talks to resolve sugar-related trade dispute at WTO

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  • ECONOMY

Finance Ministry seeks applications for post of whole-time member at IRDAI

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  • ECONOMY

Government notifies 31 Benches of GST Appellate Tribunal

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  • ECONOMY

Finance Ministry notifies constitution of GST Appellate Tribunals

Out of the 31 Appellate Tribunals spread across 28 Indian States and Union Territories, Uttar Pradesh boasts the highest count. According to CII, expediting the resolution of cases through specialized tribunals will greatly boost business sentiments in India.

The Finance Ministry offici....

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  • ECONOMY

Disentangling the 2030 global renewable energy target

During COP28, it's essential for developing nations to contemplate the proposed target, but only if the developed nations commit to fair and absolute domestic targets.

The 28th Conference of Parties (COP28) of the United Nations Framework Convention on Climate Change (UNFCCC), set t....

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  • ECONOMY

Little succour: On Consumer Price Index data

Failure to effectively control inflation could pose additional risks to economic growth. The most recent data from the National Statistics Office (NSO) regarding the Consumer Price Index (CPI) suggests that while there has been a slight decrease in the pace of price increases compared to July'....

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  • ECONOMY

The complex path to biofuel sustainability

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  • ECONOMY

Little succour: On Consumer Price Index data

Failure to control inflation can pose additional risks to economic growth. The most recent data from the National Statistical Office (NSO) on the Consumer Price Index (CPI) suggests that while there has been a slight slowdown in the rate of price increases compared to July's 15-month high, it....

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  • ECONOMY

First commercial production of ACC batteries under PLI to start from December/January: Mahendra Nath

The government has extended the PLI scheme by another year to enable the auto industry to reap the benefits of the incentives provided for manufacturing advanced automotive technologies.

On Tuesday, the government announced that the first Production-Linked Incentive (PLI) scheme for Adv....

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  • ECONOMY

Shakti smart card: Karnataka government proposes fee of ₹14.16, but Transport Minister wants to waiv

The Indian Government has introduced a new fee structure for Shakti smart cards, setting the application fee at ₹10 and the issuance letter fee at ₹2. This results in a total cost of ₹14.16, inclusive of GST (Goods and Services Tax).

After the Karnataka state government's deci....

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  • ECONOMY

Retail inflation declines to 6.83% in August on falling food prices

In rural India, inflation continues to remain high at 7.02%, but urban consumers are facing even higher food inflation at 10.4%.

In August, India's retail inflation saw a slight decrease to 6.83%, down from July's 15-month high of 7.44%. However, the cost of food remained notabl....

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  • ECONOMY

Byjus proposes sale of overseas units to repay $1.2 billion loan

Ed-tech giant Byju’s is exploring the sale of its overseas ventures, Epic and Great Learning, as part of its strategy to repay a substantial $1.2 billion (₹9,956 crore) loan owed to its lenders. An insider familiar with the matter disclosed this information.

Byju’s, a prom....

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  • ECONOMY

Nifty 50 scales 20,000 mark backed by broad-based buying, slips lower end of day

In a significant development for the Indian stock market, the index has reached a new closing high at 19,996.35, marking a gain of 0.89% compared to the previous trading day's close.

Continuing the upward trend seen throughout the past week, the NSE Nifty 50 index achieved a remarka....

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  • ECONOMY

India's forex reserves jump $4.03 bn to $598.89 bn

In October 2021, India's foreign exchange (forex) reserves had touched a historic high of $645 billion. However, these reserves faced a decline as the central bank utilized them to safeguard the Indian rupee from the pressures primarily stemming from global developments over the past year.

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  • ECONOMY

How unemployment is measured

The question of unemployment holds immense potential to impact any government's fortunes in India. To effectively address this challenge, it's crucial to grasp how it is defined and quantified in a developing Indian context.

When the Periodic Labour Force Survey (PLFS) was relea....

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  • ECONOMY

Finance Ministry notifies valuation methodology for calculating GST on online gaming, casino

The Ministry of Finance has recently made changes to the Central GST law regarding the calculation of the value of supply for online gaming and casinos, in line with the decision of the GST Council last month.

On September 6, the government officially announced these amendments to the G....

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  • ECONOMY

Elon Musk borrowed $1 billion from SpaceX in same month of Twitter buyout: WSJ

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  • ECONOMY

The transition of loans from floating to fixed rates | Explained

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  • ECONOMY

SBI introduces UPI interoperability in Digital Rupee

The State Bank of India (SBI), the renowned public sector bank, has proudly announced the successful implementation of Unified Payments Interface (UPI) interoperability in the Digital Rupee (₹), also known as Central Bank Digital Currency (CBDC).

"This innovative feature, easily ....

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  • ECONOMY

GDP-centric view changing to human-centric one: PM Modi

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  • ECONOMY

S&P Global India Manufacturing PMI signals August activity hit nearly three-year high

Job creation witnessed a decline over the last four months, despite a significant increase in new orders, which grew at the fastest rate since January 2021.

According to the S&P Global India Manufacturing Purchasing Managers’ Index (PMI), the order books and production levels ....

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  • ECONOMY

Rupee settles flat at 82.70 against U.S. dollar

In the interbank foreign exchange market, the Indian rupee kicked off at 82.58 and reached a low of 82.76 during intraday trading.

The rupee wrapped up the day at 82.70 (provisional) against the U.S. dollar on Friday, maintaining a stable performance. This was influenced by the increase....

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  • ECONOMY

Economy grew 7.8% in first quarter, just below RBI estimate

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  • ECONOMY

Hindenburg 2.0: OCCRP alleges Mauritius-based opaque funds invested millions of dollars in Adani sto

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  • ECONOMY

CAG report on Dwarka Expressway ‘erroneous’, says Highways Ministry official

The CAG report had raised concerns about the high expenses and the presence of rival infrastructure.

A senior official from the Ministry of Road Transport and Highways has contested the Comptroller and Auditor General's (CAG) findings regarding the substantial increase in costs for ....

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  • ECONOMY

Vedanta wins arbitration against government in $1.1-billion cost disallowance case

 

As per the agreement, companies have the right to recover all the expenses they've incurred before sharing profits in a pre-determined ratio with the government.

Renowned mining tycoon Anil Agarwal's Vedanta Ltd has emerged successful in an arbitration against a....

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  • ECONOMY

Waiting for India’s counter proposal on investment court system: EU Trade Commissioner

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  • ECONOMY

SEBI still probing 13 overseas entities’ holdings in Adani group

One of the two inquiries that have puzzled SEBI so far pertains to 13 overseas entities that were categorized as public shareholders of the Adani group of companies.

SEBI, the Securities and Exchange Board of India, has stated that its investigation into two important aspects raised by ....

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  • ECONOMY

Nod for game-changer jet engine technology transfer expected soon: U.S. Ambassador Eric Garcetti

Prior to the visit of U.S. President Biden to Delhi, Ambassador Garcetti envisions collaboration on trade, counter-terrorism, G20, and China.

Anticipating U.S. Congressional approval for the GE-HAL jet engine deal, a groundbreaking technology transfer between India and the U.S., Ambassa....

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  • ECONOMY

Easing credit flow: On the Reserve Bank of India’s Public Tech Platform for Frictionless Credit

The Reserve Bank of India's initiative to establish a 'Public Tech Platform for Seamless Credit' is a commendable step aimed at simplifying the credit process, especially for small borrowers. Recently unveiled as part of the Statement on Developmental and Regulatory Policies, this pla....

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  • ECONOMY

Bharat NCAP To Cost Automakers Rs 60 Lakh, One-Fourth Of International Price: Nitin Gadkari

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  • ECONOMY

Inflation pressures may linger, but food prices to cool soon: Finanace Ministry

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  • ECONOMY

GDP growth to be higher than RBI's estimate of 8% for June quarter, say Economists

The Reserve Bank of India (RBI), which anticipates a GDP growth of 6.5% in FY24, has predicted an expansion of 8% during the April-June quarter.

Experts stated on August 22 that the actual growth of the country's real GDP in the first quarter is likely to surpass the Reserve Bank....

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  • ECONOMY

India exported tobacco worth ₹9,740 crore during 2022-23, according to Tobacco Institute of India

India's tobacco and tobacco product exports during 2022-23 amounted to ₹9,740 crore, with a significant contribution from cigarette-type tobacco, such as Flue Cured Virginia (FCV) and Burley, as highlighted by Sharad Tandan, the director of the Tobacco Institute of India (TII).

Ta....

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  • ECONOMY

Piyush Goyal cautions protesting onion farmers against ‘political opponents’

NCCF and NAFED Procure Onions at Historically High Rate of ₹2,410/quintal, States Union Food and Consumer Affairs Minister

Even as onion farmers halted trading at Nashik's Agricultural Produce Market Committee (APMC), the Central government has engaged with the Maharashtra Governm....

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Onions to be made available at ₹25 as buffer stock burgeons

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  • ECONOMY

Pulses prices may spiral as deficient rain mars sowing

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  • ECONOMY

Government imposes 40% export duty on onion to improve local supplies

The imposition of export duty arrives amidst reports indicating a potential increase in onion prices in the upcoming month of September. On August 19, the government enforced a 40% duty on onion exports, aiming to curb the escalation of prices and enhance the availability of onions in the local m....

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  • ECONOMY

The issue is not about India’s GDP, but its JDP

Political leaders need to introspect whether attention-grabbing GDP figures genuinely guarantee comprehensive economic well-being for all.

Participating in the debate on the motion of no-confidence in Parliament last week, Union Finance Minister Nirmala Sitharaman eloquently discussed I....

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  • ECONOMY

UPL SAS and NSL Sugars Join Forces to Boost Sugarcane Yield

UPL SAS and NSL Sugars Join Forces to Boost Sugarcane Yield

In a significant stride towards agricultural advancement, UPL SAS and NSL Sugars have sealed a promising partnership aimed at enhancing sugarcane yield. This collaboration is poised to revolutionize the sugarcane industry, fost....

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  • ECONOMY

Reserve Bank Introduces New Guidelines for Personal Loans | Latest RBI Norms

Reserve Bank Introduces New Guidelines for Personal Loans | Latest RBI Norms

Introduction:
In a move aimed at regulating the lending practices of financial institutions, the Reserve Bank of India (RBI) has unveiled fresh norms for personal loans. These updated guidelines come as ....

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  • ECONOMY

Tamil Nadu’s solar power generation hits a new record

Power generation touched 4,882 megawatts on 16th August

Tamil Nadu achieved a remarkable milestone in solar power generation by reaching an impressive 4,882 megawatts on the 16th of August.

This achievement outshined the previous record of 4,866 megawatts established on the 26....

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  • ECONOMY

Axis Bank to provide Kisan Credit Card, unsecured MSME loans via RBI’s Public Tech Platform

Axis Bank has stated that both these products will be offered in a completely digital manner and will not require customers to submit any documents.

Shortly after the Reserve Bank of India (RBI) announced a pilot initiative called the Pilot for Public Tech Platform for Frictionless Cred....

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  • ECONOMY

Samsonite India embarks on ₹160-crore capacity expansion

Having accomplished 100% utilization of 500,000 units of luggage suitcases per month, Samsonite South Asia Pvt. Ltd., the subsidiary of the American luggage giant Samsonite Inc., has commenced a ₹160-crore expansion plan to raise the monthly production capacity to 750,000 units by the end of 20....

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  • ECONOMY

Explained | What is RBI’s pilot programme for facilitating ‘frictionless’ and ‘timely’ credit?

The RBI has announced a pilot program for the 'Public Tech Platform for Frictionless Credit', which aims to provide seamless credit by 'facilitating the smooth flow of necessary digital information to lenders.'

The story so far: On 17th August, the Reserve Bank of India ....

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  • ECONOMY

Moody’s affirms India’s sovereign rating at ‘Baa3’; says GDP growth to support increase in income le

Moody's has stated that it foresees India's economic growth to surpass all other G20 economies for at least the next two years, primarily due to domestic demand.

On August 18, Moody's upheld India's sovereign rating at 'Baa3' with a stable outlook and mentioned t....

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  • ECONOMY

Vishwakarma scheme will aid 30 lakh artisan families: Centre

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  • ECONOMY

Housing for all: On scheme to help the urban poor build houses in cities

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  • ECONOMY

Cabinet nod for 10,000 electric buses in 169 cities

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  • ECONOMY

A surge foretold: On inflation data

Rising prices could impact wider consumption and economic growth

The latest data from the National Statistical Office (NSO), revealing a significant uptick in retail prices, comes less than a week after the Reserve Bank of India (RBI) opted to keep interest rates unchanged despite warni....

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  • ECONOMY

Cabinet approves seven rail projects worth ₹32,500 crore to boost connectivity

Covering a vast expanse across 35 districts across nine different states, a noteworthy stride has been taken to bolster the rail network. The Union Cabinet has given the nod to seven crucial projects under the aegis of the Ministry of Railways, with a budget of approximately ₹32,500 crore. Enco....

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  • ECONOMY

Digital India expansion gets ₹14,903 crore outlay

The CERT-in fund expansion will provide DigiLocker services for MSMEs, expand UMANG services, modernize the broadband network for research, and introduce an AI translation tool in 22 languages.

On August 16, the Union Cabinet approved a five-year extension and expansion of the Digital I....

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  • ECONOMY

Pioneering Progress: Confronting Challenges On The Path To Independence Day 2023

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  • ECONOMY

Windfall tax on crude oil, diesel hiked

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  • ECONOMY

July exports shrink 16% on slowing U.S., EU markets

The decrease in imports was a tad more pronounced at 17%; In July, the trade deficit for goods stood at $20.67 billion, which was 18.7% lower than the previous year.

As per the estimates released by the Commerce Ministry on Monday, India's goods exports contracted by 15.9% in July, ....

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  • ECONOMY

Retail inflation surges to 7.44% in July

First print above 7% since September 2022; rural consumers dealt with a steep 7.6% price increase.

Retail inflation made a strong comeback in July, reaching 7.44% from 4.87% in June. Consumers faced a significant 11.5% surge in food prices. This marks the highest level of retail inflati....

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The Ministry of Railways has renamed the 14205 Ayodhya Cantt-Delhi Express train as Ayodhya Express.

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  • ECONOMY

India needs a new economic policy

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India’s industrial output growth hits three-month low

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Govt. to come up with 60 quality control orders this year to stop imports of sub-standard goods

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Direct tax collections rise 16% to ₹6.53 lakh crore till August 10 in FY24

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  • ECONOMY

India-Japan look to restart trilateral cooperation with Sri Lanka, but with caution

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Tamil Nadu inks pact with Godrej for a manufacturing plant with ₹515 crore investment

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  • ECONOMY

RBI launches conversational, offline payments via UPI; raises UPI-lite limit to ₹500 per transaction

The Reserve Bank of India (RBI) has put forward a proposal on August 10 to increase the per transaction payment limit to ₹500 for UPI Lite when used offline. Alongside this, the RBI has introduced other measures to enhance the adoption and utilization of digital payments across the nation.

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  • ECONOMY

RBI’s MPC keeps policy rate unchanged, CPI inflation projection for FY24 revised to 5.4%

The Monetary Policy Committee (MPC) of the Reserve Bank of India, on August 10, unanimously decided to keep the policy repo rate unchanged at 6.50%.

Consequently, the standing deposit facility (SDF) rate remains at 6.25%, and the marginal standing facility (MSF) rate and the Bank Rate r....