Ahead of Diwali festival, the Union Cabinet on Wednesday increased the dearness allowance (DA) and dearness relief by 4 per cent effective July 1, 2022, benefiting 41.85 lakh central government employees and 69.76 lakh pensioners. The additional instalment of DA and dearness relief (DR) is an increase of 4 per cent over the existing rate [...]
The Cabinet on Wednesday approved a Rs 19,500-crore production linked incentive (PLI) scheme on 'national programme on high efficiency solar PV modules' with an aim to attract Rs 94,000 crore investment in the sector. One of the the benefits expected from the PLI scheme is that about 65,000 MW per annum manufacturing capacity of fully [...]
Former RBI Governor C Rangarajan advocated maintaining the ongoing hawkish stance by the Reserve Bank of India to tame inflation and expected that the rupee will strengthen with resumption of capital inflow. He also said the country has to clock an 8-9 per cent year-on-year growth for the next five years to achieve the target [...]
Indian airlines carried 1.01 crore passengers in August, reflecting a more than 4 per cent growth in domestic air traffic compared to the previous month. The carriers flew 97.05 lakh passengers in July. "Passengers carried by domestic airlines during January-August 2022 were 770.70 lakh as against 460.45 lakh during the corresponding period of previous year [...]
The CBI has filed a case against PSL Group and its directors for allegedly cheating Canara Bank to the tune of Rs 428.50 crore by defaulting on credit repayments, officials said. The agency on Thursday conducted searches at seven locations in Mumbai and Kutch, Gujarat, resulting in the recovery of incriminating documents, they said. In [...]
The overall gems and jewellery exports rose by 6.7 per cent in August to Rs 26,418.84 crore (USD 3,316.08 million) compared to the same month last year, the Gem and Jewellery Export Promotion Council (GJEPC) said on Thursday. The gems and jewellery exports stood at Rs 24,749.69 crore (USD 3,334.12 million) during August 2021, GJEPC [...]
Domestic air passenger traffic rose 5 per cent to 1.02 crore in August and a fast-paced recovery in the traffic is expected this fiscal on the back of normalcy in flight operations and widening vaccination coverage, according to rating agency Icra. Releasing the monthly domestic air passenger traffic data for August on Thursday, Icra further [...]
Fitch Ratings on Thursday slashed India's GDP growth projection for FY23 to 7 per cent, saying the economy is expected to slow against the backdrop of global economy, elevated inflation and high interest rate. In June, it had forecast 7.8 per cent growth for India. “We expect the economy to slow given the global economic [...]
Union Chemicals and Fertilisers Minister Mansukh Mandaviya on Tuesday said there is no shortage of crop nutrients in the country and asserted that there will be no hike in the prices of non-urea products. The minister also said that Nutrient Based Policy (NBS) for Phosphatic and Potassic (P&K) fertilisers for the Rabi season (October 2022 [...]
After imposing 20 per cent export duty on non-basmati rice, the government has banned the export of broken rice with an aim to increase domestic availability, according to a government notification "Export Policy of broken rice ...is amended from ‘Free’ to ‘Prohibited’," the Directorate General of Foreign Trade (DGFT) said in a notification dated September [...]
