Latest Indian Economy News

Colombo, Jan 20 (PTI) Tourists travelling to Sri Lanka will now have to pay for their goods and services in foreign currency, the Central Bank announced on Thursday, as part of its efforts to inject more liquidity in the economy and build up the country’s depleted foreign exchange reserves. The directives were taken by the [...]

Bhubaneswar, Jan 20 (PTI) The National Bank for Agriculture and Rural Development (NABARD) Thursday sanctioned Rs 951 crore to the Odisha government for the construction of 176 rural roads. The assistance has been sanctioned under the the Rural Infrastructure Development Fund (RIDF) for 176 rural road projects in all 30 districts of the state, NABARD [...]

New Delhi, Jan 20 (PTI) A study has found that two doses of Sputnik V provide two times higher virus neutralising antibodies against the Omicron variant of COVID-19 than two doses of the Pfizer vaccine, Gamaleya National Research Center of Epidemiology and Microbiology and the Russian Direct Investment Fund (RDIF) said on Thursday. The study [...]

Mumbai, Jan 20 (PTI) With India being one of the largest hubs for startups in the world, a survey has revealed that 77 per cent of respondents believe these new-age firms have a positive role in boosting the employment scenario in the country. According to the survey by human resource solutions organisation Genius Consultants, over [...]

Kolkata, Jan 20 (PTI) Collection efficiency ratio of the microfinance sector is “comfortable” at 90-95 per cent and there has been no impact on recoveries despite the current Covid surge, a senior official said on Thursday.The collection efficiency ratio of the sector is “much better” than other financial instruments, Chief Executive Officer of the Microfinance [...]

New Delhi, Jan 20 (PTI) Investors' wealth has eroded by over Rs 6,80,441 crore in three days of market fall amid weak global trends and muted domestic sentiments. Extending its losses for the third straight day, BSE benchmark Sensex on Thursday finished below the 60,000-level, weighed by hectic selling in IT, energy and finance stocks [...]

New Delhi, Jan 20 (PTI) Retail inflation for farm and rural workers rose to 4.78 per cent and 5.03 per cent respectively in December 2021, mainly due to higher price of certain food items, official data showed on Thursday. "Point to point rate of inflation based on the CPI-AL (consumer price index for agricultural labour) [...]

New Delhi, Jan 20 (PTI) India's mineral production rose five per cent in November 2021 compared to the year-ago period, according to the mines ministry. The index of mineral production of mining and quarrying sector for November 2021 stood at 111.9, which was five per cent higher compared to the level in November 2020. The [...]

New Delhi/Davos, Jan 20 (PTI) European Commission President Ursula von der Leyen on Thursday announced a new policy to support a massive expansion of chip production in the European Union and said the European need for chips will double in the next decade. In a special address at the World Economic Forum's online Davos Agenda [...]

New Delhi, Jan 20 (PTI) Market experts on Thursday said the government should consider relieving traders of the Securities Transaction Tax on equity trade in the Union Budget, which will be presented by the finance minister on February 1.        The move is expected to boost the capital markets and encourage new investors [...]

New Delhi, Jan 20 (PTI) Healthcare sector is likely to receive the highest priority in the upcoming Union Budget 2022-23 on account of continuing challenges posed by COVID-19 and the imperative need for scaling up public health infrastructure, an Assocham survey said on Thursday.  The industry chamber noted that 47 per cent of the respondents in [...]

New Delhi, Jan 20 (PTI) The Delhi High Court Thursday sought the Centre's reply on a plea seeking direction to quash the ‘Lead Stabilizer in Polyvinyl Chloride Pipes and Fittings Rules, 2021’ which mandate obtaining licence from the Bureau of Indian Standards for manufacturing PVC pipes and to have the BIS ‘Standard Mark’ on them.A [...]

New Delhi, Jan 20 (PTI) The Goa Chamber of Commerce & Industry (GCCI) has made a plea to Prime Minister Narendra Modi to resume sustainable mining in the state and stressed that stoppage of mining operations has led to a negative impact on the state's economy. Mining operations in Goa were stopped in March 2018 [...]

Washington, Jan 20 (PTI) President Joe Biden has flagged as a major achievement of his administration the US-led move to release 50 million barrels of oil from the country's Strategic Petroleum Reserve to lower energy costs for Americans, a decision taken in coordination with other major economies like India and China.In November last year, President [...]

New Delhi, Jan 20 (PTI) Farmers' body FAIFA on Thursday urged the government to bring price parity between cigarettes and other forms of tobacco to check the illicit cigarettes market, which has hit the livelihoods of tobacco farmers. The Federation of All India Farmer Associations (FAIFA), which claims to represent commercial crop farmers and farm [...]

Mumbai, Jan 20 (PTI) India Ratings and Research on Thursday said the country's economy is likely to grow at 7.6 per cent year-on-year in 2022-23. The agency said after a gap of two years, the Indian economy will show a meaningful expansion, as the real GDP in 2022-23 is expected to be 9.1 per cent [...]

New Delhi, Jan 20 (PTI) The global solar sector has witnessed total corporate funding of USD 27.8 billion in 2021, the highest in the last 10 years, according to Mercom Capital Group.Corporate funding includes venture capital and private equity (VC), debt financing, and public market financing.In its latest report, the global clean energy consulting firm [...]

New Delhi, Jan 20 (PTI) The income tax department on Thursday said it has issued refunds of over Rs 1.59 lakh crore to more than 1.74 crore taxpayers so far this fiscal.This includes refunds worth Rs 26,372.83 crore for the 2020-21 fiscal ended March 31, 2021, to 1.36 crore income taxpayers."CBDT issues refunds of over [...]

New Delhi, Jan 20 (PTI) The country's exports of agricultural products, including marine and plantation goods, increased 23.21 per cent to USD 31.05 billion in April-November 2021 and is expected to cross USD 50 billion for the "first time" this fiscal, the commerce ministry said on Thursday.The ministry has taken several steps during the ongoing [...]

Jammu, Jan 20 (PTI) The Jammu and Kashmir administration has declared Jerri settlement in Reasi district as the first 'milk village' of the Union Territory and sanctioned 57 more dairy farms under the Integrated dairy development scheme (IDDS) for the hamlet, officials said.The milk village, which houses 73 individual dairy units with 370 cows, will [...]