Latest Indian Economy News

Amid the funding winter, 128 Indian startups have raised over USD 995 million (around Rs 8,000 crore) venture capital funding in August, GlobalData said on Thursday. The funds raised in August are 9.7 per cent more than that in the previous month, the data and analytics company said in a statement. Aurojyoti Bose, Lead Analyst [...]

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 [...]

Foreign investors pumped Rs 12,000 crore into the Indian equity market so far this month on hopes that global central banks, particularly the US Fed, may go slow on rate hikes as inflation starts to cool off. This comes following a net investment of staggering Rs 51,200 crore in August and nearly Rs 5,000 crore [...]

The country's foreign exchange reserves declined by USD 2.234 billion to stand at USD 550.871 billion for the week ended September 9, the Reserve Bank of India (RBI) said on Friday. In the previous reporting week, the reserves had dropped by USD 7.941 billion to USD 553.105 billion. The fall in the reserves during the [...]

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 [...]

India's exports rose marginally by 1.62 per cent to USD 33.92 billion and trade deficit more than doubled to USD 27.98 billion in August, data released by the commerce ministry said on Wednesday. Trade deficit in August 2021 stood at USD 11.71 billion. Imports rose by 37.28 per cent to USD 61.9 billion in August [...]

The wholesale price-based inflation eased for the third consecutive month in August to 12.41 per cent, on softening in prices of manufactured items, even as food items saw an uptick. The Wholesale Price Index-based inflation was 13.93 per cent in July and 11.64 per cent in August last year. August is the 17th consecutive month [...]

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 [...]

India's hiring outlook remains strong with 54 per cent of companies planning to hire in next three months amid predictions of growth opportunities for developing countries in the wake of ongoing geopolitical conflicts, says a survey. According to the ManpowerGroup Employment Outlook Survey released on Tuesday, the labour market is indicating strong sentiments for October-December [...]

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 [...]

The market capitalisation of BSE-listed firms reached an all-time high of Rs 282.66 lakh crore on Thursday, helped by a rebound in equities. The 30-share BSE Sensex climbed 659.31 points or 1.12 per cent to settle at 59,688.22 after falling in the previous two trading days. The bounce back in equities, helped the market capitalisation [...]

Finance Minister Nirmala Sitharaman on Thursday said India has ramped up the import of crude oil from Russia at discounted prices amid sanctions on Moscow as part of the country's inflation management. "In a situation where global prices were going beyond anyone's affordability, at that stage to take a very strong political decision, I respect [...]

Domestic airlines industry is expected to report a net loss of around Rs 15,000-17,000 crore this fiscal on account of elevated price of Aviation Turbine Fuel (ATF) and a weak rupee, a report said on Wednesday. The losses for the industry in the previous fiscal were estimated at around Rs 23,000 crore, credit ratings agency [...]

Icra on Friday said it expects steel prices to remain under pressure in the country over the near future as the prices in the domestic market cannot be cushioned from the global trends. The rating agency also expects the steel demand in the domestic market to grow at 7-8 per cent in the current financial [...]

The IMF on Thursday announced that it will provide Sri Lanka a loan of about USD 2.9 billion over four years under a preliminary agreement to help the bankrupt island nation tide over its worst economic crisis and protect the livelihoods of the people. Sri Lanka is going through its worst economic crisis since its [...]