Latest Indian Economy News

Perth, Apr 8 (PTI) Seeking investments, Commerce and Industry Minister Piyush Goyal on Friday said India and Australia can enhance cooperation in areas such as skill development, education, services sectors, information technology, manufacturing and internet of things. He said Australian firms that would invest in India can own 100 per cent of their companies and keep [...]

New Delhi, Apr 8 (PTI) Prime Minister Narendra Modi said on Friday that the Union Cabinet's decision of supplying fortified rice through government schemes is in line with the endeavours to improve nutrition levels and further the welfare of women and the young population.  To address the issue of malnutrition among the poor, the Centre [...]

New Delhi, Apr 8 (PTI) Traders' body CAIT on Friday reiterated its demand to abolish provision of mandatory GST registration for onboarding on any e-commerce portal. CAIT Secretary General Praveen Khandelwal said this provision is preventing large numbers of traders across the country from using e-commerce as another vertical to boost their trade.  To address [...]

Chennai, Apr 8 (PTI): Global software-as-a-service company - Kissflow Inc - has drawn up plans to set up offices overseas as part of tapping the USD 40-billion low code, no code software solutions business, a top company official said here on Friday. The city-based company on Friday presented German luxury BMW cars to each of [...]

New Delhi, Apr 8 (PTI) Public sector lender Punjab National Bank (PNB) on Friday said it has opened its international banking unit at GIFT City in Gujarat. PNB's IFSC banking unit at GIFT City, Gandhinagar was inaugurated by MD and CEO Atul Kumar Goel, the bank said. The branch will cater to the customers' needs [...]

New Delhi, Apr 8 (PTI) India's gross tax collections soared to a record high of Rs 27.07 lakh crore in the fiscal year ended March 31 as mop-up from income, corporate taxes, customs and GST jumped, taking the tax-to-GDP ratio to the highest in 23 years, Revenue Secretary Tarun Bajaj said on Friday. The tax-to-GDP [...]

Mumbai, Apr 8 (PTI) The Reserve Bank is working with the government to thrash out a payment settlement solution for Indo-Russian trade, which is hit by the economic sanctions imposed on Moscow after it invaded Ukraine, but asserted that any such solution will be 'sensitive' to the prevailing economic blockade, the central bank said.RBI Governor [...]

New Delhi, Apr 8 (PTI) Welcoming the RBI's move to keep the borrowing costs unchanged on Friday, India Inc said the central bank has maintained a fine balance to support growth as well as keep inflation within the target range amid geopolitical worries. The Reserve Bank of India (RBI) kept borrowing costs unchanged at a [...]

New Delhi, Apr 8 (PTI) The Union Cabinet on Friday approved a scheme to distribute fortified rice under government programmes in three phases, Information and Broadcasting Minister Anurag Thakur said. FCI and state agencies have already procured 88.65 LMT of fortified rice for supply and distribution. Giving details to media after the Cabinet meeting, Thakur [...]

New Delhi, Apr 8 (PTI) Air conditioner maker Daikin India on Friday inaugurated the Daikin Japanese Institute of Manufacturing Excellence (DJIME) at Neemrana in Rajasthan with an aim to train 1.50 lakh Indian youth by 2025. DJIME aims to offer training programmes based on a curriculum that will include on-the-job training, HVAC (Heating, ventilation, and [...]

Mumbai, Apr 8 (PTI) The Reserve Bank on Friday slashed economic growth projection to 7.2 per cent for the current fiscal from 7.8 per cent estimated earlier amid volatile crude oil prices and supply chain disruptions due to the ongoing Russia-Ukraine war.However, the central bank asserted that it will use all available tools to defend [...]

Mumbai, Apr 8 (PTI) The Reserve Bank of India (RBI) on Friday kept borrowing costs unchanged at a record low for the 11th time in a row in a bid to continue supporting economic growth despite inflation edging higher in the aftermath of Russia's war in Ukraine.RBI's six-member Monetary Policy Committee voted to hold the [...]

Mumbai, Apr 8 (PTI) With geopolitical tensions clouding the price situation, the Reserve Bank of India (RBI) has raised the retail inflation projection for the current financial year to 5.7 per cent from earlier forecast of 4.5 per cent, though it expects moderation in prices of cereals and pulses on a likely record harvest of [...]

New Delhi, Apr 8 (PTI) The Finance Ministry on Friday said it has released the first instalment of revenue deficit grant of Rs 7,183 crore to 14 states.The grant has been released as per the recommendations of the 15th Finance Commission to Andhra Pradesh, Assam, Himachal Pradesh, Kerala, Manipur, Meghalaya, Mizoram, Nagaland, Punjab, Rajasthan, Sikkim, Tripura, [...]

Mumbai, Apr 8 (PTI) The Reserve Bank on Friday took steps towards normalisation of liquidity management to pre-pandemic levels, with the introduction of the standing deposit facility (SDF) as the basic tool to absorb excess liquidity, and narrowing the liquidity adjustment facility (LAF) to 0.50 per cent from the 0.90 per cent. Governor Shaktikanta Das [...]

Mumbai, Apr 8 (PTI) Seeking to facilitate a higher credit flow of individual housing loans, the RBI on Friday extended the rationalised home loan norms by another year till March 31, 2023.In October 2020, the Reserve Bank as a countercyclical measure to deal with the COVID situation had rationalised the risk weights by linking them [...]