Latest Indian Economy News

Passenger vehicle exports from India rose 15 per cent in FY23 with Maruti Suzuki India leading the segment with dispatches of over 2.5 lakh units, as per the latest data by industry body SIAM. The total passenger vehicle (PV) exports stood at 6,62,891 units in the 2022-23 fiscal as compared to 5,77,875 units in 2021-22. [...]

Equity benchmark indices Sensex and Nifty buckled under selling pressure after nine-session rally on Monday, as massive sell-off in IT, tech and telecom counters unnerved investors. Intense selling in Infosys, which fell over 9 per cent after lower-than-expected revenue guidance for FY24, and HDFC twins also pulled the benchmarks down. The 30-share BSE Sensex tanked [...]

With the real estate sector contributing around 10 per cent to the total cases in consumer commissions, the Department of Consumer Affairs will on Tuesday organise a round table conference in Mumbai to discuss ways to redress the grievances of property buyers. According to an official statement, the Department of Consumer Affairs is organising a [...]

The Indian road logistics industry is expected to clock a high single-digit growth this fiscal on an elevated base of the previous year, ICRA said on Monday. The credit ratings agency also expects the demand momentum to continue in FY24, aided by stable domestic consumption and investment demand, ICRA said. The Indian road logistics industry's revenue [...]

The Tamil Nadu government on Monday signed a memorandum of understanding with a well-known footwear maker for an investment of Rs 2,302 crore in the state. The MoU was signed with High Glory Footwear, a subsidiary of Taiwan-based Pou Chen Corporation, "the world's largest branded footwear manufacturer," in the presence of Chief Minister M K [...]

The wholesale price-based inflation eased to a 29-month low of 1.34 per cent in March on easing prices of manufactured products and fuel items, even though food articles turned costly. March is the 10th straight month when wholesale price index (WPI) based inflation has declined. The inflation was 3.85 per cent in February and 14.63 [...]

As many as 25 startups have evinced interest to sign memorandums of understandings with the Centres of Excellence that were inaugurated by Chief Minister M K Stalin, the Tamil Nadu government said on Sunday. The startups under the state government's 'Olir' (shine) initiative would be able to grow faster by utilising the state-of-the-art multi-sector Industry [...]

Equity benchmark indices tumbled in early trade on Monday after nine days of rally, dragged down by index major Infosys, which fell nearly 12 per cent after lower-than-expected revenue growth guidance for FY24. Weak trends in other IT counters also pulled the benchmark lower. The 30-share BSE Sensex tanked 677.86 points to 59,753.14 in early [...]

With most non-bankers reaching the maximum funding cap from banks, their projected 16 per cent loan growth may be impacted, leading to margin compression for the sector this fiscal, according to a report. Bank funding to NBFCs has grown rapidly to Rs 13.1 lakh crore in February 2023 from a low Rs 3.9 lakh crore [...]

India's new gas pricing regime will offer greater downside protection for earnings of gas companies such as Oil and Natural Gas Corp (ONGC) and Oil India Ltd, S&P Ratings said on Friday. The new norms will not affect the pricing for gas produced from difficult fields that companies like Reliance Industries Ltd operate. Under the [...]

US-based iPhone maker Apple is continuously expanding its operations in India and the government is in regular touch with the company to support its business, commerce and industry minister Piyush Goyal has said. He said that the electronics industry works like this as first they put a basic set up and then they keep sourcing [...]

India, Japan and France have announced a common platform for talks among creditors to address the debt restructuring programme of Sri Lanka which is grappling with its worst economic crisis. The representatives of the three creditor countries, including Finance Minister Nirmala Sitharaman, held a press briefing on the margins of the annual spring meetings of [...]

Union minister Parshottam Rupala on Friday made it clear that the country will not import dairy products like butter and the supplies will be improved with the help of huge untapped domestic sector. "There is no truth in it (shortage of dairy products). No import will take place," Rupala, who is incharge of ministry of [...]

Inflows into mutual funds grew almost 7 per cent to Rs 40.05 lakh crore in FY23 from Rs 37.70 lakh crore during trailing previous 12 months despite the muted performance of the broader market. According to the data released by the mutual funds body Amfi on Thursday, the industry's net AUM (Assets Under Management) rose [...]

More than 71 per cent of people surveyed are worried about potential layoffs due to market inflation, while 36 per cent believe over-hiring is the reason for attrition, a report said on Thursday. According to a report by HR solutions provider Genius Consultants, 30 per cent of the respondents said that cost-cutting is the reason [...]

Haryana Agriculture Minister J P Dalal on Thursday said that farmers will be given compensation in May for crop damage caused by recent unseasonal rains and hailstorms in various parts of the state. Targeting opposition parties, mainly Congress, he said they should stop misleading farmers and claimed that the BJP-led government was "pro-farmer" which always [...]

The country's exports rose by about 6 per cent to a record USD 447.46 billion during 2022-23 on account of healthy growth in the outbound shipments from sectors like petroleum, pharma and chemicals, according to the government data. Service exports grew by 26.8 per cent to an all-time high of USD 322.72 billion in 2022-23 [...]

Iran on Thursday pitched for joint manufacturing activities with India across industries, saying there are a lot of opportunities for the two countries. Iran's Deputy Foreign Minister for Economic Relation Mehdi Safari also sounded hopeful of an enhanced bilateral trade with India this year. "There are a lot of opportunities... (that) they have in the [...]

India’s growth rate has been modestly downgraded from 6.1 per cent to 5.9 per cent for the current fiscal mainly because of the slowness of domestic consumption and data revision, according to a  top IMF official. The International Monetary Fund (IMF) on Tuesday lowered India’s economic growth projection for the current fiscal to 5.9 per [...]

British Prime Minister Rishi Sunak spoke to Prime Minister Narendra Modi on Thursday and agreed to expedite progress to resolve "outstanding issues" in the India-UK free trade agreement (FTA) negotiations. The phone call came against the backdrop of a media report earlier this week that claimed that India had halted the FTA negotiations with the [...]