Latest Indian Economy News

Industry body COAI has asserted that operators are mindful of adhering to service quality as they roll out 5G, but added that full benefits of seamless urban-rural connectivity of fifth-generation services will be gained once pan-India availability of these networks is achieved. The speed of 5G rollout in India "is the fastest in the world", [...]

Commerce and Industry Minister Piyush Goyal will hold a series of meetings with leaders and top CEOs of France and Italy next week during his three-day visit to these two countries to further boost trade and investment ties. The minister will be on an official visit to France (Paris) and Italy (Rome) on April 11-13. [...]

Equity benchmark indices climbed in initial trade on Monday tracking firm trend in other Asian markets and continuous foreign fund inflows. The 30-share BSE Sensex climbed 164.79 points to 59,997.76 in early trade. The broader NSE Nifty advanced 52.55 points to 17,651.70. Among the Sensex firms, Tata Motors jumped over 7 per cent. Titan, Larsen [...]

Sri Lanka's Central Bank Governor Nandalal Weerasinghe has expressed confidence that the crisis-struck country could finalise debt restructuring negotiations with bilateral and commercial creditors before the first review of the IMF, a media report said on Thursday. Sri Lanka received USD 333 million dollars, the first tranche of the USD 3 billion International Monetary Fund [...]

Benchmark indices Sensex and Nifty closed higher on Thursday, extending the winning streak to the fifth straight session after the RBI unexpectedly kept policy rates unchanged as global banking woes added uncertainty to the economic outlook. Buying in index majors HDFC Bank and Reliance Industries also added to the optimism in the equity market. Bouncing [...]

The RBI decision to keep repo rate unchanged comes as a welcome respite for homebuyers and will boost housing demand especially for affordable and mid-income category, according to property developers and consultants. After raising the interest rate by a cumulative 250 basis points in 11 months, the Reserve Bank of India (RBI) on Thursday unexpectedly [...]

Cash-strapped Pakistan has received the nod for funding of up to USD 2 billion from Saudi Arabia, a move that will help the country secure the much-required bailout from the IMF, according to a media report on Thursday. The International Monetary Fund has imposed the condition on Pakistan that it should secure USD 3 billion [...]

The Reserve Bank on Thursday marginally cut retail inflation projection to 5.2 per cent in the current fiscal, but flagged adverse climatic conditions and rising uncertainty in international financial markets as future risks. Although the expectation of a record Rabi harvest bodes well for easing of food price pressures, milk prices are likely to remain [...]

India has built a world-class digital public infrastructure which is transforming lives and economy and can be a lesson for many countries to follow, an IMF Working Paper said. India Stack is the collective name of a set of commonly used digital public infrastructure (DPIs) in India. It consists of three different layers -- unique [...]

The growth in world trade is expected to grow by a meagre 1.7 per cent in 2023 due to global uncertainties, the World Trade Organisation (WTO) said on Wednesday. The 1.7 per cent forecast is up from the previous estimate of 1 per cent last October. For 2024, the WTO in its forecast said, the [...]

Open source design of computer chipsets RISC-V is becoming a global movement with India as a leading player, Minister of State for Electronics and IT Rajeev Chandrasekhar said here on Wednesday. While speaking at RISC-V Technology Conference organised by Tenstorrent, the minister said Indian startups using RISC-V have tremendous opportunities for developing products, devices and [...]

On the back of a record 26-28 per cent volume growth in FY23, the air conditioner market is set to log in another healthy year with 15-20 per cent sales growth this fiscal, according to a report. A report by Icra Ratings also said that the production-linked incentive scheme will help reduce import dependence for [...]

The performance of the Goods and Services Tax Network system has improved steadily over time, resulting in a steady increase in taxpayers in the country, Economic Advisory Council to the Prime Minister (EAC-PM) has said in a working paper. After years of debate, India rolled out the Goods and Service Tax (GST) in July 2017. [...]

A Parliamentary panel has asked the Ministry of New & Renewable Energy (MNRE) to revive one MWe solar thermal power plant at the National Institute of Solar Energy, saying the "project led (to) an infructuous expenditure". A grid-interactive solar thermal power plant, with a capacity of 1 MWe at Direct Normal Irradiance (DNI) radiation of [...]

The European Union's carbon tax regime will affect exports from countries, including India and least developed countries, to that region, trade experts said on Wednesday. EU is introducing the Carbon Border Adjustment Mechanism (CBAM) from October 1 this year. According to a report by economic think tank Global Trade Research Initiative (GTRI), CBAM will translate [...]

Delhi airport has emerged as the ninth busiest airport in the world in 2022 with passenger traffic of more than 5.94 crore, according to Airports Council International (ACI) list. DIAL is the operator of the Indira Gandhi International Airport (IGIA) in the national capital. ACI said the list of top 10 busiest airports in the [...]

Finance Ministry has called a meeting of heads of Public Sector Banks (PSBs) on April 13 to review progress of various financial inclusion schemes, including Jan Suraksha and Mudra Yojana. The meeting is scheduled to be chaired by Financial Services Secretary Vivek Joshi. According to sources, the meeting to be chaired by the Secretary would [...]

Landslide incidents in the vicinity of hydro projects are not related to the commissioned/under-construction hydropower projects, according to a study. Indian Institute of Remote Sensing (IIRS), Dehradun, has carried out a study on the incidents of landslides in the vicinity of hydro projects and has prepared a report on Landslide Studies in Commissioned / Under [...]

The Income Tax Department on Wednesday said employers will have to seek details from employees about their preference for tax regime in the current fiscal and deduct TDS accordingly. In case an employee does not intimate his/her employer about the preferred tax regime, then the employer would be required to deduct TDS from salary income [...]

The second Employment Working Group (EWG) under G20 Presidency developed consensus on the priority areas of addressing global skill gaps, gig and platform economy, social protection and sustainable financing of social security during its three-day meeting which concluded here on Wednesday. The meeting concluded on a positive note with G20 members moving towards consensus on [...]