Latest Indian Economy News

The government has no plan to use Aadhaar data for census, Minister of State for Electronics and IT Rajeev Chandrasekhar told Lok Sabha on Wednesday. "The Office of the Registrar General and Census Commissioner of India has informed that there is no plan to use Aadhaar data for census," he said in a written reply. [...]

Pharma exporters body are conducting regular interactions with the authorities of African and Commonwealth of Independent States (CIS) countries to build confidence and ensure continuity of trade, Parliament was informed on Wednesday. These interactions assume significance on the backdrop of two recent incidents of alleged cough syrup adulteration/sub-standard items found in products exported to Gambia [...]

Small and medium IT companies are yet to recover from the impact of the Covid-19 induced lockdown because of the high attrition rate of their employees after upskilling, according to a survey. According to the survey by Micro Small and Medium Enterprises -Export Promotion Council (MSME-EPC), the highest attrition rate of 35 per cent is [...]

Consumer demand remained "steady" through the March quarter and the FMCG sector is expected to witness a gradual recovery in growth rates, said Godrej Consumer Products Ltd (GCPL) on Wednesday. The performance of the Godrej group FMCG arm in the Indian market has "exceeded expectations, especially on the volume front". "We expect to deliver double-digit [...]

The country may look at importing dairy products if needed as there is a supply constraint for such items due to milk production remaining stagnant in the last fiscal, a top government official said on Wednesday. The government will intervene to import dairy products like butter and ghee, if required, after assessing the stock position [...]

Sensex and Nifty rallied nearly 1 per cent on Wednesday as the benchmark indices closed in the positive territory for the fourth straight trading session on the back of gains in IT and financial shares. A day ahead of the Reserve Bank of India's monetary policy review, the 30-share BSE Sensex surged 582.87 points or [...]

The unemployment rate in Jammu and Kashmir declined from 6.7 per cent in 2019-20 to 5.2 per cent in 2021-22 while the urban unemployment rate dipped by 1.1 percentage points, according to the Economic Survey Report 2022-23. The report, released by Jammu and Kashmir Chief Secretary Arun Kumar Mehta recently, stated that the labour force [...]

The major commodities in which India has a trade deficit with China include electronic components, computer hardware, telecom instruments, industrial machinery for dairy and organic chemicals, Parliament was informed on Wednesday. Some of the services in which India has a trade deficit with China include construction, telecommunication, computer and information services, maintenance and repair services, [...]

India's sugar production fell 3 per cent to 299.6 lakh tonnes in the first six months of the 2022-23 marketing year ending September, according to industry body ISMA. Sugar output stood at 309.9 lakh tonnes in the corresponding period of the previous year. The sugar marketing year runs from October-September. As per the data, sugar [...]

The Foreign Trade Policy (FTP) for 2023 announced recently will further boost business sentiments to reach the aspirational target of India becoming a leader in exports, leading industry bodies said. Chairman of CII national committee on exports and imports Sanjay Budhia said that reduction in export performance threshold in the new FTP will enable exporters [...]

To promote entrepreneurship at the grass root level, banks have sanctioned more than Rs 40,700 crore to over 1.80 lakh beneficiaries under Stand-Up India Scheme in seven years. Stand up India Scheme, launched on April 5, 2016, with a focus on economic empowerment and job creation, has been extended up to 2025. The scheme aims [...]

The government on Wednesday announced a plan to add 250 GW of renewable energy capacity in the next five years to achieve its target of 500 GW of clean energy by 2030. The government has decided to invite bids for 50 GW of renewable energy capacity annually for the next five years i.e., from Financial [...]

India's services sector growth moderated in March after hitting a 12-year high in February, as new business orders increased at a softer rate, a monthly survey said on Wednesday. The seasonally adjusted S&P Global India Services PMI Business Activity Index eased from 59.4 in February to 57.8 in March, indicating a slower rate of expansion. [...]

Mukesh Ambani has regained his spot as Asia's richest person after rival Gautam Adani tumbled to No. 24, Forbes said in its Billionaire 2023 list released on Tuesday. "Adani was the world's third-richest person on January 24, when he was worth nearly USD 126 billion. A report issued by US short-seller Hindenburg Research later that [...]

Steel Minister Jyotiraditya Scindia has approved the formation of 13 task forces to identify action points for each aspect of green steel production and adoption of sustainable manufacturing processes. The task forces will focus on various aspects of green steel production, including raw materials, technology, and policy frameworks. the minister said. "We are committed to [...]

Indian real estate witnessed steady demand during January-March with housing sales rising by 1 per cent and gross office space leasing growing by 5 per cent year-on-year across eight major cities, Knight Frank India said on Monday. Housing prices rose in the range of 1-7 per cent annually in the first quarter of this calendar [...]

Union Health Minister Mansukh Mandaviya on Monday said consumers will save around Rs 3,500 crore annually with the government capping the prices of the majority of essential medicines, hitting out at Congress President Mallikarjun Kharge. On Sunday Kharge had taken a swipe at Prime Minister Narendra Modi over a reported hike in prices of some [...]

About Rs 35,000 crore unclaimed deposits as of February 2023 were transferred to the Reserve Bank by public sector banks (PSBs) in respect of deposits which have not been operated for 10 years or more, Parliament was informed on Monday. These unclaimed deposits belong to 10.24 crore accounts transferred to the Reserve Bank of India [...]

Benchmark indices Sensex and Nifty settled with gains for the third straight session on Monday, helped by buying in auto, banking and capital goods shares despite a spike in crude oil prices. The 30-share BSE Sensex rose 114.92 points or 0.19 per cent to close at 59,106.44 points with 22 of its components ending in [...]

Cost of 651 essential medicines has come down by an average of 6.73 per cent from April with the government capping ceiling prices of a majority of the scheduled drugs, NPPA said on Monday. In a tweet, the national drug price regulator said the government has been able to fix the ceiling prices of 651 [...]