Latest Indian Economy News

The finance ministry has asked public sector banks (PSBs) to do proper monitoring of top loans and make adequate provisions for pledged shares of big corporates in view of the current global financial scenario emanating from the failure of some international banks in the US and Europe. According to sources, there is a need for [...]

Equity benchmark indices climbed in early trade on Tuesday tracking a firm trend in Asian markets and buying in index major Reliance Industries, HDFC twins and IT counters. The 30-share BSE Sensex climbed 295.59 points to 57,949.45 in early trade. The broader NSE Nifty advanced 76.05 points to 17,061.75. Among the Sensex firms, Tata Steel, [...]

Retirement fund body EPFO fixed 8.15 per cent  rate of interest on employees’ provident fund (EPF) deposits for 2022-23 at its  meeting on Tuesday. In March 2022, EPFO had lowered the interest on EPF for 2021-22 to an over four-decade low of 8.1 per cent for its about five crore subscribers, from 8.5 per cent [...]

IT Minister Ashwini Vaishnaw on Monday hinted at a "big announcement" in a few weeks in the context of conversational AI tools. To a specific question on whether India can build something equivalent to the conversational AI tool ChatGPT, the minister said "wait for a few weeks, there will be a big announcement". When asked [...]

Pakistan has begun in-house consultations to decide whether to attend the Shanghai Cooperation Organisation (SCO) meetings of the defence and foreign ministers in India, a report said on Monday. New Delhi has already extended invitations to Defence Minister Khawaja Asif and Foreign Minister Bilawal Bhutto-Zardari. The defence ministers’ meeting is scheduled in April in New [...]

The government will set up a Centre for Processing Accelerated Corporate Exit (C-PACE) to process and dispose of applications for removal of company names from the records under the companies law. In a written reply to Lok Sabha on Monday, Minister of State for Corporate Affairs Rao Inderjit Singh said the centre will be established [...]

State-owned Food Corporation of India (FCI) on Monday said wheat sale at discounted rates via e-auction to bulk consumers, institutions and state governments has been stopped for now as procurement of the fresh crop begins next month. Under the Open Market Sale Scheme (OMSS), the FCI has sold 33 lakh tonnes of wheat till March [...]

Facing high aggregate technical and commercial (AT&C) losses in electricity distribution, Kashmir Power Development Corporation has initiated several measures, including disconnecting services to defaulters, to reduce the deficit. "As far as KPDCL is concerned, it has the highest AT&C losses in the country. I would say we are around 64 per cent," Chief Engineer KPDCL [...]

A parliamentary committee has stressed on the need for increasing the draft depth of almost all the ports of the country under the Sagarmala Programme according to their respective cargo profile. Increased draft depth helps ports handle larger vessels. In its latest report, the department-related parliamentary standing committee on transport, tourism and culture said that [...]

Several asset management companies (AMCs) have opened up subscription for international schemes to maximise inflows ahead of new taxation rules for debt mutual funds kicking in from April 1. The fund houses that resumed their international schemes are -- Franklin Templeton Mutual Fund, Mirae Asset Mutual Fund and Edelweiss Mutual Fund. Edelweiss Mutual has opened [...]

Global beverages major The Coca-Cola Company is bullish on the Indian market and is continuing to invest in the country through its partners, the company's President and Chief Financial Officer John Murphy said on Monday. India's rapid progress in infrastructure, electrification and digitisation offer a long runway ahead for the economy to grow and it [...]

Longer sunnier days have ensured that the performance of solar power farms improved to 75 per cent in the current fiscal from 59 per cent in the year-ago period, according to a report. Rating agency Crisil has prepared the report based on the performance of 115 solar projects aggregating to 4.6 GW of power generation [...]

Equity benchmark Sensex climbed 126 points on Monday, propped up by buying in index heavyweights Reliance Industries, Maruti and SBI amid a higher opening in European equities. The 30-share BSE Sensex climbed 126.76 points or 0.22 per cent to finish at 57,653.86. During the day, it jumped 492.45 points or 0.85 per cent to 58,019.55. [...]

Real estate sector has received an equity capital of USD 32 billion during the last five years and is expected to attract USD 12-13 billion during 2023-24 with office assets likely to garner maximum fund, according to CBRE. Real estate consultant CBRE has estimated that equity flows in real estate sector will remain steady with [...]

Finance minister Nirmala Sitharaman on Monday moved an amendment to the Finance Bill in Rajya Sabha to correct the figures with regard to rate of Security Transaction Tax (STT) to be levied on sale of options as well as futures. The amended Finance Bill 2023 by correcting STT rate has been returned to Lok Sabha, [...]

Russian flag carrier Aeroflot has increased the frequency of its flight services on the Delhi-Moscow route to seven times a week against four weekly services earlier, from March 26, a statement said on Monday. In addition, the airline has also started operating a Boeing 777 jet along with Airbus A330 to cater to passenger traffic [...]

Cyber criminals are exploiting popularity of ChatGPT to spread malware through hijacked Facebook accounts, cyber intelligence firm CloudSEK said on Monday. CloudSEK in its investigation has found the presence of 13 Facebook pages or accounts including those with Indian content, totalling over 5 lakh followers, that have been compromised and are being used to disseminate [...]

Immediate action by the government to help Indian startups in the aftermath of Silicon Valley Bank (SVB) collapse ensured they were not adversely impacted by the "minor crisis", Union Minister Ashwini Vaishnaw said on Monday. He also exhorted the entire startup community to think of the Indian banking sector as their trusted partner. Vaishnaw, Minister [...]

Telecom minister Ashwini Vaishnaw on Monday said the country's first quantum computing-based telecom network link is now operational in the national capital. While speaking at the first international quantum enclave, Vaishnaw said that the quantum communication link is now operational between Sanchar Bhawan and National Informatics Centre office located in CGO Complex in the national [...]

S&P Global Ratings on Monday kept its forecast for India's economic growth unchanged at 6 per cent in the fiscal year starting April 1, before rising to 6.9 per cent in the following year. In the quarterly economic update for Asia-Pacific, S&P saw inflation rate easing to 5 per cent in 2023-24 fiscal, from 6.8 [...]