Latest Indian Economy News

Equity benchmark indices Sensex and Nifty buckled under selling pressure for the second straight session to settle nearly 1 per cent lower on Friday as investors pared exposure to the metal, energy and realty stocks amid a bearish trend in Asian and European markets. Besides, a depreciating rupee against the US dollar and fresh foreign [...]

Superior health and safety protection solutions provider Ansell has unveiled its Go Live Ansell Kovai, packing and irradiation operations in the country set up at an investment of about USD 80 million, a top official said on Friday. The facility at Perundurai in Erode district would initially focus on manufacturing surgical and life sciences products [...]

The government on Friday said there is a shortage of feedstock cracker in the petrochemicals sector and more private investments are required in the sector to reduce imports. Addressing an Assocham-organised conclave on speciality chemicals, Chemicals and Petrochemicals Secretary Arun Baroka said with electric vehicles coming up and demand for petrol/diesel set to reduce, automatically [...]

Union minister Nitin Gadkari on Friday said that if India can use recently discovered reserve of lithium in Jammu and Kashmir, it can become world's number one automobile manufacturer in electric vehicle segment. Addressing an event organised by industry body CII, the road, transport and highway minister said there is a need to encourage public [...]

Credit card payments for foreign travel will be brought under the purview of the Liberalised Remittance Scheme (LRS) of the Reserve Bank, to ensure that such expenses do not escape TCS (Tax Collection at Source). While moving the Finance Bill 2023 for consideration and passage in the Lok Sabha on Friday, Finance Minister Nirmala Sitharaman [...]

Former Engineer-in-Chief of Indian Armed Forces Lt Gen Harpal Singh has taken over as the President of India chapter of International Road Federation (IRF), a global road safety body working for better and safer roads world-wide. The Governing Council of the International Road Federation – India Chapter on March 18, 2023 unanimously endorsed Singh as [...]

The government on Friday announced that a committee under the finance secretary will be set up to improve the New Pension System (NPS) Awith a view to take care of the concerns of employees while maintaining fiscal prudence. While moving the Finance Bill 2023 for consideration and passage in the Lok Sabha, finance minister Nirmala [...]

Lok Sabha on Friday cleared changes in the Finance Bill to pave the way for setting up of an appellate tribunal for resolution of disputes under GST. Currently, taxpayers are filing writ petitions before high courts in the absence of the appellate tribunal. As per the amendments proposed in the Finance Bill 2023, which was [...]

Finance minister Nirmala Sitharaman on Friday proposed setting up of a committee to look into the issues related to pension for government employees and evolve an approach to address the need of employees while maintaining fiscal prudence. While moving the Finance Bill 2023 in the Lok Sabha for consideration and passage, the minister also said [...]

India's exports to the UAE are expected to touch an 'all-time high' of USD 32 billion by the end of this fiscal due to the benefits of free trade agreement between the countries, an official said on Thursday. The two countries also plan to integrate their customs and logistics portals for real-time tracking of shipments [...]

Debt mutual funds are likely to be stripped of the long-term tax benefit if they invest less than 35 per cent of their assets in equities. Such mutual funds will attract short term capital gains tax. The government is likely to make such a proposal in the form of an amendment to the Finance Bill [...]

Over 41,000 sub-standard toys have been seized by enforcement agencies since the implementation of mandatory quality certification, with effect from January 2021, the government said on Thursday. In an official statement, Food and Consumer Affairs Ministry said that the government has taken proactive steps to restrict the import of sub-standard and unsafe toys and promote [...]

The Unique Identification Authority of India and state-owned Society for Electronic Transactions and Security on Thursday signed a pact to conduct joint research for the development of tools and products in deep tech domains, an official statement said. As part of the memorandum of understanding (MoU), both organisations will carry out joint research in deep [...]

Benchmark indices Sensex and Nifty declined in early trade on Friday amid a weak trend in Asian markets and fresh foreign fund outflows. Weak trend in index major Reliance Industries also dragged benchmark indices lower. The 30-share BSE Sensex declined 123.03 points to 57,802.25. The broader NSE Nifty fell 61.1 points to 17,015.80. From the [...]

As part of the Digital India programme, the National Minorities Development and Finance Corporation (NMDFC) on Thursday launched software MILAN for digitising loan and accounting processes. The prime mandate of NMDFC, which comes under the minority affairs ministry, is to provide concessional finance to the minorities for self-employment/income generation activities. As per the National Commission [...]

TRAI is scheduled to meet telecom companies on March 27 on the development and implementation of Unsolicited Commercial Communication (UCC) detect solutions, as the regulator continues its offensive against pesky marketing calls and messages. The Telecom Regulatory Authority of India (TRAI) further said that the exploitation of the DLT (Distributed Ledger Technology) platform to bring [...]

Equity benchmark Sensex declined 290 points in a volatile session to settle below the 58,000 mark on Thursday due to a sell-off in banking, financial and IT stocks amid a weak trend in European equities. Besides, heavy selling pressure in index heavyweight Reliance Industries added to the pressure, traders said. After rallying for the two [...]

Union Road Transport and Highways Minister Nitin Gadkari on Thursday said more than 2.78 lakh electric vehicles have been registered in the country in 2023 calendar year so far. Andhra Pradesh and Madhya Pradesh are in the process of migrating to Vahan portal and hence their data on EV registration is partially included while Telangana [...]

Sri Lanka has imported two million eggs from India to ensure food security in the crisis-hit island nation, Trade Minister Nalin Fernando said on Thursday. Fernando told Parliament that the shipment imported by the State Trading General Corporation had arrived and the stocks would be released in the market within three days. The decision to [...]

Finance minister Niramala Sitharaman is scheduled to meet managing directors of public sector banks (PSBs) on March 25 for performance review in the backdrop of failure of few banks in the US and liquidity crisis faced by Credit Suisse. The meeting is going to take stock of the progress made by banks in achieving targets [...]