Latest Indian Economy News

The government on Wednesday said the export of biofuel from special economic zones and export oriented units are allowed for fuel as well as non-fuel purposes without any restriction, if the biofuel is produced by using imported feed stock. On August 28, 2018, the government had imposed restrictions on export of biofuels within days of [...]

Mobile phone exports from India increased to nearly USD 9.5 billion in February, with Apple contributing half of the total exports, mobile devices industry body ICEA said on Wednesday. An official at the India Cellular and Electronics Association (ICEA) said the industry is on track to cross the target of mobile phone exports worth USD [...]

India now has over 127 global patents for 6G technology, Union Minister for Communications Ashwini Vaishnaw said on Wednesday. He reiterated Prime Minister Narendra Modi's remark that India has the power of trust and scale, which is leading to the demand for indigenous telecom gears overseas. Vaishnaw said the Prime Minister has given his ministry [...]

Equity benchmarks declined in initial trade on Thursday after a two-day rally, in line with a weak trend in global markets. Also, a weak trend in index major Reliance Industries and IT counters added to the pressure. The 30-share BSE Sensex fell 341 points to 57,873.59 after a weak beginning. The broader NSE Nifty declined [...]

Icra on Wednesday revised its outlook for domestic steel demand to 7-8 per cent for the next fiscal. Earlier, the ratings agency had estimated the demand to grow in the range of 6-7 per cent. "With the central government's capex outlay in FY2024, Icra has revised upwards its steel consumption growth estimate for FY2024 to [...]

Gautam Adani's fortunes have suffered a severe setback on concerns over corporate governance and accounting fraud, leading to Reliance Industries' Mukesh Ambani replacing the Ahmedabad-based industrialist as the richest Indian. Adani lost Rs 3,000 crore of wealth every week over the last year and his overall networth is down 60 per cent from its peak, [...]

Sizeable equity commitments in under-construction projects and rising working capital needs will increase the debt burden of road developers but revenue growth is set to remain high, driven by strong contract awards and execution in the next fiscal, according to a report. Besides, a high budgetary allocation to the sector will also help road developers, [...]

For getting tubewell connection, preference will be given to the farmers adopting micro-irrigation techniques, Haryana Chief Minister Manohar Lal Khattar said on Wednesday. He said that to ensure optimum utilisation of available water, the government has decided to give preference to farmers adopting micro-irrigation while issuing tubewell connections. He, however, said that it is not [...]

Prime Minister Narendra Modi on Wednesday unveiled the 6G vision document of the country and said initiatives around 6G within six months of the 5G rollout show India's confidence. He said from being a mere consumer of telecom technology, India is now moving fast to become a big exporter of that technology. "Within six months [...]

Equity benchmark Sensex and Nifty ended on a positive note on Wednesday, mainly due to buying in healthcare, financial and commodity stocks amid a firm trend in global equities. Continuing its previous day's rally, the 30-share BSE Sensex advanced 139.91 points or 0.24 per cent to settle at 58,214.59. During the day, it jumped 344.1 [...]

Industry body PHDCCI has approached the government seeking reintroduction of the Credit Linked Capital Subsidy Scheme to facilitate technology upgradation of micro and small enterprises. The scheme provided an upfront capital subsidy of 15 per cent subject to a maximum amount of Rs 15 lakh on institutional finance availed by the enterprises for induction of [...]

Enforcement agencies under the Finance Ministry have attached immovable properties worth about Rs 1.11 lakh crore in the last six years, the ministry informed Parliament. Of this, in the current fiscal, immovable properties worth Rs 10,683 crore were attached by various central agencies viz ED, DRI (Directorate of Revenue Intelligence), Income Tax Department, etc. under [...]

Prime Minister Narendra Modi on Wednesday said India is moving fast to become a big exporter of telecom technology from being only a user few years ago. Addressing a gathering after inaugurating the International Telecommunication Union (ITU) Area Office and Innovation Centre here, Modi said India is one of countries to have rolled out 5G [...]

President Ranil Wickremesinghe told Parliament on Wednesday that the IMF bailout had restored Sri Lanka’s international recognition, ending the image of bankruptcy and helping the local banks regain foreign investors’ confidence. The IMF board had on Tuesday approved a USD 3 billion facility over a four-year period to help Sri Lanka emerge from its balance [...]

Finance minister Kailash Gahlot on Wednesday presented a Rs 78,800 crore budget in the Delhi assembly for the financial year 2023-24 with the announcement of nine schemes as part of the G-20 preparations. The Delhi government's budget size for 2022-23 was Rs 75,800 crore and Rs 69,000 crore in the preceding year. This was the [...]

A parliamentary panel has termed the opening of trapped underground coal reserves as a "right step" and said that the move will not only help in meeting the production of quality coal but will also reduce the import of dry fuel. The government has been taking several measures over the past to increase the domestic [...]

Unlike the global economy which is risk of recession, India would not slow down and maintain the pace of expansion achieved in 2022-23, said the RBI bulletin on Tuesday. Even as global growth is set to slow down or even enter a recession in 2023 as global financial markets wager, India has emerged from the [...]

A parliamentary panel has attributed low installation of solar roof-top and wind energy projects as key reasons for the shortfall in achieving India's renewable energy capacity target of 175 GW by 2022. India set an ambitious target of installing 175 GW of renewable energy capacity by the year 2022, which included 100 GW from solar, [...]

US aircraft maker Boeing has said India may require 31,000 pilots and some 26,000 mechanics over the next 20 years amid the growing order book of the aircraft original equipment manufacturers. Speaking on the sidelines of a CII event here, Boeing India President Salil Gupte also said the South Asian region is expected to remain [...]

Domestic tyre industry is expected to witness double-digit growth next fiscal with the automobile industry back on full swing, JK Tyre Chairman and Managing Director Raghupati Singhania said on Tuesday. JK Tyre, which on Tuesday introduced a tyre brand -- Levitas Ultra -- to cater to the luxury car segment, is also expected to follow [...]