Latest Indian Economy News

Benchmark Sensex and Nifty rebounded nearly 1 per cent at close on Tuesday amid firm trends in global equities and buying in index major Reliance Industries and banking stocks. The 30-share BSE Sensex climbed 445.73 points or 0.77 per cent to settle at 58,074.68. During the day, it rallied 504.38 points or 0.87 per cent [...]

Airports at major metro cities are expected to have a total passenger handling capacity of 500 million in the coming years, Civil Aviation Secretary Rajiv Bansal said on Tuesday. "We have all ingredients in place... huge demand in domestic and international (sectors)," Bansal said as he highlighted the growth potential of the country's aviation sector. [...]

The government has hiked the windfall profit tax on export of diesel to Re 1 per litre while the levy on domestically produced crude oil has been cut by a fifth, according to an official order. The levy on crude oil produced by companies such as Oil and Natural Gas Corporation (ONGC) has been reduced [...]

Indian economy is expected to grow at 7 per cent in FY23 despite global headwinds while retail inflation would moderate in line with wholesale inflation which fell to a 25-month low in January, the Finance Ministry said on Monday. Supported by the gains from high services exports, the moderation in oil prices, and the recent [...]

The rate of unemployment in India has been registering a downward trend for the last three years, Parliament was informed on Monday. As per the latest available annual PLFS reports, the estimated unemployment rate (UR) on usual status for persons of age 15 years and above was 4.8 per cent, 4.2 per cent and 4.1 [...]

The International Monetary Fund on Monday approved USD 3 billion in financial assistance to debt-ridden Sri Lanka to help it immediately overcome its economic crisis. IMF’s Executive Board approved on Monday a 48-month extended arrangement under its Extended Fund Facility (EFF) with an amount of SDR 2.286 billion (395 per cent of quota or about [...]

The Gujarat government on Monday announced in the state Assembly that minimum wages given to skilled, semi-skilled and unskilled labourers have been increased by nearly 25 per cent -- up to more than Rs 2,400 per month -- a hike coming after a gap of nine years. The announcement about the increase in minimum wages, [...]

The income tax department raised tax demands amounting to Rs 13,566 crore during the last four financial years under the black money law to deal with undisclosed foreign income and assets, the government told Parliament on Monday. In a written reply to a question in the Lok Sabha, Minister of State for Finance Pankaj Chaudhary [...]

Union Power Minister R K Singh on Monday urged electricity consumers to use smart prepaid meters, saying the device helps users bring down power cost by up to 2 per cent. Installation of smart prepaid meters reduces the operational and finance cost for electricity suppliers as consumers credit their account in advance, the minister said [...]

The Finance Ministry has asked central public sector undertakings (CPSUs) to issue letters of comfort (LoCs) on the basis of their own financial strength so that no liability devolves on the Government of India. The Office Memorandum dated March 20, 2023, has been issued following a request from some CPSUs in the oil and power [...]

The Tamil Nadu government has reduced the annual revenue deficit by about Rs 30,000 crore in the revised estimates of the current year, from about Rs 62,000 crore inherited when the DMK assumed office nearly two years ago, Finance Minister Palanivel Thiaga Rajan said on Monday. Presenting a tax-free budget for 2023-24 in the Assembly, [...]

Benchmark Sensex declined by 360 points while the Nifty closed below the 17,000-level on Monday due to a sell-off in financials, IT and capital goods shares amid a global rout in equities on lingering worries over the banking crisis. The 30-share BSE Sensex declined by 360.95 points or 0.62 per cent to close at 57,628.95 [...]

Positive policy moves by the new and renewable energy ministry can crank up the annual wind capacity addition by 6-8 gigawatt (GW) from fiscal 2026, around 4 times more than 1.6 GW of growth clocked in the past five fiscals, a report said. According to a Crisil analysis, the aggressive tariff bids in reverse auctions [...]

No instructions have been given to banks for filling or not filling Rs 2,000 notes in Automated Teller Machines (ATMs) as lenders make their own choice for loading of cash vending machines, Parliament was informed on Monday. As per Annual Reports of the Reserve Bank of India (RBI), the total value of Rs 500 and [...]

Finance Minister Kailash Gahlot on Monday tabled the Delhi Economic Survey in the Assembly. According to the survey report, the per capita income of Delhi at current prices reached at the level of Rs 3,89,529 in 2021-22 as compared to Rs 3,31,112 in 2020-21. "The Advance Estimate of Per Capita Income of Delhi at current [...]

Civil Aviation Minister Jyotiraditya Scindia on Monday said it is time for India to look at manufacturing of aerospace products as he highlighted the growth potential of the country's aviation sector. He also said domestic airlines are together projected to have a fleet of around 2,000 planes in the next five to seven years. It [...]

Indian airlines are projected to record a consolidated loss of USD 1.6 to 1.8 billion in the next financial year, aviation consultancy CAPA India said on Monday. The full service carriers are expected to incur a loss of USD 1.1 to 1.2 billion. According to CAPA India, Indian airlines are estimated to have a net [...]

The State Industries and Commerce Department has cleared a total of 78 investment proposals worth Rs 5,298.69 crore promising 13,917 jobs. At the State Level Single Window Clearance Committee (SLSWCC) meeting chaired by the Minister for Large and Medium Scale Industries Murugesh R Nirani, these proposals were cleared, a statement issued by the office of [...]

Benchmark stock indices Sensex and Nifty declined by nearly 1 per cent in opening trade on Monday following selling in IT banking and auto stocks triggered by weak global trends. The 30-share BSE Sensex fell 474.96 points or 0.82 per cent to 57,514.94 as 28 of its constituents traded in the red in early session. [...]

The continuing demand for housing, accounting for 60-65 per cent of cement demand, and aggressive government investments in infrastructure will drive demand, nudging cement-makers to add 145-155 MT in fresh capacity at an investment of Rs 1.2 lakh crore by FY27, according to a report. With 570 million tonne (mt) of installed capacity, India is [...]