Latest Indian Economy News

Equity benchmarks Sensex and Nifty overcame bouts of volatility to settle in the green for the second straight session on Friday, propped up by robust demand for the metal, banking and financial stocks amid a firm trend in global equities. Besides, a strengthening rupee and lower crude prices in the international markets also influenced sentiments [...]

India's banking system is expected to remain unscathed from the troubles in Credit Suisse as it has a very small presence in the country, experts said. Although Credit Suisse is more relevant to India's financial system than Silicon Valley Bank (SVB), it has very limited operations, according to a report by Jefferies India. The Switzerland-based [...]

Union Minister Rajeev Chandrasekhar on Thursday said deposits close to USD 1 billion attributable to Indian startups were with the US-based Silicon Valley Bank. The failure of Silicon Valley Bank (SVB), which was a key funding source for startups, has sent shockwaves across the global financial system. During a Twitter live session, Chandrasekhar said he [...]

The domestic equity market opened on a strong note on Friday, with benchmark Sensex jumping more than 350 points tracking positive global cues and ebbing concerns over the fallout of the banking sector woes in the US and Europe. The 30-share BSE Sensex surged 352.26 points or 0.61 per cent to 57,987.10 points while the [...]

Corporate travel is expected to rebound with as many as 77 per cent of Indian businesses expecting a rise in their travel budget in 2023 as compared to 2022, said a survey commissioned by American Express. In terms of the practical methods used to pay for travel expenses, the most common way, used by two-thirds [...]

Loan disbursals by microfinance companies increased 19 per cent to Rs 77,877 crore during December quarter 2022-23, said the MFIN Micrometer. The total microfinance loan portfolio increased to Rs 3.21 lakh crore as on December 31, 2022, the report said. "Microfinance loan disbursals during Q3 FY 22-23 improved to Rs 77,877 crore as compared to [...]

Thermal power plants monitored by the Central Electricity Authority (CEA) had 33.5 million tonne of coal stock as on Sunday, which was sufficient to run them for 12 days at 85 per cent capacity utilisation, Parliament was informed on Thursday. This assumes significance in view of projection of an unprecedented high demand of electricity during [...]

The domestic equity market on Thursday snapped the five-day losing streak as the benchmark Sensex recouped its lost ground and closed 78 points higher on fag-end value buying in banking, energy and financial stocks. A positive opening in the European market helped the investor sentiments even as clouds hovered over the health of the global [...]

India's fuel demand fell in the first half of March after posting a record growth in the previous month, preliminary industry data showed on Thursday. Fuel sales soared to the highest levels in February on the back of robust demand from the agriculture sector as well as transport picking up after the winter lull. March [...]

Domestic pharmaceutical industry is expected to witness a revenue growth of 6-8 per cent in the next fiscal, rating agency Icra said on Thursday. Despite several disruptive events, the Indian pharmaceutical market (IPM) witnessed a healthy CAGR of 10.9 per cent between FY2012 and FY2022. "Going forward, ICRA expects revenues for its sample set to [...]

Markets regulator Sebi has renewed recognition to AMC Repo Clearing Ltd as a clearing corporation for one year for the purpose of clearing and settling transactions in repo and reverse repo in the debt securities. The regulator has granted renewal of recognition for one year commencing on January 17, 2023 and ending on January 16, [...]

The economy is likely to log in a tepid 6 per cent growth next fiscal, in line with the consensus estimates, rating agency Crisil said on Thursday. The agency also sees the economy averaging a growth rate of 6.8 per cent over the next five fiscals. Crisil further said it expects the corporate revenue to [...]

Andhra Pradesh Finance Minister Buggana Rajendranath on Thursday tabled a Budget of Rs 2,79,279 crore for financial year 2023-24 in the Legislative Assembly here. Of the total budget, Rs 54,228 crore has been allocated for direct benefit schemes (DBT), which include YSR Pension Kanuka getting Rs 21,435 crore, YSR Rythu Bharosa (Rs 4,020 crore), Jagananna [...]

India's milk production rose 5 per cent in 2021-22 to 221.06 million tonnes, the government said on Wednesday. Minister of Fisheries, Animal Husbandry & Dairying Parshottam Rupala on Wednesday unveiled an annual publication 'Basic Animal Husbandry Statistics 2022'. The Minister congratulated Animal Husbandry's Statistics Division for coming out with this publication. He said the book [...]

As many as 92,683 entities have been recognised as startups by the Ministry of Commerce and Industry as on February 28 this year, Parliament was informed on Wednesday. These startups are eligible for availing tax and non-tax benefits under the Startup India initiative. The government, with an intent to build a strong ecosystem for nurturing [...]

India's edible oil imports rose 12 per cent year-on-year in February to 10.98 lakh tonnes on higher imports of crude palm oil, according to industry body SEA. In a statement, the Solvent Extractors' Association of India (SEA) on Wednesday said that edible oil imports rose to 10,98,475 tonnes in February from 9,83,608 tonnes in the [...]

Benchmark BSE Sensex trimmed all its early gains to close down by 344 points at a five-month low on Wednesday due to heavy selling in banking, financial and telecom stocks as lingering concerns over banks' health and high inflation dented sentiments. Besides, persistent foreign capital drain from the domestic market and the sliding rupee kept [...]

As many as 725 road projects of the total 1,801 ongoing projects are running behind the schedule across the country as of February 2023 due to protracted monsoon in many states and above-average rainfall in some states, Union minister Nitin Gadkari said on Wednesday. The Road Transport and Highways Minister in a written reply to [...]

India's exports dipped in February for the third consecutive month by 8.8 per cent to USD 33.88 billion against USD 37.15 billion in the same month last year, according to the data released by the commerce ministry on Wednesday. Imports also declined by 8.21 per cent to USD 51.31 billion as against USD 55.9 billion [...]

Uttarakhand finance minister Prem Chand Aggarwal on Wednesday presented the annual budget for the financial year 2023-24 in the state assembly here, announcing an increase in capital expenditure. Aggarwal presented the budget on the third day of the state assembly's ongoing budget session in Uttarakhand's summer capital Gairsain. The budget focuses on investment in the [...]