Latest Indian Economy News

Bolstered by positive global cues, Indian equity market opened on a strong note on Wednesday and Sensex jumped 440 points in early trade. Asian markets, including Japan and Hong Kong, were trading in the green. US and European markets on Tuesday ended their trading sessions with gains as latest inflation data from the US indicated [...]

Export of tyres from India is expected to rise by 15 per cent in the ongoing fiscal, Automotive Tyre Manufacturers' Association Chairman Satish Sharma said on Tuesday. Fast integration with global supply chains helped by the globally aligned regulatory environment in the country has led to an increase in the addressable market for Indian manufactured [...]

The government on Tuesday informed the Rajya Sabha that it is taking steps to make India a USD 5 trillion economy earlier than the International Monetary Fund's forecast year of 2026-27. The IMF's World Economic Outlook earlier said the size of the Indian economy will increase from USD 3.2 trillion in 2021-22 to USD 3.5 [...]

Benchmark BSE Sensex declined nearly 340 points to close below the 58,000 level on Tuesday, marking its fourth straight day of losses as auto, IT and financial stocks wilted amid concerns over the fallout of failure of two US-based banks. The 30-share BSE Sensex fell 337.66 points or 0.58 per cent to settle at anew [...]

The fragrance and flavour industry of the country is likely to grow around 12 per cent each year and touch over USD 5.2 billion in three to four years , an apex body of the industry said. This growth will be driven by factors like rising disposable incomes and changing consumer preferences, Fragrances and Flavours [...]

The wholesale price based inflation eased for the ninth consecutive month to 3.85 per cent in February on easing prices of manufactured items and fuel and power, showed the government data released on Tuesday. The wholesale price index (WPI) based inflation rate was 4.73 per cent in January this year and 13.43 per cent in [...]

Cash-strapped Pakistan has decided to seek help from the US to secure “lenient treatment” from the IMF, amid a delay in signing the staff-level agreement with the global lender. Pakistan is awaiting a much-needed USD 1.1 billion tranche of funding from the Washington-based International Monetary Fund (IMF). After failing to convince the global lender, Islamabad [...]

Finance Minister Nirmala Sitharaman on Monday presented in the Lok Sabha a Rs 1.18 lakh crore budget for Jammu and Kashmir for the year 2023-24 with a thrust on providing housing in rural areas and water tap connections to 18.36 lakh households. Union Minister of State for Finance Pankaj Chaudhary tabled the budget for the [...]

President Joe Biden on Monday sought to reassure jittery Americans that they can have confidence that the US banking system is "safe" and vowed stricter bank regulation after a string of bank failures raised concerns about the nation's financial stability. The president's early morning comments came after US bank regulators spent the weekend working on [...]

Equity benchmark indices Sensex and Nifty gained in early trade on Tuesday despite weak global cues. Amid volatile trading, the 30-share BSE Sensex surged 205.55 points or 0.35 per cent to 58,443.40 points while the broader NSE Nifty rose 44 points or 0.26 per cent to 17,198.30 points. In the Sensex pack, 20 stocks were [...]

The National Company Law Appellate Tribunal on Monday said the provisions of the Insolvency & Bankruptcy Code (IBC) cannot be turned into a debt recovery proceeding as the idea of this special code is to bring a debtor company back on its feet. Setting aside an order of the National Company Law Tribunal (NCLT) to [...]

The Reserve Bank is likely to hike benchmark lending rates by 25 basis points in its bi-monthly policy next month to bring down inflation within the central bank's comfort zone, DBS Group Research said on Monday. To contain the rising prices, the RBI has hiked interest rates by 250 basis points since May last year. [...]

The government on Monday sought Lok Sabha approval for net additional spending of over Rs 1.48 lakh crore in the current fiscal. The second batch of supplementary demands for grants for the 2022-23 fiscal was tabled in the Lok Sabha by Minister of State for Finance Pankaj Chaudhary. "Approval of the Parliament is sought to [...]

Trade unions of most state sector establishments in Sri Lanka went on a strike on Monday against the government’s tax reforms to secure approval for the much-required USD 2.9 billion bailout package from the IMF. The debt-struck country introduced painful economic measures such as tax hikes, and utility rate increases, part of the reforms prescribed [...]

Falling for the third straight session, equity benchmark Sensex tanked nearly 900 points to close below the 59,000 mark on Monday due to a massive sell-off in banking, finance and auto stocks amid one of the biggest US bank failures. Besides, unabated flight of foreign capital and a weak domestic currency amid global rate hike [...]

Mutual funds focussed on investing in fixed-income securities witnessed an outflow of Rs 13,815 crore in February, making it the third month of withdrawals in a row despite expectations that the rate hike cycle was nearing its end. In comparison, such funds saw an outflow of Rs 10,316 crore in January and Rs 21,947 crore [...]

Regulator Sebi is investigating market allegations against Adani group, whose 9 listed companies saw a 60 per cent decline in their market capitalisation between January 24 and March 1, Parliament was informed on Monday. Minister of State for Finance Pankaj Chaudhary said in the Lok Sabha that the volatility in the stocks of these companies [...]

Digital or e-rupee worth over Rs 130 crore is in circulation on a pilot basis as of February 28, finance minister Nirmala Sitharaman said on Monday. The Reserve Bank of India (RBI) had launched pilots in digital rupee in the wholesale segment (e₹-W) on November 1, 2022 and in the retail segment (e₹-R) on December [...]

As many as 68,000 cases have been picked up for e-verification by the income tax department for unreporting or under reporting of income in tax returns for 2019-20 fiscal, CBDT chief Nitin Gupta said on Monday. Under the e-verification scheme, the I-T department informs the taxpayers about mismatch in Annual Information Statement (AIS) about financial [...]

Prime Minister Narendra Modi on Monday said the government's MSME Competitive (LEAN) scheme is a part of its efforts to strengthen the MSME sector, which is a key pillar of India's economic growth. The government on Friday launched the revamped MSME Competitive (LEAN) scheme to make it more beneficial for enterprises and stakeholders. Under the [...]