Latest Indian Economy News

Domestic cable and wire industry has urged the government to introduce strict laws to discourage the use of counterfeit electrical products by real estate developers. In the last decade, deaths due to electrocution have increased in the country. During a fire outbreak, smoke inhalation kills more people than the fire itself, R R Kabel Managing [...]

Capital markets regulator Sebi has proposed allowing mutual funds to introduce five new categories under ESG (environmental, social and governance) scheme. The five new categories should be exclusions, integration, best-in-class and positive screening, impact investing and sustainable objectives. Presently, mutual funds can launch only one ESG scheme under the thematic category of equity schemes. Considering [...]

Foreign direct investment (FDI) into India declined by 15 per cent to USD 36.75 billion during the April-December this fiscal, according to the latest Department for Promotion of Industry and Internal Trade data. The FDI inflows stood at USD 43.17 billion during the corresponding period of the previous year. The total FDI inflows, which includes [...]

Benchmark Sensex plunged by 927 points to close at a three-week low while the broader Nifty settled at a four-month low on Wednesday amid weak global trends as investors braced for the release of the Federal Open Market Committee minutes later in the day. Falling for the fourth day in a row, the BSE Sensex [...]

The Uttar Pradesh government on Wednesday presented the budget FY24 with an aim to lay the foundation for a self-reliant Uttar Pradesh and focus on the all-around development of the state for making it a USD 1 trillion economy. The budget of Rs 6,90,242.43 crore for FY24 was the biggest in the state's history. "This [...]

The Uttar Pradesh government on Wednesday proposed Rs 750 crore for maintenance of stray cattle and allocated Rs 120 crore for establishment of cow protection centres. The state Budget for 2023-24 also proposed 17,000 'Kisan Pathshalas' and allocated funds for subsidised electricity supply to private tube wells and agriculture universities. Out of 187 proposed cow [...]

Leading stock exchange NSE has decided to extend the trading hours for interest rate derivatives contracts till 5 pm from Thursday onwards. At present, the contracts are traded between 9 am and 3:30 pm. The change in timing is aimed at converging it with underlying market timings, the National Stock Exchange (NSE) said in a [...]

The Uttar Pradesh government on Wednesday presented a Rs 6,90,242.43 crore Budget, including new schemes worth Rs 32,721.96 crore, for the financial year 2023-24. The total receipt is estimated at Rs 6,83,292.74 crore, which includes revenue receipts of Rs 5,70,865.66 crore and capital receipts of Rs 11,247.08 crore, Uttar Pradesh Finance Minister Suresh Kumar Khanna [...]

Stock market benchmark indices fell in initial trade on Wednesday tracking weak global trends ahead of the release of minutes of the Federal Open Market Committee (FOMC) meeting. The BSE Sensex fell 329.12 points to 60,343.60 after a weak beginning. The NSE Nifty declined 97.3 points to 17,729.40. From the Sensex pack, IndusInd Bank, Wipro, [...]

Indians are spending nearly USD 1 billion every month on foreign travel which is significantly more than the pre-Covid levels, reveals Reserve Bank data on outward remittances. During the April-December period of 2022-23, the outward remittances under the Liberalised Remittance Scheme (LRS) for resident individuals towards 'travel' was USD 9.95 billion. The corresponding spending on [...]

The government is taking steps to produce "high value pharmaceuticals" in the country to reduce import dependency for such critical articles, Union Minister Mansukh Mandaviya said on Tuesday. Manufacturing of components of high-end medical devices in the country will be another big step in moving towards self reliance, the Union Minister for Chemicals and Fertilisers [...]

Equity benchmark indices Sensex and Nifty ended marginally lower in a highly volatile trade on Tuesday as investors preferred to stay cautious ahead of the release of minutes of the Federal Open Market Committee (FOMC) meeting. The BSE Sensex edged down 18.82 points or 0.03 per cent to settle at 60,672.72. During the day, it [...]

Nearly 45 per cent of Indian respondents plan to move into a new home over the next two years and most of them, including millennials, want to purchase residential properties instead of renting, according to a survey. Based on the survey, property consultant CBRE India released a report 'Voices from India: How will people live, [...]

Singapore Prime Minister Lee Hsien Loong on Tuesday said the linkage between India’s Unified Payments Interface (UPI) and Singapore’s PayNow will allow people in the two countries to undertake faster and cost-efficient digital transfers, and exuded hope that this "strong partnership" will continue to spawn innovative technology solutions. Prime Minister Lee and his Indian counterpart [...]

Commerce and Industry Minister Piyush Goyal on Tuesday asked the electrical industry to set and work towards a big exports target as the sector holds huge potential for growth. The sector has touched export of USD 10 billion and is targeting to increase it to USD 25 billion in the next five years. "But I [...]

Pakistan’s National Assembly on Tuesday unanimously passed a money bill aimed at raising tax revenues to fulfil the demands set by the IMF for seeking a USD 1.1 billion loan facility to avoid an economic meltdown. The Finance (Supplementary) Bill 2023 or ‘mini-budget’ was approved in the lower lower house of Parliament days after the [...]

Prime Minister Narendra Modi on Tuesday expressed hope that digital transactions will soon surpass cash as Unified Payments Interface (UPI) is increasingly becoming the most preferred payment mechanism in the country. Modi after the launch of the cross-border connectivity between the UPI and PayNow of Singapore said about 74 billion transactions amounting to more than [...]

India needs investments to the tune of Rs 33,750 crore to achieve the government PLI target of setting up 50 GWh of lithium-ion cell and battery manufacturing plants, according to a study. The country requires up to 903 GWh of energy storage to decarbonise its mobility and power sectors by 2030, and lithium-ion batteries will [...]

The number of insolvency cases increased 25 per cent in the December 2022 quarter, while recovery of debt through the process remained the lowest at 23.45 per cent during the period, an analysis showed. While the number of insolvency petitions increased by a steep 25 per cent, the overall recovery rate till the third quarter [...]

Capital markets regulator Sebi on Monday came out with a consultation paper on streamlining disclosure requirements by listed entities. In its consultation paper, Sebi is looking to address the challenges faced with regard to submission of the financial result for the first time by newly listed firms and related to timeline to fill up vacancy [...]