Latest Indian Economy News

The Gujarat government on Monday signed 18 memoranda of understanding (MoU) worth Rs 9,852 crore under the state government's 'Aatmanirbhar Gujarat Schemes for Assistance to Industries', which was announced last year to boost new investment, an official release said. Through these 18 agreements, various firms have pledged to invest Rs 9,852 crore in different parts [...]

The Reserve Bank of India (RBI) on Monday cancelled licence of Garha Co-operative Bank, Guna in Madhya Pradesh as the lender does not have adequate capital and earning prospects. About 98.4 per cent of the depositors of the co-operative bank are entitled to receive full amount of their deposits from Deposit Insurance and Credit Guarantee [...]

The central government on Monday again clarified that the funds deposited for National Pension Scheme (NPS) cannot be given to state governments as per the current laws. Both finance minister Nirmala Sitharaman and finance secretary Vivek Joshi said that if any state is expecting that the funds deposited for NPS can be returned to them [...]

The value of foreign portfolio investors' (FPI) holdings in the domestic equities reached USD 584 billion at the end of December 2022, which was 11 per cent lower from preceding year, according to a Morningstar report. This was largely on low return given by the Indian equities and exodus of foreign money from the domestic [...]

Union Finance Minister Nirmala Sitharaman on Monday said that the government is taking a lot of steps to control inflation and will continue to focus on it. For instance, in the case of pulses, the government is encouraging farmers to grow pulses to boost domestic production and has also reduced the import duty on some [...]

The government has extended the enforcement date of its steel and steel products quality control order for a ferronickel grade by another six months till July 23 this year. "The Steel and Steel Products Quality Control Order dated December 22, 2020, and subsequent order dated November 1, 2022, the date of enforcement of Indian Standards [...]

Tony Jesudasan, a key lieutenant of Anil Ambani's Reliance group and one of the finest corporate communications and corporate affairs professionals, died early on Monday morning. He was 71. Earlier this month, Jesudasan had suffered a heart attack just as he took a flight from Bhopal, sources said. He was rushed to Fortis Hospital on [...]

Net interest income of banks grew by a record 25.5 per cent to Rs 1.78 lakh crore in the December 2022 quarter on-year, driven by a healthy credit off-take and higher yield on advances, according to an analysis. The quarter saw banks booking higher yields on advances as the system-wide core profitability metric net interest [...]

The finance ministry has called a meeting of heads of public sector banks and top four private sector lenders to review the progress of the emergency credit line guarantee scheme (ECLGS) to help businesses affected by COVID-19. The meeting is scheduled to be held on February 22 to review progress on ECLGS and Loan Guarantee [...]

Strengthening multilateral development banks to address shared global challenges of the 21st century, financing for resilient, inclusive and sustainable 'cities of tomorrow' are some of the key agenda items for first G20 Finance Ministers & Central Bank Governors' meeting to be held at Bengaluru later this month. The First Finance Ministers & Central Bank Governors [...]

The government is likely to put on sale six mineral blocks, including four iron ore mines, in the current month. The move would give a boost to mining sector's contribution to the country's gross domestic product. The four iron ore blocks, situated in Chhattisgarh, are likely to be auctioned on Tuesday, according to the mines [...]

Equity benchmark indices climbed in initial trade on Monday amid a positive trend in Asian markets. The BSE Sensex climbed 165.9 points to 61,168.47. The NSE Nifty advanced 35.25 points to 17,979.45. From the Sensex pack, Power Grid, HCL Technologies, ITC, Bharti Airtel, Hindustan Unilever, ICICI Bank, IndusInd Bank, Infosys, Tech Mahindra, NTPC and HDFC [...]

The income and profits shown by various BBC group entities are not commensurate with the scale of their operations in India, according to an official statement on Friday, a day after the Income Tax authorities ended a three-day-long survey against the British media organisation. The Central Board of Direct Taxes (CBDT) issued a statement without [...]

Kolkata Port, now known as the Syama Prasad Mookerjee Port, on Friday said it has posted a record cargo handling of 54.254 million tonne in the first 10 months of the current fiscal, registering a 14.75 per cent growth over the same period last year. This achievement helped the riverine port rank fifth among Indian [...]

The Goods and Services Tax Council should consider raising the GST exemption threshold to Rs 1.5 crore annual turnover and also do away with the requirement of state-wise registration, which would help ease compliance, economic think tank GTRI said on Friday. The GST network has over 1.4 crore registered taxpayers, making it the largest global [...]

Benchmark indices Sensex and Nifty closed down by half a per cent on Friday following losses in IT and banking shares amid overall weak global market trends. The BSE Sensex declined 316.94 points or 0.52 per cent to settle at 61,002.57. During the day, it fell 508.84 points or 0.82 per cent to 60,810.67. The [...]

Neal Mohan, a longtime Indian American YouTube executive, will be the new CEO of the Google-owned video sharing platform. Mohan, a Stanford graduate and a senior advertising and product executive who joined Google in 2008, will join the elite club of global tech chiefs of Indian origin such as Google parent Alphabet's Sundar Pichai, Microsoft’s [...]

The modernisation of sugar mills in the last six years has transformed them into "integrated sugar complexes," Uttar Pradesh Chief Minister Yogi Adityanath said on Friday. Addressing an event on the occasion of 120 years of the sugar industry in the state, he said sugar in the state today is being produced on the same [...]

The country's exports to the UAE, with which India has implemented a free trade agreement on May 1 last year, is expected to cross USD 31 billion during the current fiscal on account of healthy demand for sectors such as gems and jewellery, machinery and auto, an official said on Friday. The government official said [...]

Billionaire philanthropist George Soros believes the turmoil at Gautam Adani's business empire may weaken Prime Minister Narendra Modi's hold on the government - a statement which was strongly countered by BJP as an attack on Indian democracy. Adani group has been under severe pressure since the US short-seller Hindenburg Research on January 24, accused it [...]