Latest Indian Economy News

With a population of around nine crore and cumulative debt of Rs 5.86 lakh crore, debt per capita in West Bengal stands at a conservative estimate of more than Rs 60,000. When the ruling Trinamool Congress assumed office in 2011, the total debt of the state stood at Rs 1.97 lakh crore. In the budget [...]

Bank of Baroda and Indian Overseas Bank have increased their marginal cost of fund-based lending rates (MCLR), following a hike in the interest rates on loans and deposits by their largest public sector peer SBI. The latest hikes in the interest rates come days after the Reserve Bank of India (RBI) on February 8 increased [...]

The Union Budget 2023-'24 has been prepared keeping growth in focus and also external economic challenges such as fuel prices, Finance Minister Niramala Sitharaman said on Thursday. In an interactive session on the Budget, she said the focus was on the common man and weaker sections and to ensure that their businesses are supported, their [...]

Equity benchmark indices ended marginally higher on Thursday amid volatility faced during the last minutes of trading hours as concerns over rising inflation and fears of monetary tightening worldwide hit the sentiment. The BSE Sensex eked out marginal gains of 44.42 points or 0.07 per cent to settle at 61,319.51. During the day, it jumped [...]

India's investment in private wireless network is expected to reach nearly USD 250 million by 2027, according to a report by Nokia that also talked of a three-fold jump in mobile data usage in the country over last five years. Nokia's annual Mobile Broadband Index (MBiT) report pointed towards a significant acceleration in enterprise investment, [...]

About 60 per cent of Indian private insurers believe there has been a significant rise in insurance-related frauds, and as risks lurk there is an immediate need to consider a proactive fraud risk management framework, a Deloitte survey said on Thursday. Insurance companies in India have experienced a rise in fraud instances in life and [...]

The inbound shipment of steel is "very minimal", Steel minister Jyotiraditya M Scindia said on Thursday amid industry flagging the issue of "cheap imports". "If you look at the numbers, the rise is very very minimal. Our market is growing tremendously and our domestic producers are supplying well," the minister told PTI in reply to [...]

India's fuel demand witnessed the sharpest rebound in February as petrol and diesel consumption rose by double digits after a winter lull in the previous month, preliminary industry data showed on Thursday. Petrol sales jumped almost 18 per cent to 1.22 million tonnes in the first half of February, as compared to 1.04 million tonnes [...]

The Advertising Standards Council of India (ASCI) on Thursday said it has processed 2,767 complaints since coming up with influencer guidelines in May 2021. More than half of the violations have been found on Meta-owned Instagram platform, while Alphabet's Youtube contributed a third of them, the self-regulatory organisation for the advertising industry said. The body [...]

After a year of load-shedding, Sri Lankans will get continuous power from Thursday, albeit with a hike in tariff in line with the conditions set by the IMF. The Sri Lankan government's move comes as the debt-hit country aims to secure a much-needed USD 2.9 billion tranche from the Washington-based global lender. President Ranil Wickremesinghe [...]

Agreements have been signed with 26 companies for 54 applications under the production linked incentive (PLI) for specialty steel, Union Steel Minister Jyotiraditya M Scindia said on Thursday. The minister made the remarks at the Global Zinc Summit 2023 in the national capital where he also urged the stakeholders to explore investment opportunities in India. [...]

The government has cut windfall profit tax on export of diesel and ATF to their lowest while also reducing the levy on domestically-produced crude in line with softening international oil prices, according to an official order. The levy on crude oil produced by companies such as Oil and Natural Gas Corporation (ONGC) has been cut [...]

Equity benchmark indices started the trade on a positive note on Thursday mirroring a rally in the global markets and continuous foreign fund inflows. The BSE Sensex climbed 379.15 points to 61,654.24 after a firm start. The NSE Nifty advanced 108.25 points to 18,124.10. All the Sensex firms were trading in the green in initial [...]

Ahead of panchayat elections, the Mamata Banerjee-led West Bengal government on Wednesday presented a Rs 3.39-lakh crore budget for 2023-24, focusing on farmers, an ailing tea sector, the state’s potential as a logistics hub and budding entrepreneurs. Finance Minister Chandrima Bhattacharya said the state GDP is projected to grow at 8.4 per cent and the [...]

The cash-strapped Pakistan government on Wednesday introduced a money bill in parliament to raise Rs 170 billion in taxes by June this year as part of conditions by the IMF to get the next tranche of an already agreed loan. Finance Minister Ishaq Dar presented the Finance (Supplementary) Bill, 2023, in the National Assembly -- [...]

The union Cabinet on Wednesday approved setting up of 2 lakh new Primary Agriculture Credit Societies (PACS) and dairy-fishery cooperatives in uncovered villages and panchayats over the next five years to strengthen cooperative movement in the country. At present, there are around 63,000 functional PACS out of nearly 99,000 PACS across the country. There are [...]

Finance minister Nirmala Sitharaman on Wednesday said that the effort of the government over the years has been to increase public expenditure with a view to promote growth. Speaking at the Post-Budget interactive session with the members of the industry chamber PHDCCI, the minister said that the government in the 2023-24 budget increased the capital [...]

India's exports in January dipped by 6.58 per cent to USD 32.91 billion, as against USD 35.23 billion in the same month last year, according to the data released by the commerce ministry on Wednesday. Trade deficit in January stood at USD 17.75 billion. Imports in January also declined by 3.63 per cent to USD [...]

Benchmark equity indices Sensex and Nifty declined in early trade on Wednesday amid mixed trends in global markets as investors remained cautious awaiting cues on the interest rate trajectory in the US. BSE Sensex slumped 225.95 points or 0.37 per cent to 60,806.31 points while NSE Nifty dropped 54.50 points to 17,875.35 points. Except for [...]

The green bonds floated by the Indore Municipal Corporation (IMC) as a public issue for setting up solar power plants has received a overwhelming response from investors and attracted a subscription of around Rs 721 crore. This amount is almost six times more than the base price of the issue of Rs 122 crore, IMC [...]