Latest Indian Economy News

Equity benchmarks climbed in initial trade on Friday amid a strong rally in the US markets and buying in banking counters. The 30-share BSE benchmark Sensex rose by 481.94 points to 60,414.18. The broader NSE Nifty advanced 118.05 points to 17,728.45. From the Sensex pack, IndusInd Bank, Titan, Bajaj Finance, HDFC Bank, Bajaj Finserv, ICICI [...]

With an aim to boost business activities in the international financial hub GIFT IFSC, the government in the Budget paved the way for IFSC units to issue participatory notes or offshore derivative instruments to foreign investors.       Participatory notes (P-notes) are issued by registered foreign Portfolio Investors (FPIs) to overseas investors who wish [...]

Equity markets witnessed mixed trends on Thursday, with the Sensex climbing over 224 points, while the NSE Nifty dipped almost 6 points in a see-saw session. The 30-share BSE benchmark Sensex advanced 224.16 points or 0.38 per cent to settle at 59,932.24. During the day, it hit a high of 60,007.67 and a low of [...]

The increased capex allocation of Rs 10 lakh crore announced in the Union Budget will lead to the creation of the right talent pool for the engineering services industry, Axiscades Technologies said on Thursday. Finance Minister Nirmala Sitharaman tabled the Union Budget for 2023-24 in Parliament on Wednesday. "Enhancement in capital investment outlay to Rs [...]

As many as 39 hydro projects totalling 14,623.5 MW capacity are under implementation in the country while nine out of these are stalled, Parliament was informed on Thursday. In a written reply to the Lok Sabha, Power Minister R K Singh said steps are being taken by developers/government for revival of the stalled projects. "39 [...]

The country's Fast-moving consumer goods (FMCG) industry witnessed a consumption slowdown in the December quarter, with an overall "negative" volume growth, as consumers continue to reel under inflationary pressure, says a report. According to the report released by data analytics firm NielsenIQ on Thursday, in October-December, the FMCG industry grew 7.6 per cent in terms [...]

State-owned Food Corporation of India (FCI) has sold 8.88 lakh tonne of wheat to bulk consumers like flour millers on the first day of e-auction conducted in 22 states, the food ministry said on Thursday. FCI commenced e-auction of wheat on February 1 under Open Market Sale Scheme (OMSS) for bulk users in order to [...]

The announcements for tweaking customs duties in certain sectors and measures to support MSMEs will help in boosting domestic manufacturing and the country's outbound shipments, exporters said on Thursday. Increase in capital investment outlay by 33 per cent to Rs 10 lakh crore, 50 years interest free loan to states to incentivise infrastructure investment, highest-ever [...]

The first G-20 Employment Working Group meeting will begin in Jodhpur Thursday afternoon to address priority labour, employment and social issues for sustainable, inclusive and job-rich growth. The first day of the three-day meeting will explore strategies for global skills, qualification harmonization, and developing a framework for common skill taxonomies. The panel discussion will be [...]

Measures announced in the Budget such as extending the period of incorporation of eligible budding entrepreneurs for providing tax incentives, would provide a lot of support to further strengthen the country's startup ecosystem, Commerce and Industry Minister Piyush Goyal has said. The government on Wednesday proposed to extend the period of incorporation of eligible startups [...]

Equity benchmarks fell in initial trade on Thursday, but later bounced back to trade in the positive territory, amid firm global market trends and foreign fund inflows. The 30-share BSE benchmark Sensex had fallen 492.46 points to 59,215.62 in early trade. The broader NSE Nifty declined 170.35 points to 17,445.95 in initial trade. However, later [...]

Industry body ICEA on Wednesday said removal of duty on imports of camera lens and some other inputs as proposed in the Budget are steps in the right direction but will have no significant impact on the final price of phones. The cost impact on mobile phone's Bill of Material (BoM) will be 0.16 per [...]

Industry bodies in Madhya Pradesh on Wednesday said the Budget 2023-24 provisions will boost the country's industrial development. Finance minister Nirmala Sitharaman tabled the Union Budget in Parliament on Wednesday. "The government has proposed a capital fund of Rs 10 lakh crore for infrastructure development and Rs 2.40 lakh crore for railways, which will give [...]

Ports-to-energy tycoon Gautam Adani has tumbled on the world's top billionaire ranking and is no longer the richest Asian or Indian. Rival business magnate Mukesh Ambani, who was richest Indian before Adani's eye popping gains in company stock prices catapulted him to top spot in April last year, has regained that position. Adani, who ranked [...]

 The allocation for the civil aviation ministry in the Union Budget has more than halved to Rs 3,113.36 crore for next financial year, especially due to a sharp reduction in the amount set aside for Air India Asset Holding Ltd. For 2022-23, the revised allocation is Rs 9,363.70 crore which is lower than Rs 10,667 [...]

Equity benchmarks Sensex and Nifty ended on a mixed note on Wednesday after Finance Minister Nirmala Sitharaman raised the personal income tax rebate limit, doled out sops on small savings and announced one of the biggest hikes in capital spending in the past decade in Budget 2023-24. Investors also awaited the US Federal Reserve's interest [...]

The budget proposals aimed at encouraging the production of lab-grown diamonds (LGD) including an import duty cut for the raw material will help create a self-reliant diamond industry, industry representatives said on Wednesday. The budget presented by Finance Minister Nirmala Sitharaman addressed a major concern of the LGD industry regarding the 5 per cent import [...]

India's digital ecosystem for skilling will be further expanded with the launch of a unified Skill India Digital platform, Finance Minister Nirmala Sitharaman announced on Wednesday, with the Budget laying the roadmap to train lakhs of youth in the next three years. Presenting the Union Budget for 2023-24, Sitharaman said stipend support will be provided [...]

The Union budget for 2023-24 has allocated Rs 1,258.68 crore for various heads of expenditure of the Union cabinet, including salaries, sumptuary and travel by ministers and entertainment of foreign state guests. The amount includes the expenditure for the Prime Minister's Office (PMO), the National Security Council Secretariat, the office of the Principal Scientific Advisor [...]

Kerala Finance Minister K N Balagopal on Wednesday criticised the Union Budget 2023-24 saying the long-pending demands of the southern state were completely ignored and that the proposals were not beneficial for people at the grassroots level. Addressing a press conference here, he pointed out that allocations in major schemes including Mahatma Gandhi National Rural [...]