Latest Indian Economy News

Leading stock exchange BSE on Tuesday said its mutual fund distribution platform StAR MF has processed a record 2.52 crore transactions worth Rs 34,923 crore in January. The exchange surpassed its all-time highest record transactions of 2.44 crore achieved in December 2022, the exchange said in a release. The value of transactions processed in January [...]

Equity benchmarks climbed in early trade on Wednesday amid an overall positive trend in the global markets and ahead of the presentation of Union Budget 2023-24. The 30-share BSE benchmark Sensex jumped 516.97 points to 60,066.87. The broader NSE Nifty climbed 153.15 points to 17,815.30. From the Sensex pack, ICICI Bank, Tech Mahindra, Asian Paints, [...]

Digital payments across the country registered a growth of 24.13 per cent in a year through September 2022, as per RBI's index that measures the adoption of online transactions. The newly-constituted RBI's Digital Payments Index (RBI-DPI) stood at 377.46 in September 2022 against 349.30 in March 2022 and 304.06 in September 2021. "The RBI-DPI Index [...]

Increasing exports to markets such as Brazil, South Africa and Saudi Arabia are boosting the growth of the country's outbound shipments, FIEO said on Tuesday. Federation of Indian Export Organisations (FIEO) President A Sakthivel said the Economic Survey has rightly highlighted India's growing and diversifying merchandise trade. "The new diversified markets, including those of Brazil, [...]

Asset management companies are set to move to a shorter redemption payment cycle of T+2 for equity schemes from Wednesday. At present, funds are transferred to investors' bank account within 3 days after the completion of the redemption process. Moving to the T+2 cycle for equity schemes will benefit mutual fund investors. Akhil Chaturvedi, Chief [...]

Goods and Services Tax collection is showing a higher buoyancy than the pre-GST system, auguring well for future resource mobilisation in the economy, the Economic Survey 2022-23 presented in Parliament said on Tuesday. Giving a 5-year analysis of tax collection pre and post-GST, the survey said the taxes which were subsumed in the Goods and [...]

The recent collapse of the crypto exchange FTX and the ensuing sell-off in the crypto markets have placed a spotlight on the vulnerabilities in the crypto ecosystem, the Economic Survey 2022-23 presented in Parliament said on Tuesday. Crypto assets are self-referential instruments and do not strictly pass the test of being a financial asset because [...]

The government's fiscal deficit as of end-December touched 59.8 per cent of the full-year Budget Estimate on subdued growth in revenue collections, according to finance ministry data released on Tuesday. In actual terms, the fiscal deficit -- which is the difference between expenditure and revenue -- was Rs 9,92,976 crore during the April-December period of [...]

Indian companies mobilised Rs 5.06 lakh crore through the equity and debt routes during April-November 2022, a drop of 8.5 per cent from the year-ago period, the Economic Survey 2022-23 said on Tuesday. Fund mobilisation through debt contributed a lion's share to the overall fund-raising during the period under review. Out of the cumulative Rs [...]

Healthy growth in the procurement of goods and services by central and state governments through GeM portal is helping the platform to catch up with global e-commerce giants like Amazon and Flipkart, the Economic Survey said on Tuesday. The Government e-Market (GeM) portal was launched on August 9, 2016 by the commerce ministry for online [...]

Production of eight infrastructure sectors rose at a three-month high of 7.4 per cent in December 2022 against 4.1 per cent in the same month of previous year on a better show by coal, fertiliser, steel, and electricity segments, according to the official data released on Tuesday. Crude oil output, however, contracted by 1.2 per [...]

Benefits of the production linked incentive (PLI) scheme for as many as 14 sectors will help make domestic manufacturers globally competitive, attract investment in cutting-edge technology and make India an integral part of the global value chain, the Economic Survey said on Tuesday. The scheme will benefit the MSME ecosystem in the country, it said. [...]

The number of demat accounts rose to 10.6 crore in November 2022, a sharp surge of 39 per cent on yearly basis, Economic Survey 2022-23 said on Tuesday. However, the incremental additions of demat accounts have been on a declining trend during FY23 relative to FY22, probably because of the increased volatility in the secondary [...]

Leading fund house Axis Mutual Fund is looking to garner Rs 3,000 crore from the new fund offer, Axis business cycles fund, which will open for subscription from February 2. The open-ended equity scheme will follow business cycle-based investing theme, the fund house said on Tuesday. The new fund offer, which will be managed by [...]

Equity benchmarks ended with marginal gains on Tuesday as investors adopted a cautious approach ahead of the Union Budget presentation and the US Federal Reserve's interest rate decision. Fag-end buying helped the 30-share BSE benchmark Sensex settle with a gain of 49.49 points or 0.08 per cent at 59,549.90. During the day, the benchmark hit [...]

India's sugar production is estimated to fall 5 per cent during 2022-23 marketing year ending September to 340 lakh tonnes as more quantity of sugarcane juice is being diverted for production of ethanol, according to industry body ISMA. Sugar production stood at 358 lakh tonnes in the 2021-22 marketing year (October-September). In a statement, Indian [...]

The gross tax revenues have touched 65 per cent of the Budget estimates at Rs 17.81 lakh crore during the first eight months of the current fiscal till November, propelled by corporate and personal income tax mop-up, according to the Economic Survey 2022-23 presented in Parliament on Tuesday. The survey, authored by Chief Economic Advisor [...]

IndiaMART, one of the largest Indian e-commerce websites, along with four physical marketplaces in Delhi, Bengaluru, Kolkata and Mumbai have figured in the latest annual edition of the Notorious Markets List of the US. Released by the US Trade Representative (USTR) on Tuesday, the 2022 Notorious Markets List identifies 39 online and 33 physical markets [...]

India's overall gold demand remained resilient and witnessed a marginal decline of 2.92 per cent in 2022 at 774 tonnes notwithstanding a sharp increase in prices, and the outlook for this year looks bullish, the World Gold Council (WGC) said in a report on Tuesday. The overall gold demand in 2021 stood at 797.3 tonnes, [...]

Foreign direct investment into the country is expected to rebound in the coming months on account of India's high economic growth, and steps to further improve the business environment of India, the Economic Survey said on Tuesday. The rise in global uncertainty in the wake of the Russia-Ukraine conflict, FDI equity inflows in the manufacturing [...]