Latest Indian Economy News

The West Bengal government is likely to place the state budget for the 2023-24 fiscal in the assembly on February 15, a minister said on Sunday. The budget session of the assembly will begin on February 8. Minister of State (Independent Charge) for finance Chandrima Bhattacharya said, "Possibly, the state budget will be placed on [...]

British Prime Minister Rishi Sunak on Sunday fired one of his Cabinet ministers and Conservative Party chairman, Nadhim Zahawi, after he was found to have been in "serious breach" of the Ministerial Code on how he handled his personal tax affairs. Zahawi, who was a minister without portfolio as the chief of the governing Tory [...]

More than half of households in a survey conducted online across 309 districts expect a decline in their income by up to 25 per cent and dip in savings, and are looking for relief in the coming budget, online platform LocalCircles said on Sunday. The survey, conducted between November 25 and January 25, found that [...]

The Ministry of Ports, Shipping and Waterways will invite expressions of interest (EOI) from interested players for a Rs 41,000 crore international transhipment port project at Great Nicobar Island in the Bay of Bengal. The ministry in a release on Friday said that the project is expected to be completed with an investment of Rs [...]

Reserve Bank of India governor Shaktikanta on Friday said the latest dataprints on growth, inflation and currency volatilities indicate that the worst for the financial markets and the world economy is behind us and that high interest rates for a longer period looks a distinct possibility going forward. Though the global economy is projected to [...]

Investors' wealth eroded by more than Rs 10.73 lakh crore in just two trading sessions as the market slumped and benchmark BSE Sensex slid 1,647.85 points. For the second straight session on Friday, the 30-share Sensex tumbled 874.16 points or 1.45 per cent to settle at 59,330.90 points. During the day, the key index plunged [...]

Investments by private equity and venture capital funds declined by nearly a third to USD 54.2 billion in 2022, which was characterised by a 'funding winter' after consecutive years of surge. Even after the decline, the year was the second best for India in terms of bets taken by such long term investors on growing [...]

Asset management companies (AMCs) will move to a shorter redemption payment cycle of T+2 for equity schemes from February 1. At present, funds are transferred to the investor's bank account within 3 days after the completion of the redemption process. The move is in line with the T+1 settlement cycle of equity markets to benefit [...]

India's forex reserves increased by USD 1.727 billion to USD 573.727 billion in the week ended January 20, the Reserve Bank of India said on Friday. This is the second consecutive week of a rise in the kitty after the USD 10.417 billion jump to USD 572 billion during the preceding week. In October 2021, [...]

Equity benchmarks Sensex and Nifty plunged over 1 per cent for a second straight session on Friday dragged down by heavy selling in banking, financials, and oil stocks amid foreign fund outflows. Massive selling in the Adani group stocks also added to the overall bearish trend. The 30-share BSE benchmark tanked 874.16 points or 1.45 [...]

Indian stock markets on Friday achieved a complete transition to a shorter settlement cycle or T+1 regime, a move that will bring significant capital efficiencies to the investors and improve risk mitigation for the entire industry. T+1 (trade plus one) means that market trade-related settlements will need to be cleared within one day of the [...]

The Ministry of Ports, Shipping and Waterways will invite expressions of interest (EOI) from interested players for a Rs 41,000 crore international transhipment port project at Great Nicobar Island in the Bay of Bengal. The ministry in a release on Friday said that the project is expected to be complete with an investment of Rs [...]

India and Egypt have reaffirmed their commitment to the founding values of the Non-Aligned Movement (NAM), international law and respect for the sovereignty and territorial integrity of all states. It was mentioned in a joint statement released on Thursday, a day after Prime Minister Narendra Modi and visiting Egyptian President Abdel Fattah El-Sisi held wide-ranging [...]

Equity benchmarks Sensex and Nifty fell in early trade on Friday dragged down by banking shares and Reliance Industries along with continuous foreign fund outflows. The 30-share BSE benchmark tanked 578.19 points to 59,626.87 in initial trade. The broader NSE Nifty fell 144.7 points to 17,747.25. From the Sensex pack, ICICI Bank, HDFC, Axis Bank, [...]

Farmers' body FAIFA on Wednesday requested the government to take measures to curb cigarette smuggling, causing a revenue loss of Rs 13,000 crore annually to the exchequer. Federation of All India Farmer Associations (FAIFA) in a pre-budget presentation to Finance Minister Nirmala Sitharaman highlighted the growing menace of cigarette smuggling, resulting in various issues -- [...]

Every one in four Indians is concerned about the threat of job layoff while three out of four are worried about rising inflation yet half of them believe that the country's economy will grow in 2023, according to a survey by marketing data and analytics firm Kantar. In its second edition of India Union Budget [...]

The government expects five to seven countries to sign up for adopting India-developed technology platforms like UPI and Aadhaar by March for accelerating digitisation, according to Union minister Rajeev Chandrasekhar. While speaking at India Stack Developer Conference, the minister said that the Prime Minister has decided to offer India technology platforms to countries to help [...]

Stock market investors are expecting a balanced Budget with a focus on job creation, increased spending on infrastructure, reigning in the deficit, and bringing the economy back on track, experts said on Wednesday. Stock markets have been subdued in the run-up to the Union Budget with BSE's benchmark Sensex is almost flat so far this [...]

The UAE’s expanded cooperation with India in the area of climate and clean energy aims to support New Delhi’s ambition to achieve 450 gigawatts of renewable energy installed capacity by 2030 and net-zero carbon emissions by 2070, a senior official said on Tuesday. President and CEO of Dubai Chambers of Commerce, Mohammad Ali Rashed Lootah, [...]

Indian Software-as-a-Service companies are expected to grow in the range of 20-25 per cent per annum to USD 35 billion in annual recurring revenue by 2027, consultancy firm Bain & Company said in a report on Tuesday. According to the "India SaaS Report 2022 - Remaining steady through turbulence" of Bain & Company, the Indian [...]