Latest Indian Economy News

Sustaining the current 19.5 per cent growth rate in income and corporate tax collections may be difficult in next fiscal year given headwinds from a slowing world and high base effect, a government source said. Net direct taxes, which are made up of personal income tax and the tax levied on corporate earnings, have seen a [...]

Announcement of measures such as quick refund of duties, resolving inverted duty issues and bringing exports through post and courier at par with standard customs clearances in the forthcoming Budget would significantly help boost the country's outbound shipments, economic think tank GTRI said on Friday. Most forecasts say that 2023 will be tough on trade [...]

The government is likely to extend fiscal incentives for production of toys, bicycles and leather and footwear in the forthcoming budget as it looks to expand production linked incentive (PLI) scheme to cover more high-employment potential sectors, sources said. The government has already rolled out the scheme with an outlay of about Rs 2 lakh [...]

Sri Lanka on Friday thanked India for the generous support of a USD 3.9 billion credit line last year and the assurances given to the IMF to restructure the country's debt after External Affairs Minister S Jaishankar conveyed India's commitment to increase investment flows to hasten the debt-ridden island nation's economic recovery. Jaishankar, who is [...]

The government will take a decision next month on increasing the sugar export quota from current 60 lakh tonnes after assessing the domestic production and internal demand, Food Secretary Sanjeev Chopra said on Thursday. The food ministry has allowed 60 lakh tonnes of sugar exports for the current 2022-23 marketing year (October-September). India exported around [...]

In a major blow to cash-strapped Pakistan, the World Bank has delayed the approval of two loans worth USD 1.1 billion until the next fiscal year, according to a media report. The Washington-based lender has also opposed slapping a flood levy on imports, creating a new hole in an already ambitious USD 32 billion annual [...]

India's domestic passenger traffic grew 13.69 per cent year-on-year to 127.35 lakh in December, according to DGCA monthly traffic data released on Thursday. The number of passengers flown by the Indian airlines in December 2021 was recorded at 112.02 lakh, as per data. IndiGo, which carried 69.97 lakh passengers during the month, lost the market [...]

Industry body Ficci has sought an increase in the import duty on aluminium and aluminium products to at least 12.5 per cent in the upcoming budget 2023-24, stating that the move will help curb dumping of aluminium products and encourage growth of the domestic manufacturing and recycling. The present import duty on aluminium and aluminium [...]

Equity benchmarks declined on Thursday after a two-day rally, mirroring a weak trend in the US markets and fresh foreign fund outflows. Weak US consumer data and hawkish comments from the Fed's policymakers dragged markets lower. The 30-share BSE Sensex declined dropped 187.31 points or 0.31 per cent to settle at 60,858.43. During the day, [...]

IFFCO, GCMMF (Amul), Kribhco, NAFED and NCDC will jointly promote a newly announced national-level export cooperative society with an authorised share capital of Rs 2,000 crore for the trading of goods and services in the cooperative sector. Last week, the Cabinet Committee on Economic Affairs (CCEA) approved a proposal to establish three new national-level multi-state [...]

International Road Federation (IRF), a global body advocating for safer roads, on Thursday said that it has made a plea to the government to do away with the GST imposed on helmets. At present a GST of 18 per cent is levied on helmets. "IRF...in a letter written to the Union finance minister Nirmala Sitharaman [...]

The government should take measures to promote innovation and R&D while simplifying regulations for the sector in the upcoming Union Budget, as per pharmaceutical industry bodies. Outlining the wishlist for the sector in the upcoming Union Budget, Indian Pharmaceutical Alliance (IPA) Secretary General Sudarshan Jain said the domestic pharma industry is currently around USD 50 [...]

Industry body CMAI on Thursday said it has signed an agreement with AREAS to ensure exchange of knowledge on policy and regulatory related developments and innovation in carbon market and enhance setting up of renewable energy projects. AREAS (Association of Renewable Energy Agencies of States) is a society which has been set up for regular [...]

The commerce department is in talks with the Australian government for bringing in investments in clean air technology, mining, education, and research and development in the country, additional director general of foreign trade Tapan Mazumder said on Wednesday. The Department of Commerce is having talks with the Australian government for bringing in investments in clean [...]

An Indian farmer recently used a ChatGPT interface to access an opaque government programme via the internet despite knowing only a local dialect, Microsoft chief Satya Nadella said on Wednesday to underline that the world is entering a golden age of artificial intelligence. Recent breakthroughs in the AI space and products like ChatGPT are capturing [...]

The Delhi Police has busted a gang, arresting four cheats who duped more than 1,800 people on the pretext of offering them life certificate for pensioners, officials said on Wednesday. The accused were identified  as Amit Khosa, Kanav Kapoor, Binoy Sarkar and Shankar Mondal, they said. According to police, the matter came to light after [...]

West Bengal entrepreneurs from the steel, snacks and services sector showed interest in investing in Uttar Pradesh and signed Memorandums of Understanding (MoUs) for projects worth around Rs 7,000 crore, a senior UP minister said here. The projects are estimated to provide employment opportunities for 14,000 people in the north Indian state which held a [...]

Equity benchmarks declined in initial trade on Thursday, mirroring a weak trend in the US markets and fresh foreign fund outflows. The 30-share BSE Sensex declined 215.79 points to 60,829.95. The broader NSE Nifty dipped 64.10 points to 18,101.25. From the Sensex pack, Kotak Mahindra Bank, Titan, Bajaj Finserv, UltraTech Cement, Infosys, Hindustan Unilever, Larsen [...]

The Competition Commission of India (CCI) on Wednesday told the Supreme Court the issue pertaining to alleged abuse of dominant position by Google in multiple markets in the Android mobile device ecosystem is of "national importance" and the world is looking at how India is dealing with the matter. A bench of Chief Justice DY [...]

The government on Wednesday proposed a slew of changes to the insolvency law, including fast-tracking the process and expanding the scope of pre-packaged framework. The Insolvency and Bankruptcy Code (IBC), which came into force in 2016, provides for a market-linked and time-bound resolution of stressed assets. The Code has already undergone various amendments. "To strengthen [...]