Latest Indian Economy News

Sri Lanka on Tuesday announced further measures to tighten its finances ahead of reaching an agreement with its main creditors on the anticipated IMF bailout expected in the island nation’s ongoing economic crisis caused by forex shortages. Cabinet spokesman Bandula Gunawardena said that a further one per cent cut from the budgetary allocations of each [...]

The National Green Hydrogen Mission is a "significant step" towards achieving the country's net-zero targets and and will help in reducing input costs of clean energy source, besides generating lakhs of job opportunities in the renewable energy sector, experts say. The Union Cabinet on January 4 approved the National Green Hydrogen Mission, which aims to [...]

Singapore is looking at collaborating with India in the area of digital public infrastructure on the lines of a national identity system like Aadhaar, an official of the island country's central bank said. Another potential opportunity could be the integration of Singapore's 'Proxtera' (global digital hub of MSME ecosystems) with India's Open Network for Digital [...]

The government has reduced the windfall profit tax levied on domestically-produced crude oil as well as on the export of diesel and ATF, 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 to [...]

Sugar mills have entered into contracts to export 55 lakh tonne of sweetener so far in current marketing year ending September and out of that, 18 lakh tonne have been shipped already, according to industry body ISMA. The government has allowed sugar mills to export 60 lakh tonne of sugar till May in the 2022-23 [...]

India has been ranked the second-largest tourist market for Singapore in 2022 behind Indonesia, with 686,000 Indian arrivals, according to data provided by the country's tourism authority here on Tuesday. Tourists from Indonesia, India and Australia were among the top spenders in the first nine months of 2022 with a spending of 8.96 billion Singapore [...]

The Reserve Bank of India on Monday tweaked norms related to acquisition and holding of shares in banks to ensure that their ultimate ownership and control remain well diversified and the major shareholders are 'fit and proper' on a continuing basis. The central bank has issued 'Master Direction – Reserve Bank of India (Acquisition and [...]

A traders' body has demanded a credit card scheme on the lines of Kisan credit card in the coming Union Budget. "Trader credit card and Vyapaari Bhavishya Nidhi scheme (on the lines of Employees' Provident Fund scheme) needs introduction in the forthcoming budget for giving momentum to Atma Nirbhar Bharat," Ravi Kant Garg, National President, [...]

Hit hard by the zero-Covid policy and slump in the real estate market, China’s economy shrank to three per cent in 2022, registering its second lowest growth rate in 50 years in the world’s second-largest economy, according to official data released here on Tuesday. The annual GDP of China totalled 21.02 trillion yuan (USD 17.94 [...]

Assam is likely to achieve 100 per cent electric three-wheeler sales by 2025, making it the first Indian state to reach the milestone, according to a study carried out by a top US university. As of fiscal 2023 -- April 2022 – January 2023--, Assam has achieved about 85 per cent of new electric three-wheeler [...]

Amid rising geopolitical risks, a vast majority of Indian CEOs have indicated in a survey that they are reducing or planning to reduce operating costs, even as they are more upbeat than their global peers on their country's economic prospects. However, most of the companies do not plan to cut their headcount or salaries, found [...]

The Sensex and Nifty climbed in initial trade on Tuesday amid buying in index majors Reliance Industries and HDFC twins. The 30-share BSE benchmark advanced 234.16 points to 60,327.13 after a positive beginning. The broader NSE Nifty climbed 64.5 points to 17,959.35. From the Sensex pack, Hindustan Unilever, HCL Technologies, Larsen & Toubro, NTPC, Tata [...]

In the most pessimistic outlook in more than a decade, a global survey of CEOs on Monday showed 73 per cent of them expecting the global economic growth to decline over the next 12 months. Releasing the annual survey on the first day of the World Economic Forum Annual Meeting here, PwC said this is [...]

Driven by a 20 per cent rise in the number of originators to 120, securitisation volume jumped 42 per cent to over Rs 1.15 lakh crore in the first three quarters of the current fiscal, a report said on Monday. Led by small finance banks, securitisation activity became broad-based and the number of originators rose [...]

A global recession is likely in 2023, but pressures on food, energy and inflation may be peaking, the World Economic Forum said on Monday in its Chief Economists Outlook survey. At the same time, some economies in the South Asia region, including Bangladesh and India, may benefit from global trends such as a diversification of manufacturing [...]

Benchmark equity index Sensex and Nifty gave up early gains and ended lower on Monday as investor sentiment was hit due to unabated foreign fund outflows and losses in index heavyweights Reliance Industries and HDFC Bank. The 30-share BSE Sensex declined 168.21 points or 0.28 per cent to settle at 60,092.97 as 15 of its [...]

The government has exempted customs duty on imports of Covid-19 vaccines till March 31, 2023 in a bid to ensure domestic availability amid fears of a surge in coronavirus infections. In a notification, the Central Board of Indirect Taxes and Customs (CBIC) said Covid vaccines, when imported into India by central government or state governments, [...]

Miners' body FIMI has made a plea to the government to increase the basic customs duty on import of primary zinc products to 7.5 per cent stating that the country's zinc consumption is well within the domestic production limit. The current basic customs duty on import of primary zinc products is five per cent. In [...]

Contributions to mutual fund schemes through systematic investment plans or SIPs remain unfazed from the market volatility in 2022 with inflow growing to Rs 1.5 lakh crore in 2022, a surge of 31 per cent from a year earlier, due to higher retail participation. In comparison, an inflow of Rs 1.14 lakh crore through the [...]

India's exports in December 2022 dipped by 12.2 per cent to USD 34.48 billion as against USD 39.27 billion in the same month last year, according to the data released by the commerce ministry on Monday. Imports in December 2022 also declined to USD 58.24 billion as against USD 60.33 billion in the same month [...]