Latest Indian Economy News

Despite reduced offerings for all categories of tea, a marginal increase in total demand was in evidence during Sale-02, a Calcutta Tea Traders Association (CTTA) official said here on Friday. The current auction was held on January 10, 11 and 13. The market witnessed a mixed note. CTC leaf and Orthodox met with increased demand [...]

The Centre has asked state governments to address the gaps that still exist in the fishery sector in their upcoming annual plans by prioritising the value chain. This was communicated to state fisheries department officials at a workshop organised recently to formulate strategies for annual action plans for 2023-23 and 2024-25, an official statement said. [...]

Commerce and Industry Minister Piyush Goyal on Friday pitched for increasing efforts at the World Trade Organisation (WTO) for getting patent waivers for diagnostics and therapeutics used to deal with the Covid-19 pandemic. In June last year, members of the WTO agreed to grant a temporary patent waiver for the manufacturing of COVID-19 vaccines for [...]

Capital markets regulator Sebi on Friday allowed investment managers of investment vehicles -- REITs and InvITs-- to conduct meetings of unitholders through video conferencing and other audio-visual means. The move would allow maximum participation of unitholders in the decision-making process and help in better governance. Under the rules, an annual meeting of all unitholders of [...]

India will likely see an investment of USD 58 billion in finding and producing oil and gas resources in 2023, Oil Minister Hardeep Singh Puri said on Friday, adding global energy majors Chevron Corp, ExxonMobil and TotalEnergies are keen to invest. India, the world's third biggest oil-consuming and importing nation, is looking to raise domestic [...]

A vast majority of the business leaders believe that the Production Linked Incentive (PLI) schemes have been beneficial and expect an extension to other sectors in the coming years, a Deloitte Survey said on Friday. An overwhelming number of survey respondents hope the budget will fuel growth across industries by building strong domestic demand and [...]

Benchmark Sensex and Nifty bounced back on Friday after a three-day decline following buying in index major Infosys and Tata Consultancy Services amid a firm trend in global equities. The 30-share BSE Sensex gained 303.15 points or 0.51 per cent to settle at 60,261.18. During the day, it jumped 460.23 points or 0.76 per cent [...]

Union Minister Hardeep Singh Puri on Friday asked automobile manufacturers to move from the prototype stage and start introducing green vehicles in the market, saying the time has come for biofuels and other clean energy technologies. In his address at a symposium here at the Auto Expo 2023, the Minister of Petroleum and Natural Gas [...]

A 12-kilometer long tunnel connected to the Tapovan Vishnugad hydroelectric project is 1 kilometers away from Joshimath town and at least a kilometer below the ground, state-owned NTPC has told the power ministry explaining its project has no role in the subsidence of the region. An apparent sinking of land is being blamed for cracks [...]

Strong connectivity is essential for building a developed India, Prime Minister Narendra Modi said on Friday while flagging off the world's longest river cruise 'MV Ganga Vilas' which will travel 3,200 km in 51 days to reach Dibrugarh via Bangladesh, sailing across 27 river systems. Modi via video conferencing also inaugurated a Tent City at [...]

The trade between India and China has touched an all-time high of USD 135.98 billion in 2022 while New Delhi's trade deficit with Beijing crossed for the first time a USD 100 billion mark despite frosty bilateral relations, according to data released by the Chinese customs on Friday. The total India-China trade for 2022 has [...]

The Centre and states are likely to budget for higher market borrowings to the tune of Rs 2.3 lakh crore next fiscal even though the Union budget may peg a lower-than-expected fiscal deficit for the Centre at 5.8 per cent of GDP, says a report. Icra Ratings anticipates higher redemptions will lead to gross market [...]

At a time when the world is faced with continued economic slowdown and social distress, the international community counts a lot on India's leadership of G-20, the Managing Director of the International Monetary Fund said Thursday. "India, which is the president of G-20 countries, remains among the countries that perform better than global average and [...]

Market benchmarks declined in early trade on Friday dragged down by index major Reliance Industries and IT counters along with continuous foreign fund outflows. The 30-share BSE Sensex declined 273.21 points to 59,684.82. The broader NSE Nifty slipped 69.75 points to 17,788.45. From the Sensex pack, HCL Technologies, Larsen & Toubro, Tech Mahindra, Reliance Industries, [...]

India's industrial production rose by 7.1 per cent in November 2022 after contracting in October, according to official data released on Thursday. The Index of Industrial Production (IIP) grew by 1 per cent in November 2021. As per the IIP data released by the National Statistical Office (NSO), the manufacturing sector's output grew by 6.1 [...]

Retail inflation declined to a one-year low of 5.72 per cent in December 2022, mainly due to softening prices of food items, according to official data released on Thursday. The Consumer Price Index (CPI) based retail inflation was at 5.88 per cent in November 2022 and 5.66 per cent in December 2021. As per the [...]

The current energy crisis is driving inflation, slowing economic growth and creating social turmoil, a new report said on Thursday while calling for new solutions that advance a sustainable and inclusive energy transition. The World Economic Forum (WEF) report, released days before its annual meeting in Davos, said the world is in the grip of [...]

The power sector has been supplied more coal than the committed quantity and all-possible measures are being taken to augment the production of dry fuel in the next season also, a top official said on Thursday. Speaking with reporters here, Coal Secretary Amrit Lal Meena said that the coal ministry has plans to supply more [...]

Food regulator FSSAI for the first time has come out with comprehensive standards for the identification of basmati rice as part of efforts to ensure fair trade practices and check adulteration. Basmati rice should have a natural fragrance characteristics of basmati rice and there should be no artificial colouring, polishing agents and artificial fragrances. These [...]

Capital markets regulator Sebi has slapped penalties totalling Rs 15 lakh on three entities and also barred them from the securities markets for one year for flouting insider trading rules with respect to the shares of Veeram Securities Ltd (VSL). The regulator has imposed a fine of Rs 5 lakh each on entities -- Rakshit [...]