Latest Indian Economy News

The government's proposed policy to re-power old windmills can attract investments worth over Rs 40,000 crore, including the cost of acquiring and dismantling old plants, over the next three to five years, says a report. The wind power capacity has been stalling since 2018 when solar power took off at a faster pace and between [...]

India's imports of vegetable oils, comprising edible and non-edible oils, rose 28 per cent to 15.66 lakh tonnes in December, driven by higher shipments of refined palmolein and crude palm oil. In a statement, the Solvent Extractors' Association of India (SEA) said the import of vegetable oils during December 2022 stood at 15,66,129 tonnes compared [...]

Capital markets regulator Sebi on Thursday allowed stock exchanges to launch multiple contracts in the same commodity in a bid to encourage broader participation of investors in commodity derivatives market. This would come into force with immediate effect, the Securities and Exchange Board of India (Sebi) said in a circular. The move came after the [...]

India can become the number one automotive manufacturing hub in the world within five years, but auto companies need to enhance safety features to reduce deaths due to road accidents, Union Minister Nitin Gadkari said on Thursday. In his inaugural address at the Auto Expo 2023 here, the minister for road transport and highways asserted [...]

Gujarat's Bharatiya Janata Party government on Thursday announced a new policy which seeks to regularise unauthorised constructions inside industrial estates controlled by the Gujarat Industrial Development Corporation (GIDC). This new policy will cover nearly 70,000 industrial units currently functioning in 220 GIDC estates. Any unauthorised construction done by the owners of Micro, Small and Medium [...]

Benchmark stock indices Sensex and Nifty declined for a third straight day on Thursday as investors turned cautious ahead of release of key inflation and industrial production data. In a choppy trade, the 30-share BSE Sensex declined by 147.47 points or 0.25 per cent to settle at 59,958.03 as 15 of its constituents ended with [...]

The country's wheat production is likely to set a new record of more than 112 million tonnes in the 2022-23 crop year (July-June), according to official sources. Wheat production had declined to 106.84 million tonnes due to heat wave in key growing states in 2021-22 crop year, as per the agriculture ministry data. In 2020-21, [...]

The Uttar Pradesh Electricity Regulatory Commission (UPERC) has severely reprimanded two power distribution companies, Paschimanchal Vidyut Vitran Nigam Ltd (PVVNL) and Madhyanchal Vidyut Vitran Nigam Ltd (MVVNL) for poor progress of power meter conversion. The Commission feels that it is due to some 'nefarious interest or goblin mode' that the two discoms are not putting [...]

India will take up developmental issues of the Global South at the meetings of the G-20 countries emphasising that there should not be any first world or third world, but only one world having a common future. Addressing the ministerial session at the Global South Summit, she said India will use the G-20 Presidency to [...]

The government on Wednesday said 18,600 toys have been seized in the last one month from major retail stores, including those of Hamleys and Archies at airports and malls across the country, for lack of BIS quality mark. Meanwhile, consumer protection regulator CCPA has also issued notices to three major e-commerce players -- Amazon, Flipkart [...]

Increasing interest rate cycles and better returns from equity weigh down on mutual funds focussed on investing in fixed income securities in 2022, with the segment witnessing a net outflow of Rs 2.3 lakh crore, while a reversal of trend is expected in 2023 on anticipation of slowdown in the rate hike cycle. This was [...]

Union Minister Nitin Gadkari on Thursday said that Sri Lanka and Bangladesh have shown their keenness to import ethanol from India. The minister of road transport and highways said that he discussed about ethanol with the government of both the countries -- Sri Lanka and Bangladesh. "I was able to discuss this matter with PM [...]

The government is committed to growth of online gaming with new rules safeguarding digital citizens, but will not allow hijack of the proposed self-regulatory body, that will operate at arm's length from the industry and have equitable representation, IT Minister Rajeev Chandrasekhar has said. SRO or the self-regulatory body, proposed under the draft rules for [...]

All 7,000 electric buses under the FAME-II scheme are expected to ply in different cities of the country in the next one year, a senior official of the Heavy Industries ministry said on Thursday. Out of the 7,000 electric buses under the FAME-II scheme, over 3,000 e-buses are already operating in the country. In 2019, [...]

The India US Trade Policy Forum meeting has resulted in a smoother, friendlier and trusted environment for businesses to expand their trade and investment between the two countries, Union Commerce and Industry Minister Piyush Goyal said Wednesday. "Since we relaunched it (TPF) in a new form that renewed vigour in November 2021, we have seen [...]

The lawmakers from the US Staate of Washington have urged the Biden administration to help remove or reduce the tariffs on American apples imported to India as the country's fruit industry has incurred significant losses due to New Delhi's retaliatory measures. In a letter to US Trade Representative Katherine Tai and Commerce Secretary Gina Raimondo, [...]

The India-US Trade Policy Forum meeting that concluded here is an important step in the sustained effort to strengthen commercial ties between the two countries, a top American business body has said. The India-US Trade Policy Forum (TPF) meeting was held here on Wednesday. It was co-chaired by US Trade Representative Katherine Tai and Union [...]

India and the United States are developing a mechanism for the Indian fishermen to be able to export shrimps for the American consumers, Union Commerce and Industry Minister Piyush Goyal said Wednesday. "We had discussions for restarting the wild caught shrimp exports from India to the US," Goyal told reporters at a news conference here [...]

India discussed with the US the inordinate delays in issuance of business visas to the people from India, and there has been a good resonance of it by the Americans, visiting Union Commerce and Industry Minister Piyush Goyal said Wednesday. "We found very good resonance to our request that issuance of business visas which is [...]

The Modi government and the Biden administration are "thinking big" in terms of their trade and commerce relationship, a top Indian official said Wednesday as he ruled out the previously talked about mini trade deal or a free trade agreement and noted that revoking of GSP is not a priority for New Delhi. The previous [...]