Latest Indian Economy News

The crucial India-US Trade Policy Forum meeting here is unlikely to make much progress, given the sharp differences, but would hopefully ignite trade talks between the world's two largest democracies, according to eminent trade experts. Minister of Commerce and Industry Piyush Goyal, who is in the US on an official visit, held a series of [...]

Prime Minister Narendra Modi will virtually inaugurate the 7th edition of 'Invest Madhya Pradesh-Global Investors Summit', a flagship event of the state government, in Indore on Wednesday. The theme of the two-day summit is 'Madhya Pradesh-The Future Ready State', an official said. After the inaugural address by Modi, Guyana President Dr Mohamed Irfaan Ali and [...]

Equity benchmarks declined in initial trade on Wednesday amid unabated foreign fund outflows and a weak trend in index heavyweight Reliance Industries. Continuing its previous day decline, the 30-share BSE Sensex fell 309.7 points to 59,805.78 in initial trade. The broader NSE Nifty dipped 89.8 points to 17,824.35. From the Sensex pack, Bharti Airtel, Mahindra [...]

Shares of Tata Motors jumped 6 per cent on Tuesday after the company-owned Jaguar Land Rover reported a 15 per cent increase in wholesales to 79,591 units for the third quarter ended December 2022. The stock rallied 6.07 per cent to settle at Rs 413.05 apiece on the BSE. During the day, it climbed 7.26 [...]

Steel prices increased by 5 per cent to hit a three-month high of Rs 56,900 per tonne in January, according to SteelMint. In its latest report, the research firm attributed the rise to "export duty removal and rise in raw material prices". According to SteelMint data, the price of per tonne hot rolled coil (HRC) [...]

India has extended anti-dumping duty on imports of certain jute products from Nepal and Bangladesh for five years, a move aimed at protecting domestic players from cheap inbound shipments. These duties were imposed following recommendations of the commerce ministry's investigation arm Directorate General of Trade Remedies (DGTR). The DGTR, in its probe in September last [...]

The forthcoming budget is likely to meet the targeted 6.4 per cent fiscal deficit and pencil in for a 50 bps reduction in the same for the next fiscal, according to a foreign brokerage report. The Modi government will present its last full budget on February 1 as the budget 2024 will be a vote [...]

Equity benchmarks Sensex and Nifty ended 1 per cent lower on Tuesday, dragged down by Reliance Industries and banking stocks along with a weak trend in European markets. Unabated foreign fund outflows also negatively impacted the domestic equity market. The 30-share BSE Sensex tanked 631.83 points or 1.04 per cent to settle at 60,115.48. During [...]

Data adoption and tariff hike-led revenue growth as well as 5G rollouts are key monitorables for 2023 which will also be a decisive year for Vodafone Idea as a viable third player, according to a report. The telecom sector's Average Revenue Per User (ARPU) when adjusted for inflation is still 17 per cent below pre-Reliance [...]

State-owned NTPC on Tuesday said its coal production increased 51 per cent year-on-year from its captive mines to 14.55 million tonne (MT) in April-December 2022. The power giant had produced 9.65 MT of coal from its captive coal mines in the year-ago period, NTPC said in a statement. "Coal mining division of NTPC is maintaining [...]

Underlining the contribution of non-resident Indians, Union Finance Minister Nirmala Sitharaman on Tuesday said remittances sent to the country by overseas Indians were about USD 100 billion for the year 2022, an increase of 12 per cent in one year. Speaking at a session during the Pravasi Bharatiya Divas (PBD) convention in Madhya Pradesh's Indore [...]

The Central government will soon launch an information technology server and IT hardware production linked incentive (PLI) scheme, and also offer additional incentives for manufacturers that incorporate Indian-designed intellectual property into their products, Union Minister of State for Electronics and IT Rajeev Chandrasekhar said on Tuesday. Virtually addressing the VLSI Design Conference 2023 that began [...]

The mutual fund industry added Rs 2.2 lakh crore to its asset base in 2022, driven by consistent monthly increase in SIP (Systematic Investment Plan) flows. The Assets Under Management (AUM) of the mutual fund industry rose by 5.7 per cent or Rs 2.2 lakh crore to a total Rs 39.88 lakh crore in 2022, [...]

Saudi Crown Prince Mohammed Bin Salman has directed authorities to study augmenting the Gulf Kingdom's investments in Pakistan to reach USD 10 billion and increasing its deposit to the cash-strapped country's central bank to USD 5 billion, a media report said on Tuesday. Pakistan's economic situation is facing severe headwinds with inflation being forecast to [...]

President Ranil Wickremesinghe has instructed his ministries to slash five per cent of their estimated expenditure allocated in this year's Budget as Sri Lanka's Treasury was facing an acute shortage of funds, exacerbating fears that the cash-strapped country's economic crisis could be even worse than previously anticipated. Sri Lanka is in the midst of its [...]

With the opening up of the economy post the COVID pandemic, Knight Frank on Tuesday said housing sales rose 34 per cent to a 9-year high and gross office leasing grew 36 per cent during 2022 across eight major cities. While housing sales rose 34 per cent to 3,12,666 units in 2022 across eight major [...]

India has exported 16.92 lakh tonnes of sugar till January 4 of the ongoing 2022-23 marketing year, including 59,596 tonnes of the sweetener to neighbouring China, trade body AISTA said on Tuesday. Among other neighbouring nations, India has exported 1.47 lakh tonnes of sugar to Bangladesh, and 82,462 tonnes to Sri Lanka during October-January 4 [...]

The government on Monday extended the term of the deputy governor of the Reserve Bank of India (RBI), Michael Debabrata Patra, by a further period of one year. Patra's three-year tenure was coming to an end on January 14. The Appointments Committee of the Cabinet, headed by Prime Minister Narendra Modi, has approved Patra's re-appointment [...]

Institutional investments in retail real estate jumped over six fold to USD 492 million in 2022, as businesses in shopping malls revived strongly post the COVID pandemic, according to Colliers India. In 2021, the retail real estate had attracted only USD 77 million institutional investments because of an adverse impact of the COVID pandemic on [...]

Union Home Secretary Ajay Bhalla on Monday reviewed the steps taken to revamp infrastructure at Delhi's IGI airport that include ramping up capacities, close monitoring and revised scheduling of air slots and de-cluttering of immigration counters. Top officials of the Ministry of Civil Aviation, Directorate General of Civil Aviation (DGCA), Bureau of Civil Aviation Security [...]