Latest Indian Economy News

The Rs 10,683-crore production-linked incentive scheme for India's textiles sector attracted investments of Rs 1,536 crore as approval letters were issued to 56 applicants who met the eligibility criteria, the government said on Monday. Applications under the PLI Scheme for textiles were received through a web portal from January 1, 2022, to February 28, 2022. [...]

Equity benchmarks ended with a jump of over 1 per cent on Monday after four days of losses amid a positive trend in global markets. The 30-share BSE benchmark rallied 721.13 points or 1.20 per cent to settle at 60,566.42. During the day, it jumped 988.49 points or 1.65 per cent to 60,833.78. On similar [...]

India is recognised as the pharmacy of the world as the country produces global standard medicine at affordable cost, Union Finance and Corporate Affairs Minister Nirmala Sitharaman said on Saturday. India supplies about 50 per cent of all of Africa's demand for generic medicine, 40 per cent of USA's need for generic medicine and 25 [...]

After a spectacular 2021, the mutual fund industry failed to continue the momentum this year with the growth in asset base, investors count and flows subsiding in 2022 on volatile market conditions, but the New Year is expected to be relatively better. The industry grew at a slower pace in 2022, mainly due to global [...]

India's retail industry saw a 19 per cent rise in sales over pre-pandemic levels during the April-November 2022 period riding on the back of strong performance of segments such as quick service restaurant and footwear, Retailers Association of India (RAI) said on Friday. Region wise, the eastern part clocked the highest growth at 21 per [...]

Shares of Abans Holdings, the financial services arm of the Abans Group, made a muted market debut on Friday, listing over 1 per cent higher on the NSE, against the issue price of Rs 270. The stock listed at par with the issue price of Rs 270 on the BSE. It later hit a high [...]

India and Bangladesh on Thursday agreed to start negotiations for a free trade agreement at an early date with an aim to boost two-way commerce and investments. The issue came up for discussions during a meeting between Commerce and Industry Minister Piyush Goyal and his Bangladeshi counterpart Tipu Munshi here. A joint feasibility study on [...]

Terming the launch of digital rupee a historic milestone, RBI executive director Ajay Kumar Choudhary on Thursday said the currency would bring in a lot of operational efficiency in the system and will foster financial inclusion. As per the central bank digital currency (CBDC) tracker, almost 105 countries representing 95 per cent of the world's [...]

Equity benchmarks surrendered early gains to finish in the red for the third session on the trot on Thursday as hawkish comments from RBI and the Covid surge in China kept buying sentiment in check despite largely positive global market trends. After a gap-up opening, the 30-share BSE Sensex buckled under selling pressure as the [...]

The Department of Telecom (DoT) has formed four task forces to recommend to the government measures that will boost the domestic telecom manufacturing ecosystem and remove the bottlenecks, an official memorandum said The development follows a round table between Communications Minister Ashwini Vaishnaw and 42 chiefs of telecom gear makers early this month where he [...]

In its initial findings, the UK's Trade Remedies Authority (TRA) has proposed that a countervailing measure on imports of stainless steel bars and rods from India be revoked. Countervailing measures are put in place to offset imports being sold at unfair prices due to government subsidies in their country of origin. The TRA set out [...]

Global telecom industry body GSM Association has urged the Department of Telecom to earmark 6000 megahertz spectrum frequency band for 5G services to support the expansion of services in future. The government has auctioned spectrum frequency in the 3300-3670 Mhz band, known as mid-band, which was identified as most suitable band for 5G. The GSMA [...]

The Jharkhand Assembly on Wednesday passed a Rs 8,533.79-crore supplementary budget for the current fiscal by voice vote. This is the second estimates with the House on August 1 passing a Rs 3,436.56-crore supplementary budget for the 2022-23 fiscal. Finance Minister Rameshwar Oraon, who had tabled the supplementary budget on Tuesday, said the government has [...]

Shares of firms related to healthcare were in the limelight on Wednesday amid surging COVID cases in China and some other countries. Union Health Minister Mansukh Mandaviya on Wednesday reviewed the Covid-19 situation in the country. Shares of Thyrocare Technologies jumped 14.85 per cent, IOL Chemicals and Pharmaceuticals rallied 14.16 per cent, Vijaya Diagnostic Centre [...]

As many as 1,84,399 Gram Panchayats in the country have been made service-ready with broadband infrastructure under BharatNet, as on November 28, 2022, Parliament was informed on Wednesday. BharatNet project is being implemented in all the Gram Panchayats (GPs) and villages of the country to provide high speed internet and broadband, Minister of State for [...]

The demand for finished steel in India is expected to grow eight per cent this year compared to 2021, according to rating agency Icra. Supported by the government's infrastructure-led growth model, domestic finished steel demand has registered a double-digit growth of 11.9 per cent in the first eight months of the current fiscal, the ratings [...]

Around 71 multi-state cooperative societies are under liquidation this year so far, with the maximum number of them located in Rajasthan, Maharashtra, Delhi and Odisha, Parliament was informed on Wednesday. According to the data placed by Cooperation Minister Amit Shah in his written reply to the Rajya Sabha, five multi-state cooperative banks were also under [...]

India has signed 13 free trade agreements (FTAs) and six preferential pacts so far with its trading partners for ensuring greater market access for domestic goods and promoting exports, Union minister Anupriya Patel said on Wednesday. The country has recently signed three such agreements with Mauritius, the UAE and Australia. Further, India is also actively [...]

Pressing for the prohibition of instruments like Bitcoin, Reserve Bank Governor Shaktikanta Das on Wednesday warned that the next financial crisis can be triggered by private cryptocurrencies, if such speculative instruments are allowed to grow. Das has been staunchly opposed to such instruments and the RBI has gone till the Supreme Court with its contention. [...]

The Cotton Association of India (CAI) on Tuesday reduced the cotton crop estimate by 4.25 lakh bales to 339.75 lakh bales for the 2022-23 season, beginning from October 2022, as the production in Haryana, Andhra Pradesh and Karnataka is expected to decline. The total cotton production in the last season is estimated at 307.05 lakh [...]