Latest Indian Economy News

India's auto components industry witnessed a 34.8 per cent growth to Rs 2.65 lakh crore in first-half of 2022-23, riding on domestic demand, particularly from the passenger vehicles segment, the Automotive Component Manufacturers Association of India said on Wednesday. During the period, exports of components grew by 8.6 per cent to USD 10.1 billion (Rs [...]

The government is probing 12 automakers including Hero Electric Vehicles and Okinawa Autotech for alleged misappropriation of subsidies under the Rs 10,000 crore FAME scheme, Union Heavy Industries Minister Mahendra Nath Pandey informed Parliament on Tuesday. The complaints received the government mainly relate to violation of Phased Manufacturing Programme (PMP) guidelines under FAME India Scheme [...]

The decline in demand and rise in raw material prices due to high transportation costs are the major problems faced by micro, small and medium enterprises in the last 27 months, according to a survey. The report by Bhartiya Yuva Shakti Trust (BYST) also said that though markets have stabilised, about 57 per cent of [...]

Indian equities will continue to witness strong investor interest next year as well, and are expected to gain nearly 14 per cent over Tuesday's close, a domestic brokerage said. The 50-share benchmark Nifty is estimated to be at 20,922 points by the end of 2023, which is nearly 14 per cent higher than the 18,385.30 [...]

Power distribution utilities or discoms' total outstanding dues reduced by Rs 29,857 crore to Rs 1,08,092 crore, which were Rs 1,37,949 crore on June 3, 2022, Parliament was informed on Tuesday. One of the key indicators of financial distress of discoms is mounting power purchase dues towards the generation companies (gencos). With the implementation of [...]

Investors in France have expressed willingness to invest in Uttar Pradesh in various sectors, including defense, agriculture, dairy, food processing, IT, renewable energy and water transport, officials said on Tuesday. A state delegation led by Uttar Pradesh deputy chief minister Keshav Prasad Maurya and IT minister Yogendra Upadhyay reached Paris on Monday and met representatives [...]

Daiki Axis Japan will infuse fresh investments to expand its presence in south India, a company official said. In November, Haryana Chief Minister Manohar Lal Khattar inaugurated the company's second unit in India in Palwal, which was set up with an investment of Rs 200 crore to produce sewage water treatment units. A unit is [...]

Some 15,000 vulnerable households in Sri Lanka hit by the ongoing economic crisis have received over USD 1.4 million in cash transfers from the FAO to overcome the shortage of food and other essential commodities in the island nation, the UN agency said on Monday. This was in addition to over 47,609 families being granted [...]

Realtors apex body CREDAI on Monday, in its pre-Budget wish list, has sought an increase in the deduction limit on home loan interest to Rs 5 lakh from the current Rs 2 lakh in view of hardening of mortgage rates since May. The interest rates on home loans have gone up by around 2 percentage [...]

Ahead of the Union Budget 2023-24, Prime Minister Narendra Modi will chair the 'second national conference of chief secretaries' in the national capital next month, a senior government official said. The second national conference of chief secretaries will be held in Delhi from January 5-January 7 and it will be a significant step towards further [...]

India's steel production has reached a historic level of 120 million tonnes per year making it the world's second-largest producer of Steel, the government informed the Rajya Sabha. Steel Minister Jyotiraditya Scindia said India intends to double its steel production to 300 million tonnes per annum by 2030. "There has been a doubling in the [...]

The Uttar Pradesh government has signed an agreement with the US-based Austin University for the construction of a Smart City of Knowledge in the state, officials said here on Sunday. To be built on 5,000 acres of land at a cost of USD 42 billion, the Knowledge City will include the best universities of the [...]

The rupee dropped 9 paise to close at 82.85 (provisional) against the US dollar on Friday amid heavy selling pressure in domestic equities and a strong greenback overseas. However, receding crude oil prices capped the rupee's loss, forex traders said. At the interbank foreign exchange market, the rupee opened sharply lower at 82.84 against the [...]

The BSE Sensex spiralled lower for the second straight session on Friday, in lockstep with other global markets after a host of central banks hiked interest rates and indicated more policy tightening to cool inflation even at the cost of economic growth. A weakening rupee amid foreign fund outflows further crimped risk appetite. The 30-share [...]

The rupee declined by 27 paise to close at 82.76 (provisional) against the US dollar on Thursday after the US Federal Reserve's interest rate hike and its hawkish stance dented investor sentiments. A massive sell-off in domestic equities and a strong greenback overseas also weighed on the local unit, forex traders said. At the interbank [...]

The National Stock Exchange (NSE) on Wednesday asked investors not to subscribe to any scheme with assured returns offered by an individual named Jay Prakash. The advisory comes after the NSE found that the individual was collecting funds from the public and was providing guaranteed returns on investment. He was also offering to handle trading [...]

The rupee depreciated 25 paise to 82.75 against the US dollar in early trade on Wednesday, tracking muted domestic equities ahead of the Reserve Bank of India's monetary policy decision. Forex traders said dollar demand in the overseas market and foreign fund outflows weighed on investor sentiments. At the interbank foreign exchange, the domestic unit [...]

The central government is on track to meet its fiscal deficit target of 6.4 per cent of the GDP for 2022-23 on the back of strong growth in revenue collections, the World Bank said in its India Development Update on Tuesday. High nominal GDP growth in the first quarter supported strong growth in revenue collection, [...]