Latest Indian Economy News

The total demand for all categories of teas dropped by 10.35 per cent during Sale-47, Calcutta Tea Traders Association data (CTTA) said. Sale-47 was held from November 22 to 24. However, Darjeeling leaf scored a gain in demand during this week as compared to last auction, it said. According to CTTA officials, the total offerings [...]

Telecom major Jio has rolled out 5G service across all 33 district headquarters of Gujarat under its trial phase, the company said on Friday. This makes Gujarat the first state to get 5G service across all district headquarters and it is also the biggest roll-out of the next generation service till date on trial basis. [...]

Unemployment rate for persons aged 15 years and above in urban areas declined to 7.2 per cent during July-September 2022 from 9.8 per cent a year ago, the National Statistical Office (NSO) said on Thursday. Joblessness or unemployment rate is defined as the percentage of unemployed persons among the labour force. Joblessness was high in [...]

The Steel Manufacturers Association of Maharashtra (SMAM) on Thursday sought restoration of power subsidies first given by the Devendra Fadnavis government in 2019 to boost the ailing sector in some parts of the state. In 2019, the then BJP-led government had started supply of power at Rs 5 per unit for steel units in Marathwada, [...]

Individuals having only single name as surname or given name in their passports will not be allowed to enter the United Arab Emirates (UAE) with new guidelines coming into force. "Any passport holder with a single name (word) either in surname or given name will not be accepted by UAE immigration and the passenger will [...]

The rupee appreciated 26 paise to 81.67 against the US dollar in early trade on Thursday as the American currency retreated from its elevated levels. At the interbank foreign exchange, the domestic unit opened at 81.72 against the dollar, then gained ground to touch 81.67, registering a rise of 26 paise over its previous close. [...]

The total leasing of office space, which comprises demand for all grades of buildings, fell 21 per cent year-on-year in October across seven major cities to 6.7 million square feet on lower demand, according to property consultant JLL India. The aggregate office market leasing activities refer to transactions for all grades or types of buildings [...]

The rupee depreciated 14 paise to 81.81 against the US dollar in early trade on Wednesday, tracking a strong American currency and sustained foreign fund outflows. At the interbank foreign exchange, the domestic unit opened at 81.81 against the dollar, registering a loss of 14 paise over its previous close. On Tuesday, the rupee appreciated [...]

State-owned oil marketing companies IOC, BPCL and HPCL posted a second consecutive quarterly loss totalling Rs 2,748.66 crore in July-September as a one-time LPG payout by the government could not mask the losses from petrol and diesel prices freeze. According to stock exchange filings by the three fuel retailers, the losses were due to erosion [...]

Registration of properties in Mumbai municipal region stood at 8,276 units in October, down 3 per cent from the year-ago period, as sales momentum moderated despite festive demand, according to Knight Frank India. In October 2021, as many as 8,576 units were registered in Mumbai city (BMC area). Real estate consultant Knight Frank India said [...]

The Reserve Bank has called a special meeting of the Monetary Policy Committee on November 3 to prepare a report on its failure to keep retail inflation below 6 per cent for three consecutive quarters. "Under the provisions of Section 45ZN of the Reserve Bank of India (RBI) Act ...an additional meeting of the MPC [...]

RBI Monetary Policy Committee (MPC) member Ashima Goyal on Wednesday said that the efforts of the Reserve Bank to contain price rise by repeatedly increasing interest rates will help in containing inflation, which is likely to fall below 6 per cent next year. Goyal further said that the policy rate hikes have largely reversed pandemic-time cuts [...]

Job postings for 5G and telecommunications have witnessed significant uptick in the last 12 months, as enterprises are looking at 5G adoption at an accelerated pace, says a report. According to global job site Indeed, job postings for telecommunications and 5G have increased by 33.7 per cent between September 2021 and September 2022. "5G rollout [...]

The country's exports rose by 4.82 per cent to USD 35.45 billion in September, even as the trade deficit widens to USD 25.71 billion, according to the data released by the commerce ministry on Friday. In its preliminary data, which was released in the first week of this month, the ministry stated that the country's [...]

The government's wheat stock is 11 per cent higher than the buffer norm at 227.46 lakh tonne at the beginning of this month, according to the Food Ministry data. However, the wheat stock in state-run Food Corporation of India (FCI) is at five year low due to a 57 per cent drop in procurement owing [...]

India's crude steel output rose by 2.56 per cent to 30.06 million tonne (MT) during the July-September period of the ongoing financial year. As per research firm SteelMint, the top six steel makers -- SAIL, Tata Steel, JSW Steel, JSPL, AMNS India and RINL -- produced 18.29 MT steel, the rest 11.77 MT came in [...]

Sales of residential properties increased 41 per cent to 88,234 units in July-September this year across seven major cities, property consultant Anarock said on Friday. The housing brokerage firm released its quarterly data of seven major cities -- Delhi-NCR, Mumbai Metropolitan Region (MMR), Chennai, Kolkata, Bengaluru, Hyderabad and Pune. As per the data, housing sales [...]

Ahead of Diwali festival, the Union Cabinet on Wednesday increased the dearness allowance (DA) and dearness relief by 4 per cent effective July 1, 2022, benefiting 41.85 lakh central government employees and 69.76 lakh pensioners. The additional instalment of DA and dearness relief (DR) is an increase of 4 per cent over the existing rate [...]