Latest Indian Economy News

The Cabinet on Wednesday approved a Rs 19,500-crore production linked incentive (PLI) scheme on 'national programme on high efficiency solar PV modules' with an aim to attract Rs 94,000 crore investment in the sector. One of the the benefits expected from the PLI scheme is that about 65,000 MW per annum manufacturing capacity of fully [...]

Former RBI Governor C Rangarajan advocated maintaining the ongoing hawkish stance by the Reserve Bank of India to tame inflation and expected that the rupee will strengthen with resumption of capital inflow. He also said the country has to clock an 8-9 per cent year-on-year growth for the next five years to achieve the target [...]

Indian airlines carried 1.01 crore passengers in August, reflecting a more than 4 per cent growth in domestic air traffic compared to the previous month. The carriers flew 97.05 lakh passengers in July. "Passengers carried by domestic airlines during January-August 2022 were 770.70 lakh as against 460.45 lakh during the corresponding period of previous year [...]

The CBI has filed a case against PSL Group and its directors for allegedly cheating Canara Bank to the tune of Rs 428.50 crore by defaulting on credit repayments, officials said. The agency on Thursday conducted searches at seven locations in Mumbai and Kutch, Gujarat, resulting in the recovery of incriminating documents, they said. In [...]

The overall gems and jewellery exports rose by 6.7 per cent in August to Rs 26,418.84 crore (USD 3,316.08 million) compared to the same month last year, the Gem and Jewellery Export Promotion Council (GJEPC) said on Thursday. The gems and jewellery exports stood at Rs 24,749.69 crore (USD 3,334.12 million) during August 2021, GJEPC [...]

Domestic air passenger traffic rose 5 per cent to 1.02 crore in August and a fast-paced recovery in the traffic is expected this fiscal on the back of normalcy in flight operations and widening vaccination coverage, according to rating agency Icra. Releasing the monthly domestic air passenger traffic data for August on Thursday, Icra further [...]

Fitch Ratings on Thursday slashed India's GDP growth projection for FY23 to 7 per cent, saying the economy is expected to slow against the backdrop of global economy, elevated inflation and high interest rate. In June, it had forecast 7.8 per cent growth for India. “We expect the economy to slow given the global economic [...]

Union Chemicals and Fertilisers Minister Mansukh Mandaviya on Tuesday said there is no shortage of crop nutrients in the country and asserted that there will be no hike in the prices of non-urea products. The minister also said that Nutrient Based Policy (NBS) for Phosphatic and Potassic (P&K) fertilisers for the Rabi season (October 2022 [...]

After imposing 20 per cent export duty on non-basmati rice, the government has banned the export of broken rice with an aim to increase domestic availability, according to a government notification "Export Policy of broken rice ...is amended from ‘Free’ to ‘Prohibited’," the Directorate General of Foreign Trade (DGFT) said in a notification dated September [...]

The market capitalisation of BSE-listed firms reached an all-time high of Rs 282.66 lakh crore on Thursday, helped by a rebound in equities. The 30-share BSE Sensex climbed 659.31 points or 1.12 per cent to settle at 59,688.22 after falling in the previous two trading days. The bounce back in equities, helped the market capitalisation [...]

Domestic airlines industry is expected to report a net loss of around Rs 15,000-17,000 crore this fiscal on account of elevated price of Aviation Turbine Fuel (ATF) and a weak rupee, a report said on Wednesday. The losses for the industry in the previous fiscal were estimated at around Rs 23,000 crore, credit ratings agency [...]

The IMF on Thursday announced that it will provide Sri Lanka a loan of about USD 2.9 billion over four years under a preliminary agreement to help the bankrupt island nation tide over its worst economic crisis and protect the livelihoods of the people. Sri Lanka is going through its worst economic crisis since its [...]

The government has hiked the windfall profit tax on the export of diesel to Rs 13.5 per litre and on jet fuel exports to Rs 9 a litre, besides raising the levy on domestically-produced crude oil in line with the hardening of global prices. At the fourth fortnightly review, the government raised the windfall profit [...]

India's diesel exports fell by 11 per cent in July and overseas shipment of petrol dropped by 4.5 per cent after the government slapped a windfall profit tax on such sales, official data showed. Diesel exports dropped to 2.18 million tonnes in July from 2.45 million tonnes a month back, data from the Oil Ministry's [...]

The Supreme Court on Friday raised the ceiling limit of iron ore mining for Ballari, Chitradurga, and Tumakuru districts in Karnataka, saying conservation of the ecology and environment must go hand in hand with the spirit of economic development. The apex court raised the ceiling limit of iron ore mining from 28 MMT to 35 [...]

Inflation trajectory continues to be "heavily contingent" upon the evolving geopolitical developments, international commodity prices and global financial sector developments, Reserve Bank Deputy Governor Michael Debabrata Patra has said. The RBI on its part has front-loaded monetary policy response, with a cumulative 140 basis points increase in the benchmark rate so far with an aim [...]

The government on Thursday decided to put restrictions on the export of wheat flour to curb rising prices of the commodity. The decision was taken at a meeting of the Cabinet Committee on Economic Affairs (CCEA), chaired by Prime Minister Narendra Modi here. The decision of the Cabinet "will now allow to put a restriction [...]

The Union Home Ministry, railways and banks have got maximum number of corruption complaints against their employees last year, according to the Central Vigilance Commission (CVC) latest annual report, which was made public on Wednesday. Of the total of 1,09,214 complaints received against all category of officers/employees, a highest of 37,670 were against the Ministry [...]

The government plans to put on auction 17 mines surrendered by public sector undertakings which could not put the blocks into operation, Coal and Mines Minister Pralhad Joshi said on Tuesday. The statement comes in the wake of the government making efforts to ramp up domestic coal production to ensure adequate availability of dry fuel [...]

The government on Thursday hiked the windfall profit tax on the export of diesel to Rs 7 per litre and brought back a tax on jet fuel exports, but slashed the levy on domestically produced crude oil in line with softening rates. At the third fortnightly review, the government raised the windfall profit tax on [...]