Latest Indian Economy News

The officers committee on GST has suggested the GST Council to defer a decision on taxability of cryptocurrency and other virtual digital assets. The Fitment Committee in its report to the GST Council has suggested that a law on regulation of cryptocurrency is awaited and it would be essential to identify all relevant supplies associated [...]

The Centre can meet the fiscal deficit target of 6.4 per cent for 2022-23 if there are no excise duty cuts to lower high oil prices and additional spending on subsidies, a German brokerage said on Thursday. Meeting the budgeted target will be possible if there is no further cut on excise duties, Deutsche Bank's [...]

The World Bank has approved a USD 245 million loan to support India's efforts to modernise rail freight and logistics infrastructure, the international financial institution said in a statement on Wednesday. The Rail Logistics project will help India shift more traffic from road to rail, making transport -- both freight and passenger -- more efficient [...]

Edible oil prices in the retail market have started easing with softening of international rates and the government's timely intervention, Food Secretary Sudhanshu Pandey said on Wednesday. As per government data, the average retail prices of packaged edible oils have ease slightly, except for groundnut oil, across the country since the beginning of this month [...]

Domestic air passenger traffic saw a strong recovery in demand as Indian carriers flew 1.20 crore passengers on the local routes in May, logging nearly five-fold year-on-year volume growth, DGCA data showed on Wednesday. Domestic air passenger traffic in May 2021 stood at a meager 21-lakh, as per the Directorate General of Civil Aviation (DGCA) [...]

The airlines' losses globally are expected to be down from USD 52 billion in 2021 to USD 9.7 billion this year and industry-wide profit should be on the horizon in 2023, Director General of IATA Willie Walsh said here on Monday. International Air Transport Association (IATA) represents some 290 airlines comprising 83 per cent of [...]

New Delhi, Jun 19 (PTI) The Finance Ministry has asked government employees to opt for 'cheapest fare available' on their entitled travel class and book air tickets at least three weeks prior to their date of travel for tours and LTC, as it looks to cut down on unnecessary expenditure. The Ministry further said that [...]

Sri Lanka is awaiting official confirmation from India on a new credit line that would allow the cash-strapped nation to have supplies of petrol and diesel for the next four months, Energy Minister Kanchana Wijesekara said on Friday. Sri Lanka is currently facing its worst economic crisis since independence from Britain in 1948. The economic [...]

The US is there for India, the Biden administration has said, reiterating that New Delhi's relationship with Moscow developed over several decades when Washington was "not prepared or able to be a partner of choice" for the Indian government. State Department spokesperson Ned Price's remarks came in response to a question about whether the US [...]

The first tranche of Sovereign Gold Bond (SGB) for 2022-23 will open for subscription for five days from June 20, the Reserve Bank of India said on Thursday. The RBI further said that the second tranche (2022-23 Series II) will be available for subscription during August 22-26, 2022. The central bank issues the bonds on [...]

The price of tomatoes in the national capital has jumped 44 per cent in the last one month to Rs 46 per kg with supply being disrupted due to heat wave and lower production in South India. According to data available on the website of the Department of Consumer Affairs, tomato prices in Delhi have [...]

The UAE has ordered a suspension of exports and re-exports of wheat and wheat flour originating from India for four months, the Gulf nation's ministry of economy said on Wednesday. The move follows India banning the export of wheat last month to check the surge in local prices. With this, Indian wheat cannot be rooted [...]

The Union Cabinet has approved the auction of airwaves capable of offering fifth-generation or 5G telecom services including ultra high-speed internet, and gave its nod for setting up of captive 5G networks by the big tech firms. The auction of over 72 GHz of the spectrum will be held by July-end, said an official statement [...]

Beijing, Jun 14 (PTI) China has announced plans to provide visas to Indian professionals and their families stranded in India for over two years following the strict visa restrictions imposed by Beijing due to the COVID-19 pandemic. Separately, China is also processing requests of thousands of Indian students studying in Chinese universities who have conveyed [...]

Mineral industry body FIMI, Southern Region has sought the withdrawal of the Karnataka government's guidelines on the transportation and export of iron ore from Bellary and two other districts of the state. The Karnataka government in its recent guidelines has allowed the transportation and export of iron ore which has been produced till March 31, [...]