Latest Indian Economy News

Wholesale price-based inflation rose to a record high of 15.88 per cent in May on rising prices of food items and crude oil. The Wholesale Price Index-based inflation was 15.08 per cent in April and 13.11 per cent in May last year. "The high rate of inflation in May, 2022 is primarily due to rise [...]

Venture capital firm Sequoia India and Southeast Asia has raised USD 2.85 billion - the highest ever in one tranche by any venture capital fund - to fund startups and other ventures in the region, the company said in a statement. Of the funds raised, USD 2 billion is dedicated to India across two funds, [...]

The government on Monday said it will pursue recovery of USD 3.85 billion from Reliance Industries and its partners in the Panna/Mukta and Tapti oil and gas fields case and is mulling an appeal against an English court order over cost recovery dispute in the same fields. Reacting to an English High Court last week [...]

Retail inflation eased to 7.04 per cent in May, mainly on account of softening food prices, though it remained above the RBI's upper tolerance level for the fifth consecutive month, government data showed on Monday. The Consumer Price Index (CPI) based inflation was 7.79 per cent in April. In May 2021, the retail inflation stood [...]

The government's spending on information and technology will grow 12.1 per cent to USD 9.5 billion in 2022, an analyst firm estimated on Monday. The growth estimate is less than a 15 per cent jump in the government's IT (Information and Technology) spending in 2021, and higher than the 5 per cent growth estimated at [...]

Mutual funds focused on investing in fixed-income securities witnessed a net outflow of Rs 32,722 crore in May in the wake of Reserve Bank of India (RBI) stance on monetary policy turning hawkish to tackle inflation driven by global factors. This comes following an inflow to the tune of Rs 54,656 crore in April, data [...]

The number of income tax returns has increased in FY22 over the previous fiscal, Central Board of Direct Taxes Chairman Sangeeta Singh said on Saturday. Talking to PTI, Singh said the number of income tax returns last fiscal was 7.14 crore against 6.9 crore in the preceding financial year, showing a clear growth. "There is [...]

Nepal has started exporting the total approved 364 MW of electricity to India through its power exchange market. Buoyed by continuous rainfall this year, the Himalayan nation is exporting surplus electricity to India through its power exchange market for the second consecutive year, according to the Nepal Electricity Authority (NEA), the state-owned power utility body. [...]

Seeking to regulate misleading advertisements targeting children, the government on Friday came out with a detailed guidelines that prohibit companies from making false claims on health and nutritional benefits, persuading kids to buy goods and services with promotional gifts, and developing negative body image in children. Under the 'Prevention of Misleading Advertisements and necessary due [...]

Passenger vehicle dispatches to dealers in India rose over two-fold last month on a low base of Covid-19-hit May last year. As per the Society of Indian Automobile Manufacturers (SIAM), passenger vehicle wholesales rose to 2,51,052 units last month as compared to 88,045 units in May 2021. The two-wheeler sales rose to 12,53,187 units in [...]

The basket of crude oil that India buys has hit a decade high of USD 121 per barrel, but retail selling prices of petrol and diesel continue to remain frozen. The Indian basket on June 9 touched USD 121.28, matching levels seen in February/March 2012, according to data available from the oil ministry's Petroleum Planning [...]

The Competition Commission of India (CCI) on Thursday slapped penalties of nearly Rs 30 lakh on seven entities, including individuals, for indulging in manipulation in the bidding process and cartelisation in the tenders floated by the Indian railways. The CCI found that seven entities have violated competition norms. Out of 7 entities, the fair trade [...]

Export of tea during the last fiscal FY22 declined marginally to 200.79 million kilograms as compared to 203.79 million kilograms in the previous financial year, according to Tea Board data. Offtake by the CIS countries, the largest importer of Indian tea, fell to 42.48 million kilograms in the last fiscal, as against 49.08 million kilograms [...]

A total of 25 people have been convicted by courts in the country for the offence of money laundering while more than 400 arrests have been made since the ED was empowered to investigate serious financial crimes about 17 years back. According to official data accessed by PTI, the Enforcement Directorate (ED) has filed as [...]

Home, auto and other loan EMIs will rise after the Reserve Bank of India (RBI) on Wednesday raised the key interest rate by 50 basis points, the second increase in five weeks, to rein in a rise in prices that was seen continuing to hurt consumers in the near term. The increase in lending rate [...]

Housing demand is likely to be affected in short-term as home loans are set to become costlier following the RBI's decision to hike repo rate by 50 basis points, according to real estate developers. The cost of borrowing for developers could also increase, impacting their profit margins, they said, while hoping that the move would [...]

The government plans to monetise assets worth Rs 75,220 crore in the coal mining sector in the current financial year. The monetisation of coal blocks is likely to generate a revenue of Rs 52,200 crore, followed by Rs 20,320 crore from projects on Mine Developer and Operator (MDO) model, Rs 2,000 crore from discontinued mines [...]

Large coal-importing nations, including India, will look to ramp up the output of domestic coal to strengthen energy security and lessen dependence on the import of fossil fuels, Moody's Investors Service said on Tuesday. The government has recently mandated CIL to import coal as an emergency measure to avoid a shortage of coal for the [...]