Latest Indian Economy News

The Income Tax Department on Tuesday said software services provider Infosys has been directed to look into the issue relating to malfunction of search option on the e-filing portal. After many users complained of issues while accessing the I-T portal and reported that it was hacked on Tuesday, which also happens to be the first [...]

The Tea Board, under the commerce ministry, has issued directions to all producers and sellers of the commodity to strictly comply with quality norms of food safety regulator FSSAI before selling the product, an official said. The board has cautioned that no tea consignment that has failed on Food Safety and Standards Authority of India [...]

Amid continuing volatility in the stock market, Finance Minister Nirmala Sitharaman on Tuesday said retail investors seem to act as shock absorbers even when foreign portfolio investors went away. Speaking at an event of the corporate affairs ministry as part of the Azadi ka Amrit Mahotsav, Sitharaman said that during the pandemic, there has been [...]

Dismissing reports, the Reserve Bank on Monday said there is no proposal to replace the face of Mahatma Gandhi with that of others on currency notes. In a statement, the central bank said there are reports in certain sections of the media that the Reserve Bank of India is considering changes to the existing currency [...]

Prime Minister Narendra Modi on Monday stressed the need to make India's banks and currency an important part of the international trade and supply chain. He also exhorted financial institutions to continuously encourage good financial and corporate governance practices. Inaugurating the iconic week celebrations by the ministries of Finance and Corporate Affairs as part of [...]

Retail sales of passenger vehicles grew last month but the sales of two-wheeler and commercial vehicles remained low compared to the pre-COVID month of May 2019, according to automobile dealers' body FADA. On Monday, FADA said that overall auto retails stood at 16,46,773 units in May, down from 18,22,900 units in May 2019. "May 2022 [...]

India's merchandise exports in May rose by 15.46 per cent -- the slowest in the last 15 months -- to USD 37.29 billion, while the trade deficit ballooned to USD 23.33 billion, the commerce ministry said on Thursday. The previous low was February 2021, when the country's exports grew by 0.67 per cent. Imports during [...]

With inflation remaining at elevated levels, Reserve Bank of India (RBI) may gradually increase the benchmark lending rate to about 5.75 per cent by the end of this fiscal, Axis Bank chief economist Saugata Bhattacharya said on Thursday. He also said RBI may undertake front loading of interest rate hikes to tame inflation which have [...]

The FMCG industry saw decline in volume in the January-March period as consumption was impacted by price increases, especially in the food and essentials categories, said a report by data analytics firm NielsenIQ. Rural India witnessed 5.3 per cent dip in volume in the period. This is the highest consumption slowdown in the last three [...]

The World Bank is planning to disburse USD 700 million to crisis-ridden Sri Lanka by re-purposing its existing loans, a move that will help the island nation grappling with an unprecedented economic crisis much-needed breathing space till a bailout package with the IMF is worked out, media reports said on Monday. Sri Lanka is nearing [...]

The Reserve Bank will opt for a larger, 0.50 per cent, hike in key rates at its next monetary policy review in June to protect medium term economic stability in face of the uncomfortable inflation situation, a British brokerage said on Thursday. The central bank will likely revise its inflation estimate to 6.2-6.5 per cent, [...]

The World Bank has ruled out bridge financing or new loan commitments to crisis-hit Sri Lanka until the island nation’s economy sets up an adequate macroeconomic policy framework, the global lender has said. The statement by the World Bank came on Tuesday following reports that the Washington-based institution was planning to support Sri Lanka to [...]

A group of ministers (GoM) in the Madhya Pradesh government deliberating on excise matters has given the consent to reduce the import duty on beer and wine in the state, MP Home Minister Narottam Mishra said. The decision was taken in a meeting of the ministerial group headed by Mishra on Tuesday. "Various issues related [...]

The government on Tuesday imposed restrictions on sugar exports from June 1, a move aimed at increasing availability of the commodity in the domestic market and curbing price rise. "Export of sugar (raw, refined and white sugar) is placed under restricted category from June 1, 2022 onwards," the Directorate General of Foreign Trade (DGFT) said [...]

India's crude oil production fell 1 per cent in April after lower output from fields operated by the private sector wiped away gains by state-owned firms such as ONGC, official data showed Tuesday. India produced 2.47 million tonnes of crude oil in April, down from 2.5 million tonnes in the same month last year, according [...]

The Rajasthan government has approved the Rajasthan Electric Vehicle Policy (REVP) to encourage EVs in the state. The government has approved an additional budget provision of Rs 40 crore for the State Goods and Services Tax (SGST) reimbursement on the purchase of such vehicles. Rajasthan Chief Minister Ashok Gehlot has approved this policy, and its [...]