Latest Indian Economy News

Rising fuel costs and prohibitively expensive electric vehicles are making compressed natural gas (CNG) "a welcome relief and alternate fuel" for mobility for Indian consumers, according to a report by NRI (Nomura Research Institute) Consulting & Solutions. CNG vehicle sales continued to grow in FY22, rising by 55 per cent to 2,65,383 units in FY22 [...]

The Enforcement Directorate has recently recorded the statement of former NSE managing director and chief executive officer Chitra Ramkrishna, lodged inside Delhi's Tihar jail, as part of a money laundering investigation against her and others, officials said Tuesday. The proceedings for recording the statement were conducted on two occasions inside the jail. The statement has [...]

Crisis-hit Sri Lanka on Tuesday raised the petrol price by 24.3 per cent and diesel by 38.4 per cent, a record hike in fuel prices amidst the country’s worst economic crisis due to the shortage of foreign exchange reserves. With the second fuel price hike since April 19, now the most-used Octane 92 petrol would [...]

Prime Minister Narendra Modi on Monday met Softbank Corporation founder and CEO Masayoshi Son to discuss the Japanese investment firm's future participation in Indian technology, energy, finance and R&D sectors. "Further propelling Japanese investments in India...PM @narendramodi met Founder @SoftBank_Group Masayoshi Son and commended Softbank's role in India's startup sector," MEA spokesperson Arindam Bagchi tweeted. [...]

Prolonged high temperatures are credit negative for India, as that could exacerbate inflation and hurt growth, Moody's Investors Service said on Monday. Over the longer term, India's highly negative credit exposure to physical climate risks means its economic growth will likely become more volatile as it faces increasing, and more extreme incidences of climate-related shocks, [...]

Under pressure, the government on Saturday cut excise duty on petrol by a record Rs 8 per litre and that on diesel by Rs 6 per litre to give relief to consumers battering under high fuel prices that has also pushed inflation to a multi-year high. The excise duty cut will translate into a reduction [...]

India has exported wheat worth USD 177 million in March and USD 473 million in April even after the Russia-Ukraine conflict started in late February to help other countries overcome food crisis, sources said. According to them, India exported wheat even at a time when about eight nations, including Ukraine, Belarus, Turkey, Egypt, Kazakhstan and [...]

India's economic growth is likely to be robust at 8.9 per cent in the current financial year, reflecting the country's strong resilience and speedy recovery, Finance Minister Nirmala Sitharaman said on Thursday. Sitharaman also expressed confidence that India will continue to achieve a high growth rate in the next financial year as well, the finance [...]

Indian and Chinese companies are taking lead in use of artificial intelligence compared to their peers in major technically-advanced countries, an IBM survey report said on Thursday. According to the survey, 35 per cent of companies globally reported using AI in their business and when compared with 2021, organisations are 13 per cent more likely [...]

Russia’s state-owned and largest airline Aeroflot, Ural Airlines and Rossiya Airlines will now be unable to sell their lucrative landing slots at UK airports as part of new sanctions imposed by the Boris Johnson government on Thursday. The additional sanctions being imposed as a reaction against the ongoing Russia-Ukraine conflict, follow an earlier move to [...]

Domestic cooking gas LPG price was on Thursday hiked by Rs 3.50 per cylinder, the second increase in rates this month. Non-subsidised LPG now costs Rs 1,003 per 14.2-kg cylinder in the national capital, according to a price notification of state fuel retailers. The hike comes on the back of a Rs 50 per cylinder [...]

Inflows in the mutual fund industry through systematic investment plans or SIPs reached over Rs 1.24 lakh crore in the financial year 2021-22, a jump of 30 per cent from the preceding fiscal, suggesting growing popularity of the route among retail investors to generate long term wealth. In comparison, an inflow of Rs 96,080 crore [...]

As taxpayers face technical glitches on the GST portal, the government on Tuesday extended the due date for April tax payment till May 24 and has directed Infosys for early resolution of the problem. “The due date for filing FORM GSTR-3B for the month of April 2022 has been extended till 24th May 2022,” the [...]

The Federation of Hotel & Restaurant Associations of India has suggested various measures and sought the government's intervention for the revival and growth of the hospitality industry. The recommendations include making tourism a priority sector, according infrastructure status to hospitality industry, ensure better credit facilities, subsidies and incentives, rationalisation of GST, continuation of EPCG scheme, [...]