Latest Indian Economy News

Mumbai, Apr 28 (PTI) If the Centre does not extend the GST compensation from July this year, Maharashtra, which pays the maximum taxes, will lose Rs 30,000 crore annually, a senior official of the state finance department has said. The Goods and Services Tax (GST) Act guarantees states bi-monthly compensation for any loss of revenue [...]

• Cashfree Payments' bulk disbursal product Payouts grows by more than 100% in FY22 • Peak processing at over 1000 Payouts per second • Merchants from e-commerce and financial services sectors leading the growth BENGALURU, India, April 28, 2022 /PRNewswire/ -- Leading payments and API banking solutions company, Cashfree Payments, today announced that it continues [...]

Kensington (Australia), Apr 28 (The Conversation) Many climate activists, scientists, engineers and politicians are trying to reassure us the climate crisis can be solved rapidly without any changes to lifestyle, society or the economy. To make the vast scale of change palatable, advocates suggest all we have to do is switch fossil fuels for renewable [...]

New Delhi, Apr 28 (PTI) As many as 3.14 crore workers were employed in nine industries in the December quarter of 2021, indicating a rising trend in employment in the organised sector, according to a Labour Bureau survey. In the September quarter of 2021, the number of workers stood at around 3.10 crore. The Ministry [...]

Washington, Apr 28 (PTI) India remains one of the most challenging major economies with respect to protection and enforcement of intellectual property, the office of the US Trade Representative said in a report as it decided to retain New Delhi on the Priority Watch List. In its 2022 Special 301 Report, the USTR designated seven [...]

London, Apr 27 (PTI) An independent ministerial ethics advisor to the UK government on Wednesday cleared Chancellor Rishi Sunak of any wrongdoing over his wife Akshata Murty’s tax status and his possession of a US permanent resident's Green Card while in office.The Indian-origin finance minister had referred himself to Lord Christopher Geidt to investigate any [...]

Mumbai, Apr 27 (PTI) General insurance industry's gross direct premium income (GDPI) is expected to grow by 10-12 per cent in the current fiscal on account of rising awareness of medical insurance and improvement in economic activity, says a report. The GDPI of public sector (PSU) insurers is expected to grow moderately at 4-6 per [...]

New Delhi, Apr 27 (PTI) Union Minister Narayan Rane on Wednesday said he will take up the suggestion of MSME associations to raise the turnover limit for classifying 'small' enterprises to Rs 100 crore with the prime minister and the finance ministry. As per the existing classification of MSMEs, a unit is categorised as a [...]

Kathmandu, Apr 27 (PTI) Nepal has formally banned the import of cars and other luxurious goods, including whisky and tobacco and have introduced two public holidays, citing a liquidity crunch and declining foreign exchange reserves, despite government assurances that the economy will not go into a tailspin like Sri Lanka.Since July 2021, Nepal has seen [...]

Agartala, Apr 27 (PTI) The North Eastern Council (NEC) has sanctioned Rs. 2.03 crore for the modernisation of Brahmakunda tea estate in West Tripura district, Tripura Tea Development Corporation (TTDC) chairman Santosh Saha said.The state government had sent three proposals to the NEC for the modernisation of Durgabari tea estate and Brahmakunda tea estate and [...]

New Delhi, Apr 27 (PTI) The Union Cabinet on Wednesday approved an additional funding of Rs 820 crore for India Post Payments Bank (IPPB) that will be utilised for expansion of its services to all post offices in the country. Briefing the media, Union Minister Anurag Thakur said that out of the little over 1.56 [...]

First Real-time Data Platform to Deliver Native Support for JSON Document Models at Predictable Sub-Millisecond Performance at Unlimited Scale Bangalore, Karnataka, India – Business Wire India • Massively Parallel Secondary Indexes for Complex SQL Queries • Support for Large Document Data Models from Gigabyte to Petabyte Scale • New Batch API Support for Heavy Writes [...]

Mumbai, Apr 27 (PTI) Electric scooter maker Disptach on Wednesday said it is looking to launch its maiden purpose-built e-scooter in the first quarter of 2023. The Dispatch e-scooter, which the company claims will be the world's first purpose-built scooter, will enable new business models with flexibility to pivot when business demands, all without replacing [...]

New Delhi, Apr 27 (PTI) The government on Wednesday approved a subsidy of Rs 60,939.23 crore for phosphatic and potassic (P&K) fertilisers, including DAP, for the first six months of this fiscal, as part of its efforts to provide soil nutrients to farmers at an affordable price.The Union Cabinet has approved nutrient-based subsidy (NBS) rates [...]

New Delhi, Apr 27 (PTI) The Union Cabinet on Wednesday approved a proposal to invest Rs 4,526.12 crore to construct 540 MW Kwar hydroelectric project in Jammu & Kashmir."Cabinet has approved construction of 540 Megawatt Kwar Hydro Electric project at a cost of Rs 4,526.12 crore," Union Minister Anurag Thakur said in a briefing on [...]

Mumbai, Apr 27 (PTI) Maharashtra Chief Minister Uddhav Thackeray on Wednesday said the Centre owed Rs 26,500 crore to the state, after Prime Minister Narendra Modi said some states did not reduce VAT on petrol and diesel despite the excise duty cut by the Union government in November last year. Thackeray also accused the Centre [...]

New Delhi, Apr 27 (PTI) Chemicals exports have touched USD 29.3 billion in 2021-22 on account of healthy performance in areas like agrochemicals, dyes and speciality chemicals, the commerce ministry said on Wednesday.India is the sixth-largest producer of chemicals in the world, third in Asia and 14th in exports."Today, India leads in dyes production and [...]

New Delhi, Apr 27 (PTI) The surge in steel prices in the domestic market is badly affecting the country's MSME engineering exporters and the government should immediately announce urgent measures to help them sustain in the global markets, Hand Tools Association said on Wednesday. Hand Tools Association President S C Ralhan said that the prices [...]

New Delhi, Apr 27 (PTI) The Shipping Ministry has asked all major ports to ensure adequate infrastructure by 2025 for achieving zero waiting time for inward as well as outbound cargoes. In an office memorandum, the Ministry of Ports, Shipping and Waterways (MoPSW) noted that port capacity required in 2047 will be around six-times of [...]

Mumbai, Apr 27 (PTI) Maharashtra Chief Minister Uddhav Thackeray on Wednesday claimed the Centre owed Rs 26,500 crore to the state, after Prime Minister Narendra Modi said some states did not reduce VAT on petrol and diesel despite the excise duty cut by the Union government in November last year. Thackeray also accused the Centre [...]