Industry body PHDCCI on Tuesday sought increase in the tax rebate benefits for consumption expenditure, reduction in the cost of doing business and hassle free disbursement of loans at affordable rates for businesses in the upcoming Union Budget 2023-24. "At this juncture, to enhance the consumption in the economy, there is a need to increase [...]

Finance Minister Nirmala Sitharaman will keep on the path of fiscal consolidation and opt for narrowing the FY24 fiscal deficit to as low as 5.8 per cent in the upcoming Budget, analysts said on Tuesday. The government may go for a fiscal deficit number which will be far lower than the 6.4 per cent of [...]

Indian consumers are willing to pay a premium for purchasing their next vehicle despite fears of inflation, with a large portion of them looking at automobiles in the Rs 10–25 lakh price bracket, according to a study by Deloitte. They are now prioritising experience over cost, indicating a clear shift in buying pattern and a [...]

Operating margins of India Inc are likely to have fallen by 270 basis points (bps) to 18-19 per cent in the December quarter on easing commodity prices and moderating revenue growth, says a report. However, sequentially, operating margins are set for a rise for the first time in six quarters, Crisil said on Tuesday. Cheaper [...]

The Reserve Bank has sounded a note of caution on reversion to the old pension scheme by some states, saying it poses a major risk on the "subnational fiscal horizon" and would result in accumulation of unfunded liabilities in the coming years for them. The observations in the RBI's Report titled 'State Finances: A Study [...]

The Sensex and Nifty ended nearly 1 per cent higher on Tuesday amid buying in index majors Reliance Industries and HDFC twins. The 30-share BSE benchmark Sensex rallied 562.75 points or 0.94 per cent to settle at 60,655.72. During the day, it jumped 611.51 points or 1 per cent to 60,704.48. The broader NSE Nifty [...]

Capital markets regulator Sebi on Tuesday proposed to introduce a blocking of funds facility for trading in secondary markets, a move aimed at safeguarding investors' money from misuse and default by stock brokers. This is similar to Application Supported by Blocked Amount (ASBA)-like facility already available for the primary market which ensures that money from [...]

Sri Lanka on Tuesday announced further measures to tighten its finances ahead of reaching an agreement with its main creditors on the anticipated IMF bailout expected in the island nation’s ongoing economic crisis caused by forex shortages. Cabinet spokesman Bandula Gunawardena said that a further one per cent cut from the budgetary allocations of each [...]

The National Green Hydrogen Mission is a "significant step" towards achieving the country's net-zero targets and and will help in reducing input costs of clean energy source, besides generating lakhs of job opportunities in the renewable energy sector, experts say. The Union Cabinet on January 4 approved the National Green Hydrogen Mission, which aims to [...]

Singapore is looking at collaborating with India in the area of digital public infrastructure on the lines of a national identity system like Aadhaar, an official of the island country's central bank said. Another potential opportunity could be the integration of Singapore's 'Proxtera' (global digital hub of MSME ecosystems) with India's Open Network for Digital [...]

The government has reduced the windfall profit tax levied on domestically-produced crude oil as well as on the export of diesel and ATF, in line with softening international oil prices, according to an official order. The levy on crude oil produced by companies such as Oil and Natural Gas Corporation (ONGC) has been cut to [...]

Sugar mills have entered into contracts to export 55 lakh tonne of sweetener so far in current marketing year ending September and out of that, 18 lakh tonne have been shipped already, according to industry body ISMA. The government has allowed sugar mills to export 60 lakh tonne of sugar till May in the 2022-23 [...]

India has been ranked the second-largest tourist market for Singapore in 2022 behind Indonesia, with 686,000 Indian arrivals, according to data provided by the country's tourism authority here on Tuesday. Tourists from Indonesia, India and Australia were among the top spenders in the first nine months of 2022 with a spending of 8.96 billion Singapore [...]

The Reserve Bank of India on Monday tweaked norms related to acquisition and holding of shares in banks to ensure that their ultimate ownership and control remain well diversified and the major shareholders are 'fit and proper' on a continuing basis. The central bank has issued 'Master Direction – Reserve Bank of India (Acquisition and [...]

A traders' body has demanded a credit card scheme on the lines of Kisan credit card in the coming Union Budget. "Trader credit card and Vyapaari Bhavishya Nidhi scheme (on the lines of Employees' Provident Fund scheme) needs introduction in the forthcoming budget for giving momentum to Atma Nirbhar Bharat," Ravi Kant Garg, National President, [...]

Hit hard by the zero-Covid policy and slump in the real estate market, China’s economy shrank to three per cent in 2022, registering its second lowest growth rate in 50 years in the world’s second-largest economy, according to official data released here on Tuesday. The annual GDP of China totalled 21.02 trillion yuan (USD 17.94 [...]

Assam is likely to achieve 100 per cent electric three-wheeler sales by 2025, making it the first Indian state to reach the milestone, according to a study carried out by a top US university. As of fiscal 2023 -- April 2022 – January 2023--, Assam has achieved about 85 per cent of new electric three-wheeler [...]

Amid rising geopolitical risks, a vast majority of Indian CEOs have indicated in a survey that they are reducing or planning to reduce operating costs, even as they are more upbeat than their global peers on their country's economic prospects. However, most of the companies do not plan to cut their headcount or salaries, found [...]

The Sensex and Nifty climbed in initial trade on Tuesday amid buying in index majors Reliance Industries and HDFC twins. The 30-share BSE benchmark advanced 234.16 points to 60,327.13 after a positive beginning. The broader NSE Nifty climbed 64.5 points to 17,959.35. From the Sensex pack, Hindustan Unilever, HCL Technologies, Larsen & Toubro, NTPC, Tata [...]

In the most pessimistic outlook in more than a decade, a global survey of CEOs on Monday showed 73 per cent of them expecting the global economic growth to decline over the next 12 months. Releasing the annual survey on the first day of the World Economic Forum Annual Meeting here, PwC said this is [...]

Driven by a 20 per cent rise in the number of originators to 120, securitisation volume jumped 42 per cent to over Rs 1.15 lakh crore in the first three quarters of the current fiscal, a report said on Monday. Led by small finance banks, securitisation activity became broad-based and the number of originators rose [...]

A global recession is likely in 2023, but pressures on food, energy and inflation may be peaking, the World Economic Forum said on Monday in its Chief Economists Outlook survey. At the same time, some economies in the South Asia region, including Bangladesh and India, may benefit from global trends such as a diversification of manufacturing [...]

Benchmark equity index Sensex and Nifty gave up early gains and ended lower on Monday as investor sentiment was hit due to unabated foreign fund outflows and losses in index heavyweights Reliance Industries and HDFC Bank. The 30-share BSE Sensex declined 168.21 points or 0.28 per cent to settle at 60,092.97 as 15 of its [...]

The government has exempted customs duty on imports of Covid-19 vaccines till March 31, 2023 in a bid to ensure domestic availability amid fears of a surge in coronavirus infections. In a notification, the Central Board of Indirect Taxes and Customs (CBIC) said Covid vaccines, when imported into India by central government or state governments, [...]

Miners' body FIMI has made a plea to the government to increase the basic customs duty on import of primary zinc products to 7.5 per cent stating that the country's zinc consumption is well within the domestic production limit. The current basic customs duty on import of primary zinc products is five per cent. In [...]

Contributions to mutual fund schemes through systematic investment plans or SIPs remain unfazed from the market volatility in 2022 with inflow growing to Rs 1.5 lakh crore in 2022, a surge of 31 per cent from a year earlier, due to higher retail participation. In comparison, an inflow of Rs 1.14 lakh crore through the [...]

India's exports in December 2022 dipped by 12.2 per cent to USD 34.48 billion as against USD 39.27 billion in the same month last year, according to the data released by the commerce ministry on Monday. Imports in December 2022 also declined to USD 58.24 billion as against USD 60.33 billion in the same month [...]

Commerce and Industry Minister Piyush Goyal on Monday called for making a strong database of all startups in the country as it would help both public and private sectors. He said the database can help the government in its procurement of goods and services. Goyal added that there must be a number of startups having [...]

The wholesale price-based inflation declined to 4.95 per cent in December 2022, mainly due to fall in prices of food articles and crude petroleum. The Wholesale Price Index (WPI)-based inflation was 5.85 per cent in November 2022 and 14.27 per cent in December 2021. Inflation in food articles was (-)1.25 per cent, while in fuel [...]

Pakistan's average productivity growth, a crucial determinant of an economy's growth, remained just 1.5 per cent from 2010 to 2020, according to a media report. Dawn reported that the study — titled Sectoral Total Factor Productivity in Pakistan and — noted that the growth of productivity is a crucial determinant of an economy's growth that [...]

Union Minister for Micro, Small and Medium Enterprises Narayan Rane on Monday said the central government and Prime Minister Narendra Modi are making efforts to ensure citizens are not affected by the global economic slowdown. He was speaking to reporters after inaugurating the G20's 1st Infrastructure Working Group (IWG) meeting in Maharashtra's Pune city. Asked [...]

To support the massive growth in the aviation sector, the India Infrastructure Finance Company Limited (IIFCL) has extended a credit of Rs 6,630 crore for the development of six major airports in the country and looks forward to increasing its exposure in the coming years, said its managing director P R Jaishankar. Bullish on the [...]

With various mergers and acquisitions awaiting CCI approval, industry participants have sought measures to address the issue of lack of quorum at the competition watchdog which does not have a chairperson for more than two months now. Mergers and acquisitions beyond a certain threshold require the approval of Competition Commission of India (CCI) under the [...]

Around 58 per cent of developers expect housing prices to increase this year because of rise in input costs, while 32 per cent builders feel it will remain stable, according to a survey. According to the 'Real Estate Developers Sentiment Survey', by Realtors apex body CREDAI, real estate consultant Colliers India and property research firm [...]

The richest one per cent in India now own more than 40 per cent of the country's total wealth, while the bottom half of the population together share just 3 per cent of wealth, a new study showed on Monday. Releasing the India supplement of its annual inequality report on the first day of the [...]

The government is expected to propose amendments to the competition law after taking into consideration various suggestions of a Parliamentary panel, in the upcoming Budget session of Parliament, according to a senior official. Besides, discussions are going on with respect to amendments to the Insolvency and Bankruptcy Code (IBC) as well as the Companies Act, [...]

India's IT services heavyweights delivered between 14-20 per cent on-year growth in topline for December quarter, as they raised guard on global uncertainties and choppy verticals, but remained hopeful that costs as well as business considerations will drive tech demand. The tech earnings season began with large IT companies -- Tata Consultancy Services (TCS), Infosys, [...]

The Confederation of Indian Alcoholic Beverage Companies (CIABC) has written to the Delhi Government seeking removal of rules that allegedly discriminate against Indian-made products and promote imports in the forthcoming excise policy for 2023-24. Suggesting measures for the incorporation in the forthcoming excise policy for the next financial year, the representative body of the Indian [...]

Ahead of the Union Budget, Finance Minister Nirmala Sitharaman said on Sunday that she was aware of the pressures of the middle class but also recalled that the present government has not imposed any fresh taxes on them. Sitharaman will present Union Budget for 2023-24 in the Lok Sabha on February 1 amid expectations that [...]

To expedite the redevelopment of the mill land, the National Textile Corporation (NTC) has formed a committee to study and suggest ways for rehabilitating the people living in the premises of nine of its defunct mills in the central areas of the megapolis, Union industry and commerce minister Piyush Goyal said on Sunday. The city [...]

The United Forum of Bank Unions has given a call for a two-day nationwide strike on January 30 and 31 to press for various related to the 11th wage settlement of bank employees, a union leader said on Sunday. The 11th wage settlement of bank employees had occurred on November 11, 2020 between the Indian [...]

Mishandling, malfunctioning of aircraft system or pilot fatigue could be among the factors that caused the deadly plane crash in Nepal that killed at least 68 people on Sunday, according to pilots and an aircraft accident investigation expert. They also said the exact reasons that led to the accident will be known only after a [...]

'Think-20' meeting under the G20 will begin in Bhopal on Monday during which experts and foreign guests will discuss various topics, including 'Global Governance with LiFE, Values, and Wellbeing', officials said. Madhya Pradesh Chief Minister Shivraj Singh Chouhan on Saturday evening reviewed preparations for the two-day meeting, which will be attended by 94 representatives from [...]

Union Education Minister Dharmendra Pradhan on Sunday said India has to become a manufacturing economy for achieving the 'Make in India' goal. He said India currently has the momentum to achieve it. "Until India becomes a manufacturing economy, it will continue to buy goods from others as a purchasing economy," the minister, who also holds [...]

Prime Minister Narendra Modi on Friday said both public and private sectors need to leverage synergies and think out of the box to seize opportunities arising as a result of the emerging global environment. While interacting with noted economists and experts at NITI Aayog ahead of the Union Budget, the Prime Minister also applauded the [...]

India's forex reserves declined by USD 1.268 billion to USD 561.583 billion for the week ended January 6, the Reserve Bank said on Friday. The overall reserves had increased by USD 44 million to USD 562.851 billion in the previous reporting week after two consecutive weeks of the slide. In October 2021, the country's foreign [...]

Prime Minister Narendra Modi on Friday met several prominent economists as his government gets ready to present the Union Budget for 2023-24 amid global headwinds emanating from geopolitical tensions, said sources. Finance Minister Nirmala Sitharaman is scheduled to present the Union Budget in the Lok Sabha on February 1. The minister has already met different [...]

Despite reduced offerings for all categories of tea, a marginal increase in total demand was in evidence during Sale-02, a Calcutta Tea Traders Association (CTTA) official said here on Friday. The current auction was held on January 10, 11 and 13. The market witnessed a mixed note. CTC leaf and Orthodox met with increased demand [...]

The Centre has asked state governments to address the gaps that still exist in the fishery sector in their upcoming annual plans by prioritising the value chain. This was communicated to state fisheries department officials at a workshop organised recently to formulate strategies for annual action plans for 2023-23 and 2024-25, an official statement said. [...]

Commerce and Industry Minister Piyush Goyal on Friday pitched for increasing efforts at the World Trade Organisation (WTO) for getting patent waivers for diagnostics and therapeutics used to deal with the Covid-19 pandemic. In June last year, members of the WTO agreed to grant a temporary patent waiver for the manufacturing of COVID-19 vaccines for [...]

Capital markets regulator Sebi on Friday allowed investment managers of investment vehicles -- REITs and InvITs-- to conduct meetings of unitholders through video conferencing and other audio-visual means. The move would allow maximum participation of unitholders in the decision-making process and help in better governance. Under the rules, an annual meeting of all unitholders of [...]

India will likely see an investment of USD 58 billion in finding and producing oil and gas resources in 2023, Oil Minister Hardeep Singh Puri said on Friday, adding global energy majors Chevron Corp, ExxonMobil and TotalEnergies are keen to invest. India, the world's third biggest oil-consuming and importing nation, is looking to raise domestic [...]

A vast majority of the business leaders believe that the Production Linked Incentive (PLI) schemes have been beneficial and expect an extension to other sectors in the coming years, a Deloitte Survey said on Friday. An overwhelming number of survey respondents hope the budget will fuel growth across industries by building strong domestic demand and [...]

Benchmark Sensex and Nifty bounced back on Friday after a three-day decline following buying in index major Infosys and Tata Consultancy Services amid a firm trend in global equities. The 30-share BSE Sensex gained 303.15 points or 0.51 per cent to settle at 60,261.18. During the day, it jumped 460.23 points or 0.76 per cent [...]