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The Goods and Services Tax (GST) Council has postponed its decision to reduce tax rates on life and health insurance premiums following its 55th meeting, held on Saturday in Jaisalmer, Rajasthan. The meeting, chaired by Union Finance Minister Nirmala Sitharaman, concluded with members agreeing that additional technical discussions were necessary before finalising the matter. A […]
The just-released official GDP growth data for Q2 of FY 2024-25 will heighten concerns about India facing a ‘middle income trap’. If true, India will not become a rich country by 2047. Many Latin American countries that did well up to a point got stuck in this trap and failed to achieve rich country status. […]
The Indian equity benchmark indice, BSE Sensex crashed further in trade today morning, bringing it below 73000 and Nifty50 also went below 22500 at 10.40 AM today. Experts have commented that the market behaviour is outcome of the aggressive selling by FIIs, touching to Rs 15863 crores so far this month. Concerns regarding election results […]
India is poised to become a global leader in the export of medical devices and pharmaceuticals, declared Union Health Minister Mansukh Mandaviya on Saturday. Highlighting India’s transition into a significant exporter of bulk drugs and medical devices, Mandaviya emphasized the nation’s efforts to mitigate risks in the supply chain and reduce dependence on single-country sources […]
India has discovered a new oil reserve in the Krishna Godavari Basin, off the coast of Kakinada, Andhra Pradesh. The discovery was announced by Union Petroleum Minister Hardeep Singh Puri. Puri said that the first oil was extracted from the well on January 7, 2024. He added that the well is expected to produce 45,000 […]
After successfully braving the rough waters of 2023, India is likely to remain as the world’s fastest-growing major economy in 2024 on the back of growing demand, moderate inflation, stable interest rate regime and robust foreign exchange (forex) reserves, says the latest Organization for Economic Cooperation and Development (OECD) report. Despite widespread pessimism witnessed among […]
Former RBI governor Raghuram Rajan said that in the first half of the current fiscal year, the sharp increase in GDP is attributed to infrastructure spending and performance of large economies of the world. Rajan further said that even as India’s growth rate is strong, private investment and private consumption have not picked up. He […]
India’s economy could rise to the third rank by 2030, S&P Global has projected. “India is set to become the third largest economy by 2030, and we expect it will be the fastest growing major economy in the next three years,” S&P Global was quoted as saying in its Global Credit Outlook 2024 report titled, […]
Dubai, UAE: During his address at the COP28 climate summit in Dubai, Prime Minister Narendra Modi on Friday highlighted India’s achievements in striking a balance between ecology and economy. He also proposed to host the COP33 in India in 2028. India’s Commitment to Climate Action PM Modi stated that India, despite being home to 17% […]
NEW DELHI: Prime Minister Narendra Modi on Thursday distributed over 51,000 appointment letters to newly inducted recruits under the ‘Rozgar Mela’ scheme, marking a significant step towards fulfilling the government’s commitment to providing 10 lakh government jobs. Addressing the new recruits via video conferencing, Prime Minister Modi emphasized the importance of their role in nation-building […]
Despite markets easing up a bit and retail prices cooling off, the Reserve Bank of India (RBI) has cautioned that we are still not completely out of the slump. ‘India is not home-free with regards to the pressures of high prices but the moderation in retail inflation over the last two months is a relief,’ […]
The Gujarat government has announced the establishment of Becharaji Area Development Authority (BADA) to boost economic and religious potential of the Bahucharaji region in North Gujarat, renowned as a Shaktipith pilgrimage site. Apart from the ancient Bahuchar Mata shrine, the Shankhalpur Tirth, Vallabh Bhatt’s Vav, the Mandal-Becharaji Special Investment Region (SIR) is also in the […]
New Delhi: The Reserve Bank of India (RBI) refused the government’s proposal to extract Rs 2-3 lakh crore from its balance sheet in 2018 for pre-election expenditure ahead of Lok Sabha polls in the following year, former central bank deputy governor Viral Acharya said in a new prelude to his book, Quest for Restoring Financial Stability in India. According […]
In an interview with Karan Thapar, former RBI governor general Raghuram Rajan points out flaws in the Union government’s claim that India has become a mobile phone exporter after the Production Linked Incentive (PLI) scheme was introduced. Apart from questioning the numbers about net exports, Rajan also asks if the government’s assumption that low-skill manufacturing […]
As a considerable amount of 500-rupee notes appear to have vanished, the Reserve Bank of India (RBI) is faced with a complex problem that raises serious security implications for the Indian economy. With an estimated value of a staggering ₹88,032.5 crore, the whereabouts of approximately 1,760.65 million of these notes remain unknown, including those printed […]
RBI Governor Shaktikanta Das announced on Thursday that the Monetary Policy Committee (MPC) of the Reserve Bank of India (RBI) has decided to maintain the repo rate at 6.5 per cent. This decision comes after the central bank’s previous meeting in April, where it put halt to its rate hike cycle and kept the repo […]
The Confederation of Indian Industry (CII) president, R Dinesh, recommended a few measures to achieve a sustainable growth of over 7.5%. He appreciated the Centre’s “pragmatic and transformational policies” and laid emphasis on “building trust” while announcing Quality Mission 2.0. Some of CII’s top action goals for the upcoming year included livelihood businesses, tourism, wellness, […]
The auditing firm Deloitte offered a qualified opinion on the financial statements of Adani Ports & Special Economic Zone and highlighted three transactions, including recovery from a contractor mentioned in the Hindenburg report. Deloitte Haskins & Sells LLP noted transactions with three entities in the auditors’ report on the audit of the fourth quarter and […]
The Reserve Bank of India (RBI) has become one of the top five gold buyers in the March quarter, according to bullion market experts. As central banks look to diversify their reserves amid economic uncertainties, the RBI has increased its gold reserves to just under 800 tonnes. The bank acquired about 10 tonnes of gold […]
In a significant victory, India was elected to the UN Statistical Commission (StatCom) for a four-year period in a “competitive” election. It should be mentioned here that India was a member of the Statistical Commission last in 2004 and the country is returning to the UN agency after a gap of two decades. Meanwhile, South […]
