sugar demand: India’s sugar demand surges in heat wave and election season
Mumbai: India’s sugar consumption this year is poised to hit a record high as demand during the peak summer season gets a boost from heat waves and the mobilisation of millions for elections in the scorching temperatures. Higher consumption would…
India, 7 other WTO members slam EU & UK over steel duty
NEW DELHI: India, China and Russia, along with five other World Trade Organization (WTO) members, on Monday criticised the European Union’s decision to extend its existing safeguard measure on certain steel products beyond June 30.At a WTO meeting, they argued…
RBI MPC member: Sustained growth of 7 pc feasible for India: RBI MPC member Shashanka Bhide
Sustaining the economic growth momentum of 7 per cent in 2024-25 and beyond is feasible on the back of favorable monsoon, higher farm productivity and improved global trade, RBI Monetary Policy Committee (MPC) member Shashanka Bhide said on Monday. During…
Inflation sustainably moving towards RBI target enough for a rate cut: Ashima Goyal
Consumer price index (CPI) inflation does not have to touch the Reserve Bank of India’s 4% target, but sustainably move towards that mark for interest rates to be lowered, Ashima Goyal, external member of the central bank’s monetary policy committee…
Tax: India’s net direct tax kitty at Rs 19.58 lakh cr, exceeds revised estimates by Rs 13k cr
India’s net direct tax collections surged by 17.7 per cent year-on-year to Rs 19.58 crore in the fiscal year ended March 2024 and exceeded the revised estimates by Rs 13,000 crore, according to the tax department. While gross direct tax…
employment trends: EPFO Payroll data shows surge in youth employment; 15.48 lakh net members added in February 2024
The Employees’ Provident Fund Organisation (EPFO) has released its provisional payroll data for February, 2024, indicating a positive trend in employment numbers. According to the data, there has been a net addition of 15.48 lakh members during the month, highlighting…
ITC: India growing when world is in stress, says CII president-designate & ITC chairman Sanjiv Puri
Sanjiv Puri, president-designate of leading industry body CII, said that India is growing when the world is going through a phase of stress. Speaking at an event on Friday night, Puri, also the chairman and managing director of ITC Limited,…
mpc minutes: MPC keen to keep lid on inflation, show minutes
Mumbai: India’s monetary policymakers have underscored the need for durable control over inflation, which faces upside risks due to volatile food and energy prices, although sustained robust growth has now given Mint Road more than adequate elbow room on rate…
Odisha had the highest inflation rate among states and Union territories in March
Odisha emerged with the highest inflation rate among states and Union territories in March, followed closely by Assam and Haryana. Conversely, Delhi recorded the lowest inflation rate, showcasing significant variations across regions, reported TOI.Out of the 22 states and Union…
digitisation of land records: 100-day agenda: Digitisation of land records among key reforms of new government
The Centre is working on digitisation of land records as one of the priority reforms for the incoming administration. The government may allocate ₹1,035 crore for the proposed plan that seeks to complete the digitisation of all land records by…
India FDI: India’s policies subject to whims & fancies? Raghuram Rajan, Surjit Bhalla weigh in on why foreign investment is down
NEW DELHI: India, the world’s fastest-growing major economy in recent years, is struggling to find a consistent flow of foreign investment as investors are spooked by the lack of steady and sustainable policies by New Delhi, economists said. Raghuram Rajan,…
pradhan mantri gram sadak yojana: Overhaul of rural roads scheme likely after polls; proposal part of govt’s Viksit Bharat by 2047 plan
The government is planning to overhaul its flagship rural roads scheme after the general election to further bolster connectivity in the remote areas, spur economic growth and alleviate poverty, people close to the development told ET. This will form part…
India gold demand: India’s most ‘vulnerable’ districts mostly preferred ‘golden mask’ amid Covid times
Indians living in districts which were most affected by the COVID-19 pandemic invested more of their savings in gold than those living in other regions, a new study has shown. The share of gold in household savings of those residing…
RBI asks banks to look at setting up central fund to pay internal ombudsmen
The Reserve Bank of India (RBI) has asked lenders to examine the possibility of establishing a central fund to pay the salaries of banks’ internal ombudsman (IO). This move seeks to enhance their independence to further protect customer rights. The…
RBI likely to leave rates unchanged in FY25, help maintain India’s ‘Goldilocks’ environment: Morgan Stanley
Given the higher-than-targetted inflation in India, improving productivity growth alongside external factors, economists now expect the Reserve Bank of India to hold the rates steady and expect no easing in FY25. A report by Morgan Stanley on Tuesday said that…
la nina: Gods have already voted: Expect a normal monsoon; expected to be 106% of LPA, as La Niña kicks in
The India Meteorological Department (IMD) forecast “above normal” rain for the June-September monsoon, boosting prospects of a bountiful agricultural harvest that will likely ease inflationary pressure and bolster growth. This follows uneven rain in 2023, mainly due to the El…
RBI rate cuts: Crisil expects RBI to initiate repo rate cuts from mid-2024
The Reserve Bank of India (RBI) maintained the status quo in the repo rate for the seventh time this month. The rating agency Crisil now expects the rate cut cycle to begin from mid-2024. The repo rate is the rate…
India’s exports to europe may be affected due to Iran-Israel conflict
New Delhi: Exporters are in a wait-and-watch mode as they expect air freight volume to Europe to rise 10-15%, logistics and insurance costs to rise and engineering exports demand to Europe to get impacted following Iran’s attack on Israel. Already,…
special economic zones: Proposed SEZ Amendment Bill may figure in 100-day agenda
The proposed amendments in the Special Economic Zones (SEZ) law are expected to figure in the 100-day agenda of the commerce ministry for the next government and it may be introduced in the monsoon session of Parliament, sources said. The…
Indian coffee growers cheer as robusta production drops globally, prices hit record high
India’s coffee industry is witnessing a windfall as robusta coffee bean prices skyrocketed to an unprecedented Rs 10,080 per 50 kg bag as of Friday. This surge marks a historic high since the establishment of coffee estates in the Western…
pulses imports: Payment mechanism for traders importing pulses from Myanmar simplified: Govt
The government on Saturday said the payment mechanism for traders importing pulses from Myanmar has been eased and simplified. The importers have been asked to utilize Rupee/ Kyat direct payment system using Special Rupee Vostro Account (SRVA) through Punjab National…
CBDT ready to address queries on Mauritius DTAA update
New Delhi: India’s apex direct taxes body Friday said it will address all “queries” related to the amended Double Taxation Avoidance Agreement with Mauritius while terming concerns around it “premature” as the protocol is yet to be notified. “Some concerns…
B-Heavy molasses Ethanol: Govt mulls allowing excess stock of B-heavy molasses for ethanol making
The government is considering allowing sugar mills to manufacture ethanol using their excess B-heavy molasses as feedstock, amid comfortable sugar supply and stable prices in the market, according to sources. Currently, sugar mills are holding an excess stock of more…
Economy poised for 8-9% growth, says CII President
New Delhi: India’s economy is poised to achieve 8-9% growth, Confederation of Indian Industry (CII) president R Dinesh told ET in an interview, highlighting land, labour and manufacturing reforms as the key focus areas for the new government, which he…
cbdt plan: Income Tax dept releases interim plan for FY25: Key focus on TDS and appeals processing
The income tax department has unveiled an interim action plan for the fiscal year 2024-25, focusing on key areas such as identifying cases of TDS short-payment and expediting appeals processing. The plan sets deadlines for refund approvals, asset release, and…
Wage ceiling under EPFO may be raised to ₹21k
The government is contemplating enhancing the wage ceiling under the Employees’ Provident Fund Organisation (EPFO) to at least ₹21,000 from ₹15,000 now to widen the social security coverage, a step towards achieving universal social security. The proposal, which has been…
As India gives effect to new highway-building playbook, a key change in measuring method is coming
A new method for measuring highway construction is likely to be introduced in India, Times of India reported on April 10. The govt is looking to modify its measuring method from ‘road km’ to ‘lane km’ from this financial year,…
CBIC chief wants speedy disposal of legacy cases
New Delhi: The Central Board of Indirect Taxes and Customs (CBIC) chairman Sanjay Agarwal Tuesday have asked field formations to dispose of legacy cases in which there is no dispute. According to the official data cases with tax demand of…
Monsoon: India to see normal monsoon, but some states at risk of deficit rainfall in peak months: Skymet
India is expected to see ‘normal’ monsoon between June and September weather forecasting company Skymet said on Tuesday. South, west and northwest regions of India may see ‘sufficiently’ good rains while core monsoon rainfed zone of Maharashtra and Madhya Pradesh…
India uses peace clause fifth time, for rice subsidies given in 2022
New Delhi: India has, for the fifth time, invoked the peace clause for exceeding the 10% ceiling on support it offered its rice farmers. The country informed the World Trade Organization (WTO) that the value of its rice production in…
capex: States to sustain capex focus with improved fiscal space: Ind-Ra report
India Ratings and Research (Ind-Ra) has put out a report maintaining a neutral outlook on the finances of Indian states for the fiscal year 2024-2025 (FY25), showing States’ aggregate revenue deficit is projected to be 0.4 per cent of gross…
Labour codes may top new govt’s 100-day plan
The pending implementation of streamlined labour codes could top the 100-day agenda of a new government led by the Bharatiya Janata Party (BJP) after the general election, said people with knowledge of the matter. A shift toward ‘living wages’ from…
PMO asks commerce ministry to examine model text of investment treaty
The Prime Minister’s Office (PMO) has asked the commerce ministry to examine the model text of the bilateral investment treaty (BIT) and suggest modifications to further improve the ease of doing business, according to sources. The exercise assumes significance as…
India better prepared than Pakistan to handle climate shocks in wheat crop: Agri scientists
Conducive weather conditions in both India and Pakistan are helping them to achieve record wheat output this year, but India is better prepared than the neighbour to handle climate change impact as it has developed many indigenous heat-resistant and short-duration…
India Singapore trade: India-Singapore bilateral trade grew 18.2% to $35.6 bln in FY 2022-23
The bilateral trade between Singapore and India rose to USD 35.6 billion in 2022-23, a growth of 18.2 per cent on the year, a senior diplomat at the Indian High Commission here said on Saturday. Singapore is India’s eighth largest…
Monetary Policy: Overnight swap rates hint rate cut hopes ruled out
Overnight indexed swap (OIS) rates, the main financial market tool for gauging the direction of monetary policy, show that derivatives markets have broadly relinquished expectations of rate cuts in 2024 as the central bank continues with its unequivocal focus on…
Eight per cent growth projection for India not ours: IMF
The recent remarks of Krishnamurthy Subramanian, Executive Director at the International Monetary Fund, about India’s growth figures does not represent the views of the IMF and were in his role as India’s representative at the global body, the IMF has…
Services sector growth picks up in March on robust demand
NEW DELHI: India’s services sector posted one of the strongest expansions in total sales and business activity in nearly 14 years in March, led by buoyant demand and record export orders, a private survey showed Thursday. The seasonally adjusted HSBC…
RBI MPC repo rate: Status quo for the 7th time? RBI MPC may not let rains ruin repo rate, stance this time around
The Reserve Bank of India (RBI)-led Monetary Policy Committee (MPC) is likely to keep the repo rate unchanged at 6.5 per cent with stance focussing on withdrawal of accommodation, according to several economists. If RBI doesn’t tinker with the rates,…
india economy: Economy to grow at 7.5% in FY24, says World Bank
NEW DELHI: India’s economy is likely to grow at 7.5% in FY24, according to the World Bank that has forecast growth to moderate to 6.6% in FY25. In its latest South Asia Development Update released Tuesday, it said that overall,…
World Bank projects Indian economy to grow at 7.5% in 2024
The Indian economy is projected to grow at 7.5 per cent in 2024, the World Bank has said, revising its earlier projections for the same period by 1.2 per cent. Overall, growth in South Asia is expected to be strong…
infrastructure investment trust: NHAI spends record ₹2.07 lakh cr in 2023-24, builds 6,644 km of roads
The National Highways Authority of India spent a record ₹2,07,000 crore in construction of national highways in 2023-24, the highest ever capital expenditure so far, and a jump of 20% compared to ₹1,73,000 crore spent in 2022-23 and ₹1,72,000 crore…
India’s searing heat wave may make RBI to calm down on rate cuts
A scorching heat wave sweeping through India raises concerns for policymakers amidst inflation worries, and may potentially delay interest rate cuts. Economists predict prolonged heat waves could impact vegetable prices, prompting a shift in the timeline for rate adjustments. The…
Taxman puts some FPI assessments on hold for more information
After a flurry of probing questionnaires over the past few months, the income tax (I-T) department has held back assessment orders on several foreign portfolio investors (FPIs) to fish out more information on them from jurisdictions such as Mauritius. While…
Credit ratings India: Credit quality outlook of India Inc positive in first half of FY25: Crisil Ratings
Crisil Ratings on Monday said the credit quality outlook for Indian corporates remains positive for the April-September period of the 2024-25 fiscal year with upgrades continuing to outpace downgrades. In the last fiscal year, Crisil gave 409 rating upgrades and…
Maize prices surge, procurement for ethanol may be hit
New Delhi: As the government gears up to procure maize for ethanol production, its prices have shot up in the main producing regions, leading to fears of reduced state procurement. The increased prices can reduce the procurement by government agencies…
Digital India Trust Agency: RBI mulls to set up Digital India Trust Agency to check illegal lending apps
As part of its efforts to curb growing cyber fraud, the Reserve Bank is considering establishing a Digital India Trust Agency (DIGITA) to stop the mushrooming of illegal lending apps. The proposed agency will enable verification of digital lending apps…
CBIC: Only principal commissioners or higher officials can probe into GST, other sensitive matters: CBIC
The Central Board of Indirect Taxes and Customs (CBIC) has made prior approval of high-ranking officials of the level of principal commissioner or above mandatory for investigation, search or questioning in GST (goods and services tax) related matters concerning large…
Govt not at a standstill due to polls, working to make India a $35 trillion economy by 2047: Piyush Goyal
New Delhi: The government is not at a “standstill” just because elections are coming up but is “super active” as it works on turning India into a developed, $35 trillion economy by 2047, commerce and industry minister Piyush Goyal said…
India’s improving savings-investment dynamic amid lower deficits
If there is one figure which captures a country’s changing savings-investment dynamic, it is the current account. It captures the gap between overall domestic savings in the economy and domestic investment. The lower the current account deficit, lesser is the…
India trade deals: India keen on trade deals with Britain, Oman early in Modi’s probable third term, sources say
Indian Prime Minister Narendra Modi is likely to prioritise completion of free trade deals with Britain and Oman in the first 100 days of the next government if he wins upcoming elections as opinion polls predict, two government sources said….
diesel exports: Diesel exports plunge 25% to $20 billion as global prices soften
India’s diesel exports fell 25% year-on-year in the first 11 months of this financial year to $20 billion as prices in the international markets softened. The export volume increased marginally to 26 million metric tonnes (mmt) from 25.8 mmt during…
Piyush Goyal: India open to joining trade blocs with China if its economy is WTO compliant, says Piyush Goyal
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India’s Fisheries Plan: At WTO, Australia seeks details on India’s fisheries plan
Australia has sought details of India’s fisheries programmes such as the policy objective, budget expenditure and coverage. At a meeting at the World Trade Organization (WTO) on Tuesday, it also asked if there are performance requirements such as export or…
GDP growth estimate: Morgan Stanley raises India’s GDP growth expectation for FY25 to 6.8%
Global Brokerage firm Morgan Stanley on Wednesday raised India’s GDP growth estimates for FY25 to 6.8 per cent from 6.5 per cent earlier on the back on continued traction in industrial and capex activity. The forecast for FY24 GDP stood…
Government to begin procurement of 5 lakh tonnes of rabi onion in 2-3 days to protect farmers’ interest
Amid concern over likely fall in mandi prices in view of extension of onion export ban, the government on Tuesday assured farmers that it will start procurement of 5 lakh tonnes of rabi onion in next 2-3 days to protect…
Indian economy to grow 6.8% in FY25: S&P Global Ratings
The Indian economy will likely grow 6.8% in FY25, owing to strong domestic demand and a pick-up in exports, S&P Global Ratings said Tuesday, keeping its forecast unchanged for the coming year. “Even as we expect a mild slowdown in…
Mauritius news: Mauritius most suitable gateway for Indian investors to Africa: Minister
Soomilduth Bholah, Minister of Financial Services and Good Governance, Mauritius, on a recent visit to India strongly urged the Indian investors to use the island country as a gateway to access the emerging African markets given Mauritius expertise on the…
India plans to shift from minimum wage to living wage by 2025
New Delhi: India is preparing to replace the minimum wage with living wage by 2025 and has sought technical assistance from the International Labour Organization (ILO) to create a framework for estimating and operationalising these, ET has learnt. Living wages…
WTO: India wants WTO bodies to prioritise finance access, food security, tech
India has called for prioritising issues such as access to finance including trade finance, manufacturing concentration, food security, and reducing transaction costs in international trade and services for discussions in various bodies of the World Trade Organization (WTO). “Cross-cutting real-life…
100-day agenda: UK, Oman trade agreements may figure in commerce ministry’s 100-day agenda for new Govt: official
New Delhi: India’s proposed free trade agreements (FTAs) with the UK and Oman are expected to figure in the commerce ministry’s 100-day agenda roadmap for the new government, an official said. The ministry will also focus on issues pertaining to…
seafood: India has robust regulatory, safety framework for seafood units: Commerce min
New Delhi: India has a robust regulatory framework for its 548 seafood units and it has set up world-class facilities in the fish processing sector, which are regularly inspected and monitored by various government agencies, the commerce ministry said on…
onion exports: India extends ban on onion exports indefinitely ahead of general election
India has extended its ban on onion exports indefinitely – a surprise move that comes ahead of a general election and is set to exacerbate high prices in some overseas markets. Imposed by India – the world’s biggest exporter of…
India’s trade dependence on China, EU rose in 2023: UNCTAD
New Delhi: India’s trade dependence on China and the EU increased in 2023 while it reduced on Saudi Arabia, the United Nations Conference on Trade and Development (UNCTAD) said. In its Global Trade Update, it said that trade in goods…
Royalty rate under Spain DTAA notified
New Delhi: India has notified the tax rates on royalties and fees for technical services (FTS) under the India-Spain double taxation avoidance agreement (DTAA) at up to 10%, lower than specified in its domestic law. New Delhi has notified lower…
States usurping branding of central schemes may lose cheaper capex loans
New Delhi: States that do not adhere to branding guidelines for central government-sponsored schemes could lose concessional funding from the Centre under the 50-year capex loan window. The Centre is planning to tighten conditions under this facility, as cases of…
Private sector activity rises to eight month high of 61.3 in March
India’s private sector output rose to its highest level in eight months to 61.3 in March compared with 60.6 in the previous month, according to results of a private survey released Thursday. The increase was led by manufacturing output, which…
Exporters seek exemption from 45-day payment to MSMEs rule
Exporters across sectors have sought exemption from a new rule that requires them to pay any pending bills to micro and small units within 45 days. Around 150,000 exporters, represented by as many as 15 export promotion councils, including the…
RBI: Monetary policy must remain in risk-minimisation mode: RBI Bulletin
Mumbai: A recent reduction in cooking gas prices is likely to exert a softening effect on inflation that’s also being aided by declining non-food prices, but monetary policy must remain in “risk-minimisation” mode to firmly bring consumer prices back to…
Post pandemic stimulus well manged by India: Study
The post pandemic fiscal stimulus has had a minimal impact on inflation in India compared to many other major economies, a cross-country study by the Reserve Bank of India economists indicated. The volatility in inflation in terms of Standard Deviation…
income tax department: I-T recovers ₹73,500 cr in pending bills
The income tax department has recovered ₹73,500 crore of pending dues in this financial year up to March 15, on the back of a targeted recovery plan drawn up as part of efforts to step up collection of outstanding tax…
New rules to avail export concessions under UK scheme
Indian exporters who want to avail the duty concessions on their shipments to the UK have to adhere to Britain’s new rules under their Developing Countries Trading Scheme (DCTS), the Directorate General of Foreign Trade said Monday. The has replaced…
Government’s dividend collection from CPSEs hits record Rs 61,149 crore
New Delhi: The government’s dividend mopup from non-financial central public sector enterprises (CPSEs) and entities in which it holds minority stakes has touched a record ₹61,149 crore, 22% higher than the revised estimate for 2023-24, with almost a fortnight to…
Govt to buy 1,650 tonnes of onions from traders for Bangladesh
National Cooperative Export Ltd (NCEL), the government’s export agency, will buy 1,650 tonnes of onions at ₹29/kg from private traders for exports to Bangladesh, said industry people. This will be the first official export of the key kitchen staple from…
Cabinet meeting: Cabinet likely to meet today in unusual move, a day after election announcement
In a rare move, the Union Cabinet is expected to meet on Sunday morning, following the announcement of Lok Sabha election dates, reported The Times of India. Although the specific agenda for the meeting remained undisclosed, ToI sources indicated that…
Net direct tax collections likely to surpass FY24 target of Rs 19.45 lakh crore
Advance tax payments have bolstered net direct tax collections, which may now surpass the upwardly revised target of Rs 19.45 lakh crore by the end of this fiscal, people aware of the matter told ET. Net direct tax collections from…
India UK Trade: Round 14 of India-UK FTA talks closes ahead of election schedule
The fourteenth round of free trade agreement (FTA) negotiations between India and the UK closed on Friday ahead of the expected general election schedule to be announced by the Election Commission on Saturday. According to UK officials familiar with the…
Majority of issues in India-UK FTA towards resolution, says commerce ministry
The majority of difficult matters in India-UK FTA negotiations are moving towards resolution, and both sides are actively engaged for a fair and equitable deal, commerce ministry officials said on Friday. India and the UK launched talks for an FTA…
View: India has made it to the launchpad. It still needs a spark
As India prepares for elections this spring, confidence about the country’s prospects seems ubiquitous. The country has just finalized a new trade agreement; it’s with a small trading bloc composed of Norway, Switzerland, Liechtenstein and Iceland, but the headline number…
Indian refiners: India’s diesel exports to Europe see nearly three-fold jump in February
Diesel exports to Europe quadrupled in February over the previous month as enhanced margins on the fuel lured more Indian cargoes into the continent. Indian refiners exported 204,000 barrels per day (bpd) of diesel to Europe in February, up from…
Fitch raises India’s FY25 growth forecast to 7%
Fitch Ratings, Thursday, raised India’s FY25 growth forecast to 7% from 6.5% projected earlier, projecting investment to be a significant driver of growth. “Domestic demand, especially investment, will be the main driver of growth, amid sustained levels of business and…
capital expenditure: India’s capex cycle to continue: Morgan Stanley
Morgan Stanley expects India’s capital expenditure cycle to remain on track, buoyed by government spending and a revival in private investment with the current uptick reminiscent of the 2003-2007 period, when the economy grew at an average annual rate of…
Centre exempts gold import by RBI from customs duty, agri cess
The Centre on Wednesday said that gold imported by the Reserve Bank of India will be exempted from import duty and Agriculture Infrastructure Development Cess(AIDC). Generally, the import of gold attracts 15% import duty, including 5% of AIDC. In January…
Centre in talks with banks to stop fertiliser subsidy funding
The government is in discussion with banks on the possibility of discontinuing financing fertiliser subsidy receivables. This follows the government’s move to offer direct benefit transfer (DBT) to fertiliser companies based on actual sales of retailers to beneficiaries. Currently, a…
China expands presence in West Asia’s tech, mining, and energy amid strong ties with India
China has entered the technology, mining and energy sectors in resource-rich West Asian nations which enjoy wide-ranging ties with India. Oil-rich Kuwait is expanding its tech sector partnership with China, with its leading operator, Zain Kuwait, successfully completing 5.5 G…
India will have option to withdraw duty concessions if USD 100 bn investment commitment not met by EFTA
India will have the option of temporarily withdrawing customs duty concessions on EFTA country goods under the trade agreement between the two sides, if the four European nation bloc would not fulfil its USD 100 billion investment obligations. Though the…
Crisil CEO: Indian economy is resilient… changes in bilateral trade are a huge opportunity, says Crisil CEO
For those wondering why private sector capex is not visible, here’s an answer – it has reached a critical stage from where it is beginning to flow – said , CEO at Crisil, the biggest rating company that has the…
EFTA: India inks pact with EFTA, gets $100 billion commitment
India on Sunday signed a trade and economic partnership agreement with the European Free Trade Association (EFTA) – a grouping of Switzerland, Norway, Liechtenstein and Iceland – that includes a binding $100-billion investment commitment. As part of the Trade and…
efta: India, EFTA announce $100-bn free trade pact to promote investments
India and four-nation European bloc EFTA on Sunday signed a free trade agreement to help promote investments and exports of key domestic services sectors such as IT, audio-visual, and movement of skilled professionals. The European Free Trade Association (EFTA) members…
India, EFTA may sign trade pact today
India and four-nation European bloc EFTA will sign a free trade agreement on Sunday, which is likely to help promote investments and exports of key domestic services sectors such as IT, audio-visual, and movement of skilled professionals, an official said….
free trade agreement: EFTA Deal: India to link duty cuts with investments from companies of member nations
India is set to tie duty reductions associated with the trade agreement with the European Free Trade Association (EFTA) to investments made by companies from member nations, including Switzerland, Norway, Iceland, and Liechtenstein, reported TOI. These nations have collectively pledged…
Government exempts certain exporting units from quality control orders with conditions
The government on Friday exempted advance authorisation holders and export-oriented units (EOUs) from mandatory quality control orders for imported goods that are used as inputs for exports. It said that the exemption will be with pre-import conditions, and those inputs…
Odisha infrastructure: Odisha approves seven key projects with Rs 80,125 cr investment
The Odisha government has approved seven key projects with an investment of Rs 80,125 crore in different sectors, an official said. The projects received the state government’s nod at a High-Level Clearance Authority (HLCA) meeting chaired by Chief Minister Naveen…
Bigger, bolder MDBs help effectively deal with complex demands of emerging economies: DEA Secy
Economic Affairs Secretary Ajay Seth on Thursday said bigger, better and bolder multilateral development banks will help in responding to the complex demands of emerging economies like India in an increasingly complex world. “The large piece of work to be…
Competition Commission of India: Penalty for unfair trade practices to be linked to global turnover
The Competition Commission of India (CCI) on Wednesday notified regulations prescribing monetary penalty on the global turnover of a company engaged in anti-competitive conduct. The move will boost the regulator’s chances of curbing such antitrust activities involving multinational firms, including…
EFTA: India mulls quota-based duty cuts on gold imports to Switzerland under EFTA
India is mulling giving quota-based duty concessions on gold imports from Switzerland under the proposed free trade agreement European Free Trade Association (EFTA) and has also sought an investment commitment of $50 billion in the first ten years after the…
India UK FTA: As India gets poll ready, FTA talks with UK in last leg
India and the UK are in the final stages of negotiating a free trade agreement with time running out as New Delhi gets ready to hold general elections in the next two months. A team of British trade negotiators is…
state government securities: States borrowing cost falls to 32-week low of 7.40 percent
Amid continuing lower supplies, the borrowing cost for states fell to a 32-week low of 7.40 per cent Tuesday, down by 4 bps from the previous week’s auctions. Throughout January, the interest rates were hovering at a two-year high of…
Services growth remained robust in February, but slowed slightly: PMI
India’s services sector activity continued to remain robust in February, but the growth came at a tad slower rate, PMI numbers showed on March 5. The new data also showed that inflationary pressures were coming down. The new data indicates…
FM Sitharaman asks GST officers to leverage tech to plug loopholes, better taxpayer services
New Delhi: Finance Minister Nirmala Sitharaman on Monday asked GST officers to leverage technology to plug loopholes and provide better taxpayer services. Inaugurating the first-ever National Conference of Enforcement Chiefs of the State and Central GST Formations, Sitharaman advocated for…
gdp growth: Moody’s raises India’s 2024 GDP forecast to 6.8% from 6.1%
Ratings agency Moody’s on Monday raised India’s Gross Domestic Product (GDP) growth estimate to 6.8 per cent from 6.1 per cent for 2024. Surpassing the analysts’ expectations of 6.6 per cent, India’s economy grew 8.4 per cent during the October-December…
India’s move to block China-led investment facilitation pact in WTO promotes multilateralism:Experts
New Delhi, India’s move to block a China-led investment facilitation pact in the recently concluded WTO ministerial meeting in Abu Dhabi will help promote multilateral agreements in the 166-member global trade watchdog, according to experts. The ministerial conference (MC), the…
tax devolution: Tripura receives additional tax devolution of Rs 1006 crore
In a significant move, the central government released an additional tax devolution, amounting to Rs 1006 crore for the state of Tripura. The announcement has been met with appreciation from Tripura Chief Minister Manik Saha, who acknowledges the funding’s potential…
India-Nepal: India-Nepal enhance financial cooperation; digital payment to be inaugurated soon
Nepal’s Ambassador to India, Shankar Sharma on Saturday appreciated the new guidelines of the Reserve Bank of India, which allow multiple financial services between the people of India and Nepal. He said that now Nepal citizens can send Rs 2…
India retains full policy space for benefit of farmers, fishermen at WTO: Piyush Goyal
The outcome of the 13th ministerial conference of the WTO was “good” and India is “completely satisfied” as the country continues to retain its full policy space to protect the interests of farmers and fishermen in every respect, Commerce and…
Govt offers debt restructuring and one-time settlement to sugar mills for loans taken under SDF
New Delhi, To provide relief to sugar mills, the government has come out with revised guidelines for loans taken under the Sugar Development Fund (SDF), giving factories option of debt restructuring and also a one-time settlement. As on January 31,…
WTO: WTOs 5th day meet: Talks on to break impasse over agriculture, fisheries issues
The meeting of the highest decision making body of the WTO on Friday entered the fifth day with key members including India, the US and EU holding talks to iron out differences on issues such as agriculture, fisheries subsidies, and…
NaBFID to sanction Rs 3 lakh crore by March 2026 to support infra development
National Bank for Financing Infrastructure and Development (NaBFID), which supports the development of long-term non-recourse infrastructure financing, has set a target to sanction Rs 3 lakh crore by March 2026, the finance ministry said on Thursday. Finance and Corporate Affairs…
India’s economic growth expected to slip below 7% in Oct-Dec quarter
NEW DELHI: India’s economic growth probably slipped below 7% for the first time in the current fiscal year in the October-December period, hit by a tepid manufacturing sector and weakness in consumption. The South Asian nation is expected to grow…
India, South Africa block investment deal at WTO talks
India and South Africa have filed a formal objection against an investment agreement at a World Trade Organization meeting in Abu Dhabi, blocking its adoption, a document showed and delegates confirmed on Wednesday. The Investment Facilitation for Development (IFD) Agreement,…
MC13: Talks on new issues yield five outcomes
Abu Dhabi: Amid pressure on developing countries to yield to the demands of richer nations to accept new issues such as environment, labour and gender to make the United Arab emirates -chaired World Trade Orgnaisation MC13 a success, New Delhi…
WB facing financial mismanagement, high debt leaving no fiscal room to implement any scheme: FM Sitharaman
Kolkata: West Bengal has been facing financial mismanagement and its high debt is leaving no fiscal room to implement any scheme that the state government has promised, finance minister Nirmala Sitharaman said Tuesday, criticising the Mamata Banerjee-government for the financial…
India’s poverty rate declined to 4.5-5% in 2022-23: SBI Research
India’s poverty rate declined to 4.5-5% in 2022-23, SBI Researchers said Tuesday, with rural poverty declining to 7.2% from 25.7% in 2011-12 and urban poverty down to 4.6% from a decade ago period, according to the new Household Consumption Expenditure…
Indian economy likely to have expanded 7 pc in December quarter: Report
Mumbai, The country’s real GDP growth for the December quarter is all set to come at a higher-than-anticipated 7 per cent, a German brokerage said on Monday. “We are forecasting October-December 2023 real GDP to have grown 7.0 per cent…
View: India’s ‘no’ at WTO may just mean ‘not yet’
As trade ministers gather at the World Trade Organization summit in Abu Dhabi this week, one of the villains will, as usual, be India. And, certainly, there’s some justice to the complaint that Indian negotiators are far too ready to…
WTO: Tax-free status of movie, music and games traded online is on table as WTO nations meet in Abu Dhabi
Since late last century and the early days of the web, providers of digital media like Netflix and Spotify have had a free pass when it comes to international taxes on films, video games and music that are shipped across…
household spending: Rural-urban household spending gap narrows
The gap between urban and rural household consumption has narrowed, and Indian household spending on non-food items has risen, showed the results of Household Consumption Expenditure Survey (HCES) 2022-23 released on Saturday. Household spending increased 2.6 times in rural areas…
DA hike for central govt staff likely coming in March; here are all the details
The govt is likely to hike the dearness allowance (DA) for central employees by 4 per cent in March, reports said. Post this hike, dearness allowance and dearness relief (DR) will go up to over 50 per cent. The central…
WTO: India will work to maintain WTO guiding principles, says Piyush Goyal
India will ensure that the guiding principles of the World Trade Organisation are maintained at the Abu Dhabi meeting next week, union commerce and industry minister Piyush Goyal said on Friday. The country will also raise the issue of the…
budget: Finmin asks depts to surrender unspent Budgetary allocation by March 8
New Delhi: Finance Ministry has asked other ministries and departments to surrender unspent Budgetary allocation for 2023-24 by March 8. The last date for accepting the Surrender of Savings anticipated in the grants for 2023-24 has been fixed as March…
Despite opposition, non-trade issues make their way into WTO draft package
The draft package circulated ahead of the Abu Dhabi World Trade Organisation (WTO) conference next week has highlighted trade inclusiveness, women’s participation in trade, industrial policy and environment – issues that India and many other developing countries are opposed to….
sugar mills: Increase in FRP to moderate profitability of sugar mills from Maharashtra, Karnataka, says ICRA
The increase of nearly 7.7% in the fair and remunerative price (FRP) of sugarcane by the central government is expected to reduce profitability of the sugar mills, said credit rating agency ICRA. While, the sugar industry expects the hike in…
India-EU have political will to conclude FTA: Secretary General
India and the European Union, both have the political will to conclude the Free Trade Agreement (FTA) and while no timeline can be put on the conclusion of the deal negotiations are progressing well, European External Action Service Secretary General…
Free Trade Agreements: India’s FTA partners should keep in mind huge market being offered to them: Goyal
Countries which negotiate Free Trade Agreements (FTAs) and investment pacts with India should keep in mind that New Delhi offers a huge market to them in terms of demand and business opportunities, and that India negotiates its pacts with fairness…
Onion: Onion prices fall by Rs 150 per quintal at Lasalgaon mandi
Mumbai: Onion prices on Tuesday fell by Rs 150 per quintal at Lasalgaon mandi in Nashik district of Maharashtra after the government announcement that the ban on exports of the bulb will continue till March 31. Driven by reports of…
credit scores: Self monitoring of credit scores up 73% in 2023: Report
Self monitoring of credit scores by Indian has risen by 73 percent in 2023 as this credit discipline helps to access new borrowing opportunities and also helps them better manage debt according to a report by credit bureau Transunion Cibil….
As a leader, India must ensure a successful meet: WTO DG Ngozi Okonjo-Iweala
NEW DELHI: India, South Africa and Brazil can play a critical role in getting successful outcomes on the issues of fisheries and agriculture, along with the ecommerce moratorium, at the upcoming ministerial of the World Trade Organization (WTO), its director…
Reserve Bank: Piyush Goyal confident of rate cut by Reserve Bank in coming months
Commerce and Industry Minister Piyush Goyal on Monday exuded confidence that the Reserve Bank will cut interest rates as inflation is under control. The RBI has been maintaining the benchmark interest rate at an elevated level of 6.5 per cent…
onion export: India allows export of onions to select nations
New Delhi: India has allowed exports of onions on government-to-government basis to some countries, on recommendation of the Ministry of External Affairs, said people aware of the matter. One of the persons said a limited quantity of onion exports has…
India UK trade pact: Progress of India-UK trade pact talks reviewed at highest level
With the negotiations for the proposed India-UK free trade agreement reaching an advanced stage, the Prime Minister’s Office reviewed the progress of the talks on February 16, sources said. Commerce and Industry Minister Piyush Goyal and Commerce Secretary Sunil Barthwal…
Agenda of Modi 3.0: It will be driven by aspirations like $7 trillion GDP by 2027
The interim budget for 2024-25 was just that—an interim budget. However, with Modi 3.0 a certainty, it indicates the contours of a full budget. The two underlying messages are fiscal consolidation and capital investments. With a fiscal deficit/GDP ratio of…
Centre okays upgradation of 108 Uttarakhand roads under PMGSY
Dehradun: The Centre has approved the upgradation of 108 roads in Uttarakhand under the Pradhan Mantri Gramin Sadak Yojana. The approval letter was issued by Union Rural Development and Panchayati Raj Minister Giriraj Singh on Friday. According to the letter,…
WTO: At WTO, India proposes lower cost of cross-border payments
India has proposed a work programme at the World Trade Organization (WTO) to lower the cost of cross-border remittances for promoting international trade. In a submission made on Tuesday, New Delhi said one of the means to achieve cheaper, faster…
Karnataka to introduce e-registration for select records, says CM Siddaramaiah
Chief Minister Siddaramaiah on Friday announced that the government will introduce e-registration facility for registration of select records that require mandatory registration. This will not require the presence of parties involved in the transaction. The government will also extend anytime-anywhere…
Central bankers’ models need to increase emphasis on supply side: Shaktikanta Das
KOLKATA: Central bankers may have to junk their historical economic models to handle crises in the future after they were found deficient during the pandemic, with the global economy undergoing a paradigm shift spawned by rapidly altering labour dynamics and…
Formal job creation under ESIC up 18.2% in December to 1.88 million
Formal job creation under the Employees’ State Insurance Corporation (ESIC) went up by 18.2% month-on-month to 1.88 million in December 2023 compared to 1.59 million new employees added to it in November, as per the provisional payroll data released by…
EPFO contributions to cross ₹3 l cr in ’24-25
The Schemes managed by the Employees’ Provident Fund Organisation (EPFO) are expected to receive about ₹3 lakh crore in total contributions in 2024-25, around 8% more from this fiscal year and almost two-and-a-half times higher compared with the pre-Pandemic 2019-20….
Bharat Mart explained in points: What is it and how will it help?
Bharat Mart: During his visit to the UAE, Prime Minister Narendra Modi opened the Bharat Mart, a warehouse to promote Indian exports.
India studying report on likely EU sanctions on company
India is studying a report which implies that the EU may sanction an Indian firm along with three Chinese firms for doing business with Russia. The government may seek clarity during a slew of meetings with EU senior officials in…
gold prices: RBI’s gold purchases in 2023 fell to lowest level in 6 years
The Reserve Bank of India’s gold purchases in the last calendar year fell to their lowest levels since the central bank started accumulating the yellow metal in 2017 amid a strong US dollar. It had added 0.04 million troy ounces…
Shipping ‘grapes’, selling onions: How smugglers defy export ban
Pune: Indian onions are fetching as much as ₹140 a kilogram in Malaysia, Sri Lanka and the UAE, more than ten times the wholesale price in Nashik, tempting smugglers to defy a ban on the export of the bulb vegetable,…
unemployment: Unemployment rate declines to 6.5% in Q3FY24; female labour force participation rises to 25%: MoSPI
The urban unemployment rate declined to its lowest level in over four years of 6.5% in October-December 2023, while the female labour force participation rate rose to its highest level of 25%, according to quarterly Periodic Labour Force Survey data…
MSE: Businesses navigate new tax law impacting MSE payments, seek government intervention
Many big and small businesses are playing a cat-and-mouse game. Some are taking an aggressive stance, while most are waiting it out, knocking on the government’s doors, as a well-meaning, yet unsettling, law aims to move the wheels of commerce…
India peru FTA: Duty concession on gold will be major concern for India under proposed FTA with Peru: GTRI
Duty concessions on gold, which accounts for 80 per cent of India’s imports from Peru, is the most challenging issue for New Delhi under the proposed free trade agreement with the South American nation, a report said on Sunday. Economic…
PF interest rate set at 8.25% for FY24, the highest in three years; payout to top ₹1 lakh cr
New Delhi: The Employees’ Provident Fund Organisation (EPFO) has fixed 8.25% interest rate on provident fund deposits for 2023-24, the highest in three years, following the approval of its central board of trustees at its meeting on Saturday. For 2022-23,…
ESIC to extend medical benefits to superannuated subscribers who retired at higher wages
The Employees’ State Insurance Corporation will extend the medical benefits to superannuated subscribers with higher wages at the time of retirement provided they were in the insurable employment for at least five years since April 1, 2012. A decision to…
Rich face crypto dilemma: To bet or not via foreign route
The Indian rich are in a quandary over betting on overseas cryptocurrency exchange traded funds (ETFs) which have electrified the crypto world often marred by regulatory brush-offs and shadowy anonymity. Even as they are lured by the euphoria and the…
Road Ministry introduces provision of deemed approval in DPRs
The ministry of road transport and highways has introduced the provision of deemed approval in the request for proposal documents for consultancy services for preparation of detailed project reports (DPRs) in respect for national highways and centrally sponsored road works…
India inflation likely cooled to a three month low in January: Reuters poll
India’s retail inflation likely eased to a three-month low of 5.09% in January on slowing food price rises and favourable base effects, according to economists polled by Reuters who also predicted a moderation in core inflation to 3.70%. The Reserve…
RBI to streamline Aadhar-enabled payment system, introduce additional risk management measures
The Reserve Bank of India will streamline the process of onboarding the Aadhar-enabled payment system (AePS) service providers and introduce additional fraud risk management measures. Right now, there is no two factor authentication for Aadhar enabled payments, which is risky…
FM Nirmala Sitharaman says reassuring measures being taken to lower debt-to-GDP ratio
Finance Minister Nirmala Sitharaman on Wednesday said the government is taking “reassuring” measures to bring down the debt-to-GDP ratio, which remains lower than in some of the developed countries, and indicated that concerns about India’s debt sustainability are overblown. Sitharaman’s…
NPCI working on ‘Digital Payments Score’ to improve the credit identity of Indians
The National Payments Corporation of India (NPCI) is working on a ‘Digital Payments Score’ from which users will have a credit score that will help them in getting retail credit, a senior executive said. The NPCI will partner with a…
Inter-ministerial panel on Red Sea crisis to meet tomorrow
The high-level inter-ministerial group on the Red Sea crisis, chaired by commerce secretary Sunil Barthwal, will meet Thursday amid shipment delays and increase in cargo transport costs. This is the second meeting of the group that has officials from ministries…
Centre’s external debt ratio drops to pre-Covid level
The central government’s external debt ratio continues to remain low and has returned to the pre-pandemic level of 2.7% of gross domestic product (GDP) in FY24, thanks to the reduction in the pace of such loan growth in recent years,…
Onion & Potato prices crash, but garlic is at Rs 500/kg
Kolkata | Pune: Wholesale prices of kitchen staples onion and potato have fallen sharply in the past couple of months, easing inflation for households and the government but leaving farmers worried about the potential impact on their livelihoods.Potato prices have…
interim budget: Fiscal deficit target of 4.5% of GDP by FY26 a challenge: Fitch
The fiscal deficit target of 4.5% of gross domestic product in FY26 would be a challenge for the government amidst a focus on capex to support growth, according to global ratings agency Fitch.Fitch projects the Indian economy to grow 6.5%…
RBI MPC Meet: RBI MPC Meet: Interest rates expected to hold steady, possible shift to neutral stance amid tight liquidity conditions
Mumbai: RBI is likely to keep interest rates unchanged after its monetary policy review this week as it battles inflation, said respondents in an ET poll, but some of them said a fiscally prudent interim budget and signs of global…
RBI MPC: Expect non-interest rate measures from RBI this week
The Reserve Bank is likely to focus on non- interest rate measures for the sixth time this week when the MPC meets. By announcing a lower than expected government borrowing programme, the government has done its bit by helping push…
central board of direct taxes: Some taxpayers to get notices soon for not filing ITRs, says CBDT Chairman Nitin Gupta
The income tax department will soon send notices to individuals who have not filed tax returns, even though tax has been deducted at source on their incomes, Central Board of Direct Taxes (CBDT) chairman Nitin Gupta said. He told ET…
IMEC: Nirmala Sitharaman’s subtle budget message to overseas audience
Generally, most budget speeches by finance ministers have, at best, a passing reference to geopolitical matters. However, given India’s rising global heft, in this year’s interim budget speech, Finance Minister Nirmala Sitharaman devoted an entire paragraph to the ‘global context’….
Central Board of Direct Taxes: ITR-2 changes: Rich taxpayers will now have to give additional details
Taxpayers with income exceeding ₹50 lakh or those who own more than one house will now have to provide additional details while filing their income-tax return (ITR).The tax department is seeking details of Legal Entity Identifier (LEI); any contributions made…
Monthly GST mop-up from online gaming companies jump 400 pc since October 1
Monthly GST collections from online gaming companies have jumped over 400 per cent to about Rs 1,200 crore since October 1 when the 28 per cent levy on e-gaming platforms has come into effect, a senior official said on Friday….
On path to a brighter and more prosperous India
In an era of uncertainty, the unveiling of a budget that charts a clear course for the nation is a welcome sight. A cornerstone of this budget is its commitment to policy continuation, a vital factor that promises to instil…
Interim Budget for Ayush Ministry: Ayush Ministry gets Rs 3,712 crore in interim Budget
The interim Budget allocation for the Ayush Ministry has been increased to Rs 3,712.49 crore for 2024-25 from Rs 3,000 crore (revised estimates) in 2023-24, recording a rise of 23.74 per cent. The National Medicinal Plants Board has been allocated…
India Budget highlights 2024: Which sector got what in Modi government’s 2nd Interim Budget
Finance Minister Niramala Sitharaman will present the Interim Budget 2024. The Budget is likely to focus on maintaining a controlled fiscal approach and prioritise infrastructure over populist measures. Keeping upcoming polls in mind, government’s welfare measures may include doubling annual…
gst: GST collections surge to ₹1.72 lakh crore in January 2024, marking a 10.4% Y-o-Y growth
India GST Revenue: India’s Goods and Services Tax (GST) revenue for January 2024 has surged to ₹1,72,129 crore, reflecting an impressive 10.4% Year-on-Year (Y-o-Y) growth. This marks the second-highest monthly collection ever and the third instance in the fiscal year…
SBI to down-sell half of ₹11,000 crore loan to Adani’s Ganga Expressway project
More than a year after disbursing loans to Adani Group’s Ganga Expressway project, State Bank of India (SBI) is in the process of downselling half of the nearly ₹11,000-crore loan exposure to the longest tolled road-project in the country.The lender…
IMF revises India’s FY25 growth forecast upward to 6.5%
Domestic demand resilience will help India carry forward the growth momentum in FY25 as the world prepares for a soft landing, the International Monetary Fund said Tuesday, noting that the Indian economy will grow 6.5% compared with the 6.3% projected…
View: China’s glut, India’s drought. Two faces of liquidity
Lenders in the world’s two most-populous nations are having very different problems with monetary and fiscal taps. In China, creditors are drowning in cheap central-bank cash, but loan demand is muted. In India, banks are in the middle of their…
RBI: A small entity like UCB too can be systemically important, says RBI
RBI deputy governor Swaminathan J countered the popular notion that a small entity like an Urban cooperative Bank (UCB) is not systemically important and underscored the importance of governance standards among others to strengthen them. “Some may argue that UCBs…
indian exports: Electronics, engineering goods among six focus sectors for $1 trillion exports target
India has identified electronics, engineering goods, textiles, marine & agriculture, toys and pharmaceuticals as the six sectors that could help the country achieve almost 70% of its $1-trillion goods export target by FY30. As per a study by the commerce…
Longer disruptions at Red Sea trade route may hurt auto, electronics production: GTRI
New Delhi, Longer disruptions at the crucial Red Sea trade route may hurt manufacturing lines of some sectors like electronics, automobiles, chemicals, consumer goods and machinery, economic think tank GTRI said on Sunday. The Global Trade Research Initiative (GTRI) said…
Red Sea shipping crisis to affect global trade, warns UNCTAD
The United Nations Conference on Trade and Development (UNCTAD) has raised alarm over the disruption in global trade due to the ongoing crisis in the Red Sea shipping route stating that it would “particularly” hurt developing nations and warned that…
MGNREGS: Budget 2024: NREGS likely to get another Rs 13,500 crore in revised estimate for 2023-24
The finance ministry may earmark about ₹13,500 crore more for the rural employment guarantee programme in this financial year, over and above the ₹74,524 crore approved so far, to cater for enhanced work demand, said a senior official. The additional…
job creation: Budget 2024: ‘After PLI, jobs-linked schemes need of the hour’
Budget Expectations: Following the success of production-linked incentive (PLI) schemes, the government needs to prepare the ground for employment-linked incentive schemes in the upcoming interim budget to spur employment generation and drive more people towards formalisation, said experts. “Several initiatives…
interim budget: Budget 2024: FM Nirmala Sitharaman hints at govt’s four focus areas ahead of Feb 1
Budget expectations: Finance Minister Nirmala Sitharaman has emphasised that the government’s policies will prioritise the welfare of youth, women, farmers, and the poor, TOI reported. The remarks are being viewed as a preview of the interim Budget, which is set…
interim budget: Budget 2024: Higher capex for infrastructure likely with green focus
The upcoming interim budget is likely to see higher capital expenditure on infrastructure, in line with the past three years, with a focus on green investment to meet the demand for earlier committed projects, and give a push to growth,…
PM Gati Shakti: PM Gati Shakti: Three infra projects worth Rs 9,600 cr recommended for approval
Three infrastructure projects of roads and railways worth Rs 9,600 crore have been recommended for approval under the PM Gati Shakti initiative, an official statement said on Thursday. These projects were assessed in the 64th Network Planning Group (NPG) meeting…
tax regime: Interim Budget: Capex & R&D push, simplified taxes top India Inc’s wishlist
New Delhi: Continued capex push, simplification of the tax regime, rationalisation of subsidies, promotion of R&D spending and steps towards fiscal consolidation top the budget wish-list of India Inc. The Confederation of Indian Industry (CII) and the Federation of Indian…
NITI, agri ministry, FAO launch investment forum for advancing climate resilient agrifood system
NITI Aayog, Ministry of Agriculture and Farmers’ Welfare (MoA&FW), and Food and Agriculture Organization (FAO) of the United Nations on Wednesday jointly launched the ‘Investment Forum for Advancing Climate Resilient Agrifood Systems in India’, an official statement said. The initiative…
ITR filing doubles to 77.8 million in 10 years
The number of individuals filing income-tax returns more than doubled in the past 10 years to 77.8 million in 2022-23, helping direct tax-to-GDP ratio to climb to 6.11% from 5.62% during the same period, official data released on Tuesday showed….
interim budget: Budget with ET: Interim Budget and how the ruling party uses it ahead of Lok Sabha polls – The Economic Times Video
As we are heading towards the general elections in the middle of this year, India will see an interim budget on February 01, 2024. Although the finance minister has ruled out making any “spectacular announcement” in this year’s interim budget,…
Rural jobs: Budget 2024: Rural jobs scheme may get 47% higher outlay of Rs 88,000 crore
The government will likely allocate about ₹88,000 crore for the rural employment guarantee scheme in the interim budget for FY25 to be presented on February 1, as compared with ₹60,000 crore budgeted for this fiscal, a person aware of the…
Interim Budget: Govt may increase agri-credit target to Rs 22-25 lakh crore
The government is likely to announce in the upcoming interim Budget a substantial increase in the agricultural credit target to Rs 22-25 lakh crore for the next fiscal and ensure every eligible farmer has access to institutional credit, according to…
India-US trade: Serving a message: Creativity on India, US platter can dish out potent solution
The India-US trade conversation is always a tricky territory to navigate. But the needle can be moved when both sides talk to each other, rather than at each other – a fact that US trade representative Kathreen Tai literally discovered…
Budget 2024: A compelling case for a sunset extension for Sovereign and Pension Funds tax incentive
Budget Expectations: In recent times, India has made significant strides in developing its national infrastructure in terms of expanding the road and rail network, power generation and transmission capacity, telecom infrastructure, port, and airport capacity, etc. The infrastructure sector is…
EPFO: Formal job creation under EPFO down 14.2% to 1.39 million in November, according to payroll data
Formal job creation under the Employees’ Provident Fund Organisation fell sharply in November by 14.2% with addition of 1.39 million net new subscribers compared to 1.62 million net new subscribers added in November 2022. Even month-on-month, EPFO registered a decline…
Yet to finalise mechanism for regulating cryptocurrencies: Centre to SC
New Delhi, The Centre has told the Supreme Court it is yet to take a decision on a mechanism to regulate cryptocurrencies and effectively investigate related offences. A bench of justices Surya Kant and KV Viswanathan was told by Additional…
Flaws in measuring housing contribution distorting inflation index: Experts
NEW DELHI: Longer duration rent agreements after the pandemic and reliance on house rent allowances for government-owned dwellings to measure rents may be distorting the ability of the housing index within Consumer Price Index to capture true market dynamics, according…
India’s forex reserves up $1.6 bn to $618.94 bn as of Jan 12
India’s foreign exchange reserves saw a mild uptick of $1.6 billion to $618.94 billion as of January 12, 2024, the Reserve Bank of India said on Friday. The forex reserves had declined sharply by $5.89 billion in the week ending…
Vulnerability to climate change making food inflation structural: RBI economists
MUMBAI: Food inflation is generally considered to be out of the ambit of monetary policy, but if monsoon failures cause persistent food price shocks, rate actions are warranted to prevent inflation expectations from becoming un-anchored, Reserve Bank of India (RBI)…
Atal Setu to Mahatma Gandhi Setu: Longest Bridges of India
Which is the longest bridge in India? Top 5 longest bridges in India including Atal Setu.
Fertiliser subsidy bill likely to dip 30-34% to Rs 1.8 lakh crore
Government’s fertiliser subsidy bill is likely to decline 30-34% to ₹1.7-1.8 lakh crore this fiscal due to a reduction in global prices and lower imports of urea, said Mansukh Mandaviya, fertilizer minister, adding that the Red Sea tension will not…
budget 2024: How to separate the wheat from the Budget chaff
A budget is basically an accounting exercise that takes stock of the financial situation of the government and projects revenues and expenditures. But the budget is far more than this math. There are political statements, commentary on various schemes and…
This crypto ‘party’ is not without risks: RBI Guv Das
RBI Governor Shaktikanta Das has steadfastly maintained over the years that cryptocurrencies pose a palpable threat to currency and monetary stability and could be the source of the next major global financial crisis.
A look behind the calculations: How the budget math works
Union Budget 2024: Finance Minister Nirmala Sitharaman is going to present an interim budget on February 1 . This budget is not expected to include any major announcements – that will be left to the full budget which will be…
AIF Diktat: RBI may extend deadline for banks, DFIs
Financial industry veterans expect the Reserve Bank of India (RBI) to give some relief to mainstream banks and development financiers on downstream loan-linked Alternative Investment Fund (AIF) exposures, which they were required to either liquidate by later this week or…
ET Online Budget 2024 survey: From tax to jobs and EVs to reforms, what’s on India’s mind
Budget 2024: Ahead of the Interim Budget, Economictimes.com ran a survey on some of the pressing questions that the Indian economy currently faces. During the survey’s runtime, over 11,500 replies were received with some of the country’s best-informed readers of…
India ready to grow into a $35-trillion economy in 24 years, says Piyush Goyal
There is great excitement about India globally and the country stands at a crucial juncture, ready to catapult into a $35-trillion economy in the next 24 years, marking an era of unprecedented growth, commerce and industry minister Piyush Goyal said….
electronics import curbs in india: Decision on import management system for laptops, tablets to be given post-September after evaluating data: Official
The government will take a decision after September on the existing import management system on certain IT hardware products such as laptops and tablets after evaluating the import data, which it is monitoring, an official said. In October last year,…