Shift in MPC's policy stance can be looked at before 4% inflation, says RBI's state of economy report

Shift in MPC's policy stance can be looked at before 4% inflation, says RBI's state of economy report

Posted on: 19 Jul, 02:21 AM

The Reserve Bank of India (RBI) may shift its monetary stance from withdrawal of accommodation to neutral before reaching its inflation target, despite persistent food inflation. The report, prepared by deputy governor Michael Debabrata Patra and central bank's economic researchers, suggests that food price shocks over the past year are dominating headline inflation and households' expectations, undermining the gains of lowering core and fuel inflation through monetary policy and supply management.

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Household Financial wealth still higher than the pre pandemic levels

Household Financial wealth still higher than the pre pandemic levels

Posted on: 19 Jul, 02:21 AM

A research paper by RBI economists has found that the net financial wealth (NFW) of Indian households is still higher than pre-pandemic levels, at 97% as of March 2023. The total household financial assets are estimated at Rs 363.8 lakh crore, equivalent to 135.0% of the GDP, while the outstanding liabilities amount to ₹101.8 lakh crore, accounting for 37.8% of GDP.

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$100 bln Indo-Russia bilateral trade achievable by 2030, trade gap no worry: GTRI

$100 bln Indo-Russia bilateral trade achievable by 2030, trade gap no worry: GTRI

Posted on: 19 Jul, 02:21 AM

India aims for $100 billion trade with Russia by 2030 via exports, local currency trading, and Eurasian FTA. FY24 trade reached $65.7 billion, with $4.3 billion exports and 88% oil imports; import surge 8300% and 59% export growth due to discounted oil. Export strategy and currency exchange are crucial. INSTC reduces costs. Ajay Srivastava notes US bans SWIFT.

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Priority sector lending, easy customs, higher consignment limit to $50,000 to push ecomm exports: EY-Assoc

Priority sector lending, easy customs, higher consignment limit to $50,000 to push ecomm exports: EY-Assoc

Posted on: 19 Jul, 02:21 AM

Consulting firm EY and industry group Assocham recommend the Indian government develop e-commerce export policies and integrate them into free trade agreements to achieve $200-300 billion in exports by 2030. Their report proposes cheaper financing, raising the courier consignment limit to $50,000, simplifying customs, and establishing E-commerce Export Hubs (ECEH) across the country.

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Oil prices gain 2% on big US storage withdrawal, weaker US dollar

Oil prices gain 2% on big US storage withdrawal, weaker US dollar

Posted on: 18 Jul, 04:21 PM

By Scott DiSavino NEW YORK (Reuters) -Oil prices climbed about 2% on Wednesday on a bigger-than-expected weekly drop in U.S. crude stockpiles and as a weaker U.S. dollar overshadowed signs of lower

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Oil prices rise on bigger-than-expected drop in US crude stocks

Oil prices rise on bigger-than-expected drop in US crude stocks

Posted on: 18 Jul, 04:21 PM

(Reuters) - Oil prices ticked higher on Thursday, buoyed by a bigger-than-expected weekly decline in U.S. crude stocks. Brent futures rose 13 cents, or 0.2%, to $85.21 a barrel by 0023 GMT, while U.S.

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Yen spikes as spectre of intervention spooks investors

Yen spikes as spectre of intervention spooks investors

Posted on: 18 Jul, 04:21 PM

By Tom Westbrook SINGAPORE (Reuters) - Japan's yen scaled a six-week high on Thursday, spurring speculation of an official push, while the dollar nursed broad losses as markets prepared for U.S. rate

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Why BCCI filed insolvency plea against Byju’s parent company & what happens to ed-tech firm now

Why BCCI filed insolvency plea against Byju’s parent company & what happens to ed-tech firm now

Posted on: 18 Jul, 04:21 PM

NCLT has admitted BCCI’s insolvency plea against Byju’s over Rs 158 cr of allegedly unpaid dues from sponsorship deal. ThePrint explains what it means for ed-tech firm.

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Industry bodies ask Karnataka govt to 'reconsider retrograde' bill proposing reservation for 'locals'

Industry bodies ask Karnataka govt to 'reconsider retrograde' bill proposing reservation for 'locals'

Posted on: 18 Jul, 04:21 PM

The bill mandates employers to have 50% local candidates in management roles & 75% in non-management roles. Industry players say 'don't understand' how you can execute something like this.

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Inflation is highest in Odisha at 7.22% followed by Bihar and Karnataka: SBI research

Inflation is highest in Odisha at 7.22% followed by Bihar and Karnataka: SBI research

Posted on: 14 Jul, 10:21 PM

India's inflation landscape showed spatial variability in June 2024, with 12 out of 22 states reporting rates exceeding the national average of 5.1%. Odisha had the highest inflation at 7.22%, followed by Bihar at 6.37% and Karnataka at 5.98%. The Index of Industrial Production (IIP) surged to a seven-month high of 5.9% in May, reflecting robust growth in mining, manufacturing, and electricity production.

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Budget 2024: Tax practitioners' urge govt to rationalise personal income tax

Budget 2024: Tax practitioners' urge govt to rationalise personal income tax

Posted on: 14 Jul, 10:21 PM

Union Budget 2024: The All India Federation of Tax Practitioners (AIFTP) has called for a 10% exemption limit on personal income tax in the upcoming Union budget. The tax structure should be simplified to ease compliance. The AIFTP president also suggested eliminating the surcharge and cess, arguing that the government's failure to explain how the education cess is used is unjustified.

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Next round of India-Korea FTA review meeting from July 17 in Seoul

Next round of India-Korea FTA review meeting from July 17 in Seoul

Posted on: 14 Jul, 10:21 PM

India and Korea are set to hold the next round of negotiations to upgrade their existing Comprehensive Economic Partnership Agreement (CEPA) from July 17-19. The talks aim to strengthen economic cooperation between the two countries by addressing issues related to implementation, rules of origin, customs procedures, and data sharing. India has also raised concerns about the growing trade deficit between the two countries, with exports to Korea dropping to USD 6.41 billion in 2023-24 and imports standing at USD 21.13 billion in the last fiscal year.

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Govt may introduce insurance laws amendment bill in Budget session

Govt may introduce insurance laws amendment bill in Budget session

Posted on: 14 Jul, 10:21 PM

The government is expected to introduce a bill amending the Insurance Act, 1938, during the upcoming Budget session, aiming for 'Insurance for All by 2047'. The proposed amendments may include a composite license, differential capital regulations, reduced solvency norms, captive license issuance, changes in investment regulations, one-time registration for intermediaries, and permitting insurers to distribute other financial products.

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Budget 2024: Double standard deduction to Rs 1 lakh and more on the table that need Nirmala Sitharaman's a

Budget 2024: Double standard deduction to Rs 1 lakh and more on the table that need Nirmala Sitharaman's a

Posted on: 14 Jul, 10:21 PM

Budget 2024: Consultancy firm KPMG anticipates changes in the upcoming Union Budget, including doubling standard deduction to Rs 1 lakh, increasing tax breaks on housing loan interest, and rationalizing capital gains tax regime. The focus is on enhancing disposable income and promoting home ownership through tax reforms.

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Government to host first World Audio Visual and Entertainment Summit in Goa

Government to host first World Audio Visual and Entertainment Summit in Goa

Posted on: 14 Jul, 12:21 PM

New Delhi [India], July 13 (ANI): The Ministry of Information Broadcasting will organise the first edition of the World Audio Visual & Entertainment Summit (WAVES) from November 20-24, 2024. The summit will be hosted in Goa in collaboration with the State Government of Goa. Speaking with the reporters on Saturday, Union IT Minister, Ashwini Vaishnaw […]

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Geopolitical tensions propel silver demand to new heights amid supply challenges: Motilal Oswal report

Geopolitical tensions propel silver demand to new heights amid supply challenges: Motilal Oswal report

Posted on: 14 Jul, 12:21 PM

New Delhi [India], July 13 (ANI): In a recent report by Motilal Oswal Financial Services Ltd, the impact of geopolitical tensions on precious metals, particularly silver, has come into sharp focus. The Silver Institute’s forecast indicates that silver demand is expected to grow by about 2 per cent from 2023 to 2024, reaching around 1,219 […]

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Union Commerce Minister Piyush Goyal to visit Italy for G7 Trade Ministers' Meeting

Union Commerce Minister Piyush Goyal to visit Italy for G7 Trade Ministers' Meeting

Posted on: 14 Jul, 12:21 PM

New Delhi [India], July 13 (ANI): Union Commerce and Industry Minister Piyush Goyal will participate in the outreach session of the G7 Trade Ministers’ Meeting scheduled for July 16-17 in Italy, according to an official statement. During this visit, the Minister will also engage in bilateral meetings with the trade ministers of G7 countries and […]

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'Robot tax' for AI-induced job loss & 'wealth tax' on vacant land — RSS-affiliate SJM's Budget wish list

'Robot tax' for AI-induced job loss & 'wealth tax' on vacant land — RSS-affiliate SJM's Budget wish list

Posted on: 14 Jul, 12:21 PM

In pre-budget meeting held in June with Finance Minister Sitharaman, Swadeshi Jagran Manch suggested incentivising those generating more employment & measures to control food inflation.

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India's gold industry to create 25,000 jobs, attract Rs 15,000 crore by 2030, says sector report

India's gold industry to create 25,000 jobs, attract Rs 15,000 crore by 2030, says sector report

Posted on: 14 Jul, 12:21 PM

Report by the PHD Chamber of Commerce and Industry says domestic gold production is expected to rise to 100 tonnes by 2030.

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Jute manufacturers' margins to shrink amid wage hikes and weak export demand

Jute manufacturers' margins to shrink amid wage hikes and weak export demand

Posted on: 10 Jul, 06:21 PM

Jute manufacturers in India are expected to see operating margins shrink 50 basis points this fiscal due to wage hikes and subdued demand in export markets. This marks the second consecutive year of decline in profitability. However, their credit profiles will remain stable due to strong procurement by government agencies, healthy balance sheets, and negligible capital expenditure debt.

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India to sell wheat from state stocks to flour millers, biscuit makers

India to sell wheat from state stocks to flour millers, biscuit makers

Posted on: 10 Jul, 06:21 PM

India plans to sell wheat from state reserves to bulk consumers like flour millers and biscuit makers to control local prices by boosting supplies. The government has allowed the Food Corporation of India to offer wheat at a lower price, aiming to attract private players and potentially import wheat after a six-year gap.

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India, Taiwan pact to facilitate trade of organic agri goods comes into force

India, Taiwan pact to facilitate trade of organic agri goods comes into force

Posted on: 10 Jul, 06:21 PM

India and Taiwan have signed a mutual recognition agreement (MRA) to facilitate trade in organically-produced goods, including tea and medicinal plants. The agreement aims to reduce compliance costs by avoiding dual certifications and simplifying compliance requirements. It will allow the export of major Indian organic products, such as rice, processed food, green/black and herbal tea, and medicinal plant products to Taiwan.

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Govt caps interest equalisation at Rs 1.66 crore per IEC for July-August

Govt caps interest equalisation at Rs 1.66 crore per IEC for July-August

Posted on: 10 Jul, 06:21 PM

The Indian Commerce Ministry has announced a cap on interest equalisation for import-export codes (IEC) from July 1 to August 31. The government extended the interest equalisation scheme (IES) for two months to boost outbound shipments. The scheme, which ended on June 30, is only applicable to MSME manufacturer exporters. The IEC is mandatory for exports and imports.

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India Ratings sees rise in private consumption led by rural demand

India Ratings sees rise in private consumption led by rural demand

Posted on: 10 Jul, 06:21 PM

India Ratings and Research predicts a rise in private consumption in FY25, driven by rural demand recovery due to a normal monsoon and moderating inflation. This will lead to more balanced growth, reducing the disparity between premium and value segments. Urban demand will continue to grow but at a slower pace.

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Global gold ETFs saw second month of inflows in June, says WGC

Global gold ETFs saw second month of inflows in June, says WGC

Posted on: 10 Jul, 08:21 AM

LONDON (Reuters) - Global physically backed gold exchange traded funds (ETFs) saw the second consecutive month of inflows in June due to additions to holdings by Europe- and Asia-listed funds, the

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DFS Secretary Vivek Joshi reviews performance of financial inclusion schemes

DFS Secretary Vivek Joshi reviews performance of financial inclusion schemes

Posted on: 10 Jul, 08:21 AM

New Delhi [India], July 9 (ANI): Secretary at Department of Financial Services (DFS), Vivek Joshi, chaired a review meeting on the progress and performance of financial inclusion schemes, including PM SVANidhi, PM Vishwakarma and Jan Samarth Portal with senior executives of private sector banks in the national capital on Tuesday. During the meeting, the secretary […]

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Multidimensional Poverty isn’t a poverty line, lacks 'information content' — Surjit Bhalla & Pronab Sen

Multidimensional Poverty isn’t a poverty line, lacks 'information content' — Surjit Bhalla & Pronab Sen

Posted on: 10 Jul, 08:21 AM

In a conversation with ThePrint, the two economists talked about how India needs a national poverty line, an updated Census, and must focus on releasing more data instead of less.

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Modi-led NDA govt should focus on raising farm productivity and improving supply chain: Ashima Goyal

Modi-led NDA govt should focus on raising farm productivity and improving supply chain: Ashima Goyal

Posted on: 10 Jul, 08:21 AM

New Delhi, Jul 8 (PTI) RBI’s monetary policy committee member Ashima Goyal has said the Prime Minister Narendra Modi led-NDA government in its third term should focus on raising farm productivity and improving supply chain to reduce volatility in food prices. Goyal further said the prospects for robust growth and falling inflation continue with the […]

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Bengaluru bike taxi riders fear more attacks on fraternity as govt flip-flop leaves them stranded

Bengaluru bike taxi riders fear more attacks on fraternity as govt flip-flop leaves them stranded

Posted on: 10 Jul, 08:21 AM

Amid govt’s crackdown, there is no clarity on whether two-wheeler taxis can continue to operate in Bengaluru, adding to increasing tensions between auto drivers and bike taxi riders.

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Budget: Chandrababu Naidu meets FM Nirmala Sitharaman, seeks financial aid for debt-ridden Andhra Pradesh

Budget: Chandrababu Naidu meets FM Nirmala Sitharaman, seeks financial aid for debt-ridden Andhra Pradesh

Posted on: 06 Jul, 02:21 PM

Budget 2024: According to the state government data, the public debt of Andhra Pradesh has increased from 31.02 per cent of the Gross State Domestic Product (GSDP) in 2019-20 to 33.32 per cent in 2023-24 fiscal, indicating deterioration in the fiscal health of the state in the last five years.

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India-UK FTA: Dynamics set to change after Starmer-led Labour Party's election victory?

India-UK FTA: Dynamics set to change after Starmer-led Labour Party's election victory?

Posted on: 06 Jul, 02:21 PM

India-UK FTA: Keir Starmer's Labour Party is poised to end the 14-year Conservative Party rule in the UK, with Starmer set to become the next Prime Minister. The change in government is expected to have minimal impact on India-UK relations, particularly concerning the Free Trade Agreement (FTA). Starmer's manifesto pledges to pursue a new strategic partnership with India, focusing on finalizing the FTA, marking a departure from previous Labour Party stances. Despite the anticipated shift, the specific timelines for concluding the FTA remain uncertain.

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Modi’s top coalition ally Chandrababu Naidu seeks more than Rs 1 lakh crore handout

Modi’s top coalition ally Chandrababu Naidu seeks more than Rs 1 lakh crore handout

Posted on: 06 Jul, 02:21 PM

Key allies in Modi's coalition government, N Chandrababu Naidu and Nitish Kumar, are seeking substantial financial support for their states. The demands include funds for building a new capital and infrastructure projects. This puts pressure on the national budget and raises concerns about increasing debt.

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India's forex reserves dip by $1.71 bn to $652 bn

India's forex reserves dip by $1.71 bn to $652 bn

Posted on: 06 Jul, 02:21 PM

India's foreign exchange reserves decreased by $1.71 billion to reach $652 billion as of June 28, according to data released by the Reserve Bank of India (RBI). The previous week had seen an increase in reserves by $816 million to $653.7 billion as of June 21.

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Bengal's Malda mango exports hit, sellers getting better prices in domestic market

Bengal's Malda mango exports hit, sellers getting better prices in domestic market

Posted on: 06 Jul, 02:21 PM

Mango exports from Malda, West Bengal faced challenges this year as overseas buyers couldn't agree on prices, leading to a surge in domestic sales. Production dropped by 60% due to adverse weather conditions. Himsagar mango variety highly valued. Government support needed for growers.

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Rupee rises 1 paisa to close at 83.49 against US dollar

Rupee rises 1 paisa to close at 83.49 against US dollar

Posted on: 06 Jul, 04:21 AM

Mumbai, Jul 5 (PTI) The rupee pared initial gains and settled for the day almost flat at 83.49 against the US dollar on Friday, as muted domestic equities and rise in crude oil prices capped gains for the local unit. At the interbank foreign exchange market, the local unit opened at 83.48 and hit the […]

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Ather Energy aims to raise market share with foray into family scooter segment

Ather Energy aims to raise market share with foray into family scooter segment

Posted on: 06 Jul, 04:21 AM

Kolkata, Jul 5 (PTI) Electric two-wheeler maker Ather Energy is hopeful of increasing its market share as it forays into the family scooter segment, a company official said on Friday. The Bengaluru-based firm has so far been manufacturing sporty scooters. “The company has now entered the family scooter segment to capture a larger share of […]

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Airbus partners with Gati Shakti Vishwavidyalaya, roll out aviation engineering course

Airbus partners with Gati Shakti Vishwavidyalaya, roll out aviation engineering course

Posted on: 06 Jul, 04:21 AM

New Delhi [India], July 5 (ANI): An MoU has been signed between Airbus and Vadodara-based Gati Shakti Vishwavidyalaya, and as part of it pledged to launch a Btech course on aviation engineering for underprivileged and meritorious engineering students. The first batch has an enrolment of 40 students, Union Minister Ashwini Vaishnaw who attended the event […]

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Madhya Pradesh projects revenue surplus for FY25. Budget focuses on women, culture, industry & infra

Madhya Pradesh projects revenue surplus for FY25. Budget focuses on women, culture, industry & infra

Posted on: 06 Jul, 04:21 AM

Revenue surplus has been estimated at Rs 1,700 cr. Water resources, women & child development, MSME, cow welfare & happiness departments see major hikes in outlay. No new taxes announced.

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Arvind Subramanian on India having missed its chance to rationalise GST rates — 'moment has passed'

Arvind Subramanian on India having missed its chance to rationalise GST rates — 'moment has passed'

Posted on: 06 Jul, 04:21 AM

Speaking at an event, the former CEA says he no longer thinks fuel & electricity should be included in GST and added that India has only now, 7 yrs later, reached pre-GST revenue levels.

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Rs 2000 notes: 97.87% returned; Rs 7,581 crore worth notes still with public

Rs 2000 notes: 97.87% returned; Rs 7,581 crore worth notes still with public

Posted on: 02 Jul, 10:21 AM

The total value of Rs 2000 banknotes in circulation, which was Rs 3.56 lakh crore at the close of business on May 19, 2023, has declined to Rs 7,581 crore at the close of business on June 28, 2024.

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Commerce ministry seeks views of departments on measures to revive SEZs, promote economies of scale: Offic

Commerce ministry seeks views of departments on measures to revive SEZs, promote economies of scale: Offic

Posted on: 02 Jul, 10:21 AM

The main issue in SEZs is that we are not able to get economies of scale. The connect between SEZs and the domestic tariff area (DTA) or domestic market has to be improved. There are also issues if DTA is selling to SEZs, the official said.

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Finance ministry lauds GST, says it reduced tax rates on household goods, brought relief to every home

Finance ministry lauds GST, says it reduced tax rates on household goods, brought relief to every home

Posted on: 02 Jul, 10:21 AM

The Finance Ministry on Monday praised the Goods and Services Tax (GST) system on the occasion of its seventh anniversary, highlighting its role in lowering taxes on essential items such as household appliances and mobile phones, thereby providing significant relief to households. Implemented on July 1, 2017, GST replaced approximately 17 local taxes and cesses. This year's GST Day theme is Sashakt Vyapar Samagra Vikas (Empowered Trade Overall Growth).

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India to see above-average rainfall in July, IMD says

India to see above-average rainfall in July, IMD says

Posted on: 02 Jul, 10:21 AM

In June, India faced below-normal rainfall with a deficit of 11%, marking the highest in five years, impacting the monsoon's progress. July forecasts predict above-average rainfall nationwide, following a delayed onset and stalled progression after Maharashtra, intensifying heat waves in northwest India. The core monsoon zone anticipates above-normal rainfall critical for agriculture.

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Economy on strong wicket after fiscal first quarter

Economy on strong wicket after fiscal first quarter

Posted on: 02 Jul, 10:21 AM

India's economy showed strong first-quarter performance with surging manufacturing activity, robust GST collections, and record-high Sensex, alongside a rise in passenger car sales and new export orders from overseas markets, as highlighted by industry experts and economic indicators.

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Jute Corporation begins MSP operation at new rate

Jute Corporation begins MSP operation at new rate

Posted on: 02 Jul, 12:21 AM

Kolkata, Jul 1 (PTI) The Jute Corporation of India (JCI) has commenced Minimum Support Price (MSP) operations for raw jute from Monday, a senior official said. The government has raised the MSP for raw jute by Rs 285 to Rs 5,335 per quintal for the 2024-25 season. In the current season (2023-24), the government has […]

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Bengal govt withdraws 2pc stamp duty, 10pc circle rate relief for real estate sector

Bengal govt withdraws 2pc stamp duty, 10pc circle rate relief for real estate sector

Posted on: 02 Jul, 12:21 AM

Kolkata, Jul 1 (PTI) The West Bengal government announced the withdrawal of the temporary relief measures provided to the real estate sector that included a two per cent reduction in stamp duty and a 10 per cent slash in the circle rate, effective from Monday. These benefits were introduced on October 30, 2021, to combat […]

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Indian retailer FirstCry gets regulatory nod for IPO

Indian retailer FirstCry gets regulatory nod for IPO

Posted on: 02 Jul, 12:21 AM

BENGALURU (Reuters) - India's market regulator, on Monday, approved baby products retailer FirstCry's filing for an initial public offering at the second time of asking, after having raised doubts

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‘Welfarism not a substitute for job creation’ — TeamLease vice-chairman on India’s fiscal planning

‘Welfarism not a substitute for job creation’ — TeamLease vice-chairman on India’s fiscal planning

Posted on: 02 Jul, 12:21 AM

TeamLease’s Manish Sabharwal spoke to ThePrint about how political leaders, for the sake of winning elections, make big welfare-related promises without a proper plan to fund them.

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Granting special status to Bihar, AP should be decided on non-political considerations: Ashima Goyal

Granting special status to Bihar, AP should be decided on non-political considerations: Ashima Goyal

Posted on: 02 Jul, 12:21 AM

New Delhi, Jul 1 (PTI) The issue of granting special category status (SCS) to Bihar and Andhra Pradesh should be decided on non-political considerations by a constitutional body, RBI’s monetary policy committee member Ashima Goyal said on Monday. Goyal further said the 14th Finance Commission has already ruled on special category status states. Andhra Pradesh […]

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Savings down, financial liabilities up: RBI says household debt warrants close monitoring

Savings down, financial liabilities up: RBI says household debt warrants close monitoring

Posted on: 28 Jun, 06:20 AM

The Reserve Bank of India highlighted rising household financial liabilities post-Covid, with overall savings dropping to 18.4% of GDP in FY23 from an average of 20% between 2013-22. Household debt, driven by increased retail loans, is mostly held by prime credit quality borrowers. Savings are now shifting towards physical assets and non-bank investments.

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Fintech lenders have high delinquency levels in small value loans says RBI

Fintech lenders have high delinquency levels in small value loans says RBI

Posted on: 28 Jun, 06:20 AM

The RBI has highlighted concerns over consumer loans, noting that over half of borrowers have three or more loans simultaneously. The Financial Stability Report flags high delinquency rates, especially among personal loans under ₹50,000 and loans from fintech lenders. Despite overall improvements in credit quality, stress in retail loans remains significant, particularly for private sector banks.

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India's weekly vegetable spending up in the past few weeks, says survey

India's weekly vegetable spending up in the past few weeks, says survey

Posted on: 28 Jun, 06:20 AM

Rising vegetable prices due to various factors like the heatwave and monsoon challenges have led to increased consumer spending. Authorities are urged to step in to address the situation and stabilize prices for households across the country.

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PM GatiShakti: Eight infra projects worth ₹13,000 crore evaluated

PM GatiShakti: Eight infra projects worth ₹13,000 crore evaluated

Posted on: 28 Jun, 06:20 AM

During the meeting, all projects were evaluated for their integrated planning and conformity with the PM GatiShakti principles. Emphasis was placed on the socio-economic benefits, improved connectivity, reduced transit costs and enhanced efficiency. The railways project, from Manmad to Jalgaon, involved an estimated investment of Rs 2,594 crore. The other project (from Bhusawal to Burhanpur) involve investments of Rs 3,285 crore.

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Exporters seek separate division for non-trade issues, faster customs clearance

Exporters seek separate division for non-trade issues, faster customs clearance

Posted on: 28 Jun, 06:20 AM

Exporters requested the establishment of a distinct division within the Commerce and Industry Ministry to address non-trade barriers, particularly those related to environment and sustainability. During their discussion with Union Minister Piyush Goyal, they also highlighted concerns about Chinese goods entering India via the ASEAN free trade agreement.

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Battered yen mired near multi-decade low as intervention risks loom

Battered yen mired near multi-decade low as intervention risks loom

Posted on: 27 Jun, 08:20 PM

By Rae Wee SINGAPORE (Reuters) -The yen languished near a 38-year low on Thursday and struggled on the weaker side of 160 per dollar, keeping markets on alert for any signs of intervention from

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DoTCA hosts business opportunity conference for tourism development in Chandigarh

DoTCA hosts business opportunity conference for tourism development in Chandigarh

Posted on: 27 Jun, 08:20 PM

Chandigarh (Punjab) [India], June 27 (ANI): The Department of Tourism and Civil Aviation (DoTCA) hosted a Business Opportunity Conference in Chandigarh on Wednesday. The conference, chaired by RK Bali, Chairman of the Himachal Pradesh Tourism Development Corporation (HPTDC), focused on fostering partnerships between the public and private sectors to develop world-class tourism infrastructure under a […]

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RBI needs to shift focus from inflation management to growth promotion: MPC member Varma

RBI needs to shift focus from inflation management to growth promotion: MPC member Varma

Posted on: 27 Jun, 08:20 PM

New Delhi, Jun 24 (PTI) With retail inflation nearing the RBI’s target of 4 per cent, the monetary policy needs to shift focus on promoting growth, RBI MPC member Jayanth R Varma said on Monday. Varma further said CPI inflation in 2024-25 is projected to be only about 0.5 percentage point above target, and core […]

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India's worsening water crisis can weigh on its sovereign credit health, says Moody's Ratings

India's worsening water crisis can weigh on its sovereign credit health, says Moody's Ratings

Posted on: 27 Jun, 08:20 PM

According to Ministry of Water Resources, average annual water availability per capita is likely to drop to 1,367 cubic meters by 2031 from already-low 1,486 cubic meters in 2021.

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Commerce min engaging with different departments on India, Korea FTA upgrade talks: Official

Commerce min engaging with different departments on India, Korea FTA upgrade talks: Official

Posted on: 24 Jun, 02:20 AM

India and Korea are progressing with talks to upgrade their existing free trade agreement (FTA), known as the Comprehensive Economic Partnership Agreement (CEPA). The Department of Commerce is collaborating with various ministries such as heavy industries, steel, and chemicals to prepare the offer list for the negotiations.

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Focus on upcoming Budget: Policy in the works on finance, health support for elders

Focus on upcoming Budget: Policy in the works on finance, health support for elders

Posted on: 24 Jun, 02:20 AM

India is considering policy measures for senior care, including expanding healthcare access through Ayushman Bharat, revising pension under the Indira Gandhi scheme, and providing healthcare under NPHCE.

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In Graphics: GST Council’s new steps to simplify tax processes

In Graphics: GST Council’s new steps to simplify tax processes

Posted on: 24 Jun, 02:20 AM

The Goods and Services Tax (GST) Council on Saturday, in its first meeting after the new government took charge at the Centre, announced several measures to ease tax compliance and provide tax certainty to industry. ET reviews the steps taken:

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CII calls for review of trade ties with China

CII calls for review of trade ties with China

Posted on: 24 Jun, 02:20 AM

The CII called for a review of trade ties with China due to the country's reliance on electronics components imports, posing a risk to domestic manufacturing sustainability.

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Tax sops on accommodation to give leg up to co-living biz

Tax sops on accommodation to give leg up to co-living biz

Posted on: 24 Jun, 02:20 AM

The GST Council's recommendation to exempt GST on accommodation services up to ₹20,000/month benefits the co-living industry, students, and corporate employees. Previously, there was 18% GST on services, clarifying exemptions for hostels and accommodations for professionals.

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May retail inflation remained high for agricultural and rural labourers

May retail inflation remained high for agricultural and rural labourers

Posted on: 23 Jun, 04:20 PM

New Delhi [India], June 22 (ANI): The retail inflation for agricultural labourers (CPI-AL) and rural workers (CPI-RL) remained almost unchanged at 7 per cent and 7.02 per cent respectively in May 2024, according to data released by the Ministry of Labour & Employment. CPI-AL and CPI-RL were 7.03 per cent and 6.96 per cent a […]

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Higher infra spending, economic growth make India lucrative market for domestic and global steel makers

Higher infra spending, economic growth make India lucrative market for domestic and global steel makers

Posted on: 23 Jun, 04:20 PM

By Prabhakar Chaturvedi New Delhi [India], June 22 (ANI): Despite a slowdown in exports and increasing Chinese steel output impacting India’s share in the markets, steel makers in the country are optimistic about the domestic demand. Show Full Article India’s export of steel in May 2024 was 0.5 Million Tonnes (MT), lowest in the last […]

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GST exemption granted to platform tickets and essential railway services

GST exemption granted to platform tickets and essential railway services

Posted on: 23 Jun, 04:20 PM

New Delhi [India], June 22 (ANI): Finance Minister Nirmala Sitharaman announced that the next meeting of the Goods and Services Tax (GST) Council is tentatively scheduled for mid to late August. GST Council proposes exemption for specific services offered by Indian Railways to the general public, as well as for intra-railway transactions. Show Full Article […]

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How a provision in trade deal with UAE has led to a surge in India's gold imports

How a provision in trade deal with UAE has led to a surge in India's gold imports

Posted on: 23 Jun, 04:20 PM

Simultaneously, economic uncertainty & high inflation have driven demand for digital gold to new highs, with more sovereign gold bonds sold in 2023-24 than in previous two years combined.

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India’s aviation sector set to boom under Modi 3.0 but ‘emerging duopoly’ could hurt consumers

India’s aviation sector set to boom under Modi 3.0 but ‘emerging duopoly’ could hurt consumers

Posted on: 23 Jun, 04:20 PM

Sector analysts warn that with Go First expected to remain grounded & SpiceJet struggling, industry is likely to consolidate to just 2-3 player market, hampering competition.

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Road construction down by 12.1% to 1288 km in the current financial year up to May 2024

Road construction down by 12.1% to 1288 km in the current financial year up to May 2024

Posted on: 19 Jun, 10:20 PM

As per the monthly update, released the ministry of road transport and highways (MoRTH) on Wednesday, the capital expenditure incurred during the period stood at Rs 57,925 crore till May 2024, which is 42.5% of the capital outlay under the vote on account provision for the first five months of 2024- 25.

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Assets worth Rs 1.56 lakh crore monetised in 2023-24 as against the target of Rs 1.8 lakh crore under NMP:

Assets worth Rs 1.56 lakh crore monetised in 2023-24 as against the target of Rs 1.8 lakh crore under NMP:

Posted on: 19 Jun, 10:20 PM

According to NITI Aayog, the government has monetized assets worth Rs 3.85 lakh crore in the first three years under the National Monetisation Pipeline (NMP) while the four-year target under the plan, ending in 2024-25 is Rs 6 lakh crore.

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DPIIT seeks industry inputs to reduce compliances, improve business ease

DPIIT seeks industry inputs to reduce compliances, improve business ease

Posted on: 19 Jun, 10:20 PM

The Department for Promotion of Industry and Internal Trade (DPIIT) Secretary Rajesh Kumar Singh chaired a meeting discussing various initiatives to enhance ease of doing business. These include Jan Vishwas 2.0 aimed at reducing compliance burdens and criminalisation of laws. The meeting also focused on preparations for the World Banks upcoming B-READY index, which will assess regulatory frameworks and public services for firms.

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Govt mulls more frequent job data surveys

Govt mulls more frequent job data surveys

Posted on: 19 Jun, 10:20 PM

India's Ministry of Statistics and Programme Implementation (MoSPI) is considering increasing the frequency of the Periodic Labour Force Survey (PLFS) from quarterly urban unemployment data to monthly, and shifting the release of rural employment data from annual to quarterly. Officials are also discussing revising the base year for gross domestic product (GDP) and inflation. These efforts aim to leverage technology to enhance efficiency and reduce data lag, ensuring compliance with international standards.

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Budget must focus on employment generation, boost to manufacturing sector: Economists

Budget must focus on employment generation, boost to manufacturing sector: Economists

Posted on: 19 Jun, 10:20 PM

Economists attending the pre-Budget consultation with Finance Minister Nirmala Sitharaman emphasized the need for the upcoming Budget to prioritize employment generation and bolster the manufacturing sector. They highlighted concerns over unemployment and urged the government to focus on job creation. There was consensus that with the economy showing resilience, stimulating consumption demand would not be a major challenge.

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How Elon Musk's empire has made him a problem for the Biden administration

How Elon Musk's empire has made him a problem for the Biden administration

Posted on: 19 Jun, 05:20 PM

Elon Musk's unilateral decision-making, which more often than not is opposite to the official stance of the US, has caused a headache for the Biden government, and it is difficult to shrug off

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Oil settles over 1% higher on mounting tension in Europe, Mideast

Posted on: 19 Jun, 12:20 PM

By Georgina McCartney HOUSTON (Reuters) -Oil settled more than 1% higher on Tuesday due to escalating geopolitical risk in Europe and the Middle East, where wars continue to threaten global supply.

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Embraer sees India, Saudi Arabia, EU, US as strategic defense markets

Posted on: 19 Jun, 12:20 PM

By Gabriel Araujo GAVIAO PEIXOTO, Brazil (Reuters) -Brazilian planemaker Embraer sees India, Saudi Arabia, the European Union and the United States as strategic markets for its defense unit as it

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Oil steady amid war jitters, surprise build in US crude stocks

Posted on: 19 Jun, 12:20 PM

By Emily Chow SINGAPORE (Reuters) -Oil prices held steady during trade on Wednesday, as the market weighed concerns over escalating conflict in Europe and the Middle East with demand worries following

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Unorganised, non-farm sector employs 19% of workforce but accounts for 6% of GDP, shows MoSPI data

Unorganised, non-farm sector employs 19% of workforce but accounts for 6% of GDP, shows MoSPI data

Posted on: 19 Jun, 12:20 PM

With the agriculture sector employing 45% of the workforce but accounting for only 15% of GDP, it confirms that two-thirds of India’s workforce engages in low-productivity work.

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G7 Summit commits to promoting India-Middle East-Europe Economic Corridor

G7 Summit commits to promoting India-Middle East-Europe Economic Corridor

Posted on: 15 Jun, 06:20 PM

At the G7 Summit, the Group of Seven industrialized nations committed to promoting infrastructure projects such as the India-Middle East-Europe Economic Corridor (IMEC), reaffirming a commitment to a free and open Indo-Pacific. Prime Minister Narendra Modi attended the summit at the invitation of Italian Prime Minister Giorgia Meloni.

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PM to release Rs 20,000 cr for farmers, felicitate 'Krishi Sakhis' in Varanasi visit on June 18

PM to release Rs 20,000 cr for farmers, felicitate 'Krishi Sakhis' in Varanasi visit on June 18

Posted on: 15 Jun, 06:20 PM

PM Modi to visit Varanasi on June 18 to release 17th installment of PM-KISAN scheme worth over Rs 20,000 crore for 9.26 crore farmers. He will also honor over 30,000 Self Help Group members trained as 'Krishi Sakhis'.

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EPFO lowers penal charges on employers defaulting on PF, pension and insurance deposits

EPFO lowers penal charges on employers defaulting on PF, pension and insurance deposits

Posted on: 15 Jun, 06:20 PM

The notification issued by the ministry of labour and employment said the penal charges across three schemes of EPFO will be uniform and at the rate of 1% per month or 12% per annum from the date of notification as against 25% per annum until now for default period of six months and above. This will reduce the penal burden on employers.

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DPIIT reviews infrastructure projects of Railways, MoRTH and MoHUA to boost Gati Shakti plan

DPIIT reviews infrastructure projects of Railways, MoRTH and MoHUA to boost Gati Shakti plan

Posted on: 15 Jun, 06:20 PM

The 72nd meeting of the Network Planning Group in New Delhi evaluated major infrastructure projects under the PM Gati Shakti National Master Plan for multi-modal connectivity, involving ministries like MoRTH, MoR, and MoHUA.

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PM GatiShakti: 3 infra projects worth Rs 6,000 cr evaluated

PM GatiShakti: 3 infra projects worth Rs 6,000 cr evaluated

Posted on: 15 Jun, 06:20 PM

The MoR project pertains to Gudur-Renigunta Third Rail Line in Andhra Pradesh for the construction of a third rail line between Gudur and Renigunta stations in Andhra Pradeshs Tirupati district involves an 83.17 km line aimed at enhancing the capacity of the existing double line.

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Fighting fit: What it takes to build a career in boxing

Fighting fit: What it takes to build a career in boxing

Posted on: 15 Jun, 01:20 PM

Fitness, will and long hours of training are needed to make a mark in a sport that is gaining viewers in India

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March 31 is here: Link PAN with Aadhaar, file updated ITR & submit Form 12B

March 31 is here: Link PAN with Aadhaar, file updated ITR & submit Form 12B

Posted on: 15 Jun, 01:20 PM

ITR Filing: Linking PAN with Aadhaar, submission of Form 12B are other tasks that must be completed be before this date

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Corporates hail India's export surge: May exports up by 10.25 pc YoY

Posted on: 15 Jun, 08:20 AM

New Delhi [India], June 14 (ANI): India’s overall exports for May 2024, encompassing both merchandise and services, surged to USD 68.29 billion, reflecting a substantial year-on-year increase of 10.2 per cent, according to data released by the Commerce Ministry on Friday. Ashwani Kumar, President of the Federation of Indian Export Organisations (FIEO), highlighted that the […]

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Union Minister Hardeep S Puri lauds Oil India Ltd's record production and strategic vision for energy independence

Union Minister Hardeep S Puri lauds Oil India Ltd's record production and strategic vision for energy independence

Posted on: 15 Jun, 08:20 AM

New Delhi [India], June 14 (ANI): Union Minister for Petroleum and Natural Gas, Hardeep Singh Puri has commended Oil India Limited (OIL) for its outstanding performance over the past two years. OIL, a Maharatna Central Public Sector Enterprise (CPSE), has achieved unprecedented growth and set a new record for crude oil and natural gas production […]

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Oil pares gains on weak U.S. consumer sentiment

Posted on: 15 Jun, 08:20 AM

By Nicole Jao NEW YORK (Reuters) -Brent oil futures prices pared gains on Friday, but were still on course for their best week in months as investors weighed an unexpected deterioration of U.S.

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New SEBI proposals on tightening futures & options norms will strengthen market, protect investors

New SEBI proposals on tightening futures & options norms will strengthen market, protect investors

Posted on: 15 Jun, 08:20 AM

SEBI paper proposes new eligibility criteria for stocks to qualify for futures & options market. The market's strong growth signals that norms need a review to protect investors.

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India to drive growth in oil demand till 2030, transport fuels main reason

India to drive growth in oil demand till 2030, transport fuels main reason

Posted on: 15 Jun, 08:20 AM

International Energy Agency says India's oil demand will be driven by diesel/gasoil requirements in contrast to the rest of the world, where EV boom will lead to lower demand.

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Onion prices on the boil as arrivals slow, demand picks up

Onion prices on the boil as arrivals slow, demand picks up

Posted on: 11 Jun, 02:20 PM

The average wholesale price of onions at the Lasalgaon mandi in Nashik on Monday was Rs 26 a kg, compared with Rs 17 on May 25. The price of best-quality onions, whose share in the total traded volume is small, has crossed Rs 30 a kg at many wholesale markets in the state.

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Broader & lasting growth, jobs top FM Nirmala Sitharaman's to-do list

Broader & lasting growth, jobs top FM Nirmala Sitharaman's to-do list

Posted on: 11 Jun, 02:20 PM

Finance Minister Nirmala Sitharaman released two tax devolution instalments totaling ₹1,39,751 crore to 28 states for development and capital spending.

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Nirmala Sitharaman returns as Finance Minister with analysts' votes in favour of Modi's faith in her

Nirmala Sitharaman returns as Finance Minister with analysts' votes in favour of Modi's faith in her

Posted on: 11 Jun, 02:20 PM

Modi's new cabinet: Indian Prime Minister Narendra Modi's decision to reappoint Nirmala Sitharaman as the country's finance minister signals policy continuity, reassuring market analysts. With a focus on infrastructure and fiscal discipline, Sitharaman faces the challenge of managing fiscal demands in a coalition government. Analysts predict a continued emphasis on infrastructure spending and adherence to fiscal conservatism.

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FIDC urges RBI to relax draft guidelines on infrastructure provisioning

FIDC urges RBI to relax draft guidelines on infrastructure provisioning

Posted on: 11 Jun, 02:20 PM

The Finance Industry Development Council (FIDC) has urged the Reserve Bank of India (RBI) to reconsider and clarify certain proposals in its recent draft circular on infrastructure provisioning, arguing for more flexibility to support the infrastructure sector, specifically addressing concerns regarding standard asset provisions during the construction phase and minimum financing limits.

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Nirmala Sitharaman retains key roles in Modi's new cabinet, marks second consecutive term as finance minister

Posted on: 11 Jun, 04:20 AM

New Delhi [India], June 10 (ANI): In an affirmation of her influential role in India’s economic governance, Nirmala Sitharaman has retained her position as the Union Minister of Finance and Corporate Affairs for the second consecutive time. Her continuation in these roles marks the commencement of Prime Minister Narendra Modi’s new administration, reflecting a consistent […]

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Kolkata port-Shanghai direct cargo service begins

Posted on: 11 Jun, 04:20 AM

Kolkata, June 10 (PTI) Syama Prasad Mookerjee Port, Kolkata (SMPK), on Monday announced the launch of direct container vessel service from Shanghai, China. Additionally, SMPK introduced a direct weekly express service linking Port Klang in Malaysia and Yangon Port in Myanmar, officials said. Currently, cargo movement between China and Kolkata ports involves transit hubs like […]

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No coalition-linked slowdown expected as RBI raises FY25 growth outlook to 7.2%

Posted on: 11 Jun, 04:20 AM

The central bank’s monetary policy committee also kept interest rates unchanged at 6.5%, although the number of dissenting voices grew.

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ONGC seeks foreign partners for Mumbai High oilfield

Posted on: 11 Jun, 04:20 AM

New Delhi, Jun 9 (PTI) State-owned Oil and Natural Gas Corporation (ONGC) is seeking foreign partners to reverse declining output at its flagship Mumbai High fields, offering a share of revenue from incremental production plus a fixed fee but not any equity stake. ONGC on June 1 floated an international tender seeking global technical services […]

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Modi-led NDA govt must tackle unemployment problem, especially in unorganised sector: Rajiv Kumar

Posted on: 11 Jun, 04:20 AM

New Delhi, Jun 10 (PTI) Prime Minister Narendra Modi led-NDA government in its third term must tackle the problem of unemployment in the country, especially in the unorganised sector and in small and medium enterprises, former NITI Aayog Vice Chairman Rajiv Kumar said on Monday. Kumar also emphasised that the government now must finalise the four […]

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Demand under rural jobs scheme eases again in May

Demand under rural jobs scheme eases again in May

Posted on: 07 Jun, 10:20 AM

Demand for work under India's rural job guarantee scheme, MGNREGS, dropped for a seventh consecutive month in May, signaling improved economic conditions at the start of the fiscal year. About 37.46 million individuals sought work, down 12.1% from the previous year, with 27.18 million households seeking work, a 14.3% drop. The trend is attributed to better-paying job opportunities and the impact of heat waves across the country, although the data is subject to revision.

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