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Outward remittances under LRS dips 2% in April, says RBI bulletin

Wed, 06/19/2024 - 09:53
According to the latest Reserve Bank of India (RBI) bulletin, the remittances under the scheme stood at $2.28 billion in April 2024, 1.98 per cent below $2.33 billion in April 2023

Rare disease patients ask for sustained funding from health ministry

Wed, 06/19/2024 - 09:48
LSDs are primarily treated with Enzyme Replacement Therapy (ERT), which is a lifelong treatment and can cost anywhere between Rs 17 lakh to Rs 50 lakh depending on the weight of the patient

Retail inflation steadily easing, food prices still a concern: RBI bulletin

Wed, 06/19/2024 - 08:10
Retail inflation is gradually easing, but volatile and elevated food prices are interrupting the path of disinflation, the RBI Bulletin said on Wednesday. An article on the "State of the Economy", published in the June 2024 Bulletin, said global growth was resilient in the first quarter of 2024, and many central banks have pivoted towards a less restrictive monetary policy stance in response to the fall in inflation in their economies. In India, high-frequency indicators suggest the real GDP growth in Q1 FY2024-25 is broadly maintaining the pace it achieved in the preceding quarter. Also, the prospects for agriculture are brightening with the early landfall of the southwest monsoon, said the article authored by a team led by Reserve Bank deputy governor Michael Debabrata Patra. "Headline inflation is gradually easing, driven by sustained softening of its core component, although the path of disinflation is interrupted by volatile and elevated food prices," the authors said. The RB

RBI sold net $3.6 bn in spot forex market in April: Monthly bulletin

Wed, 06/19/2024 - 07:54
The Indian rupee was little changed month-on-month in April but fell to its record low of 83.5750 during the month while its upside was capped at 83.15

At $7.3 billion in FY24, India's seafood exports touched an all-time high

Wed, 06/19/2024 - 06:02
Frozen shrimp remained the leading export item in the Indian seafood basket, generating Rs 40,013.54 crore ($4,881.27 million), while the US emerged as the top market

Goods demand slowing, global growth outlook likely to weaken: Report

Wed, 06/19/2024 - 05:03
Global retail sales were 'well below' pre-Covid trend observed between 2017 and 2019, it says

8th Pay Commission: Govt gets proposal for hike in DA, basic pay, pension

Wed, 06/19/2024 - 03:25
With a decade between each pay commissions, the next installment is expected to take effect from January 1, 2026

Rural demand picking up, likely to hold this year: RBI Governor Das

Tue, 06/18/2024 - 14:38
RBI guv says premature to change stance, FY24 CAD may be less than 1%

Centre plans to hold training for states on labour code sensitisation

Tue, 06/18/2024 - 12:03
The workshop aims to prepare states for the nationwide rollout of the labour codes, ensuring readiness and preempting legal challenges in the process

Advance tax collection surges 27.34% to Rs 1.48 trillion in June qtr so far

Tue, 06/18/2024 - 10:53
Refunds amounting to Rs 53,322 crore have also been issued in FY25 till June 17, which is 34 per cent higher than refunds issued during the same period in the preceding financial year

Fitch Ratings raises India's growth forecast by 20 bps to 7.2% for FY25

Tue, 06/18/2024 - 10:21
The Indian economy grew at an impressive rate of 8.2 per cent in FY24, driven by a stronger-than-expected expansion of 7.8 per cent in the fourth quarter

Pre-Budget talks: Industry bodies suggest tax reforms to revenue secy

Tue, 06/18/2024 - 10:16
The PHDCCI said that the slab of 30 per cent income tax should be raised to the income of Rs 40 lakh and above. Below this, the body said, the tax rate should be kept at 20-25 per cent

3 entities complete test phase of RBI regulatory sandbox's fourth cohort

Tue, 06/18/2024 - 10:02
Regulatory sandbox refers to live testing of new products or services in controlled regulatory environment for which regulators may permit certain regulatory relaxations for limited purpose of testing

India must avoid 'adventurism', focus on bringing down inflation: RBI chief

Tue, 06/18/2024 - 09:44
The central bank kept the key repo rate unchanged at 6.5% for an eighth straight policy meeting earlier this month saying robust economic growth will give it space to focus on bringing down inflation

FY25 net direct tax collections up 21% at Rs 4.63 trn in April-June: Govt

Tue, 06/18/2024 - 09:06
On a gross basis, tax collection before refunds grew more than 22% year on year to Rs 5.16 trillion, the statement said

Budget 2024: Subsidies likely to remain same, rural funding may rise

Tue, 06/18/2024 - 03:12
The Budget is anticipated to be unveiled in the third week of July. The NDA 3.0 administration might strengthen specific welfare-oriented schemes, prioritising fiscal prudence

Fitch raises India's growth estimates for FY25 to 7.2% as investments rise

Tue, 06/18/2024 - 00:56
Fitch Ratings on Tuesday raised India's growth forecast for current fiscal to 7.2 per cent, from 7 per cent projected in March, citing a recovery in consumer spending and increased investment. For the fiscal years 2025-26 and 2026-27, Fitch projected growth rates of 6.5 per cent and 6.2 per cent, respectively. "We expect the Indian economy to expand by a strong 7.2 per cent in FY24/25 (an upward revision of 0.2 pp from the March GEO)," Fitch said in its global economic outlook report. Fitch's estimates are in line with that of RBI which earlier this month projected Indian economy to expand 7.2 per cent in the current fiscal on the back of improving rural demand and moderating inflation. Investment will continue to rise but more slowly than in recent quarters, while consumer spending will recover with elevated consumer confidence, it said. Fitch said purchasing managers survey data point to continued growth at the start of the current financial year. It said signs of the coming mo

Tears in your eyes: Onion buffer stock way below the govt's FY25 target

Tue, 06/18/2024 - 00:30
Due to trader hoarding and farmers' reluctance to sell their stock, the government has only achieved less than 10 per cent of its 500,000-tonne onion buffer stock target

Fitch ups 2024 world growth forecast to 2.6%; cautions on inflation

Tue, 06/18/2024 - 00:00
However, for 2025, Fitch expects world growth to edge down to 2.4 per cent as US growth slows to a below-trend rate of 1.5 per cent and growth in the Eurozone picks up to 1.5 per cent

South Africa approves import of mangoes from India: APEDA official

Mon, 06/17/2024 - 21:29
South Africa has granted permission to import different varieties of mangoes from India, an official of India's farm export body said here. Simmi Unnikrishnan, Assistant General Manager from the Agricultural and Processed Food Products Export Development Authority (APEDA) of India, made the announcement at the 'Bharat Mango Utsav 2024' event at the Indian Consulate here last week. Addressing local traders and the media, she said, "We received market access for mangoes last year and have now flagged off 1.5 metric tonnes of mangoes from Gujarat to India. Guests at the event were given the opportunity to sample several varieties of Indian mangoes specially brought in for the occasion -- Alfonso, known as the king of mangoes, Totapuri, Rajapuri, Badami, Kesar and Neelam. India is the largest producer of mangoes in the world, producing 50 per cent of the global production, with South Africa accounting for 17 per cent of the world's mangoes, Unnikrishnan said as she appealed to the trad