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Government-backed ONDC to onboard Zerodha, Cars24, 10 other unicorns

Fri, 05/17/2024 - 11:17
ONDC in 'serious discussions' with Amazon, Flipkart to join the network

UN revises India's GDP growth forecast by 70 basis points to 6.9%

Fri, 05/17/2024 - 11:12
The UN body also noted that surging demand for critical minerals presented new opportunities for developing economies but pointed to a need for innovation and policy and institutional reforms

India's foreign exchange reserves jump $2.56 billion to $644.15 billion

Fri, 05/17/2024 - 11:01
India's forex reserves jumped USD 2.561 billion to USD 644.151 billion for the week ended May 10, the Reserve Bank of India (RBI) said on Friday. In the previous reporting week, the kitty had increased USD 3.668 billion to USD 641.59 billion after three consecutive weeks of decline. For the week ended April 5, the reserves had hit an all-time high of USD 648.562 billion following multiple weeks of rise. For the week ended May 10, the foreign currency assets, a major component of the reserves, increased by USD 1.488 billion to USD 565.648 billion, the data released on Friday showed. Expressed in dollar terms, the foreign currency assets include the effect of appreciation or depreciation of non-US units like the euro, pound and yen held in the foreign exchange reserves. Gold reserves increased USD 1.072 billion to USD 55.952 billion during the week, the RBI said. The Special Drawing Rights (SDRs) were up USD 5 million to USD 18.056 billion, the apex bank said. India's reserve posi

India could be the third largest economy by 2026-27, says Arvind Panagariya

Fri, 05/17/2024 - 09:55
Panagariya stressed that in order to achieve this, it was important to reform labour laws and for markets to release capital to more labour-intensive industries

Chabahar Port deal 'landmark' for economic ties with India: Iranian envoy

Fri, 05/17/2024 - 08:30
The signing of the Chabahar Port deal is a 'landmark' in India-Iran economic relations and it offers various future investment opportunities, including the development of subsequent phases of the facility, a top Iranian diplomat said in a note. These opportunities include development of the second phase of Shahid Beheshti Port as well as the third and fourth phases on BOT model, among others, Davoud Rezaei Eskandari, Acting Consul General of Iran in Mumbai, said in the note shared with PTI. India on May 13 signed a 10-year contract to operate the strategic Iranian port of Chabahar that will help it expand trade with Central Asia. The Chabahar Port on the Gulf of Oman - which New Delhi had proposed to develop way back in 2003 - will provide Indian goods a gateway to reach landlocked Afghanistan and Central Asia using a road and rail project called International North-South Transport Corridor, bypassing Pakistan. The long-term agreement was signed by Indian Ports Global Limited (IP

India must increase manufacturing and its share in global value chains: FM

Fri, 05/17/2024 - 07:25
Some economists, including former RBI Governor Raghuram Rajan, have said recently that India should focus on services sector rather than manufacturing as it has missed that opportunity

Spike in trade with Russia not a 'temporary phenomenon': EAM Jaishankar

Fri, 05/17/2024 - 06:18
"For long, we have looked at Russia from a political or security perspective," Foreign Minister S. Jaishankar said at an industry conference

India needs its own JP Morgans, Citibanks around the world: Niti Aayog CEO

Fri, 05/17/2024 - 04:33
Subrahmanyam calls for financial sector with the 'muscle' to serve firms in India and across the world

West prefers India over China, economic prospects robust: UN expert

Fri, 05/17/2024 - 00:27
He further said the oil price and special import arrangements that India has with Russia is also 'helping India tremendously in terms of keeping its import costs down'

UN revises India's 2024 economic growth projection upwards to nearly 7%

Thu, 05/16/2024 - 22:42
The United Nations has revised upwards India's growth projections for 2024, with the country's economy now forecast to expand by close to seven per cent this year, mainly driven by strong public investment and resilient private consumption. The World Economic Situation and Prospects as of mid-2024, released Thursday, said, India's economy is forecast to expand by 6.9 per cent in 2024 and 6.6 per cent in 2025, mainly driven by strong public investment and resilient private consumption. Although subdued external demand will continue to weigh on merchandise export growth, pharmaceuticals and chemicals exports are expected to expand strongly. The 6.9 per cent economic growth projections for India in the mid-year update is an upward revision from the 6.2 per cent GDP forecast made by the UN in January this year. The UN World Economic Situation and Prospects (WESP) 2024 report that was launched in January had said that growth in India was projected to reach 6.2 per cent in 2024, amid robus

Lower crude oil prices likely to tilt imports towards Iraq and UAE

Thu, 05/16/2024 - 12:08
As of April, India imported more than 1.72 mn barrels per day from Russia

Container volume likely to grow 8% to 342 million tonnes in FY25: Report

Thu, 05/16/2024 - 11:31
Container volume is expected to grow by 8 per cent to 342 million tonnes this fiscal despite the risk of a prolonged Red Sea crisis, CateEdge Ratings said on Thursday. The slated connection of the dedicated freight corridor to Jawaharlal Nehru Port in FY26, along with capacity additions by ports, is expected to drive growth in container volume over the medium term, it added. Cargo at Indian ports is dominated by 3Cs -- crude oil (termed as Petroleum Oil Lubricants (POL), coal and containers. These three commodities represent 74-75 per cent of total cargo throughput handled by ports. Over the past 3 years ended FY24, POL witnessed a moderate CAGR of 4 per cent while coal and container volumes witnessed 13 per cent and 9 per cent growth, respectively, CateEdge Ratings said. The rating agency said it expects coal cargo throughput at ports to grow at a CAGR of 2-3 per cent between FY24 and FY26, despite an anticipated decline in coal imports by 3-4 per cent due to increased domestic c

India's merchandise exports may grow to $500-510 bn in FY25: FIEO

Thu, 05/16/2024 - 10:14
Apparel, footwear and gems & jewellery sectors set to post better results

RBI repurchases Rs 2,069 cr worth of bonds, against notified Rs 60,000 cr

Thu, 05/16/2024 - 09:47
The securities scheduled for buyback were 6.18 per cent 2024, 9.15 per cent Government Securities (GS) 2024, and 6.89 per cent GS 2025

Tamil Nadu among best states in country for economic zone: DP World CEO

Thu, 05/16/2024 - 09:43
Tamil Nadu is one of the best states in the country for an economic zone as the state is one of the most industrialised in India, a senior official of global logistics company DP World has said. DP World has started operations at its largest free trade warehouse zone in India in Chennai. The Chennai facility is the company's second free trade warehouse zone (FTWZ) in India after Mumbai that was established 18 months old. DP World's CEO -- Economic Zones, India Subcontinent and MENA, Ranjit Ray, said Chennai also has strategic advantages since it is connected to South Asia, Africa, Australia via the sea route. "Tamil Nadu is one of the best states in the country for an economic zone. We just started business and now have 15 per cent occupancy in six months," he said. DP World's Chennai economic zone is spread over 6 lakh sq ft with a potential to grow to 2 million sq ft. Tamil Nadu has been one of the most industrialised states in the country for the last 40-50 years, Ray said. D

At 269, NCLT approves record resolutions under IBC in FY24: IBBI data

Thu, 05/16/2024 - 08:38
However, it is still taking 679 days on average to conclude the resolution process, as against the standard timeline of 330 days

India to become $ 4 trn economy in FY25, surpass Japan by FY26: Sanyal

Thu, 05/16/2024 - 07:54
India will be a USD 4 trillion economy in 2024-25 and surpass Japan by early next fiscal to become the world's fourth largest economy, Economic Advisory Council to the Prime Minister (EAC-PM) member Sanjeev Sanyal said on Thursday. Sanyal further said that a 7 per cent economic growth rate will be a 'very good' growth rate for India, given various constraints, including the country's weak exports. "So, this financial year, we will become a USD 4 trillion economy," he said at an event here. Recently, Finance Minister Nirmala Sitharaman said that India is expected to overtake Japan and Germany to emerge as the world's third-largest economy by 2027. Currently, in US dollar terms, India is the fifth largest economy with a size of about USD 3.7 trillion in nominal terms. Sanyal said Japan is now just a little ahead of us at USD 4.1 trillion. "So, either very early next year or even you know this year, we will cross Japan to become the world's fourth largest economy," Sanyal ...

India's internet economy is estimated to reach $1 trillion by 2030: Experts

Thu, 05/16/2024 - 07:20
Shriram Subramanian said as India becomes a $5 trillion economy, e-commerce will continue to annually grow at about 25 per cent per annum from $60 billion in FY2023

Exports may surge 12-15% to cross $500 billion this fiscal: FIEO

Thu, 05/16/2024 - 05:37
The country's merchandise exports are expected to increase about USD 60-70 billion to USD 500 billion by the end of FY25, apex exporters' body FIEO said on Thursday. In 2023-24, exports dipped over 3 per cent to USD 437 billion. Federation of Indian Export Organisations (FIEO) President Ashwini Kumar also said the country's services exports are also likely to reach USD 390-400 billion this fiscal. "We are looking for merchandise exports between USD 500-510 billion in 2024-25. In the services, we expect exports to be around USD 390-400 billion for the current fiscal," Kumar told reporters here. He said traditional markets like the US and Europe will help in boosting India's exports.

Govt plans to change base year of key economic gauges like CPI to FY23

Thu, 05/16/2024 - 00:31
Economic indices such as the Index of Industrial Production (IIP), Wholesale Price Index (WPI), and National Income are benchmarked to FY12