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Govt to procure tur, masur dal directly from farmers to bolster stocks

Mon, 03/18/2024 - 01:58
At the end of February, the central stock declined to approximately 1.97 million tonnes against the buffer norm of 3.1 mt. DoCA aims to procure 80% of buffer stock requirements

City-gas distribution entities lag on minimum work programme: PNGRB

Sun, 03/17/2024 - 14:14
Authorised CGDs have provided half of their targeted PNG connections to households

India's smartphone exports to US jump to $ 3.53 bn in Apr-Dec FY24

Sun, 03/17/2024 - 11:46
India's smartphone exports to the US jumped to USD 3.53 billion in April-December this fiscal against USD 998 million in the same period last year, according to the Commerce Ministry data. The increasing outbound shipments led to an increase in the smarphones' market share to 7.76 per cent during April-December this fiscal from 2 per cent in the same period of last year, the data showed. Increasing exports have made India the third-biggest smartphone exporter to the US. An official said that an increase in overall smartphone production has helped in pushing exports. During the nine-month period of this fiscal, the share of China and Vietnam declined. The US smartphone imports from the top five suppliers also declined during April-December to USD 45.1 billion from USD 49.1 billion in FY'23. China exported USD 35.1 billion worth of smartphones to the US market in April-December, down from USD 38.26 billion last year. Vietnam's shipments of phones declined to USD 5.47 billion in ..

India's economic growth rate resembles that of 2003-07, says Morgan Stanley

Sun, 03/17/2024 - 05:37
India's current world-beating economic growth rate on the back of an investment boom resembles that of 2003-07 when growth averaged more than 8 per cent, according to economists at Morgan Stanley. In a report 'The Viewpoint: India - Why this feels like 2003-07', Morgan Stanley said after a decade of investment to GDP steadily declining, capex has emerged as a key growth driver in India. "We think the capex cycle has more room to run, therefore the current expansion closely resembles that of 2003-07. The current cycle is driven by investment outperforming consumption, public capex leading initially but private capex rapidly catching up, the urban consumer leading consumption followed by catch-up in rural demand, market share in global exports rising and macro stability risks kept in check. "We think the defining characteristic of the current expansion is the rise in the investment-to-GDP ratio. Similarly, in the 2003-07 cycle investment to GDP rose from 27 per cent in F2003 (fiscal .

This is India's decade as global destination for investments, travel: VFS

Sun, 03/17/2024 - 05:04
India has a vibrant and diverse economy, a large young population and a rich cultural heritage which make it attractive for investors and visitors, according to the CEO of the world's largest visa outsourcing company. Zubin Karkaria, founder and CEO of VFS Global, said India is undergoing a rapid economic and social transformation. "This creates new opportunities for business, trade, tourism, and culture. I truly believe this is India's decade," he said. "In VFS global, we are very optimistic about the prospects of India as a global destination, as a source, both for inbound tourism and outbound travellers. India has a vibrant and diverse economy, a large young population, and a rich cultural heritage. These factors make India attractive, both for investors and visitors, he told PTI in a recent interview. Known for creating a new industry of visa and passport outsourcing, VFS Global in just 22 years of its inception operates in 149 countries through 3,353 application centers. So fa

Kerosene consumption falls significantly by 26% CAGR during FY14-23: Data

Sun, 03/17/2024 - 01:04
Kerosene consumption in the country has declined sharply by 26 per cent CAGR between 2013-14 and 2022-23, mainly due to government policies to promote clean energy. The latest 'Energy Statistics India 2024' of the National Statistical Office (NSO) stated, "The impact of energy policies of recent time is evident on the consumption of kerosene as a fuel in the country". The data showed that the consumption of kerosene has seen a steady decreasing trend with a compounded annual growth rate (CAGR) of (-) 25.78 per cent from 2013-14 to 2022-23. The report stated that among all the petroleum products the HSDO (diesel), which has the highest share of consumption (38.52 per cent) during 2022-23, experienced a positive growth of 12.05 per cent over the last year. Petrol and pet coke have witnessed a growth of 13.38 per cent and 28.68 per cent, respectively, over the last year. HSD (diesel) has also registered a 12.05 per cent growth to 85.90 MTs during 2022-23(P) compared to 76.66 MTs duri

India will become third top economy in few years, says FM Sitharaman

Sat, 03/16/2024 - 10:18
Union Finance Minister Nirmala Sitharaman on Saturday said India currently needs economic freedom to achieve developed nation status by 2047 and assured that the country would move to the third spot in world economy from the current fifth position in the near future. Criticising those who compared India with China, Sitharaman said that certain things could not be replicated from them. "India should attain self sufficiency on economic matters. It should become an economic power. The country has come from 10th position to 5th in global rankings and a few years down the line we will achieve the third spot", Sitharaman said, after unveiling a bust of Mahatma Gandhi at Shrimati Indira Gandhi College here. Appealing to the students gathered at the venue to contribute to the progress of the nation, she said, "It is through the efforts of students like you that our country will become a developed nation by 2047." Referring to people talking about how China has progressed and comparisons wi

Round 14 of India-UK FTA talks put on hold ahead of election schedule

Sat, 03/16/2024 - 05:22
The 14th round of the free trade agreement (FTA) negotiations between India and the UK has now closed, with formal negotiations being put on hold as India heads into election campaign mode as the general election schedule is announced on Saturday. According to UK officials familiar with the discussions, a lot of progress has been made but the teams are not in a position to conclude an agreement which led to the Round 14 closing on Friday. The next round of formal trade talks can commence only after the Lok Sabha polls have concluded. The India-UK FTA negotiations, which opened in January 2022, are aimed at securing an ambitious outcome for bilateral trade currently worth around GBP 38.1 billion a year as per official statistics from last month. We anticipate that while some talks might happen between rounds, the next round of negotiations will take place after the Indian elections, official sources in the UK said. Neither side is walking away from talks. It's just that we don't h

Ease of doing biz: Market regulator Sebi to relax certain norms for FPIs

Fri, 03/15/2024 - 14:29
Regulator Sebi on Friday approved a raft of relaxations for foreign portfolio investors, alternative investment funds and entities seeking to raise funds through initial share sales, as part of facilitating the ease of doing business in the securities market. Also, the board of Securities and Exchange Board of India (Sebi) gave its nod for a uniform approach for verification of market rumours by entities that have listed their equities. In a move aimed at testing the feasibility of the optional T+0 settlement mechanism, a Beta version for a limited 25 scrips and limited brokers will be launched. Sebi will continue to do further stakeholder consultation, including with the users of the Beta version. The progress will be reviewed at the end of three months and six months, after which further course of action will be decided, Sebi said in a release. These proposals were cleared by the Sebi board at its meeting that ended late on Friday. Among other measures, the regulator decided to

Exports grow fastest in 20 months; Feb trade deficit widens to $18.71 bn

Fri, 03/15/2024 - 13:10
Export growth in February was led by electronics, meat, dairy and poultry, chemicals, drugs and pharmaceuticals, and engineering goods

Forex reserves surge by over $10 billion to hit over two-year high

Fri, 03/15/2024 - 12:24
The dollar index fell to around 102 at the end of the week, down from 103 at the start of the week

FTA talks to continue even during polls: Commerce secy Sunil Barthwal

Fri, 03/15/2024 - 12:20
ECI is set to announce the schedule for the 2024 Lok Sabha election on Saturday

States plan to raise record Rs 50,206 crore next week through bonds

Fri, 03/15/2024 - 11:35
At the previous state loan auction, the cut-off yield on the 10-year state government securities was set in a range of 7.36-7.41 per cent

Govt hikes windfall tax on petroleum crude to Rs 4,900 per tonne

Fri, 03/15/2024 - 11:03
The new rates will be affective from Saturday, according to a government notification released on Friday

Railways on track to record best-ever freight business, track laying: Govt

Fri, 03/15/2024 - 10:02
The Ministry of Railways on Friday said it is on track to register its best-ever performance in terms of freight loading, overall revenue collection and track laying in the financial year 2023-24. In a press statement, the ministry said, "As per the preliminary data, IR (Indian Railways) has crossed an originating freight loading of 1500 MT today on 15th March, 2024. Previously, IR had achieved the best ever freight loading of 1512 MT during FY 2022-23. "During FY 2023-24, total revenue of Indian Railways stands at Rs 2.40 lakh crore as on date. Last year on 15th March, total revenue was Rs 2.23 lakh crore, an increment of Rs 17,000 crore. Total expenditure of Indian Railways stands at Rs 2.26 lakh crore in FY 2023-24," it stated. According to the ministry, the number of passengers during FY 2023-24 stood at 648 crore, an increment of 52 crore compared to the figures of the same period of last year. Last year, the total number of passengers travelled was 596 crore, it said. So far

92% recruiters expect new, replacement hiring in first half of 2024: Report

Fri, 03/15/2024 - 09:21
Indian white-collar job market is expected to witness optimistic hiring sentiments during the first half of this year, with 92 per cent of recruiters expecting either new or replacement hiring in the first six months of 2024, a survey said on Friday. Naukri's Hiring Outlook Survey is a bi-annual survey conducted amongst 1,200 recruiters and recruitment consultants across sectors pan-India. "Reflecting on our recent Hiring Outlook findings, it's encouraging to see that 92 per cent of recruiters remain optimistic about new and replacement hiring in the first half of 2024. Coupled with anticipation around hiring trends returning to normalcy, the overall hiring outlook, while calibrated, seems to be stable and balanced," Naukri.com Chief Business Officer Pawan Goyal said. The survey further showed that despite challenges in the IT sector, a majority of recruiters still anticipate that IT roles will dominate hiring activities. This is attributed to significant IT recruitment taking plac

India's forex kitty expands $10.47 billion to $636.095 billion: RBI data

Fri, 03/15/2024 - 09:08
India's forex kitty jumped by USD 10.47 billion to USD 636.095 billion for the week ended March 8, the Reserve Bank said on Friday. In the previous reporting week, the overall reserves had risen by USD 6.55 billion to USD 625.626 billion. In October 2021, the country's forex kitty had reached an all-time high of USD 645 billion. The reserves took a hit as the central bank deployed the kitty to defend the rupee amid pressures caused majorly by global developments since last year. For the week ended March 8, the foreign currency assets, a major component of the reserves, increased by USD 8.121 billion to USD 562.352 billion, the Reserve Bank of India (RBI) said. 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 by USD 2.299 billion to USD 50.716 billion during the week, the RBI said. The Special Drawing Rights (SDRs) wer

FM underscores the need to learn lessons from electoral bonds scheme

Fri, 03/15/2024 - 08:42
Sitharaman observed that more people are investing directly in stock market. Finance minister noted stability of Indian stock market, advocating for it to operate independently

RBI governor asks regulated entities to improve grievance redress mechanism

Fri, 03/15/2024 - 08:26
RBI had established an Internal Ombudsman (IO) Mechanism in regulated entities to bolster their internal grievance redress processes

India's Q3 GDP numbers are 'absolutely mystifying': Arvind Subramanian

Fri, 03/15/2024 - 06:30
Former chief economic adviser Arvind Subramanian on Friday said India's latest GDP numbers are 'absolutely mystifying' and difficult to comprehend. India's economy grew by better-than-expected 8.4 per cent in the final three months of 2023 - the fastest pace in one-and-half years. "I want to be honest with you that the latest GDP numbers, I just simply can not understand them. "I say that with genuine respect and things. They are absolutely mystifying. They don't add up. I don't know what they mean," Subramanian said while speaking at the India Today conclave. The NSO has also revised GDP estimates for the first and second quarters of this fiscal to 8.2 per cent and 8.1 per cent from 7.8 per cent and 7.6 per cent, respectively. Elaborating further, Subramanian said while the implied inflation in these numbers is 1 to 1.5 per cent, actual inflation in the economy is somewhere between 3 and 5 per cent. "The economy is growing at seven and a half per cent, even though private consum

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