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Next 5 years for India going to be of economic stability: J Sai Deepak

Mon, 05/06/2024 - 01:18
The next five years for India are going to be of economic stability coupled with volatility on different fronts, a prominent Supreme Court advocate has said, observing that the country's growth story will be impeded by law and order issues if the government doesn't come out with a mechanism to deal with the street warfare. I think the economic success of Bharat is a foregone conclusion for multiple factors, and I'm not being overconfident here. There is a hunger for economic growth within the population, which is significantly driving the India story," J Sai Deepak, who is also a popular public speaker among the BJP's support base, told PTI in an interview here. This hunger coupled with the enabling factors that the government has decided to create, in terms of a conducive atmosphere, will certainly help the growth story, he said. But the growth story will be impeded by law-and-order issues if the government doesn't come out with a mechanism to deal with the revised form of street .

April services PMI softens to 60.8 but remains sturdy on robust demand

Mon, 05/06/2024 - 01:15
Favourable market conditions and buoyant demand pushed the new business sub-index to a three-month high, the third-highest in around 14 years

Global biofuel alliance sets up three-pronged work plan, says govt

Sun, 05/05/2024 - 13:04
Assessing country landscapes, drafting policy frameworks, and more global engagements focussed on

India urges ADB not to overlook its focus on growth, shared prosperity

Sun, 05/05/2024 - 10:30
India on Sunday urged the Asian Development Bank (ADB) not to overlook its focus on reduction of remaining poverty while promoting sustainable growth for the member nations in the Asia Pacific region. Making intervention at the Board of Governors Business Session at the 57th Annual Meeting of ADB, India's Temporary Alternate Governor Vikas Sheel said the bank has played a critical role in facilitating measures of faster economic development, reducing poverty and promoting regional cooperation while effectively addressing the challenges and delivery of global public goods. "We note with concern that economic growth and dealing with the remaining poverty do not find a place in the enhanced focus areas of the ADB in the review of its Strategy 2030. We urge ADB not to overlook the ADB's charter mandate on growth and shared prosperity," he said. He assured India's continued support to work towards accelerated inclusive and sustainable growth in Asia and the Pacific. Due to ongoing gener

Met coal imports from Russia up nearly three-fold in last 3 financial years

Sun, 05/05/2024 - 07:31
Imports of metallurgical coal from Russia have spurted around three-fold in the last three years to around 15.1 million tonnes in 2023-24 mainly due to lower prices while the same from Australia have declined, according to a research firm. Russia's share in India's metallurgical coal imports of 73.2 million tonnes (MT) has risen to around 21 per cent from around 8 per cent in 2021-22, research firm Big Mint said in a statement. The import of metallurgical coal, which includes coking coal and pulverised coal injection (PCI), from Russia, stood at 5.1 MT, accounting for 8 per cent of India's total imports of 65.6 MT of the commodity in 2021-22. Metallurgical coal imports from Russia rose to 11.3 MT in 2022-23, accounting for 16 per cent of 69.9 MT met coal imports in that year. In 2023-24, met coal imports from Russia were 15.1 MT or 21 per cent of total met coal imports of 73.2 MT. Australia, a major supplier of met coal to India, saw a decline in the commodity's exports to India. ..

Fiscal prudent Odisha faces many challenges on socioeconomic front

Sun, 05/05/2024 - 05:33
In last decade, it has consistently remained a revenue-surplus state, allowing govt to invest in asset generation, introduce welfare schemes. But its socio-economic indicators leave much to be desired

ECI's nod taken before lifting ban on onion exports amid MCC: Report

Sun, 05/05/2024 - 02:27
The Centre has taken permission from the Election Commission to lift the ban on exports of onion in view of the ongoing implementation of the Model Code of Conduct due to the Lok Sabha elections, sources said. According to government sources, the Department of Revenue under the finance ministry took the permission from the Election Commission to lift the ban on onion exports, subject to conditions of 40 per cent export duty, and also a minimum export price (MEP) of USD 550 per tonne. The government on Saturday lifted the ban on onion exports, a decision that can help boost income of a large section of farmers and comes ahead of the Lok Sabha polls in key producing regions including Maharashtra. The government has imposed a minimum export price (MEP) of USD 550 per tonne (around Rs 46 per kg) as well as 40 per cent export duty. Taking duty into account, the shipments will not be allowed below USD 770 per tonne (around Rs 64 per kg). The decision to lift the ban on exports of onion w

Govt lifts ban on onion exports, sets floor price with 40% export duty

Sat, 05/04/2024 - 08:39
The export ban was imposed by the world's biggest exporter of the vegetable last December and then extended in March

Mizoram records 52% growth in GST collection in April, says CM Lalduhoma

Sat, 05/04/2024 - 02:47
Mizoram Chief Minister Lalduhoma said the northeastern state has registered a 52 per cent growth in Goods and Services Tax (GST) in April this year. Quoting the data released by the Union Finance Ministry, Lalduhoma on Friday said that Mizoram collected Rs 108 crore in GST in April this year against Rs 71 crore collected in the same period the previous year. He attributed the growth in GST collection to massive efforts made by the state finance, planning and taxation department in revenue collection. "The reason behind the growth in GST collection is due to the massive efforts made by the finance, planning and taxation departments. People and business communities in particular are also aware of the importance of giving taxes to augment our revenue," the chief minister said. He claimed that the state's financial condition is moving towards stability due to the austerity measures being implemented by legislators and officials. In the Union Finance Ministry's data, Mizoram collected

India's services exports growth enters slow lane in FY24: RBI data

Fri, 05/03/2024 - 14:05
Falls to 3-year low of 4.9%, but net services exports grow at 13.6%

MSMEs contribute 62% to employment in India: McKinsey Global Institute

Fri, 05/03/2024 - 11:52
MSMEs in India are only 26 per cent as productive as large companies, in other emerging economies it is 29 per cent

Forex reserves drop $2.4 bn to $637.9 bn in 3rd consecutive week of decline

Fri, 05/03/2024 - 08:16
India's forex reserves dropped USD 2.412 billion to USD 637.922 billion as on April 26, in the third consecutive weekly decline in the reserves, the Reserve Bank of India (RBI) said on Friday. In the previous reporting week, the overall reserves had declined USD 2.28 billion to USD 640.33 billion. For the week ended April 5, the reserves had hit an all-time high of USD 648.562 billion following multiple weeks of increases. The earlier high of USD 642.453 billion achieved in September 2021 got surpassed in March this year. For the week ended April 26, the foreign currency assets -- a major component of the reserves -- decreased USD 1.159 billion to USD 559.701 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 decreased USD 1.275 billion to USD 55.533 billion during the week, the RBI ..

Who is Sanjaya Kumar Mishra, the newly appointed president of GSTAT?

Fri, 05/03/2024 - 04:37
The appointment of Sanjaya Kumar Mishra follows the recommendation of the Search-Cum-Selection Committee and aims to expedite the operationalisation of GSTAT

Japan's forex intervention may have cost $23.6 bn, BoJ data shows

Thu, 05/02/2024 - 14:20
Analysts point to the gaping gap between Japanese and U.S. government debt yields as the force behind the yen's slide

OECD raises India's growth forecast by 40 basis points to 6.6% for FY25

Thu, 05/02/2024 - 10:37
Meanwhile, the agency also noted that private consumption has been less vigorous, confirming the preliminary findings from the latest household consumption expenditure survey

RBI says 97.76% of Rs 2,000 currency notes returned to banking system

Thu, 05/02/2024 - 10:24
The Reserve Bank of India (RBI) on Thursday said 97.76 per cent of the Rs 2000 denomination banknotes have returned to the banking system, and only Rs 7,961 crore worth of the withdrawn notes are still with the public. On May 19, 2023, the RBI announced the withdrawal of Rs 2000 denomination banknotes from circulation. 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, when the withdrawal of the high value banknotes was announced, has declined to Rs 7,961 crore at the close of business on April 30, 2024, the Reserve Bank said in a statement. "Thus, 97.76 per cent of the Rs 2000 banknotes in circulation as on May 19, 2023, has since been returned," it said. The Rs 2000 banknotes continue to be legal tender. People can deposit and/or exchange Rs 2000 banknotes at 19 RBI offices across the country. People can also send Rs 2000 bank notes through India Post from any post office to any of the RBI Issue Offices for

India's services exports decline marginally in March to $30 billion

Thu, 05/02/2024 - 10:22
India's services exports declined 1.3 per cent in March to USD 30 billion while imports fell by 2.1 per cent to USD 16.61 billion, showed Reserve Bank data released on Thursday. As per RBI's data on India's international trade in services, the trade surplus during March 2024 was USD 13.4 billion. Both exports and imports of services were in positive zone in the preceding two months. According to the commerce ministry data, the services export during fiscal 2023-24 is estimated at USD 339.62 billion and imports at USD 177.56 billion. The trade surplus or difference between exports and imports works out to be USD 162 billion during the year. Despite persistent global challenges, overall exports (merchandise and services) are estimated to reach USD 776.68 billion in 2023-24 as compared to USD 776.40 billion in 2022-23.

Opec+ producers could extend oil cuts, formal talks yet to start: Report

Thu, 05/02/2024 - 09:58
The OPEC+ group is currently cutting output by 5.86 million bpd, equal to about 5.7% of global demand

Bonds rally as US Federal Reserve says no plans for further rate hike

Thu, 05/02/2024 - 08:32
The yield on the benchmark 10-year government bond fell by three basis points to settle at 7.16 per cent, against 7.19 per cent on Tuesday

India needs to expand universal health coverage for ageing population: ADB

Thu, 05/02/2024 - 06:17
India is one of the lowest among the Asia Pacific nations when it comes to health insurance for older people and needs to expand universal health coverage to meet the needs of rapidly ageing population and sustain growth momentum, a report by ADB said on Thursday. While the South Korea and Thailand have achieved universal health coverage, others lag behind with India having the lowest health insurance coverage among older people at 21 per cent, a report titled 'Aging Well In Asia' prepared by ADB said. However, schemes like Ayushman Bharat that provides cashless healthcare to bottom quartile of population has improved health coverage since its launch, ADB senior economist Aiko Kikkawa said here. Expanding it further will improve the condition and make people aged over 60 years more productive for the economy, she said, adding, silver dividend can be higher for such countries who gainfully employ them. Besides achieving universal health coverage, she said, it is also critical to ext