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'

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

As of April, India imported more than 1.72 mn barrels per day from Russia

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

Apparel, footwear and gems & jewellery sectors set to post better results

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 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

However, it is still taking 679 days on average to conclude the resolution process, as against the standard timeline of 330 days

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 ...

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

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.

Economic indices such as the Index of Industrial Production (IIP), Wholesale Price Index (WPI), and National Income are benchmarked to FY12

The government on May 1 cut the windfall tax on petroleum crude to Rs 8,400 a metric ton from Rs 9,600

Trade deficit widens to $19.1 bn as gold imports treble

India saves Rs 4.8 trillion on logistics cost every year, said Sitharaman

The rules surrounding MPS requirements have differed for PSUs compared to their private sector counterparts

Previously, the jobless rate in urban areas has been steadily declining since the high of 12.6 per cent reported during the April-June quarter of FY22 during the peak of the pandemic

Highway ministry said it has deliberated on 100-day plan for new government

Senior officials of India and the UK held negotiations last month on the outstanding issues of the proposed free trade agreement (FTA) and the work is in progress to iron out the differences. According to the commerce ministry, the Indian team visited London from April 16-19 for negotiations. "The teams have made good progress and work is in progress in resolving pending issues. Chapter-wise textual negotiations are nearly closed and schedules on goods and services are at an advanced stage of negotiations," the ministry said. The ministry, however, did not disclose further details. So far, 13 rounds of talks have been completed. The 14th round started in January. There are 26 chapters in the agreement, including goods, services, investments, and intellectual property rights. The Indian industry is demanding greater access for its skilled professionals from sectors like IT and healthcare in the UK market, besides market access for several goods at nil customs duty. On the other h

The unemployment rate for people aged 15 years and above in urban areas declined to 6.7 per cent in the January-March period from 6.8 per cent a year ago, according to the National Sample Survey Survey (NSSO). Joblessness, or unemployment rate, is defined as the percentage of unemployed people in the labour force. The unemployment rate in the March quarter of FY23 was 6.8 per cent, while it was 6.6 per cent in April-June as well as in the third quarter (July-September 2023) of the previous fiscal. It was 6.5 per cent in October-December 2023. The unemployment rate for people aged 15 years and above in January-March 2024 was 6.7 per cent in urban areas, the 22nd Periodic Labour Force Survey (PLFS) showed. It also showed that the unemployment rate among females (aged 15 years and above) in urban areas declined to 8.5 per cent in January-March 2024 from 9.2 per cent in the same quarter a year ago. It was 9.1 per cent in April-June 2023, 8.6 per cent in July-September 2023, and 8.6 pe