Commerce and Industry Minister Piyush Goyal on Monday exuded confidence that the Reserve Bank will cut interest rates as inflation is under control. The RBI has been maintaining the benchmark interest rate at an elevated level of 6.5 per cent since February 2023. Goyal said that the economic fundamentals of the country are strong and inflation is under check. He said that the average inflation of 10 years in India is about 5 to 5.5 per cent. It was the best-performing decade and because of that, the interest rate came down "dramatically" and the central bank was strengthened and had the ability to bring down the interest rate. "Of-course in the last year and a half, post Ukraine-crisis, interest rates have again gone up by 250 basis points. But now that inflation is pretty much in control, I suspect we will soon see the reversal of the rate hikes starting in India, whether it happens in the next or the second monetary policy from now. I think it's only a matter of time," Goyal ...

Taking forward its pioneering initiatives in nature conservation, the Tamil Nadu government on Monday announced the 'TN-SHORE', a mission to restore coastal resources across 14 districts covering 1,076 km. Presenting the Budget Estimates for 2024-25 in the Assembly, Finance Minister Thangam Thenarasu said about Rs 1,675 crore has been sanctioned to the mission, titled 'Neithal Meetchi Iyakkam' which would enhance biodiversity by protecting coasts, improve livelihoods of local communities, and contain pollution in those areas. "This initiative will capitalise on the potential of the Blue Economy and will primarily focus on the restoration of mangroves, coral reefs, and salt marshes," he said. It will take up the conservation of mangroves besides reviving coral reefs at Kariyachalli islands in the Gulf of Mannar. Additionally, works are underway to establish a sprawling botanical garden in Kadambur, Chengalpattu, spanning 137 acres, at a cost of Rs 345 crore, in collaboration with ..

The Red Sea falls in an important transit route from Mediterranean Sea to Arabian Sea through Suez Canal

Tamil Nadu's fiscal deficit in the Budget Estimates for 2024-25 stood at 3.44 per cent of the GSDP despite a decline in the State's Own Tax Revenue (SOTR) due to two successive natural calamities in December 2023 resulting in additional expenditure, State Principal Secretary-Finance T Udhayachandran said on Monday. The SOTR suffered a revenue loss due to cyclone Michaung and unprecedented rains in the southern districts. The state government had to spend more on flood relief, provide immediate relief measures besides initiate long-term relief measures, he said. "This budget has been prepared under this financial stress...Nevertheless, Tamil Nadu's economy is robust. We expect a 15 per cent growth in our SOTR through the Commercial Taxes Department," Udhayachandran told reporters here. The Registration department did not see the expected growth last year but next year the government hoped that it would fetch more revenue to the state, he added. Briefing the media on the Budget ...

PM Modi's UP visit: These projects are expected to give an edge to Uttar Pradesh's economic push and are related to sectors including manufacturing, green energy, information technology

The fourth round of talks between farmers and Union ministers concluded late Sunday night

While the new laws aimed to make the mandis - and their notoriously extractive middlemen - irrelevant, the farmers read them as a sign that the six-decade-old price mechanism itself would be scrapped

A panel of three Union ministers on Sunday proposed the buying of pulses, maize, and cotton crops by government agencies at minimum support prices for five years after entering into an agreement with farmers. Speaking to the media after a more than four-hour-long meeting with farmer leaders here, Union Minister Piyush Goyal said the innovative and out-of-the-box idea came up during the discussions. The minister said the farmer leaders will decide on the proposals put forward by the government by Monday morning. "Cooperative societies like the NCCF (National Cooperative Consumers Federation) and NAFED (National Agricultural Cooperative Marketing Federation of India) will enter into a contract with those farmers who grow 'tur dal', 'urad dal', 'masoor dal' or maize for buying their crop at MSP for next five years," said Goyal. There will be no limit on the quantity (purchased) and a portal will be developed for this," he added. It will save Punjab's farming, improve the groundwater

Beijing is striking a delicate balancing act to support the economy at a time when signs of persistent deflationary pressure call for more stimulus measures

Says retailers dropping order because of amendment to I-T Act on payment to MSMEs

Farmers reject Centre's proposal for a committee on MSP, say sources

Hedges interest rate risk under asset liability management

India needs to grow at an annual rate of 9-10 per cent for around three decades and constant innovations to become a USD 35 trillion economy by 2047, India's G-20 Sherpa and former NITI Aayog CEO Amitabh Kant said on Sunday. "We are the fifth largest economy in the world and by 2027 we will surpass Japan and Germany to become the third largest economy in the world. And our aim is that by the time we turn 100 in 2047, India should be a USD 35 trillion economy," Kant said while addressing a session at Mumbai Tech Week (MTW) hosted by Tech Entrepreneurs Association Mumbai (TEAM). Which means, India will become the second largest economy in the world, Kant stated. "And to be a USD 35 trillion economy means that we need to grow year after year for close to three decades by 9-10 per cent annually and this means that we need to do a lot of disruptions and constant innovation," he noted. Kant said that India created the digital identity of 1.4 billion people and technologically the country

The panel asked the textiles ministry to do a comprehensive study on how to increase cotton production

The commerce ministry has decided to extend export benefits under the RoDTEP scheme for companies in the special economic zones (SEZs) and export oriented units (EOUs). This decision was communicated to the Director General of Foreign Trade (DGFT) on February 16. The DGFT may issue a formal notification soon amending the foreign trade policy on the same. "Post rolling out of ICEGATE (Indian Customs Electronic Data Interchange Gateway) in SEZs, the RoDTEP scheme may also be extended to SEZs," according to an office memorandum of the commerce ministry. The government in August 2021, announced the rates of tax refunds under export promotion scheme -- Remission of Duties and Taxes on Exported Products (RoDTEP), for 8,555 products such as marine goods, yarn and dairy items. As SEZs and EOUs were kept out of the scheme in the list notified that time, the industry was demanding to include them in the scheme. Under RoDTEP, various central and state duties, taxes, and levies imposed on in

Houthi attacks on Russian crude deliveries coincide with escalating US actions on ships carrying such crude, leading to double trouble for India

Meghalaya Chief Minister Conrad K Sangma on Saturday asserted that the state needs to sustain 11.5 per cent annual GSDP growth to achieve the ambitious target of becoming a USD 10 billion economy by 2028. Addressing a gathering after laying the foundation of a Rs 100 cr bulk water supply project at Ballonggre in West Garo Hill district, Sangma said that the state is at present a Rs 45,000 crore economy and that needs to be improved. "It is a herculean task but the state government has charted out a roadmap to achieve the target," he said. The CM asserted that his government has a vision for the state and investments are being made to build better and sustainable infrastructure, create jobs through entrepreneurship and adopt innovative policies and programmes to increase farmers' income. He said a thrust has been laid on improving rural economy by focusing on enterprises that will leverage the potential of the rich natural resources of the state. He asserted that Meghalaya has won

Under the visionary leadership of Chief Minister Yogi Adityanath, Ayodhya has undergone a transformative journey towards development, making it an appealing destination for investors

Cumulative losses of public sector enterprises in Himachal Pradesh stood at Rs 5,143.46 crore as on March 31, 2023 and 14 out of 23 such units were in the red, according to a state government report. The report on public sector units was tabled in the state assembly on Saturday during the presentation of the annual budget for the next financial year. Himachal Road Transport Corporation topped the list with a loss of Rs 1,966.13 crore, followed by Himachal Pradesh State Electricity Board which lost Rs 1,823.97 crore. While HP Power Corporation registered a loss of Rs 6,89.24 crore, HP Power Transmission Corporation lost Rs 372.59 crore. Loss of HP Himachal Financial Corporation stood at Rs 184.83 crore, HP Tourism Development Corporation recorded a loss of Rs 12,663 crore, State Forest Corporation Rs 98.21 crore and Himachal Horticulture Produce Marketing and Processing Corporation (HPMC) Rs 91.20 crore. On the other hand, Himachal Pradesh Industrial Development Corporation was amon

The ministry will formally notify lawmakers of the MOU and hold follow-up meetings with Indian officials, according to the statement