Business News

Subscribe to Business News feed Business News
Economy News: Stay informed on the latest economy news with Business Standard. Get real-time insights on dynamic GDP growth, Government Policies and global market trends.
Updated: 3 hours 1 min ago

Rupee slumps to over 2 month low against Dollar, weakened 1.2% in FY24

Wed, 03/20/2024 - 10:06
Market participants speculated that the Reserve Bank of India has been intervening in the foreign exchange market via dollar buys

India needs to grow at 8% to create sufficient jobs: IMF's KV Subramanian

Wed, 03/20/2024 - 09:36
India needs to grow at 8 per cent on sustained basis to create sufficient jobs to reduce poverty and inequality, India's executive director at International Monetary Fund (IMF) Krishnamurthy Venkata Subramanian said on Wednesday. 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. "We should be impatient even if we grow at 7 per cent. We should be looking to grow at 8 per cent and above, as the country needs to create a lot of infrastructure," Subramanian said, addressing an event organised by OMI Foundation. "By growing at 8 per cent, we have the potential to create a lot of jobs, thereby reducing poverty and inequality," the former CEA said. The growth rate in October-December was higher than the growth rate of 7.6 per cent in the previous three years, and it helped take the estimate for the current fiscal (April 2023 to March 2024) to 7.6 per cent, according to the data released by the National ...

Sponge iron producers urge govt to impose duties to curb iron ore exports

Wed, 03/20/2024 - 04:12
India, the world's biggest sponge iron producer, has about 336 sponge iron plants spread across the country

India prepares to start new LNG import terminal as demand increases

Tue, 03/19/2024 - 23:34
India currently imports LNG via seven terminals. Along with the Chhara facility, Swan Energy Ltd.'s Jafrabad import facility is also expected to begin operations this year, according to BloombergNEF

Annual climate finance requirement estimated to cross $10 trn by 2050: CAG

Tue, 03/19/2024 - 14:12
The annual climate finance requirements are estimated to cross USD 10 trillion by 2050, and failure to meet the funding demands will intensify socio-economic consequences related to climate-linked disasters, Comptroller and Auditor General of India Girish Chandra Murmu on Tuesday. Climate financing is key to collective efforts to move towards a more resilient and sustainable future, he said while addressing a one-day seminar on Climate Financing here. "As climate change intensifies, so does the urgency for robust climate finance mechanisms to fund adaptation, mitigation, and resilience-building efforts worldwide," he said. The CAG further stated that annual climate finance needs are estimated to increase substantially, reaching well beyond USD 10 trillion annually by 2050. "Failing to meet these financial demands will exacerbate the rise in global temperatures, simultaneously intensifying socio-economic consequences of climate-related disasters. Unfortunately, despite the stark ...

Yield on state government securities rises on record supply, shows data

Tue, 03/19/2024 - 12:57
Next week, states will participate in the final auction for the current financial year and as per the indicative calendar, they are expected to raise Rs 29,399 crore from the market

Net direct tax collections rise 20% at Rs 18.9 trillion till March 17

Tue, 03/19/2024 - 12:42
At Rs 18.9 trillion, collection accounted for over 97 per cent of the revised estimates at Rs 19.45 trillion

New-age, standardised courses in skill ministry's first 100-day plan

Tue, 03/19/2024 - 11:44
The new-age courses being planned may prominently feature in the fields of sunrise sectors, such as green technologies, fitness, wellness, hospitality and healthcare

Direct tax collection grows 20% to Rs 18.90 trillion till March 17

Tue, 03/19/2024 - 11:04
The net direct tax collection grew 19.88 per cent to over Rs 18.90 lakh crore till March 17, the income tax department said on Tuesday. The net direct tax collection of Rs 18,90,259 crore(as of March 17) includes Corporation Tax (CIT) at Rs 9,14,469 crore (net of refund) and Personal Income Tax (PIT), including Securities Transaction Tax (STT) at Rs 9,72,224 crore (net of refund). Refunds amounting to about Rs 3.37 lakh crore have also been issued in the current fiscal till March 17. On a gross basis, before adjusting refunds, the direct tax collection stood at Rs 22.27 lakh crore, an 18.74 per cent growth over the year-ago period. "The provisional figures of Direct Tax collections for the Financial Year 2023-24 (as of March 17, 2024) show that net collections are at Rs 18,90,259 crore, compared to Rs 15,76,776 crore in the corresponding period of the preceding Financial Year (FY 2022-23), representing an increase of 19.88 per cent," the Central Board of Direct Taxes (CBDT) said in

Inflation elevated, focus on minimising risk: RBI's state of economy report

Tue, 03/19/2024 - 10:51
On the demand side, the report observed that private final consumption expenditure remained low, despite the third quarter coinciding with the festival season

Outward remittances under Reserve Bank of India's LRS up 27% in Apr-Jan

Tue, 03/19/2024 - 10:48
Overseas remittances in January 2024 stood at $2.62 billion, nearly 9 per cent higher than $2.40 billion in December 2023

Rupee hits 1-month low ahead of US Federal Reserve meeting outcome

Tue, 03/19/2024 - 10:45
The rupee settled at Rs 83.04 per Dollar on Tuesday, against the previous close of Rs 82.90 per Dollar. The last time the rupee touched Rs 83 per Dollar was on February 16

Flows into NRI deposits up 70.35% in April-January, shows RBI data

Tue, 03/19/2024 - 10:41
Non-Resident Ordinary (NRO) deposits reached a level of $26.74 billion in January 2024, up from $26.40 billion in December 2023 and $23.12 billion a year ago

NHAI completes InvIT monetisation of Rs 16,000 crore through 'Round 3'

Tue, 03/19/2024 - 09:19
Fundraise includes 7,200 crore equity commitments from existing investors

Net FDI in India down to $15.41 bn in Apr 2023-Jan 2024: RBI bulletin

Tue, 03/19/2024 - 08:56
FDI into India is expected to receive a boost from the Trade and Economic Partnership Agreement (TEPA) signed with the European Free Trade Association (EFTA) on 10 March 2024

Food price pressures deter swifter fall in inflation to RBI's 4% target

Tue, 03/19/2024 - 06:42
Food price pressures is an obstacle in swifter fall in retail inflation to the Reserve Bank's target of 4 per cent, said an article on the 'State of Economy' in the central bank's March Bulletin published on Tuesday. Retail inflation based on Consumer Price Index (CPI) is on a decline since December and was at 5.09 per cent in February. "Even as inflation is on the ebb with broad-based softening of core inflation, the repetitive incidence of short amplitude food price pressures deters a swifter fall in headline inflation towards the target of 4 per cent," said the article authored by a team lead by RBI Deputy Governor Michael Debabrata Patra. It further said the global economy is losing steam, with growth slowing in some of the most resilient economies and high frequency indicators pointing to further levelling in the period ahead. In India, real GDP growth was at a six-quarter high in the third quarter of financial year 2023-24, powered by strong momentum, robust indirect taxes, a

India's exports may reach $450 bn this fiscal: FIEO Prez Ashwani Kumar

Tue, 03/19/2024 - 04:10
The country's merchandise exports are expected to reach USD 450 billion by the end of this fiscal despite geo-political challenges like the Red Sea crisis, newly elected president of apex exporters body FIEO Ashwani Kumar said on Tuesday. He said that the need of the hour is to address the Red Sea crisis challenges by ensuring the availability of marine insurance and rational increase in freight charges. The exporting sector, particularly, MSMEs, needs easy and low-cost credit, and marketing support to further boost the country's exports, Kumar said, adding early conclusion of free trade agreements such as with the UK and Oman will also help push the outbound shipments. "I will focus on addressing issues of MSMEs as they are going to play. They will play a key role in achieving the USD 1 trillion goods export target by 2030. They are the backbone of the economy and they are facing certain issues pertaining to credit. I would urge banks to come forward in extending support to these

Significant ramp up in capacities to help achieve $40 bn exports target

Tue, 03/19/2024 - 03:45
Steps such as significant ramp up in production capacities, and skilling of workforce will help achieve USD 40 billion garment exports target by 2030, AEPC said on Tuesday. Apparel Export Promotion Council of India (AEPC) Chairman Sudhir Sekhri said skilled workers like tailors and quality checkers are still not sufficient as during the peak season they go to their native villages thereby creating shortage. "Our target to reach USD 40 billion of RMG (readymade garments) export by 2030 can be a reality and my duty is to take every possible step to reach this target," Sekhri said. He said "we need to ramp up our capacities as the export houses in India are still unable to handle core/basic products which are required in huge quantities". He added that the council is also focused on skilling the workforce. "We are creating about 150,000 skilled workers every year but it is still not enough. To attain the growth that we are targeting, we need to empower our workforce with skills," he

India buying more oil from US as fresh sanctions stifle Russian flows

Tue, 03/19/2024 - 03:26
Russian crude flows to India surged after the invasion of Ukraine and the OPEC+ producer is still the biggest supplier to the South Asian nation, but tighter US sanctions have stranded cargoes

Income Tax department recovers Rs 73,500 cr in pending dues for FY24

Tue, 03/19/2024 - 00:17
Corporate tax made up Rs 56,000 crore, personal income tax constituted Rs 16,500 crore, and undisclosed income from foreign assets accounted for Rs 50 crore

Pages