Chief Minister Yogi Adityanath on Wednesday emphasised the transformative role played by the One District One Product scheme in the context of Uttar Pradesh, saying the state's exports under this scheme have touched Rs 2 lakh crore. Adityanath was speaking at an event at the Awadh Shilpgram here after inaugurating a programme to celebrate 'Uttar Pradesh Diwas'. During his address to the attendees of the event, the chief minister highlighted the significance of the Uttar Pradesh Foundation Day as a potent platform for realising Prime Minister Narendra Modi's vision. Speaking about the impact of the One District One Product (ODOP) scheme, launched in 2018, on the state's growth, Adityanath said Uttar Pradesh has so far exported ODOPs worth Rs 2 lakh crore. He also launched the 'ODOP Mart Portal' for e-marketing of ODOP products. He mentioned that 96 lakh MSME units are operational in the Uttar Pradesh, providing employment to 40 lakh people returned to their native places in the st

The rupee settled at Rs 83.12 per Dollar on Wednesday. It moved in a narrow range of Rs 83.07 per Dollar to Rs 83.17 a Dollar in the current week as the RBI and oil companies continue to absorb inflow

States like Tamil Nadu, Himachal Pradesh, Maharashtra, and Telangana reported higher non-tax revenue than others, according to the RBI report on the Finances of Panchayati Raj Institutions.

The Indian economy was witnessing a surge in retail credit growth. The credit growth is led by a well-diversified customer base, with reasonably good financial health conditions

NITI Aayog, Ministry of Agriculture and Farmers' Welfare (MoA&FW), and Food and Agriculture Organization (FAO) of the United Nations on Wednesday jointly launched the 'Investment Forum for Advancing Climate Resilient Agrifood Systems in India', an official statement said. The initiative aims to develop an investment and partnership to advance climate-resilient agrifood systems among the government, private sectors, and farmers' organisations, and financial institutions in India, it said. Delivering the keynote address at the inauguration, NITI Aayog Member Ramesh Chand emphasised on the need for awareness on how agriculture contributes to climate change, citing a contribution of a little more than 13 per cent of the total greenhouse gas emissions in the country. He observed that agriculture could play a role in carbon sequestration through tree plantation on farmland. Chand also called for a new direction in economic analysis of agriculture production, considering the impact on ...

Coffee shipments from India declined 5.4 per cent to 3.77 lakh tonne in 2023 due to a fall in the shipment of Robusta coffee, according to the official data. The country had exported 3.98 lakh tonne of coffee in 2022. India, Asia's third-largest producer and exporter, grows Arabica and Robusta variety of coffee. Arabica coffee bean has lesser caffeine content than the Robusta. Arabica has a sweet and smoother taste, while the Robusta is generally more bitter and harsher on the taste buds. According to the Coffee Board of India's latest data, export of Robusta coffee bean declined 15 per cent to 1.87 lakh tonne in 2023, from 2.20 lakh tonne in the previous year. However, the shipment of Arabica coffee bean rose 5.79 per cent to 46,869 tonne in 2023 from 44,302 tonne in the previous year. Even Instant Coffee exports rose 6.68 per cent to Rs 1.42 lakh tonne as against 1.33 lakh tonne in the said period, as per the data. In terms of value, total coffee exports were at Rs 9,580.58 cr

India, the world's third-biggest carbon dioxide emitter, is seeking to rapidly expand its use of nuclear power over the next decade as it aims to both decarbonize and meet rising energy demand

Bilateral trade between India and Russia was at USD 50 billion in the last financial year and is expected to increase this year, said Union Minister for Ports, Shipping and Waterways, Sarbananda Sonowal, here on Wednesday. The Eastern Maritime Corridor between the ports on the east coast of India and the Far East region of Russia promises "immense potential" to unlock new trade opportunities, he said. The minister was speaking at a conference on 'Operationalising Eastern Maritime Corridor' which was attended by a delegation from Moscow led by A Yu Bobrakov, Deputy Minister for the Development of the Far East and the Arctic of the Russian Federation, among others. While welcoming the visiting delegates, Sonowal said the India-Russia partnership is strong and steady building upon strategic convergence, geo-political interests and mutually beneficial cooperation. "Prime Minister Narendra Modi remains engaged with President Putin through telephonic conversation. The latest discussion t

Despite the challenges due to persistent funding winter, Indian startups received $8.4 billion in funds from domestic and global investors in 2023

While inflation rose to the fastest pace in four months in December to 5.69 per cent, driven by pressures from food prices, economists expect that to fade soon

Commercial papers are an unsecured form of short-term debt issued by corporations, which serves as a financial tool primarily directed at addressing immediate financial obligations

Tax buoyancy falls compared to FY22

The number of tax payers filing income tax returns has more than doubled to 7.78 crore in the past 10 years, as per government data. Releasing key statistics, the Central Board of Direct Taxes (CBDT) on Tuesday said the number of Income Tax Returns (ITRs) filed in FY23 stood at 7.78 crore, showing an 104.91 per cent increase as compared to the 3.8 crore ITRs filed in 2013-14. During the same period, the net direct tax collections increased 160.52 per cent from Rs 6,38,596 crore in FY14 to Rs 16,63,686 crore in 2022-23, it said. The government has budgeted to collect Rs 18.23 lakh crore from direct taxes (personal income tax and corporate tax) -- 9.75 per cent higher than Rs 16.61 lakh crore mopped up last fiscal. According to CBDT data, gross direct tax collections increased 173.31 per cent to Rs 19,72,248 crore in FY23 from Rs 7,21,604 crore in FY14. At the same time direct tax-to-GDP ratio went up from 5.62 per cent to 6.11 per cent. The cost of collection, however, has decreas

Meanwhile, 37 per cent business leaders expect the growth to remain below 6 per cent, as they cite rising inflation rates, supply chain challenges, and global headwinds as major challenges

In a notification issued on Monday, India's Ministry of Finance also hiked the import duty on spent catalysts containing precious metals to 14.35 per cent from 10.1 per cent

The easing of prices came as U.S. consumer confidence increased during the quarter after months of decline, with Americans growing more optimistic about current and future business conditions

It added that India's economic forecast faces a significant risk in the event of a prolonged spell of disruptions

The mandated percentage of earnings that goes as ABS ranges from 0.1 to 0.5 per cent of sales, depending on the company's revenue, according to AYUSH industry estimates

Negotiations for a free trade agreement between India and the four-nation EFTA bloc are at an advanced stage as both sides have reached a shared understanding on key issues, a senior official has said. The European Free Trade Association (EFTA) members are Iceland, Liechtenstein, Norway, and Switzerland. India and the EFTA have been negotiating the pact, officially dubbed as Trade and Economic Partnership Agreement (TEPA), since January 2008 to boost economic ties. "Following extensive negotiations, a shared understanding has been achieved on key issues during the ministerial meeting. Ongoing efforts are now focused on shaping the convergence that has emerged," the official said. Commerce and Industry Minister Piyush Goyal held a meeting recently with Swiss Federal Councillor Guy Parmelin in Mumbai. Parmelin, in a social media post on X, has said that officials are working around the clock to settle last details so that it can be signed as soon as possible. "At the last-minute ..

The government should not cut import duties on electronic components used in making smartphones in the forthcoming Budget as the current tariff structure has already proven successful and changing them could harm local manufacturing, a GTRI report said on Monday. The Global Trade Research Initiative (GTRI) said that maintaining the current rates would help balance industry growth and long-term development in India's growing smartphone market. "Currently, tariffs on imported parts for smartphones in India are between 7.5 per cent and 10 per cent. The Budget should maintain these taxes. The Budget should not cut the import tariffs on parts used to make smartphones," it said, adding that the current rate of levies supports duty-free imports for making products to exports. The Budget is scheduled to be presented on February 1. The suggestion is in contrast to the demand of industry body India Cellular and Electronics Association (ICEA) that import duty cuts on mobile phone components c