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Updated: 2 hours 32 min ago

BS Manthan: Reforms momentum will continue, says FM Nirmala Sitharaman

Wed, 03/27/2024 - 14:38
From tariffs and Centre-state relations to how she unwinds, Sitharaman covered a vast ground at BS summit; Union Minister Ashwini Vaishnaw spoke on the steps towards India becoming a product nation

CRISIL SME Tracker: Textile revenue to rebound after 2 years of contraction

Wed, 03/27/2024 - 13:40
The cotton prices are likely to remain stable as cotton consumption continues to be lower than production, supporting the cost competitiveness of the cotton textile value chain

In a relief to banks and NBFCs, Reserve Bank of India modifies AIF norms

Wed, 03/27/2024 - 11:52
RBI said that its regulated entities (REs) will now be required to make provisioning only to the extent of the amount invested by the AIF scheme in the debtor company and not the entire investment

RBI's likely intervention in forex market helps rupee to avoid a new low

Wed, 03/27/2024 - 11:34
According to RBI data, India's foreign exchange reserves were at $642.49 billion as of March 15, 2024

Govt plans to borrow 53% of full-year target in the first half of FY25

Wed, 03/27/2024 - 10:41
The gross borrowing in the first six months of the upcoming financial year stands at Rs 7.50 trillion, out of the total borrowing target of Rs 14.13 trillion for FY25

Oil prices fell for second day on Wednesday on surging U.S. stockpiles

Wed, 03/27/2024 - 09:52
OPEC+ this month agreed to extend output cuts of about 2.2 million barrels per day (bpd) to the end of June, though Russia and Iraq have had to go to extra lengths to tackle over-production

Growth of 7% perfectly good unless external enviorment improves: Sanyal

Wed, 03/27/2024 - 09:36
India should be satisfied with the current growth rate unless the external environment improves, Member of Economic Advisory Council to the PM, Sanjeev Sanyal, said on Wednesday, terming economic expansion in the range of 7 per cent perfectly good. Sanyal further said it was necessary to protect the hard-earned macroeconomic stability. "Now look, it is possible for us to hit double-digit growth, but I would actually be rather careful about it. This whole game is about compounding growth," Sanyal said while speaking at the Times Now Summit. India's economy grew at better-than-expected 8.4 per cent in the final three months of 2023, logging the fastest pace in the past one-and-a-half years. The growth rate in October-December helped take the estimate for the current fiscal to 7.6 per cent. "We should not attempt to grow this economy by anything more than what it is growing now. "If the external environment does not dramatically improve, because what will happen then, is that our ...

RBI releases MPC schedule for FY25, first interest rates decision on Apr 5

Wed, 03/27/2024 - 09:25
The Reserve Bank of India (RBI) on Wednesday announced the schedule for the bi-monthly monetary policy committee meetings for the new fiscal. The first meeting will be held from April 3-5, while the next will start on June 5, as per an official statement. Typically, the six-member panel votes on a resolution on the third day of the meeting and the governor announces the decision in the first half of the day after the vote is completed. The first two days of the meeting are devoted to deliberations and presentations by subject matter experts to the panel. The second bi-monthly policy review meeting will end on June 7, the statement said, adding that this will be followed by three-day meetings in August, October, December, and February. The six-member panel headed by the governor has three external members. It can be noted that Shaktikanta Das' term as the RBI Governor is set to end in December this year. The MPC has been consistent in holding on to the elevated interest rates and

India will become a product nation in PM Modi's next term: Vaishnaw

Wed, 03/27/2024 - 08:36
At Business Standard Manthan, Ashwini Vaishnaw said that the Centre would create a policy framework for the Global Capability Centres

India can push growth close to 9% by implementing more reforms: Panagariya

Wed, 03/27/2024 - 08:02
India can realistically push its economic growth close to 9 per cent from the current 7 per cent or so, by implementing a few more reforms in the next five years, Chairman of the 16th Finance Commission Arvind Panagariya said on Wednesday. Panagariya said Prime Minister Narendra Modi worked hard over the past 10 years to make India a friendly place for businesses, so investment is coming in. "Today, the economy is open. In the next 2-3 decades, we can sustain a very rapid growth," he said, while speaking at the Times Now Summit. India's economy grew at better-than-expected 8.4 per cent in the third quarter of FY24 -- the fastest in the past one-and-a-half years. "India is currently growing in real rupees at about 7 per cent or so per year. "Certainly with a few more reforms in the next five years, we can realistically push it to close to 9 per cent, certainly somewhere at 8-9 per cent and that can be sustained easily for a couple of decades," the economist said. Responding to a .

Tariffs not a permanent stance of our government: FM Nirmala Sitharaman

Wed, 03/27/2024 - 07:11
At Business Standard Manthan, Sitharaman said that in matters of economy, the differences between Centre and States must not arise on the grounds of politics

Morgan Stanley raises India's GDP growth forecast for FY25 to 6.8%

Wed, 03/27/2024 - 06:31
Morgan Stanley expects India's GDP growth to remain robust, with an anticipated growth rate of around seven per cent in the fourth quarter of FY24

RBI keen to further build up record high forex reserves for larger buffers

Wed, 03/27/2024 - 03:51
The Reserve Bank of India's (RBI) FX reserves rose to a record high of $642.49 billion as of March 15

As many as 94 new Indian entrants to Hurun global billionaires list

Tue, 03/26/2024 - 12:11
India now has 271 billionaires; Mumbai has third highest number of billionaires in the world

India's current account deficit narrowed to 1.2% of GDP in Q3: RBI data

Tue, 03/26/2024 - 11:50
Services exports grew due to rising software exports, business and travel services

RBI's regulatory clampdown may raise the cost of capital, curtail growth

Tue, 03/26/2024 - 10:11
The recent regulatory measures have upside in terms of curtailing lenders' over-exuberance, enhancing compliance culture, and safeguarding customers

Short-term rates fall amid strong demand at variable rate repo auctions

Tue, 03/26/2024 - 09:41
The liquidity deficit in the banking system widened to Rs 1.22 trillion on Monday, according to the latest data by the RBI

India's current account deficit narrows to $10.5 bn in Oct-Dec: RBI

Tue, 03/26/2024 - 08:38
India's current account deficit declined to USD 10.5 billion or 1.2 per cent of the GDP in October-December quarter from USD 11.4 billion in the previous three months and USD 16.8 billion a year back, the Reserve Bank of India (RBI) said on Tuesday. Net FDI inflow at USD 8.5 billion during April-December 2023 was lower than USD 21.6 billion during April-December 2022, it said. Also, accretion of foreign exchange reserves (on a BoP basis) was at USD 6.0 billion in October-December (third quarter of current financial year that ends on March 31) compared to an accretion of USD 11.1 billion a year ago. The merchandise trade deficit at USD 71.6 billion was marginally higher than USD 71.3 billion during the third quarter of 2022-23. Services exports grew by 5.2 per cent on a year-on-year basis on the back of rising exports of software, business and travel services. Net services receipts increased both sequentially and from a year ago that helped cushion the current account deficit. In t

Govt initiatives, growing investment to create more jobs during decade: CEA

Tue, 03/26/2024 - 08:14
Various initiatives from the government and growing investment are going to create more job opportunities during the decade, Chief Economic Advisor (CEA) V Anantha Nageswaran said on Tuesday. The last decade of the century was marked by a decline in capital formation in the economy and moderation in credit growth, he said at an event here. "Hopefully, those things are a thing of the past. Non food credit growth is now running close to 20 per cent, balance sheets of companies and banks are in good shape and hiring (is showing improvement)," he said. Quoting 2021-22 data, he said, employment in agriculture declined by 15 lakh, manufacturing and services added 37 lakh jobs each and the construction sector generated 19 lakh jobs, he said. "This trend we hope will continue in the future, as indicated by the robust gross value added growth in manufacturing and construction sectors," he said. Talking about various government initiatives for job creation, Nageswaran said, skill developmen

India's engineering exports to Russia doubled till February in FY24: EEPC

Tue, 03/26/2024 - 08:06
India's engineering exports to Russia doubled to USD 1.22 billion till February during the 2023-24 fiscal, Engineering Export Promotion Council (EEPC) of India said on Tuesday. The shipments to the country stood at USD 616.68 million in the previous fiscal, it said. The exports to the US dipped seven per cent year-on-year to USD 15.95 billion during this period, EEPC said in a statement. In case of China, engineering shipments to that country saw a marginal decline to USD 2.38 billion from USD 2.40 billion in the period under review, it said. Exports to the UAE and Australia, with which India had signed an FTA, remained positive. Till February, shipments to the UAE rose 16 per cent on-year to USD 5.22 billion, while those to Australia was higher by five per cent at USD 1.30 billion. Cumulative engineering exports during April-February (2023-24) stood at USD 98.03 billion as against USD 96.84 billion in the corresponding period a year ago, the statement said. In the last few mont

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