Economy grows at a slower pace of 4.4% in December quarter

"Growth momentum carries on but an unfavourable base has led to lower numbers for Q3," chief economic adviser V Anantha Nageswaran told reporters after the data release.

from Economy-News-Economic Times https://ift.tt/sOA2ZDK
via

UK says it issued maximum visas to desis last year

from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/tsfyjAZ

Adani Group stocks have best day since February 8

from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/1oJ3IXt

RBI showcauses ARCs after audit following Income Tax raids

In December 2021, the I-T department carried out a search and seizure of 60 premises of four ARCs - Omkara ARC, Rare ARC, CFM ARC, and Invent ARC. The searches, according to the department, revealed that some ARCs adopted various unfair and fraudulent trade practices in acquiring non-performing assets (NPAs) from lender banks.

from Economy-News-Economic Times https://ift.tt/j2i4ABI
via

As recovery takes roots, January core sector growth hits 4-month peak of 7.8%

Barring crude oil, seven of the eight infrastructure industries recorded expansion for a second straight month in January, indicating that a broad-based industrial recovery is probably taking roots. With this, the core sector performance improved for a third straight month through January, having recovered from a 20-month trough of 0.7% in October 2022, showed the official data released on Tuesday.

from Economy-News-Economic Times https://ift.tt/uqGLITk
via

Govt withdraws trading licences of oil tankers, cargo vessels of over 25 years of age

The government has withdrawn trading licences of oil tankers, bulk carriers and general cargo vessels that are more than 25 years old, according to a Directorate General of Shipping (DGS) order.

from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/Dtujyxe

Essar floats transition arm with $3.6bn India, UK plans

from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/U0LDlMF

'El Nino' fears raise food inflation worry

The monsoon may still be about three months away, but there are already concerns that an El Nino effect bringing drought-like conditions would raise food inflation. Several research reports have highlighted the possibility of a drop in agricultural output, keeping inflation high during the current financial year.

from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/2PN0WB3

Inflation big concern in 10 states going for elections in next 2 years

Ten of the 14 states that are headed for elections over the next two years have inflation above the RBI’s upper tolerance limit of 6%. According to an ET analysis, inflation rates in nine of them are nearly twice what they were five years ago, when elections were last held there.

from Economy-News-Economic Times https://ift.tt/bpFvM1V
via

Norms rejig on cards to draw private players to highways

"The focus is on project implementation to reduce encumbrances. Various steps have already been taken such as acquiring 90% of the land required and getting environment and forest clearances before awarding a project," Alka Upadhyaya, secretary, Ministry of Road Transport and Highways, told ET.

from Economy-News-Economic Times https://ift.tt/yvTgDUj
via

Top UK fashion brands on first-of-its-kind India trade mission

"India's growing economy and middle class represent an enormous opportunity for enterprising UK companies looking for new markets," said UK Business and Trade Secretary Kemi Badenoch.

from Economy-News-Economic Times https://ift.tt/HQe1SV8
via

First time in many years, fixed deposit rates turn positive at 8%

As banks' chase for customers to collect cheap deposits is not fructifying, they are forced to offer inflation-beating real interest rates on fixed deposits now, and state-run banks led by Punjab & Sind Bank top the chart offering a cool 8-8.50 per cent per annum.

from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/B2h7Hop

Spike in raw material prices hits pharma companies

from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/7Jgsiqr

CBIC may consider e-filing of pleas as GSTAT not ready yet

The Central Board of Indirect Taxes and Customs (CBIC) is considering allowing e-filling of petitions from aggrieved taxpayers as the setting up of GST Appellate Tribunals (GSTAT) may take another 10 months despite a green signal by the GST Council.

from Economy-News-Economic Times https://ift.tt/cMd2mue
via

Power ministry frowns at states over tariff body vacancies

from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/iouLmwa

FPIs sell-off spree continues; withdraw Rs 2,300 crore from equities in February

from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/UtNQIHr

335 infra projects show cost overruns of Rs 4.46 lakh crore

Out of the 871 delayed projects, 169 have overall delays in the range of 1-12 months, 157 have been delayed for 13-24 months, 414 projects for 25-60 months and 131 projects have been delayed for more than 60 months.

from Economy-News-Economic Times https://ift.tt/dN3ovjE
via

India's economic growth appears to be very fragile, says RBI monetary policy committee member Jayanth Varma

While noting that high interest rates make private capital investment more difficult, Varma said the government is in fiscal consolidation mode, thus reducing the support to the economy from this source. "Because of all these factors, I fear that growth may fall short of what we need to meet the aspirations of our growing workforce given our demographic context and income level," he said.

from Economy-News-Economic Times https://ift.tt/7q4NSj6
via

G20 FMs’ meet: China and Russia block communique

from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/pXiNyEn

India, UK finance ministers agree to make further progress on FTA

"At a meeting with Indian Finance Minister Nirmala Sitharaman, both sides agreed to make further progress on the UK-India Free Trade Agreement and deepen bilateral economic and financial ties," the Treasury department said in a statement.

from Economy-News-Economic Times https://ift.tt/cCAXpLF
via

Committed to steering global economy towards strong, sustainable inclusive growth: G20

from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/4TgCnS7

Shaktikanta Das: World economy has improved

from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/cZ7df8C

India ranks 42 in 55 countries on International IP Index

“As India's size and economic influence grows on the world stage, India is ripe to become a leader for emerging markets seeking to transform their economy through IP-driven innovation,” Patrick Kilbride, senior vice president of the US Chamber of Commerce Global Innovation Policy Center who publishes the annual report said.

from Economy-News-Economic Times https://ift.tt/OHCGcTo
via

LIC nears all-time low on fears of loss in Adani Grp portfolio

from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/sBAnyxi

Govt's multi-pronged Covid strategy saved lives and livelihoods: Report

According to the paper, titled Healing the Economy: Estimating the Economic Impact of India's Vaccination and Related Measures, the cumulative lifetime earnings of the lives saved through vaccination (in the working age group) totalled up to $21.5 billion while two million deaths were avoided due to the lockdown.

from Economy-News-Economic Times https://ift.tt/fBVLjDh
via

High rates, chip crunch hit FDI; FY24 outlook strong

However, a large number of FDI proposals are in the "pipeline", which means such inflows are going to be higher in fiscal 2024 than this fiscal year, one of the officials said. Many of these proposals pertain to sectors that are covered under production-linked incentive (PLI) schemes, such as electronics, pharmaceuticals and renewables, the official said, adding that inflows into sectors offering PLI schemes continued to be good this fiscal year as well.

from Economy-News-Economic Times https://ift.tt/L9fgItD
via

Markets climb in early trade; Sensex advances nearly 300 points

In the Sensex pack, Bajaj Finserv, Kotak Mahindra Bank, State Bank of India, Infosys, IndusInd Bank, Asian Paints, Bharti Airtel, Reliance Industries and UltraTech Cement were among the gainers.

from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/fuCb1iA

Onion shortage threatens a new chapter in world food crisis

The costs of wheat and grains have fallen in recent months, easing concern over access to some staples. But a combination of factors is now shaking up the vegetable market, the backbone of a healthy, sustainable diet. And at the sharp end of that is the humble onion.

from Economy-News-Economic Times https://ift.tt/UYtlgGw
via

G20 nations rush to put out communique

from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/d3Du2M7

Pragmatic Banga right choice for WB's chief

from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/vycFHP5

More Asian countries interested in Rupee trade: Central bank executive

"The world can trade two ways - in one currency and the second option is to trade in other currencies. The second one is obviously less risky,'' said a central bank executive on the sidelines of the G20 meeting of finance ministers and central bankers.

from Economy-News-Economic Times https://ift.tt/eEIknBF
via

Inflation, CAD worries to ease in FY24: Finmin report

Despite elevated inflation, high-frequency indicators over the past two months suggest the economy is on track to achieve 7% growth in FY23, the finance ministry's Monthly Economic Review for January said.

from Economy-News-Economic Times https://ift.tt/BuLD5nP
via

IMF, UNDP back debt recast for developing, poor nations

from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/f5q6nKd

Sensex dives 928 pts over fears of sharper rate hikes

from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/0OLTj7F

Nearly 60% large infra projects facing cost overruns, says Ministry of Statistics

According to the January data, anticipated costs in these projects is 21.67%, or Rs 4.46 lakh crore, higher than original costs. While the original value of projects was Rs 20.59 lakh crore, the anticipated cost of completion is Rs 25.05 lakh crore.

from Economy-News-Economic Times https://ift.tt/F1e7jnh
via

High interest rates a challenge for the global economy, says World Bank chief David Malpass

"India has been taking advantage of these somewhat better global developments. I should mention, however, for many developing countries, that conditions are still harsh. That includes the high price of food and energy and fertiliser, which makes agriculture so challenging for many developing countries," David Malpass said.

from Economy-News-Economic Times https://ift.tt/o7iTdRe
via

Window for India to be linked to global value chains deeply: ADB

ADB president Masatsugu Asakaw lauded the government for rightly placing emphasis on infrastructure investments and economic reforms, which would make the country more competitive.

from Economy-News-Economic Times https://ift.tt/CgMfqDz
via

Indian farmers being extra cautious with their wheat crops after last year's lessons

Several parts of the country are witnessing unusually warm weather for this time of the year, including in the biggest wheat-growing areas. The plants are reaching maturity or close to flowering, making them very sensitive to heat. High temperatures can result in output losses, the weather office has warned.

from Economy-News-Economic Times https://ift.tt/OzV2ZDd
via

Rate hike uncertainty leads to govt bond yield inversion

from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/fi1bgrA

Growth may have come down to about 5% in Q3: ET poll

The annual outlook is expected to worsen for the next fiscal year as a global slowdown and rising interest rates weigh on growth. The Reserve Bank of India (RBI) has projected FY24 growth at 6.4%, but economists expect an even lower number.

from Economy-News-Economic Times https://ift.tt/fcwOjap
via

Unique factors at work to ensure India becomes 3rd-largest economy

Digital competitiveness, mega public investment in infrastructure, a concerted effort to ensure development of a dominant manufacturing base, steps to reduce dependence on external energy supplies and political stability.

from Economy-News-Economic Times https://ift.tt/JRo3j2k
via

New wheat crop arrivals start in many states

The daily arrival of wheat in the mandis has ranged between 300-500 bags and is expected to increase in the next fortnight.

from Economy-News-Economic Times https://ift.tt/itGOgBP
via

After lull, India’s rice exporters witness surge in global demand

The government had imposed the duty on September 9 last year to contain the domestic price rise. Area under kharif fell 5.62% to 38.39 million hectares in last year’s season due to poor rains in some states including Uttar Pradesh, Bihar, Jharkhand, West Bengal.

from Economy-News-Economic Times https://ift.tt/JM5NEix
via

Sebi proposes more power to shareholders

Market regulator Sebi has proposed changes to governance norms for listed entities that give more rights to shareholders, while increasing corporate disclosures on agreements binding them, a consultation paper showed on Tuesday.

from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/OwSb1Rg

EPFO subscribers can now opt for higher pension

The order, which comes a fortnight before the deadline of March 3 set by SC in its November 4 judgment last year, said existing employees and those who retired after September 1, 2014, can claim higher pension based on actual salary beyond the prescribed ceiling in the Employees' Pension Scheme (EPS) of 1995.

from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/Js1kwDb

China and India to contribute more than half of global growth this year: IMF

The International Monetary Fund on Monday said that India and China are expected to contribute more than half of global growth this year, with the rest of Asia contributing an additional quarter. The Indian economy has also shown positive signs, with its growth being amongst the highest in the world over the last two years.

from Economy-News-Economic Times https://ift.tt/gV1D0vh
via

Cipla shares fall 7% after Pithampur unit gets 8 observations from USFDA

The US Food and Drug Administration (USFDA) conducted a current Good Manufacturing Practices (cGMP) inspection at the manufacturing facility from February 6-17, the Mumbai-based drug firm said in a regulatory filing on Saturday.

from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/fUgI04e

Chole bhature stalls to mobile shops: RBI’s testing labs for e-rupee

In fact, kiosks selling the popular snack chole bhature, fruit-sellers, mom & pop stores, and small mobile phone shops have emerged as the testing ground for the country’s digital currency, which is expected to transform the way financial transactions are done across the country.

from Economy-News-Economic Times https://ift.tt/8nBAWJO
via

India’s economic activity cools in January amid slowdown fears

India’s economic activity cooled off at the start of the year as higher borrowing costs tempered demand at home and abroad, signaling more pain ahead as the global economy slows down.

from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/ebkwiFm

India’s economic activity cools in January amid slowdown fears

Domestic recovery, that has been driving momentum so far, is getting wobbly. The Reserve Bank of India, which has raised borrowing costs six times since May to 6.50%, is seen increasing interest rates again in its April review amid inflation topping estimates and further tightening by global central banks.

from Economy-News-Economic Times https://ift.tt/6hvA8VT
via