Economy

Over 55 million income tax returns filed by Friday noon: I-T department

The department has been urging taxpayers, particularly those eligible to file simpler forms such as ITR-1 (Sahaj) and ITR-2, to complete the process early

Cabinet clears ₹84K cr scheme to boost offshore energy exploration

The National Offshore Exploration Scheme aims to boost domestic oil and gas production through seismic surveys, deepwater drilling and shared offshore infrastructure

India closely monitoring US Bill targeting buyers of Russian oil

India says it is closely monitoring a US bill proposing tariffs of up to 100% on major buyers of Russian oil, reiterating energy security is guided by national priorities

PE/VC investments decline 36% to $20.45 bn in first half of CY2026

Private equity and venture capital investments fell 36 per cent in the first half of 2026, while exits declined 29 per cent amid weaker deal activity, EY-IVCA report showed

R&D spending in India only 0.84% of GDP in FY24, govt tells Parliament

Gross R&D spending rose to Rs 2.45 trillion in FY24, while private industry overtook the government as the largest contributor to research funding

Policy easing captive port berths for pvt players gets Cabinet nod

The revised policy allows capacity expansion at existing captive facilities, extends operational certainty and permits eligible government entities to access berths on a nomination basis

Centre exhausted 18% of fiscal deficit in Q1FY27, shows CGA data

Fiscal deficit stood at 18.2 per cent of the FY27 target as higher subsidy spending was offset by robust revenue growth and sustained capital expenditure

State capex utilisation eases in Q1FY27, remains mid-range over six years

States utilised 10.67 per cent of their FY27 capital expenditure budget in the first quarter, lower than a year ago, although absolute spending touched a six-year high

LPG imports from US hit record high in July amid West Asia disruption

The US accounted for over 73 per cent of India's LPG imports in July as supplies from Gulf producers remained constrained amid the West Asia conflict

How reforms revved up India's auto industry over the past 35 years

The reforms of 1991 not only enhanced car buyers' choices but also helped put Indian manufacturing on the global map

India's forex reserves rise to $682.35 bn on higher foreign currency assets

Foreign exchange reserves increased by $6.12 billion during the week ended July 24 as foreign currency assets and gold reserves recorded an increase

Rising heat poses growing risk to India's economy, jobs: World Bank

The World Bank says rising temperatures are reducing labour productivity and straining infrastructure, while stronger adaptation measures could protect growth and create millions of jobs

April-June fiscal deficit of India stood at 18.2% of 2026/27 target

Government data showed India's fiscal deficit reached Rs 3.1 trillion, or 18.2% of the FY27 target, as capital expenditure and overall spending increased in the first quarter

Sectoral, destination shifts mark outward Indian FDI commitments in June

Shifting global supply chains are pushing more Indian firms to build a footprint abroad

Reliance Industries ramps up diesel exports to Europe, Brazil in July

The exports come after ​European diesel profit margins hit a record of $74 a barrel on Wednesday as the region's stockpiles have ‌fallen to their lowest since 2014

Investment tide turns for new Chief Ministers in first quarter of FY27

Karnataka, Kerala and West Bengal posted sharp rises in proposed investments in Q1 FY27 after leadership changes, while Tamil Nadu saw inflows plunge

Odisha, Goa, Jharkhand top NITI Aayog's Fiscal Health Index for FY24

States now account for nearly a third of India's total government debt, says a NITI Aayog report, urging them to follow fiscal deficit norms

Kerala in a tough position, but will keep promises, says CM V D Satheesan

Kerala plans to tackle its fiscal crisis through investments, blue economy, land reforms, diaspora funding and a silver economy, says CM V D Satheesan

States are borrowing just to get by, not to build productive assets

Even prosperous southern states used a large part of FY25 debt for operational expenses

Tax collections slow down, pinching Centre and states' finances alike

States' own tax revenue now exceeds half of revenue receipts, but falling tax buoyancy suggests collections are not keeping pace with economic growth