Economy

Banks seek out wealthy Indian diaspora in $50 billion deposit drive

Indian banks are targeting overseas nationals with high-yield dollar deposits to attract over $50 billion and bolster forex reserves amid rupee pressure

India's edible oil imports rise 6.7% in May to 1.3 mn tonnes: Industry body

India's edible oil imports rose 6.7% in May, driven by higher crude soybean oil shipments as narrowing price gaps with palm oil boosted its competitiveness

May retail inflation marginally rises to 3.93%, food inflation at 4.78%

Food inflation rose to 4.78 per cent in May, pushing up overall price pressures; rural inflation accelerated to 4.25 per cent, remaining above urban inflation at 3.53 per cent

Govt offers retrospective tax relief for nuclear power equipment imports

The exemption covers specified goods imported for nuclear power generation under designated customs tariff categories

Govt may allow wider fiscal deficit to 4.8% of GDP amid Iran war: Report

India ships in about 90 per cent of ​its oil and is one of the countries most-exposed to prolonged Iran war-related ‌disruptions to global energy supplies

India's bond index journey: How India secured entry into global benchmarks

After securing entry into JPMorgan, Bloomberg EM and FTSE Russell indexes, India is now pushing for inclusion in Bloomberg's Global Aggregate Index

India sees $3 billion debt rush on yield slump after RBI measures

Indian firms are accelerating bond issuances as RBI measures to support the rupee drive borrowing costs lower and boost demand for corporate debt

Rupee snaps two-day rally as oil firms buy dollars, forwards mature

The domestic currency weakened against the dollar amid demand linked to forward maturities, oil company purchases and rising geopolitical tensions that boosted the greenback

PM Modi seeks time-bound goals for Viksit Bharat as global risks rise

PM Modi urged states to set 100-day and long-term targets for Viksit Bharat 2047, stressing energy self-reliance, skilling, AI readiness and better governance

Bank credit growth at near two-year high of 17.65% in May 31 fortnight

Credit growth accelerated sharply in the fortnight ended May 31, while deposit mobilisation remained slower, widening the credit-deposit growth gap to 544 basis points

Datanomics: Major tax receipts rose, but total mopup fell 2% in April

Despite growth in income tax, corporation tax and GST, a sharp fall in IGST and GST compensation cess dragged down April's overall central tax collections

States see slower FY27 start, capex utilisation at 1.85% in April

States made a slow start to FY27, with capital expenditure utilisation falling below 2 per cent in April despite higher budgeted infrastructure spending

World Bank lifts India FY27 growth view to 6.6%, sees strong recovery

The multilateral lender cited resilient domestic demand and stronger export prospects, while warning that higher energy prices could strain government finances

Oil prices could reach $150 if war with Iran heats up again: Rystad Energy

Rystad Energy has warned that renewed hostilities between the US and Iran could drive crude prices sharply higher as supply disruptions deepen across the Gulf region

Centre exempts higher ethanol petrol from excise, rollout subject to tests

The government has extended excise-duty exemption to petrol blended with 22-30 per cent ethanol but said adoption of higher blends will follow extensive testing and stakeholder consultations

India to remain fastest growing economy at 6.6% in FY27, says World Bank

The Bank also cut its estimates for global economic growth to 2.5 per cent due to the West Asia crisis; India seen growing at 6.6 per cent in FY27 and 7.2 per cent in FY28

Goyal to discuss India-EFTA pact implementation issues in Switzerland

During the visit, the minister is scheduled to meet Helene Budliger Artieda, State Secretary for Economic Affairs, and Guy Parmelin, Federal President of Switzerland

JNPA India's top container port in 2025, 22nd globally: World Bank

Container Port Index shows Mundra down 5 ranks, Pipavav best private port in India

India, Nepal launch cross-border remittance mechanism; links UPI, NPI

It would also give an economic boost for local merchants as Nepalese businesses gain immediate access to a massive Indian visitor demographic, driving higher transaction volumes

Indian firms rush to raise $3 bn debt as RBI steps cut borrowing costs

This has pushed corporate borrowing costs lower by 40-45 basis points, per LSEG benchmark 'AAA'-rated corporate bond yields of up to five years, while the spread over government bonds has narrowed