Page 267 - Economy & Policy News
India's imports from UAE jumps 109% to $6.12 billion in Nov, shows data
India's exports to the UAE rose by 11.38 per cent to $ 3 billion in the last month
 "India's imports from UAE jumps 109% to $6.12 billion in Nov, shows data")
Rupee weakens to new closing low of 84.87 due to rise in US Treasury yields
The rupee had settled at Rs 84.80 per dollar on Friday
 "Rupee weakens to new closing low of 84.87 due to rise in US Treasury yields")
Circular economy may create over 10 mn jobs by 2050: Amitabh Kant
Kant said the circular economy can be a driver of growth, and this transition not only promises cost savings but also positions India to capitalise on the global circular economy market
 "Circular economy may create over 10 mn jobs by 2050: Amitabh Kant")
Pakistan's central bank cuts key policy rate by 200 basis points to 13%
The State Bank of Pakistan (SBP) announced that its Monetary Policy Committee (MPC) decided to cut the policy rate by 200 bps to 13 per cent, effective from December 17, 2024
 "Pakistan's central bank cuts key policy rate by 200 basis points to 13%")
Hurt by weak yuan, rise in US bond yields, Rupee logs record closing low
A decline in the yuan and elevated US bond yields had weighed on the rupee through the session and the currency declined further after the trade data was released
 "Hurt by weak yuan, rise in US bond yields, Rupee logs record closing low")
India's merchandise trade deficit widens to $37.8 billion in November
Economists had expected the country's November trade deficit to be $23.9 billion
 "India's merchandise trade deficit widens to $37.8 billion in November")
Economy ends 2024 strong as business growth reaches 4-month high, shows PMI
Asia's third-largest economy grew a softer 5.4 per cent last quarter, but easing inflation is expected to spur demand among private sector firms
 "Economy ends 2024 strong as business growth reaches 4-month high, shows PMI")
UK-India business boosted by prospect of free trade agreement, says HSBC
In the nine months to October, HSBC's UK unit received 36 per cent more business client referrals from its arm in India
 "UK-India business boosted by prospect of free trade agreement, says HSBC")
Govt aims to secure Russian crude oil term deal by next financial year
Falling crude prices, shrinking global demand growth, and Rosneft's focus on India, make the timing right
 "Govt aims to secure Russian crude oil term deal by next financial year")
French economist Thomas Piketty for emulation of 20th-century wealth tax
India abolished wealth tax in 2015, holding that it had become burdensome to the administration without substantial collections
 "French economist Thomas Piketty for emulation of 20th-century wealth tax")
Nearly a decade on, New Zealand keen to restart free-trade agreement talks
The two countries entered into FTA negotiations 14 years ago, but talks stalled after 10 rounds of discussions, and no formal round of negotiations has been held since February 2015
 "Nearly a decade on, New Zealand keen to restart free-trade agreement talks")
FinMin unlikely to introduce new Income-Tax Bill in Budget session
Review panel may submit report before FY26 Budget
 "FinMin unlikely to introduce new Income-Tax Bill in Budget session")
Statsguru: India faces growing financial risks from cybersecurity breaches
The number of digital financial frauds rose more than four times in FY24 year-on-year to comprise 80 per cent of all financial frauds
 "Statsguru: India faces growing financial risks from cybersecurity breaches")
India's import of Russian oil drops in Nov to lowest level since June 2022
India became the second biggest buyer of Russian crude oil since Moscow invaded Ukraine in February 2022, with purchases rising from less than one per cent
 "India's import of Russian oil drops in Nov to lowest level since June 2022")
Switzerland suspends MFN: What is the clause and its meaning for India?
Explained: What is the most favoured nation clause and why did Switzerland suspended it for India after the Nestle's 2023 Supreme Court ruling
 "Switzerland suspends MFN: What is the clause and its meaning for India?")
Capex to be decided according to country's need, says MoS Finance
Chaudhary noted that there is a special focus from the Prime Minister, and all ministries have been directed to reach their capex targets by March
 "Capex to be decided according to country's need, says MoS Finance")
Nestle tax ruling fallout: Switzerland suspends MFN status to India
India signed DTCs with Lithuania and Colombia in 2011, under which it provided a withholding tax of 5 per cent to both countries
 "Nestle tax ruling fallout: Switzerland suspends MFN status to India")
Public sector bank loan frauds: A 10% problem, but a 98% financial crisis
The finance ministry's ongoing efforts aim to strengthen fraud detection, improve the speed of investigations, and ensure accountability across the banking sector
 "Public sector bank loan frauds: A 10% problem, but a 98% financial crisis")
Higher tax will drive capital away, says CEA V Anantha Nageswaran
Rejecting the idea of a "billionaire tax" suggested by noted economist Thomas Piketty, Nageswaran said, "Not all problems can be solved through fiat"
 "Higher tax will drive capital away, says CEA V Anantha Nageswaran")
India's foreign exchange reserves decline to 5-month low of $654.8 billion
The RBI is expected to have sold net dollars worth $61.1 billion to protect the domestic currency
 "India's foreign exchange reserves decline to 5-month low of $654.8 billion")