Page 329 - Economy & Policy News
UPS ensures dignity, financial security for govt employees, says PM Modi
Ensures dignity, financial security: Home minister Shah, govt employees hail UPS
 "UPS ensures dignity, financial security for govt employees, says PM Modi")
PM Modi meets Joint Consultative Machinery for govt employees' delegation
The meeting coincided with the BJP-led central government's approval of the Unified Pension Scheme (UPS), which includes Assured Pension and Assured Family Pension
 "PM Modi meets Joint Consultative Machinery for govt employees' delegation")
Govt approves Unified Pension Scheme, to benefit 2.3 mn central employees
There will be an option for the employees to opt between NPS and UPS, said Union Minister Ashwini Vaishnaw
 "Govt approves Unified Pension Scheme, to benefit 2.3 mn central employees")
'400 mn more women required in workforce to contribute $14 trn to economy'
As the country aims to become a $ 30 trillion economy by 2047, the report highlights the need for a substantial increase in female labour force participation to achieve this goal
 "'400 mn more women required in workforce to contribute $14 trn to economy'")
Foreign shipping companies granted Rs 3,000 crore GST exemption for FY18
The Directorate General of Goods and Services Tax Intelligence withdrew the tax demand after the shipping companies collectively assured authorities that no services had been imported in 2017-18
 "Foreign shipping companies granted Rs 3,000 crore GST exemption for FY18")
Goldman Sachs Group cuts India's 2024 and 2025 GDP growth forecasts
The bank now expects the nation's economy to expand at 6.7% in calendar 2024, and 6.4% in 2025.
 "Goldman Sachs Group cuts India's 2024 and 2025 GDP growth forecasts")
Unemployment among women increased in first quarter, shows PLFS data
PLFS data shows it rose to 9% from 8.5% in urban areas
 "Unemployment among women increased in first quarter, shows PLFS data")
Jerome Powell says 'time has come' for US Fed to cut interest rates
Swaps traders held roughly steady in their pricing, with the total rate cuts they foresee through the end of 2024 at about 102 basis points
 "Jerome Powell says 'time has come' for US Fed to cut interest rates")
Govt proposes stricter seat-belt regulations to boost road safety from 2025
This typically includes seat belts, but it can also encompass other features such as airbags, seat belt pretensioners, and load limiters
 "Govt proposes stricter seat-belt regulations to boost road safety from 2025")
India's foreign exchange reserves rise by $4.54 billion to $674.66 billion
Gold reserves rose by $865 million during the week, while Special Drawing Rights (SDRs) increased by $60 million
 "India's foreign exchange reserves rise by $4.54 billion to $674.66 billion")
Engineering exports register 3.6% growth in July amid global challenges
The Engineering Export Promotion body EEPC India chairman Arun Kumar Garodia said the engineering goods exports were USD 9.04 billion in July 2024, compared to USD 8.72 billion a year ago month
 "Engineering exports register 3.6% growth in July amid global challenges")
Odisha's unemployment rate at 3.9%, situation worse in urban areas: Govt
There were 11,04,229 youths -- 3,86,699 females and 7,17,530 males, who registered themselves with different employment exchanges in the state till May 31, 2024, he added
 "Odisha's unemployment rate at 3.9%, situation worse in urban areas: Govt")
Rising costs from T+1 timeline may push weaker P2P players to the brink
While there are 26 licensees, only 10-11 players are active in this space, with the industry's assets under management totalling Rs 11,000 crore
 "Rising costs from T+1 timeline may push weaker P2P players to the brink")
Stats ministry to work closely with states on local GDP numbers: Secretary
Purpose is to ensure that data collected is 'accurate and clear', he says
 "Stats ministry to work closely with states on local GDP numbers: Secretary")
India's forex reserves jump by $4.54 bn to $674.66 bn as of August 16
In the previous week, the forex kitty had dropped by USD 4.8 billion to USD 670.119 billion. On August 2, the overall reserves hit an all-time high of USD 674.919 billion
 "India's forex reserves jump by $4.54 bn to $674.66 bn as of August 16")
Peak power demand to grow by 15GW per year for next 6 years, says govt
The Ministry of Power has set a target of 500 GW capacity from non-fossil fuel-based sources by 2030
 "Peak power demand to grow by 15GW per year for next 6 years, says govt")
US top trading partner, China trade deficit highest in Jan-Jun 2024: GTRI
China topped the list with a substantial trade deficit of $41.6 billion, as exports to China were $8.5 billion, while imports reached $50.1 billion during January-June 2024, the report added
 "US top trading partner, China trade deficit highest in Jan-Jun 2024: GTRI")
Suchi semicon plans $100 mn investment into OSAT plant in Gujarat
The company has planned the project in five phases. In the first phase, starting in November this year, it will focus on creating chips that will power legacy devices
 "Suchi semicon plans $100 mn investment into OSAT plant in Gujarat")
'Complex and expensive': Further tranches of sovereign gold bonds unlikely
The July Budget reduced the import duty on gold from 15 per cent to 6 per cent, lowering input costs for jewellers and deterring smugglers
 "'Complex and expensive': Further tranches of sovereign gold bonds unlikely")
Proposed digital antitrust law likely to cover 'killer acquisitions'
Killer acquisitions are deals where a dominant company acquires a smaller innovative firm to prevent competition
 "Proposed digital antitrust law likely to cover 'killer acquisitions'")