Page 330 - Economy & Policy News
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'")
Softer rise in manufacturing output slows flash PMI to 60.5 in August
Pace of expansion remains sharp and indicates strong demand and favourable market conditions, HSBC survey
 "Softer rise in manufacturing output slows flash PMI to 60.5 in August")
Economic momentum intact for 6.5-7% growth in FY25: Finance Ministry
The ministry added that both the consumer and industrial outlook surveys, which showed a declining trend, need to be monitored for future trends
 "Economic momentum intact for 6.5-7% growth in FY25: Finance Ministry")
Not opposed to e-commerce, only want fair competition: Piyush Goyal
Says government aims to balance online and offline businesses, not stifle digital growth
 "Not opposed to e-commerce, only want fair competition: Piyush Goyal")
CBDT forms committee to review I-T Act, 'sunset' clauses to be eliminated
The panel, comprising income tax (IT) officials from across the country, has started working to identify areas of improvement in the Income Tax Act, 1961
 "CBDT forms committee to review I-T Act, 'sunset' clauses to be eliminated")
MPC internal and external members differ on growth, inflation outlook
Deputy governor Michael Patra also warned about the spillover effects of food inflation
 "MPC internal and external members differ on growth, inflation outlook")
Principal scientific advisor bats for inclusion of e-trucks in FAME-III
Outlines comprehensive plan to transition India's trucking sector to zero-emission vehicles
 "Principal scientific advisor bats for inclusion of e-trucks in FAME-III")
Financial institutions should deploy measures to help MSMEs: RBI dy guv
Restructuring, grace periods and tailored repayment plans can be used as tools, says Swaminathan
 "Financial institutions should deploy measures to help MSMEs: RBI dy guv")
FM Nirmala Sitharaman seeks RBI help to clear RRB dues with states
The finance minister also directed RRBs to become more customer-friendly and use their local connections to further improve performance
 "FM Nirmala Sitharaman seeks RBI help to clear RRB dues with states")
Vadhvan port to rank among top 10 global container ports, says Sonowal
16 green parks to be incorporated across the 12 major Indian ports as part of the green parks transition initiative
 "Vadhvan port to rank among top 10 global container ports, says Sonowal")
NITI Aayog report sets target of doubling Mumbai's GDP in five years
At present the region's GDP is Rs 12 lakh crore and it should reach Rs 26 lakh crore by 2030, the report submitted to Chief Minister Eknath Shinde by NITI Aayog CEO BVR Subrahmanyam said
 "NITI Aayog report sets target of doubling Mumbai's GDP in five years")
Economic momentum intact, set to achieve 6.5-7% growth: FinMin report
According to the Monthly Economic Review for July, the Indian economy has sustained its momentum in the first four months of FY25
 "Economic momentum intact, set to achieve 6.5-7% growth: FinMin report")
GoM on rate rationalisation to meet 1st time ahead of GST council meeting
This will be the first meeting of the high profile GoM comprising ministers of seven states with Bihar Deputy Chief Minister Samrat Chaudhary as the convenor
 "GoM on rate rationalisation to meet 1st time ahead of GST council meeting")
India surpasses China to become biggest importer of Russian oil in July
India surpassed China's July oil imports from Russia of 1.76 million bpd via pipelines and shipments, based on Chinese customs data
 "India surpasses China to become biggest importer of Russian oil in July")
India's GDP growth slowed down to six-quarter low of 6% in Q1 FY25: ICRA
The credit rating agency expects India's GDP to grow by 6.8 per cent for the full fiscal year 2024-25, lower than the 8.2 per cent achieved in 2023-24
 "India's GDP growth slowed down to six-quarter low of 6% in Q1 FY25: ICRA")