Page 425 - Economy & Policy News
Govt ups MSP for raw jute by Rs 285 to Rs 5,335 per quintal for FY25
The decision to fix the minimum support price (MSP) of raw jute (TDN-3 equivalent to earlier TD-5 grade) was taken at the Cabinet Committee on Economic Affairs, Union Minister Piyush Goyal said
 "Govt ups MSP for raw jute by Rs 285 to Rs 5,335 per quintal for FY25")
Feb consumer price inflation forecast to edge down to 4-month low: Poll
Rises in food prices, which make up almost half of the consumer price index (CPI) basket and experience sharp swings often due to uneven monsoons, have recently outpaced overall inflation
 "Feb consumer price inflation forecast to edge down to 4-month low: Poll")
Moody's ups GDP forecast, India to remain fastest growing G20 nation
The latest estimate of Moody's is about 140 basis points higher than the earlier projection of 6.6 per cent made in November 2023
 "Moody's ups GDP forecast, India to remain fastest growing G20 nation")
Largest Australian delegation attending India food industry fair: Official
Australian food brands seek a market of 25-30 million people in India's Tier-I and Tier-II cities, he says
 "Largest Australian delegation attending India food industry fair: Official")
RBI, Indonesia's central bank sign agreement for local currency trade
India's second such local currency trade agreement, after one with the UAE
 "RBI, Indonesia's central bank sign agreement for local currency trade")
Fuel consumption increases 5.7% in February on strong factory output
Demand was up about 5.1% on a daily basis from the 4.74 mbpd (20.04 million metric tons) consumed in January
 "Fuel consumption increases 5.7% in February on strong factory output")
India's surprise GDP driven by more than just one-off factors, says CEA
The surprise 8.4% surge in gross domestic product was largely due to base effects related to subsidies, which boosted the net indirect tax category, CEA V Anantha Nageswaran said
 "India's surprise GDP driven by more than just one-off factors, says CEA")
Heavy rain, hail lower India's chance to reap record wheat crop output
The farm ministry in February predicted a record harvest of 112 million tons this year, and farmers will begin collecting crops in April
 "Heavy rain, hail lower India's chance to reap record wheat crop output")
India, Japan global partners in world headed towards re-globalisation: EAM
The minister said the "top 20 or 30 nations today are not what they were two decades ago. Even less so. What they were four or eight decades ago"
 "India, Japan global partners in world headed towards re-globalisation: EAM")
Not observing written pacts raises question on intentions: EAM on China
There is the reality of very big power shifts in Indo-Pacific, Jaishankar said while addressing the Raisina Roundtable organised by the Observer Research Foundation (ORF) in Tokyo
 "Not observing written pacts raises question on intentions: EAM on China")
CRISIL raises India's GDP growth forecast to 6.8% from 6.4% for FY25
On the inflation front, Crisil expects softening to continue in the next fiscal on the back of healthier agriculture output that tames food inflation, and benign oil and commodity prices
 "CRISIL raises India's GDP growth forecast to 6.8% from 6.4% for FY25")
Indian economy likely to grow close to 8% in FY24, says RBI Governor
RBI governor says 85% Paytm wallet users won't face disruption
 "Indian economy likely to grow close to 8% in FY24, says RBI Governor")
Initial penalties on cos won't be on global turnover: CCI's new guidelines
The penalty for anti-competitive practices will not initially be imposed on global and total turnover but adjusted over the penalty calculated on the relevant turnover of the company
 "Initial penalties on cos won't be on global turnover: CCI's new guidelines")
India Inc likely to see an average salary hike of 9.6% in 2024: EY report
The highest salary hikes are expected to be seen in e-commerce (10.9%), financial services (10.1%), and professional services and real estate (10% each)
 "India Inc likely to see an average salary hike of 9.6% in 2024: EY report")
FDI inflows shrink by 21% to $41.31 billion in 2023, shows DPIIT data
The sustained contraction in investment inflows comes against the backdrop of uncertainties and challenges in the global economy
 "FDI inflows shrink by 21% to $41.31 billion in 2023, shows DPIIT data")
India beats rivals in West Asia private capital deals since 2020: Reports
India accounted for more than half of all Asia deals with West Asia investors and 58% of the capital invested in Asia during the period, outpacing China and Southeast Asia
 "India beats rivals in West Asia private capital deals since 2020: Reports")
Needs to sustain growth to hit bottom echelons of developed country: Sanyal
Sanyal, a full-time member of the Economic Advisory Council, suggested that developing fast is imperative because by 2047, India would have aged and be in the same place as China is right now
 "Needs to sustain growth to hit bottom echelons of developed country: Sanyal")
PSUs score lowest in compliance, corporate governance: IiAS report
As of December 2023, IiAS reported the strongest Corporate Governance Score performance for BSE100 since assessments commenced in 2016
 "PSUs score lowest in compliance, corporate governance: IiAS report")
India's P&I club for coastal shipping likely to start on domestic waters
Overseas marine insurance covers amounts running into billions of dollars, which India's entity would not be able to undertake initially
 "India's P&I club for coastal shipping likely to start on domestic waters")
Annual GDP growth for current FY could be very close to 8%: RBI chief Das
Das said rural demand had been improving and was much stronger than a year ago, while urban demand continued to be very strong
 "Annual GDP growth for current FY could be very close to 8%: RBI chief Das")