Page 461 - Economy & Policy News
IT services, BPO exports grew over 12% to touch $193 billion in FY23: ESC
The IT software/services chunk accounted for the bulk of this at USD 126 billion, followed by BPO services (USD 52 billion)
 "IT services, BPO exports grew over 12% to touch $193 billion in FY23: ESC")
Income tax benefits granted to 2,975 recognised startups: DPIIT
'The number of startups getting income tax benefits was 1,100 till March 2023 and now it has increased to 2,975 startups,' Joint Secretary, DPIIT Sanjiv told reporters
 "Income tax benefits granted to 2,975 recognised startups: DPIIT")
Quality workforce, investment in R&D essential to become 'developed nation'
Given the size and scale of our country, we need a large number of quality R&D workforce to drive the science and technology landscape of the country
 "Quality workforce, investment in R&D essential to become 'developed nation'")
Will interim Budget 2024 revive demand and investment?
The interim Budget 2024-25 on February 1 will likely see the central government boost investment, while still sticking to the fiscal consolidation path
 "Will interim Budget 2024 revive demand and investment?")
Govt has remained dedicated to poor in last 10 years, says PM Modi
''The budget of many welfare schemes for the Scheduled Tribes has risen by five times and the scholarship for tribal students has grown by two-and-a-half times in the last 10 years,'' he said
 "Govt has remained dedicated to poor in last 10 years, says PM Modi")
Commerce ministry calls stakeholders' meet on WTO issues on January 20
The 13th Ministerial Conference (MC) of World Trade Organization (WTO) is scheduled from February 26-29 in Abu Dhabi, the UAE
 "Commerce ministry calls stakeholders' meet on WTO issues on January 20")
No headway on digital competition law as committee term ends
The panel is looking at various regulatory aspects in dealing with challenges emerging from the digital economy
 "No headway on digital competition law as committee term ends")
Strength of next govt's mandate to influence fiscal consolidation: Moody's
Last month, rating agency Fitch said the Modi government is "most likely" to retain power in India and hoped that policy continuity would be maintained
 "Strength of next govt's mandate to influence fiscal consolidation: Moody's")
US investments in Indian real estate fell 39% to $1.35 bn in 2023: JLL
Investments from American institutions in Indian real estate market declined 39 per cent last year to USD 1.35 billion amid global uncertainties, according to JLL India
 "US investments in Indian real estate fell 39% to $1.35 bn in 2023: JLL")
WPI-based inflation increases to 0.73% in December on rise in food prices
Positive rate of inflation in December, 2023 was primarily due to an increase in prices of food articles, machinery & equipment, other manufacturing, other transport equipment
 "WPI-based inflation increases to 0.73% in December on rise in food prices")
Nine states record higher inflation than India average, shows data
While the average Indian consumer's cost of living rose by 5.69 per cent compared to the previous year, it rose 8.73 per cent in Odisha, 7.07 per cent in Gujarat and 6.95 per cent in Rajasthan
 "Nine states record higher inflation than India average, shows data")
No plans to import wheat, likely to harvest a bumper crop: Piyush Goyal
The country's wheat stocks at state warehouses stood at 16.47 million metric tons as of Jan. 1, the lowest since 2017
 "No plans to import wheat, likely to harvest a bumper crop: Piyush Goyal")
Indian economy withstood geopolitical shocks; ready for future challenges
RBI Monetary Policy Committee member Jayanth R Varma pointed out that the monetary policy is now restrictive, supply shocks have dissipated and prices of energy and commodities have corrected
 "Indian economy withstood geopolitical shocks; ready for future challenges")
Centre, state, exporters to discuss ways to boost exports on Jan 16
In the meeting, representatives of export promotion councils present their views on the export sector
 "Centre, state, exporters to discuss ways to boost exports on Jan 16")
India, US seek to bolster trade ties, work together on critical minerals
India's trade minister Piyush Goyal and Tai held their annual trade policy talks in New Delhi on Jan. 12. Tai is on a three-day visit to India
 "India, US seek to bolster trade ties, work together on critical minerals")
No import restrictions on certain IT products like desktop computers: DGFT
In August 2023, the government imposed restrictions on certain IT hardware goods and later after domestic and foreign firms flagged their concerns, in October last year
 "No import restrictions on certain IT products like desktop computers: DGFT")
Red Sea crisis: Commerce ministry calls inter-ministerial meet on Jan 17
Senior officials from five ministries -- external affairs, defence, shipping and finance (department of financial services) and commerce -- will participate in the deliberations
 "Red Sea crisis: Commerce ministry calls inter-ministerial meet on Jan 17")
Govt seeks 'treaty status' from US for visa easing, trade boosting
Discussions on E1, E2 visas aimed at enhancing bilateral trade and investment
US urges transparency in India's IT import monitoring beyond 2024
USTR Katherine Tai emphasizes open communication with India on import policies
 "US urges transparency in India's IT import monitoring beyond 2024")
Oil prices rise 1% as tankers avoid Red Sea after strikes on Houthis
Brent crude futures rose $1.08, or 1.4%, to $78.51 a barrel by 1:25 p.m. ET (1825 GMT), after earlier surging over $3 to more than $80
 "Oil prices rise 1% as tankers avoid Red Sea after strikes on Houthis")