Page 462 - Economy & Policy News
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")
Atal Setu: Mumbai gets India's longest sea bridge, operations begin today
PM inaugurates the Mumbai Trans Harbour Link project
 "Atal Setu: Mumbai gets India's longest sea bridge, operations begin today")
High import tariffs of mobile device parts offsetting PLI benefits
The high tariffs have also not helped in pushing localisation, an important goal of the government under the scheme where the aim is to reach 40 per cent value addition by FY27
 "High import tariffs of mobile device parts offsetting PLI benefits")
Red Sea crisis pumps up global container prices, ocean freight rates
At $3,072, prices per 40-foot container highest in 15 months
 "Red Sea crisis pumps up global container prices, ocean freight rates")
US to India: Ensure personal computer import rules don't hurt trade
The DGFT clarified that the present monitoring would apply to five specified products and not to all other items, such as desktop computers
 "US to India: Ensure personal computer import rules don't hurt trade")
IIP growth at 8-month low in November, retail inflation rises in December
Retail inflation in December, on the other hand, rose to a four-month high because of a seasonal spike in the prices of vegetables, fruits, and pulses that the Reserve Bank of India has already factor
 "IIP growth at 8-month low in November, retail inflation rises in December")
India likely to register 6.9-7.2% GDP growth in FY24, says Deloitte
Deloitte India's recent economic outlook report said there is an underlying momentum that is building up in the Indian economy, as seen in the improving economic fundamentals
 "India likely to register 6.9-7.2% GDP growth in FY24, says Deloitte")
Fiscal deficit at 5.2-5.4% in interim Budget 2024-25: Goldman Sachs
While income taxes and corporate taxes are expected to grow at around 15 per cent in FY25, the government is likely to lower its target for disinvestment in the next fiscal year
 "Fiscal deficit at 5.2-5.4% in interim Budget 2024-25: Goldman Sachs")
China's exports rise, but deflation persists as economy enters 2024
Analysts also anticipate that interest rates will drop at least 1.5 percentage points in the United States and Europe this year, which should improve demand for imported goods
 "China's exports rise, but deflation persists as economy enters 2024")
Likely pact with Oman comes as a welcome surprise in India's FTA drive
CEPA is also commonly referred to as a free trade agreement, or FTA. The next round of talks for it with Oman are scheduled to start on January 16
 "Likely pact with Oman comes as a welcome surprise in India's FTA drive")
RBI deputy governor Michael Patra gets another 1-year extension
Patra, a career central banker since 1985, has worked in various positions in the Reserve Bank of India
 "RBI deputy governor Michael Patra gets another 1-year extension")
Retail inflation at four-month-high of 5.69% in December, Nov IIP at 2.4%
Retail inflation: The jump in inflation was due to a rise in food prices as food inflation came in at 9.53 per cent in December
 "Retail inflation at four-month-high of 5.69% in December, Nov IIP at 2.4%")
Devaluation of Argentine Peso results in negative impact on Q3 sales: GCPL
The new Argentinian government is taking various measures to improve the economic conditions and one of them was to devalue the Argentine Peso to the US Dollar
 "Devaluation of Argentine Peso results in negative impact on Q3 sales: GCPL")
At $617 bn, India's foreign exchange reserves slip from near 22-month highs
The reserves witnessed the steepest decline in nearly five months, falling $5.9 billion for the reported week, following a cumulative increase of $32.9 billion in the preceding seven weeks
 "At $617 bn, India's foreign exchange reserves slip from near 22-month highs")
Trade bodies, exporters in Rajasthan demand task force to boost exports
According to available government data, exports from Rajasthan touched Rs 70,000 crore in the 2022-2023. Trade pundits expect it to reach Rs 80,000 crore in 2023-2024
 "Trade bodies, exporters in Rajasthan demand task force to boost exports")
DRDO successfully flight-tests new Akash missile off Odisha coast
Lighter and more deadly, the Akash-NG will protect airfields in the northeast
 "DRDO successfully flight-tests new Akash missile off Odisha coast")
Centre may peg FY25 fiscal deficit at 5.3% in interim budget: Goldman Sachs
Interim Budget 2024: The Centre will keep a focus on increasing the capital expenditure but it will most likely be at a slower pace than earlier, says Goldman Sachs
 "Centre may peg FY25 fiscal deficit at 5.3% in interim budget: Goldman Sachs")
Interim Budget likely to assume peak crude oil price at $85 per barrel
Brent crude prices moved up on Thursday, ending at $78.9 per barrel
 "Interim Budget likely to assume peak crude oil price at $85 per barrel")
UK economy grew more than expected in Nov but still risks recession
Britain's economy struggled to gain momentum in 2023, as households were squeezed by rapid inflation and the highest Bank of England (BoE) interest rates in 15 years
 "UK economy grew more than expected in Nov but still risks recession")