Page 427 - Economy

Services PMI registers strongest growth in 13.5 yrs, rises to 61.2 in Mar

In the Purchasing Managers' Index (PMI) parlance, a print above 50 means expansion, while a score below 50 denotes contraction

China becomes largest buyer of Russian seaborne crude as India goes slow

China imported 1.82 million barrels per day of Russian crude by sea in March, exceeding India's 1.36 million bpd

India aims for 1st strategic petroleum reserve with pvt company by 2029-30

So far, India has allowed only partial commercialisation for its three existing SPRs in southern India, which have a combined capacity of 36.7 million barrels

Govt hikes windfall tax on crude to Rs 6,800 for 5th time since Feb

The windfall tax, which is revised fortnightly, remains at zero for diesel and aviation turbine fuel

How monetary transmission may hold key to policy stance, Das clarifies

The monetary policy committee of the RBI had hiked the policy repo rate by 250 basis points (bps) between May 2022 and February 2023 before hitting a pause

Merchandise exports may shrink despite expecting double-digit growth in Mar

Merchandise exports grew at fastest pace in 20 months at 11.9% in Feb

Foreign exchange derivatives market in a fix before new RBI rules

Average daily turnover may decline further; Rupee slips to fresh low vs Dollar

Indirect tax collection for FY24 exceeds RE by significant margin: CBIC

The RE for central GST, including compensation cess, was Rs 9.57 trillion, while for excise duty it was Rs 3.08 trillion and customs Rs 2.19 trillion

NHAI executed capex for FY24 increases by 20% to Rs 2.07 trillion

The highway authority has constructed 6,644 km stretch, exceeding its FY24 construction target, according to an official

Enhance biz environment, boost non-farm jobs via trade openness: World Bank

Labour productivity and the working-age population, the twin engines of growth in the South Asian region, are slowing

Private captive, commercial coal mines cross 140 MT production in FY24

Out of the total production of 147.2 MT, the power sector captive mines produced around 121.3 MT, captive mines of the non-power sector produced 8.4 MT

Meity calls for plans on India-EU cooperation on high-performance computing

The objective of the joint call is to create solutions and use cases in the mutual areas of interest using high-performance computing, said the ministry

Opec+ ministers agree on keeping oil output policy steady: Reports

OPEC+ members, led by Saudi Arabia and Russia, last month agreed to extend voluntary output cuts of 2.2 million barrels per day (bpd) until the end of June to support the market

'Goldilocks' economy to prompt RBI to keep rates on hold: Economists

As India heads into a general election this month, the economy is growing faster than expected amid signs prices are trending lower though food inflation remains a risk

High crude oil prices a cause for concern, India's oil secretary says

As a consuming nation any increase in prices will cause concern and anxiety, Jain said at an industry event, referring to the "geopolitical premium" in crude prices

White-collar gig jobs see a 184% uptick in hiring, says Foundit report

The share of IT software in the gig economy has nearly doubled, jumping from 22 per cent in March 2023 to a dominant 46 per cent in March 2024

Manufacturing PMI in March rises to 16-yr high, employment improves

Sharpest uptick in output, new orders since Oct 2020, says survey

Will RBI change focus to growth after PM Narendra Modi's speech?

While the central bank has not hiked the repo rate for more than a year now, but it has refused to drop the guard on inflation even if core inflation has moderated

Natural disasters cause $65bn loss in APAC in 2023; 91% loss uninsured: Aon

As per the report, 398 natural disaster events occurred globally in 2023, resulting in an economic loss of $380 billion in the year.

Over 80 million people worked under MGNREGA in FY24, shows data

It is the lowest number of beneficiaries to have accessed employment under the scheme since the Covid-19 pandemic