Page 16 - Economy

Tea exports decline 4.93% to to 157.92 million/kg during Jan-Sep

Tea exports from India during January to September declined 4.93 per cent to 157.92 million kg, according to latest Tea Board data. During the first nine months of 2022, exports stood at 166.11 million kg. From North India, primarily the states of Assam and West Bengal, tea exports dropped 6.61 per cent to 96.28 million kg in the reporting period, compared with 103.09 million kg in the corresponding nine months a year ago, the data showed. In the southern region, shipments fell marginally by 2.19 per cent to 61.64 million kg from January to September. During the entire calendar year 2022, tea exports from India stood at 231 million kg. Sources in the Indian Tea Association (ITA), the apex body of planters, said the export scenario remains grim as shipments to Iran are uncertain due to payment issues. The Iran market constitutes nearly 20 per cent of India's total tea exports, followed by the CIS group of countries, they said.

Nine states, 2 UTs see rising fiscal deficits post-pandemic: PHDCCI report

"States are classified as resilient if their fiscal deficit as a percentage of GSDP has decreased from the pre-pandemic to the post-pandemic period," the report says

Shrinking, aging pool of workers push Japan to find new ways to fill Jobs

Earlier this year, the government committed ¥3.5 trillion ($23.6 billion) on measures to increase the birthrate, but the shortfall in available workers has been challenging employers for some time

MPC likely to hold repo rate for fifth time in a row, shows BS poll

Likely to revise FY24 growth forecast upward

Evergrande risking liquidation if creditors veto plan for handling debts

A Hong Kong court will convene a hearing on Monday on troubled Chinese property developer Evergrande's plans for restructuring its more than USD 300 billion in debts and staving off liquidation. The company, the world's most indebted property developer, ran into trouble when Chinese regulators cracked down on excessive borrowing in the real estate sector. Last month, the company said Chinese police were investigating Evergrande's chairman, Hui Ka Yan, for unspecified suspected crimes in the latest obstacle to the company's efforts to resolve its financial woes. The Hong Kong High Court has postponed the hearing over Evergrande's potential liquidation several times. Judge Linda Chan said in October that Monday's hearing would be the last before a decision is handed down. Evergrande could be ordered to liquidate if the plan is rejected by its creditors. In September, Evergrande abandoned its initial debt restructuring plan after authorities banned it from issuing new dollar bonds, w

Russian oil turns dearer for Indian refiners after US enforces price cap

Moves by Washington to enforce the price cap strictly by opening investigations into five tankers transporting Russian oil has created concerns among refiners and traders

Barclays, Citi raise India's economic growth closer to 7% after GDP beat

Barclays Plc and Citigroup Inc. predict the economy will now expand 6.7% in the fiscal year ending in March, up from previous forecasts of 6.3% and 6.2%, respectively

Govt cuts windfall tax on crude to Rs 5,000/tonne, on ATF to Rs 1.06 l/kL

Centre had earlier reduced the windfall tax on diesel and crude oil on November 16

RIL, ICICI, Infy to draw highest flows on US retirement fund switch

The flows in these four companies will range between Rs 1,200 crore and Rs 2,000 crore

AAR under GST plagued by conflicting rulings, quality of orders

It is generally feared that AARs typically comprise deputy commissioner or joint commissioner rank of officials who give judgement in favour of authorities

Luxon sworn in as New Zealand prime minister, says economy is top priority

Christopher Luxon was sworn in as New Zealand's prime minister on Monday and said his top priority was to improve the economy. The 53-year-old former businessman leads a conservative coalition after his National Party struck a deal on Friday with two smaller parties following a general election last month. After the swearing-in ceremony, which was presided over by Governor-General Cindy Kiro, Luxon told reporters the job was an awesome responsibility". He said he would hold his first Cabinet meeting on Tuesday and look to quickly finalise a 100-day plan. He said he also planned a visit to Australia before Christmas Day. Luxon said he needed to get a Treasury briefing on the state of the government's finances. We are concerned and worried that it's been a deteriorating picture for a number of months now, Luxon said. Under the coalition agreement, Luxon has promised to deliver tax cuts and train 500 more police officers within two years. He has also promised less government bureau

New Zealand National Party forms coalition government with two parties

Christopher Luxon will replace the outgoing Labour Prime Minister Chris Hipkins, who held the role for a mere nine months

Israeli 'Government CFO' managing $48 billion fiscal shock of Gaza war

The war, which the Finance Ministry estimates is costing the economy around $270 million every day, will come with a fiscal price tag estimated at 180 billion shekels ($48 billion) in 2023-2024

I-T department discovers Rs 10,000 crore tax evasion by online retailers

Several companies have received I-T notices for either not paying their taxes properly or for underreporting their revenue

German budget crisis deepens with freeze on new spending commitments

Existing liabilities will be honored but new commitments can be unblocked only in exceptional cases, according to a letter sent to government ministries

IMF revises Pakistan's foreign loan requirement to $25 bn: Report

The IMF has revised down Pakistan's foreign loan requirements to USD 25 billion for the ongoing fiscal year -- reducing it by USD 3.4 billion in a big relief for its cash-starved economy, according to a media report on Saturday. The Washington-based global lender also lowered the economic growth projection to just 2 per cent, turning down the government's external as well as macroeconomic forecasts, The Express Tribune newspaper reported. The International Monetary Fund's delegation wrapped two-week-long talks with Pakistani officials on November 15 and announced that a staff-level agreement has been reached to enable it to release USD 700 million in the second tranche of an already agreed USD 3 billion loan. The report said that in comparison with July this year, the IMF lowered the foreign loan requirements for this fiscal year from USD 28.4 billion to USD 25 billion. In four months, the government has already borrowed USD 6 billion while it expects rollovers of USD 12.5 ...

Increase in gas prices drives short-term inflation to 42% in Pakistan

The Pakistan Bureau of Statistics (PBS) said the inflation reading stood at 41.9 per cent for the week ending November 16

$1 trn economy vision: Maharashtra needs $1.53 trn investment in 6 years

Maharashtra will require cumulative investment of USD 1.53 trillion over the next six years to become a USD one trillion economy, a vision statement prepared by the Maharashtra Institution of Transformation (MITRA) said. A presentation of the vision statement was made on Friday to the state cabinet, which accepted 341 recommendations. MITRA is Maharashtra's economic advisory council and was set up in December 2022 to prepare the state's economic development vision. The vision statement spoke about achieving 17 per cent GSDP growth as well as creation of 15 million jobs over the next six years. Asserting that Maharashtra was the powerhouse of the Indian economy, Deputy Chief Minister Devendra Fadnavis said he wanted the state's GSDP to touch USD one trillion by 2028. The state cabinet accepted 341 recommendations made in the MITRA vision document, including growth leverage to boost tourism, developing anchor destination and creating a cluster of connectivity and hotel ...

Economy still fragile, support from IMF to continue: Pakistan's FM

Pakistan's caretaker Finance Minister Shamshad Akhtar has said Pakistan's economy continues to remain fragile despite improvements and the cash-strapped nation would have to go for more IMF loans for some time, a media report said on Friday. Akhtar also emphasised that Pakistan needs strong financial reforms to strengthen its economy, the Dawn newspaper quoted her as saying. "The next International Monetary Fund (IMF) programme is very necessary for some time as the economy has returned to stability that was still very fragile. Until we are able to increase exports and domestic resources, we will need another programme," Akhtar said. Her remarks came a day after the Pakistan government and the IMF concluded a review of the ongoing USD 3 billion stand-by agreement with a staff-level agreement, opening the way for Pakistan to get USD 700 million in the second tranche. She said there was no more refuge from undertaking long-standing reforms. The country will not survive without this.

India, US, 12 other IPEF members conclude talks on fair economy agreements

After signing the supply chain resilience pact, India, the US, and 12 other members of the Indo-Pacific Economic Framework for Prosperity (IPEF) have announced the conclusion of negotiations on fair and clean economy agreements. Commerce and Industry Minister Piyush Goyal was here for the IPEF ministerial meeting. According to a joint statement from IPEF partner nations, the member countries will now undertake the necessary steps, including further domestic consultations and a legal review, to prepare the final texts of the agreements. Once finalised, the proposed agreements will be subject to IPEF partners' domestic processes for signature, followed by ratification, acceptance, or approval. "Today, the 14 IPEF partners announced the substantial conclusion of the negotiations of the IPEF Clean Economy Agreement, the IPEF Fair Economy Agreement, and the Agreement on the Indo-Pacific Economic Framework for Prosperity at the IPEF Ministerial Meeting in San Francisco, California," the