Page 20 - Economy

Australian govt to announce its strategy for slowing immigration next week

"The new strategy we'll announce will bring immigration back to sustainable levels," he told reporters Saturday in Sydney

Forex reserves surpass $600-billion mark after nearly four months

India's foreign exchange reserves increased to USD 604 billion as on December 1, surpassing the USD 600 billion mark after a gap of about four months. The forex reserves were last above the USD 600 billion mark on August 11 this year. "India's foreign exchange reserves stood at USD 604 billion as on December 1, 2023. We remain confident of meeting our external financing requirements comfortably," Reserve Bank Governor Shaktikanta Das said, while unveiling the December bi-monthly monetary policy on Friday. The reserves were USD 597.935 billion in the preceding week ended November 24. In October 2021, the country's foreign exchange kitty had reached an all-time high of USD 642 billion. The reserves took a hit as the central bank deployed the reserves to defend the rupee amid pressures caused majorly by global developments since last year. The governor further said the Indian rupee has exhibited low volatility compared to emerging market economy (EME) peers in the calendar year 2023,

Russia becoming 'new global growth centre', says President Vladimir Putin

"The world has entered an era of radical changes and serious tests not only for specific companies and sectors, but also for whole countries and regions of the world," Putin said

Rs 24,000 cr investments at Bengal biz meet to be implemented over 2 yrs

The North Bengal business meet has elicited investments worth Rs 24,000 crore which would be implemented in a span of one to two years, an official of the West Bengal government said on Thursday. Chief secretary of the West Bengal government H K Dwivedi said that the investment proposals have been received from various sectors. Business organisations and trade bodies of eight districts in the northern part of West Bengal have participated in the business meet held here on Thursday, he said. Dwivedi said the state government has been very proactive in encouraging investors to make investments in West Bengal and has been extending support for the same. He said that after the present government came into power in the state, there have been notable industrial investments in North Bengal. Discussions on the overall development of the infrastructure of North Bengal also took place at the business meet, he added.

India's apple imports may rise after crop damage in Kashmir, Himachal

Country is the world's fifth largest producer of the fruit but rains and floods have hurt domestic yield this year

Softening demand drags India's November PMI to 12-month low of 56.9

Growth momentum weakens despite demand fuelling new business intakes and output

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