Page 22 - Economy

India's food inflation hits double digits in July, shows NSO data

Food inflation in wholesale prices had shot up to 7.75 per cent in July from -1.24 percent in June, led by massive acceleration in the prices of vegetables in July from -21.98 per cent in June

Oil stabilises as China economic worries counter OPEC+ supply cuts

Brent crude futures slipped 35 cents to $86.46 a barrel by 1027 GMT while U.S. West Texas Intermediate crude edged lower by 38 cents to $82.81 a barrel

India-Australia trade pact utilisation at average 90% in first six months

As much as 51% of the nearly 6,500 tariff lines in Australia were already attracting zero import duty

Disbursement under PLI scheme to hit Rs 13k crore this year: DPIIT secy

The government is expected to disburse about Rs 13,000 crore to eligible firms seeking benefits under the production linked incentive (PLI) schemes, even though an exercise is going on to tweak the scheme for those sectors which have not yet picked up well, a top official said on Friday. Secretary in the Department for promotion of Industry and Internal Trade (DPIIT) Rajesh Kumar Singh said that from the current year onwards, the disbursal number will be significantly larger. The disbursals "I think will go to about Rs 13,000 crore this year", he told reporters here. The government disbursed only Rs 2,900 crore till March 2023 out of Rs 3,400 crore claims received under the scheme so far. The scheme was announced in 2021 for 14 sectors such as telecommunications, white goods, textiles, manufacturing of medical devices, automobiles, speciality steel, food products, high-efficiency solar PV modules, advanced chemistry cell battery, drones and pharma with an outlay of Rs 1.97 lakh ...

High fruit prices may likely increase food inflation further in 2023

The late arrival of monsoon and heavy monsoon rains have impacted crops, which led to higher prices

Govt might lift the ban on white rice export soon as production increases

In September last year, India imposed a ban on broken rice exports and put a 20 per cent export tariff on non-basmati and non-parboiled rice, aimed at improving domestic supplies

May withdraw NCLAT appeal if Jalan-Kalrock deposits Rs 350 cr: Jet lenders

The appeal filed by the State Bank of India, the chief creditor to Jet Airways, is related to the transfer of the ownership of Jet Airways to the Jalan-Kalrock consortium

Ageing wells, govt pricing, tax policies hamper crude oil production

Production has been falling consistently over years

License to lease: How WTO provision became tool for nations to curb imports

While a WTO challenge to India's import curbs on laptops, tablets and personal computers may not happen anytime soon, how it implements the notification will be under close scrutiny

Educated women can make greater contribution to economy: President Murmu

President Droupadi Murmu on Sunday said educated women can make greater contribution to the economy, provide leadership in various sectors and make a positive impact on the society. In her address at the 165th convocation of the University of Madras here, she said about 1.85 lakh students are currently studying in the varsity and its affiliated colleges and out of them more than 50 per cent are girls. "The University of Madras is a shining example of gender equality." The President said "we are investing in the progress of our nation" by investing in the education of girls. Educated women can make greater contribution to the economy, provide leadership in various sectors and make a positive impact on the society, she underlined. Congratulating the graduating students, Murmu said this region has been a cradle of civilisation and culture. "Tirukkural is guiding all of us for centuries." The great bhakti tradition of poetry originated in Tamil Nadu and it was taken to the north of the

Pakistan's inflation touches 29.8% amid rise in food, energy prices

Out of these commodities, the price of milk, sugar, and firewood went up; wheat flour and vegetable ghee decreased; whereas prices of long cloth, and electricity remained unchanged

NZ to boost defence capabilities amid increasing tensions in Pacific

New Zealand said Friday it plans to boost its defence capabilities as tensions rise in the Pacific, due in part to a military buildup by China. Defence Minister Andrew Little said current defence spending amounted to about 1 per cent of the nation's economy, a proportion he expected would need to increase, although not as high as 2 per cent. He said replacing aging navy frigates and patrol vessels is among the most pressing needs under consideration. He said the country is also facing an increase in domestic threats such as misinformation, cyberattacks and terrorism. The new defence policy paper released by Little contained no specifics about increases in spending, equipment or troops, with those details expected to be finalized in a later plan. Rather the paper pointed to a rethinking about the role of the nation's military, which has often been used primarily to act as peacekeepers or provide aid when Pacific countries are hit by natural disasters. Now, the paper said, New Zeala

India's overall unemployment rate falls in July due to farm demand

The total joblessness rate fell to 7.95% in July, from 8.45% in June, according to data released by private forecaster Centre for Monitoring Indian Economy

12th round of India, UK free trade agreement talks to begin from August 7

As India and the UK are close to concluding negotiations for a proposed free trade agreement (FTA), chief negotiators of both countries will hold the 12th round of talks from August 7 here, an official said. Both sides are looking at concluding the talks before the end of the year. The main issues which could come up for discussions in this round include investment treaty, reduction of duties on auto and whiskey and matters pertaining to services, the official said. The 11th round of talks was concluded last month. For that round, Commerce and Industry Minister Piyush Goyal and Commerce Secretary Sunil Barthwal visited London and took stock of the negotiations. Out of the total 26 chapters in the FTA, 19 have been closed. Investment is being negotiated as a separate agreement (bilateral investment treaty) between India and the UK and it would be concluded simultaneously with the free trade agreement. In the rules of origin chapters, product specific rules are being negotiated whi

India manufacturing PMI softens in July to three-month low: S&P Global

Manufacturers' output has increased continuously on a monthly basis since July 2021

National power consumption grows by 8.4% to 139 billion units in July

The country's power consumption grew by 8.4 per cent to 139 billion units in July this year compared to the same month last year. In the year-ago period, power consumption stood at 128.25 billion units (BU), higher than 123.72 BU in July 2021, according to the government data. The peak power demand met, which is the highest supply in a day, rose to 208.82 GW in July 2023. The peak power supply stood at 190.35 GW in July 2022 and 200.53 GW in July 2021. The power ministry had estimated the country's electricity demand to touch 229 GW during the summer season. But the demand did not reach the projected level in April-May this year due to unseasonal rains. Power consumption was affected in March, April, May and June this year due to widespread rains in the country. Experts said that unseasonal rains in March, April, May and June affected the power consumption in the country. However, they said that the power consumption growth was not that bad in June this year and improved significa

PLI, tax benefits and more: Niti's advice to boost EV battery manufacturing

The Niti Aayog suggested that the Centre should give impetus to scaling up lithium-ion battery (LIB) recycling infrastructure to complement the extraction efforts of critical minerals

War, AI and climate change shaking up $32 trillion in global trade

Long before these trends are reflected in government data, they're already changing global commerce, which amounts to $32 trillion a year in goods and services

Indian exports face bigger threat from Asia-Pacific than West: CRISIL

CRISIL also said that the share of the US and the EU in India's goods exports has been on the rise since 2021 and it is eating into the share of the APAC region

World looking at India as nursery of new possibilities: PM Narendra Modi

The world is looking at India as a nursery of new possibilities and several countries are approaching the government for setting up IIT campuses there, Prime Minister Narendra Modi said on Saturday. Delivering the inaugural address at the "Akhil Bhartiya Shiksha Samagam" on the third anniversary of the launch of the National Education Policy (NEP), the prime minister said various global universities are also interested in setting up their campuses in India. "The world is looking at India as a nursery of new possibilities. Many countries are approaching us to open IIT (Indian Institute of Technology) campuses there. Two IIT campuses -- one in Tanzania and one in Abu Dhabi -- are already about to start operations.... Various global universities are also reaching out to us, expressing their interest in setting up campuses in India," Modi said. The prime minister said judging youngsters on the basis of their language rather than their talent is the biggest injustice. "The NEP aims at .