Page 42 - Economy

Tata Sons chairman to head Maharashtra's new economic advisory body

Tata Sons chairman N Chandrasekaran will head the new Economic Advisory Council of Maharashtra, the state government said on Thursday. Deputy Chief Minister Devendra Fadnavis made the announcement in the Legislative Council in Nagpur. To make Maharashtra a trillion dollar economy, the state government is setting up an Economic Advisory Council, to be headed by Tata Sons chairman N Chandrasekaran," he said. It will function as a private research organization with focus on issues related to agriculture, banking, engineering and education, among others, Fadnavis added. The government is also focusing on certain 'aspirational' regions to enhance the state's human development index, he said.

US immigrants generate 36% of nation's innovation, finds NBER study

About 36% of the innovative output of the past three decades can be attributed to immigrants - who make up 16% of the country's inventors, the paper concludes

Trade settlements in rupee starts with Russia, more likely to join: Report

India is trying to promote trade settlements in rupee with not just Russia, but also Sri Lanka and Mauritius

India Inc takes steps to protect supply chain as Covid-19 rages in China

Keeps adequate inventory levels for now; onboards multiple vendors to mitigate risk

Tunisia's economy expected to see moderate growth, expand by 1.8% in 2023

Tunisia's Minister of Economy and Planning Samir Saied said that the country's economy is expected to expand by 1.8 per cent in 2023, a "modest" growth that "reflects the difficult economic situation"

Building boom sets up India as saviour for flagging global steel demand

Inward shipments rose 15% in April through October from a year earlier to 3.1 million tons, according to government figures

World economy is headed for recession in 2023 amid rate hikes: Research

That institution warned in October that more than a third of the world economy will contract and there is a 25% chance of global GDP growing by less than 2% in 2023

North Korean economy down 0.1% in 2021 amid prolonged Covid, sanctions

The country's real gross domestic product (GDP) fell for the second consecutive year, following a 4.5-per cent on-year drop tallied in 2020, according to the data from Statistics Korea

Pharma exports likely to touch all-time high of $27 bn in FY23 riding on EU

Better figure expected despite global headwinds; India has so far exported pharma products worth $16.57 bn during April-November this year

Dipam seeks to make dividends from PSUs part of disinvestment target

The government is half way against the disinvestment target of Rs 65,000 crore for the current fiscal year

Centre saves subsidy and wheat stocks by making PDS free, ending PMGKAY

If PMGKAY was continued beyond December 2022, at least Rs 40,000 crore would have got spent for three months (Jan to March)

Europe set the bar on Russian gas high enough to leave India unaffected

The impact of the gas price cap on India may, however, be muted as the EU, fearing disruptions to domestic gas supplies in winter, set the bar very high

After massive mandate, Gujarat's BJP-led govt eyes $1 tn economy by 2030

According to the state budget its Gross State Domestic Product is estimated to be Rs 22,03,062 crore by the end of the current financial year

S Korea's National Assembly passes 2023 budget, cuts corporate tax

It marks the first time in three years that the budget was decreased by the parliament

Japan approves 2023 draft budget at $ 862 bn with record defence allocation

Japanese govt approved a draft budget for the next fiscal year for a record 114,38 trillion yen with a record-high defence budget in the amount of 6.8 trillion yen, Japanese media reported on Friday

Canara Bank crosses business milestone of Rs 20 trn, stock down by 6.54%

Canara Bank on Friday said it has crossed the business milestone of Rs 20 lakh crore. "Canara Bank has achieved a milestone of crossing the total global business of Rs 20,00,000 crore as on 22nd December, 2022," the bank said in a regulatory filing. Stock of Canara Bank closed at Rs 291.45 apiece on BSE, down by 6.54 per cent.

ITAT recalls decision on beneficial ownership under Indo-Mauritius treaty

Assessee appealed it was denied benefit of treaty on capital gains from share transfer

India planning new rules for quicker resolution of builders' insolvency

The proposed change to the nation's Insolvency and Bankruptcy Code will permit resolution of the cases on a project-wise basis

Japan upgrades GDP growth forecast to 1.5% for fiscal year 2022-23

The Japanese government on Thursday revised upward its economic growth forecast for fiscal 2023 to a real 1.5 per cent on expectations for increased capital spending and private consumption.

Some of the world's biggest economies hunting for alternatives to US dollar

Smaller nations, including at least a dozen in Asia, are also experimenting with de-dollarization. Corporates around the world are selling an unprecedented portion of their debt in local currencies