Page 54 - Economy

Need to build resilient supply chains, boost connectivity: PM Modi at SCO

India assumes rotational annual presidency of SCO summit nations; China, Russia and other countries offer support for summit next year in India

BPCL disinvestment plans stalled as of now: Oil minister Hardeep Puri

The government currently owns a 52.98 per cent stake in BPCL. It had sought to sell its entire stake in the disinvestment process

EV adoption to disrupt automobile industry in a decade, says report

Indians likely to prefer electric two- and three-wheelers than bigger vehicles

Centre upbeat on Rs 1.5-trillion GST revenue every month from October

GST collections were to the tune of Rs 1.43 trillion in August; in July it was around 1.49 trillion

Central government to begin Budget 2023-24 preparations from October 10

Budget 2023-24 will be the fifth budget of the Modi government. It will be FM Sitharaman's last Budget before the 2024 General Elections

Universal Pension Scheme: New EPFO scheme may cover unorganised workers

If the scheme gets approved, the unorganised sector workers will put in a fixed amount with a flexibility of making voluntary payments.

Amid high inflation, surge in services demand helps steady India's economy

The indicators showed sentiment in the services sector -- which accounts for over 50% of the $3.2 trillion economy -- was upbeat, tax revenue were robust and demand for loans high.

RBI's expected soft landing for India means fast, if not fastest, growth

Economists see Reserve Bank of India Governor Shaktikanta Das and his monetary policy panel colleagues to begin dialing down the pace of interest-rate hikes this month

Disclosing end-use of goods must while claiming concessional import duties

Move aimed at enabling tracking of goods to ensure they don't end up in replacement market

India opts out of joining IPEF trade pillar, to wait for final contours

India to wait for final contours before formally associating with IPEF trade pillar, says Goyal

Long Covid costing Australia's economy $3.6 bn annually, says report

Australia has announced a parliamentary inquiry into long Covid, with the aim of developing a clear definition of the illness and gauging the scale of its impact on the country's 26 million people

Output of kharif rice may drop by 4-5 mn tonnes due to drought: Govt

In full 2021-22, around 81,000 tonnes of broken rice was allotted from FCI's godowns for ethanol production

India considers further coal imports as concern over energy supply grows

Stockpiles of the fossil fuel at power plants have fallen about 11% since mid-August, meaning utilities have an average of 10 days supply, well below required levels of more than three weeks

Private players dominate external debt growth amid economic recovery

External borrowings up 8.2% overall in FY22; private debt accounts for 60%, against 29% a year ago

States' borrowing cost eases for third week in a row, dips to 7.52%

States breathed easy in the debt market as the average cut-off on their market borrowings dipped sharply to 7.52 per cent, down 15 basis points from last week to the lowest level since mid-May. This is the third consecutive week of falling cut-off, as in the last two sessions the cost has come down by 10 basis points (bps). Last week the yield declined by 7 bps to 7.67 per cent. At the weekly auction of State Development Loans (SDLs) on Tuesday, six states raised Rs 5,900 crore, which is nearly 54 per cent lower than indicated in their borrowing calendar for the week, Icra Ratings said in a note. The weighted average cut-off eased sharply by 15 bps to 7.52 per cent at Tuesday's auctions. Similarly, there was also a decline in the weighted average tenor of the securities, the agency said. It attributed the steep fall in yields to a fall in the weighted average tenor which declined to 13 years from 15 years as also a fall in cut-off across tenors. The weighted average cut-off of the

Stuck payment, discount: China puts Indian hair exporters in tough position

Chinese buyers, who account for 80 per cent of Indian hair exports, are asking exporters to ship hair at a discount of 40 per cent

Windfall profit taxes are pure economic populism and thus bad policy

Germany's government just became the latest to ingratiate itself with angry voters by promising a windfall tax on energy companies

Sheikh Hasina likely to seek India's economic support during 4-day visit

Bangladesh's growth story runs into global economic instability, expensive fuel and slowdown in textile orders

EPFO calls for increasing retirement age to ease pressure on pension funds

The EPFO has almost 60 million subscribers and it has a cumulative pension and provident fund corpus of more than Rs 12 trillion

Charge of the sodium-ion brigade: How India can power e-mobility industry

India could well emerge as a global hub for manufacturing sodium-ion batteries, which is seen as an alternative or complementary technology to the more expensive lithium ion-powered batteries.