Page 27 - India Economy

DPIIT convenes retail traders' meet on June 16 to discuss compliance burden

The Department for Promotion of Industry and Internal Trade (DPIIT) has convened a meeting of retail traders on June 16 to discuss issues related to further reducing compliance burden and promoting ease of doing business for the sector, a government official said. The department is taking a series of measures to promote the growth of the sector and provide them friendly business environment. The meeting will be chaired by the department's joint secretary Sanjiv. Issues likely to figure in the meeting include the utility of a national single window system, coverage of clearances, compliances required in the sector, suggestions for compliance reduction, and easing processes and inspections, the official said. Officials from ministries and departments related to the retail sector will also participate.

India to overtake China in oil demand growth by 2027: IEA report

Annual global demand to decline from 2024, says multilateral agency's report

Around 70% companies planning to recruit this fiscal year: Report

Job postings for small and midsize businesses (SMBs) have witnessed record highs in the last five months, and about 70 per cent of companies are actively planning to recruit this financial year, a report said on Tuesday. The report by jobs and professional networking platform apna.co said it has witnessed a substantial upsurge in SMB job postings from January to May 2023, with around 300,000 jobs listed on the platform. About 70 per cent of SMBs in India are actively planning to recruit full-time professionals for key areas like business growth and expansion, HR, accounts and sales, it added. This report was based on job postings on the Apna platform from January to May in comparison to the same period last year. In terms of cities, the report further stated that Jaipur and Lucknow exhibited a high demand for Tele-calling roles, while Bhubaneswar and Kochi sought after business development professionals. In Ahmedabad, accounts and finance expertise was highly sought after, it ...

PLI schemes help boost production, employment, exports: DPIIT Secretary

The production-linked incentive (PLI) schemes have led to an increase in production, employment generation, and exports of the country, a top government official said on Tuesday. Secretary in the Department for Promotion of Industry and Internal Trade (DPIIT) Rajesh Kumar Singh said that due to the schemes, there was an increase of 76 per cent in foreign direct investment in the manufacturing sector in 2021-22 (USD 21.34 billion) compared to 2020-21 (USD 12.09 billion). The schemes were announced for 14 sectors with an incentive outlay of Rs 1.97 lakh crore (about USD 26 billion) to strengthen their production capabilities and help create global champions. Sectors which witnessed increase in FDI inflows from 2021-22 to 2022-23 are pharmaceuticals, food processing, and medical appliances. As of date, 733 applications have been approved in 14 sectors with expected investment of Rs 3.65 lakh crore. Actual investment of Rs 62,500 crore has been realized till March 2023 which has resul

In a first, Centre to review PLI scheme to sort out teething issues

Interactions with line ministries lined up to seek feedback

Domestic GDP growth on firm footing, growth slightly revised upwards: SBI

Country's largest commercial lender State Bank of India (SBI) said that domestic GDP growth is now on firm footing with urban demand showing good traction, while the lagging rural demand is a cause of concern. The apex bank has also revised GDP growth marginally upwards from 6.4 per cent to 6.5 per cent for the current financial year. In its 'Ecowrap' research report, SBI said that the GDP growth forecast of the apex bank RBI for the current fiscal has undergone some change since April 2023. While RBI had projected GDP growth at 6.4 per cent in April, this has been slightly revised upwards to 6.5 per cent for the current fiscal, as announced in the latest Monetary Policy Committee (MPC) meeting which concluded on June eight. Inflation for the current financial year has been pegged by 5.1 per cent by the apex bank, perceived to be above the tolerance band of RBI at four per cent. The report said that the series of rate hikes in the recent past had resulted in falling unemployment r

India planning fewer annual GDP estimates to avoid confusing markets

The proposal is being discussed between the ministries of statistics and finance as well as top officials from Prime Minister Narendra Modi's government

Mother Dairy reduces MRP of Dhara edible oil by Rs 10 per litre

Mother Dairy, which is a leading milk supplier in Delhi-NCR, on Thursday said it has reduced the maximum retail price (MRP) of its Dhara edible oils by Rs 10 per litre and the stocks with new rates will be available in the market from next week. The reduction in the MRP is in line with fall in prices of edible oils in the global market, the company said. "The maximum retail price (MRP) of all variants of Dhara edible oils is being reduced by Rs 10 per litre on account of the continued decline in edible oil prices internationally and better availability of domestic crops such as mustard," a company spokesperson said. The revised MRP stocks are slated to hit the market within a week, the spokesperson added. The new rate of Dhara refined Soyabean Oil will be Rs 140 per litre. Dhara Refined Ricebran Oil MRP has been cut to Rs 160 per litre. The new MRP of Dhara Refined Vegetable Oil will now be Rs 200 per litre. Dhara Kachi Ghani Mustard Oil will be available at Rs 160 per litre MRP

India in talks with US on steel, aluminum tariff exemption: Report

NEW DELHI/WASHINGTON - India is in talks with the United States to seek an exemption on steel and aluminum tariffs that were imposed by former U.S. President Donald Trump, while offering withdrawal of some retaliatory tariffs, three Indian sources told Reuters.

India undergoing rapid, unprecedented transformation: President Murmu

President Droupadi Murmu on Wednesday said that India is undergoing a rapid and unprecedented transformation and the country is on the way to become the world's third-largest economy before the end of the decade. Addressing the Indian community in the Serbian capital, President Murmu also said that new infrastructure is coming up across India at a breathtaking pace and the country hopes to be a developed nation by 2047. "India is the fastest growing major economy in the world. With a GDP approaching USD 3.5 trillion, we are on the way to becoming the world's third biggest economy before the end of this decade. India is confidently pursuing its ambition to be a developed country by 2047," she said soon after her arrival here on a state visit. She said that early indications suggest that India's gender ratio is in favour of women and cited the results of the civil services exam in which top four positions were achieved by women. Noting that India and Serbia are both ancient lands, th

RBI not to remove its finger from repo rate pause button: Experts

The Reserve Bank of India's (RBI) Monetary Policy Committee (MPC) may not remove its finger from the repo rate pause button it had hit in April 2023, said experts

Contribution of women important for achieving $5 trn economy goal: Giriraj

Union Minister Giriraj Singh on Tuesday stressed on the importance of the contribution of women and rural households in achieving India's goal of having a USD 5-trillion economy and said that women members of self-help groups will transform the country in the future. Addressing an event here, the rural development minister said women members of self-help groups have seen saw a 19 per cent increase in their income and a 28 per cent rise in savings. He also stressed on reaching the goal of bringing 10 crore women under self-help groups by 2024. At present more than nine crore women are linked with these groups. "Women members of Self Help Groups will change India in the days to come," he said. The Rural Development Ministry recently launched a campaign to mobilise one crore women from eligible rural households to join Self-Help Groups promoted by the ministry's Deendayal Antyodaya Yojana-National Rural Livelihoods Mission (DAY-NRLM). The drive, which will continue till June 30, aim

Global environment challenging but company steadfast : TCPL chairman

The global environment has been challenging due to volatile macroeconomic condition and geopolitics but the company remains steadfast and is focusing on building a strong platform for progress, Tata Consumer Products Ltd (TCPL) Chairman N Chandrasekaran said on Tuesday. Addressing shareholders at the annual general meeting, he said TCPL has been on a transformative journey and has made significant progress during the last three years into becoming and evolving as a leading FMCG company. "During this period, a number of decisive actions have been taken to become a growth-oriented company and build a strong organisational capability," he said. The company continues to focus on strengthening its core business and at the same time, work on new opportunities to expand the target addressable market, said Chandrasekaran, who is also the chairman of Tata Sons, the holding firm of Tata Group. "The global environment has been sort of challenging due to a volatile macroeconomic condition as w

Statsguru: Six charts explain RBI's annual earnings report for FY23

The RBI is set to transfer over Rs 87,000 crore to the government. Budget estimates for dividends from the RBI, nationalised banks, and financial institutions were Rs 48,000 crore

India's forex reserves fall for second straight week at $589.14 billion

Reserves had fallen by $6.05 billion in the week ended May 19, the biggest fall in more than three months

Govt to build a developed India by 2047, focusing on all sectors: Rajnath

With great power comes great responsibility, Defence Minister Rajnath Singh said on Friday quoting a famous dialogue from Hollywood blockbuster "Spiderman" to emphasise that India's responsibility will increase in sync with its rising global stature. In an address at an event, Singh also noted that when India emerges as a superpower, it will have to ensure that universal values like democracy, religious freedom, dignity of human beings and global peace are established all over the world. The defence minister said the government is working to build a developed India by 2047, focusing on almost all sectors of the country. Talking about the political landscape in the country, Singh said that political parties are integral to democracy and it cannot survive without them. At the same time, he rued that many political parties in India do not operate based on any ideology and their politics revolve around a person or a family or a caste. "I think such politics should have no place in a ..

Rising risk appetite may affect some Banks' credit profiles: Fitch

Banks' loan growth over the financial year ended March 2023 (FY23) reached 15.4 per cent, the highest since FY12

Services exports in April rises by 7.5% on year to $25.84 billion

India's services exports in April rose 7.5% on year to $25.84 billion, while imports recorded a 3.1% decline to $13.63 billion, provisional data published by the Reserve Bank of India showed

GDP preview: Why is India likely to retain fastest-growing economy tag

Growth in services and manufacturing and private investment rebound likely to have helped economy in Q4

Economists predict first rate cut by RBI in 2024 for durable growth

Policy makers from the RBI will meet June 6-8 to deliberate and economists are expecting another hold in rates as the central bank focuses on growth while inflation shows signs of moderating