Economics

Wholesale price-based inflation declined for the second consecutive month to its 23-month low of 2.02% in June, helped by decline in prices of vegetables as well as fuel and power items, according to official data released on Monday. The Wholesale Price Index (WPI)-based inflation was at 2.45% in May. It …

State Bank of India penalised Rs. 7 crore The Reserve Bank of India (RBI) has penalised State Bank of India and Union Bank of India for violating certain regulatory guidelines. SBI was fined Rs. 7 crore for non-compliance with the directions issued by the RBI on Income Recognition and Asset …

Augment capacity on international routes as Air India not very ‘aggressive’ After the closure of Jet Airways, the international segment continues to offer huge opportunity for Indian airlines, mainly private carriers, as Air India is shying away from aggressive capacity expansion. According to a report by ICICI Securities Ltd., Air …

India’s trade deficit narrowed by nearly 8% to $15.28 billion during the last month, as against $16.6 billion in June 2018, according to official data released on Monday. In June 2019, merchandise exports fell nearly 10% to $25.01 billion as against $27.70 billion in the year-ago month, the Commerce Ministry …

The registration of new taxis in the city has dropped for the second consecutive year. While it touched a peak in 2016-17 with 32,479 registrations, in 2017-18, it dropped to 16,595. The downward trend continued in 2018-19 with only 16,274 taxis being registered. Source : https://www.thehindu.com/todays-paper/taxi-registration-drops-for-second-year-in-a-row/article28460618.ece

Policy must evolve over years and not change things overnight, say analysts The Union government’s push for electric vehicles (EV) in the Budget and the Economic Survey may adversely impact the Internal Combustion Engine (ICE) auto industry, which is already under stress, in the medium to long term. The two …

Finance Secretary Garg acknowledges liquidity concerns Finance Secretary Subhash Chandra Garg on Friday defended the government’s decision to bring the fiscal deficit down to 3.3% this year, saying this would free up additional resources for the private sector to borrow and invest. He also acknowledged the industry’s concerns that payments …

Bhatia group calls it a misinformation campaign, terms allegations ‘hot air’ Rakesh Gangwal, the co-founder of IndiGo, in a boardroom battle with partner Rahul Bhatia, has vowed to continue to raise the issue of lack of corporate governance at InterGlobe Aviation Ltd. (IGAL), the company that runs India’s biggest airline, …

Cautions against over-reliance on foreign currency debt Chief Economic Adviser Krishnamurthy Subramanian on Friday sought to caution against a more-thannecessary reliance on foreign savings as a trigger for accelerating economic growth through more investments. “If we have to invest for triggering a virtuous cycle, we need to tap into savings… …

‘Contribution to States on basis of Finance panel’s formula’ The government has no discretion in deciding the quantum of support each State gets for disaster relief, Finance Minister Nirmala Sitharaman informed the Rajya Sabha, adding that the contribution is set by a formula according to the recommendations of the Finance …

Tech bellwether’s digital transformation business records 42% growth; net profit grows 5.2% to Rs. 3,802 crore Tech bellwether Infosys has posted ‘encouraging’ first quarter revenue numbers on the back of strong deal wins and robust growth in its digital transformation business. Buoyed by these, the company has revised its revenue …

‘But it will invite investments for new technology’ There is “no question” of privatisation of the Indian Railways, but the Railway Ministry will invite investments for new technology, lines and projects in the national interest, Railway Minister Piyush Goyal said in the Lok Sabha in response to the debate on …

Senior Congress leader P. Chidambaram said on Thursday that the crises in Karnataka and Goa might appear to be “political upmanship”, but it had a “damaging impact on the economy”. Foreign investors, rating agencies and international organisations did not read Indian newspapers and did not watch the tamed Indian television …

India Inc.’s foreign direct investment (FDI) in June fell by over two times from a year ago to $820.36 million, data from the Reserve Bank of India showed Wednesday. The outward foreign direct investment (OFDI) by the Indian firms stood at $2.29 billion in the same month the previous year, …

Current method no longer accurate due to greater automation: Pronab Sen The Central Statistics Office (CSO) needs to rethink how it estimates the growth of the informal sector as the current method is no longer accurate, former Chief Statistician of India Pronab Sen said on Wednesday. “Using the corporate sector …

Mixed views on extension of timings, says draft report An internal committee of the Reserve Bank of India (RBI), which was set up to review timings of different financial markets, suggested that the foreign exchange market could function from 9 am to 9 pm At present, the currency market works …

Finance Minister Nirmala Sitharaman on Wednesday clarified that the Economic Survey and the Union Budget project different rates of nominal GDP growth for 2019-20 because they use different base figures. However, she added that the two rates were consistent with each other. While the Union Budget presented on July 5 …

Some important topics for discussion include how to replicate Brazil’s success of domestic coffee consumption The World Coffee Producers’ Forum (WCPF) is scheduled to discuss a range of issues critical to the economic sustainability of coffee farmers round the globe at its two-day conference that commenced on Wednesday. WCPF is …

SIAM seeks measures to save jobs in a sector that employs close to 37 million people With domestic automobile sales continuing on a downward spiral, the industry on Wednesday cautioned that if immediate concrete measures are not taken by the government to help arrest the fall, job cuts may soon …

‘Top-line growth likely to be lowest in a decade’; global concerns to hit IT sector With companies all set to releaseresults for the first quarter of the current financial year, market participants appear to be unanimous in predicting a subdued quarter for most sectors. According to most brokerages, the overall …