Economy

Seven countries, including Sri Lanka, Pakistan and Turkey, are at risk of exchange rate crises as investors re-assess their risks following the contagion in Argentina and Turkey, a new index by Nomura says. According to the global financial services major, emerging markets are under pressure as investors reassess the risks …

Sensex drops 500 points intraday A combination of global and domestic factors affected investor sentiment on Monday with the benchmark indices registering their biggest single-day fall in almost six months. While renewed concerns over an escalation of trade war between the U.S. and China pulled down global markets, the domestic …

‘Many producers planning to expand capacity’ India is set gain the top slot in farmed shrimp production, overtaking China in 2019-20, said Ravi Kumar Yellanki, president, Society of Aquaculture Professionals. “We have already overtaken China in shrimp exports last year but are on par with regard to farmed shrimp production. …

Currency among worst performers in emerging markets; widening current account deficit weighs, more rate hikes may be on the cards The rupee breached 72.5 a dollar on Monday and touched all-time low of 72.67 intraday as the current account deficit widened to five- year high in the first quarter of …

The state-owned oil marketing companies again increased the price of petroleum products such as petrol and diesel in the country on Monday, with Mumbai paying the highest among the four major metros. Petrol costs Rs. 88.12 a litre and diesel Rs. 77.32 in the city, according to the daily price …

Senior Congress leader raises demand after neighbouring Rajasthan reduced tax on petrol, diesel on Sunday Madhya Pradesh Congress president Kamal Nath on Monday demanded that the State government reduce VAT on fuel two times of what has been done in neighbouring Rajasthan. Rajasthan Chief Minister Vasundhara Raje had on Sunday …

Almost fourfold rise in tax compensation to States for June-July prompts move Alarmed by a nearly fourfold rise in GST compensation to States for June-July, the Finance Ministry is crafting a strategy to shore up tax revenues and engaging with States to identify issues hindering their collections. Finance Secretary Hasmukh …

Indonesia’s best defence of its currency may be a cool head. A dramatic sell-off in emerging markets has pushed the rupiah to its weakest level against the dollar since the 1998 Asian crisis. Policy-makers appear rattled, but measured approaches are available.Jakarta is better placed to defend the rupiah than it …

The collapse of the financial institution took the world by surprise leaving well over $600 billion in debt as well as 25,000 employees in shock It was “Lehman Weekend.” The moment in September 2008 when the 150-year-old investment bank Lehman Brothers collapsed, precipitating the worst global economic crisis since the …

After PMO intervention, NITI Aayog approves guidelines The NITI Aayog has approved the supplementary nutrition guidelines, prepared by the Ministry for Women and Child Development, bypassing Minister for Women and Child Development Maneka Gandhi following intervention by the Prime Minister’s Office (PMO), according to a person familiar with the development. …

‘Plan part of restructuring effort’ The Ministry of Civil Aviation has proposed greater autonomy for Air India’s management, as part of its strategic turnaround plan for the cash-strapped national carrier, sources said. Cash infusion The plan is part of efforts to bring about organisational and financial restructuring at Air India …

Coal India, NTPC, Nalco, NMDC in list The Finance Ministry has shortlisted about a dozen companies, including Coal India, NTPC, Nalco and NMDC, for a possible buyback of shares in the ongoing financial year. The other companies which are in the list include NLC, BHEL, NHPC, NBCC, SJVN, KIOCL and …

Rises by $0.8 billion in Q1 of 2018-19 The current account deficit (CAD) in the first quarter of 2018-19 increased by $0.8 billion. However, as a proportion of GDP, it declined marginally to 2.4% as compared with 2.5% in the first quarter of 2017-18 as per data released by the …

Flood-hit producers bracing for 25% crop loss The financial health of small and medium players in the Indian rubber industry may suffer a setback due to the impending shortage in natural rubber following floods in Kerala, according to Vikram Makar, senior vice-president, All India Rubber Industries Association (AIRIA). Mr. Makar, …

Firm aims to commercially unveil such vehicles by 2020 Japanese auto giant Suzuki Motor Corporation will start testing a fleet of electric vehicles (EVs) in India next month onwards with an aim to commercially introduce such vehicles here by 2020. “We have decided to launch EVs in India around 2020 …

Consider public transport with alternative fuels: Gadkari Minister for Road Transport and Highways Nitin Gadkari on Friday appealed to the industry to invest in public transport propelled by alternative fuel and electricity to help the country reduce its oil import bill. “Our import bill is nearly Rs. 8 lakh crore. …

However, rival ArcelorMittal has to clear the dues of 2 firms to be eligible to bid The National Company Law Appellate Tribunal (NCLAT) on Friday ruled as eligible the second bid of Russian VTB Bank-promoted consortium NuMetal for debt-ridden Essar Steel. And, rival bidder ArcelorMittal would have to first clear …

“They have moved as per schedule so far and we hope the handover will happen as agreed,” said an official informed of the matter. The positive observation came a day after Iran’s Transport Minister said here that Tehran would proceed with handing over responsibility of running the port to an …

As fuel prices soar, PM’s push for public transport gets attention What should the future of mobility be for India? “Safe, Adequate, Holistic Infrastructure or SAHI.” That is the recommendation of a report presented to Prime Minister Narendra Modi at the Global Mobility Summit, Move, in New Delhi on Friday. …

Individual houses to get incentivesto build toilets Four years into the Swachh Bharat programme, Bihar has finally given up on a model of only allowing community-based incentives for toilet construction. Two weeks ago, the State switched to allowing individual household-based incentives, according to Parameswaran Iyer, Secretary of the Department of …