Indian Economy

India’s net direct tax collections stood at ₹12.31 lakh crore as on Tuesday, accounting for almost 87% of the target for 2022-23 and reflecting a 19.6% growth over the year-earlier period, the Finance Ministry said on Wednesday, asserting that tax revenues continued to register ‘steady growth’. The growth rate for …

● The Union Cabinet approved an outlay of ₹2,600 crore to promote payments using RuPay cards and the Unified Payments Interface (UPI), said Union Minister Bhupendra Yadav on Wednesday. Banks will be provided this incentive money to promote such digital payments, an official press release said. ● The fund will be paid …

In order to enhance the safety, transparency and effective management of safe deposit lockers provided by banks, apex banking regulator Reserve Bank of India (RBI) released a list of revised guidelines, which came into force from January 1, 2022. The guidelines followed observations made by the Supreme Court in Amitabha Dasgupta vs United Bank of …

Negotiations for bilateral free trade agreements with several countries are “well on track” and India is also looking at some multilateral pacts that are fair and equitable for all member countries, Commerce and Industry Minister Piyush Goyal said on Saturday. India had implemented a free trade agreement (FTA) with the …

Taming inflation is the top priority for South Asian countries as risks to growth and investment outlook could rise if price pressures persist at high levels, Reserve Bank of India (RBI) Governor Shaktikanta Das said on Friday. Speaking at an event organised by the International Monetary Fund (IMF), the RBI …

The Union government has flagged over a dozen “restrictive and discriminatory” conditions which prevented local suppliers from participating in bidding processes initiated by its various departments and Ministries. The conditions were in violation of the Public Procurement-Preference to Make in India (PPP-MII) Order, 2017, issued to protect the interests of …

There have been two major developments in the television industry in India in the last two years. In 2021, the Cable Television Network Rules, 1994, were amended to include a statutory mechanism for redressal of grievances and complaints of viewers relating to content broadcast by television channels in accordance with …

The Union Cabinet has cleared a ₹17,490-crore National Green Hydrogen (NGH) mission that aims to facilitate the production of hydrogen from renewable energy. Hydrogen is an essential industrial fuel that has a range of uses from producing ammonia, making steel and cement, to powering fuel cells that can run buses …

Recent macro-economic data, including the official Index of Eight Core Industries for November and S&P Global’s survey-based Purchasing Managers’ Index (PMI) for the manufacturing and services sectors for December, offer mixed signals on the underlying momentum in the economy. The government’s provisional data show that output across the core industries, …

The Union Cabinet on Wednesday approved the National Green Hydrogen Mission with an initial outlay of ₹19,744 crore, in a move aimed at making the country a global hub to produce, utilise and export green hydrogen and its derivatives. The government expects that the initiative will help abate nearly 50 …

For much of the global economy, 2023 is going to be a tough year as the main engines of global growth, the United States, Europe and China, all experience weakening activity, the head of the International Monetary Fund said on Sunday. The new year is going to be “tougher than …

At almost ₹1.5 lakh crore, Goods and Services Tax (GST) inflows in December 2022 signal a recovery of sorts from November, when revenues fell to a three-month low. November 2022 revenues were 10.9% higher than a year ago, but still marked the slowest growth since June 2021. December’s revenues were …

Private Equity and Venture Capital (PE-VC) firms invested $2,614 million across 65 deals in Tamil Nadu-based companies in 2022. Of this 45 firms are headquartered in She state while the remaining 20 now have their base overseas but were headquartered here at some point and also have a substantial part …

The output growth of India’s eight core sectors rebounded to 5.4% in November from a revised estimate of a 0.9% uptick in October, the slowest in 20 months. This was despite the fact that overall production levels in November 2022 remained the same as in the previous month. The recovery …

December 2021 and December 2022 could not have been more contrasting for India’s pharmaceutical industry. Last year, it was hailed for developing vaccines that inoculated billions against the coronavirus and underlined its moniker as the ‘pharmacy of the world’. This year, two Indian drug-manufacturing firms stand accused by two countries …

In December 2022, Finance Minister Nirmala Sitharaman told Parliament that banks had written off bad loans worth ₹10,09,511 crore during the last five financial years. A National Asset Reconstruction Company Ltd. (NARCL) was announced in the Union Budget for 2021-2022 to resolve stressed loans amounting to about ₹2 lakh crore …

India’s unemployment rate rose to 8.3% in December, the highest in 16 months, from 8% in the previous month, data from the Centre for Monitoring Indian Economy (CMIE) showed on Sunday. The urban unemployment rate rose to 10.09% in December from 8.96% in the previous month, while the rural unemployment …

India’s current account balance recorded a deficit of $36.4 billion (or a nine-year high of 4.4% of GDP) in the quarter ended September, rising from $18.2 billion (2.2%) in the previous quarter. Deficit for the year-earlier period came in at $9.7 billion (1.3%), according to data released by the Reserve …

Despite the Centre’s high-octane push for manufacturing through the ‘Make in India’ initiative, foreign investors continue to chase bets in the services sector, India Ratings and Research said on Wednesday. It also said a bulk of the foreign direct investment (FDI) in manufacturing was not greenfield or fresh investments. “Despite …

India’s goods exports rebounded from a nearly 17% dip in October to a mild 0.6% uptick in November. While the value of exports recovered to $32 billion from $29.8 billion in October, it is still significantly below the $39 billion averaged between April and September. Imports growth moderated to 5.4% …