Indian Economy

The Government has decided not to extend the Pradhan Mantri Garib Kalyan Ann Yojana, (PMGKY), a scheme that ran between April 2020 to December 2022 (except for a short period in between), and provided additional allocation of foodgrains, i.e., rice or wheat from the central pool at five kilograms a …

The Union Ministry of Health has issued a communique to States to resume genome sequencing of new cases of COVID-19, in view of the sudden spurt of cases in some parts of the world. In a letter, Union Health Secretary Rajesh Bhushan said sequencing of positive case samples will allow …

The Directorate General of Trade Remedies (DGTR) has recommended the imposition of anti-dumping duty (ADD) on viscose staple fibre being imported from Indonesia. In a notification dated December 19, the DGTR recommended a levy of $0.512/kg as ADD. The DGTR said based on its recommendation, the Centre withdrew ADD on …

The balance of risks is increasingly tilted towards a darkening global outlook and emerging market economies (EMEs) appear to be more vulnerable, even though incoming data suggest that global inflation may have peaked, Reserve Bank of India officials led by Deputy Governor Michael D. Patra wrote in an article in …

The study of Himalayan glaciers is a complex and evolving subject studied through investigations, data collection and analysis of various research studies by scientists in India and all over the world. The glaciers and their characteristics exhibit complex changes in specific locations across different sub-regions of the Himalayas. There are …

The Government has taken several policy initiatives in the past few years and brought in reforms to encourage indigenous design, development and manufacture of defence equipment, thereby promoting self-reliance in defence manufacturing & technology in the country. These initiatives, inter-alia, include according priority to procurement of capital items of Buy …

Members of the European Union last week agreed in principle to implement a minimum tax of 15% on big businesses. Last year, 136 countries had agreed on a plan to redistribute tax rights across jurisdictions and enforce a minimum tax rate of 15% on large multinational corporations. It is estimated …

India’s net direct tax collections in 2022-23 surpassed the ₹11-lakh crore mark by December 17, reflecting a 19.81% uptick over last year’s, the Central Board of Direct Taxes said on Sunday. Last year, in the corresponding period, it was ₹9,47,959 crore. “The net direct tax collection of ₹11,35,754 crore includes …

India’s imports of crude oil rose by 52.6% to $146.57 billion during April-November period, according to Commerce Ministry data. Coal and coke imports increased by 97.7% to $37.25 billion in the same period, the data showed. Gold imports, however, dipped by 18.1% to $27.21 billion during the eight-month period. Oher …

As per IMF’s World Economic Outlook (WEO), October 2022, India is projected to grow at 6.8 per cent in the year 2022 which is one of the fastest among major economies. Major steps taken for reducing carbon emission and moving towards sustainable development goals inter-alia include: Permitting Foreign Direct Investment …

Background: India’s exports declined about 16.7% in October compared with the year-earlier period. This is the first slide reported for any month since February 2021. October imports rose at a much milder pace than earlier, most likely because of softening commodity prices worldwide, and trade deficit widened by as much …

The Chief Minister of Tamil Nadu has set Tamil Nadu the goal of becoming a trillion dollar economy (by 2030), as he has indicated over the past year. This is a good aspirational goal. Tamil Nadu’s GDP this year is expected to be equivalent to $0.31 trillion. To reach the …

Indian benchmark equity indices rose to new highs on Monday as investor sentiments were lifted on account of a positive trend across most leading Asian markets and a recovery in the rupee against the dollar. The 30-share Sensex gained 330.87 points or 0.87% to close at a new high of …

‘India must focus on U.S. market for machinery, plastics, rubber products’ With the U.S. imposing an additional 25% duty on imports worth $34 billion from China, certain Indian products may become more competitive, the CII said. An analysis by the industry chamber revealed that India should focus on the U.S. …

‘Raw material vendors may turn wary’ The closure of the Thoothukudi facility of Sterlite Copper has put global suppliers of copper concentrates in a spot, it is learnt. In the wake of the Sterlite imbroglio, the international trading and supplier community is reportedly unsure of the wisdom of entering into …

100% stake sale on anvil as ONGC seeks to offload its 49% shareholding in helicopter services provider The government will soon invite fresh bids for 100% stake sale in Pawan Hans by issuing an addendum to the disinvestment document as ONGC is ready to sell its entire stake in the …

Foreign exchange reserves declined by $951 million to $404.2 billion in the week to July 27, on account of a fall in the foreign currency assets, the RBI said. In the previous week, the reserves rose by a marginal $67.7 million to $405.1 billion. The forex kitty is an indicator …

India’s benchmark equity index, the 30-share Sensex, is on a record-breaking spree this year. The recent past saw the index regularly touching a new high with ease as it breached the 37,000-mark for the first time ever on July 26. Incidentally, the index took only 13 trading sessions to clock …

Company to sell CNG in 11 cities, piped cooking gas in six Billionaire Gautam Adani’s group on Friday emerged as the biggest winner of gas retailing licences, winning rights to sell CNG in 11 cities, including Allahabad. Adani won the rights to retail CNG to automobiles and piped cooking gas …

Increase in new business strongest since June 2017; inflation pressures still ‘high’ India’s services sector activity remained in the growth territory for the second consecutive month in July, as business activity witnessed the strongest growth since October 2016, amid improved demand conditions, said a monthly survey. The seasonally adjusted Nikkei …