Economy

  • RBI Central Board takes stock of the economy
    MUMBAI, OCTOBER 23 (IANS): The Central Board of the Reserve Bank of India (RBI) on Friday reviewed the current economic situation, continued global and domestic challenges and various areas of operations of the bank. It also discussed the working of sub-committees of the Central Board and the Local Boards and deliberated on the aspects related to financial stability in the present milieu. The 585th meeting of Central Board met under the chairmanship of RBI Governor Shaktikanta Da
  • Economy not circus lion that responds to ringmaster's stick: Chidambaram
    NEW DELHI, OCTOBER 22 (IANS): Former Finance Minister P. Chidambaram on Thursday criticised the Centre for its claims on reviving the economy. He said the economy was largely determined by the market, by the laws of demand and supply, and by the purchasing power and the sentiments of the people, which are missing currently. "Unless the government puts money in the hands of the bottom half of the families and puts food on the plates of the poor, the economy will not revive
  • Festive season to give temporary boost to economy: Report
    NEW DELHI, OCTOBER 22 (IANS): Festival season is expected to give a temporary boost to India's economic prospect, brokerage major Motilal Oswal Financial Services said. Accordingly, the brokerage firm's EcoScope report said favourable base effect, pent-up demand and strong inventory re-building in the hope of a grand festive season have led to the better-than-expected economic growth in Aug-Sep'20. "It is likely that these factors will push the growth even higher
  • Jakarta hit in third day of clashes against new jobs law
    JAKARTA, October 8 (Reuters): Police and demonstrators clashed in Jakarta on Thursday on a third consecutive day of widespread protests and labour strikes against a polarising jobs law that took effect in Indonesia this week. Hundreds of demonstrators gathered near the state palace in central Jakarta, shouting and throwing stones at police who responded by firing tear gas and water cannon, Reuters witnesses said. The "omnibus" jobs creation bill, passed into law on
  • Amid demand revival, steel companies hike prices by Rs 2,000/T
    NEW DELHI, OCTOBER 5 (IANS): In a sign of economic activity gradually picking pace in the unlock phase, steel companies have increased the price of the metal for the fourth month in a row in October on the back of demand revival and firm price trends in the overseas market. Benchmark hot rolled coils (HRC) prices have increased by Rs 1,000-2,000 per tonne for October deliveries to Rs 43,000-43,500 per tonne whereas (cold rolled coil) CRC prices stand at Rs 52,000 per tonne. The p
  • Diesel price falls again after 2-day pause, no relief on petrol
    NEW DELHI, SEPTEMBER 25 (IANS): Diesel price continued to decline on Friday after a two-day pause as the product prices fell globally while crude prices remained steady. Oil marketing companies, however, kept petrol prices unchanged for the third consecutive day. In the national capital, diesel price fell by 18 paisa per litre to Rs 71.10 a litre down from Rs 71.28 per litre on Thursday. The petrol price remained static at Rs 81.06 a litre. In the other metros of Mumbai, Chenn
  • Business sentiments recover, weak demand continues: CII Survey
    NEW DELHI, SEPTEMBER 20 (IANS): With the gradual lifting of the restrictions on economic activities across the country, business sentiments have recovered with the CII Business Confidence Index surging to 50.3 in the July-September period. During the April-June quarter of 2020, it recorded its lowest reading at 41.0. "The stellar recovery in the index has been supported by the remarkable increase in the Expectations Index (EI), which rose 46 per cent quarter-on-quarter, to t
  • Covid impacted economy, may see gradual recovery: RBI Guv
    NEW DELHI, SEPTEMBER 16 (IANS): The recovery of the economy reeling from the impact of Covid-19 pandemic will be gradual, RBI Governor Shaktikanta Das said on Wednesday. Addressing the FICCI National Executive Committee Meeting, the central bank chief said that the country is still reeling under the impact of Covid-19 and will gradually come back on normal growth path. He, however, said that things have considerably improved in the second quarter after adverse impact the pandemic
  • Centre, States agree not to revise GST rates during pandemic
    NEW DELHI, SEPTEMBER 14 (IANS): GST rates in the country are unlikely to witness any change during the pandemic as the Centre and states have agreed not to disturb the indirect tax structure in wake of the current economic situation where growth has contracted and industrial activity has come to a standstill. Government sources privy to the development said that there would not be any increase in GST rates at least during the year and even steps taken to correct the inverted duty st
  • Worst behind us, Indian economy witnessing V-shaped recovery: DEA
    NEW DELHI, SEPTEMBER 4 (IANS): Days after India reported a 23.9 per cent contraction in its gross domestic product (GDP), the Department of Economic Affairs (DEA) in its Monthly Economic Review for August has said that the worst is over now as the Indian economy is going through a V-shaped recovery. DEA cited the uptick in manufacturing purchasing managers' index, auto sales, e-way bills among others to show that the country is witnessing a recovery. It noted that as countrie
  • Central revenues more impacted than GST revenue: Centre to states
    NEW DELHI, AUGUST 30 (IANS): As several states continue to oppose the borrowing options proposed in lieu of the GST compensation, the Centre has told states that central revenues have been under greater strain compared to GST revenue. In a letter to the states, and Union Territories proposing the two options and explaining them in detail, the Finance Ministry also laid down the issues faced by the Centre in disbursing the compensation cess. "The prevailing economic situ
  • Merkel says pandemic to worsen, to focus on social cohesion, economy
    BERLIN, August 28 (Reuters): German Chancellor Angela Merkel said on Friday the coronavirus pandemic was likely to worsen in coming months, and that her government would respond by prioritising the welfare of society as a whole, notably its children, and the economy. The government will be "doing everything so that our children are not the losers of the pandemic. School and daycare need to be the most important things," she told reporters at a news conference. The
  • Philippines' Duterte defends COVID-19 strategy as cases surge
    MANILA, July 27 (Reuters): Philippine President Rodrigo Duterte defended his tough approach to fighting the coronavirus on Monday amid a surge in cases, touting its effectiveness in an annual address that critics said revealed little about plans to resuscitate a battered economy. While Duterte urged Congress to approve a 140 billion pesos ($2.85 billion) stimulus package, he devoted much of his speech to attacking opponents, reviving the death penalty and defending a bloody war
  • Garment workers to graduates: Bangladeshi women aim to shake up textile sector
    DHAKA, July 27 (Thomson Reuters Foundation): Five years ago, Sadeka Begum was working 12-hour shifts in a garment factory as the main earner for her family in Bangladesh. Today the 23-year-old is one of the first graduates of a special university programme that aims to inspire female workers to become leaders and boost women's rights across industries. Begum now interns for the United Nations children's agency (UNICEF) and hopes to use her economics degree to launch
  • Banking sector woes impacting growth: CEA
    NEW DELHI, JULY 22 (IANS): India's banking sector woes have impacted investments and growth, Chief Economic Adviser (CEA) Krishnamurthy V Subramanian said on Wednesday. Speaking at the Ficci's 17th Annual Capital Market Conference 'CAPAM2020', he said the sector faced two problems of "scale and quality". The CEA elaborated that these problems are major factors for slow growth. According to Subramanian, NPAs and risk aversion have impacted investment,
  • Market geared up to aid India achieve $5tn economy mark: SEBI Chairman
    MUMBAI, JULY 22 (IANS): India's equity market is geared up to aid the country achieve the $5 trillion economy mark, SEBI Chairman Ajay Tyagi said on Wednesday. Speaking at the Ficci's 17th Annual Capital Market Conference 'CAPAM2020', Tyagi said the equity market systems are well geared up to take on the current challenges. The theme of the conference is 'Atmanirbhar Bharat: Role of Capital Market'. He acknowledged that the country is passing through a
  • Covid Impact: IndiGo to axe 10% of its workforce
    NEW DELHI, JULY 20 (IANS): The Covid-19-induced economic turbulence has led airline major IndiGo to decide to lay off 10 per cent of its workforce.   According to Ronojoy Dutta, CEO, IndiGo, the company, after carefully assessing and reviewing all possible scenarios, will require to bid "a painful adieu" to 10 per cent of its around 27,000-strong workforce.   "It is for the first time in the history of IndiGo that we have undertaken such a painful m
  • India's debt-to-GDP ratio may rise to 87.6%: SBI Ecowrap
    NEW DELHI, JULY 20 (IANS): The economic turbulence due to Covid-19 is expected to push India's debt-to-GDP ratio higher, according to a SBI Ecowrap report on Monday. Together with the declining GDP growth, debt-to-GDP ratio has been adversely affected in all countries.   "India's debt-to-GDP ratio has increased gradually from Rs 58.8 lakh crore (67.4 per cent of GDP) in FY12 to Rs 146.9 lakh crore (72.2 per cent of GDP) in FY20," it said. Higher borrowing t
  • Two committees to revive economy of Mon dist constituted 
    Mon, July 16 (MExN): Mon district task force led by Thavaseelan K, DC Mon has notified that two committees to revive the economy of Mon district, ‘the committees in creation of livelihood opportunities’ would look into creating job opportunities for returnees and enhancing the local economy of Mon district. The committee on improving self reliance of Mon district for commodities would look into creating sufficient buffer stock of essential commodities and reducing depe
  • FICCI survey predicts 4.5% contraction in India's FY21 GDP
    NEW DELHI, JULY 12 (IANS): With economic activities coming to a halt amid the Covid-19 pandemic and the lockdown, the Indian economy is expected to record a negative 4.5 per cent growth rate in the current financial year, according to the FICCI's Economic Outlook Survey.   The minimum and maximum growth estimate stood at (-) 6.4 per cent and 1.5 per cent, respectively, for FY21, it said. The quarterly median forecasts indicated 14.2 per cent contraction in the gross dome