Economy

  • Gold prices hit all-time high
    NEW DELHI, JULY 1 (IANS): Gold hit an all-time high on Wednesday with futures trading at Rs 48,871 per 10 gm as the demand for the safe haven asset continued to soar with the Covid-19 global shocks and economic uncertainty hammering down business sentiments.   "Gold surged to its highest in nearly 8 years on Tuesday as mounting fears of a resurgence of new coronavirus cases kept safe haven demand for gold alive, setting the precious metal on path for its biggest quarter
  • PM Johnson demands Britain "Build, build, build" to beat COVID-19 slump
    LONDON, June 30 (Reuters): Prime Minister Boris Johnson promised to shake Britain's economy out of its coronavirus-induced crisis on Tuesday, by fast-tracking infrastructure investment and slashing property planning rules.   As Britain emerges from lockdown, Johnson is looking to move past criticism of his government's handling of the pandemic with a plan to repair the economic damage and reshape the country.   "We cannot continue simply to be prisone
  • PM outlines economic reforms, says several sectors 'unlocked'
    NEW DELHI, JUNE 28 (IANS): As the economy goes through a tough time amid the coronavirus pandemic, Prime Minister Narendra Modi on Sunday outlined steps taken recently for economic liberalisation under the Atmanirbhar Bharat package whereby the government opened up coal mining and space exploration for private players.   Addressing the nation through the 'Mann Ki Baat' radio broadcast, the Prime Minister said that as the first phase of 'unlock' is underway, s
  • U.S. and EU must face down China together, Pompeo says
    BRUSSELS, June 25 (Reuters): The United States and European Union need a shared understanding of China to resist it, U.S. Secretary of State Mike Pompeo said on Thursday, calling Beijing a threat and accusing it of stealing European know-how to develop its economy.   Pompeo said he had accepted a proposal by EU foreign policy chief Josep Borrell to create a formal U.S.-EU dialogue on China and would travel to Europe soon to host the first session.   "The
  • India's economy projected to contract by 4.5% in FY21: IMF
    NEW DELHI/WASHINGTON, JUNE 24 (IANS): Covid-19 battered India's economy is projected to contract by 4.5 per cent this fiscal, said the International Monetary Fund.   In the World Economic Outlook (WEO) forecast report, the IMF said that India's economy is expected to contract on the back of a longer lockdown and a slower recovery than anticipated in April.   Accordingly, the country's economy will contract in FY21 from an expansion of 4.2 per cent in F
  • Rs 79,000 cr loans approved to revive economy post-lockdown
    NEW DELHI, JUNE 23 (IANS): The government on Tuesday released a report card on schemes launched during the Covid-19 period to revive the economy and economic activities.   Interventions by the government for MSMEs have been gaining traction and it's evident from the exponential rise in bank loan sanctions under the Emergency Credit Line Guarantee Scheme (ECLGS), according to a statement by the Finance Ministry.   Under the ECLGS, which is backed by a governmen
  • Fitch revises outlook on 9 Indian banks to negative
    NEW DELHI, JUNE 22 (IANS): After downgrading India's outlook to negative from stable, Fitch Ratings on Monday revised the outlook on nine Indian banks to negative.   The outlook on the Long-Term Issuer Default Ratings (IDR) was revised to negative from stable due to the banks' high dependence on the Centre to re-capitalise them.   Accordingly, the IDR outlook of the Export-Import Bank of India, the State Bank of India, the Bank of Baroda, the Bank of Barod
  • PM Modi hints at further reopening of economy
    NEW DELHI, JUNE 16 (IANS): Prime Minister Narendra Modi on Tuesday hinted that the opening of the economy will continue. However, he cautioned everyone to be mindful of wearing masks and maintaining hygiene and social distancing norms now that offices are re-opening.   "We have to always keep in mind that the more we can stop the coronavirus, the more it will stop growing, the more our economy will open up, our offices will open, the markets will open, the means of tran
  • COVID-19 Cess levy a ‘considered decision’; Rs 3.84 cr collected till May: Nagaland CM
    Our Correspondent Kohima | June 15   Nagaland Chief Minister Neiphiu Rio on June 15 said that the government took a considered decision to levy COVID-19 Cess following a preliminary assessment of the levels of expenditure that would have to be incurred to fight the pandemic.   Expenditure on augmenting health infrastructure and procurement protective items and medicines, among others, were considered during the preliminary assessment, said Rio while addressing a
  • May's vehicle registration plunges 88.8% on YoY basis
    NEW DELHI, JUNE 11 (IANS): India's auto sector continues to reel under the economic impact of the Covid-19 outbreak, as vehicle registration during May plunged by 88.87 per cent on a YoY basis.   Accordingly, the Federation of Automobile Dealers Associations' data showed that vehicle registration data for May declined to 2,02,697 units from 18,21,650 units off-take during the like month of last year.   Commenting on the data, FADA President Ashish Harshara
  • Massive negative impact on incomes due to lockdown
    NEW DELHI, JUNE 10 (IANS): As per the latest IANS CVoter Economic Battery Wave survey, there has been a massive negative impact on income of households since the lockdown was implemented to fight the Covid-19 pandemic with more than half the respondents indicating it.   According to the survey, 53.2 per cent of males said there has been a negative impact on their income. So, either people are laid off, getting reduced salaries, forced to go on leave without pay or are workin
  • India's economy to shrink by 3.2% in 2020-21, worst since 1979: World Bank
    UNITED NATIONS, JUNE 9 (IANS): As India reels from the impact of the COVID-19 pandemic, the World Bank projects the country's economy to shrink by 3.2 per cent in the current fiscal year, the worst performance since 1979.   The Bank said on Monday that the world was facing its worst recession since the World War II and per capita incomes would fall plunging millions into poverty.   Making the forecast for India, the Bank said: "Stringent measures to contr
  • Will initiate more structural reforms to get growth back: PM
    NEW DELHI, JUNE 2 (IANS): Prime Minister Narendra Modi on Tuesday said that his government will ensure more policy reforms to speed up economic growth and remove structural bottlenecks in the Indian economy.   Accordingly, the country will also implement steps to reduce import-dependence and strengthen domestic supply chains.   Furthermore, Modi exuded the confidence that India would get its GDP growth back very soon.   In an online address at the 125th
  • Amid sharp GDP data revision, debate continues over its fairness
    NEW DELHI, MAY 31 (IANS): The sharp revision in quarterly GDP data has grabbed the eyeballs of economists and experts and the government has also received flak over it.   The debate still continues over whether the revision of the previous quarter's GDP growth numbers were justified or not.   State Bank of India (SBI) Group Chief Economic Adviser, Soumya Kanti Ghosh, in a report, has questioned the data quality and 'remarkable' volatility in the new se
  • Germany's Scholz sees 'very high' chances for EU compromise deal on Recovery Fund
    BERLIN, May 27 (Reuters): German Finance Minister Olaf Scholz on Wednesday welcomed the European Commission's plan for a 750 billion-euro ($824.55 billion) Recovery Fund and said he was confident member states would find a compromise deal to help countries most hit by the coronavirus pandemic.   "The discussion is not over yet, there needs to be an agreement among 27 member states. But it's safe to say already now that the chances are very high that there w
  • "Repair and Prepare": EU unveils 750 billion euro plan for coronavirus recovery
    BRUSSELS, May 27 (Reuters): The European Commission unveiled on Wednesday a plan to borrow on the market and then disburse to EU countries 750 billion euros in grants and loans to help them recover from their coronavirus slump, giving an immediate boost to the euro.   Much of the money is to go to Italy and Spain, the worst affected by the pandemic, which together would receive 313 billion euros in grants and loans.   The aim is also to protect the European U