Petrol retail rates finally breached the Rs 90 mark in Mumbai by touching Rs 90.08 per litre here on Monday, but stood much higher elsewhere in the state, industry officials said. Federation of Maharashtra Petroleum Dealers Association (FAMPEDA) President Uday Lodh said that the new rate became effective after a[Read More…]
The Reserve Bank of India (RBI) should intervene in both spot and forward markets to arrest Indian rupee’s depreciation, suggested a State Bank of India (SBI) Ecowrap report on Tuesday. As per the report, during the June 2008 to May 2009 period, when rupee depreciated by 13 per cent, the[Read More…]
In a meeting chaired by Prime Minister Narendra Modi on Friday, Finance Minister Arun Jaitley said that the government has decided to cut non-essential imports and increase exports amid a widening current account deficit (CAD), sliding rupee and soaring crude oil prices. Addressing the media after attending a meeting to[Read More…]
New Delhi, Sep 15 (IANS) Senior Congress leader P. Chidambaram on Saturday said the Narendra Modi government’s five measures to stop further depreciation of the rupee and widening of the current account deficit (CAD) were “half-hearted and too late”. “Government’s five “measures” announced yesterday are half-hearted and too late. Because government[Read More…]
Petrol users across the nation have been doing a sarcastic roll over the everyday hiking fuel prices. While the consumer had just started of howling with the joke that this time the prices might hit a century, prices have already breached the Rs 100/litre mark. The price of Octane quality[Read More…]
India has possibly been throwing away more than $26 billion a year when it continued to marginalise the LGBTQIA+ community. However, now that the Supreme Court has decriminalised homosexuality with the rainbow flags flying high, Indian markets could benefit from the vast spending power of the queer community. The remarkable judgement[Read More…]
Mumbai, Sep 14 (IANS) India’s foreign exchange (forex) reserves declined by $819.5 million during the week ended September 7, official data showed on Friday. According to the Reserve Bank of India (RBI) weekly statistical supplement, the overall forex reserves declined to $399.28 billion from $400.10 billion reported for the week ended[Read More…]
New Delhi, Sep 14 (IANS) India’s merchandise exports rose by 19.21 per cent in August to $27.84 billion from $23.36 billion during the corresponding month of last year, official data showed on Friday. According to data released by the Ministry of Commerce and Industry, engineering goods, petroleum products, gems and jewellery,[Read More…]
New Delhi, Sep 14 (IANS) India’s annual rate of inflation based on wholesale prices eased to 4.53 per cent in August from a rise of 5.09 per cent in July, official data showed here on Friday. However, on a year-on-year (YoY) basis, the Wholesale Price Index (WPI) furnished by the Ministry[Read More…]
Even as the country’s retail inflation cooled off in August, an October rate hike by the Reserve bank of India (RBI) is imminent, a SBI Ecowrap report said on Wednesday. “Even though CPI (Consumer Price Index) inflation has cooled off, we believe October rate hike of 25 bps is imminent,[Read More…]
Lower food prices eased India’s August retail inflation to 3.69 per cent from 4.17 per cent in July, while industrial output in July slowed with a lower rise of 6.6 per cent compared with 6.87 per cent in June, official data showed on Wednesday. Industry described the latest estimates of[Read More…]
State Bank of India said that the recent increase in petrol and diesel prices would bring an unexpected bonanza for the state governments. The states could make a profit of around Rs 227 billion that is much more than the estimated budget for the current fiscal. Seeing the increased revenue,[Read More…]
Over-optimistic bankers, a slowdown in government decision making process and moderation in economic growth mainly contributed to the mounting bad loans, said former RBI Governor Raghuram Rajan in a note to a Parliamentary panel. In a note to Chairman of Estimates Committee Murli Manohar Joshi, he said: “A variety of governance problems such as the suspect allocation of coal mines[Read More…]
An expected rise in inflation dented investors’ risk-taking appetite on Monday and pulled the Indian equity market deep into the red, with both indices registering their highest fall in the last six months, the analyst said. Investors feared that high petrol and diesel prices and a weak rupee would pump[Read More…]
The rupee Monday crashed below the 72-mark to end at a life-low of 72.45 against the US dollar on growing fears of contagion from an emerging-market rout and escalation of a global trade war. Heavy speculative dollar demand along with panic among importers sent the domestic currencytumbling by a sharp 94 paise to hit a historic low of 72.67 in mid-morning trade, triggering[Read More…]
Allegations of jobless growth are baseless and the country is witnessing the large creation of jobs, a senior official has said. However, there is a serious lack of data on jobs in the informal sector, as also seasonality and migration, he said. “Job creation is a major issue in a country of our size and our demographics. But the question is,[Read More…]
Reserve Bank of India has introduced new rules for the mutilated notes refund. On Friday RBI issued an advisory to all its branches for the exchange of mutilated/defective notes. As per the new amendments to the Reserve Bank of India (note refund) rules 2009, the public can exchange mutilated notes in Mahatma[Read More…]
A Right to Information (RTI) query reveals of an account opened in a government-owned United Bank of India under Pradhan Mantri Jan Dhan Yojana having an enormous amount of as much as Rs 93.82 crore deposited. Moreover, other nationalised banks also have accounts that received deposits of such a large[Read More…]
The Karnataka government announces to raise state bus fare upto 18 per cent. The order came in the thick of the sharp hike in the diesel prices in recent days. The state road transport running in Karnataka had to bear the brunt of the price rise in Petrol. The government[Read More…]
The Indian rupee hit a new all-time low of 71.37 per dollar on Tuesday tracking a similar trend among its global peers and amid concerns of trade war escalation. It opened at 71.24 per dollar surpassing the previous low of 71.21 per dollar, at which it had closed on Monday.[Read More…]
Niti Aayog Vice Chairman blamed former RBI governor Raghuram Rajan for the drastic slowdown of Indian economy. Rajiv Kumar said that “his policies led to industries not receiving credits from banks.” Days after the GDP growth rate for the first quarter of 2018-19 was pegged at the highest in three[Read More…]
Senior Congress leader Kapil Sibal on Sunday hit back at Prime Minister Narendra Modi, saying the “so-called kamdar” had destroyed India’s economy with no jobs and no solutions to rising unemployment. Sibal’s comment comes in continuation of the war of words between the Bharatiya Janata Party (BJP) and the Congress, as Modi on Saturday lashed[Read More…]
BJP President Amit Shah on Friday hailed the Modi government for registering 8.2 per cent growth in the first quarter of 2018-19 and said that it was a reflection on the transformative changes being ushered in. “India’s rapidly growing GDP is a reflection on the transformative changes being ushered in by Prime[Read More…]
As the Rupee fall continues, Indian currency opens at a fresh low on Friday morning. The rupee slides 71 mark to the US dollar for the first time ever. Falling 26 paise down to a new record low of 71.0013 against the USD during Friday morning trade, rupee grows fear[Read More…]
Terming the demonetization a “scam”, Congress President Rahul Gandhi on Thursday said the primary purpose behind the exercise was to help “15-20 biggest crony capitalists” whose loans have turned into NPAs. “Why did he (Prime Minister Narendra Modi) do it (demonetization)? His 15-20 big industrialist friends had accumulated NPAs worth thousands of crore. So through[Read More…]
