The US dollar index increased against most other major currencies as investors bought the dip after the previous day’s sharp decline. In late New York trading on Monday, the euro fell to $1.1691 from $1.1725 in the previous session, and the British pound was down to $1.3101 from $1.3135 in[Read More…]
Earlier this week, Reserve Bank of India (RBI) announced launching a new series of 100-rupee notes. However, the move has brought along a fresh headache for the major companies engaged in the manufacture and supply of Automatic Teller Machines (ATMs) in the country. Like the new post-demonetisation Rs 2,000, Rs[Read More…]
Domestic political uncertainty a day ahead of a no-confidence motion against the central government weakened the Indian rupee to its record low level against the US dollar on Thursday. Accordingly, the Indian rupee weakened by 42 paise against the US dollar to close at 69.05 on Thursday, from its previous[Read More…]
Even as the US-imposed sanctions on Iran has put India’s energy security in jeopardy, UAE Ambassador to India Ahmed Albanna has allayed fears of an oil shortage, saying his country as well as Saudi Arabia can fill in if supply from Iran is disrupted. “Production is the important element there,to[Read More…]
The Reserve Bank of India (RBI) is likely to come up with a new 100 Rupee note by the end of August. The new note is presumed to be violet-coloured, light-weighed, smaller than the previous version, bearing the impression of Gujrat’s historic Rani ki Vav (stepwell). The arrival of the[Read More…]
Senior Congress leader P. Chidambaram slammed the government over its poor management of economy, saying inflation is at five-month high, industrial growth at five-month low and the trade deficit has soared. Chidambaram, a former Finance Minister, posted tweets, pointing out the low exports in the month of June, which were[Read More…]
Following World Bank’s forecast of India’s growth rate to be 7.5% for 2019, Union Finance Minister Arun Jaitley has said India is likely to become the fifth largest economy next year, surpassing Great Britain, if the country continues its projected growth trajectory. The World Bank has forecast a growth rate[Read More…]
India surpasses France to become the world’s sixth-biggest economy, pushing France to seventh place, as per the updated World Bank figures for 2017. India’s gross domestic product (GDP) was $2.597 trillion at the end of last year, against $2.582 trillion for France. There was a strong economic growth from July[Read More…]
Minister for Women and Child Development Maneka Gandhi has urged Finance Minister Piyush Goyal to make amendments to the Income Tax Act so that gifts to wives or daughters-in-law are not taxed. Maneka made the plea through her twitter post saying, “As a society, the onus of ensuring economic empowerment[Read More…]
The Union Cabinet Committee on Economic Affairs approved Minimum Support Price (MSP) for summer-sown Kharif crops for the year 2018-19, which will cost the exchequer more than Rs 15,000 core, providing a profit of 50% or more over the cost of production. Addressing the media, Union minister Rajnath Singh said, “The[Read More…]
New Delhi: The government on Tuesday declared its intent to change the base year for calculation of GDP and retail inflation to 2017-18 and 2018 respectively, likely to come to effect by fiscal 2019-20. The previous base year revision for gross domestic product (GDP), the index of industrial production (IIP)[Read More…]
Mumbai: India has not lived up to the high expectations and standards required of the banking system and the current trying times had finally forced a recognition of the non-performing assets (NPA), or bad loans, situation and the need for a move to resolve the problem, acting Finance Minister Piyush[Read More…]
New Delhi: NITI Aayog Vice Chairman Rajiv Kumar on Tuesday said people have paid a very high cost for democracy in the last 70 years and it is now time to reap the dividends. He insisted that NITI Aayog, as a principal change agent, can help garner those dues. We[Read More…]
New Delhi: Foreign direct investment (FDI) in India seems to be petering out with the inflows growth rate recording a five-year low of 3 per cent at USD 44.85 billion in 2017-18. According to the latest data of the Department of Industrial Policy and Promotion (DIPP), FDI in 2017-18 grew[Read More…]
Mumbai: State-run Punjab National Bank (PNB) on Friday said that it has sold its entire stake in credit ratings agency ICRA for Rs 108.60 core. According to a BSE filing, the bank sold its entire stake of 330,000 shares of ICRA through Block deal on Thursday. The stake sales comes[Read More…]
New Delhi: GST Council Member and Bihar Deputy Chief Minister Sushil Modi on Friday outright ruled out bringing petroleum products under the ambit of Goods and Services Tax (GST) in near future, citing loss of revenue both to central and state governments. He added there was no consensus in the[Read More…]
New Delhi: Only 21 per cent of the over 32,000 people in 215 districts of India said that their monthly household grocery bills had reduced after the GST implementation while 63 per cent disagreed on this count, a survey released on Friday said. The poll was conducted by LocalCircles, a[Read More…]
New Delhi: Touted as the biggest economic reform since Independence, the Goods and Services Tax (GST) was supposed to replace the complex indirect tax system prevalent in the country with a more simplified, uniform regime. As its roll-out completes one year on June 30, it can be argued that while[Read More…]
New Delhi: High oil prices widened India’s May trade deficit even as exports rose by 20.18 per cent to $28.86 billion from $24.01 billion worth of merchandise shipped out during the corresponding month of last year. According to data released by the Ministry of Commerce and Industry on Friday, petroleum[Read More…]
New Delhi: High food and fuel prices lifted India’s May retail inflation close to the 5 per cent mark, even as the manufacturing sector pushed the country’s April industrial production higher by 4.9 per cent. The macro-data points — Consumer Price Index (CPI) Numbers for May and the Quick estimates[Read More…]
Mumbai: Shares of multi-crore fraud hit Punjab National Bank (PNB) slumped around 14 per cent (intra-day) on Wednesday, a day after the bank reported a loss of over Rs 13,000 crore for the fourth quarter of 2017-18. Looking at the bank’s Q4 earnings, financial services company Jeferries said in a[Read More…]
New Delhi: India has urged the Asian Development Bank (ADB) to focus more on the West and South Asia regions after successful East Asia interventions by the multilateral lender and has said there is no case for increasing the cost of its loan instruments as it has no capital deficiency,[Read More…]
New York: US billionaire investor Warren Buffett said on Saturday that the world depends on the US and China for progress, dismissing concerns that the two countries’ trade tensions could potentially escalate into a trade war. Buffett, chairman and CEO of Berkshire Hathaway, made the remarks in response to a Chinese[Read More…]
Kolkata: The Central government has congratulated the West Bengal government as the state has become revenue surplus in March, officials said. In a recent communication to state Chief Secretary Malay De, Union Finance Secretary Hasmukh Adhia said: “As far as West Bengal is concerned, the revenue gap has come down from[Read More…]
Mumbai: The daily cash flows into banks’ ATMs has fallen drastically since the first week of April and now is as low as 30 per cent for public sector banks, the Confederation of ATM Industry said on Tuesday. CATMi spokesperson V. Balasubramanian said that the ATM service providers do a daily[Read More…]
