RBI is set to launch a new series of Rs 1,000 notes soon. These new notes will successfully replace the earlier note of Rs 1,000 which were seized during the demonetisation drive reported a senior government to The Indian Express. The Indian Express. As per the official the Reserve Bank of[Read More…]
Tag: Economy
₹ trades higher than USD ahead of RBI policy
RBI may soon lift weekly withdrawal limit
Rupee strengthens to 67.42 against dollar
Indian rupee advances 5 paise to 67.42 against the dollar in early trade on Thursday as there was no let-up in the selling of the American currency by exporters and banks. The dollar, in turn, became weak globally, causing a hike in the Rupee value. But this was offset by fresh[Read More…]
Corporates welcome the new and ‘positive’ Union budget
The corporate and industries sectors embraced the new Union budget. They perceive it as a positive decision and booster to the rural economy as well as housing and infrastructure. The Federation of Indian Chambers of Commerce and Industries (FICCI) president Pankaj Patel described the budget as “directionally correct and fiscally[Read More…]
Budget 2017 may inflate service taxes
Service tax rates have seen an increase over the last two years. In 2015-16, service tax was increased from 12.36% to 14%. The Swachh Bharat cess of 0.5% also was hitched to it. This financial year, the Krishi Kalyan cess of 0.5% was imposed, taking the tax rate to 15%.[Read More…]
Demonetisation majorly cuts down Delhi governments’ revenue targets
The note-ban rule announced by the Central government on November 8 last year may leave the Delhi government dry during the upcoming of the budget season. India Today reports reveal that Delhi’s already poor revenue collection went a stack down during December The overall reduction in revenue collection during December[Read More…]
Poor nations have been sustaining the rich ones, not the other way around
Dating back to colonialism, the western powers have extracted resources from the poor. They have capitalized themselves by sucking the man power and deep pockets of the slave labours. However, the rich countries give more than $125bn (£102bn) in aid each year, to the poorer nation giving a solid evidence to their[Read More…]
PM Modi wants dollars but $17 billion flew out of India in Oct-Nov
PM Modi wanted the non-residential Indians to contribute in dollars to build the nation. However NRIs have taken a step back by withdrawing the net $17 billion from Indian banks in October and November. As a result, the rupee stoops to its historic low of `68.855 against the dollar in[Read More…]
India will assent $100 million for Kenya
India announced $ 100 million Line of Credit for Kenya’s agricultural mechanisation. Prime Minister Narendra Modi and Kenyan President Uhuru Kenyatta during a meeting agreed to extend economic cooperation and trade. PM Modi said in a joint press conference, “Long-term arrangement with Kenya for production and import of pulses is[Read More…]
Demonetisation to further stall GDP growth, says P Chidambaram
Former Union Finance Minister P Chidambaram on Saturday said demonetisation will further hit the economy with the country’s GDP growth being projected to slow down to 7.1 per cent. Attacking the NDA government over the scrapping of high value notes, the senior Congress leader said the statistics have ‘exposed’ its[Read More…]
80% farmers suicide due to debt and loans from banks
Latest government data shows that 80 per cent of farmers killed themselves in 2015 because of bankruptcy or debts after taking hefty amount of loans from banks and registered microfinance institutions. Despite us thinking the money-lenders a big reason for the suicides, moneylenders are more flexible than the microfinance sector.[Read More…]
GDP growth to slow to 7.1% in current fiscal year: Chief Statistician Anant
Chief Statistician TCA Anant on Friday said India’s economic growth is estimated to slow to 7.1 percent in the current fiscal year ending compared to 7.6 percent last year 2015-2016. “The figures for November were available and examined but it was felt in view of the policy of denotification of[Read More…]
First time in 150 years: India overtakes UK’s economy
In a substantial growth, India has managed to surpass its erstwhile colonial master United Kingdom in terms of economy – first time after almost 150 years. The feat was achieved as a result of Britain’s recent Brexit-related issues along with India’s rapid economic development. Significantly, the striking shift has been[Read More…]
Demonetisation: Indian services output shrinks
Indian services activity contracted in November dragged demand lower after dmonetisation , a private survey showed on Monday. The Nikkei India Services Business Activity Index slumped to 46.7 in November from October’s 54.5, data compiled by IHS Markit show. This is the first contraction since June 2015 and the sharpest[Read More…]
Demonetisation cost nearly four lakh jobs; daily wagers largely hit
After the announcement of demonetisation move by the government, some industries and its workers are going through a tough time. In fact, a large number of people have already lost their jobs as production gets hit, especially in labour-intensive sectors such as textiles, garments, leather and jewellery. Around 4 lakh[Read More…]
What Donald Trump’s victory could mean for India
Donald Trump’s dumbfounding victory over Hillary Clinton in the US elections has sent shockwaves across the world. Many countries are now re-evaluating their stand with the US and what the shock result means to them. India too is now gearing up with plans and probabilities of Trump’s move to the[Read More…]
Pollution can cripple NCR economy: ASSOCHAM
The Associated Chambers of Commerce and Industry of India (ASSOCHAM) has said that the alarming pollution in is likely to take a toll on the entire National Capital region (NCR), crippling sectors like tourism, transport, automobile and real estate. It added that several billions of dollars of fresh investment and[Read More…]
Petrol costlier by ₹1.34 a litre, diesel by ₹2.37
The government on Saturday hiked the petrol price by ₹1.34 a litre, the fifth increase in two months, and diesel by ₹2.37 a litre in wake of spike in global rates. The hike announced by oil companies is excluding state levies. After including local VAT, petrol will now cost ₹66.05[Read More…]
PM Modi lashes out at ‘self-appointed guardians’ of Dalits
Prime Minister Narendra Modi in an interview with CNN-News 18, his second interview to an Indian television news channel, spoke on various issues ranging from Indian economy, Dalits,Uttar Pradesh polls and his relationship with the media. PM Modi lashed out at ‘self-appointed guardians’ of Dalits for creating tensions in the[Read More…]
India Ratings and Research revises country’s FY17 GDP growth to 7.8%
In a major boost to economic growth for 2017, the India Ratings and Research (Ind-Ra) has revised its gross domestic product (GDP) growth forecast for Fiscal Year (FY17) upwards to 7.8% from its earlier forecast of 7.7%. The upward revision has been prompted by the progress of monsoon and the[Read More…]
Urjit Patel is new RBI governor: 6 things to know about him
Ending the speculation, as who will be the successor of Raghuram Rajan the government has finally announced that Urjit Patel will take over as the 24th Governor of the Reserve Bank of India. Patel was serving as the deputy governor incharge of the monetary policy department. Here is brief profile[Read More…]
Verizon buys Yahoo for $4.8 billion
Yahoo has agreed to sell its core website business to Verizon Communications for $ 4.8 billion, according to multiple reports. On February 3, Yahoo had announced that it is open for a bid to explore other strategic alternatives. After months of wait, Verizon bought the staggering company at lowest price[Read More…]