ECONOMY NEWS - Page 113

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WPI inflation at 8-month high of 1.48% in October on costlier manufactured items

November 16, 2020 13:12 IST

This is the highest level of Wholesale price index-based (WPI) inflation since February when it was 2.26 per cent.

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Forex reserves at fresh peak, rise by $7.77 billion

November 15, 2020 01:04 IST

For the reporting week, the rise in reserves was primarily on account of an increase in foreign currency assets (FCAs), a major component of the overall reserves.

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Money sent abroad under LRS touches pre-Covid levels in Sept; a lot of it is giftSubscriber Only

November 14, 2020 14:06 IST

Remittances for the purposes of maintaining relatives and gifting in September 2020 were more than in February 2020 and September 2019. Remittances for purposes of education were 10 per cent less than the figure of September 2019.

The drop was primarily on the back of a decline in shipments of products such as petroleum, gems & jewellery, leather goods, electronic goods and engineering goods.

After a positive September, exports slip in October; imports down 11.53%

November 14, 2020 00:51 IST

Exports in October were recorded at $24.89 billion, compared with $26.23 billion in the corresponding month in 2019, according to data shared by the Ministry of Commerce and Industry on Friday.

Industry bodies, experts to submit ideas on Budget 2021 via e-mail: FinMin

November 13, 2020 18:30 IST

Owing to the pandemic, the ministry decided to create a dedicated e-mail to receive suggestions from various institutions and experts. The government's 'MyGov' portal would provide a platform to receive ideas from public on the upcoming Budget and would remain open from November 15 to 30.

A customer looks at strings of light-emitting diodes (LED) at an electronics store during the festival of Dhanteras in the Dadar market area of Mumbai, India, on Monday, Nov. 9, 2015. (Photographer: Dhiraj Singh/Bloomberg)

Diwali: Festive season shopping shows Indian economy is on a path of recoverySubscriber Only

November 13, 2020 11:02 IST

Data compiled by Bloomberg showed an increase in new vehicle registrations during October, while a separate gauge pointed to a rise in credit card transactions much ahead of the holidays.

Sitharaman unveils Atmanirbhar 3.0: Incentives for hiring, real-estate; more credit for stressed sectors

November 13, 2020 04:20 IST

Fresh stimulus worth Rs 1.2 lakh cr; Rs 10,000 crore extra for PM Garib Kalyan to boost job creation.

Govt to bear 2 years’ share of PF for laid-off, new workers

November 13, 2020 01:10 IST

The contribution of 24 per cent for both employers and employees for establishments employing up to 1,000 employees will be borne by the Centre and for establishments employing more than 1,000 employees, 12 per cent of the employees’ share will be contributed by the government.

According to the Index of Industrial Production (IIP) data, manufacturing sector output posted a decline of 0.6 per cent. (File)

October retail inflation at 77-month high; factory output flat in September

November 13, 2020 00:24 IST

Meanwhile, despite higher output in the sectors of mining and power generation, industrial production remained flat at 0.2 per cent growth in September, official data showed on Thursday.

Retail inflation grows 7.61% in Oct; IIP rises 0.2% in Sep: Govt data

November 12, 2020 22:30 IST

CPI Inflation Date October 2020, India IIP Data September 2020: The retail inflation, which is measured through the Consumer Price Index (CPI) rose by 7.61 per cent in October. Separately, the factory output, which is measured in terms of Index of Industrial Production (IIP), expanded by 0.2 per cent in September.

Moody's said the nascent global economic recovery is under threat from rising COVID-19 cases in the US and Europe.

Moody’s revises upwards India GDP forecast to -8.9% in 2020

November 12, 2020 17:37 IST

In its Global Macro Outlook 2021-22, Moody's also revised upwards India's GDP forecast for calendar year 2021 to 8.6 per cent growth from an earlier projection of 8.1 per cent expansion. The Indian economy had grown by 4.8 per cent in 2019.

Union Finance Minister Nirmala Sitharaman and Minister of State Anurag Thakur. (PTI)

Scheme to incentivise job creation, credit line for stressed sectors: Top Sitharaman announcements

November 12, 2020 18:28 IST

FM Nirmala Sitharaman announcements: To boost rural employment, Sitharaman announced an additional outlay of Rs 10,000 crore to be provided for PM Garib Kalyan Rozgar Yojana in the current financial year

Nirmala Sitharaman, India's finance minister, wears a protective mask while speaking during a news conference in New Delhi, India, on Monday, Oct. 5, 2020. (Photographer. T. Narayan/Bloomberg)

FM Sitharaman announces Aatmanirbhar Bharat Rozgar Yojana to incentivise job creation

November 12, 2020 15:37 IST

FM Nirmala Sitharaman announcements: The finance minister made 12 announcements under the new Aatmanirbhar Bharat 3.0.

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Recession: July-Sept GDP to contract 8.6%, estimates RBI

November 12, 2020 10:25 IST

The RBI, however, said the economy will break out of contraction of the six months gone by and return to positive growth in the October-December quarter of 2020-21.

Auto to tech, 10 more sectors to gain from hike in PLI allocationSubscriber Only

November 12, 2020 16:06 IST

The PLI scheme for these ten sectors will be operational for five years with a total estimated outlay of Rs 1.45 lakh crore.

Cabinet approves PLI scheme worth Rs 1.46 lakh crore for 10 sectors

November 11, 2020 21:52 IST

PLI Scheme: The scheme will make Indian manufacturers globally competitive, attract investment and enhance exports.

15th Finance Commission Chairman NK Singh. (File)

Finance Commission submits report to President

November 10, 2020 02:22 IST

The report seeks to address a whole range of issues including transfer of funds to local bodies, disaster management grant and performance incentives to states, issues of defence expenditure.

Electoral bonds of Rs 282 crore sold ahead of Bihar elections

Need further stimulus to offset loss of working hours: SBI research

November 10, 2020 02:16 IST

Citing the recent estimates of loss of working hours by the International Labour Organization (ILO), SBI said “the maximum hours lost was in Q1 2021, when the lockdown was severest”.

According to data sourced from primeinfobase.com, of the 10 companies that witnessed the highest buying by FPIs in the quarter ended September 2020, there were five banks and a housing finance company.

Sept quarter: DIIs, FPIs train eyes on banking, finance stocks amid economic greenshootsSubscriber Only

November 10, 2020 02:10 IST

Market experts say strong FPI inflows into bank and finance companies is in line with the fact that they are relatively undervalued.

Over 1.68 crore returns were filed in September, an increase of more than 88 per cent over last year.

Amid updated GSTN infra, Oct returns post 36% jump

November 9, 2020 02:41 IST

The GST Network (GSTN) saw an even bigger surge in return-filing in September as the extended deadlines for previous months came to a close.

Companies remain cautious waiting to see whether the spurt in consumption — much of it the result of pent-up demand and purchases for the festive and wedding seasons sustains beyond December.

Q2: Sales remain weak, cos wary of spurt in consumption

November 9, 2020 02:38 IST

Without a meaningful increase in revenues, it might be difficult for companies to expand operating margins further since purchasing power in urban demand appears to be somewhat muted.

As CEA, Krishnamurthy V Subramanian is a key influencer on. (Illustration: Suvajit Dey)

Krishnamurthy V Subramanian: There is a definite fiscal space, to push demand. And it can be done mainly through infrastructure

November 9, 2020 07:21 IST

As CEA, Krishnamurthy V Subramanian is a key influencer on economic policy-making in India.

Chief Economic Adviser Dr Krishnamurthy Subramanian attended the online Idea Exchange on Saturday.

2-paced, V-shaped recovery on; there is room for fiscal spending, says CEA

November 8, 2020 01:05 IST

Speaking at the Idea Exchange organised by The Indian Express, Chief Economic Adviser Krishnamurthy Subramanian said enhanced fiscal space could be used to push demand by focusing primarily on infrastructure.

With Covid cases remaining high, insurers witnessed a surge in demand for health policies with premium collection touching Rs 28,804 crore, showing a rise of 15.8 per cent till October 2020.

Insurers receive Covid claims worth Rs 7,700 cr; premiums jump up to 100%Subscriber Only

November 8, 2020 01:02 IST

he rising number of claims and widening of illnesses under health policies have also pushed up premiums by up to 100 per cent, raising concern among senior citizens.

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Dharmendra Pradhan: Consensus on including LNG under GST soon

November 7, 2020 01:30 IST

According to a government release, Pradhan said the call from industry to include LNG under the indirect tax regime was a genuine demand and that a consensus was likely to develop on the issue soon.