ECONOMY NEWS - Page 97

India’s WPI inflation rises to all-time high of 10.49% in April

May 17, 2021 13:35 IST

India's WPI Inflation April 2021: The wholesale price index (WPI) grew 7.39 per cent during the month of March and it rose to 4.83 per cent in February, the data from the Ministry of Commerce & Industry showed.

The power consumption in April grew nearly 40 per cent to 118.08 BU.

Power consumption grows nearly 19% in May

May 17, 2021 01:20 IST

Power consumption in the first fortnight of May 2020 was 43.55 BU. The power consumption in the entire month of May last year was 102.08 BU.

The increase led to petrol rates in Delhi climbing to Rs 92.58 per litre and diesel to Rs 83.22, according to a price notification of state-owned fuel retailers.

Fuel prices hiked again: Petrol nears Rs 99 in Mumbai

May 17, 2021 01:16 IST

A litre of petrol in Mumbai after a 23 paise hike now comes for Rs 98.88 and diesel, after a 29 paise jump, is priced at Rs 90.40 per litre.

Gold import stood at $2.83 million (Rs 21.61 crore) in April 2020, the data showed.

Demand surge helps gold import jump to $6.3 billion in April

May 17, 2021 01:14 IST

The rise in gold imports pushed the country’s trade deficit to $15.1 billion in April 2021 as against $6.76 billion in the same month a year ago.

As a percentage of total directors on a board, it is encouraging to see roughly 27 per cent of the companies have a representation 20-29 per cent of women on their boards. (Getty image)

‘More women directors, but few are in executive roles’

May 17, 2021 01:10 IST

Of the total number of female executive directors only 31 per cent were professional EDs, the remaining 69 per cent belonged to the promoter group or were representatives of the promoters.

The accused used the high-speed internet of the shop where they worked and used to try all day to book slots for those willing to pay money.

CoWin tightens rules for slot info sharing with third partiesSubscriber Only

May 17, 2021 07:27 IST

While the move has come amid reports suggesting the misuse of the portal’s open APIs by some coders and software programmers to set alerts and book slots, the NHA said it was done to “ensure scalability” of the platform and to prevent cyberattacks.

Union Finance Minister Nirmala Sitharaman will chair the 43rd meeting of the GST Council on May 28, her office tweeted.

GST Council meeting on May 28

May 16, 2021 01:00 IST

The GST Council is expected to discuss the modalities for borrowings by states to meet shortfall in tax revenues for this fiscal, if there would be a requirement for it this year like last fiscal.

Indian economy, World Bank, indian economy during pandemic, india news, economy news, indian express

‘India needs policy-change reforms’Subscriber Only

May 15, 2021 08:09 IST

He cautioned, “India is de-globalising, not back to what it was before but more than the world is; owing to policy choices: increased protection and decreased attention to export competitiveness.”

Commerce Minister Piyush Goyal tweeted on Friday that he had discussed India and the US working together on trade-related aspects of Intellectual Property rights waiver with US Trade Representative Katherine Tai.

Vaccine IP waiver: Rules for everyone, Commerce Secy on easing Covaxin rights

May 15, 2021 01:09 IST

The US has recently announced its support for waiving IP rights for Covid -19 vaccines, an issue raised in a proposal by India and South Africa, which also called for a waiver of IP rights on Covid-related interventions, including diagnostics and treatments.

Employees have also been asked to avoid, when on officials tours, any mobile or internet-based service that requires their location, “unless it is necessary for discharge of office duties”.

Amid cyber risks, no data storage on cloud services; action if leakage: DoT to staffSubscriber Only

May 15, 2021 00:58 IST

If any official and classified information is stored on private cloud services, the employee storing such data may be liable for penal action in case of a data breach, the DoT said in a communication to all its staff.

In 2019, India had received USD83.3 billion in remittances.

India received $83 billion in remittances in 2020: World Bank report

May 13, 2021 08:48 IST

China, which received USD59.5 billion in remittances in 2020 against USD68.3 billion the previous year, is a distant second in terms of global remittances for the year gone by, as per the latest World Bank data released on Wednesday.

Low base effect pushes up IIP; cheaper food cools inflation

May 13, 2021 04:00 IST

Manufacturing sector output surged 25.8 per cent in March 2021, while mining output rose 6.1 per cent and power generation increased by 22.5 per cent in March.

Retail inflation eases to 4.29% in April; IIP grows 22.4% in March: Govt data

May 12, 2021 22:42 IST

CPI Inflation Rate April, IIP Growth Rate March 2021: The retail inflation, measured Consumer Price Index (CPI) eased to 4.29 per cent in April. Separately, the factory output, measured in terms of Index of Industrial Production (IIP), grew by 22.4 per cent in March.

Over the longer term, Moody's expects growth to be around 6 per cent. (Reuters)

Moody’s cuts India’s growth forecast to 9.3%, risks of longer-term scarring

May 12, 2021 12:44 IST

Moody's, which has a 'Baa3' rating on India with a negative outlook, said obstacles to economic growth, high debt and weak financial system contrain sovereign credit profile.

People shop at a crowded vegetable market amidst the spread of the coronavirus disease (COVID-19) in Mumbai, India, May 11, 2021. (REUTERS)

Benign food prices likely dragged India’s April inflation to three-month low: Poll

May 11, 2021 15:00 IST

Consumer price inflation was predicted to cool to 4.20% in April, just above the RBI's 4% mid-point target and down from March's four-month high of 5.52%, according to the poll of nearly 50 economists taken over the past week.

Crisil said the lockdowns are less restrictive right now, but the expanse of area under such measures is increasing with the ingress of the virus into the rural areas where healthcare infrastructure is weak.

‘Second wave peak in June may lead to growth falling to 8.2%’

May 11, 2021 03:00 IST

If the second wave peaks in May-end, the GDP expansion will come at 9.8 per cent, and can go down to 8.2 per cent if peaking happens in June-end, it said.

Imports too rose by 80.7 per cent to $8.86 billion during May 1-7, 2021 as against $4.91 billion in the same period last year and $10.39 billion in 2019.

Exports rise 80% to $7 billionduring May 1-7

May 10, 2021 03:15 IST

Exports during May 1-7 last year stood at $3.91 billion and $6.48 billion in the same week of May 2019, data showed.

Sources at oil and gas public sector undertaking (PSUs) told The Indian Express that the decision to contribute to the development of Shri Badrinath Dham “was in the process” before the pandemic.

Oil PSUs commit Rs 100 cr to Badrinath revamp: ‘In process’ before Covid

May 9, 2021 01:27 IST

Union Petroleum Minister Dharmendra Pradhan said the move “would help attract tourists to the state”, adding that oil PSUs would also contribute to the development of Kedarnath, Uttarkashi, Yamunotri and Gangotri.

Last year too in the wake of Covid pandemic, the CBIC had allowed businesses to import and export goods without furnishing bonds to the customs authorities.

CBIC eases norm on furnishing bonds for import, export of goods till June 30

May 9, 2021 01:18 IST

In a circular, the CBIC said importers and exporters will have to furnish an undertaking to the Customs authorities in lieu of the bonds till June 30.

In the week ended April 16, the reserves had swelled by $1.193 billion to $582.406 billion.

Forex reserves see fourth week of gains, close to all-time high

May 9, 2021 00:54 IST

With the latest gain, the forex kitty posted its fourth successive week of gains — starting with a rise of $4.344 billion to reach $581.213 billion during the week ended April 9.

In the previous fortnight ended April 9, cash with public had risen by Rs 30,191 crore. Since February 1, the cash with public is up by Rs 96,776 crore.

Pandemic, lockdown calls see cash with public hit record highSubscriber Only

May 8, 2021 07:47 IST

According to the data released by the Reserve Bank of India, the currency with public rose by Rs 15,919 crore in the fortnight ended April 23 to cross the Rs 28 lakh crore mark for the first time.

"Despite additional pressure due to Covid-19, insurance companies have been able to manage their affairs without any disruption,” said outgoing Irdai Chairman Subhash Chandra Khuntia.

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