Business
Food Inflation Seen Peaked, May Remain Subdued
Food inflation, which stayed persistently above 6% for a year till June, may have seen the peak, economists said. The consumer food price index, which rose 9.36% on year in June, fell sharply to 5.42% in July, thanks to a favourable base. However, price pressures in this segment as...
Govt Eases Cross-Border Share Swap Rules To Woo Foreign Money
New Delhi: India eased cross-border share swaps, allowing issue or transfer of equity instruments of a local company in exchange for those of a foreign firm in a significant rejig of foreign investment norms. Investments by an overseas citizen of India (OCI) on a non-repatriation basis would not be...
FDI In Food Processing Industry Falls 30% To Rs 5037 Crore In 2023-24
The foreign direct investment (FDI) fell by 30 per cent to Rs 5,037.06 crore in India’s food processing industry in the last fiscal year, shows the official data. In FY2023, the food processing industry saw FDI of Rs 7,194.13 crore. The Food Processing Industries Ministry submitted data to the...
Govt Initiates Anti-Dumping Investigation Into Steel From Vietnam
India has launched an anti-dumping probe into imports of hot rolled flat products originating in or exported from Vietnam after complaints that they were being sold at low prices, hurting the interest of the domestic steel industry. Indian steelmakers have been flagging cheap imports from China rerouted through Vietnam...
Telecom Players’ Arpu Growth Falls To 7.5% In Fy24, Shows Govt Data
The Average Revenue Per User (Arpu) earned by India’s telecom players rose 7.5 per cent in FY24, as compared to nearly 20 per cent in FY23, according to the latest government data. The yearly telecom sector performance indicators report released by the Telecom Regulatory Authority of India (Trai) on...
Stringent Safety Norms For Construction Electric Vehicles From October 1
The Centre is set to impose stricter safety standards on electric construction equipment as the industry prepares for a green transition. The Ministry of Road Transport and Highways (MoRTH) has proposed new rules that will require all electric construction vehicles, including dumpers and excavators, to meet stringent safety standards...
India Close To Being Top Medicine Exporter To US
India’s pharma and medical device industry is expanding its footprint in the key markets of US, UK and Italy gaining market share at the expense of its competitors, according to data analysis by the Ministry of Commerce and Industry. India is the third largest import source of medicine put...
Exports Shrink 1.5% In July, Trade Deficit Widens To $23.5 Billion
India’s merchandise trade deficit rose to the highest level in nine months in July on the back of high crude imports and a contraction in overall goods exports after three straight months of positive growth. Exports contracted 1.47% on year to $33.98 billion in July, while imports rose...
Govt Committed To Big Reforms That Will Accelerate Growth And Progress, Develop India By 2047: PM Modi
Prime Minister Narendra Modi marked the 78th Independence Day by emphasising his government’s commitment to economic reforms and attracting global investment. Addressing the nation from the ramparts of the Red Fort, Modi highlighted that the reforms are driven by conviction rather than compulsion, aiming to boost economic growth and...
RBI Clears Tata Capital’s Conversion Into NBFC Investment Credit Company
The Reserve Bank of India (RBI) has cleared the conversion of financial and investment services provider Tata Capital Limited (TCL) into a non-banking finance company (NBFC)–investment credit company (ICC) from a NBFC–core investment company (CIC). This comes after Tata Capital merged Tata Cleantech Capital and Tata Capital Financial Services...
CPI Inflation Down, But Road Ahead Could Be Bumpy: SBI Report
New Delhi: India’s Consumer Price Index (CPI) inflation dropped to 3.54 per cent in July 2024, its lowest in nearly five years, largely driven by a decline in vegetable prices. However, despite this positive development, the State Bank of India (SBI) has cautioned that the path forward may be...
Food Inflation Falls To 13-Month Low To 5.42%
Retail food inflation dropped sharply to a thirteen-month low to 5.42% in July, compared to 9.36% in June largely because of base effect, while prices of pulses and cereals prices continued to be at elevated levels. The consumer food price index (CFPI) rose by 2.81% sequentially in July, 2024....
Govt Kick-Starts Revamp Of Centrally Sponsored Schemes
As part of the expenditure reforms, the Niti Aayog has initiated a process for revamping of Centrally Sponsored Schemes (CSSs), which account for over 10% of the Centre’s annual budget outlay, to assess each scheme’s relevance, effectiveness and sustainability. The Development Monitoring and Evaluation Office (DMEO) of the think...
India, US Ink ‘Landmark’ Agreement On Cooperation In MSMEs Sector
India and the US on Tuesday signed a “landmark” agreement that provides a framework for both sides to explore cooperation in the micro, small and medium enterprises (MSME) sector. External Affairs Ministry Spokesperson Randhir Jaiswal said the Memorandum of Understanding (MoU) would enable MSMEs of the two countries to...
Reserve Bank Of India Tightens HFC Norms To Bring Them On A Par With NBFCs
The Reserve Bank of India (RBI) on Monday tightened norms related to public deposit acceptance by housing finance companies (HFCs), which were so far subject to relaxed prudential norms compared to non-banking financial companies (NBFCs). According to the revised guidelines, the RBI has reduced the ceiling on the quantum...
Retail Inflation Cools To Nearly 5-Year Low In July, IIP Falls 4.2% In June
India’s retail inflation rate, based on the consumer price index, in July fell below the Reserve Bank of India’s (RBI’s) medium-term target of 4 per cent for the first time since August 2019 on the back of a high base and sharp reduction in food prices. However, a senior...
Govt Approves 20% Premium For Natural Gas From New Wells For ONGC
The government has approved a 20 per cent premium over the regulated or APM price for any natural gas that ONGC will produce from new wells, the company said on Monday. Currently, two pricing regimes govern the majority of the domestic production of natural gas, which is used to...
IIP Growth Eases To 5-Month Low Of 4.2% In June
India’s factory output growth, as measured by the Index of Industrial Production (IIP), moderated to a five-month low of 4.2% in June from 6.2% in May, primarily due to slower growth in manufacturing activity, official data released on Monday showed. Manufacturing growth (accounting for 78% of IIP) slowed to...
