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GDP back series data: Growth during UPA regime 'pretty decent' despite macro instability, says FinMin advisor Sanjeev Sanyal
Business

GDP back series data: Growth during UPA regime 'pretty decent' despite macro instability, says FinMin advisor Sanjeev Sanyal

Defending the revision in GDP growth rates for most of the 10-year UPA rule, Sanjeev Sanyal, Principal Economic Advisor in the Ministry of Finance, said the basis for the revision was use of internationally accepted standards.

CAD may narrow to 2.6% of GDP in FY19 on falling crude; direct tax collections likely to be higher: SBI report
Business

CAD may narrow to 2.6% of GDP in FY19 on falling crude; direct tax collections likely to be higher: SBI report

Total receipts for the six months period is Rs 7.09 lakh crore (39 percent of BE) and the total expenditure is estimated at Rs 13.04 lakh crore (53.4 percent of BE).

UBS sees sharp dip in GDP print in second half of fiscal; full-year growth at 7.3% against 7.5% earlier
Business

UBS sees sharp dip in GDP print in second half of fiscal; full-year growth at 7.3% against 7.5% earlier

The lower forecast follows similar moves by other analysts, including those at the global rating agency Moody's, which also expects GDP growth to come at 7.3 percent.

Govt-RBI rift: Aim of central bank board is to sensible, thoughtful like Rahul Dravid, says Raghuram Rajan
Business

Govt-RBI rift: Aim of central bank board is to sensible, thoughtful like Rahul Dravid, says Raghuram Rajan

The RBI led by Governor Urjit Patel and the government has not been on the same page on different issues for some months now.

Rupee may touch 76 levels against dollar in next 3 months with global crude prices remaining elevated: UBS
Business

Rupee may touch 76 levels against dollar in next 3 months with global crude prices remaining elevated: UBS

Rupee has already crossed the 74 mark owing to the continued strengthening of the dollar, lack of foreign flows and higher crude oil prices.

India-Japan sign currency swap agreement: Weak rupee against a rising dollar, depleating forex reserve led to $75 bn deal
India

India-Japan sign currency swap agreement: Weak rupee against a rising dollar, depleating forex reserve led to $75 bn deal

Japan and India on Monday entered into a $75-billion currency swap agreement. The deal comes in at a time when the country is battling with the depreciating value of rupee as opposed to the dollar.

Demonetisation: Narendra Modi govt's moves to curb black money reaps benefits with increased tax collection
Business

Demonetisation: Narendra Modi govt's moves to curb black money reaps benefits with increased tax collection

The Narendra Modi government has done remarkably well on the taxation front and its subset black money.

Speed up reforms, ease export rules to attract investment, says emerging markets guru Mark Mobius
Business

Speed up reforms, ease export rules to attract investment, says emerging markets guru Mark Mobius

Emerging markets guru Mark Mobius on Tuesday urged the Indian government to accelerate reforms and ease rules for exports to take advantage of the ongoing trade war globally.

Narendra Modi vs petrol, diesel: PM’s famed ‘luck’ at one point has turned out to be his biggest economic riddle
Business

Narendra Modi vs petrol, diesel: PM’s famed ‘luck’ at one point has turned out to be his biggest economic riddle

The economic headwinds are strong and Modi doesn’t have much in his arsenal to tackle a falling rupee and skyrocketing crude oil prices.

Sensex crash, NBFCs in turmoil: Where is the stock market headed after the big meltdown?
Business

Sensex crash, NBFCs in turmoil: Where is the stock market headed after the big meltdown?

The correction in NBFCs is a testimony of the change in sector dynamics.

Govt may not further hike import duty on non-essential items; could take other measures to arrest impact of Re slide
Business

Govt may not further hike import duty on non-essential items; could take other measures to arrest impact of Re slide

The government had, effective 27 September, doubled duties on import of 19 items, including air conditioners, household refrigerators and washing machines (less than 10 kg), to 20 percent.

Rupee zooms 55 paise to close at 73.57 against US dollar; marks biggest jump in over three weeks
Business

Rupee zooms 55 paise to close at 73.57 against US dollar; marks biggest jump in over three weeks

Rising for the third straight day, the rupee strengthened by 55 paise to settle at 73.57 against the US dollar on Friday, marking its biggest gain in over three weeks as global crude prices eased and domestic indices staged a smart rebound

Govt hikes import duty on select communication items to up to 20% to check widening CAD
Business

Govt hikes import duty on select communication items to up to 20% to check widening CAD

The CAD widened to 2.4 percent of the GDP in the first quarter of 2018-19.

Stock market and rupee slump due to external factors; govt to take action at appropriate time: Finance ministry official
Business

Stock market and rupee slump due to external factors; govt to take action at appropriate time: Finance ministry official

Attributing the slump in stock and currency markets to external factors, a finance ministry official on Thursday said more steps will be taken to check current account deficit (CAD) and hoped that the rupee would appreciate.

Relief to aviation industry: Government cuts excise duty on jet fuel to 11% from today
Business

Relief to aviation industry: Government cuts excise duty on jet fuel to 11% from today

The aviation industry has been seeking lower taxes to help offset the impact of high oil prices.

Narendra Modi govt's hike in MSPs for kharif crops well below ones announced under UPA: RBI
Business

Narendra Modi govt's hike in MSPs for kharif crops well below ones announced under UPA: RBI

The government had announced the hike in MSPs in July for the summer or the kharif crop, following a budget announcement affirming a 50 percent mark up to farmers over the cost of produce.

Petrol, diesel excise cut: Fiscal stress staring at India; can Centre, states have the guts to tackle it?
Business

Petrol, diesel excise cut: Fiscal stress staring at India; can Centre, states have the guts to tackle it?

Post the petrol, diesel, excise cut, how the Centre manages to stick to the fiscal deficit target of 3.3 percent is going to be interesting to watch

Jet Airways shares tank 5% as company delays part payment of August salaries to pilots and senior management
Business

Jet Airways shares tank 5% as company delays part payment of August salaries to pilots and senior management

Jet Airways has told its pilots, aircraft maintenance engineers and senior management team that part of their August salaries will be paid by 9 October

Sensex extends losses, down 218 points to 36,324.17 on US Fed rate hike, F&O expiry; Nifty closes below 11,000
Business

Sensex extends losses, down 218 points to 36,324.17 on US Fed rate hike, F&O expiry; Nifty closes below 11,000

Benchmark indices Sensex and Nifty fell for the second consecutive session on Thursday after the US Fed hiked interest rates and struck a hawkish stance amid rising crude oil prices

Govt hikes customs duty on 19 items: Import curbs not to have major impact on widening current account deficit
Business

Govt hikes customs duty on 19 items: Import curbs not to have major impact on widening current account deficit

The move to penalize imports of “non-essential” items may not be enough for India’s external trade woes to be addressed since external factors and rising oil prices are likely to continue to exert pressure