BUSINESS
Food inflation may ease in next 2-3 months, says Fin Min official
"Inflation may plateau going further, especially the food part," the official said, adding that the steps that have been taken by both the central government and the RBI will likely keep a lid on inflation.
BUSINESS
Bonanza small savings inflows may give India room to lower FY24 market borrowing: FinMin source
Net collections under the small savings fund has seen a growth of around 48% on-year for the current financial year and has reached 34 percent of the Budget target for 2023-24 as of now.
BUSINESS
India to sustain world-beating growth in foreseeable future: Finance Secretary
India's young population and policies will be key to ensure that the country is able to harness the opportunity to grow much faster than the world, and the Indian diaspora could play a catalyst role in these achievements, Somanathan said
BUSINESS
Consumers or farmers? Inflation fight tests Modi government in an election year
The unprecedented levels of inflation in food prices have brought the focus back on the government’s intent to raise farmers income, especially when the country is bracing for national elections in less than a year
BUSINESS
NITI Aayog member Chand expects India’s agriculture sector growth at over 3% in FY24
Despite weather worries, Chand said that so far there are no “serious shocks” that could crater growth, and that the pricing environment is encouraging for farmers apart from a few pockets in Punjab and Haryana.
BUSINESS
Exclusive: Apple plans to scale up domestic component manufacturing in India
In a meeting with finance ministry officials in July, Apple shared plans to indigenise faster and increase their domestic component manufacturing base in India.
BUSINESS
India's nominal GDP growth could be 50 bps higher than Budget assumption: Fin Min source
A higher nominal GDP figure versus the budgeted figure could mean that the Centre’s tax mop-up for 2023-24 may be better than the projections, giving the govt more leeway in meeting its fiscal deficit target.
BUSINESS
Exclusive: India hopes to get discounted Russian oil as long as global price below $90/barrel, says govt source
With few takers for Moscow's oil, India is confident that Russia will not push New Delhi to breach the $60 per barrel ceiling for Russian crude even as prices go up, the official told Moneycontrol
BUSINESS
Must be on guard till June next year as global food prices soar, says NITI Aayog's Ramesh Chand
Chand admitted that India cannot insulate itself from rising global food prices and can only take steps to moderate its effect locally.
BUSINESS
Exclusive: States likely to fall short of using capex loans allocation by 20% in FY24: Govt official
The underutilisation of these capex loans is said to be on account of some states not meeting the reform-related conditions
BUSINESS
India not pitching for bond inclusion to index providers anymore: Govt source
In 2022, key index providers such as JP Morgan and FTSE Russel retained Indian government bonds on their watch lists. Though a review is due at the end of the current quarter ending September, the government has not recently been in discussions with index managers, according to the official who spoke on the condition of anonymity.
ECONOMY
MC Interview: Growth in small savings significantly high, on track to meet Rs 4.71 lakh crore target, says Fin Secy
TV Somanathan also said that NSSF inflows will not be impacted even if many people shift to the new direct tax regime
BUSINESS
July inflation peaked at 7.44 percent, expected to come down says Finance Secretary: Exclusive
Even as the finance ministry expects CPI numbers to cool down going ahead, the government will continue to take more steps to contain inflation but avoid any knee-jerk reactions, Somanathan told Moneycontrol in an interview.
BUSINESS
India looks to Japan, Latin America to arrest fall in gems & jewellery exports
The recent slowdown in the top export markets of Indian gems and jewellery, like the US, European Union and Hong Kong, has prompted New Delhi to scout for fresh markets, an official said
BUSINESS
Exclusive: On El Nino fear, India’s rice export ban may continue till at least November: Government source
Any decision on rolling back the prohibition can only be considered after the sowing season for kharif crops ends, enabling the government to assess the yield for the current year, the official said.
BUSINESS
India-UK FTA talks may conclude as early as September
The countries have already achieved broad consensus on trade of goods especially on the prickly issues of whiskey and automobiles. As many as 19 chapters of the total 26 have also been closed.
BUSINESS
India eyes diversifying imports, exports to limit fallout of US, China demand slowdown
Measures to arrest the impact of global headwinds include diversifying import source nations, scouting for newer markets for Indian goods as well as non-tariff barriers are expected to push local manufacturing at the same time, a senior government official said
BUSINESS
India explores FTA prospects with Peru, shifts focus to strategic cooperation in trade pacts
The country may engage with Peru as early as September to begin negotiations in this matter.
BUSINESS
India's exports plunge to 9-month low in July, trade gap widens on-month
Merchandise trade exports fell to a 9-month low of $32.25 billion in July along with imports registering a fall of 17 percent to $52.92 billion in the same period.
POLICY
PLI Scheme for electronics manufacturing attracts Rs 6887 crore investments till June 2023
The number has breached the ministry’s target which had aimed for an investment of Rs 5,488 crore till the end of FY24.
BUSINESS
PLI scheme disbursals may rise 4-fold on push to local manufacturing
The secretary further said that there is "some course correction required" in the PLI scheme focussing on the sectors that are lagging behind.
BUSINESS
India to take more steps to cool prices of essential commodities, says FM Sitharaman
Continuing on the issue of rising prices, Sitharaman hit out at states governed by opposition parties for not reducing duties on fuel which has led to high inflation in those regions.
BUSINESS
Exclusive: Brazil, South Africa may be next in line for India’s bilateral currency settlement plan
Key nations in Latin America and Africa are likely to be the next set of candidates for India’s bilateral local currency settlement push as it aims to first convince smaller countries to accept transactions in rupees
BUSINESS
Govt will not consider requests to stop HLL Lifecare privatisation: FinMin
In its response, the central government also said that the bid submitted by the Kerala government as a lead member of a consortium was given due consideration, but since it did not meet the eligibility criteria, the Expression of Interest could not qualify
