Economy

93% manufacturers keen on sustainability standards to boost exports, revenue: PwC survey

52 percent of executives are prioritising investments in automation for repetitive and mundane tasks to allow employees to focus on high-value work

Thaw in China ties unlikely to deter India's plans for steel tariffs: Report

Mills in the world's second-biggest producer of crude steel have been battling an influx of cheap imports, particularly those from China, which touched a seven-year high during the period from April to August

IDBI Bank strategic sale to proceed without delays with RBI’s advance nod; due diligence in Nov

The IDBI Bank strategic sale criteria was prepared in consultation with the RBI. The RBI has done due diligence of all bidders. A priori approval was sought to avoid complications later on as a double check.

US continues to be the engine of global growth in IMF forecast for world economy

The IMF forecast that the global output will expand 3.2 percent, 0.1 percentage point slower than its July estimate, and predicted that inflation will slow down to 4.3 percent next year from 5.8 percent in 2024

India to lead global discourse while maintaining neutrality in foreign affairs, says FM Sitharaman

"A picture is today emerging of India with its affiliations to several blocs, keeping its neutral, non-aligned position."

India's growth story intact: RBI Bulletin estimates 7.2% GDP for 2024-25

The Bulletin further pointed to the government's emphasis on capital expenditure and healthy corporate and bank balance sheets as positive factors bolstering investment activity

India's coal-fired monthly power output slips consecutively for the first time since pandemic

Electricity use in India has been rising since the pandemic due to a surging economy as well as heatwaves. However, higher rainfall during this year’s monsoon reduced air-conditioning demand and weighed on power consumption, analysts say.

Resilient Indian economy needs no urgent action on crude price rally, says govt official

Brent crude hovered on $78 a barrel in early trade on October 4, clocking its biggest one-day rise in almost a year

Government committed to reducing fiscal deficit to 4.9% by FY25: FM Sitharaman

The finance minister emphasised that reducing the fiscal deficit from 5.6 percent of GDP in FY24 to 4.9 percent in FY25 will "not only keep the bond yields in check but also manage borrowing costs"

India’s current account deficit widens to 1.1% at $9.7 billion in Q1FY25

Merchandise imports at $176 billion were higher than $111 billion in exports in the first quarter of the fiscal, as exports had contracted compared with the previous year

RBI DG Swaminathan asks SFBs to be vigilant, proactive to mitigate risks

The event themed ’Governance in SFBs – Driving Sustainable Growth and Stability’ is part of a series of supervisory engagements that the Reserve Bank has been organising with the Directors of its Supervised Entities in the recent past, it said

Economists advise Centre to improve inflation data

More than 50 economists met with key government officials in Mumbai this week, and suggested that frequent household consumption surveys should be conducted for more up-to-date revisions of the consumer price index, the statistics ministry said in a statement Wednesday

Centre to sell onions from reserves to check prices, says official

Earlier this month, the government had removed a floor price on onion exports after a spate of export curbs on farm goods fuelled anger among farmers

'No reply' to surveys jumps 100% in 5 years. Gated, urban communities more averse to respond

Non-response rate is higher for detailed surveys like Household Consumption Expenditure Survey, which are instrumental in determining consumer inflation and GDP statistics 

Stats ministry working on reforms to make data and surveys more robust, says Saurabh Garg

The statistics ministry is dividing surveys into several parts to avoid fatigue, relying on the use of technology, says the secretary

Ayushman Bharat scheme's expansion not enough. Quality & choice of care also important

At 1 percent of GDP, India spends among the least on healthcare. Ayushman Bharat is well-intentioned, but it needs to evolve to provide people with quality — and not cheap — healthcare.

SC order on mineral royalty to states ignores macro impact, may drive up prices: Centre

The petition also claimed that different state taxes would ‘drive up’ the prices and increase export dependence, the report said, adding that several critical infrastructure sectors are dependent on minerals across the states

GIC OFS subscribed 1.08 times; Finance Ministry to exercise green shoe option

The government has launched 6.78 percent stake divestment via OFS on September 4 and 5, with a floor price of Rs 395 per share.

Govt plans to raise import taxes on vegetable oils to help farmers: Report

The move, which is likely to be announced in the coming weeks, could dampen demand and reduce overseas purchases of palm oil, soyoil, and sunflower oil.

GST Council to weigh easing compliance load on foreign airlines, shipping firms at Sept 9 meet

Council is expected to discuss fitment committee’s proposal of exempting the payment of GST at the time of import, allowing the subsidiary companies to make the payment at the time of disbursement of services instead

Urgently need to close $4 trillion financing gap in sustainable development investments, says FM Sitharaman

FM Sitharaman was referring to a new UNCTAD report that said that developing countries actually face a staggering $4-trillion gap in sustainable development investments.

Access to loan made easy: Public sector banks to develop internal credit rating systems for MSMEs by Oct

The finance ministry supports small businesses to get loans at a more affordable rate amid bid to reduce their dependence on external credit ratings while borrowing funds.

Nitin Gadkari writes to FM, seeks withdrawal of 18% GST on life, medical insurance premiums

GST on medical insurance premium is proving to be a deterrent for the growth of this segment of business which is socially necessary, the minister has said.

Finmin has asked RBI to nudge pvt lenders to increase corporate lending: DFS Secy

"Cost of employee to bank is very high in PSBs. The public sector banks must enhance their operational efficiency and reduce costs by leveraging AI and technology," the official added.