Economy News - Latest News on Indian Economy, Government Policy Page 6

No weight to Class 12 board marks, common entrance mandatory for UG admission at central universities: UGC

The CUET will reduce multiplicity, and provide a common platform to get admission in all universities and colleges across the country.

Exclusive| India-Australia interim trade deal to allow Aussie wine but not dairy, say sources

Discussions on market access for Australian dairy products and meat, apart from Australia’s discomfort with opening up services exports, are the major sticking points in the deal, talks on which had begun in 2011.

Controlling inflation, reducing volatility key to stabilising rupee, economists say

After reaching a record low of 77.14 to the dollar on March 7, the rupee has since gained to 76.25 as of March 16. This still represents a fall of 2.28 percent since the beginning of the year, when it was 74.51.

India plans early harvest trade pact with Canada, but officials remain unsure

The recent signing of an early harvest trade deal with the UAE in only 88 days has given New Delhi the bandwidth and the confidence to conclude a similar deal with Canada as well. But multiple issues may hold up the process.

EPFO to rope in PFRDA, LIC for employee pension reforms

A small committee of experts from LIC and independent actuaries have already met thrice with EPFO authorities in the past two and a half months.

February exports rise 25.1% YoY as global orders remain strong

Cumulative exports in the first 11 months of FY22 stood at $374 billion. Policymakers are confident that India will reach the government target of $400 billion worth of exports. Imports, however, have continued to rise fast reaching $550 billion till February, nearly 60 percent higher than FY21.

India and Canada considering an interim agreement to speed up FTA talks

Both sides have decided to formally relaunch negotiations for the proposed trade pact, talks on which had stalled for years.

Why a weakening rupee is not always good for exports

While a falling rupee makes Indian exports more competitive, imported inputs become more expensive

EPFO redeems Rs 12,785 crore ETFs for FY22 interest payout

EPFO sold its investments under an accounting rule called FIFO and has garnered Rs 5,529 crore of capital gains. It will use it for FY22 interest rate calculation. EPF interest rate for the 2021-22 financial year will be announced on March 12.

Government to work out alternative trading mechanism with Russia only after situation eases

Apart from geopolitical compulsions, India needs to make sure that revamping trade flows to Russia doesn’t do more harm than good to the export and banking sectors, senior officials said.

Govt says it has not received any intel on Indian students being held hostage in Ukraine

The Russian Ministry of Defence had on March 2 said that Ukrainian forces were holding Indian students hostage in Kharkiv and other cities

February exports rise 22.3% Y-o-Y as global orders remain strong

Cumulative exports in the first 11 months of FY22 stood at $374 billion. Policymakers are confident that India will reach the government target of $400 billion worth of exports. Imports however have continued to rise fast reaching $550 billion till February, nearly 60 percent higher than FY21.

Q3 GDP data| Exports and imports shoot past beyond pre-Covid levels

GDP figures have revealed that in the third quarter of 2021-22, both components of India's external trade have zoomed past their pre-Covid levels. Exports are also now 20.4 percent of India's economy, up from 17.8 percent a year back However, runaway imports have continued to rise for five sonsecutive sectors now.

Q3 GDP data | Manufacturing sector grows just 0.2% in Q3 amid third wave of COVID-19

Manufacturing gross value added (GVA) stood at Rs 5.91 lakh crore in the third quarter of FY22, lower than Rs. 6.24 lakh crore in the second quarter (July-September) of FY22.

Regulatory woes thwart potential wheat export gains for India spawned by Russia-Ukraine war

India’s rising wheat exports may not be able to corner Ukraine’s biggest market of Europe due to regulatory issues. However, a bigger opportunity rests closer home as Bangladesh, the world’s fifth largest wheat importer, ramps up buying.

Official free-trade talks with Gulf Cooperation Council may restart soon

Crude oil imports by India dominate trade with the six oil-rich economies of the GCC but the potential for expanding exports to the region, as well as the recent trade deal signed with the UAE, have given rise to hopes for a breakthrough in talks that ended more than a decade ago

India-UAE Summit | Dedicated investment zones, joint Hydrogen task force, cooperation in e-biz announced

India has committed to opening a new Indian Institute of Technolgy would be set up in the UAE, while the UAE would invest more in India's health sector. Both nations have also decided to focus more on strengthening supply chains for medical supplies and agri trade.

Exclusive | Four labour codes will be implemented in 2022; welfare scheme for gig workers on the anvil: MoS Labour Rameswar Teli

“We are linking PM Shram Yogi Mandhan Yojna (PM SYM) that promises pension to informal sector workers registered in the scheme, with the E-sharm database,” said Minister of State for Labour Rameswar Teli.

India-UAE trade deal| First major trade pact under Modi govt set to boost jewellery, apparel exports

The ‘early harvest’ deal includes tariff reduction and market access for more exports, and will be followed by a comprehensive free trade agreement later. Announced in September 2021, negotiations on the deal were completed in record time.

CBDT issues refunds worth Rs 1.71 lakh crore to taxpayers in FY22

Majority of refunds worth Rs 1.39 lakh crore issued for assessment year FY21. Refunds worth 31,857 crore were paid for the current financial year (FY22) as well.

India to grow fastest among large nations in FY23: Finance ministry

The ministry has said that the current financial year will end with an "economic reset"

January exports rise 25% Y-o-Y on back of strong global orders

Official statistics show that exports of all major revenue earners such as engineering goods, petroleum, gems, and jewelry continued rising in January. Cumulative exports in FY21 till January crossed $335 billion, a record high. However, equally fast rising imports are also expected to push India's total import bill to a record high this year.

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