The government’s cash balances have nearly halved in about a month to Rs 2.3 lakh crore as it accelerates spending on infrastructure. Higher federal spending, though potentially inflationary, should boost economic growth that fell below even the central bank’s forecast last quarter. Cash balances with the government were at Rs 2.3 lakh crore on September … Read more
The visiting IMF delegation is expected to conclude talks with the Sri Lankan government and make a formal announcement on Thursday on the much-awaited bailout package and staff-level agreement for the cash-strapped island nation, media reports said on Wednesday. Sri Lanka is going through its worst economic crisis since its independence in 1948 which was … Read more
The pressure on asset quality of loans to micro small and medium enterprises (MSMEs) is set to increase, leading to a rise in non-performing assets (NPAs) in this segment in the next six months, according to a survey by the Federation of Indian Chambers of Commerce & Industry and the Indian Banks’ Association. Some of … Read more
Top investment banks expected Russia to suffer severe economic damage after it invaded Ukraine in February. But Russia’s economy has held up better than expected, causing them to revise those predictions. Here are three charts that show the Russian economy’s resilience in the six months since war started. When President Vladimir Putin’s forces invaded Ukraine … Read more
The Indian Railway Catering and Tourism Corporation (IRCTC), due to privacy concerns, withdrew a contentious tender for the employment of a consultant to monetise its passenger and freight customer data, officials said on August 26. The railroads’ ticketing and catering division told Congress leader Shashi Tharoor’s Parliamentary Standing Committee on Information Technology that it was … Read more
The Supertech Twin Towers in Noida, also deemed as the India’s tallest building Noida Twin Towers, will be demolished on 28 August, Sunday following a directive from the Supreme Court of India. The final check-up of explosives and related arrangements for the demolition of the Noida twin towers are underway on Saturday, the project officials … Read more
Ace stock market investor Rakesh Jhunjhunwala, often referred to as India’s Warren Buffett, died on 14 August. A self-made trader, investor and businessman, he was also known as ‘Big Bull’ of Dalal Street. As a qualified CA and son to an Income Tax officer, Jhunjhunwala had entered the stock market in 1985 when Sensex was … Read more
Makers of popular paracetamol tablet Dolo-650 have distributed freebies worth about Rs 1,000 crore to doctors as consideration for prescribing the tablet, it has been alleged. Senior advocate Sanjay Parikh, representing an NGO Federation of Medical Sales Representatives Association of India, told the Supreme Court that the Central Board for Direct Taxes (CBDT) has made … Read more
Britain’s rate of inflation has surged to a new 40-year high as the Consumer Prices Index (CPI) rose to 10.1 per cent on Wednesday, with increasing food costs the biggest driver of the latest hike. According to the Office for National Statistics (ONS), annual inflation for essential food items is now running at 12.7 per … Read more