Russia and India Suspend Talks Over Using Rupees for Trade

Russia and India have suspended negotiations over using rupees for trade, Reuters reported. Moscow, with a high trade gap in its favor, believes accumulating rupee is “not desirable.” China prefers to be paid in Chinese yuan or other currencies. Russia and India have suspended negotiations over using rupees for trade between the two countries, with … Read more

Govt shouldn’t do biz where it is not meant to be: FM

Finance minister Nirmala Sitharaman on Friday said the Union government was committed to privatization. Speaking at the launch of veteran banker Narayanan Vaghul’s book Reflections, Sitharaman said the government believes that it should not be doing business where it is not meant to be. “Since 1947, for the first time, the word privatization was used … Read more

India races to get rich before it gets old as population passes China

A fleeting moment in western India on the evening of March 8 will remain etched in Nikita Punjabi’s memory forever: The first glimpse of her newborn daughter as the doctor held her up after delivery. Aniket Rai, nervously waiting during the birth, cried tears of joy when the nurse told him he had a baby … Read more

GST collections in March jump 13% to Rs 1.6 lakh crore

India’s monthly goods and services tax (GST) collections hit the second highest ever in March, rising 13% from a year earlier to `1.6 lakh crore, suggesting economic strength despite several headwinds. The total gross collection for FY23 was Rs 18.10 lakh crore, an average Rs 1.51 lakh a month and up 22% from FY22, data … Read more

India subsidies: India’s food subsidy bill cut by 22%, fertiliser 31%

The Narendra Modi government on Wednesday slashed its fertiliser and food subsidies by 22% and 31% each for the upcoming fiscal. India’s expenditure on overall subsidy and subsidy-related schemes has seen a cut of around 28% at Rs 4.03 lakh crore. While the Centre had estimated an expenditure of Rs 3.56 lakh crore, it has … Read more

Wholesale price inflation declines to 4.95% in December 2022

India’s wholesale price inflation slipped to a 22-month low of 4.95% in December 2022 from 5.85% in November, fostering hopes of further easing in the price rise faced by consumers, as producers may slow down the pass-through of input costs at the retail level. This is the second month in a row that wholesale inflation … Read more

World’s biggest container ship skips India in blow to trade aims

Prime Minister Narendra Modi’s goal of making India the world’s factory risks being held back by the country’s inability to attract bigger container ships due to inadequate port infrastructure. Most harbors along India’s coast aren’t deep enough to handle vessels like the Ever Alot, the world’s largest boxship at 400 meters long and with a … Read more