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
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
C. Rangarajan, former chairman of the Economic Advisory Council to the Prime Minister, on Friday said the Reserve Bank of India (RBI) and the Centre should work together, understand each other and try to see that basic principles are implemented without sacrificing the particular stand of the institutions concerned. Mr. Rangarajan, who is chairman of … Read more
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
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
Even as the global turmoil continues in financial markets, the macro factors are turning better for India, as per top banker and Indian billionaire Uday Kotak who believes that India can stand out in this turbulence if it navigates well. “Even as the global turmoil continues in financial markets, the macro factors are turning better … Read more
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
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
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