ADB explains why RBI may slow down on rate cuts till next year
NEW DELHI: With economic activity still to reach pre-pandemic levels, the RBI may slow down the pace of rate hikes until next year to quell soaring inflation while supporting growth, the Asian Development Bank (ADB) says in its latest report. The Manila-based multilateral funding agency has raised the inflation forecast for the current fiscal year […]
Delhi government starts process of preparing its budget for 2023-24
NEW DELHI: The Delhi government has started the process of preparing its budget for 2023-24 and asked its departments to furnish estimates after a “realistic assessment” to ensure funds are utilised within the given financial year, officials said on Saturday. The Finance Department has initiated the process of preparation of the revised estimates (RE) for […]
India’s Defence Ministry signs contract worth Rs 1700 crore to acquire additional Brahmos missiles
NEW DELHI: In a further impetus to self-reliance in defence production, the Defence Ministry on Thursday signed a contract with BrahMos Aerospace for acquisition of additional dual-role capable surface-to-surface BrahMos missiles at an approximate cost of Rs 1,700 crore under ‘Buy-Indian’ category. In a statement, the ministry said the induction of these dual-role capable missiles […]
Maharashtra to invite fresh bids for Dharavi redevelopment project
NEW DELHI: The Maharashtra cabinet on Wednesday decided to invite fresh bids for the Dharavi Redevelopment project and offer additional benefits for the project, a statement said. This decision taken by the cabinet headed by Chief Minister Eknath Shinde for the Dharavi Redevelopment project also entails formation of a Special Purpose Vehicle (SPV) for one […]
DPIIT planning multi-media campaign to promote over 400 GI products
NEW DELHI: The commerce and industry ministry is planning a multi-media campaign to promote over 400 GI (Geographical Indication) products such as Darjeeling Tea, Chanderi Fabric, Mysore Silk, and Kashmir Walnut Wood Carving. The Department for Promotion of Industry and Internal Trade (DPIIT) intends to empanel one or more audio-visual agencies to carry out various […]
India receives 75 applications under PLI scheme for specialty steel
NEW DELHI: The government of India has received around 75 applications from domestic players under the PLI Scheme for specialty steel, according to an official. Applicants include all major steel players like Tata Steel, JSW Steel, JSPL, AMNS India and SAIL, a senior steel ministry official said. “A significant number of applications have been received. […]
Vedanta-Foxconn plant site in Gujarat to be finalised in 2 weeks: Official
NEW DELHI: Vedanta and Foxconn have hired experts who are evaluating possible locations for their upcoming semiconductor plant in Gujarat and a site may be finalised in the next couple of weeks, Gujarat Science and Technology Department Secretary Vijay Nehra said. So far, the joint venture company has not finalised the location as they are […]
Many countries interested in bilateral rupee trade: India
NEW DELHI: Finance Minister Nirmala Sitharaman on Tuesday said many countries have evinced interest for bilateral trade in the rupee after the RBI announced a mechanism recently. Speaking at Hero Mindmine Summit, she said this along with other steps taken by the government is towards full capital account convertibility. “It isn’t the ruble-rupee which was […]
Finance ministry to kick-start budgetary exercise from October 10
NEW DELHI: The finance ministry will kick-start the exercise to prepare the annual budget for 2023-24 from October 10, in the backdrop of revival of the Indian economy and fears of recession in developed countries. The budget for the next year will have to address critical issues of high inflation, job creation, boosting demand, and […]
India’s GDP grew at 13.5% in Q1 FY23
NEW DELHI: India’s economy grew by 13.5% in the April-June period this fiscal — the fastest in the last four quarters — on account of better performance by the agriculture and services sectors, official data showed on Wednesday. India remained the fastest growing major economy as China registered economic growth of 0.4% in the April-June […]
India to build more green expressways
NEW DELHI: The government of India will be building 26 green expressways in the country in the next three years and India’s road infrastructure will be as good as that in the United States by 2024, Transport minister Nitin Gadkari told Rajya Sabha. Replying to supplementaries during the Question Hour, the minister said there is […]
Narendra Modi to visit Germany, UAE from June 26-28 to attend G7 Summit: MEA
NEW DELHI: Prime Minister Narendra Modi will visit the Alpine castle of Schloss Elmau in southern Germany on June 26 and 27 to attend the annual summit of G7 that is expected to delve into pressing global challenges including the Ukraine crisis and the situation in the Indo-Pacific. From Germany, Modi will travel to the […]
GST Council to meet on June 28-29 in Srinagar
NEW DELHI: The GST Council, chaired by Finance Minister Nirmala Sitharaman, will meet on June 28 and 29 in Srinagar. “The 47th meeting of the GST Council will be held on June 28-29, 2022 (Tuesday & Wednesday) in Srinagar,” the finance minister’s office tweeted. This is the second time that the GST Council meeting is […]
RBI hikes interest rate by 50 basis points to tame inflation
NEW DELHI: Reserve Bank of India (RBI) on Wednesday raised the interest rate by 50 basis points to a two-year high of 4.9% as it doubled down to tame inflation that has surged in the last couple of months. The rate hike comes on the back of a 40 bps increase effected by RBI at […]
Up to government to decide on supply-side measures to contain inflation: RBI Governor
NEW DELHI: Reserve Bank of India (RBI) Governor Shaktikanta Das on Wednesday said the government is “mindful” of the current inflation situation, and it is up to the Centre to take further supply-side measures to contain the price rise situation. “I am sure the government is mindful of the current inflation situation and it is […]
Modi government clears entire GST compensation payable to states till date
NEW DELHI: The Narendra Modi government (Centre) has cleared the entire GST compensation payable till date by releasing Rs 86,912 crore to states, the finance ministry said on Tuesday. Of this, Rs 25,000 crore is released from the GST compensation fund and the balance Rs 61,912 crore is being released by the Centre from its […]