Latest economy News
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Economy
Equalisation levy imposed by India on supply of services by multinational enterprises a ‘sovereign right’: FM Nirmala Sitharaman
“Equalisation levy is not a unilateral measure… we are not an exception as many countries have done so,” Sitharaman said. Justifying the 2% equalisation levy (EL) imposed by India on the supply of services by multinational enterprises, finance minister Nirmala Sitharaman on Monday said it is a sovereign right to tax revenues earned from operations in the country. “Equalisation levy…
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Economy
Goods exports to beat lofty FY22 target: Commerce and industry minister Piyush Goyal
Addressing an event organised by Assocham, Goyal said merchandise exports already hit $376 billion until February. Commerce and industry minister Piyush Goyal said on Monday that goods exports will exceed the ambitious target set for the current fiscal and touch $410 billion, despite the supply-side disruptions caused by the Russia-Ukraine conflict. Addressing an event organised by Assocham, Goyal said merchandise…
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Economy
Russia-Ukraine crisis: Rupee fall to aid exports, hit margins
The domestic currency has shed as much as 3.5% against the dollar this year and 3.2% since Russia’s military operations in Ukraine on February 24. By Shubhra Tandon, Rajesh Kurup & Banikinkar Pattanayak As the rupee hit a fresh trough of almost 77 against the greenback on Monday, exporters expected the weakening currency to partly offset the impact of elevated…
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Economy
There’s political will to make India-UK FTA a reality: Kevin McCole, MD at UK India Business Council
Kevin McCole says textiles, pharmaceuticals, healthcare, alcoholic drinks like Scotch, ICT and digital services will likely feature prominently in the talks. As India and the UK get down to a second round of negotiations in London on Monday for a free trade agreement (FTA), Kevin McCole, managing director at the UK India Business Council (UKIBC), says textiles, pharmaceuticals, healthcare, alcoholic…
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Economy
Two new corridors to help Mumbai source cheaper power
Two new transmission lines between Kharghar and Vikhroli, and Kudus and Aarey Colony that are projected to go on stream from December 2023 and 2026, respectively, will help Mumbai have additional transmission corridors. This will lessen the burden of the Kalwa substation and prevent power outages from recurring, according to industrial officials. The additional corridors […] Two new transmission lines…
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Economy
Fed’s chair Jerome Powell backs quarter point March rate hike; open to bigger moves later
Jerome Powell, balancing high U.S. inflation against the complex new risks of a European land war, said Wednesday the central bank would begin “carefully” raising interest rates at its upcoming March meeting but be ready to move more aggressively if inflation does not cool as quickly as expected. Federal Reserve Chair Jerome Powell, balancing high U.S. inflation against the complex…
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Economy
Disruptive business models to stimulate inclusive growth in agriculture, rural finance: Study
The food and agriculture sector is expected to witness massive (constructive) disruption through introduction of new-farming models, advanced agri-tech services and new food products, which would replace the traditional farming system, a joint report by CII and Bain on Wednesday stated. “In the last six years, several start-ups have emerged to reduce systemic inefficiencies among […] The food and agriculture…
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Economy
Govt studying impact of financial sanctions on Russia: Anantha Nageswaran
V Anantha Nageswaran, India’s Chief Economic Advisor responded to the questions that seem to bother all. He says: “We have some idea of the range of impacts. But, what actually pans out would depend on the length and depth of the conflict and the impact on oil supply and price.” As Russia continues to wage war in Ukraine and now with…
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Economy
February exports rise 22%, imports jump 35%
The official data showed petroleum products were the biggest driver of exports with a year-on-year surge of 66%. Merchandise exports hit $33.8 billion in February, up almost 22.4% from a year earlier and 21.9% from the pre-pandemic (same month in FY20) level, according to the preliminary estimate released by the commerce ministry on Wednesday. But a sharper rise in imports…
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Economy
Two Basmati rice varieties help boost exports, farmers’ income
Both the varieties, developed by the Indian Agricultural Research Institute (IARI), Pusa, Delhi, fetch farmers like Singh financial benefits in the range of Rs 25,000 to Rs 30,000 per acre, after taking into account cost of cultivation as well as lease rental for the land. Pritam Singh, who farms on 110 acres, including some land taken on lease, at Urlana…
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