Economic revival broadened and strengthened in September with about nine non-financial leading indicators recording growth during the month while five such indicators narrowed their contraction, according to rating agency ICRA. “The recovery in GST e-way bills, electricity, petrol and diesel in September 2020 provides a meaningful signal of a broader economic revival,” said Aditi Nayar,
Economy
Bengaluru: Jayalakshmi Poly Packs, on the outskirts of Bengaluru, is among the many small scale units that started getting orders from the US and Europe after several countries began to slowly move away from China. The unit in Bidadi Industrial Area makes void-fill packaging and automatic pouching for the automobile and furniture industries, but the
New Delhi: Unemployment in urban areas fell to 8.4% in July- September 2019 from 8.9% in the June quarter last year, data released by the Ministry of Statistics and Programme Implementation (MoSPI) in the quarterly bulletin of the Periodic Labour Force Survey (PLFS) showed. Urban unemployment in the age group 15-29 years was 20.6%. Among
MUMBAI: Financial services company Nomura on Monday cautioned about a ‘faux recovery’ being reflected by various indicators which is limited to festive consumption even as the Nomura India Business Resumption Index (NIBRI) picked up sharply to a post-lockdown high of 82.2 for the week ending 18 October versus 80.8 in the previous week led by
(This story originally appeared in on Oct 19, 2020) NEW DELHI: The future definition of poverty line cannot be the subsistence level income required by an individual but will have to factor in living standards that encompass facilities like housing, education and sanitation among others, a working paper on poverty released by Union rural development
Nagpur: Union minister Nitin Gadkari on Sunday made a pitch for ‘swadeshi‘ (indigenous) production and said imports need to end, while exports should increase. He also suggested setting up of an “import substitute and export-oriented department” with separate funds earmarked for it. The senior BJP leader said the department should work on the principles of
New Delhi: At a time when the COVID-19 pandemic has disrupted the job landscape, gig employment is gaining ground and is offering huge potential for both blue-collar as well as white-collar workers, according to experts. Gig workers are independent contractual workers who are into flexible agreements with companies or through platforms for on-demand work completion.
The labour ministry has sought application from legal experts that it aims to hire as consultants on contractual basis to help government frame rules of the three labour codes which have been recently passed by the Parliament. The two experts are being sought at the level of joint secretary and director or deputy secretary level.
On ‘more appropriate’ economic metric, Bangladesh has not surpassed India and is unlikely to be in future, former chief economic adviser Arvind Subramanian said on Saturday, asserting that GDP per capita is an estimate for one indicator of the average standard of welfare in a country. Congress leader Rahul Gandhi had taken a dig at
By Bipul Chatterjee and Prashant Sharma A recent visit to Myanmar by the Foreign Secretary of India, Harsh Vardhan Shringla and the Chief of the Army Staff of the Indian Army, General Manoj Mukund Naravane, on 4th and 5th October, 2020, should be backed by people-centric initiatives for fostering future economic ties. Advantageously, consensus towards
By Andy Mukherjee India’s Covid-19 economic gloom turned into despair this week, on news that its per capita gross domestic product may be lower for 2020 than in neighboring Bangladesh. “Any emerging economy doing well is good news,” Kaushik Basu, a former World Bank chief economist, tweeted after the International Monetary Fund updated its World
New Delhi: The government on Friday issued a clarification to its September 2019 policy that allowed up to 26% foreign direct investment (FDI) in the ‘news digital media sector’ through the approval route. It explicitly covers aggregators and could affect entities such as Dailyhunt, Inshorts, experts said. The policy will apply to Indian entities registered
Pune: Onion prices are expected to continue their upward trajectory for the next two months as incessant rainfall has damaged the crop and nurseries, which will affect the arrival of the next crop. As a result, imports are gradually growing via both land and sea borders. The average wholesale prices are expected to rise further
(This story originally appeared in on Oct 16, 2020) NEW DELHI: The government is launching a campaign, Atal Beemit Vyakti Kalyan Yojana (ABVKY), to ensure that Employees’ State Insurance Corporation-registered workers who had lost their jobs during the lockdown can claim of 50% of their wages for up to three months as unemployment relief even
New Delhi: Finance Minister Nirmala Sitharaman on Thursday said V-shaped pattern of recovery is being seen in several high-frequency indicators, driven by various measures taken by the government to revive economic growth, hit hard by the outbreak of COVID-19 pandemic. In her address to the plenary meeting of the International Monetary and Financial Committee (IMFC),
New Delhi: Union Minister Nitin Gadkari on Thursday launched the construction work on Zojila tunnel and exuded confidence that the strategic project which will provide all-year connectivity between Srinagar valley and Leh will be completed ahead of schedule. “It is a moment of pride for India. I am confident that it will be completed in
Economic reforms enacted during the ten day monsoon session ending September 23 firmly establish Prime Minister Narendra Modi’s credentials as a reformist PM. His record now rivals those of Prime Ministers Narasimha Rao and Atal Bihari Vajpayee and surpasses by a wide margin that of Prime Minister Manmohan Singh during his entire ten year tenure.
New Delhi: India intends to implement all four labour codes from April 1, paving the way for the rollout of flexible labour laws that will make hiring and firing easier. “We intend to implement all the new labour codes together from April 1. We have begun the process of drafting the rules and hope to
Washington: India’s public debt ratio, which remarkably remained stable at around 70 per cent of the GDP since 1991, is projected to jump by 17 percentage points to nearly 90 per cent because of increase in public spending due to COVID-19, the IMF said on Wednesday. “In our projections, the increase in public spending, in
The International Monetary Fund (IMF)forecast a much deeper contraction for India in FY21 than estimated in its June review even as it raised the outlook for the global economy and most of the developed world. Source link
India has extended anti-dumping duty on import of a certain variety of fibre board, originating in or exported from China, Malaysia, Sri Lanka and Thailand, till January 20, 2021. The duty varies between $5 and $46 per cubic meter and was imposed back in 2015 on fibre board used in furniture and other related industries.
New Delhi: Corteva Agriscience on Tuesday claimed that its farm intervention in five states, like Maharashtra and Karnataka, helped smallholding farmers growing corn reap benefits. Training on new agri-methods and adoption of farm mechanisation among other interventions has led to “much-needed increase in income” of small farmers, it said. “…we have been working to empower
MUMBAI: India’s September retail spending rose 12% from August with revival strongest in rural areas, according to data collated by CMS Info Systems, which handles cash movement and ATMs across the country. The biggest increase was seen in spending related to ecommerce, fast-moving consumer goods (FMCG), consumer durables, insurance, utility payments, healthcare, logistics and transportation,
NEW DELHI: The fresh stimulus package announced by Finance Minister Nirmala Sitharaman to boost domestic demand will give a much-needed push to economic activity, Niti Aayog Vice-Chairman Rajiv Kumar said on Monday. Sitharaman announced a Rs 73,000 crore package, including advance payment of a part of wages to central government employees and cash in lieu
CHENNAI: The Government of Tamil Nadu signed 14 Memorandum of Understanding (MoUs) worth Rs 10,055 crore on Monday, a press statement confirmed. The state leads the country in post-Covid investments in Q1 and Q2 (private investments and manufacturing) with 42 MoUs worth Rs 31,464 crores being signed during the period to create 69,712 jobs. The
Kasturi, the first national brand of Indian cotton, can fetch at least a 5% price premium, industry experts said. With private trade not willing to buy cotton at the minimum support price, the government agency Cotton Corporation of India (CCI) has to step in as the biggest buyer, accounting for a third of the national
The delayed withdrawal of monsoon is unlikely to hit the ongoing harvest of kharif crops, the head of agricultural meteorology at the weather office has said. “Immediately, there is no concern,” Kripan Ghosh, head of Agrimet Services at the India Meteorological Department, told ET. He said the weather office is prompt in guiding farmers about
New Delhi: The Delhi government has exempted road tax on its battery-operated vehicles under its new Electric Vehicle Policy, Delhi Transport minister Kailash Gahlot said on Sunday. The Transport department, in it notification issued on Saturday, stated that the Lieutenant Governor of the National Capital Territory of Delhi exempted the tax levied upon all battery
E-way bill generation facility would be restricted in case taxpayers with turnover over Rs 5 crore fail to file their GSTR-3B returns, for a consecutive period of two months or more. The Goods and Services Tax Network (GSTN) has issued notices to taxpayers stating that it will implement this from 15 October, 2020. “Large non-compliant
Mortgage lender HDFC Ltd’s CEO Keki Mistry on Saturday said the “worst is behind us” and the economic recovery has been faster than expected. Stating that the December quarter growth could outperform the expansion logged in the corresponding quarter a year ago, Mistry said that the Indian economy has shown its resiliency. Benign interest rate
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