India is likely to breach its fiscal deficit target in the financial year to March 2022 mainly due to revenue shortfall, Fitch Solutions said Friday. The government is targeting a deficit between revenue it earns and what it spends at 6.8 per cent of the GDP in FY22 (April 2021 to March 2022). “We at
India
People aged 18 and over waiting to be inoculated against Covid-19 at a vaccination centre at Radha Soami Satsang grounds being run by BLK-Max hospital on May 4, 2021 in New Delhi, India. Hindustan Times | Hindustan Times | Getty Images With India experiencing a devastating second wave of the coronavirus pandemic, questions are being
Wall Street brokerage Goldman Sachs has lowered its estimate for India’s economic growth to 11.1 per cent in fiscal year to March 31, 2022, as a number of cities and states announced lockdowns of varying intensities to check spread of coronavirus infections. India is suffering the world’s worst outbreak of COVID-19 cases, with deaths crossing
A day after advocating a nationwide lockdown and curtailment of economic activity to control the spread of Covid-19, CII President Uday Kotak on Monday called on the industry to take voluntary measures to break the chain of transmission of the virus. Reiterating ‘safeguarding lives’ as the highest collective national priority amidst the second wave of
The executive director of UNICEF, Henrietta Fore, has told CNBC that it is “very worried” about the current Covid-19 crisis in India and urged the world to send urgent help to the country. Speaking during World Immunization Week, Fore also said it was a “race to save lives” through vaccinations, particularly in some of the
Ground staff unload coronavirus disease (COVID-19) relief supplies from the United States at the Indira Gandhi International Airport cargo terminal in New Delhi, India April 30, 2021. Prakash Singh | Reuters WASHINGTON – White House Chief of Staff Ron Klain said Sunday that the Biden administration is looking to distribute the coronavirus vaccine to India
India continues to be on the ‘Priority Watch List’ of the United States Trade Representative (USTR) for lack of adequate intellectual property (IP) rights protection and enforcement, the USTR said in its Annual Special 301 Report that identifies trade barriers to American companies due to IP laws of other countries. India remained one of the
Unseasonal rain might halt farming activities over eastern and central India over the coming seven days, the weather bureau said. It has issued orange alerts for West Bengal, Odisha, Madhya Pradesh, and parts of central Maharashtra, which advises authorities to be prepared in case of any damage due to these weather events. “Thunderstorm with lightning/hail/gusty
India has imposed anti-dumping duty on imports of a chemical used in foam making from four regions, including the EU and Saudi Arabia, for five years to guard domestic players from cheap shipments. The duty was imposed following recommendation of the commerce ministry’s investigation arm Directorate General of Trade Remedies (DGTR), which conducted a probe
Medical workers in personal cover protective equipment (PPE) stand alert mode outside the Covid-19 ward at Sir Ganga Ram Hospital on April 22, 2021 in New Delhi, India. Sonu Mehta | Hindustan Times | Getty Images WASHINGTON – The Biden administration said that it will immediately make raw materials needed for India’s coronavirus vaccine production
The pandemic has caused a slowdown in India but the country’s inherent resilience and capability will help it transform into a new India with a faster growth path fuelled by infrastructure, Union Minister Nitin Gadkari said on Friday. Addressing a virtual event organised by industry body ASSOCHAM, Gadkari further said to achieve the GDP of
Tea Association of India (TAI) said the crop outlook for the Tea Industry at this point of the season looks bleak due to drought-like situation prevailing in both the states of Assam and West Bengal. TAI said, “After the aftermath of a prolonged period of lockdown and losing around 140 MKgs of Made Tea in
The Revolut logo displayed on a smartphone and a PC screen. Pavlo Gonchar | SOPA Images | LightRocket via Getty Images LONDON — Revolut, an online banking start-up based in the U.K., is planning an expansion into India. The London-based company announced Thursday that it had tapped Paroma Chatterjee, a former executive for Indian start-ups
The government is likely to waive 10 per cent customs duty levied on imported vaccines in a bid to keep low the cost of overseas vaccines that are being eyed to supplement domestically made shots ahead of opening COVID-19 vaccination to all citizens over 18 years of age, sources said. While Russia’s Sputnik V vaccines
India has been exemplary in publishing its foreign exchange market intervention, the US Department of Treasury said in a report to Congress on Friday. It said that like most emerging market currencies, the rupee was buffeted in 2020 by substantial swings in global risk appetite and associated shifts in capital flows. India’s goods trade surplus
The government has permitted export of an additional 3,675 tonnes of raw/refined sugar under tariff-rate quota to the United Kingdom. TRQ (Tariff-Rate Quota) is for a volume of exports that enter the UK at relatively low tariffs. After the quota is reached, a higher tariff applies to the exports. “The additional quantity of 3,675.13 tonne
India is keen to advance talks with the European Union (EU) towards an agreement on investment facilitation and protection for mutually beneficial outcome, Commerce and Industry Minister Piyush Goyal said on Tuesday. The minister also emphasised on the need for proportional and simultaneous discussions on both trade and investment so that the two sides have
The Insolvency and Bankruptcy Board of India (IBBI) is setting up two online platforms for selling distressed assets under Insolvency and Bankruptcy Code, opening up markets for soured debt involving resolution plans, interim finance and liquidation assets. The move will likely unlock big opportunities amid lockdown restrictions. This will likely make life easy for both
The Indian economy’s recovery is likely to be ‘K-shaped’ instead of a ‘V,’ as rising inequality is poised to hit consumption and growth prospects, according to the country’s former central bank Governor Duvvuri Subbarao. “An important consequence of the pandemic has been the sharpening of inequalities,” he said in an interview Friday. “Growing inequalities are
India, which is projected to grow at an impressive rate of 12.5 per cent this year, needs to grow at a much faster pace to make up for the unprecedented contraction of eight per cent that it clocked during the COVID-19 pandemic in 2020, according to a senior IMF official. The International Monetary Fund Deputy
Union minister Anurag Singh Thakur on Thursday said India is open for stronger trade and investment with the European Union (EU). Portugal’s Minister of State for Internationalization Eurico Brilhante Dias called on Thakur ahead of the 5th Joint Economic Commission India-Portugal meeting in Delhi. The meeting would discuss the ongoing negotiation process of trade and
A beneficiary gets vaccinated by health staff during a pan India Covid-19 vaccination drive at Aundh district hospital, on January 16, 2021 in Pune, India. Pratham Gokhale | Hindustan Times | Getty Images India reported more than 100,000 new Covid-19 cases over a 24-hour period for the third time this week as South Asia’s most
While Reserve Bank of India‘s lower interest rate regime is intended at supporting growth, steps need to be taken for full transmission of the rates to the exporters and end-customers at large. Export finance continues to be high in the country when compared with other similar markets, said EEPC India chairman Mr Mahesh Desai. Commenting
The trilateral trade between India, Israel and the UAE can propel to a high of USD 110 billion by 2030 by tapping into their mutual strengths, top diplomats and members of the business community have said. The comments were made at an event organised by the International Federation of Indo-Israel Chambers of Commerce (IFIICC) on
A critical component of the myth-making around Indian Prime Minister Narendra Modi is to minimize the contribution of the country’s foundational figures. None has suffered more than Jawaharlal Nehru, the man who laid down the rails on which the republic has run for 74 years. Which makes it surprising that Modi is emulating a signature
India’s current account swung to a deficit for the first time in the current fiscal, with the gap coming at USD 1.7 billion or 0.2 per cent of the GDP in the December quarter. In the current fiscal, as the pandemic impacted trade, the current account had been in surplus in the previous two quarters,
The government has deferred implementation of labour codes beyond April 1, citing delay on the part of states to finalise Rules. The move is expected to give more time and bandwidth to companies to retweak their salary structures and other human resource (HR) policies as certain provisions of the Code would have led to increase
The double mutation of a Covid-19 variant discovered in India is of grave concern — and could spread to other countries, according to Dr. Kavita Patel, a non-resident fellow at the Brookings Institution. “It is something to watch very closely, and something that will not be limited to India. It is something we will likely
The government will examine the United States’ proposed retaliatory tariffs on up to 25% on around 40 Indian products in response to India’s equalisation levy on non-resident ecommerce operators and take measures in line with public and commercial interests, officials have said. The United States Trade Representative (USTR) has proposed to impose retaliatory tariffs on
India has opposed Japan’s suggestion to include the Asean countries in the Supply Chain Resilience Initiative (SCRI) which seeks to reduce dependence on China and build resilient supply chains in the IndoPacific region. While Japan is keen to on-board the 10-member Association of South East Asian Nations (Asean), officials said New Delhi wants to safeguard
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