Category: Economic News

Government suggests to states to borrow 2.35 trillion rupees to meet tax shortfall

NEW DELHI – The Indian government on Thursday suggested states borrow up to 2.35 trillion rupees ($31.8 billion) from the market to meet a tax shortfall, Finance Minister Nirmala Sitharaman said. The government could also support the states to raise up to 970 billion rupees in loans from […]

India’s June jobless rate falls to 11%: private think-tank CMIE

NEW DELHI – India’s unemployment rate in June fell to 11% from 23.5% in May, according to data released by the Centre for Monitoring Indian Economy (CMIE) on Wednesday as economic activities resumed after government eased pandemic lockdown restrictions. The virus has infected over half a million people […]

RBI announces nine additional measures for strengthening the Economy

Cuts interest rates, extends moratorium by another 3 months Exporters and Importers get More Liquidity Domestic Economy to contract in 2020-21, revive gradually in the second half: RBI Governor “It is when the horizon is the darkest and human reason is beaten down to the ground that faith […]

RBI ramps up economic support; cuts interest rates, extends loan moratorium

Mumbai, May 22: The Reserve Bank of India (RBI) on Friday slashed interest rates, extended moratorium on loan repayments and allowed banks to lend more to corporates in an effort to support the economy which is likely to contract for the first time in over four decades. The benchmark […]

Fitch Ratings sees India growth slipping to 0.8% in FY21

New Delhi, Apr 23: Fitch Ratings on Thursday slashed India’s economic growth projections to 0.8 per cent in the current 2020-21 fiscal saying an unparalleled global recession was underway due to disruptions caused by the outbreak of coronavirus pandemic and resultant lockdowns. In its Global Economic Outlook, Fitch Ratings […]

RBI to ensure adequate liquidity in system; cuts reverse repo rate by 25 bps

Mumbai, Apr 17: The Reserve Bank of India Governor Shaktikanta Das on Friday said the central bank will ensure adequate liquidity in the system to ease the financial stress caused by the Covid-19 pandemic. The central bank reduced the reverse repo rate – the rate at which banks park […]

World Bank forecasts worst economic slump in South Asia in 40 years

NEW DELHI – India and other South Asian countries are likely to record their worst growth performance in four decades this year due to the coronavirus outbreak, the World Bank said on Sunday. The South Asian region, comprising eight countries, is likely to show economic growth of 1.8% […]

Global economy already in recession on coronavirus devastation – Reuters poll

BENGALURU – The global economy is already in a recession as the hit to economic activity from the coronavirus pandemic has become more widespread, according to economists polled by Reuters amid a raft of central bank stimulus actions this week. The spread of the disease caused by the […]

Excise duty on petrol, diesel hiked by Rs 3/lt; no change in prices; govt to get Rs 39,000 cr

New Delhi, Mar 14: The government on Saturday hiked excise duty on petrol and diesel by a steep Rs 3 per litre each to garner about Rs 39,000 crore additional revenue as it repeated its 2014-15 act of not passing on gains arising from slump in international oil […]

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