Page 5 - Economy

India likely to have highest per-capita income growth, says report

Study pegs growth at 5.4% during 2024-33

Union Budget expectations highlights: Real estate sector seeks tax relief

Budget 2024 highlights: FM Nirmala Sitharaman is all set to present the Union Budget 2024-25 in the Lok Sabha on July 23

Insurance: A social security product

A lifeline in times of crises

US job openings up in May; layoffs picked up amid slowing economic activity

Data for April was revised lower to show 7.919 million unfilled positions instead of the previously reported 8.059 million

Kenya's president won't sign finance bill that led protesters to storm Parl

Kenyan President William Ruto says he won't sign into law a finance bill proposing new taxes a day after protesters stormed parliament and several people were shot dead. The government wanted to raise funds to pay off debt. Kenyans said the bill caused economic pain as millions struggle to get by. The chaos on Tuesday led Kenya's government to deploy the military, and Ruto called protesters' actions treasonous. It was the biggest assault on Kenya's government in decades. The president says the bill caused widespread dissatisfaction and he has listened to the people.

Why Indians might find it difficult to cut down on their palm oil demand?

Price volatility may lead some companies to reduce palm oil consumption and seek alternatives, but its historically lower cost will likely keep it as the top choice for consumers

India tech stack will help stimulate growth: HUL's Nitin Paranjpe

HUL executive chairman says FMCG continues to be strong in India

Retail inflations for agricultural, rural workers remain almost flat in May

Retail inflation for agricultural labourers and rural workers remained almost flat at 7 per cent and 7.02 per cent, respectively, in May as against the two comparative figures of 7.03 per cent and 6.96 per cent a month ago. The corresponding figures in May 2023 were 5.99 per cent for CPI-AL (Consumer Price Index-Agricultural Labourers) and 5.84 per cent for CPI-RL (Consumer Price Index-Rural Labourers), a labour ministry statement said. According to the statement, the point-on-point inflation rate based on CPI-AL was recorded at 7.00 per cent in May 2024, showing a deceleration from 7.03 per cent in April this year. Conversely, it stated that for CPI-RL, the inflation rate was recorded at 7.02 per cent in May 2024, a marginal increase from 6.96 per cent in the preceding month. The All-India Consumer Price Index for Agricultural Labourers (CPI-AL) and Rural Labourers (CPI-RL) registered an increase of 6 points each in May 2024, reaching levels of 1,269 and 1,281, respectively. The

Air India to start premium economy class on a few domestic routes from July

Air India on Wednesday said it will launch premium economy class on select domestic routes from next month. As of now, Vistara is the only Indian carrier which offers premium economy-class travel category on its domestic routes. The Tata Group-owned airline said it has refitted two new A320neo aircraft in a three-class configuration, featuring eight seats in business, 24 seats with extra legroom in premium economy, and 132 in the economy category, offering a wider choice to its guests. This is the first time the airline has introduced premium economy cabins on its narrow-body aircraft. "The introduction of a three-class cabin to Air India's narrow-body fleet and commencement of interior refits are important steps in the journey of enhancing the flying experience," said Campbell Wilson, Chief Executive Officer and Managing Director at Air India. The latest upgrade of the narrow-body fleet, which operates on domestic and short-haul international networks, complements the upgraded ..

Net direct tax collections grew 9.8% to Rs 4.62 trillion till mid-June

Of the total tax collected until June 16, corporation tax accounted for Rs 1.81 trillion, while personal income tax (I-T) stood at Rs 2.69 trillion

Tale of two states: Bihar, Andhra Pradesh carry a high debt legacy

Bihar joins AP in taking fiscal stress in recent years, but lags far behind the southern state in prosperity

Fight for control of Yemen's banks between rebels, govt to wreck economy

Yemen's Houthi rebels and its internationally recognised government are locked in a fight for control of the country's banks that experts warn is threatening to further wreck an economy already crippled by nearly a decade of war. The rivalry over the banks is throwing Yemen's financial system into deeper turmoil. Already, the Houthis who control the north and centre of the country and the government running the south use different currency notes with different exchange rates. They also run rival central banks. The escalating money divide is eroding the value of Yemen's currency, the riyal, which had driven up prices for clothing and meat before the Islamic holiday of Eid al-Adha started on Sunday. For weeks, Yemenis in Houthi-controlled areas have been unable to pull their money out of bank savings accounts, reportedly because the Houthi-run central bank, based in the capital, Sanaa, has stopped providing liquidity to commercial and government banks. Protests have broken out in fron

India to remain fastest growing Asia-Pacific economy, predicts Moody's

Moody's Ratings on Thursday said India will remain the Asia-Pacific region's fastest-growing economy in 2024, sustaining last year's domestically driven momentum. In a report titled Credit Conditions Asia-Pacific H2 2024 Credit Outlook, Moody's Ratings said Indonesia, the Philippines and India led the way in terms of growth in first half of 2024 and should continue to outperform pre-COVID growth numbers on the back of rising exports, local demand and government spending on infrastructure. "India will remain the region's fastest-growing economy, sustaining last year's domestically driven momentum. We anticipate policy continuity after the general election, and a continued focus on infrastructure development and encouragement of private sector investment," it said. Moody's said stronger portfolio inflows are likely in India and ASEAN economies, because of robust corporate credit metrics and appealing valuations. Last month, the rating agency projected India to grow 6.8 per cent in t

Expect commercial vehicle volumes to witness 4-7% dip this fiscal: ICRA

Hit by a high base of last year and weakness in demand, the domestic commercial vehicle industry is expected to witness a dip of 4-7 per cent in wholesale volumes in the current fiscal as compared to FY23, rating agency Icra said on Friday. The medium and heavy commercial vehicle (trucks) volumes are expected to contract by 4-7 per cent year-on-year given the high base effect and the impact of the Lok Sabha polls on infrastructure activities in the first few months. Similarly, the volume of light commercial vehicles (trucks) wholesale volumes is likely to decline by 5-8 per cent in FY2025 due to factors such as a high base effect, sustained slowdown in e-commerce, and cannibalisation from electric three-wheelers, Icra said. The rating agency expects the domestic CV industry's uptrend to be arrested in FY2025, with a decline of 4-7 per cent in wholesale volumes, it stated. This follows a muted year-on-year growth of 1 per cent and 3 per cent for wholesale and retail sales, ...

Over $23 bn of sustainable infra projects identified at IPEF eco forum meet

As many as 69 sustainable infrastructure projects worth over USD 23 billion of investment opportunities were identified at the Indo-Pacific Economic Framework for Prosperity (IPEF) clean economy investor forum meet in Singapore, according to a statement. The statement of Singapore's ministry of trade and economy, which hosted the meet, out of the 69 projects, 20 investment-ready projects worth about USD 6 billion were presented to investors at business matching sessions. Remaining projects worth about USD 17 billion were also identified as potential investment opportunities in future. The forum brought together about 300 participants from the Indo-Pacific region's top investors, cutting-edge project proponents, innovative start-up entrepreneurs, ministers and senior government officials. The Indian delegation was led by Commerce Secretary Sunil Barthwal. Organised by Singapore's ministry alongside the 13 other IPEF partners, the forum aims to facilitate high-quality business and .

Tight election will increase prospect of productive reforms: CEA Nageswaran

Voters returned Prime Minister Narendra Modi for a third term but with a reduced margin that has left his Hindu nationalist party needing coalition partners to govern

Strong economic base to help new govt make India a developed nation by 2047

India's world record beating economic growth rate together with robust tax revenues, a fast expanding digital and financial infrastructure and a strong manufacturing sector will give the new government a base for unleashing next generation reforms that may make the country a developed nation by 2047. The new government will however have to tackle with problems like unemployment and rural distress, which seemed to have played a major role in voting pattern in states like Uttar Pradesh, while also keeping inflation under control. Given that no party, including BJP, have a clear majority of its own, tough reforms like big ticket privatisation and labour law reforms may take a backseat. As per the available trends, BJP is likely to win about 240 seats in a 543- member Lok Sabha. It would have to rely on its allies like TDP and JDU to form the next government. The new government will have to build upon the 8.2 per cent GDP growth recorded in 2023-24 and carry on with the reforms to make

Sri Lanka holds rates to control inflation, foster economic stability

Incoming data suggests that headline inflation is likely to be below the targeted level of 5 per cent in the upcoming months

RBI's surplus transfer sparks hope for reduced govt borrowing by Rs 1 trn

Bond market participants are now focusing on the upcoming monetary policy meeting in June to assess the central bank's liquidity stance

Here's how Taylor Swift's 'Eras Tour' is boosting the British economy

Singer Taylor Swift's concerts witnessed a lightning-fast sell-out, with ticket sales soaring within minutes of their release