Page 14 - Indian Economy

PM E-DRIVE brings relief to EV industry, but lacks FAME-level incentives

Subsidy reduced because they can't be sustained indefinitely: MHI

Ayushman Bharat's 70+ coverage: Minimal impact expected on health insurers

On Wednesday, the Union Cabinet expanded the health coverage under the Ayushman Bharat Pradhan Mantri Jan Arogya Yojana (AB-PMJAY) to all senior citizens aged 70 years or above

In a first, govt to conduct yearly private capex survey from October

The annual private capex survey will run in conjunction with the annual survey of industries, which tracks output, value-added, and employment across manufacturing sector enterprises

Boost for govt spending on welfare, infrastructure as crude prices plunge

Crude oil futures dipped to the lowest this week in nearly three years, wiping out all the gains made earlier this year after seasonal demand for crude from China did not materialise as expected

Dwindling hopes of 50 bps Fed rate cut may push rupee to all-time low

The one-month non-deliverable forward indicated that the rupee will open at 83.98-83.99 to the US dollar, compared with 83.9775 in the previous session

Cabinet allocates Rs 12,461 crore for revised hydro projects scheme

The scheme was first announced in 2019 and builds on the initiative floated in 2016 to boost the growth of hydro power in the country

EVs get Rs 14k crore double shot: Boost for ambulances, buses, trucks

Rs 3,435 crore PSM gets nod; will support deployment of more than 38,000 e-Buses

Housing, road, railways lead capex spend in Apr-July period, shows data

Transfers to states for capex also slowed to 12 per cent of the budget estimate for the same period, compared to 24 per cent in the corresponding period last year

Indian economy has finally taken off, says veteran banker Deepak Parekh

US manufacturing, infra cos should invest more, says veteran banker

Capex conundrum: Did election-related curbs slow economy in first quarter?

Several renowned experts and agencies, including the Reserve Bank of India (RBI), have blamed the MCC for the 6.7 per cent growth in the first quarter - a five-quarter low

Crude calculations: How cheaper Venezuelan oil flows will help India

The savings that feed into its refining margins prompted Reliance to secure Washington's blessings in July to import Venezuelan oil

Rupee second-worst performing Asian currency against US dollar in Aug

Indian currency has depreciated by 0.6 per cent in this financial year

India to add trillion dollars to GDP every 18 months, says Gautam Adani

Addressing the students of Jai Hind College in Mumbai, Adani said post-independence, it took India 58 years to reach its first trillion dollars of GDP, 12 years for the next trillion, and just 5 years

Companies raise concerns over subsidy refund in proposed ELI scheme

Companies oppose the requirement for employers to refund subsidies if employees leave within 12 months

Average household spending on food falls below half since 1947: EAC-PM

India's average household spending on food has fallen to less than half for the first time since 1947, according to a recent working paper by the Economic Advisory Council to the Prime Minister (EAC-PM). The paper titled 'Changes in India's Food Consumption and Policy Implications: A Comprehensive Analysis of Household Consumption Expenditure Survey 2022-23 and 2011-12 further said significant changes are unfolding in India's food consumption pattern. According to the paper, the share of total household expenditure on food has declined substantially in rural and urban areas across all states and UTs. "It is the first time in modern India (post-independence) that average household spending on food is less than half the overall monthly spending of households and is a marker of significant progress," it said. The paper is a comprehensive analysis of the Household Consumption Expenditure Survey 202223 and comparison with 201112. "Overall, there has been a significant increase in ...

RBI board reviews global, domestic economy, associated challenges

The central board of the Reserve Bank of India on Wednesday reviewed the global and domestic economic scenario and outlook, including associated challenges. The 610th meeting of the Central Board of Directors of the Reserve Bank of India was held here under the chairmanship of Governor Shaktikanta Das, it said in a statement. "The Board also reviewed various areas of operations of the Reserve Bank of India including the functioning of Local Boards and activities of select central office departments," the RBI said. Deputy governors Michael Debabrata Patra, M Rajeshwar Rao, and T Rabi Sankar attended the meeting. Other directors of the central board Satish K Marathe, Revathy Iyer, Sachin Chaturvedi, Venu Srinivasan, Pankaj Ramanbhai Patel and Ravindra H Dholakia also attended the meeting. Ajay Seth, Secretary, the Department of Economic Affairs and Nagaraju Maddirala, Secretary, the Department of Financial Services, too attended the meeting.

Revamped strategy for India's fiscal architecture in post-pandemic times

India's post-pandemic fiscal architecture should be anchored in debt and be holistic (encompassing Centre and states), dynamic (responsive to changing macro conditions), and conservative

Room for rate adjustments if food inflation decreases: Viral Acharya

Acharya explains why food inflation should not be excluded from the inflation targeting framework

Working capital cycle shortest in 25 years at 47.8 days, shows data

If the current trend holds, this would mark the shortest net working capital cycle in at least a quarter-century

Chinese import of goods like umbrellas, toys hurting Indian MSMEs: GTRI

Increasing imports of goods such as umbrellas, toys, certain fabrics, and musical instruments are severely hurting MSMEs as many of these products are also made by domestic businesses, according to think tank GTRI. The report said that during January to June 2024, India exported goods worth only USD 8.5 billion, while imports stood at USD 50.4 billion, resulting in a trade deficit of USD 41.9 billion. This low export and high import makes China India's largest trade deficit partner. "China accounts for 29.8 per cent of India's industrial goods imports. India must invest in deep manufacturing to cut dependence on import of critical industrial products from China," Global Trade Research Initiative (GTRI) Founder Ajay Srivastava said. He said that these imports from China are "hurting" Indian MSMEs, as many of the imported products are also made by these local businesses. He noted that the cheaper Chinese goods make it tough for MSMEs to compete, leading to struggles for survival. "