The textile sector grew 9.8% in May, after months of sluggishness. File | Photo Credit: M. Periasamy India’s goods exports grew 9.1% to $38.13 billion in May, while imports rose 7.7% to $61.91 billion, Commerce Secretary Sunil Barthwal said on Friday, stressing that things are looking “more optimistic for foreign trade this year”. Even the…
India’s large informal non-agricultural sector was badly hit by the second wave of the COVID-19 pandemic, but has recovered gradually since then, with the number of unincorporated firms and their employees rising almost 6% and 8%, respectively, by the latter half of 2022-23, according to findings of an official survey. Gross Value Added (GVA) by…
The government has reduced windfall tax on domestically-produced crude oil to ₹3,250 per tonne from ₹5,200, with effect from Saturday. | Photo Credit: Reuters The government has reduced windfall tax on domestically-produced crude oil to ₹3,250 per tonne from ₹5,200, with effect from Saturday. The tax is levied in the form of Special Additional Excise…
Elena Sorlini, MD & CEO, Abu Dhabi Airports says, passengers can experience ‘a piece of art and a high level of service’, at Zayed International’s new terminal, one of Abu Dhabi’s five airports. Photo: Special Arrangement Abu Dhabi’s Zayed International Airport with an expanded capacity and a new terminal building will be a good “solution”…
In its latest monetary policy review earlier this month, the Reserve Bank of India (RBI) has projected a 7.2% GDP growth for 2024-25 as opposed to its earlier estimate of 7%, with retail inflation trending down to 4.5% from 5.4% averaged last year. | Photo Credit: Getty Images/iStockphoto The story so far: The National Statistical…
Image used for represenattive purpose only | Photo Credit: Getty Images Revenue growth for Indian companies on a sequential basis is expected to taper in Q1 FY25 because of headwinds including a slowdown in government spending due to the Lok Sabha elections but their operating profit margin (OPM) would remain steady in the range of…
The latest Fitch Ratings has cited a recovery in consumer spending and increased investment. File photo | Photo Credit: The Hindu Fitch Ratings on Tuesday raised its GDP growth forecast for India to 7.2% for 2024-25 from 7% estimated earlier, citing higher consumer confidence despite an anticipated slowdown in new investments, but has pared its…
Direct tax collections are off to a brisk start in the first quarter of this year, with net taxes rising 21% to almost ₹4.63 lakh crore by June 17, from ₹3.82 lakh crore over the same period a year ago, the Finance Ministry said on Tuesday. Personal Income Tax (PIT) and Securities Transaction Tax (STT)…
A foreign currency dealer counts U.S. dollars at his office in New Delhi. File Consultants and service providers have urged the government to enable direct foreign currency transactions within the country through RBI, bypassing the current practice of routing transactions via the U.S. banking system. Intercontinental Consultants and Technocrats (ICT) Chairman K.K. Kapila said currently,…
Bibek Debroy. File | Photo Credit: PTI Making a pitch to revisit the country’s poverty line, Prime Minister’s Economic Advisory Council (PMEAC) chairman Bibek Debroy on Wednesday questioned whether a decline in inequality as suggested by the latest household consumption expenditure survey was a “good thing”, and termed the debate over the gap between the…
