The Indian economy is expected to retain its growth momentum in 2024 while the moderated growth and slow revival of the rural economy in private consumption highlighted the need for bringing down inflation to its target of 4 per cent to make the growth an inclusive one, the Reserve Bank of India (RBI) said in […]
Jindal Steel and Power (JSP) has inked an MoU with Rashtriya Ispat Nigam Limited (RINL) for the operationalisation of RINL’s Blast Furnace-3 (BF-3). The furnace will boost production by 2 lakh tonnes of Hot Metal per month. The tie-up with RINL will release additional liquid steel for slab casting and onward rolling into Hot Rolled […]
Finance Minister Niramala Sitharaman on Thursday said that the manufacturing sector is contributing significantly to the economy following government initiatives and noted that India’s second-quarter growth this year was the highest in the world. Replying to a short-duration discussion on the “economic situation in the country” in the Rajya Sabha, Sitharaman said there was sustained […]
As the nation emerges from a record-breaking Diwali festive season, the business community is gearing up for a colossal surge in demand with the commencement of the upcoming wedding season on 23 November. With an estimated 38 lakh weddings expected to take place across the country, the mainline retail sector, encompassing goods and services, anticipates […]
Kitchen and home appliance maker TTK Prestige reported more than 27 and 15 per cent decline in its profit and revenue, respectively, for the July-September 2023 period on account of subdued demand for consumer durables, despite softening inflation. The Bengaluru-headquartered firm’s standalone quarterly PAT plunged almost a third Y-O-Y to Rs 62.17 crore. Its standalone […]
Rising oil prices are a concern for the Indian economy but its outlook remains bright after better September monsoons and a retreat in the prices of some key food items, the government said in its monthly economic report on Friday. The comment comes as oil prices rose to 10-month highs earlier this week before easing, […]
Saudi Arabia, the world’s largest crude oil exporter, has announced voluntary output cuts in crude oil in response to a tighter market induced by global central banks’ interest rate hikes and inflationary pressures. These cuts, initially set for this month, now have been extended to include August. Additionally, OPEC+ has agreed to further reduce production […]
With headline inflation based on the consumer price index (CPI) dropping near Reserve Bank of India (RBI) target, manufacturing on revival, Indian economy on a steady upturn, said Deepak Sood, Secretary General, Assocham. In May, India’s CPI inflation moderated to an almost 25-month low to 4.25 per cent as compared to 4.70 per cent in […]
The Kotak Mahindra Bank in a report on Wednesday maintained its financial year (FY) 2024 current account deficit (CAD)/ gross domestic product (GDP) estimate at 1.6 per cent with room for a positive surprise. The report added that the current account pressures in FY2024 are expected to be lower, as weaker global demand along with […]
India’s GDP or gross domestic product may grow 7 per cent in financial year 2022-23, according to the second advance estimates released by the Ministry of Statistics and Programme Implementation (MoSPI) on Tuesday. According to the first advance estimates released last month, the GDP growth was pegged at 7 per cent for 2022-23. In financial […]
