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ADB hints at providing USD 2.5 billion loan to cash-strapped Pakistan
The Asian Development Bank (ADB) has indicated that it will provide USD 2.5 billion in additional loans to Pakistan, including USD 1.5 billion before the end of this year, to help the cash-starved country which is in dire need of foreign assistance due to its depleting forex reserves and growing repayments and import financing requirements. [...]
Pakistan’s foreign exchange reserves plunge to lowest level since Dec 2019: Report
Cash-strapped Pakistan's foreign exchange reserves have dropped to their lowest level since December 2019, owing to an increase in current account and trade deficits, higher external debt payments and dried dollar inflows, according to a media report on Friday. As per data from Pakistan's central bank, inflows clocked in at USD 16.4 billion in the [...]
SBI DIRECT EXCHANGE RATES
MUMBAI, MAY 11 (PTI) FOLLOWING ARE THE DIRECT RATES OF EXCHANGE (DPE) AS ANNOUNCED BY THE STATE BANK OF INDIA HERE TODAY. ( ALL RATES IN RUPEES PER UNIT ).CURRENCY TTBUY TTSEL BILLBUY TTSEL CODE USD/INR 76.45 77.95 76.39 78.12 EUR/INR 79.97 82.75 79.90 82.92 GBP/INR 93.77 96.79 93.69 96.99 JPY/INR 58.30 60.15 58.25 60.28 [...]
SBI DIRECT EXCHANGE RATES
FOLLOWING ARE THE DIRECT RATES OF EXCHANGE (DPE) AS ANNOUNCED BY THE STATE BANK OF INDIA HERE TODAY. ( ALL RATES IN RUPEES PER UNIT ). CURRENCY TTBUY TTSEL BILLBUY TTSEL CODE USD/INR 76.65 78.15 76.58 78.32 EUR/INR 79.98 82.77 79.91 82.94 GBP/INR 93.63 96.68 93.54 96.88 JPY/INR 58.19 60.03 58.14 60.15 CHF/INR 76.73 79.47 [...]
Top Latest News on Indian Economy
XPro Markets Review – Things you Should Know about the Platform
General information about XPro Markets It is a registered CFDs brokerage firm that aims to meet the demands of every trader no matter their experience level. Whether you're a novice or a professional, XPro Markets offers traders the chance to trade in over 160 different CFDs, including FX, equities, indices, commodities, as well as cryptocurrency [...]
Corporate tax mop up grows 34% between Apr-July
The income tax department on Friday said corporate tax collections in the first four months of the current fiscal have grown 34 per cent over the year-ago period. During 2021-22 fiscal, corporate tax collections stood at Rs 7.23 lakh crore, a 58 per cent growth over 2020-21 mop up. Even when compared to collections of [...]
Equity mutual funds inflow drops 43% to Rs 8,898 cr in July
Equity mutual funds attracted Rs 8,898 crore in July, a sharp decline of 43 per cent from the preceding month, amid volatile market conditions. Although, this was the 17th straight month of positive inflow in equity schemes. The net inflows in July were lower compared to the net inflow of Rs 15,495 crore seen in [...]
5G mobile services likely to be rolled out in about a month: MoS Telecom
The long-awaited high-speed 5G services are expected to be rolled out in about a month, Minister of State for Telecom Devusinh Chauhan said on Monday. Addressing the inaugural event of the International Telecommunication Union's Regional Standardisation Forum (RSF) for Asia and Oceania region, Chauhan said India is likely to deploy indigenously developed and manufactured 5G [...]
Steel players expect govt to withdraw export duty; to go ahead with capex plans
The export duty imposed on certain steel products recently will not force steel makers to review their capital expenditure plans as top producers expect it to be a "short-term" move to stabilise inflation. On May 21, the government hiked the duty on exports of iron ore by up to 50 per cent and for a [...]
EMIs to rise as RBI hikes interest rate again
Home, auto and other loan EMIs are set to rise further after RBI on Friday raised the key interest rate by 50 basis points, the third straight increase since May in an effort to cool stubbornly high inflation. The increase in lending rate or the repurchase rate (repo) by 50 bps to 5.40 per cent [...]
RBI retains FY23 inflation projection at 6.7%
The RBI on Friday retained its retail inflation forecast for current fiscal year at 6.7 per cent amid geopolitical developments and higher global commodity prices, hoping inflationary pressures to ease further. In its previous monetary policy review in June, it had projected retail inflation for 2022-23 at 6.7 per cent, up from 5.7 per cent [...]
RBI hikes interest rate by 50 bps to pre pandemic level
The Reserve Bank on Friday raised the key interest rate by 50 basis points, the third straight increase since May in an effort to cool stubbornly high inflation and defend the rupee. The repurchase rate was raised by 50 basis points to lift the interest rate to the pre-pandemic level. The 5.40 per cent repo [...]
Auto retail sales dip 8% in July on lower registrations of passenger vehicles, 2 wheelers
Automobile retail sales in India dropped 8 per cent on an annual basis in July on account of fall in registrations of passenger vehicles, two-wheelers and tractors. As per data released by the automobile dealers' body FADA on Thursday, the overall automobile retail sales last month stood at 14,36,927 units, as compared with 15,59,106 units [...]
Govt cuts windfall tax on diesel, ATF export; raises levy on domestic crude oil
The government has halved the windfall tax on the export of diesel and scrapped the levy on jet fuel (ATF) shipments but raised the tax on domestically produced crude oil. The tax on the export of diesel was cut to Rs 5 per litre from Rs 11, according to an official notification issued on Tuesday [...]
FMCG industry recovers on higher urban consumption: Report
The country's FMCG industry reported a 10.9 per cent growth in terms of value in the June quarter, helped by a rise in consumption even though the rural markets remained sluggish in non-food segments, says a report. Data analytics firm NielsenIQ on Tuesday said the overall consumption has revived as unit volume has increased on [...]
Banks write off loans worth Rs 10 lakh crore in last 5 years
Banks have written off loans worth about Rs 10 lakh crore in the last five financial years, Parliament was informed on Tuesday. During 2021-22, the write-off amount came down to Rs 1,57,096 crore compared to Rs 2,02,781 crore in the previous year, Minister of State for Finance Bhagwat K Karad said in a written reply [...]
There is no collapse in Indian rupee, asserts FM Sitharaman
Amid concerns over the decline in the value of the rupee against the US dollar, Finance Minister Nirmala Sitharaman on Tuesday asserted there is no collapse of the unit and it is actually finding its natural course. Sitharaman informed the Rajya Sabha that the RBI is continuously monitoring the local currency and intervening only if [...]
GST collections rises 28% to Rs 1.49 lakh cr in July
GST collections rose 28 per cent to Rs 1.49 lakh crore on an annual basis in July on the back of economic recovery and measures taken to curb tax evasion, the government said on Monday. In July, 2021, Goods and Services Tax (GST) collections stood at Rs 1,16,393 crore. The collections in July this year [...]
RBI likely to raise key policy rate by at least 35 bps to check inflation: Experts
Days after the US Fed raised the interest rate, the RBI may go in for its third consecutive policy rate hike by at least 35 basis points to check high retail inflation, experts said. The central bank has already announced to gradually withdraw its accommodative monetary policy stance. The Reserve Bank of India's rate-setting panel [...]
India Pharma exports log 8% jump in Q1 to USD 6.26 bn
Indian pharma exports registered a growth of eight per cent during the first quarter of the current financial year to USD 6.26 billion, as officials hope for a 10 per cent growth by the end of the fiscal. Udaya Bhaskar, Director General of Pharmaceuticals Export Promotion Council of India (Pharmexcil), a body under the Department [...]
Over 5 crore ITRs filed so far as deadline ends Sunday
More than 5 crore income tax returns have been filed till late Saturday evening, the department said, a day before the ITR filing time for the financial year 2021-22 ends. The department issued a public message through its official Twitter handle asking taxpayers, largely individuals and salaried class, to file their returns within the due [...]
GST on daily use items: Sitharaman says decision taken with all states onboard
Facing criticism over GST on daily use items, Finance Minister Nirmala Sitharaman on Tuesday said the 5 per cent tax is being levied on wheat flour and other items after nod from all states, including non-BJP ruled states. Non-BJP ruled states of Punjab, Chhattisgarh, Rajasthan, Tamil Nadu, West Bengal, Andhra Pradesh, Telangana and Kerala had [...]
EPFO likely to enhance investment limit in equities to 20%
Retirement fund body EPFO is likely to approve this month a proposal to enhance its investments in equites to up to 20 per cent of the investible deposits from the current limit of 15 per cent. The proposal is expected to be considered and approved during the EPFO trustees' meeting scheduled to be held on [...]
Pre packed, labelled cereals, pulses, flour weighing more than 25kg exempt from 5% GST: FinMin
Single packages of unbranded pre-packed and labelled food items like cereals, pulses and flour weighing in excess of 25 kg are exempt from 5 per cent GST levy. The Central Board of Indirect Taxes and Customs on Sunday late night issued FAQs clarifying various doubts and said only pre-packed items up to 25 kg will [...]
Frequently Asked Questions
1. What is GDP in an Economy?
Gross domestic product (GDP) is the standard measure of the value-added created through the production of goods and services in a country during a certain period. As such, it also measures the income earned from that production or the total amount spent on final goods and services (less imports).
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Economy news section on Trade Brains News will provide you with the news on the Indian economy and the factors that affect it. It will also provide you with news on retail inflation, foreign exports and imports and more. Stay updated with news on the Indian economy on Trade Brains News.
3. What is inflation in an economy?
Inflation is the rate of increase in prices over a given period of time. Inflation is typically a broad measure, such as the overall increase in prices or the increase in the cost of living in a country.
What is Retail Inflation?
Retail Inflation, refers to the rate of inflation based on the Consumer Price Index (CPI), The CPI is an index that tracks the daily consumption of households and the change in the price of the goods and services these households spend on.