Economy News

COVID-19: Govt restricts export of certain APIs, formulations

COVID-19: Govt restricts export of certain APIs, formulations

New Delhi: The Directorate General of Foreign Trade (DGFT) on Tuesday restricted the export of several active pharmaceutical ingredients (API) and formulatins made from these APIs including paracetamol, and tinidazole, on concerns of shortage of drugs in the country.The department under the Commerce...

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US Federal Reserve delivers emergency 50 bps rate cut

US Federal Reserve delivers emergency 50 bps rate cut

Mumbai: In a bid to insulate the world's largest economy from the fast spreading Coronavirus, the US Federal Reserve has slashed US benchmark policy rates by 50 basis points on Tuesday.It is the first unscheduled, emergency rate cut since the global financial crisis of 2008 and comes as novel corona...

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Karnataka ban led to pile up of 12 mn tonne of iron ore inventory

Karnataka ban led to pile up of 12 mn tonne of iron ore inventory

Bengaluru: It is now a decade since India has been bleeding from a gash on its economys soft underbelly as a result of an avoidable high loss in precious forex earnings.The Karnataka government had in July 2010 put a blanket ban on exports of iron ore and iron ore pellets which was subsequently uphe...

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RBI talks like Federal Reserve to calm financial markets from Covid-19 fears

RBI talks like Federal Reserve to calm financial markets from Covid-19 fears

Mumbai: In a bid to calm the Indian financial markets the Reserve Bank of India on Tuesday said that it is ready to take "appropriate actions" to ensure the orderly functioning of financial markets.Central banks across the world -- most notably the Federal Reserve -- have indicated that they will ta...

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Govt's policies have large women beneficiaries: FinMin

Govt's policies have large women beneficiaries: FinMin

New Delhi: Ahead of the Women's Day, Finance Ministry on Tuesday released figures saying its financial inclusion policies that include Stand-Up India Scheme, Pradhan Mantri MUDRA Yojana, Jan-Dhan Yojana have benefited women and women entrepreneurs largely over the last six years.Stand-Up India Schem...

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Fitch cuts India growth forecast to 4.9% for FY20

Fitch cuts India growth forecast to 4.9% for FY20

New Delhi: Fitch Ratings on Monday cut its forecast for India's economic growth to 4.9 per cent in the current fiscal on weak domestic demand and supply chain disruptions due to the coronavirus outbreak.The GDP growth is forecast to recover slightly to 5.4 per cent in 2020-21 (April 2020 to March 20...

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Govt paid Rs 4.71 lakh cr interest, Rs 2.62 lakh cr on subsidies till Jan 20

Govt paid Rs 4.71 lakh cr interest, Rs 2.62 lakh cr on subsidies till Jan 20

New Delhi: The Government has spent Rs 4.71 lakh crore on interest payments and Rs 2.62 lakh crore on subsidies up to January 2020, monthly account of the Union government stated on Saturday.Total expenditure incurred by the government of India is Rs 22,68,329 crore (84.06% of corresponding RE 19-20...

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DBT, GST globally acknowledged as silent revolutions: FM

DBT, GST globally acknowledged as silent revolutions: FM

New Delhi: Finance Minister Nirmala Sitharaman on Sunday said GST and direct benefit transfers (DBT) are the two silent revolutions in India's public finance system which are now being globally acknowledged and over Rs 1 lakh crore have been saved because of the DBT."Today GST and DBT are being talk...

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GST collection up 8.3% in February at Rs 1.05 lakh cr

GST collection up 8.3% in February at Rs 1.05 lakh cr

New Delhi: The gross Goods and Services Tax (GST) revenue collection in the month of February stayed above the Rs 1 lakh crore mark for the fourth consecutive month, at Rs 1.05 lakh crore.GST collection last month was 8.35 per cent higher than Rs 97,247 crore reported during the same period last yea...

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Former Finance Secy Garg appointed advisor to Jagan Reddy

Former Finance Secy Garg appointed advisor to Jagan Reddy

Amaravati: Months after he took voluntary retirement scheme (VRS) from the IAS, former Union Finance Secretary Subhash Chandra Garg who served under Modi government at the Centre has been appointed as advisor to Andhra Pradesh Chief Minister YS Jagan Mohan Reddy for resource mobilisation.Garg has be...

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