Economy

13 States Raise Rs 19,692 Crore in State Government Securities Auction

Thirteen Indian states participated in a state government securities auction, collectively raising Rs 19,692 crore, slightly surpassing the notified amount of Rs 19,592 crore. This marked an increase from the previous week, where eight states had raised Rs 12,100 crore...

IMF Reclassifies India’s Exchange Rate Regime: Stabilised Arrangement Amid Divergent Views

The International Monetary Fund (IMF) has reclassified India's de facto exchange rate regime from "floating" to "stabilized arrangement" for the period December 2022 to October 2023. This shift comes after an Article IV review, where the IMF staff diverged from...

ICRA Upgrades FY24 GDP Growth Forecast to 6.5%

Domestic rating agency ICRA has adjusted its GDP growth projection for the fiscal year 2024, increasing it to 6.5% from the previous estimate of 6.2%. This update, however, remains below the Reserve Bank of India's (RBI) more optimistic 7% GDP...

S&P Global Ratings: Positive Outlook for Asia-Pacific Economies Despite Global Challenges

S&P Global Ratings has expressed confidence in the credit strength of Asian emerging and developing economies, citing their positive impact on the credit ratings of governments in the Asia-Pacific (APAC) region. The agency anticipates that these economies will contribute to...

Trade Deficit Narrows to Nearly $21 Billion in November

India's economic landscape in November 2023 witnessed a decline in merchandise exports by 2.83%, totaling $33.90 billion, compared to $34.89 billion in the corresponding month the previous year. This downturn, however, contributed to a positive trend in the trade deficit,...

Net New Women EPFO Subscribers Surge to 28.69 Lakh in FY23: Parliament Update

In a recent update to the Rajya Sabha, Minister of State for Labour & Employment Rameshwar Teli revealed a noteworthy surge in net new women subscribers for the Employees' Provident Fund of India (EPFO). The data reflects the extent of...

Tamil Nadu’s FDI Landscape: With $10 b in 4 years, ranks fourth

Tamil Nadu has witnessed a cumulative Foreign Direct Investment (FDI) inflow of nearly $10 billion in the past four years (October 2019 to September 2023). However, the state's FDI for the fiscal year 2022-23 stood at $2.17 billion, a decrease...

Robust Growth in Net Direct Tax Collection: At Rs 10.6 trillion, rises 23.4% in Apr-Nov

In the first eight months of the current fiscal year, net direct tax collection has witnessed a substantial surge, reaching Rs 10.64 trillion. This marks a remarkable 23.4% increase compared to the corresponding period last year. The Ministry of Finance...

ADB Revises India’s Growth Projection to 6.7% for FY24

The Asian Development Bank (ADB) has adjusted India's growth projection for the current financial year, FY24, from 6.3% to a more optimistic 6.7%, citing a robust second-quarter performance that exceeded expectations. Q2 FY24 Performance The second quarter witnessed a higher-than-anticipated...

India’s logistics cost 7.8-8.9% of GDP, shows govt survey

India's logistics cost for the fiscal year 2021-22 has been revealed to be in the range of 7.8-8.9% of the Gross Domestic Product (GDP), according to a government survey. This figure is notably lower than previous private survey estimates, which...