Economy

Wholesale Inflation Bounces Back: Climbs to 0.26% in November after Seven Months of Deflation

After seven consecutive months of deflation, India's wholesale prices rebounded, recording a growth of 0.26% in November, compared to the -0.52% rate observed in October. The Commerce and Industry Ministry attributes this upturn primarily to increased prices in various sectors,...

IMF Approves $337 Million Second Tranche Loan For Sri Lanka

The International Monetary Fund (IMF) has approved the release of the second tranche, amounting to approximately $337 million, under the Extended Fund Facility (EFF) to Sri Lanka. This financial support is a crucial component of Sri Lanka's recovery plan, aimed...

Moody’s Affirms Reliance Industries’ Baa2 Rating with a Stable Outlook

Introduction: Global rating agency Moody's Investors Service has recently reaffirmed the Baa2 rating for Reliance Industries Limited (RIL), maintaining a stable outlook. This affirmation reflects RIL's substantial market presence and strong performance across its diverse business sectors. Key Highlights Consolidated...

Fiscal Challenges Loom as 12 Indian States Project Debt Exceeding 35% of GSDP by FY24

In the fiscal landscape of India, a concerning trend has emerged as twelve states are projected to witness their debt surpassing 35% of their Gross State Domestic Product (GSDP) by the end of the financial year 2023-24. This revelation, detailed...

Food Processing Industry Thrives with ₹7,000 Crore Investment Under PLI Scheme

The Ministry of Food Processing reveals substantial growth in the sector, with beneficiaries of the Production Linked Incentive (PLI) Scheme investing a staggering ₹7,126 crore. Notably, cumulative sales reached ₹49,825 crore during the April-September period. Scheme Objectives and Focus Areas...

India and Oman Fast-Track Free Trade Agreement Negotiations in Boost to Economic Ties

A team of officials from India's Department of Commerce is currently in Muscat, engaged in negotiations for a comprehensive free trade agreement (FTA) with Oman. The department has set an internal deadline to finalize the deal by the end of...

Lok Sabha Approves Additional Spending of ₹58,378 Crore in Current Fiscal

In a recent development, the Lok Sabha has given its approval for a net additional spending of ₹58,378 crore in the ongoing fiscal year, set to conclude in March 2024. Finance Minister Nirmala Sitharaman highlighted the government's commitment to fiscal...

Nine States Exceed National Inflation Average in November

In November, nine states in India experienced a higher rate of inflation compared to the national average, according to recent data. The average cost of living for Indian consumers rose by 5.55% compared to the same period last year. States...

IIP Soars 11.7% in October; Retail Inflation Climbs to 5.55% in November

India witnessed contrasting trends in its economic indicators in October and November, with the Index of Industrial Production (IIP) surging to a 16-month high while retail inflation experienced an uptick, reaching a three-month high. These developments have significant implications for...

IDFC FIRST Bank Unveils Youth-Centric FIRST SWYP Credit Card in Collaboration with Mastercard

In a strategic move targeting the dynamic preferences of Millennials and Gen Zs, IDFC FIRST Bank has introduced the FIRST SWYP credit card, a youth-centric offering designed to cater to the unique demands of the new-age customer. Key Features No-Interest...