Economy

RBI extends payments infrastructure scheme by 2 years till Dec 2025, expands scope

The Reserve Bank of India (RBI) has announced a two-year extension of the Payments Infrastructure Development Fund (PIDF) scheme until December 31, 2025. This move is aimed at promoting digital transactions at the grassroots level and includes an expansion of...

India’s Engineering Exports Experience Divergent Trends Across Global Markets in October

After facing a challenging first half of the year, India's engineering exports showcased notable positive growth in key markets such as the US, Saudi Arabia, and the UAE during October. However, a contrasting scenario emerged as exports contracted in various...

S&P Global Ratings Revises India’s Growth Projections

In its latest update, S&P Global Ratings has made noteworthy adjustments to India's economic growth forecasts, providing insights into the factors influencing the trajectory for the financial years 2024 and 2025. India's FY24 Growth Surges to 6.4% S&P Global Ratings...

Indian Rupee Hits Record Low at 83.38 Against US Dollar

The Indian rupee closed at a new low of 83.38 against the US dollar, marking a slight decline from the previous close of 83.34. This drop was attributed to increased dollar demand from oil companies and intervention by the Reserve...

India’s October crude oil imports rise after four months of declines

After a four-month decline, India's crude oil imports surged in October, rising by 5.9% month-on-month to reach 18.53 million metric tons. This rebound follows a one-year low in September, signaling a shift in the country's energy consumption trends. Seasonal Demand...

10% fewer fresh formal jobs created in Apr-Sep period, shows EPFO data

Recent data from the Employees’ Provident Fund Organisation (EPFO) reveals a 10.1% decline in new subscribers during the first half of the fiscal year 2023-24, indicating a slowdown in formal job creation. This downturn is significant in light of the...

Anticipated Deceleration in Growth for ‘Unsecured Retail Loans’ in FY24

Recent regulatory measures implemented by the Reserve Bank of India (RBI) are set to reshape the landscape of unsecured retail loans in Mumbai. Crisil Ratings predicts a notable deceleration in the growth of these loans, contrasting sharply with the robust...

IISR-Kozhikode Develops New High-Yielding Pepper Variety

Introduction The Indian Institute of Spices Research (IISR) in Kozhikode has achieved a significant milestone in the field of agriculture with the successful development of a groundbreaking black pepper variety named ‘IISR Chandra.’ This achievement is the culmination of an...

Foreign Direct Investment in India Witnesses a 24% Contraction in H1 FY24

Foreign direct equity investments in India have experienced a significant downturn, recording a 24% decline to $20.5 billion during the first half of the financial year 2023-24. This notable decrease follows a larger trend of diminishing FDI inflows over the...

India’s Economic Growth Outlook by Goldman Sachs for 2024-25

Goldman Sachs, the US-based investment bank, forecasts India's economy to grow at a rate of 6.5% in the fiscal year 2024-25, surpassing the projected 6.2% for the current financial year. The key driver for this growth is anticipated to be...