Economy

Indian Government is committed to promoting and strengthening inclusive and sustainable development by ensuring proper and effective utilization of funds provided in the Annual...

The Central Statistics Office (CSO), Ministry of Statistics and Programme Implementation has revised the Base Year of the Consumer Price Index (CPI) from 2010=100...

Capital market regulator SEBI has further reduced room for manoeuvre for foreign investors buying Indian equity through offshore derivative instruments (ODI), the most popular...

The index of mineral production of mining and quarrying sector for the month of July (new Series 2004-05=100) 2016 at 118.7. The cumulative growth for...

In the Report of the Working Group on ‘Foodgrains-Balancing Demand and Supply’ for the 12th Five Year Plan, the estimated demand of pulses in...

A Joint Venture Agreement was signed on 20th January, 2017 between Ministry of Railways and Government of Jharkhand for developing railway infrastructure in the State. This...

Competition Commission of India has imposed a penalty of ₹591.01 crore on public sector undertaking Coal India. The Competition Commission of India (CCI) has found Coal...

National Payments Corporation of India (NPCI) has RBI aaproval to function as the Bharat Bill Payment Central Unit (BBPCU) and operate the Bharat Bill Payment...

Asia Index Pvt Ltd, a joint venture between S&P Dow Jones and BSE Ltd, launched four new indices. The four S&P BSE indices will be...

The index of mineral production of mining and quarrying sector for the month of November (new Series 2004-05=100) 2015 at 131.5, was 2.3% higher...

National Bank for Agriculture and Rural Development (NABARD) has sanctioned a loan of Rs 204.67 crore under Rural Infrastructure Development Fund (RIDF) for rural...

The RBI released the operating guidelines for Payment Banks and Small Finance Banks. RBI has prescribed for both categories of banks the following: Minimum Capital: 15...

Canara Bank has raised Rs. 1,000 crore of the permitted amount of Rs. 2,500 crore by issuing Basel-III complaint tier-I bonds with a coupon...

There is no official estimation of percentage of black money held in India in cash. In the last financial year (2015-16) 648 disclosures involving undisclosed...

The Central Statistics Office (CSO), Ministry of Statistics and Programme Implementation, revises the base year of the macroeconomic indicators, as a regular exercise, to...

The Cabinet Committee on Economic Affairs has approved the proposal of Ministry of Railways to close the Bharat Wagon and Engineering Company Limited (BWEL)...

Current Affairs: The Reserve Bank of India has allowed foreign investors to pick up to 45 per cent in Jubilant Life Sciences under the...

MERCHANDISE TRADE  EXPORTS & IMPORTS  : (Rs. Crore) (PROVISIONAL)     FEBRUARY APRIL-FEBRUARY EXPORTS(including re-exports)     2014-15 136379.94 1746265.60 2015-16 141515.41 1556576.47 %Growth2015-16/ 2014-15 3.77 -10.86 IMPORTS     2014-15 178205.35 2515834.93 2015-16 186155.30 2295116.34 %Growth2015-16/ 2014-15 4.46 -8.77 TRADE BALANCE     2014-15 -41825.41 -769569.33 2015-16 -44639.89 -738539.87 SERVICES TRADE EXPORTS & IMPORTS (SERVICES): (Rs. Crore) (PROVISIONAL) January 2015-16 EXPORTS (Receipts) 84556.32 IMPORTS (Payments) 46007.30 TRADE BALANCE 38549.02  

MERCHANDISE TRADE EXPORTS & IMPORTS  : (US $ Million) (PROVISIONAL)       AUGUST APRIL-AUGUST EXPORTS(including re-exports)     2015-16 21582.67 111853.88 2016-17 21518.60 108519.94 %Growth2016-17/ 2015-16 -0.30 -2.98 IMPORTS     2015-16 33981.73 170234.30 2016-17 29192.74 143189.49 %Growth2016-17/ 2015-16 -14.09 -15.89 TRADE BALANCE     2015-16 -12399.06 -58380.42 2016-17 -7674.14 -34669.55 EXPORTS & IMPORTS  : (Rs. Crore) (PROVISIONAL)     AUGUST APRIL-AUGUST EXPORTS(including re-exports)     2015-16 140443.43 713808.46 2016-17 144044.67 726776.04 %Growth2016-17/ 2015-16 2.56 1.82 IMPORTS     2015-16 221126.92 1086515.26 2016-17 195415.03 959102.25 %Growth2016-17/ 2015-16 -11.63 -11.73 TRADE BALANCE     2015-16 -80683.49 -372706.80 2016-17 -51370.36 -232326.21 SERVICES TRADE EXPORTS & IMPORTS...

Indian Steel Sector’s contribution to overall Gross Domestic Product of the country is nearly 2% during 2015-16. The total exposure of steel industry is about...

The Central Board of Direct Taxes (CBDT) has started the year 2017 by entering into three unilateral Advance Pricing Agreements (APAs). The three APAs signed...

Foreign investments in the services sector increased 77.6 per cent to $7.55 billion in the current fiscal. Services sector, which includes banking, insurance, R&D, outsourcing, courier...

The Central Board of Direct Taxes (CBDT) entered into Five Unilateral Advance Pricing Agreement with Indian taxpayers during June, 2017. A Bilateral Advance Pricing Agreement...

(Amount in ₹ crore, Rate in Per cent) ...

Securities and Exchange Board of India (Sebi) issued a new set of guidelines governing outsourcing by depositories to safeguard capital markets from outside risks. SEBI...

Hinduja Group flagship firm Ashok Leyland on Friday said it has bagged an order for 680 vehicles and spare parts worth $50 million (over...

State Bank of India has inked agreements with the World Bank for a $625-million (around Rs. 4,200 crore) facility to support grid connected rooftop...

The Reserve Bank of India has allowed higher limits for foreign direct investment (FDI) in credit information companies. In a notification, the RBI said investors...

Crude oil production during August, 2016 was 3067.80 TMT which is 1.02% and 3.93% lower than target and production achieved in August 2015 respectively. Cumulative...

The details of Total Advances and Gross Non-Performing Assets (GNPA) including the Number of accounts and Amount Involved of Public Sector Banks (PSBs) as...

The government has declared to infuse Rs. 1,894 crore capital into State Bank of India. It has asked the country’s largest lender SBI to take necessary...

Reorganisation of the field formations of the Central Board of Excise & Customs (CBEC) for the implementation of Goods & Services Tax (GST) has...

India ranks first in milk production, achieving an annual output of 155.48 million tons during 2015-16 accounting for 19 % of world production. Department of...

Wind turbine maker Suzlon Energy Ltd will allot over 3.58 lakh shares to bondholders upon conversion of some bonds due in July 2019. Suzlon Energy...

Government of India, in consultation with Reserve Bank of India (RBI), has issued Notification for the Second Tranche of Sovereign Gold Bond Scheme 2016...

Public sector lender IDBI Bank Limited has raised capital of Rs 1,500 crore through Basel III compliant Additional Tier-1 (AT1) bonds to enhance capital...

Pakistan has issued USD 1 billion from international debt markets by issuing five-year dollar-denominated Islamic bonds. Pakistan received nearly USD 2.4 billion in total offers...

The Reserve Bank of India has imposed penalty ranging from ₹10,000 to ₹20,000 on five foreign banks — Bank of America, Bank of Tokyo...

India has bought more than five million tonnes of wheat since mid-2016, already its biggest annual purchase in a decade, after it began an...

MERCHANDISE TRADE EXPORTS & IMPORTS  : (US $ Million) (PROVISIONAL)     APRIL 2017 EXPORTS(including re-exports)   2016-17 20568.85 2017-18 24635.09 %Growth 2016-17/ 2015-16 19.77 IMPORTS   2016-17 25413.72 2017-18 37884.28 %Growth 2016-17/ 2015-16 49.07 TRADE BALANCE   2016-17 -4844.87 2017-18 -13249.19     EXPORTS &IMPORTS  : (Rs. Crore) (PROVISIONAL)   APRIL 2017 EXPORTS(including re-exports)   2016-17 136720.11 2017-18 158913.79 %Growth 2016-17/ 2015-16 16.23 IMPORTS   2016-17 168923.71 2017-18 244380.52 %Growth 2016-17/...

The Reserve Bank issued new Rs 200 and Rs 50 denomination banknotes in the Mahatma Gandhi (New) Series, bearing signature of RBI Governor Urjit...

The Reserve Bank of India (RBI) has launched quarterly 'Inflation Expectations Survey of Households' for December 2015. The RBI has been regularly conducting the survey....

The government has further eased norms for the gold monetisation scheme, giving investors the option to redeem the principal amount in medium- and long-term...

Litigation is a scourge for a tax friendly regime. In order to reduce the pending litigation, the Direct Tax Dispute Resolution Scheme, 2016 (the...

As per Central Statistics Office (CSO) provisional data, the share of services sector to Gross Value Added (GVA) was 53.2 per cent in 2015-16...

There is a surge in the use of Bitcoins or the digital currency recently. It has tipped to become a new safe haven asset...

The government of India has ‘in-principle’ decided for strategic disinvestment of ASP, SSP and VISP of Steel Authority of India Ltd with transfer of...

Goods and Services Tax (GST), a historic tax reform has come into effect from 1st July, 2017. GST will completely transform the Indirect Taxation...

Government of India (GOI) has announced the sale (issue/re-issue) of four dated securities for a notified amount of ₹30,000 crore as per the...

The Reserve Bank allowed banks to bring down the statutory liquidity ratio (SLR) securities under held-to-maturity (HTM) category by 1.25 per cent to 20.50...

Mr Jin Liqun, President Designate of the Asian Infrastructure Investment Bank paid a courtesy call on Prime Minister Shri Narendra Modi. Prime Minister congratulated Mr...

The Union Cabinet has given its approval for setting up the India Post Payments Bank (IPPB) as a Public Limited Company under the Department...

Two critical macro data points—GDP growth and core infrastructure performance—released recently reflected a rosy picture of an economy. Cementing India’s pole position as the fastest...

Oil Company Target August (Month) 2016-17 (Apr-Mar) 2016-17 2015-16 % over last year Target Prod.* Prod. A. Public Sector 135565.03 10894.00 10985.15 10296.55 106.69 IOCL 65100.00 5410.30 4953.45 4558.39 108.67 BPCL 25250.15 2049.97 2150.36 2033.01 105.77 HPCL 16800.29 1147.31 1253.23 1551.45 80.78 CPCL 10250.00 951.11 1006.67 549.16 183.31 NRL 2670.00 231.37 239.04 252.93 94.51 MRPL 15450.00 1100.00 1376.01 1349.04 102.00 ONGC 44.59 3.95 6.40 2.56 250.14 B. Joint Venture 15000.00 1246.02 1521.60 1557.55 97.69 BORL 6000.00 450.00 587.60 620.19 94.74 HMEL 9000.00 796.02 934.00 937.36 99.64 C. Private Sector 89852.65 7689.74 7783.51 7757.64 100.33 RIL 69561.01 5998.74 6002.57 5998.74 100.06 EOL 20291.64 1691.00 1780.94 1758.90 101.25 TOTAL (A+B+C) 240417.68 19829.76 20290.26 19611.74 103.46 *: Provisional

Reserve Bank of India (RBI) has informed that number of debit cards outstanding at the end of August 2016 was 71.2 crore. RBI has informed...

India’s biggest power producer, NTPC Ltd, has raised €500 million through overseas bonds sale. NTPC got bids for $2.4 billion, or nearly five times the...

Section 18 of the Special Economic Zones Act, 2005 provides for the setting up of an International Financial Services Centre (IFSC) in a Special...

Securities and Exchange Board of India, SEBI, has introduced an online registration mechanism for custodians of securities to make it convenient for them to...

In order to reduce tax litigation by about 50 per cent, the Ministry of Finance raised the monetary limit for filing appeals to Rs...

Government had launched the Gold Monetisation Scheme (GMS) on 5th November, 2015. Thereafter a number of suggestions have been received to make the scheme...

The Union Cabinet has given its approval for the FDI policy amendments announced by the Government on 20th June, 2016. The FDI policy amendments are...

Government has integrated 250 mandis in ten states with the electronic national agriculture market (e-NAM) in the first phase. e-NAM is a pan India electronic...

India has surpassed its colonial master, the United Kingdom, to become the world's sixth-largest economy in GDP terms. The result is a symbol of...

The Tax Collection figures up to January 2017 show consistent trend of healthy growth. Indirect Taxes During January 2017, the Net Indirect Tax grew at the...

The Union Cabinet has given its approval to Raising of Bonds of Rs. 2360 crores for Renewable Energy. The Bonds will be raised by the...

The National Stock Exchange (NSE) started trading of futures contracts based on the Indian VIX index from 26thFebruary, 2014. India VIX is the pet name...

According to World Bank, India became the largest remittances receiving country at $72 billion this year followed by China at $64 billion. The US emerged...

The Centre is well on course to achieve its fiscal targets for 2015-16 going by the various revenue related data points available as on...

A total of 66,097 tourists arrived in August 2016 on e-Tourist Visa as compared to 22, 286 during the month of August 2015 registering...

The Government is developing or planning to develop 5 Industrial Corridors in the country, as follows: Delhi Mumbai Industrial Corridor (DMIC) covering the States of...

The Central Statistics Office (CSO), Ministry of Statistics and Programme Implementation have released the First Advance estimates of national income at constant (2011-12) and...

Action against black money is an on-going process. Such actions include policy-level initiatives, effective enforcement action on the ground, putting in place robust legislative...

At the 18th meeting of the GST Council, it was decided to reduce the GST rate of fertilizers from the existing 12% to 5%....

(Amount in ₹ crore, Rate in Per cent) ...

The Reserve Bank of India issued guidelines for introduction of cross-currency futures and exchange traded cross-currency option contracts in multiple currency pairs. The cross currency...

Bank of Maharashtra will raise Rs. 1,000 crore by issuing Basel-III compliant bonds on a private placement basis. Bank of Maharashtra has informed the BSE...

Companies with a net worth of Rs 500 crore or more will have to follow new Indian Accounting Standards (Ind AS) from April 1. The...

The Union Cabinet has approved the establishment of "Fund of Funds for Startups" (FFS) at Small Industries Development Bank of India (SIDBI) for contribution...

Food Safety and Standards Authority of India (FSSAI) has issued draft norms for online food business operators to obtain licences. E-commerce food-business-operators (FBOs) will be...

The Reserve Bank of India (RBI) has notified that if deposits had been made in legal tender, then depositors could withdraw that amount over...

The General Anti Avoidance Rule (GAAR) provisions shall be effective from the Assessment Year 2018-19 onwards, i.e. Financial Year 2017-18 onwards. The necessary procedures for application of...

Tax on sale or purchase of goods within a State as per Entry List II of Seventh Schedule of the Constitution is a State...

The Union Cabinet has approved raising extra budgetary resources up to 9,020 crore rupees for Long Term Irrigation Fund in 2017-18. The amount will...

PAN or Permanent Account Number is made mandatory for opening all bank accounts from 1 January, 2016. To reduce bank accounts with forged details, the...

Sin Tax in India Have you been sinning? If you’ve been gulping down fizzy drinks, zipping around in sports cars, pub-hopping or puffing away at...

The Union Cabinet has given its approval to create a Project Development Fund (PDF) with a corpus of Rs 500 Crore for catalysing Indian...

The Centre has waived inter-state transmission charges and losses on transmission of electricity generated from solar and wind projects. The waiver will be applicable for...

India's largest hydrocarbon explorer, Oil and Natural Gas Corporation (ONGC) has acquired 80% stake in Gujarat government run Gujarat State Petroleum Corporation's (GSPC) KG-OSN-2001/3...

Republicans in USA are proposing a tax concept common in other countries but novel in the U.S. The idea is "border adjustment." Under the plan,...

The Baltic Dry Index (BDI) is an economic indicator issued daily by the London-based Baltic Exchange. Not restricted to Baltic Sea countries, the index...

Humanity’s relationship with the oceans, and how people use and exploit their resources, is evolving in important ways. While the oceans are increasingly becoming...

BSE is planning to soon introduce a mechanism that will automatically cancel reversal trades executed on its platform. 'Auto-Cancellation of Reversal Trades' would focus on...

The government has extended safeguard duty on steel imports till March 2018. The move is aimed at protecting the Indian industry from cheap China...

According to Department of Industrial Policy and Promotion (DIPP), 34 startups have so far availed the benefits under a government scheme to obtain patents...

Under Pradhan Mantri Awas Yojana (PMAY), launched in June 2015, a total of 12,27,088 affordable houses for Economically Weaker Sections (EWS) in urban areas...

Income-tax Rules have been amended to provide that bank shall obtain and link PAN or Form No. 60 (where PAN is not available) in...

The GST Council in its Meeting agreed to extend the date for rollout of GST from 1st April 2017 to 1st July 2017. Steps taken...

The rules related to Registration and Composition Scheme have been notified on 19th June, 2017. These rules have been brought into effect from 22nd...

On a review of current and evolving liquidity and market conditions, the Reserve Bank has decided to conduct simultaneous purchase and sale of...

RBI Current Affairs Dec 11, 2015: Newly constituted IDFC Bank Ltd has been included in the Second Schedule of the Reserve Bank of India...