Business News

Subscribe to Business News feed Business News
Economy News: Stay informed on the latest economy news with Business Standard. Get real-time insights on dynamic GDP growth, Government Policies and global market trends.
Updated: 2 hours 13 min ago

India's construction sector levels up as housing demand spurs economy

Sun, 12/03/2023 - 21:12
The construction sector grew 13.3% in July-September from a year earlier, up from 7.9% in the previous quarter and its best performance in five quarters, the data released on Thursday showed

India resumes imports of Venezuelan crude oil, Reliance seeks direct deal

Sun, 12/03/2023 - 20:44
Three Indian refiners have bought some 4 million barrels of Venezuelan crude for February delivery at between $7.50 and $8 per barrel below dated Brent on a delivered ex-ship basis, trade sources said

China frames 'One Province, One Policy' plan for the financial risk

Sun, 12/03/2023 - 12:01
In late October, the two-day Central Financial Work Conference, which was attended by President Xi Jinping, pledged to optimise the debt structure of central and local governments

COP28: Top development banks vow to up climate game, quiet on fossil fuels

Sun, 12/03/2023 - 11:39
The group said it would look at activities including removing "distorting" subsidies and developing pipelines of green projects

PwC India, CWAS launch framework for ESG assessment of Indian cities

Sun, 12/03/2023 - 07:07
PwC India has launched a framework for the Environmental, Social and Governance (ESG) assessment of cities, developed in partnership with the Centre for Water and Sanitation (CWAS), CEPT Research & Development Foundation (CRDF) at CEPT University. The framework is aimed to encourage Indian cities to become ESG-ready and create an enabling environment for investors in the country. It includes 62 indicators covering themes on global development goals and national commitments, in addition to the municipal functions mandated to local governments, PwC India said in a release. The ESG rating system developed for the assessment of cities starts with 'Initiators', which are cities that have indicated their intent to undertake a few actions on the E, S and G fronts. An increasing score leads to a city being ranked as an 'Aspirant', 'Performer' and subsequently an 'Achiever', it said. Speaking on the launch of the framework, Meera Mehta, Head, CWAS-CRDF-CEPT University, said, infrastructure

India ahead of Montreal protocol targets, leads sustainable cooling goals

Sun, 12/03/2023 - 06:23
India has successfully phased out ozone depleting and climate warming chemical HCFC 141b and is ahead of schedule in eliminating another such gas, HCFCs, in new equipment manufacturing, according to a government report launched here on Sunday during the global climate talks. The report, jointly brought out by the Environment ministry and UNDP, during a side-event of the annual climate talks COP28, said that surpassing the 35 per cent phase-out target for HCFCs, India has achieved an impressive 44 per cent reduction, showcasing its commitment to collaboration and innovation to meet climate targets. India's proactive measures, outlined in the HCFC Phase-out Management Plan (HPMP) Stage-II, have set a remarkable example for global climate action, the report said. The report said India has successfully phased out ozone depleting and climate warming chemical 1,1-Dichloro-1-fluoroethane (HCFC-141b) and is ahead of schedule in eliminating another such gas Hydrochlorofluorocarbons in new ..

Global regulators seek tougher scrutiny of voluntary carbon markets: Report

Sun, 12/03/2023 - 05:56
IOSCO last year raised the prospect of closer scrutiny of carbon markets when it said it was concerned the quality and double counting of credits left the sector open to fraud

Waltair Division breaks Nov loading records, crosses 1,700 loading barrier

Sun, 12/03/2023 - 04:05
The Waltair Division is one of three railway divisions in the East Coast Railway zone. In 2020-21, the division loaded 61.17 million tonnes

Proposed 5% biogas blending with LNG can cut imports worth $1.17 bn: IBA

Sun, 12/03/2023 - 00:47
The proposed 5 per cent blending of biogas with natural gas supplies in the country can cut LNG imports worth USD 1.17 billion annually, says a study by the Indian Biogas Association (IBA). The study comes against the backdrop of the government's recent mandate to blend one per cent biogas with piped natural gas (PNG) supplies in the country from April 1, 2025 under the compressed biogas blending obligation (CBO) scheme. The biogas blending is proposed to be further increased to 5 per cent by fiscal year 202829. According to the study, this blending initiative gels well with the government's macro-level move to make India a gas-based economy, with a target to increase the current share of gas in the energy mix from 6 per cent currently to 15 per cent by 2030. The IBA estimates show that 5 per cent blending of biogas with natural gas can reduce LNG imports worth USD 1.17 billion. This can also bring down per capita CO2 emissions by two per cent, benchmarked to the 2019 figure, which

GDP emission intensity reduced by 33% between 2005 and 2019: Govt report

Sun, 12/03/2023 - 00:18
India reduced its GDP emission intensity by 33 per cent between 2005 and 2019, achieving the target 11 years in advance, according to a government report. The report also said India's GDP grew at a cumulative annual growth rate of 7 per cent but its emissions rose by only 4 per cent per year during this period, suggesting that the country has been successful in decoupling its economic growth from planet-warming greenhouse gas emissions. The report called 'The Third National Communication to the United Nations Framework Convention on Climate Change' will be submitted to the UN climate change body during the ongoing climate talks in Dubai, officials said. National communications contain information on a country's greenhouse gas emissions, its vulnerability to climate change, and the measures any country is taking to mitigate emissions and adapt to the impacts of climate change. Environment Minister Bhupender Yadav said that India reduced its GDP emission intensity by 33 per cent betw

Karnataka eyes Rs 1.4 trillion investment annually to boost state economy

Sat, 12/02/2023 - 08:44
Some of the big-ticket investment proposals received by the state include Foxconn, IBC, AMD, Qualcomm, Applied Materials, Marubeni and Tata Technologies

Coal output from captive, commercial mines rises 37% to 11.9 MT in November

Sat, 12/02/2023 - 04:24
The government on Saturday said coal production from captive, commercial coal mines registered a 37 per cent rise to 11.94 Million Tonnes (MT) in November. The coal output from captive, commercial coal mines was at 8.74 MT in November 2022-23. Coal dispatch from captive, commercial coal mines in November was at 12.92 MT, registering a growth of 55 per cent as against 8.36 MT in the year-ago period. "The average daily coal dispatch from such mines in November 2023 is the highest ever with 4.3 lakh tonnes per day," the coal ministry said in a statement. The total coal production from captive, commercial coal mines during the April-November period was around 83.90 MT, while the total coal dispatch was 89.67 MT, registering a year-on-year growth of 24 per cent and 31 per cent, respectively, from the same period in FY23. The government is committed to achieving the target coal production and dispatch, which is a crucial step towards ensuring the country's energy security and driving ..

India will grow at nearly 7% in 2023-24: Member of EAC to PM Modi

Fri, 12/01/2023 - 12:15
India's economy will grow at close to 7 per cent during the ongoing fiscal, Sanjeev Sanyal, a member of EAC to PM, said on Friday. Addressing a programme at the Calcutta Chamber of Commerce, he said there is a need to counter global narratives built on "absurd and irrelevant" data points, and India's second-largest rating agency CareEdge will soon start publishing sovereign ratings. He said that backed by manufacturing, the economy grew by 7.6 per cent in the July-September quarter, well above expectations. "We will be growing at somewhat close to 7 per cent for the year, and that would easily make us the world's fastest-growing," he said. Sanyal, a member of the Economic Advisory Council (EAC) to the Prime Minister, said that for too long, India's growth has been defined by others. "It's time we start taking control of our own narrative and defining ourselves on our own terms," he said. "We need to create our own indices and do our own sovereign ratings. CareEdge will begin ...

GST mop-up rises 15% to Rs 1.68 trn; two-wheeler sales enter fast lane

Fri, 12/01/2023 - 11:25
The 15 per cent Y-o-Y growth in November came despite weak external conditions

UN secretary general, COP28 president clash over future of fossil fuels

Fri, 12/01/2023 - 11:18
The competing visions summed up the most divisive issue facing world leaders at this year's UN climate summit in the oil-producing United Arab Emirates

Day after Q2 GDP data, economists raise India's FY24 growth forecast

Fri, 12/01/2023 - 09:59
However, analysts continue to exercise caution for the second half of the current fiscal year and FY25 as consumption remains a concern

Confident of growth in export this year despite global uncertainties: Goyal

Fri, 12/01/2023 - 09:49
Commerce and Industry Minister Piyush Goyal on Friday said there will be growth in the country's exports despite global uncertainties. He, however, indicated that the growth may slow down. India has been able to increase exports of goods and services by almost 55 per cent -- from USD 500 billion in 2021 to USD 776 billion last year, he said. "Current year, with two conflicts going on around the world, recession setting in the developed economies, we may see that the growth may slow down, but nevertheless, we are confident of growth in the export numbers even in the current year," Goyal said at a function. A conflict between Israel and Hamas is continuing in the Middle East, while the Ukraine-Russia war is still going on. Besides, inflation in developed countries is impacting global demand for goods. India's merchandise exports rose 6.21 per cent to USD 33.57 billion in October this year, even as the trade deficit widened to a record high of USD 31.46 billion during the ...

Indian refiners resume imports of Venezuelan oil, RIL seeks direct deal

Fri, 12/01/2023 - 09:48
But Venezuela's oil output has been volatile, limiting what it can offer for exports

Odisha registers over 100% growth in GST collection at Rs 2,791 cr in Nov

Fri, 12/01/2023 - 08:58
Odisha registered a phenomenal growth rate of 100.77 per cent in State GST with a collection of Rs 2791.45 crore in November 2023 against a collection of Rs 1390.36 crore in the corresponding month last year, an official said. The progressive collection of State GST (OGST+IGST Settlement) up to the month of November'23 is Rs 14,913.16 crore against a collection of Rs 11,719.64 crore in November '22, registering a growth rate of 27.25 per cent, an official release said. The collection under all Acts monitored by the commissionerate of CT & GST, Odisha, including OGST/ IGST Settlement / VAT/ Entry Tax and Profession Tax during November 2023 is Rs 3,856.72 crore against a collection of Rs 2,308.92 crore during November 2022 with a growth rate of 67.04%, it said. The progressive collection under all Acts up to November 2023 is Rs 22,510.56 crore with a growth rate of 18.91% over corresponding collection till November 2022. With regard to Gross GST collection (CGST+IGST+SGST+Cess), ...

India's forex reserves rise to near three-month high of $597.94 billion

Fri, 12/01/2023 - 07:38
The reserves rose by $2.5 billion in the reporting week, after rising $5.1 billion in the week before