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Updated: 1 hour 16 min ago
Govt counts on tax, interest rate cut to revive economy; investors cautious
The decision by India's central bank on Friday to reduce its key rate for the first time in five years comes less than a week after Modi's government unveiled historic tax cuts in its federal budget
Modi govt spent Rs 11 trn on infra development in one year: Scindia
Union minister Jyotiraditya Scindia on Saturday said the Modi government has spent Rs 11 lakh crore on infrastructure development in the last one year, while the Congress-led UPA dispensation used to spend only Rs 2 lakh crore on this front annually. Addressing a press conference to highlight various provisions made in the recently-presented Union Budget, he said the budget will make India self-reliant and aims to establish it as a 'Vishwaguru' (world leader) by 2047. "Prime Minister Narendra Modi has always said that he considers poor, farmers, women and youth as the only four castes in our country, and this budget focuses on these four categories," he said. "In the last one year, Rs 11 lakh crore have been spent on infrastructure. The UPA used to spend only Rs 2 lakh crore on this front," the Minister of Communications said.
According to him, railway lines of 2,031 km were laid and 6,000 km-long national highways were constructed in the past one year.
In the telecom sector, ...
Households expect inflation to moderate; consumer confidence dips
Inflation expectations showed an upward trajectory for three months and one-year ahead period
Cabinet clears new income-tax bill; sections likely to be reduced by 30%
In addition, the official stated that in the new income tax bill, authorities have not been given excessive powers
Monetary policy: Time to support growth as inflation coming down, says RBI
It has been the endeavour of Reserve Bank to provide as much liquidity as is required
Severe delays in Rs 1 trillion national highway projects: CareEdge Ratings
Delayed HAM projects rose from 33% of total projects to 55%, says agency
RBI to introduce forward contracts in govt securities: Governor Malhotra
Bond market participants said that in bond forwards, there will be actual delivery of bonds
RBI Guv lauds Budget, says Rs 1 trn tax relief will not impact inflation
New Reserve Bank Governor Sanjay Malhotra on Friday lauded the Union Budget for FY26 as "excellent", which will help in economic growth as well as in the central bank's core objective of curtailing inflation.
Malhotra, a career bureaucrat who took over as the Governor of RBI in December, also said that the Rs 1 lakh crore of tax relief given to the middle class to spur consumption will not have any major impact on inflation.
"Overall, it is an excellent budget both from a growth perspective as well as from an inflation perspective," Malhotra told reporters hours after announcing a 0.25 per cent repo rate cut, the first such move by the RBI in five years.
He said the government has curtailed the fiscal deficit at 4.4 per cent, which is better than the 4.5 per cent under the earlier announced fiscal glide path.
Malhotra said the proposals on vegetables, fruits and pulses through dedicated programmes will help curb inflation in the medium to long term.
He explained that about 46 per
Stats ministry shall endeavour to bring out district-level estimates: Kant
Addressing the event, MoSPI secretary Saurabh Garg also emphasised on the work being done by the ministry on making district-level estimates available
RBI to review mkt trading, settlement timings to enhance scope, liquidity
The RBI announced the formation of the working group, to be headed by R S Ratho
MP announces drone policy, incentives to become manufacturing hub
Capital subsidy of up to 40 per cent (maximum Rs 30 crore) will be provided to entrepreneurs setting up drone-manufacturing units in the state
RBI's internal committee reviewing economic capital framework: Governor
The panel had also suggested that the RBI's ECF be reviewed every five years
India's forex reserves rise $1.05 bn to $630.607 bn, shows RBI data
India's forex reserves rose USD 1.05 billion to USD 630.607 billion for the week ended January 31, the RBI said on Friday.
In the previous reporting week, the overall reserves had increased by USD 5.574 billion to USD 629.557 billion.
This is the second consecutive week of an increase in the reserves, which have otherwise been on a declining trend for the last few weeks due to revaluation along with forex market interventions by RBI to help reduce volatilities in the rupee.
The forex reserves had increased to an all-time high of USD 704.885 billion in end-September 2024.
For the week ended January 31, foreign currency assets, a major component of the reserves, decreased by USD 207 million to USD 537.684 billion, the data released on Friday showed.
Expressed in dollar terms, the foreign currency assets include the effect of appreciation or depreciation of non-US units like the euro, pound and yen held in the foreign exchange reserves.
Gold reserves increased by USD 1.242 billion t
RBI defers proposed LCR norms implementation till at least March 31, 2026
"Trade-offs between stability and efficiency will be kept in mind"
India's exports likely to touch record $800 bn this year: Piyush Goyal
India's exports are growing significantly and would achieve a record USD 800 billion in 2024-25 fiscal year, Commerce and Industry Minister Piyush Goyal said on Friday.
"Exports have been growing and have risen significantly in the last four years. This year also, there will be growth. We will end the year with over USD 800 billion exports for the very first time in India's history," Goyal said during Question Hour in the Rajya Sabha.
He told Congress leader Rajeev Shukla that it is "not entirely accurate" that India's exports are declining.
Goyal told him not to worry about falling forex reserves as they have consistently been above USD 600 billion for many months.
The minister, however, informed the Upper House that certain imports -- petroleum products, coking coal, pulses and edibles oils -- are "unavoidable" due to domestic shortages and high demand.
The growth in imports, which is a good sign for the economy, is due to a rise in domestic consumption.
"It will take some year
Govt to roll out monthly unemployment figures from April for data accuracy
Until now, the government released only quarterly unemployment figures for urban areas and combined annual data for urban and rural areas
India's fuel demand in January rises 3.2% to 20.49 million tonnes
Consumption of fuel, a proxy for oil demand, rose to 20.49 million metric tons, data from the oil ministry's Petroleum Planning and Analysis Cell (PPAC) showed
India in talks with EU to resolve new trade regulations: Piyush Goyal
Commerce and Industry Minister Piyush Goyal on Friday said India is in talks with the European Union to resolve issues related to the new EU trade regulations.
Responding to queries on EU trade barriers in the Rajya Sabha, Goyal said the EU has introduced new regulations for their own industries.
"There is certainly an issue where the EU has come up with new regulations which we are actively discussing with them to resolve," he said.
The government is having discussions on issues like the deforestation Act, he said, adding, "we will have to engage with them and find mutual resolution to make the process simple and ensure it does not hurt our industry."
Goyal said if unfair trade barriers are imposed, the government will take up the matter strongly with India's counterparts through bilateral discussions and multilateral trade organisations.
Asked if India has initiated any discussion with the EU regarding mutually agreed pacts in view of stringent regulations, the minister said thi
Rate cut as expected; FY26 growth forecast slightly optimistic: Aditi Nayar
Looking ahead, we believe that the growth-inflation outlook suggests that there is room for another 25 bps rate cut in either the April or the June 2025 meetings
New income-tax Bill likely to receive Cabinet approval on Friday
New bill will not impose any additional taxes or create new burdens, says finance secretary