The high tariffs have also not helped in pushing localisation, an important goal of the government under the scheme where the aim is to reach 40 per cent value addition by FY27

PM inaugurates the Mumbai Trans Harbour Link project

Patra, a career central banker since 1985, has worked in various positions in the Reserve Bank of India

FMCG maker Godrej Consumer Products Ltd (GCPL) on Friday said the devaluation of the Argentine Peso by the recently elected government in Argentina has resulted in a "negative mid-single digit impact" on its consolidated sales for the December quarter. The new Argentinian government is taking various measures to improve the economic conditions and one of them was to devalue the Argentine Peso to the US Dollar. In December 2023, the Argentine Peso to the US Dollar was devalued from 361 to 808, as the Argentinian economy is facing hyperinflationary pressures. The IndAS 29 (Indian accounting standards) mandates the YTD statement of Profit and Loss to be translated at the closing rate for presentation in consolidated financial statements, said the Godrej Group FMCG arm in a regulatory statement. It mandates all amounts to be restated into the measuring unit at the end of the reporting period by applying a general price index. "Hence, the impact of the devaluation of the Argentine Peso

India is expected to clock a GDP growth in the range of 6.9-7.2 per cent in the current financial year on the back of improving economic fundamentals, Deloitte India said in an update to its quarterly outlook. As per the first advance estimates of national income released by the National Statistical Office (NSO), the Indian economy is estimated to grow by 7.3 per cent in the 2023-24 fiscal, against 7.2 per cent a year ago, mainly due to a good show by mining & quarrying, manufacturing and certain segments of services sectors. Deloitte India's recent economic outlook report said there is an underlying momentum that is building up in the Indian economy, as seen in the improving economic fundamentals. India's current account deficit (CAD) was at 1.9 per cent of GDP in 2022-23 and is expected to be further lower in 2023-24, it said. Further, foreign exchange reserves remain at a comfortable level of Rs 568 billion which is equivalent to over 10 months of import cover. At present ...

Retail inflation: The jump in inflation was due to a rise in food prices as food inflation came in at 9.53 per cent in December

The reserves witnessed the steepest decline in nearly five months, falling $5.9 billion for the reported week, following a cumulative increase of $32.9 billion in the preceding seven weeks

According to available government data, exports from Rajasthan touched Rs 70,000 crore in the 2022-2023. Trade pundits expect it to reach Rs 80,000 crore in 2023-2024

While income taxes and corporate taxes are expected to grow at around 15 per cent in FY25, the government is likely to lower its target for disinvestment in the next fiscal year

Britain's economy struggled to gain momentum in 2023, as households were squeezed by rapid inflation and the highest Bank of England (BoE) interest rates in 15 years

Interim Budget 2024: The Centre will keep a focus on increasing the capital expenditure but it will most likely be at a slower pace than earlier, says Goldman Sachs

Analysts also anticipate that interest rates will drop at least 1.5 percentage points in the United States and Europe this year, which should improve demand for imported goods

Das says cybersecurity threat remains a major challenge

There is a need to rationalise customs duties particularly in those sectors which are growing at a healthy pace for the last several decades, an official said on Thursday. The official, however, said that providing a protection of high duty is required for the infant domestic industry. "But if the industry is 40-50 years old and has developed, has good competition, good investments and if they are globally known, then they should also be competing with the global firms," the official argued. Normally, customs duties or tariffs are used as a policy tool to ensure a higher level of protection for certain sectors to boost domestic manufacturing. These remarks assume significance as there is demand from countries which are negotiating free-trade agreements with India to cut down import duties in sectors such as auto and alcoholic beverages. Overall duties in certain segments are up to 150 per cent like alcoholic beverages. "There is a need for balancing in the duty structure. One cou

India is working on a treaty with the UK under the proposed Free Trade Agreement (FTA) to avoid double contribution to social security funds by Indian professionals working for limited time period in Britain, an official said on Thursday. Indian professionals working for a limited period in Britain contribute to their social security funds but not able to get its benefit as they return once the projects are complete. "We are negotiating the double contribution treaty with the UK under the FTA. There should not be any double contribution towards social security schemes," the official said. It is a long-standing demand of Indian businesses operating in Britain to cut down on the additional cost burden associated with bringing in skilled Indian professionals on a short-term basis. The compulsory National Insurance (NI) contributions of skilled Indian professionals in the UK on temporary visas remains an additional cost burden of about GBP 500 per employee a year, over and above all .

The development comes in the backdrop of the Red Sea crisis impacting global trade

The commerce ministry has called a high-level inter-ministerial meet next week to discuss ways to insulate India's trade from the ongoing problems in the Red Sea, a senior official said on Thursday. Senior officials from five ministries -- external affairs, defence, shipping and finance and commerce -- will participate in the deliberations. The commerce ministry has also set up an internal strategic group, comprising additional secretaries of the ministry, to discuss global issues impacting the country's trade on a daily basis and prepare a strategy to deal with them. "The idea of the inter-ministerial meeting is to see how we can strategise our trade so that it gets least affected in such a situation," the official said. The situation around the Bab-el-Mandeb Strait, a crucial shipping route connecting the Red Sea and the Mediterranean Sea to the Indian Ocean, has escalated due to recent attacks by Yemen-based Houthi militants. Due to these attacks, the shippers are taking ...

All signs are that 2024 will be another challenging year, but by shifting practices and pursuing cooperation and best practice sharing, progress can be made

The central bank's latest inflation outlook for the year starting April stands at 2.8%, in the last report released in October

Amazon Great Republic Day Sale will start on Jan 13. The yearly sale that starts around the Republic Day will allow exclusive early permit for Prime subscribers of multiple deals and discounts