Page 8 - Economy News
World Bank cuts India's growth forecast to 6.3%; ADB projects 6.4% for FY24
Cite global slowdown spillover, policy tightening impact
 "World Bank cuts India's growth forecast to 6.3%; ADB projects 6.4% for FY24")
Automobile retail sales up 14% in March; post 21% YoY growth in FY23
All vehicle categories, except tractors, post double-digit growth for March and the full financial year
 "Automobile retail sales up 14% in March; post 21% YoY growth in FY23")
Axis Bank CEO flags risks of slowing economic growth, says report
Axis Bank Ltd Chief Executive Officer Amitabh Chaudhry said he was watchful over consumer demand in the Indian economy and that expectations for growth might have to be tempered a bit
 "Axis Bank CEO flags risks of slowing economic growth, says report")
India will not be impacted by Opec+ production cut, officials say
Industry executives said imports from Russia may rise further as talks are on to address difficulties in paying for Russian crude
 "India will not be impacted by Opec+ production cut, officials say")
Indian Energy Exchange trade volume dips 4% YoY to 9212 mn units in March
Indian Energy Exchange's total trade volume declined by 4 per cent to 9,212 million units (MU) in March compared to the same month a year ago
 "Indian Energy Exchange trade volume dips 4% YoY to 9212 mn units in March")
Delhi government extends power subsidy scheme for another year: Minister
Delhi cabinet in its meeting on Tuesday approved extending the power subsidy scheme for next one year, despite "conspiracies" to stop it, Power minister Atishi said in a press conference
 "Delhi government extends power subsidy scheme for another year: Minister")
India, European Union speed up work on free trade agreement negotiations
The fifth round of negotiations will be held in New Delhi from June 19-23, 2023
 "India, European Union speed up work on free trade agreement negotiations")
Civil aviation ministry disburses Rs 30 cr under PLI Scheme for drones
The Union Civil Aviation Ministry during FY 2022-23 has disbursed nearly Rs 30 crore to 23 beneficiaries under the Production Linked Incentive (PLI) Scheme for drones and drone components
 "Civil aviation ministry disburses Rs 30 cr under PLI Scheme for drones")
New foreign trade policy to aid exports via e-com, farm equipment: Experts
The new Foreign Trade Policy (FTP) 2023, announced recently, will help in promoting exports of sectors from e-commerce, batteries for electric vehicles and farm equipment, experts said on Tuesday
 "New foreign trade policy to aid exports via e-com, farm equipment: Experts")
Express delivery should have level playing field with general cargo: ICRIER
Economic think tank ICRIER on Tuesday suggested that the government should fast-track trade facilitation-related reforms, in a bid to give express delivery a level-playing field with general cargo
 "Express delivery should have level playing field with general cargo: ICRIER")
Goods exports touched $447 bn in 2022-23; final numbers awaited: Goyal
The country's goods exports touched $447 billion till the last count for 2022-23 fiscal year as against $422 billion in 2021-22, Commerce and Industry Minister Piyush Goyal said on Tuesday.
 "Goods exports touched $447 bn in 2022-23; final numbers awaited: Goyal")
Sweating over milk: India stares at supply crunch as summer sets in
Industry asks government to consider imports as the season of abundant stocks fails this year
 "Sweating over milk: India stares at supply crunch as summer sets in")
Historic changes coming in law with Parliament's nod to Competition Bill
The amendments are expected to improve ease of doing business, attune India's competition law regime with global trends
 "Historic changes coming in law with Parliament's nod to Competition Bill")
India's Goods and Services Tax mop-up crossed Rs 18 trillion in FY23
March collection was the second-highest ever
 "India's Goods and Services Tax mop-up crossed Rs 18 trillion in FY23")
India's GDP growth to slow down to 6.3 per cent in FY24: World Bank
The latest India Development Update, released Tuesday, notes that rising borrowing costs and slower income growth are expected to weigh on private consumption growth
 "India's GDP growth to slow down to 6.3 per cent in FY24: World Bank")
ADB slashes India GDP growth forecast to 6.4% for FY24, cites risks
Private consumption will be the main driver of growth, says international agency
 "ADB slashes India GDP growth forecast to 6.4% for FY24, cites risks")
Centre cuts all windfall tax on domestically produced crude oil from today
Previously in March, the Centre had slashed the windfall tax by Rs 900 per tonne to Rs 3,500 per tonne from Rs 4,400 per tonne
 "Centre cuts all windfall tax on domestically produced crude oil from today")
Amid constant fear of layoffs, employees at startups looking for a way out
People working at these firms have witnessed their colleagues being shown the door. Many have left on their own or are looking for options
 "Amid constant fear of layoffs, employees at startups looking for a way out")
States switching to OPS incurring less proportion of earnings on pension
The state used to spend a proportion of its revenue receipts on pension expenditure in double digits in 2019-20 and 2020-21
 "States switching to OPS incurring less proportion of earnings on pension")
Untimely rains bring relief to thermal units as power, coal demand tapers
Downpour allows power plants to stock coal for upcoming summer months
 "Untimely rains bring relief to thermal units as power, coal demand tapers")
