Page 11 - Economy

Best of BS Opinion: Searching for growth, beyond civil society, and more

Here is the best of Business Standard's opinion pieces for today

Gross budgetary allocation for Railways to go up by 29% in Budget: Report

The total capital expenditure (capex) of the railway ministry is expected to jump 20 per cent to Rs 3 trillion in FY24

Petrol, diesel sales surge in Dec as economy picks up momentum, shows data

India's petrol and diesel demand soared in December as increased consumption in agriculture sector helped build on the momentum generated by the festive season, preliminary industry data showed on Sunday. Petrol sales soared 8.6 per cent to 2.76 million tonnes in December, as compared to 2.54 million tonnes of consumption in the same month last year. Sales were 13.3 per cent higher than in COVID-marred December 2020 and 23.2 per cent more than in pre-pandemic December 2019. Month-on-month, the demand was up 3.7 per cent on the high base festive season created since October. Diesel, the most used fuel in the country, posted a 13 per cent rise in sales in December to 7.3 million tonnes, as compared to the same month last year. Consumption was up 14.8 per cent over December 2020 and 11.3 per cent higher than pre-COVID 2019. Diesel sales, however, dipped marginally by 0.5 per cent when compared with November 2022. Petrol and diesel sales were the highest since June. Industry source

Pak going through critical stage; join hands to tackle economy: Army chief

Chief of Army Staff General Syed Asim Munir on Saturday said that Pakistan was passing through a critical stage and urged all stakeholders to join hands to tackle the twin problems of terrorism and economy. Addressing the commissioning parade of 118th Midshipmen and 26th Short Service Commission held at Pakistan Naval Academy, Karachi, he said that there is a need for development of national consensus towards country's problems. (The) COAS stated that Pakistan is passing through one of her most critical junctures and this requires development of national consensus by all stakeholders to sail through the confronted challenges of economy and terrorism, the Army said in a statement. He said that the maritime domain is continuously shifting, mainly due to technological advancement and only those navies would prevail and prove effective that would align with professionalism and modern trends of warfare. The COAS appreciated Pakistan Naval Academy for imparting quality education not only

IIT Madras testing plan for hyperloop parallel to Chennai-Bengaluru route

IIT Madras has demonstrated contactless propulsion and braking for the project, and will be ready technology-wise by July 2023

Inflation kept MPC occupied in 2022, but may not hurt growth for now

Economists and businesses await to see what will be committee's stance in 2023

India's forex reserve falls by $691 mn, 2nd consecutive week of decline

India's forex reserves dropped by USD 691 million to USD 562.808 billion as of December 23, making it the second consecutive week of decline in the kitty, according to the RBI data. The overall reserves had dropped by USD 571 million to USD 563.499 billion in the previous reporting week, snapping a five-week trend of an increase in the kitty. In October 2021, the country's foreign exchange reserves reached an all-time high of USD 645 billion. The reserves had been declining as the central bank deployed the reserve to defend the rupee amid pressures caused majorly by global developments. Foreign currency assets (FCA), a major component of the overall reserves, decreased by USD 1.134 billion to USD 498.49 billion during the week to December 23, according to the Weekly Statistical Supplement released by the RBI. 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 ...

NPS guaranteed return product to have floating rates, reset every year

Guarantee benchmarked to the rate of return on ten-year government security

Tata Sons chairman to head Maharashtra's new economic advisory body

Tata Sons chairman N Chandrasekaran will head the new Economic Advisory Council of Maharashtra, the state government said on Thursday. Deputy Chief Minister Devendra Fadnavis made the announcement in the Legislative Council in Nagpur. To make Maharashtra a trillion dollar economy, the state government is setting up an Economic Advisory Council, to be headed by Tata Sons chairman N Chandrasekaran," he said. It will function as a private research organization with focus on issues related to agriculture, banking, engineering and education, among others, Fadnavis added. The government is also focusing on certain 'aspirational' regions to enhance the state's human development index, he said.

US immigrants generate 36% of nation's innovation, finds NBER study

About 36% of the innovative output of the past three decades can be attributed to immigrants - who make up 16% of the country's inventors, the paper concludes

Trade settlements in rupee starts with Russia, more likely to join: Report

India is trying to promote trade settlements in rupee with not just Russia, but also Sri Lanka and Mauritius

India Inc takes steps to protect supply chain as Covid-19 rages in China

Keeps adequate inventory levels for now; onboards multiple vendors to mitigate risk

Tunisia's economy expected to see moderate growth, expand by 1.8% in 2023

Tunisia's Minister of Economy and Planning Samir Saied said that the country's economy is expected to expand by 1.8 per cent in 2023, a "modest" growth that "reflects the difficult economic situation"

Building boom sets up India as saviour for flagging global steel demand

Inward shipments rose 15% in April through October from a year earlier to 3.1 million tons, according to government figures

World economy is headed for recession in 2023 amid rate hikes: Research

That institution warned in October that more than a third of the world economy will contract and there is a 25% chance of global GDP growing by less than 2% in 2023

North Korean economy down 0.1% in 2021 amid prolonged Covid, sanctions

The country's real gross domestic product (GDP) fell for the second consecutive year, following a 4.5-per cent on-year drop tallied in 2020, according to the data from Statistics Korea

Pharma exports likely to touch all-time high of $27 bn in FY23 riding on EU

Better figure expected despite global headwinds; India has so far exported pharma products worth $16.57 bn during April-November this year

Dipam seeks to make dividends from PSUs part of disinvestment target

The government is half way against the disinvestment target of Rs 65,000 crore for the current fiscal year

Centre saves subsidy and wheat stocks by making PDS free, ending PMGKAY

If PMGKAY was continued beyond December 2022, at least Rs 40,000 crore would have got spent for three months (Jan to March)

Europe set the bar on Russian gas high enough to leave India unaffected

The impact of the gas price cap on India may, however, be muted as the EU, fearing disruptions to domestic gas supplies in winter, set the bar very high