Page 24 - Economy

States' borrowing cost eases for third week in a row, dips to 7.52%

States breathed easy in the debt market as the average cut-off on their market borrowings dipped sharply to 7.52 per cent, down 15 basis points from last week to the lowest level since mid-May. This is the third consecutive week of falling cut-off, as in the last two sessions the cost has come down by 10 basis points (bps). Last week the yield declined by 7 bps to 7.67 per cent. At the weekly auction of State Development Loans (SDLs) on Tuesday, six states raised Rs 5,900 crore, which is nearly 54 per cent lower than indicated in their borrowing calendar for the week, Icra Ratings said in a note. The weighted average cut-off eased sharply by 15 bps to 7.52 per cent at Tuesday's auctions. Similarly, there was also a decline in the weighted average tenor of the securities, the agency said. It attributed the steep fall in yields to a fall in the weighted average tenor which declined to 13 years from 15 years as also a fall in cut-off across tenors. The weighted average cut-off of the

Stuck payment, discount: China puts Indian hair exporters in tough position

Chinese buyers, who account for 80 per cent of Indian hair exports, are asking exporters to ship hair at a discount of 40 per cent

Windfall profit taxes are pure economic populism and thus bad policy

Germany's government just became the latest to ingratiate itself with angry voters by promising a windfall tax on energy companies

Sheikh Hasina likely to seek India's economic support during 4-day visit

Bangladesh's growth story runs into global economic instability, expensive fuel and slowdown in textile orders

EPFO calls for increasing retirement age to ease pressure on pension funds

The EPFO has almost 60 million subscribers and it has a cumulative pension and provident fund corpus of more than Rs 12 trillion

Charge of the sodium-ion brigade: How India can power e-mobility industry

India could well emerge as a global hub for manufacturing sodium-ion batteries, which is seen as an alternative or complementary technology to the more expensive lithium ion-powered batteries.

Take steps to galvanise economy, says Kerala CM Pinarayi Vijayan to Centre

Kerala Chief Minister Pinarayi Vijayan on Saturday urged the Central government to make the States take up what he called as productive spending to galvanise the economy of the country. Speaking at the 30th southern zonal council meeting here, Vijayan said there was a need for discussion on the proposed laws based on the concurrent list of the 7th Schedule of the Constitution before they were enacted. "There can be contestations, but through discussions and debates, consensus can emerge narrowing down the areas of differences. This is the essence of a healthy federal democracy," Vijayan said. He recalled the co-operative spirit with which the States faced the situation in the aftermath of the COVID-19 pandemic. "Differences stood apart and we rose to the need of the hour to protect and provide the people relief. Though the immediate threat has receded, the fiscal empowerment of the Union and the States are of equal importance to meet the long impact of the pandemic on the economy.

Rice export ban won't lower inflation or meaningfully improve food security

The last time India blocked grain exports, in 2007 and 2008, the decision precipitated a years-long food-security crisis

India's Q1 GDP grows at 13.5%: What does it mean?

Indian economy grew by 13.5% in Q1 FY23, slower than what economists predicted, but high enough to keep hopes alive. The growth was driven by a rise in private consumption. Here's an insight into it

Denmark's economy expands faster than estimated in second quarter

Later on Wednesday, the finance ministry is due to present the government's budget proposal for 2023 as well as new economic forecasts

Recovery tracker: Workplace visits up 26%, vehicle registrations 2%

Fewer flights and air passengers in the latest week compared to the previous one

PMJDY accounts hit 462.5 mn in eight yrs, deposits reach Rs 1.73 trillion

However, there was a decline in operative accounts as a percentage of the total, from 85.6% in August 2021 to 81.2% in August 2022

Govt assures bank support for smooth business through Chabahar port

Despite the port being exempted from Iranian sanctions for the development of Afghanistan and India's investment in the port, banks have been risk-averse

Rupee set to test fresh lows as Powell dispels hopes of softer Fed

But depreciation likely to be orderly because of RBI support, FPI inflows

Searing inflation in the UK pushes the Pound to a near 37-year low

The currency is trading around $1.18, less than 4 US cents away from its weakest level since 1985 against the dollar, underscoring the challenges facing the British economy

Regulator seeks to make insurers have clear policy for agents' commission

Boards will make written norms that will be reviewed annually, says draft IRDAI proposal

Printing question paper exempt from GST, but not answer booklet, rules AAR

Holds that an answer booklet is a good, whereas printing question paper is a service provided to educational institution

Chinese govt seeks to stabilise property market with loans, lower rates

Chinese banks lowered their benchmark lending rates while authorities stepped up support for the property market with additional loans, a govt-guided attempt at alleviating a worsening housing crisis

Kerala, UP lag as GSDP of 19 states exceed pre-Covid levels in FY22: Report

The economies of 19 states and UTs in FY22 exceeded their pre-coronavirus levels, as they recorded double-digit growth in the last fiscal year

Slowing economy affected profits, wages but investments upbeat in FY20

Annual Survey of Industries shows that firms' GVA shrank 3.4%, while GFCF touched 8-year high