Page 5 - Economy

Will have International Biofuel Alliance before G20 summit: Hardeep Puri

To meet vice president of Guyana, which plans to reallocate key oil blocks, recruit exploration partners

German economy shrank more than expected by 0.4% in fourth quarter of 2022

The German economy shrank by 0.4 per cent in last year's fourth quarter, the national statistics office said Friday, a sharp downward revision from its initial report that gross domestic product declined by 0.2 per cent. The quarter-on-quarter contraction in the October-December period was the first since the first quarter of 2021. Consumer spending, which propped up growth in the first nine months of last year, dropped by 1 per cent in the final three months of 2022. Investment in construction and machinery showed bigger drops in the final quarter, the Federal Statistical Office said. The full-year 2022 growth figure for Germany Europe's biggest economy remained at the 1.8 per cent that the office reported at the end of January. The economy has generally held up well, despite pressure from high inflation and fears last year of an energy crunch as Russia reduced and then cut off its gas supplies to Germany. That didn't materialise. On Wednesday, a closely watched survey showed

5% GST payable on all pre-packaged and labelled jaggery: Karnataka AAR

Like many other agricultural commodities, jaggery was exempted from GST until July 18 last year

Will China surpass US to become the biggest economy in the world?

The US tech ban is one reason many international organisations have begun to delay - if not drop entirely - forecasts that China will surpass the US to become the biggest economy in the world

Growth is fragile, real interest rates too high: MPC member Jayanth Varma

In an interview with Business Standard, MPC member Jayanth Varma says the committee should not tie its hands by adopting the withdrawal of accommodation stance

PM Modi bats for more RE and less fossil fuel or gas-based economy

The PM addressed stakeholders and govt departments in the first of 12 post-Budget webinars by the Centre

Economy to grow at 7% despite global headwinds: Finance ministry data

The rise in economic uncertainties is reflected in the unevenness of performance of the global economy in 2022, it noted

RBI MPC minutes show deepening concerns over inflation pressures

Disinflation can't rely only on food, must be firm in inflation fight, says RBI Das

Post-pandemic job recovery for Indian women slower than men: Report

An analysis of EPFO data for October 2021 to October 2022, finds that the monthly share of women's registration has consistently remained lower than 28%

Russia-Ukraine war cost world economy $1.6 trn in 2022, says study

A German study has found that the ongoing Russia-Ukraine war cost the world economy a whopping $1.3 trillion in 2022.

Pak, Sri Lanka close in on IMF deals after raising taxes to boost economies

Pakistan has taken all the measures needed to unfreeze a $6.5 billion credit line and expects to clinch the deal "any day now," Commerce Minister Syed Naveed Qamar said in an interview

India guards wheat crop after extreme heat scorched fields last year

Several parts of the country are witnessing unusually warm weather for this time of the year, including in the biggest wheat-growing areas

India will be an effective voice of developing nations at G-20: DEA Secy

In a Q&A, Ajay Seth says while the global macro-economic situation has improved over the past few months, headwinds on inflation and other indicators persist

EPFO's new guidelines: How can employees opt for higher pension under EPS?

The employer and the employees will have to jointly request the EPFO to deduct 8.33% from a higher basic salary and will be able to accumulate more money towards pension

G20 finance chiefs to discuss debt, crypto, inflation, says Indian official

G20 finance ministers and central bank governors will discuss debt troubles in developing economies, crypto currencies and global inflationary pressures at a meeting later this week

Indian banks' performance till Dec 22 exceeds expectations: Fitch Ratings

The sector's impaired-loan ratio declined to 4.5 per cent in the first 9 months of FY23 (9MFY23), from 6.0 per cent at FY22

Why is India concerned about lending programme of IMF, WB for poor nations?

Eleven nations have signed a note where they have argued against the Bank taking on the responsibility to lend more, thereby raising interest costs for the borrowers

Rupee appreciates 16 paise to 82.66 against US dollar in early trade

The rupee gained 16 paise to 82.66 against the US dollar in early trade on Monday as the American currency retreated from its elevated levels. Forex traders said weak crude oil prices also lent some support to the local unit. At the interbank foreign exchange, the domestic unit opened at 82.69 against the dollar, then gained ground and touched 82.66, registering a rise of 16 paise over its previous close. In initial trade, the rupee also touched a low of 82.71 against the American currency. On Friday, the rupee closed at 82.82 against the US currency. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, rose 0.13 per cent to 103.99. Brent crude futures, the global oil benchmark, advanced 0.61 per cent to USD 83.51 per barrel. In the domestic equity market, the 30-share BSE Sensex was trading 23.44 points or 0.04 per cent lower at 60,979.13. The broader NSE Nifty declined 33.95 points or 0.19 per cent to 17,910.25. Foreign Instit

India's plan to lift curbs on solar imports to hit local production

Officials are considering a relaxation of rules for the next two years that restrict imports from China and other foreign producers, because local plants can't keep up with rising demand

Retaining wheat export curbs to be a priority for PM Modi as polls loom

An extension of the export curbs would probably bolster the global wheat market, where supplies are tight because of dry weather in US growing areas and a drop in Ukrainian supplies