Page 9 - Economy

Govt may increase allocation for PLI schemes in Budget to boost exports

Under the PLI scheme, eligible players receive incentives for five years if they achieve their investment and production value target for each year

India's population may have already overtaken China's, estimate analysts

The United Nations had expected the milestone to be reached later this year. As of Jan. 18, India's population had already climbed to 1.423 billion, according to WPR

China's GDP growth falls to 3% in 2022, second lowest growth in 50 years

Hit hard by the zero-Covid policy and slump in the real estate market, China's economy shrank to three per cent in 2022, registering its second lowest growth rate in 50 years in the world's second-largest economy, according to official data released here on Tuesday. The annual GDP of China totalled 21.02 trillion yuan (USD 17.94 trillion) in 2022, falling below the 5.5 per cent official target, the National Bureau of Statistics (NBS) said. The slow pace was blamed mainly on the strictly implemented zero-Covid policy leading to periodic lockdowns and the ruling Communist Party's crackdown on big industrial firms besides the lingering real estate crisis. This is the slowest growth of the Chinese economy since the 2.3 per cent registered in GDP in 1974. Significantly this year, China's GDP in terms of dollars declined from USD 18 trillion in 2021 to USD 17.94 trillion last year mainly due to a sharp rise of the dollar against RMB (the Chinese currency) in 2022. In RMB terms, the Chin

Russia becomes India's fourth-largest trading partner, imports jump 5-fold

Amid the rising bilateral trade, India has been exploring a rupee trade settlement mechanism with Russia

RBI advises states against reverting to old pension scheme, says big risk

Himachal Pradesh, Chhattisgarh, Rajasthan and Punjab have decided to roll out the old pension scheme

Rising prices of non-perishables may not allow food inflation to cool soon

Inflation being driven by cereals, spices, milk, prepared meals and snacks

Indian exports decline 12.22% YoY to $34.48 billion in December: Govt data

The data, released by the commerce ministry, also showed that the country's imports in December 2022 dropped to $58.24 billion as against $60.33 billion in the same month the previous year

The big green reset: Major changes are afoot in the credit markets

As the transition to a low-carbon economy gathers pace

India Inc business confidence hits a 2-year high in third quarter

Industry seeks hold on interest rates from RBI

India-China trade at $135.98 bn in 2022. Trade deficit crosses $100 bn mark

This is the first time the trade deficit has crossed the $100 billion mark

As flour prices start to ease, pulses start becoming costlier in Pakistan

Prices of pulses are going up, thanks to the non-clearance of imported consignments at the port due to a delay in the approval of relevant documents by banks, Dawn reported

GST would apply if a rented residential building is sublet as hostel: AAAR

Residential properties taken on rent by families or individuals for own use exempted

India economy to reach $7 trillion mark in next seven years: CEA Nageswaran

Nageswaran added that the economy will be $3.5 trillion by the end of the current fiscal, FY23

No TDS on remunerations, salaries or commission paid to partners: ITAT

The ITAT ruled that there is no requirement under the IT Act for the deduction of tax at source by the partnership firm on remuneration to partners

Steady and cautious: What India's conglomerates are doing for capex push

Companies are reluctant to invest in new factories and plants when existing capacity is not fully utilised

At 4% of GDP, household financial savings touch 30-year low; consumption up

In FY22, savings stood at 7.3 per cent. This fall in savings indicates an increase in consumption

NARCL gets Centre's blanket guarantee worth Rs 15,300 crore: Report

The banks will now be able to rely on government guarantees on the stop security receipts (SRs) issued by the NARCL during the liquidation proceedings

Electric cars getting too big and bulky, warns US safety regulator

Homendy called out General Motors Co.'s GMC Hummer EV as a particularly egregious example of the trend toward bigger, heavier vehicles, noting it tips the scales at more than 9,000 pounds

90% pledges by international community in form of 'loans': Pak minister

Pak's finance minister said that almost 90 per cent of pledges made by the international community for the flood-hit country were project loans that will be rolled out over the next three years

Hospital sector likely to post healthy growth in FY23: ICRA report

Aggregate bed occupancy seen at 64% due to 'sustained improvement in demand', says agency