Based on robust internal fundamentals and low inflation forecasts, India’s major economy will continue to grow at the fastest rate in the world in the 2023–24 fiscal year, according to a report released by the finance ministry on Monday. The Monthly Economic Review’s September issue also noted that recent events in the Persian Gulf have…
Based on the long-term positive outlook for the Indian economy and a strong focus on emerging areas like technical textiles, home furnishings, specialized fabrics, and fashion apparels, the market for Indian textile and apparel manufacturers may reach the $ 350 billion mark by 2030, according to a report. According to a survey by FICCI-Wazir Advisors,…
Despite a number of events unfolding both domestically and globally over the past few weeks, the rupee has been trading in a limited range with little volatility. Due to a lack of domestic cues, active RBI intervention is keeping volatility in control, and it is anticipated that this will continue throughout the next several weeks…
For the majority of fast-moving consumer goods (FMCG) companies, rural growth has remained lacklustre for the second consecutive quarter of FY24, suggesting a lag in the hinterlands’ recovery. For FMCG firms, a rebound in rural areas is crucial because over one-third of their overall sales come from these areas. According to market watchers, a strong…
India’s foreign exchange reserves rose by USD 1.153 billion to USD 585.895 billion in the week ending October 13, following many weeks of declines, as per RBI statistics. Overall reserves fell by USD 2.166 billion to USD 584.742 billion in the preceding reporting week. The nation’s foreign exchange reserves hit an all-time high of USD…
According to a notification released by the directorate general of foreign trade (DGFT), the government on Wednesday extended the ban on sugar exports past October 31.As to the notification, “Export restrictions on sugar, including raw, white, refined, and organic sugar, are extended beyond October 31, 2023, until further order.” The government said last year that…
According to the coal ministry, more than one billion tons of coal would probably be shipped in the current fiscal year. This was announced on Thursday. During the current fiscal year, the coal ministry aims to produce and deliver 1,012 million tonnes (MT) of coal to customers. The rate of production and dispatch is often…
According to the International Monetary Fund (IMF) and its most recent Regional Economic Outlook (Asia and Pacific) report, India and China are expected to collectively provide over half of global growth in both 2023 and 2024. China’s GDP is expected to develop at a rate of 4.2% in 2024 and 5% in 2023, while India’s…
For breaking several rules, the Reserve Bank fined ICICI Bank Rs.12.19 crore and Kotak Mahindra Bank Rs.3.95 crore on Tuesday. According to the central bank, during ICICI Bank’s mandatory inspections in 2020 and 2021, the lender approved or committed loans to businesses where two of its directors also served as directors. In addition, the bank…
On Monday, Tata Power Renewable Energy Ltd (TPREL) announced that it has reached a deal with Endurance Technologies Ltd for the construction of a 12.5 MW captive solar facility in Maharashtra. According to a statement from TPREL, it has already signed a Power Delivery Agreement (PDA) in this regard with Endurance Technologies Ltd. The plant…
