Economy and Finance

News and views related to the Indian Economy and Financial sector

Tech-giant Google recognises success of India’s UPI, recommends US Federal Reserve to implement similar model

Tech-giant Google has recommended that the US Federal Reserve implement a real-time payments platform similar to India's UPI.

Implementation of 7th Pay Commission increased costs for Indian Railways, explains Union Minister Piyush Goyal

The CAG report on Railway Finances tabled in the Parliament on Monday raised questions on the operations of the Indian Railways.
Indian diaspora abroad has sent USD78.6 billion home, the global highest in remittance figures

Indian diaspora abroad sent USD 78.6 billion in remittances home, highest in the world: Reports

Next to India, China received $67.41 billion, which is 9.8% of the global remittance figure. Mexico stands in third place with $35.7 billion, an increase in nearly 36 per cent in the last four years. 

Economic growth may have slowed down but there is no recession, there never will be: FM Nirmala Sitharaman

FM Nirmala Sitharaman was speaking at the Short Duration Discussion on Indian economy in the Rajya Sabha
PM Modi defends his government's decision to ban e-cigarettes on his Mann ki Baat programme

As US-China trade war intensifies, India plans incentives for 324 companies including Tesla to invest in India

The proposal is expected to reduce red tape and set the country on its way to achieving a $5 trillion economy.

3 years of Demonetisation: Here are 10 most important goals it managed to achieve

It has been three years since PM Modi stunned the nation with a bold move - Demonetisation.
package for completion of stalled housing projects

Finance Minister Nirmala Sitharaman announces ₹25,000 crore alternate investment fund to revive stalled housing projects

Cabinet approves a "Special Window" to provide priority debt for completing stalled housing projects

Inputs from RSS and farmers association stopped Modi govt from being a part of RCEP, world’s largest free trade agreement

On Monday, India announced that it will not be part of the Regional Comprehensive Economic Partnership or RCEP, which will be the world's largest free trade pact of 16 nations.

How realistic is Prime Minister Modi’s target of making India a $5 trillion economy by 2024

India’s Prime Minister Mr Narendra Modi has declared his vision of making India a $5 trillion economy by 2024.
RCEP

All you wanted to know about the RCEP, the trade deal forming the world’s largest economic block

The RCEP will provide the Indian industry with a large market with low trade barriers
No plans of any gold amnesty scheme, clarifies government

Government clarifies that there is no ‘Gold Amnesty Scheme’ after media publishes misleading reports

 Media houses had reported earlier today that the government may soon announce a 'gold amnesty scheme' which will fix a holding limit for gold and will tax Indians over a certain amount of gold.
RIL chairman Mukesh Ambani has stated that India's economic slowdown is temporary

India’s economic slowdown temporary, will reverse in coming quarters: RIL chairman Mukesh Ambani expresses confidence in govt reforms

PM Modi, who was also in Saudi Arabia as the keynote speaker at the FII in Riyadh listed the attractiveness of the Indian economy and invited global businessmen to invest in the country.
Reserve Bank of India

Reserve Bank of India clarifies that it has not sold any gold or trading in it, refutes the ET report categorically

Tweaking its headline a bit, the ET had falsely reported that RBI has begun to sell some of its gold again despite their own reports suggested that RBI had bought more gold rather than selling from its reserves.

India among 10 most improved economies, jumps 14 places to reach 63rd rank in the World Bank’s Ease of Doing Business rankings

India, which was ranked 77th among 190 countries in the previous Ease of Doing Business ranking, has shown an improvement of 23 places compared to its position in 2018.

Hua to Hua? Manmohan Singh now says ‘what happened did happen’

Manmohan Singh had this simple comeback to Nirmala Sitharaman pointing out the financial disaster that the UPA government created in Public Sector Banks.

PM Modi was gracious in congratulating me, economic slowdown not India specific: Esther Duflo on India, PM Modi and the Economy

Esther Duflo, who belongs to France also stated how President Macron only congratulated her and did not mention the other two for winning the prestigious award, but hailed PM Modi for being gracious
Nirmala Sitharaman responds to Raghuram Rajan's tirade over the current Indian government

‘Liberal-friendly’ leadership left behind such a nasty stink of corruption that we are cleaning up even today: Nirmala Sitharaman on Raghuram Rajan’s tirade

Sitharaman said that it was during Rajan's time as Governor of the Reserve Bank that loans were given just based on phone calls from crony leaders.
Parle biscuits has recorded a 15.2% growth on net profits for the FY19

Despite job loss rumours, Parle’s net profit rises 15.2% to Rs 410 crores in FY19: Report

Parle Biscuits' net profit for FY19 stands at Rs 410 crores.

PMC Bank scam: Another PMC bank depositor dies of heart attack, second death within a day

Punjabi's death comes just a day after another depositor named Sanjay Gulati had died of a heart attack in Mumbai after being unable to withdraw his life savings of Rs 90 lakh from the bank. 

Nobel to Abhijit Banerjee or not, read the NYAY offer document carefully

As soon as the news spread yesterday that Abhijit Banerjee had won the Nobel Prize, an army of trolls descended on an article about the ill-conceived NYAY scheme by Congress, which was led by Rahul Gandhi

IRCTC shares to be listed on stock market on Monday, 14th October

The shares will be listed on both, the BSE (Bombay Stock Exchange) and the NSE (National Stock Exchange). 
E-commerce giants Amazon and Flipkart sell products worth 19,000 crores in 6 days of sale

Amazon, Flipkart festival sales generate Rs 19,000 crores In 6 days, expected to touch Rs 39,000 crore in October alone

The year-on-year (YoY) growth during the festive sale period was 30 per cent, with significant share coming from customers in tier II and III cities. 
Punit Goenka puts to rest fears of debt repayment of Zee Entertainment

Zee MD Punit Goenka assures investors that the company aims to repay their outstanding debt in 3 months

Zee MD plans to repay all if its Rs 5000 crores loan in domestic market in the next 90 days

India has significantly enlarged global profile steered by decisive leadership, shown remarkable resilience amid global slowdown: WEF President Borge Brende

World Economic Forum president Borge Brende said that India can play a crucial role in the development

Recovery in employment generation, 4 million jobs created in last one year: Reports CMIE, known for its proximity to P Chidambaram

CMIE says that there has been an increase in employment with more than 405 million employed during May-August 2019.

As PMC bank depositors wait a long fight to get their money bank, the scam raises several questions on bank regulation

80% of deposits of PMC bank are in FDs, so relaxing withdrawal limit does not help much
PM Modi defends his government's decision to ban e-cigarettes on his Mann ki Baat programme

PM Modi draws nation’s attention to the harmful effects of e-cigarettes in Mann ki Baat

PM Modi said that there is very little awareness of the harmful effects of e-cigarettes among the masses.
Rakesh Jhunjhunwala asks former London chamber of commerce head to go and invest in Pakistan

Invest in Pakistan if you have concerns about India’s economy: Rakesh Jhunjhunwala slams Ex-head of London Chamber of Commerce

Slamming Ex-head of London chamber of commerce, Rakesh Jhunjhunwala asked him to 'invest in Pakistan' if he has doubts about India’s economic growth.
PMC Bank reportedly gave 96.5 crores personal loan to builder despite his company defaulting on 2500 crore loan

PMC Bank gave 96.5 crores personal loan to builder after his company had defaulted on 2500 crores loan: Report

PMC Bank had total lendings at around 8300 crores and exposure to HDIL alone is reportedly at 31%.
RBI relaxes withdrawal limit for customers of PMC bank

RBI relaxes withdrawal limit for PMC Bank account holders from Rs 1,000 to Rs 10,000 per account

The Reserve Bank of India had earlier enforced regulatory restrictions on the PMC bank limiting its customers from withdrawing not more than Rs 1000.

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