Economy and Finance
News and views related to the Indian Economy and Financial sector
Semicon India 2023: US chipmaker AMD announces investment of $400 million in India by 2028, to build largest design centre in Bengaluru
Advanced Micro Devices (AMD) has announced that it will invest around $400 million in India over the next five years
Banks recovered more than Rs 10 lakh crores from bad loans in the last nine years: Finance Ministry tells Lok Sabha
“Comprehensive measures have been taken by the Government and RBI to recover and to reduce NPAs, including those pertaining to corporate companies, which has enabled an aggregate recovery of Rs. 10,16,617 crore (RBI provisional data for FY 2022-23) by SCBs during the last nine financial years,” the written reply stated.
Union Government hikes interest rate on Employees Provident Fund for FY22-23 to 8.15%
The EPFO has increased interest rate to 8.15% and it will benefit over 6 crore subscribers in FY23. It has also asked filed offices to start crediting it into members' accounts.
India rejects Chinese company BYD Motors’ proposal to set up a four-wheeler plant over security concerns
Security issues were highlighted during the vetting process of BYD Motors and Megha Engineering and Infrastructures Ltd's proposal, resulting in its rejection by the Centre.
Banks in 22 countries including Russia, UK, Germany, Israel open special Vostro accounts in Indian banks to trade in Indian Rupee
ANI -
Banks from 22 countries have opened special Rupee vostro accounts in Indian banks in order to trade in local currency
Foxconn to pursue investment in India without Vedanta, will apply separately for establishing a chip manufacturing unit in India
In its official statement, the company stated that building fabs from scratch in a new geography is a challenge, but Foxconn is committed to investing in India.
As Congress tries to attack Modi govt on inflation, data shows BJP govts keep inflation in check while it balloons during Congress rule
According to World Bank data, BJP kept inflation under control while during Congress rule it ballooned
Rs 15,000 crore tax evasion detected and over 4,900 fake GST registrations cancelled in an ongoing drive
The two-month-long pan-India drive against fake GST registration began on the 16th of May and will end on the 15th of July.
India saved at least USD 7 billion in foreign exchange in 14 months by importing discounted Russian crude oil
Indiam refiners saved over USD 7 billion in foreign exchange by increasing crude oil imports from Russia
World Bank gives nod to $1.5 Billion financing for India’s low-carbon transition
India will scale up and accelerate the pace with which it is increasing its share of renewable energy. Further, it will help boost the development of green hydrogen within the country.
