Economy

CAD to be 1 per cent of GDP in FY16, says Citigroup

India’s current account deficit (CAD) is likely to be about 1 per cent of the GDP in the current fiscal because of low crude prices and contained gold imports , says a Citigroup report. According to the global financial services major, CAD is likely to be about $20.6 billion (1 per cent of GDP) in 2015-16, as against $28 billion ... Read More »

Rebuffing critics, FM Arun Jaitley goes for growth, reform

Finance Minister Arun Jaitley rebuffed Prime MinisterNarendra Modi’s critics on Tuesday and challenged the opposition to back a crucial tax reform, pledging also to put investments before budget savings to drive growth in Asia’s No.3 economy. Jaitley, in an interview with Reuters, brushed aside senior leaders in Modi’s ruling nationalist party who rebelled after a heavy election defeat this month ... Read More »

PM Narendra Modi heads back after 5-day UK tour, G20 Summit

Prime Minister Narendra Modi on Monday wrapped up his five-day visit to Britain and Turkey after making a strong case for a united global fight against terrorism. “Goodbye Turkey! After successful participation in @G20Turkey2015 PM @narendramodi heads home,” External Affairs Ministry Spokesperson Vikas Swarup tweeted. During his interventions at the G20 Summit, Modi said terrorism is the principle global challenge ... Read More »

Low oil prices favoured Indian economy: FM Arun Jaitley

Finance Minister Arun Jaitley on Monday said low oil prices have created a favourable environment for the Indian economy as it helped to absorb the loss faced by oil companies and kept inflation under control. Jaitley said that low oil prices also enabled the government to rationalise subsidies “It has enabled us to absorb the loss that our own oil ... Read More »

Rupee snaps 3-day gains, down 3 paise to 66.03

Snapping 3-day winning spree, the Indian rupee declined marginally by 3 paise to 66.03 per dollar on fresh demand for the US currency from banks and importers. The rupee opened higher at 65.95 per dollar as against Monday’s closing level of 66.00 at the Interbank Foreign Exchange (Forex) market and firmed up further to 65.90 on initial dollar selling by ... Read More »

Exports fall 17.53% in October; trade deficit narrows

Contracting for the 11th month in a row, India’s merchandise exports fell 17.53 per cent in October to $21.35 billion, mainly due to a steep fall in shipments of petroleum products, iron ore and engineering, amid a broader demand slowdown. The imports too shrank an annual 21.15 per cent to $31.12 billion in October, narrowing the trade gap to $9.76 ... Read More »

India for global efforts on return of illicit overseas funds

The government will soon bring a new law on public procurement to check corruption and domestic black money, Prime Minister Narendra Modi said on Monday while seeking greater global cooperation for return of illicit money stashed abroad. He also said the barriers of excessive banking secrecy must be removed and all countries should implement a Common Reporting Standard based on ... Read More »

GDP to exceed 7.3% in this fiscal, to go higher next yr: FM Jaitley

The economic growth is expected to exceed 7.3 per cent in the current fiscal year and go higher still in the next one, Finance Minister Arun Jaitley said on Monday. “(The) Indian economy is expected to grow better than 7.3 per cent – the level achieved last fiscal year – and at an even higher level next year,” Jaitley told ... Read More »

WPI inflation at (-)3.81% in Oct; pulses, onion expensive

Deflationary pressure eased a bit with inflation rate moving up slightly to (-)3.81 per cent in October as pulses, vegetables and onion turned costlier. This is 12 month in a row when the inflation at wholesale level remained in the negative territory. It has been in the negative zone since November last year. The Wholesale Price Index-based inflation was (-)4.54 ... Read More »

Rupee extends gains to end at 66, up 10 paise

The rupee on Monday continued its upward march against the US dollar for the third day, firming up by another 10 paise to 66 on fag-end selling of the American currency by banks and exporters on the back of lower greenback in the overseas market. The rupee resumed lower at 66.20 per dollar as against the last Friday’s closing level ... Read More »