Sitharaman calls for proactive govt-industry alliances

May 18, 2024

Finance Minister Nirmala Sitharaman, during her address at the annual business summit 2024 of the Confederation of Indian Industry (CII), urged industry leaders to capitalize on national and global opportunities through collaborative efforts between the government and industry. She emphasized India's commitment to becoming a developed nation by 2047, highlighting...

Driven by fuel and power, WPI inflation up 1.26% in April

May 15, 2024

India’s inflation based on wholesale price index (WPI) in April increased at a positive rate of 1.26 per cent year on year, when it was 0.8% in April 2023, driven by fuel and power, WPI-food (primary food + manufactured food) and core-WPI (manufactured non-food products) groups, rising to a 13...

51.40 cr jobs generated in 2014-24

May 14, 2024

At least 5.14 crore person-years of employment on average every year has been generated since 2014 with the Pradhan Mantri Mudra Yojana (PMMY) itself adding 2.52 crore steady and sustainable employment as an average per year since 2014 (net of employment mortality) finds the SKOCH Report on “Employment Generative Impact...

India’s OMCs’ profits surge 543%, IOCL leads in refinery throughput

May 11, 2024

India’s state-owned oil marketing companies (OMCs) combined profit rose over 25-times year-on-year in the financial year 2023-24 even as they navigated rapidly evolving geo politics and wide fluctuations in crude prices. The combined net profit in FY 24 rose 543 per cent as compared with financial year 2013-14, the Ministry...

India’s industrial output slows to 4.9%, manufacturing, & power rise

May 11, 2024

India’s factory output, measured by the Index of Industrial Production (IIP), in March 2024 posted 4.9 percent year-on-year growth, moderating from 5.6 percent in February 2024 and ending fiscal 2024 on a sober note. The IIP growth was led by a robust expansion in electricity even as manufacturing growth rose...

PSUs in resurgent mode, 225% rise in M-cap cap under Modi: FM

May 9, 2024

Finance Minister Nirmala Sitharaman on Wednesday came out strongly in defence of the performance of India’s public sector undertakings, which have been on a resurgent mode under the leadership of Prime Minister Narendra Modi. “Increased defence spending and the aim of achieving ‘Atmanirbharta’ in defence is fuelling the growth of...

Services sector posts sharpest expansion in 14 yrs

May 7, 2024

India’s service sector made a strong start to the first fiscal quarter as new business in terms of total sales and output registered the sharpest expansion in 14 years taking the seasonally adjusted HSBC India Services Business Activity Index to 60.8 in April. Despite falling from 61.2 at the end...

Agri, services grab bigger pie of loans, bank credit grows 16.3% in March 2024

May 2, 2024

Bank credit growth to agriculture and services sector at more than 20 per cent year-on-year, in March 2024, surpassed loans to industry which grew by 8.5 per cent yoy in the month under observation. On a yoy basis, non-food bank credit registered a growth of 16.3 per cent in March...

‘Foreign investment no longer aligned with GDP growth’

April 27, 2024

A significant shift has taken place in the global economy with the growth of foreign direct investment (FDI) and global value chains (GVCs) no longer aligned with GDP and trade growth and even amidst rising trade tensions, global GDP and trade, since 2010, have continued to expand at an annual...

Number of Internet subscribers increases to 936.16 million

April 24, 2024

Auguring well for the Government’s digital mission, India’s total number of Internet subscribers increased from 918.19 million at the end of September 2023 to 936.16 million at the end of December 23, registering a quarterly rate of growth 1.96 per cent. Out of the 936.16 million Internet subscribers, the number...