The wholesale price-based inflation shot up to an all-time high of 10.49 per cent in April, on rising prices of crude oil and manufactured items. Also, a low base of April last year contributed to the spike in inflation in April 2021. The WPI inflation was 7.39 per cent in March 2021, and (-) 1.57 per cent in April 2020. This is the fourth straight month of uptick seen in the wholesale price index (WPI)-based inflation.
Talks are also on with YES Bank for three other zones, in which the ministry hopes to attract private investment.
It floated a strategy paper for this purpose where it had recommended certain specific areas such as skill development, focus on research and development and channelising incentives in a proper manner.
With just a month left in this financial year, electric two-wheeler sales, so far, are at just 62 per cent of the ambitious target of 1 million units set for 2022-23 by the NITI Aayog. According to VAHAN data, compiled by the Society of Manufacturers of Electric Vehicles (SMEV), 620,006 units of electric two-wheelers were sold across the country in FY23 until February 21. Though the industry may miss the 1-million target, sales in FY23 are already up 146 per cent from 249,621 units sold in FY22.
The government on Thursday tweaked curbs on imports of laptops and computers as it allowed importers to bring in shipments of IT hardware from overseas on a mere 'authorisation' upon detailing quantity and value. The new 'import management system' is aimed at monitoring shipments of laptops, tablets and computers into the country without hurting market supply or creating a cumbersome licensing regime. The announcement is likely to provide relief to companies in the IT hardware segment in India as they had flagged concerns over the imposition of a strict licensing regime for importers.
In July 2011, the country had received foreign investment worth $1.10 billion.
India and the US on Thursday said they are looking forward to the reconvening of the India-US Trade Policy Forum later this year to further enhance trade relationship and identify new areas for engagement.
Spurring the economy, currently in the throes of a slowdown, remains the prime focus for most ministries, but the government is also looking to make women's welfare and environmental protection key to policymaking in this term.
Candidates will be short-listed for interview on the basis of the information provided by them in their online application, the statement said.
The move is aimed at dealing with any possible emergency situation on account of a spurt in coronavirus cases.
The government is likely to extend interest subvention for some export-oriented sectors for another year to sustain the current growth in exports. This will be announced during the coming Union Budget for 2011-2012.
India is now a biz friendly nations, say Arun Jaitley.
Slow growth in the key sectors would have implications on the IIP number as these segments account for about 41 per cent of the total factory output.
It is for the first time in the history of Independent India that not a single Muslim is part of the Union Cabinet.
Production of coal, crude oil, natural gas, refinery products, fertiliser, steel, cement and electricity contracted. The record contraction in the growth rate of eight core sectors will affect the Index of Industrial Production.
Says allow companies with up to 49% FDI to invest in restricted sectors.
India and Australia would now implement the free trade agreement on a mutually agreed date as the Australian Parliament on Tuesday approved the pact between the two countries. "BREAKING: Our Free Trade Agreement with India has passed through parliament," Australian Prime Minister Anthony Albanese said in a tweet. The India-Australia Economic Cooperation and Trade Agreement (AI-ECTA) needed ratification by the Australian parliament before its implementation.
Gogoi and Sarma have been locked in a war of words on 'X' since Wednesday on the issue of the chief minister's wife's company allegedly being given a credit subsidy of Rs 10 crore.
Export oriented units have approached the finance ministry for abolishing "sunset clause" in the Income Tax Act to get tax exemptions beyond March 2009, so as to attract more investments and maintain their competitiveness globally.
Shell gets govt's nod to import petrol, diesel
The prime minister, who is visiting the US at the invitation of President Biden and First Lady Jill Biden, will join them for the state banquet along with a number of dignitaries on Thursday.
The government on Tuesday announced incentives worth Rs 450-500 crore (Rs 4-5 bllion) for exporters encouraging them to aggressively market products in China and Japan and build on the recovery witnessed since November last year.
The home ministry has given security clearance to Air India CEO-designate Campbell Wilson, paving the way for him to take charge of the airline, according to a senior official. The appointment of Wilson as the chief executive officer and managing director of Air India was announced by Tata Sons on May 12. Tata Sons took over the loss-making carrier on January 27.
India's gold imports, which have a bearing on the country's Current Account Deficit (CAD), rose 6.4 per cent to $12.9 billion during April-July this fiscal due to healthy demand, according to government data. The imports stood at $12 billion during the same period a year ago. In July 2022, however, imports of the precious metal fell sharply by 43.6 per cent to $2.4 billion, as per the latest data released by the commerce ministry.
Will consider extending full support after reviewing the situation, says Sharma.
The commerce and industry ministry has fixed a tentative export target of $104 billion for the next fiscal, against a target of $92 billion for the current fiscal.
The government decision to permit 100 per cent foreign direct investment in medical devices will take effect from January 21, the Commerce and Industry Ministry said on Tuesday.
After rising in September, Foreign Direct Investment (FDI) inflows in the country dipped by about 40 per cent to $1.4 billion in October over the same period last year.
Sluggish infrastructure sector growth would also have impact on IIP as these segments account for about 41 per cent of the total factory output.
Natural gas and fertiliser output recorded a negative growth of 1.7 per cent and 1 per cent, according to the data of the Commerce and Industry Ministry.
US-based coffee retail chain Starbucks on Friday said it was withdrawing its application to operate single-brand retail stores in India, thus delaying its entry into the country.
Air India Chairman Rajiv Bansal has been appointed as the new aviation secretary as part of a major top-level bureaucratic reshuffle effected by the Centre on Wednesday. K Rajaraman, additional secretary in the department of economic affairs, has been appointed as secretary, department of telecommunications, a personnel ministry order said.
The eight sectors, which also include fertilisers, steel, natural gas, electricity and crude oil, had expanded by 1 per cent in June last year.
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