The 30-share Sensex ended down 159 points at 27,425 and the 50-share Nifty closed down 24 points at 8,299.
In a major blow to Nirav Modi, a bankruptcy court in the US has rejected a petition of the fugitive diamond merchant and two of his associates, seeking dismissal of fraud allegations against them by the trustee of three companies they previously owned indirectly.
"India has given a stern signal to its enemies by conducting surgical and air strikes. This tells us that India is changing and can take the most difficult decisions and isn't reluctant to implement them," Prime Minister Narendra Modi said on Sunday in his Independence Day address to the nation.
India can become a better place to do business only when exports begin to boom.
President Pranab Mukherjee's recent visit to the Pacific Island nation is path-breaking, but much more needs to be done, says Dr Rahul Mishra.
RBI may hold rates steady as economic parametes are going strong, say experts.
According to a new report published by Switzerland-based BIS, which is also referred as 'bank for central banks', the US Federal Reserve's announcement of a possible phasing out of easy money regime has resulted in 'abrupt and sizeable' equity market losses in both advanced and emerging markets.
Indian rupee has declined by about 25 per cent since December 31, 2014, and is nearing 80 against the dollar, the Lok Sabha was informed on Monday. The value of the rupee declined from 63.33 against a dollar on December 31, 2014, to 79.41 on July 11, 2022, Finance Minister Nirmala Sitharaman said in a reply quoting RBI data. The exchange rate of the Indian Rupee against the dollar was Rs 78.94 per dollar as of June 30, 2022, Finance Minister Nirmala Sitharaman said in a written reply.
'As the 1991 experience showed, the solution to a large trade deficit may be to open up the economy, not putting up protective walls,' points out T N Ninan.
India's Gross Domestic Product (GDP) is expected to expand by 9.2 per cent in the current financial year, according to the Economic Survey 2021-22 tabled in the parliament on Monday. "Advance estimates suggest that the Indian economy is expected to witness real GDP expansion of 9.2 per cent in 2021-22 after contracting in 2020-21. "This implies that overall economic activity has recovered past the pre-pandemic levels," Economic Survey noted. Almost all indicators show that the economic impact of the "second wave" in Q1 was much smaller than that experienced during the full lockdown phase in 2020-21 even though the health impact was more severe, it said.
India's major import items from UAE include petroleum and petroleum products, precious metals, stones, gems, jewellery, minerals and chemicals
A wide import-export gap led to India's current account deficit rising to $5.4 billion in the third quarter of 2007-08, despite a higher surplus of earnings from software services, tourism and remittances from abroad.A sharp rise in trade deficit due to rise in imports caused the current account deficit to rise by $1.7 billion from $3.7 billion in the corresponding quarter last year, the Balance of Payment Data released by the Reserve Bank showed.
This will encourage exports and discourage non-essential imports such as precious metals
Policies to address CAD has worked well believes the bank's economists.
India cannot afford to adopt any coercive measures against the military even if it disapproves the military takeover, notes Dr Rajaram Panda.
Though the US has got together a number of vetted and potential Indian business partners, most of these companies say they haven't had much luck in stitching up deals to tap into India as an export market for their goods.
The inflow of cheap capital has also kept the rupee at a high level, making exports uncompetitive and broadening the current account deficit despite falling oil prices.
In order to boost growth amid some softening of inflation, RBI earlier this month cut the key interest rate by 0.25 per cent. It is scheduled to announce its mid-quarter policy review on June 17.
A continued focus on low inflation will be important to keeping gold imports, IMF said.
'... and without necessarily calling them Economic Surveys.' 'One should stick to the main focus, which is to give people a good perspective on how the economy is doing.'
IT majors along with metal names Sesa Goa and Hindalco buck trend.
India and China achieved a major milestone this year when their bilateral trade crossed the landmark figure of $100 billion but it did not generate any fanfare in both capitals as the two Asian giants are going through a "particularly bad patch" in their relations due to a set of actions by Beijing in violation of agreements that led to the military standoff in eastern Ladakh. Starting with a modest $1.83 billion in 2001, the bilateral trade crossed $100 billion-mark in the first 11 months this year, a significant milestone for which the two countries carried out campaigns to boost trade and build it as a major stakeholder to improve the relations between two nations, whose ties otherwise remained frosty over the festering boundary dispute and strategic rivalry. According to last month's data from China's General Administration of Customs (GAC), the India-China bilateral trade totalled $114.263 billion, up 46.4 per cent year-on-year from January to November 2021.
'It is building the country's infrastructure, and delivering it very efficiently.'
Essar group on Friday announced the signing of a USD 2.4 billion (Rs 19,000 crore) deal to sell certain ports and power infrastructure to ArcelorMittal Nippon Steel in one of the largest post-pandemic merger and acquisition deals in India. In a statement, the Ruia-run firm said the deal also envisages a 50-50 joint venture between Essar and ArcelorMittal for building a 4 million tonnes a year LNG import terminal at Hazira in Gujarat. Without giving details, it only identified certain ports and power infrastructure that are primarily captive to operations of the Hazira steel plant, which was acquired by ArcelorMittal Nippon Steel (AM/NS) in 2018-19, as part of the deal.
Fitch reaffirmed India's rating at 'BBB-' with a Stable Outlook saying the rating balances a still strong medium-term growth outlook compared with similar category peers and relative external resilience stemming from solid foreign-reserve buffers against high public debt, a weak financial sector and some lagging structural factors, including governance indicators and GDP per capita.
India's banks are propping up too many weak producers.
The real benefits can be seen when prices stabilise, preferably at levels acceptable to both consumers and producers.
Under Pradhan Mantri Kisan Samman Nidhi (PM-KISAN) scheme, the Centre provides an annual financial benefit of Rs 6,000 to eligible beneficiary farmers in three equal four-monthly installments of Rs 2,000 each.
Official sources say that the finance ministry is aware of the possible spike in smuggling activity and has already asked intelligence agencies to tighten their vigilance and come down on the unofficial entry of gold into India.
The lower CAD was primarily on account of a decline in the trade deficit.
Clearly, LoCs are becoming a key arrow in India's economic diplomacy quiver.
India granted the MFN status to Pakistan in 1996
A fall in the rupee could boost exports. But the flip side of the equation is that a weaker rupee could stoke some inflation
India is looking at near close to double-digit growth this year and the country will be one of the fastest-growing economies, Finance Minister Nirmala Sitharaman has said. The minister also emphasised that she expects the economic growth next year to be in the range of 7.5-8.5 per cent, which will be sustained for the next decade.
The corporate sector does not care from where the money is coming.
The finance ministry and RBI must get less conservative and improve co-ordination.
The banks used for the fraud include ING Vysya Bank, ICICI Bank, Kotak Mahindra Bank, Axis Bank, IndusInd Bank, Dhanlaxmi Bank, YES Bank and DCB Bank.
US-India Business Council President Nisha Biswal believes once the economic activity and demand resumes, India could hold the potential for diversification of supply chains and manufacturing.
The government and the RBI announced on Monday the much-hyped measures to boost foreign inflows, including hiking foreign institutional investors' limit in sovereign bonds.
India's upbeat outlook contrasts with neighbouring China, where growth slipped to 6.7 in the first quarter
