The high court directed the Food Safety and Standards Authority of India (FSSAI) to issue a fresh communication to all the authorities concerned stating the obligation to make clear disclosure as to whether the food article is vegetarian or non-vegetarian.
India's inflation trajectory in the coming months will be influenced more by the geo-political situation due to the war in Europe and its impact on supply chains and commodity prices. However, the country is better placed than most to "weather the storm" and achieve growth of close to 8 per cent in the current fiscal year, the finance ministry said in its latest monthly economic report on Thursday. "Through the channel of imports, elevated global crude and edible oil prices now have a significant impact on India's inflation outlook. "Government measures to keep the prices of these commodities in check, along with the recent hike in policy rates by the RBI, are expected to temper inflationary pressures in the economy," the monthly economic report for April, drafted by the finance ministry's economic division, said.
We need transformative policies and incentives with purpose, especially in solar power and digital infrastructure.
The employment situation remains dire. Whatever can be done to promote greater low-skill employment should be pursued aggressively, advises former chief economic adviser Shankar Acharya.
The The Airports Authority of India is likely to procure two counter-drone systems worth Rs 9.9 crore in 2022-23, according to an official document.
India has been able to attract 40 global smartphone makers to the country -- creating at least 50,000 jobs. But GST could hurt that, discovers Ayan Pramanik.
With West Bengal Chief Minister Mamata Banerjee seeking a uniform vaccination policy for the country, Union Health Minister Harsh Vardhan on Friday assured her that the Modi government was firm in its resolve to help the state fight the COVID-19 pandemic, but also flagged more than 40 per cent positivity rate in some districts of the state.
There is confusion over the United Kingdom government's vaccine recognition process for Indian travellers as even though Oxford/AstraZeneca Covishield, the India-manufactured Oxford/AstraZeneca COVID-19 vaccine, is on an updated international travel advisory, India is not yet on a list of 17 approved countries.
This will be an area where bilateral or regional trade pacts may not be able to perform well.
The substantially increased economic dualism may exert lasting negative influences which could include a reduced potential for economic growth; the persistence of a very weak employment and poverty situation; rising social and political discord; and heightened vulnerability to geopolitical challenges, cautions Shankar Acharya, former chief economic adviser to the Government of India.
This is the full text of Prime Minister Manmohan Singh's address to media persons ahead of his interaction with them in New Delhi on Friday
Amid an unprecedented surge in coronavirus cases in the country, the government has decided to allow everyone above 18 years of age to get vaccinated from May 1.
The manufacture, import, stocking, distribution, sale and use of following single-use plastic, including polystyrene and expanded polystyrene, commodities shall be prohibited with effect from July 1, 2022: ear buds with plastic sticks, plastic sticks for balloons, plastic flags, candy sticks, ice-cream sticks, polystyrene (thermocol) for decoration; plates, cups, glasses, cutlery such as forks, spoons, knives, straw, trays; wrapping or packing films around sweet boxes, invitation cards, and cigarette packets, plastic or PVC banners less than 100 micron, stirrers, the notification read. The provisions will not apply to commodities made of compostable plastic, the notification said.
India will be within its rights to initiate reciprocal measures if the UK does not address concerns over the new travel rules relating to COVID-19 vaccine certification, foreign secretary Harsh Vardhan Shringla said on Tuesday describing the policy as "discriminatory".
Debroy worked as a consultant in the Department of Economic Affairs in Finance Ministry.
'Which will not happen.' 'Foreign Minister S Jaishankar has expressly refuted Beijing's statement that normalcy was returning to Sino-Indian relations.'
The forthcoming budget needs to delay fiscal consolidation, instead should focus more on supporting the pandemic battered-economy and boost consumption demand by offering income tax soaps and cutting fuel taxes, says a report. In a pre-budget report, India Ratings said it expects the new budget to consolidate and strengthen the plan set out in the last budget, rather than trying out new things by continue with the revenue and capital expenditure pattern of FY'22 to provide stability and consolidation to the past/ongoing efforts, and to focus on boosting demand by generating employment opportunities in areas/sectors that have been impacted more by the pandemic. The report therefore expects the finance minister to delay fiscal consolidation and make it to be a gradual and calibrated process, thus ensuring the necessary fiscal support that the economy needs is available till the recovery acquires its own momentum.
A series of steps taken by the government to promote ease of doing business and liberalisation of foreign direct investment norms have helped India receive record FDI inflows so far this year, and implementation of measures like PM Gati Shakti, single window clearance and GIS-mapped land bank are expected to further push investments in 2022. Notwithstanding the global slowdown and the COVID-19 pandemic, total foreign direct investments into India rose to a record $81.72 billion in 2020-21. During April-July this fiscal, FDI (foreign direct investment) into the country increased by 62 per cent to $27.37 billion.
'When you need to revive the economy, when you need to revive aggregate demand, you cut taxes.' 'But what's this government doing?' 'It's increasing taxes for the middle class and the vast majority of the poor on fuel, which has a ratchet effect on most other products.'
Several private hospitals across the country said they have no clarity on procuring COVID-19 vaccines under the new policy announced by Prime Minister Narendra Modi and that it has led to the vaccination being put on hold at their centres.
Accelerating inequality, the market dominance of tech platforms and remote working are likely to be the longest-lasting legacies of the COVID-19 crisis, the WEF said in a report on Monday. Releasing its Chief Economists Outlook report during the online Davos Agenda Summit, the WEF said that beyond managing the pandemic and vaccine rollout, these trends could shape a new era of fiscal, monetary, and competition policy. Deglobalisation is seen as the least likely of the current trends to continue in the longer term; particularly as international coordination is key to resolving global challenges such as vaccine manufacturing and distribution.
"We have long witnessed unfortunate attempts to employ force to change the status quo at our unresolved borders", Singh said at the inaugural ceremony of Aero India-2021, the country's premier Defence and aerospace show, at Yelahanka Air Force Station in Bengaluru.
Thirteen years after their small car project was forced out of West Bengal following the anti-land acquisition movement in Singur, Industry and IT Minister Partha Chatterjee has said talks are on with the Tatas for big-ticket investments in the state. Underscoring job creation as the TMC government's top priority, Chatterjee also said incentives to companies will depend on ability to generate employment. He said the Mamata Banerjee dispensation wants two large manufacturing units to be set up by any prominent industrial house at the earliest. "We never had any enmity with the Tatas, neither we fought against them. "They are one of the most respected and biggest business houses of this country and also abroad. "You can't blame the Tatas (for the Singur fiasco).
The Prime Minister's Office has said that these innovations will herald a new era of travelling comfort and enhanced mobility.
'Russia has got inherent military strength, they have a very good military equipment manufacturing infrastructure and by and large they are self-sufficient in their production capabilities'
There are conflicting signs on India's investment cycle.
SEZs account for just about a third of India's merchandise exports (and roughly the same proportion of services exports). Yet, the notion of creating global manufacturing centres of the kind that propelled China to superpowerdom retains a durable appeal within the Indian policy-making establishment, notes Kanika Datta.
FY22 will be the year to rebuild with the IMF projecting output growth at 11.5 per cent, economic survey at 11.0 per cent and the RBI's Monetary Policy Committee at 10.5 per cent.
Markets closed the day in green on favourable domestic factors,
Backed by the China-plus-one policy, India's textile and apparel exports have seen a 53 per cent growth during the April-November period of the current fiscal year at around $26 billion. This compares to the figure of $17 billion during the same period in FY21. According to Wazir Textile Index, all major companies including Welspun, Vardhman, Trident, KPR Mills, Indo Count, RSWM, Filatex, Nahar Spg and Indorama have posted higher sales during the first half of the current fiscal year compared to the pre-pandemic year.
India is also exploring that way but the strength of the Indian economy was such that not even one bank was threatened, not even one insurance company was threatened, and we were able to withstand the shocks.
For the Bharatiya Janata Party anything manufactured in India, including by multinational companies, are local products and it would not make a distinction among them, the party said on Thursday. Responding to questions on Prime Minister Narendra Modi's call for national self-reliance, BJP spokesperson and Rajya Sabha member, G V L Narasimha Rao, said there is not going to be any directive to buy local products but felt that a lot of people might themselves see the need to purchase those of good quality made in the country.
These are untied loans, meaning SBI has freedom to use this money to lend. They also do not come with any conditions attached for lending to specific projects or programmes.
The recovery in the Indian services sector was sustained in November as new work orders supported business activity growth and the first rise in employment in nine months, a monthly survey said on Thursday.
The Reserve Bank on Friday retained the GDP forecast for the current financial year at 9.5 per cent and flagged global semiconductor shortages, elevated commodity prices and potential global financial market volatility as downside risks to economic growth. In his address after the three-day meeting of the rate-setting panel, RBI Governor Shaktikanta Das said recovery in aggregate demand gathered pace in August-September, and it is reflected in high-frequency indicators, like railway freight traffic; port cargo; cement production; electricity demand; e-way bills; GST and toll collections. "The ebbing of infections, together with improving consumer confidence, has been supporting private consumption," he said, and added the pent-up demand and the festival season should give further fillip to urban demand in the second half of the financial year.
India's gross domestic product product (GDP) growth rate between 2011-12 and 2016-17 should be about 4.5 per cent instead of the official estimate of close to 7 per cent, he said in a research paper published at Harvard University. "The Indian policy automobile has been navigated with a faulty, possibly broken, speedometer," he says in the paper.
The number of Indians over 15 either working or looking for work is lower as a percentage than in the United States, China, Bangladesh or Pakistan, points out Aakar Patel.
'The Russian attack might be a wakeup call for Europe.'
Reliance Industries Ltd's focus on the next hypergrowth opportunities in clean tech and its path to decarbonisation has the potential to spur re-rating, raises clarity on investment cycles and reduces investor worry, brokerages said. RIL chairman Mukesh Ambani at the company's 'Green AGM' on Thursday committed Rs 75,000 crore over the next three years to set up an integrated Green Energy Giga Complex across 5,000 acres in Jamnagar, Gujarat which will contain four giga factories. The complex, which would be one of the world's largest renewable manufacturing facilities, would have an integrated solar photovoltaic module factory, an energy storage battery factory, electrolyser manufacturing for hydrogen production, and manufacturing of fuel cells so that hydrogen can be used in transportation.
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