In an interview to Business Standard, Rangarajan says CAD will be brought under control at around two per cent of the gross domestic product.
The move comes days after a delivery agent and his associate were allegedly robbed of Rs 2 lakh at gunpoint by four motorcycle-borne men inside the Pragati Maidan tunnel. Five people have so far been arrested in connection with the Saturday incident.
The scheme, touted as a panacea to burgeoning CAD, was a huge flop that fostered a spike in smuggling and allowed several Gitanjali-like players to make a killing
According to him, there are enough laws but their implementation is important.
Gold and silver imports declined 80.55 per cent to $1.05 billion in November after a slew of measures taken by the government to curb inbound shipments of the metal, aimed at narrowing the current account deficit.
The government on Friday reduced the import tariff value on gold and silver to $420 per 10 grams and $645 per kg, respectively, taking cues from firm global prices.
Since their highs in September, chemical stocks have underperformed the benchmarks and broader indices over the past month with larger players witnessing a 9-22 per cent fall during this period. Expectations of weak September quarter results amid high inventory, demand woes and weak realisations have led to the underperformance.
According to the data, the tiger population was 1,411 in 2006, 1,706 in 2010, 2,226 in 2014, 2,967 in 2018 and 3,167 in 2022.
Early-stage cervical cancer may not exhibit noticeable symptoms, warns Dr Abha Bhalerao, consultant gynaecologist at Ruby Hall Clinic. But remember, cervical cancer is curable, preventable and treatable.
The Supreme Court in a 4:1 majority verdict upheld the government's 2016 decision to demonetise Rs 1,000 and Rs 500 denomination notes, saying the decision-making process was not flawed.
The government on Saturday imposed a 40 per cent duty on the export of onions to increase domestic availability amid signs of increasing prices. The export duty, which is the first time ever on onion, has been imposed as the retail sale price of the kitchen staple, according to government data, touched Rs 37/kg on Saturday in Delhi. The finance ministry through a Customs notification imposed a 40 per cent export duty on onions till December 31, 2023.
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The Reserve Bank of India in July introduced 80:20 scheme under which 20 per cent of the total gold imports was to be exported back.
The fall in total reserves was mainly because of a decline in foreign currency assets worth $4.5 billion, the data showed.
The Supreme Court on Thursday asked the Delhi police not to issue temporary licences for sale and storage of any kind of firecrackers, saying when the city government has banned all firecrackers no distinction can be made on the basis of whether it is green or not.
It looks as if competing political parties in Tamil Nadu have not grasped the full impact and import of a sizable section of voters possibly staying away from voting -- voters, supposedly with a predictable polling pattern -- owing to the Covid second wave and more so, how it could affect the outcome in individual constituencies and even booths, says N Sathiya Moorthy.
The trade to-and-from India so far is not affected. But if the situation continues to remain the same for the next two to three months, it could definitely hurt India trade, including essential cargo.
'Rhetoric and chest-thumping are running high on India's recent growth record.'
'But will the giant waves developing elsewhere allow us to sail smoothly into fair winds?' asks Debashis Basu.
India's economic growth is now 'extremely fragile' and needs all the support that it can get, as private consumption and capital investment are yet to pick up, RBI Monetary Policy Committee (MPC) member Jayanth R Varma said on Friday. Varma further said out of the four engines of growth for the economy, exports and government spending supported the Indian economy through the pandemic, but other engines need to pick up the baton now. " I like to think in terms of the four engines of growth for the economy: exports, government spending, capital investment and private consumption. "...while exports cannot be the main driver of growth because of the global slowdown, government spending is necessarily limited by fiscal constraints," he told PTI.
Market participants attribute the stability to the Reserve Bank of India's timely intervention in the foreign exchange market, both in terms of selling and buying dollars.
Bajaj Auto, the king of the market for CNG-powered passenger three-wheelers, now wants to replicate this dominance in two-wheelers. The difference is that while the former is zooming - registrations for CNG-powered passenger three-wheelers nearly doubled during January-December 2023 - the latter, meaning a market for CNG-powered two-wheelers, does not exist.
India's Iran imports rise to 276,800 bpd vs 195,600 bpd in 2013.
In their review of studies, published in the journal Aerosol and Air Quality Research, the scientists specifically drew focus on relative humidity, which is a measure of water vapour in the air compared to the total saturation of vapour that can exist in the air at its current temperature.
Official imports into India shrank almost 90 per cent in the six months to November
Discussions are also going on to bring PLI scheme for toys, furniture, bicycles and containers. The objective of the scheme is to make domestic manufacturing globally competitive, create global champions in manufacturing, boost exports and create jobs.
Don't ignore symptoms like coughing, wheezing or shortness of breath, warns Dr Sandeep Tilve.
In a letter written recently to the Finance Minister, Pawar had said that arrears of sugar mills have risen to over Rs 10,000 crore (Rs 100 billion) and there was a need to hike import duty to curb shipments, which is putting downward pressure on local prices.
Uday Kotak has resigned as the managing director and chief executive officer of Kotak Mahindra Bank, the bank said in a stock exchange filing on Saturday.
India hockey captain Harmanpreet Singh wants his team to stop conceding silly penalty corners during their crucial match against arch-rivals Pakistan on Wednesday.
However, worries on inadequate import and issues for the FTA pacts.
The government has hiked import duty on gold three times in a year and recently raised it by 2 per cent to 8 per cent to curb demand.
The government is likely to extend fiscal incentives for production of toys, bicycles and leather and footwear in the forthcoming budget as it looks to expand production linked incentive (PLI) scheme to cover more high-employment potential sectors, sources said. The government has already rolled out the scheme with an outlay of about Rs 2 lakh crore for as many as 14 sectors, including automobiles and auto components, white goods, pharma, textiles, food products, high efficiency solar PV modules, advance chemistry cell and speciality steel. The scheme aims to make domestic manufacturing globally competitive and create global champions in manufacturing, and it is yielding solid results, sources said.
Chief Justice of India S A Bobde on Thursday said that nothing is conferred as right of freedom of speech in 'absolute and untrammelled terms' and the framers of the Constitution have struck a resilient balance between liberty and the rights and conditions on which the states can deny it.
Prime Minister Narendra Modi on Saturday announced the adoption of the New Delhi Leaders Declaration, a significant victory for India's G20 presidency that came amid increasing tensions and divergent views over the Ukraine conflict.
India's current account deficit, which is the excess of foreign exchange outflows over inflows, touched a historic high of 4.8 per cent of GDP in 2012-13, mainly due to rising imports of gold and petroleum products.
Huge gold imports have put pressure on the country's Current Account Deficit, which in turn is affecting the value of rupee.
Narendra D Modi and his party campaigned in these elections uncharacteristically without any big ideas. Of course, winning each election at all costs could be a big idea as well, observes Shekhar Gupta.
Foreign policy is always a work in progress and ups and downs are built into foreign policy process. What is permanent is national interest. Hopefully, this year, which will also witness general elections in the country, will also clear clouds in the foreign policy horizon, observes Rup Narayan Das.
Good monsoon, farm loan waiver -- the two key reasons behind more customers in jewellery shops
The need to maintain people's confidence in digital banking resulted in the action against HDFC Bank for service outages, RBI Governor Shaktikanta Das said on Friday and exhorted lenders to invest more on the technology front.
