Economy News

RBI to transfer Rs 57,128 crore as surplus to govt for FY20

The Reserve Bank of India (RBI) has approved the transfer of Rs 57,128 crore surplus reserves to the government accounting for the year 2019-20. The RBI board has decided to maintain the Contingency Risk Buffer at 5.5%.

Aug 14, 2020

PM Modi launches platform for transparent taxation: How will it benefit taxpayers

With the 'Transparent Taxation Honouring the Honest' platform, PM Modi said that this will strengthen the efforts of reforming the tax system and will ease tax compliance.

Aug 13, 2020

Mukesh Ambani is now world's fourth richest; net worth stands at $80.6 billion

To give our readers perspective, Mukesh Ambani's net worth is Rs 60,48,28,44,50,000, as per current conversion value.

Aug 8, 2020

India should focus on protecting economy, says ex-RBI governor

India was placed under one of the strictest lockdowns in the world in late March for more than two months to stem the spread of the coronavirus, but cases have continued to rise steadily since the government eased restrictions in June, stymieing hopes of an economic recovery.

Aug 6, 2020

RBI Monetary Policy: MPC maintains status quo, repo rate intact at 4%

Accordingly, the repo rate or short-term lending rate for commercial banks and reverse repo rate remain unchanged at 4 per cent and 3.3 per cent, respectively.

Aug 6, 2020

Amid inflation pressure will RBI Gov Shaktikanta Das risk slashing repo rates

Amid rising inflation concerns in times of the pandemic, economists predict RBI could ease monetary policy now. This, by cutting the repo and reverse repo rates by at least 25 bps to 3.75% and 3.10% respectively.

Aug 3, 2020

Covid impact: GST collection drops 14% to Rs 87,422 cr in July

Only in June GST collections recovered to touch Rs 90,917 crore.

Aug 1, 2020

'Forced decoupling' of economies will hurt both, China warns India

China warned on Thursday that a "forced decoupling" of its economy with India, following a Himalayan border clash last month that killed 20 Indian soldiers, would hurt both countries.

Jul 31, 2020

COVID impact: IndiGo's net loss at Rs 2,844.3 cr in Q1FY21

InterGlobe Aviation which runs airline major under the brand name of IndiGo on Wednesday posted its highest ever quarterly net loss at Rs 2,844.3 crore for the first-quarter of 2020-21.

Jul 30, 2020

EPFO witnesses huge withdrawal in lockdown months, highlights grim economic picture

In line with the latest trend, EPFO estimates that nearly 10 million would withdraw from their saving in coming days.

Jul 28, 2020

India, US closing in on limited trade deal: Piyush Goyal

India is seeking concessions for generic drugs it exports to the United States in return for opening its dairy markets and slashing tariffs on farm goods as the two sides seek to clinch a new trade accord, three sources told Reuters.

Jul 22, 2020

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Sensex, Nifty gain as HDFC Bank adds to earnings momentum; financials shine

Indian shares climbed on Monday as HDFC Bank added to last week's strong earnings releases from IT companies, countering the impact of the surge in domestic coronavirus cases past one million.

Jul 20, 2020

EC Ashok Lavasa appointed as Vice President of Asian Development Bank

Election Commissioner Ashok Lavasa will be looking after the Private Sector Operations and Public-Private Partnerships.

Jul 15, 2020

Covid-19 pandemic knocks Singapore into recession with record 41.2% GDP plunge

Gross domestic product (GDP) dived by a record 41.2 per cent in the three months ended March, on a quarter-on-quarter annualised basis, the Ministry of Trade and Industry said.

Jul 14, 2020

Annual IMF, World Bank meetings to be held virtually

The 2020 annual meetings of the International Monetary Fund (IMF) and the World Bank Group will likely be held in a primarily virtual format due to the ongoing COVID-19 pandemic, the leaders of the two institutions announced.

Jul 10, 2020