Economy News

VMware to invest $2 billion in India over next 5 years; start new offices in Bengaluru, Pune

This investment will enable the company to expand to new offices in Bengaluru and Pune as well as increased headcount and capital expenditure for R&D.

Oct 17, 2018

Ominous predictions for rupee: 80 against dollar by year's end and a plunge to 100 later

Analysts say the rupee could fall further in the coming months as the key drivers of the fall -- widening current account deficit and the flight of overseas funds -- are more likely to persist than not.

Oct 17, 2018

India ranked 58th most competitive economy in WEF index; US tops the list

Other countries in the top 10 include Switzerland (4th), Japan (5th), Netherlands (6th), Hong Kong (7th), United Kingdom (8th), Sweden (9th) and Denmark (10th).

Oct 17, 2018

General Provident Fund interest rate hiked to 8% for Oct-Dec quarter

The interest rate would apply on Provident Funds of central government employees, railways and defence forces.

Oct 16, 2018

India's September WPI inflation surges to 5.13% against 4.53% in August

Even, on a year-on-year (YoY) basis, the Wholesale Price Index (WPI) data furnished by the Ministry of Commerce and Industry was higher than 3.14 per cent reported for the corresponding period of 2017.

Oct 15, 2018

September retail inflation picks up, remains below RBI's medium-term target

The International Monetary Fund forecasts India's economy could grow 7.3 percent in the fiscal year ending in March 2019, versus 6.7 percent in the last.

Oct 12, 2018

India ranks lower than Bangladesh, Nepal in Human Capital Index report; irks Finance Ministry

Singapore took the numero uno position in the inaugural report thanks to its phenomenal rating in the universal health care system, education exams results and life expectancy figures.

Oct 12, 2018

India's IT biz expected to touch $1 trillion, says NASSCOM chief Devyani Ghosh

Ghosh has also asked Gujarat to tap in its entrepreneurship potential rather than seeking advice from others for setting up start-up ecosystems in the state.

Oct 12, 2018

Tata Consultancy Services net profit up 22.6% to Rs 7,901 crore in second quarter

In a regulatory filing on Thursday, the city-based IT bellwether said consolidated revenue for the quarter (Q2) under review grew 21 per cent annually to Rs 36,854 crore from Rs 30,541 crore in the like period year ago.

Oct 11, 2018

Sensex tanks 1000 points; rupee sinks to new low of 74.45 against US dollar

Forex dealers said besides strong demand for the American currency from importers, concerns of fears of rising fiscal deficit and capital outflows weighed on the domestic currency.

Oct 11, 2018

Saudi Arabia to supply extra oil cargoes to India in November as Iran sanctions loom

Reliance Industries Ltd, Hindustan Petroleum Corp, Bharat Petroleum Corp, and Mangalore Refinery Petrochemicals Ltd are seeking an additional 1 million barrels each in November from Saudi Arabia, the sources said.

Oct 10, 2018

Over 77,000 payments bank accounts opened in Maharashtra, Goa postal

The India Post Payments Bank (IPPB) was launched across 650 districts by Prime Minister Narendra Modi on September 1.

Oct 10, 2018

IMF forecasts recovery in Indian economy, predicts 7.3% growth in 2018

The world body attributed this growth to a rebound from transitory shocks (the currency exchange initiative and implementation of the national Goods and Services Tax) including strengthening investment and increased private consumption.

Oct 9, 2018

Asia stocks at 17-month low amid China concerns

Japan's Nikkei fell 1.2 percent, hurt in part by a rise in the safe-harbour yen.

Oct 9, 2018

Increasing consumer pessimism should worry Modi as elections approach

The RBI survey gives the government a glimmer of hope. It says that though the present outlook is dispiriting, consumers expect a turnaround net year.

Oct 8, 2018