Economy News

India proposes to widen scope of digital services to impose equalisation levy

An Indian government panel has widened the scope of online services under the proposed 6-8 percent equalisation levy that is bound to hit Google, Facebook and Twitter.

Mar 22, 2016

Crude oil price of Indian basket rises 54% in 2 months

The price was $38.57 per barrel March 18, up from $24.96 per barrel Jan. 18, according to the petroleum ministry.

Mar 21, 2016

Hyderabad Airport seeking 60% increase in tariff rates: Report

The Hyderabad Airport levies the highest user development fee in India, the Economic Times reports.

Mar 21, 2016

Fund managers of foreign MFs may shift to India: Report

The new rules announced by the Indian government for such managers could facilitate such a move, says Economic Times.

Mar 21, 2016

Banks wait and watch post-rate cut on PPF, KVS

Previously, bankers argued they cannot cut retail deposit and lending rates when the small savings schemes offered higher rates.

Mar 20, 2016

Jewellers call off 18-day strike over excise duty

While the excise duty still remains, the government has assured jewellers that excise department officials will not harass them.

Mar 20, 2016

S&P 500 turns positive for 2016 as recession fears fade

Major indexes gained for five weeks in a row and the Dow closed higher every day this week.

Mar 20, 2016

Dollar bounces but down for third straight week

A weaker dollar benefits emerging market currencies, increasing those countries' profits from exports.

Mar 20, 2016

Insurance sector now open to 49% FDI via automatic route

The move to allow foreign direct investment under the automatic route will help attract more overseas companies to buy stake in domestic insurers.

Mar 19, 2016

Government slashes interest rates for small saving schemes

The government also lowered the rate on a federal pension fund known as the public provident fund (PPF) to 8.1 percent from 8.7 percent.

Mar 19, 2016

Richard Branson brands Brexit would decision Britain could make

British billionaire businessman Richard Branson warned that leaving the European Union would be the worst decision that the British public have ever made. The Virgin Group founder made the comments at the launch of the companys new train in London.

Mar 18, 2016

Liquor, petrol, diesel, aerated drinks to cost more in Karnataka

Karnataka CM Siddaramaiah, who also holds the finance portfolio, proposed to raise taxes on these items while presenting the budget for 2016-17 Friday.

Mar 18, 2016

India's forex reserves rose for second straight week

India's foreign exchange reserves increased $2.54 billion in the week ended March 11, according to the Reserve Bank of India.

Mar 18, 2016

Foreign tourist arrivals in India rose 11% in February

Foreign tourist arrivals grew 11.43 percent to 8.47 lakh from 7.61 lakh visitors in February 2015.

Mar 18, 2016

Additional excise duty on petrol, diesel deprived consumers of Rs 90,000 cr in savings

These savings could have provided additional demand in the economy to the extent of 1% of GDP, according to a State Bank Ecowrap note.

Mar 18, 2016