Economy News

Indians sent $4 billion for students studying overseas in FY16

This is approximately 187 percent more than $1.32 billion in outward remittances for educational purposes in 2014-15.

Apr 19, 2016

Foreign tourist arrivals up 12% in March

During the month, 8.17 lakh foreign tourists visited India as compared to 7.29 lakh in March 2015.

Apr 19, 2016

Maharashtra may halt water supply to breweries in Aurangabad from May

The Maharashtra government will review on April 30 the 20 percent water supply cut to breweries and distilleries till the end of the month.

Apr 19, 2016

India, US must increase bilateral trade to $500 billion, says US official

Indian-owned companies in the U.S. employ around 44,000 people and contribute $2 billion to U.S. exports.

Apr 19, 2016

Rajan says forex intervention to continue to reduce volatility

India will intervene in the currency market when there's a sustainable risk in global markets, Rajan said.

Apr 19, 2016

India's March trade deficit narrows to $5.07 billion

Rapid shrinking in imports aided by falling crude oil prices contributed to the lowest deficit in five years.

Apr 19, 2016

Fuel consumption in India rose to 8-year high in FY16

The spurt was caused mainly by a fall in average retail prices of petrol, diesel and jet fuel, mirroring falling crude oil prices globally.

Apr 18, 2016

India demands larger say for developing countries in World Bank agencies

Speaking at the World Bank Development Committee Meeting, Arun Jaitley said the World Bank Group should expand its annual lending to $100 billion.

Apr 18, 2016

IAF charts out Rs. 2.5 lakh crore modernisation plan

The Indigenisation Roadmap for 2016-2025 would detail services and technologies that the IAF requires and share them with the private sector.

Apr 18, 2016

India expediting efforts to collect $117 billion in tax arrears

However, only about 15-20 percent of $117 billion is "realistically" recoverable, Reuters reported, citing a tax department official.

Apr 18, 2016

Oil freeze deal faces trouble as Saudi-Iran tensions spike

Saudi Arabia said it wanted all OPEC members to participate in the talks, despite insisting on excluding Iran because Tehran had refused to freeze production.

Apr 17, 2016

Railways in the dock over Rs. 300 crore service tax evasion

Revenue authorities have asked the railways to share income details about tatkal services, ticket cancellation and bed roll charges.

Apr 17, 2016

BRICS bank sanctions Rs. 1,666 crore to Canara Bank for energy projects

The New Development Bank disbursed its first package of loans worth $811 million to Brazil, China, South Africa and India.

Apr 17, 2016

Saudi Arabia could sell off billions in American assets if bill passes: NYT

The bill, which passed the Senate Judiciary Committee earlier this year, would take away immunity from foreign governments in cases.

Apr 17, 2016

World Bank: India received $69 billion in remittance in 2015

Growth of remittances to South Asia witnessed a drop of 2.3 percentage points in 2015 primarily due to a contraction in flows to India.

Apr 16, 2016