Economy News

Rupee closes unchanged at 66.55 to the US dollar; IDFC gains despite markets ending with losses

The Indian rupee closed at 66.55 to the greenback; on the BSE, IDFC gained 11.69 percent even though Sensex shed 34 points.

May 6, 2016

India aims to boost gas consumption, reduce dependence on oil

Currently, oil accounts for a quarter of the country's energy needs, while the share of gas stands at 8 percent.

May 6, 2016

India's foreign exchange reserves at an all-time high of $363 billion

An increase of $1.52 billion in India's foreign exchange reserves lifted kitty to $363.12 billion, according to RBI's weekly data.

May 6, 2016

RBI includes individuals as eligible promoters for the first time in draft norms for universal bank licences

The Reserve Bank of India (RBI) released the draft guidelines for issuing universal bank licences on continuous ("on tap") basis.

May 5, 2016

HDFC Life to hire 4 banks for Rs. 3,325 crore IPO

HDFC Life may appoint Citigroup, JPMorgan Chase, Morgan Stanley and Kotak Mahindra Bank as banks for the planned IPO.

May 5, 2016

Dengue costs the world $8.9 billion every year: Study

Health economists at Brandeis University, U.S. published a report on the economic burden dengue imposes.

May 5, 2016

Govt removes restrictions on coal supply procedure

The govt aims to distance itself from managing the utilisation of coal and and to give freedom to private power producers.

May 5, 2016

Govt gives nod to highway projects worth Rs. 4,400 crore in Himachal Pradesh, UP

The Cabinet Committee on Economic Affairs approved the two projects in Himachal Pradesh and Uttar Pradesh.

May 5, 2016

India eyes cleanup of bad debt mountain as wary state banks hesitate

India's $121 billion troubled debt pile, over $100 billion of which is on the books of state-owned banks, has come under close scrutiny from prosecutors.

May 5, 2016

US slaps preliminary duties on certain Indian steel pipes

The department said it found the products were being dumped at margins of up to 18.9 percent.

May 5, 2016

Maruti Suzuki, Hyundai, Toyota Kirloskar car exports fall in April; Ford India bucks the trend

While Maruti Suzuki's exports declined 13.7 percent, Hyundai saw exports fall by 6.5 percent in April 2016 over April 2015.

May 4, 2016

Govt proposes capping airfares during emergency situations

The government has put forth a proposal of charging Rs. 2,500 per passenger for one hour duration flights.

May 4, 2016

Economies could shrink by mid-century due to scarce water: World Bank

The Middle East could be hardest hit, with its gross domestic product slipping as much as 14 percent by 2050, the report said.

May 4, 2016

State-run banks hit by willful defaulters

The debt owed by willful defaulters rose 138 percent in three years to Rs. 66,190 crore (about $10 billion) by December 2015.

May 3, 2016

India to pay 1.5% interest on $6.5 billion Iran oil dues

Iran requested India to consider compensating it for the losses due to the exchange rate variation.

May 3, 2016