Japan’s Bank Raises Interest Rates to 0.25% to Strengthen Yen and Combat Inflation
Japan’s central bank raised interest rates to 0.25% for the second time since 2007. They are aiming to strengthen the yen and ease consumer costs. BOJ addresses inflation and economic challenges by this move.
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Special Packages to Boost Bihar and Andhra Pradesh: Check How Budget 2024 is Strengthening its Key Allies
On July 23, 2024, Finance Minister Nirmala Sitharaman announced special schemes for Bihar and Andhra Pradesh in Budget 2024-25. This also includes the 'Purvodaya' scheme and significant infrastructure projects. These measures aim to strengthen BJP alliances with key allies Nitish Kumar and Chandrababu Naidu.
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Defence Spending Up by INR 500 Crore: Budget 2024 is Boosting Domestic Procurement and Border Infrastructure
The Union Budget 2024-25 raises the defence budget by INR 500 crore to INR 6,21,940 crore. There is a focus on domestic procurement and a 30% increase for the Border Roads Organisation. Capital expenditure rises to INR 1.72 lakh crore.
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Union Budget 2024: An INR 1.52 Lakh Crore Boost for Agriculture and Sustainable Farming Practices
Finance Minister Nirmala Sitharaman in her Union Budget 2024-25, proposed a allocation of INR 1.52 lakh crore for agriculture and allied sectors. The budget places greater focus on sustainable farming practices, the promotion of digital infrastructure, and agricultural productivity enhancement.
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Is Union Budget 2024-25 Really Empowering Growth, Focuses on Fiscal Stability, Employment and Sustainable Development?
On July 23, 2024, the Union Budget 2024-25 was presented by Finance Minister Nirmala Sitharaman. It mainly focuses on fiscal stability, employment, skilling, MSMEs, agriculture, urban development, energy security, infrastructure and innovation. It includes extensive schemes. India is investing to drive inclusive and sustainable growth.
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Budget 2024: Government Unveils GST Expansion, Duty Cuts on Essentials and Simplified Tax Regime
On July 23, 2024, the Union Budget 2024-25 which was presented by Finance Minister Nirmala Sitharaman, simplifies and rationalizes GST. It reduces customs duties on essential items, and adjusts direct taxes to boost economic growth. Key changes include reduced duties on cancer drugs, mobile parts, and precious metals, alongside improved taxpayer services and dispute resolution.
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Age old India-Russia ties keeps Russian economy afloat despite western sanctions and war
World Bank recently upgraded Russia to the High-Income group despite ongoing sanctions and the Ukraine war. India plays a crucial role as the country's oil imports surge 25 times in the last four years and India-Russia bilateral trade reaches its all time high.
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Citigroup report on bleak picture of Indian unemployment rates: Labour ministry opposes
Indian Labour ministry declared the Citigroup report invalid. The report stated the continued projection of increased unemployment rate even if India would achieve 7% growth rate in future. The ministry reported that the analysis did not refer to all official reports
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Is Farm loans waiver implemented at the cost of country’s development
Telangana government aims to waive off farm loans worth INR 31,000 crore while Jharkhand government waives off loans of 1.91 lakh farmers, might have immediate returns but future implications could be averse.
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11% rainfall deficit in June, adequate July rainfall likely to drop food inflation
The increasing prices of vegetables has been the driver for increasing food inflation in India. With the deficit of rainfall in June, all eyes hope for adequate rainfall in July for stabilisation of prices.
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Economists advise FM Sitharaman on Private consumption, Job creation and a lot more
Economists ask Sitharaman to focus more on Capital Expenditure, Fiscal Prudence, Inflation along with several other demands during their pre-budget consultation meeting.
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Mauritius, once India’s largest foreign investor, now faces economic uncertainties
Mauritius is again at the crossroads of economic decision; the country’s off-shore business seems to be unreliable now as the OECD (the Organisation for Economic Cooperation and Development) cracks down on its double taxation agreements.
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Does it rain money? India’s connection between economy and monsoon
The India Meteorological Department (IMD) predicts above-average rainfall in 2024 monsoon. Higher rainfall is expected to positively affect the economy and ease the rising food inflation in the country
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Korea-US-Japan Business Dialogue in Washington: To Achieve Better Economic Cooperation
Korea, United States and Japanese business communities have initiated a formal trilateral discussion for cooperation in the sectors of AI, clean energy, semiconductor supply chains and export controls.
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Karnataka to Achieve $1 Trillion Economy by 2032: Innovation and Growth Unite
While speaking to the convention at the preview of the upcoming Global Investor Meet (GIM) - "Invest Karnataka 2025," expected in February 2025, he stated that the state had been growing at a steady growth rate of 9.3%
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Tata Steel, UK Workers Announce First Strike In 40 Years: Job Cuts, Overtime And Know What More
From July 8, 2024, 1,500 Tata Steel workers in Wales will strike indefinitely. This strike will be for the job cuts and blast furnace closures. Unite the Union supports the strike. Tata Steel plans a GBP 1.25-billion investment in eco-friendly technology.
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PM Narendra Modi released 17th installment of PM Kisan Scheme on Tuesday
PM Narendra Modi announced the most recent instalment of the PM-KISAN initiative on Tuesday in Varanasi constituency. More than 110 million farmers have been helped through distribution of more than INR 3.04 trillion so far.
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Staggering 5800% rise in Silver imports from UAE raise the alarms
India’s import of silver from United Arab Emirates (UAE) rises 60 times in the last financial year calls in for a monitoring mechanism that could track import volumes and values to ensure a better policy solution.
Read more![G7 moves forward with the India-Middle East-Europe Economic Corridor [IMEC]](https://globalmoneytimes.com/wp-content/uploads/2024/06/IMEC-Corridor-300x169.webp)
G7 moves forward with the India-Middle East-Europe Economic Corridor [IMEC]
G7 provides a stamp of approval over the India-Middle East-Europe Economic Corridor [IMEC] proposal initiated by India in the recently held G20 summit. IMEC is being seen as big economic win for India to China's BELT Road Initiative
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Trump or Biden : Economy, Jobs, Inflations, Tax! Lets understand who stands where
In the 2024 US election, voters prioritize the economy. The concerns are over inflation and high prices. President Biden highlights low unemployment and high growth. Whereas, former President Trump emphasizes on past inflation control, proposing tariffs and cutting the prices and taxes.
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PM Modi in Italy: Check Out the World Leaders he met at the G7 Summit
On June 14, 2024, PM Modi had productive meetings with world leaders at the G7 Summit. They discussed various global issues and strengthened India's bilateral relations with Germany, Japan, Italy, Canada, the USA, Jordan, France, the UK, Brazil, Turkey and the UAE.
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India’s IIP slows down to 4.9% for March 2024: Impacted by mining industry
The India's Index of Industrial Production (IIP) has been recorded to be 4.9% for March 2024. Compared to previous data, the fall has been attributed to the slow growth in mining sector.
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Irregular rainfall and heat waves cause rise in inflation rate of May, 2024
Inflation rates are anticipated to rise to 4.86%. Irregular rainfall and extreme heat waves are the reasons. Interest rate is expected to change in Q4 2024.
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Modi’s New Cabinet Approves Construction of 3 Crore Rural, Urban Houses: New Cabinet, New Houses, New India
On June 10, 2024, PM Modi's new Cabinet decided to build 3 crore houses in rural and urban areas under PMAY. They aim to provide homes for everyone with basic amenities, boosting job creation and economic growth. This supports the government's goal of 'Housing for All' by 2024
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Repo Rate Unchanged at 6.5%, Raises FY25 GDP Growth Forecast: RBI brings AI-Powered Policy
On June 7, 2024, RBI announced its bi-monthly monetary policy, keeping the repo rate at 6.5% for the eighth time. GDP growth forecast for FY25 was raised to 7.2%, and inflation estimates were retained at 4.5%
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Economists Predict Higher Growth for India but Emphasize Need for Reforms Post-Election
Economists Sonal Varma (Nomura) and Pranjul Bhandari (HSBC) see Higher Growth but urge reforms. Varma cites rural spending & stable government as key. Both agree reforms (land, labour) are crucial. Bhandari (HSBC) highlights positive signs...
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Rising Costs and Weak Demand Threaten European Firms: BCG Report Highlights Vulnerability
Rising costs and weak demand threaten 1 in 5 European firms, with Germany and Austria most vulnerable (BCG report). Real estate, tech, and retail struggle as interest rates climb and competition intensifies. Debt extensions offer temporary relief, but restructuring remains likely
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Inflation drops to a 3-year low in Canada; cut in BOC interest rates likely
The inflation rate in Canada has dropped to a three-year low at 2.7 %. It indicates that interest rate cuts will be made by the Bank of Canada in June. It could impact economic strategies worldwide.
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India to become $4 trillion economy in FY25: Sanjeev Sanyal
A growth rate of 7% when compounded annually is sufficient for the economy’s target. This would also ensure the generation of jobs and revenue for the government.
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More companies to pour FDI to India, China recedes: UN Report
Mr Hamid Rashid, Chief of UN DESA, discussed India’s FDI position while addressing reporters on the mid-year update of the World Economic Situation and Prospects 2024.
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India’s GST Collections Surge to Record INR 2 Lac Cr in April 2024
According to the latest data, Maharashtra collected the highest GST of INR 37,671 Cr in April 2024, followed by Karnataka (INR 15,978 Cr), Gujarat (INR 13,301 Cr), Uttar Pradesh (INR 12,290 Cr) and Tamil Nadu (INR 12,210 Cr)
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Tata Steel UK Announces Closure of Blast Furnaces in Transition to Greener Steelmaking
Tata Steel intends to place the order for the electric arc furnace equipment in September and begin site preparation work in December this year. Construction of the project is scheduled to begin in August 2025
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US FTC Votes to Ban Majority of Noncompete Agreements, Citing Worker Freedom Concerns
A non-compete agreement is a legal arrangement between an employee and his or her employer whereby the employee refrains from entering into direct competition with his or her employer in the future
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RBI Keeps Repo Rate Unchanged at 6.5% Amid Robust Growth
The Reserve Bank of India (RBI), on Friday 5th April 2024 announced that it would maintain the key policy repo rate at 6.5% marking the 7th consecutive time
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Central Government Increases Windfall Tax on Crude Petroleum
This recent hike follows a previous increase in the windfall tax, which was raised to INR 4,900 per tonne from INR 4,600 just a fortnight earlier on March 15, 2024
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Apple’s Participation in India’s PLI Scheme Creates Over 1,50,000 Jobs: Report
Around 3,00,000 people have indirectly secured employment through companies benefitting from the PLI scheme marking substantial economic impact.
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India’s Foreign Exchange Reserves Hit Record High, Climbing for the Fifth Consecutive Week
The RBI managed to add about USD 58 billion to foreign exchange reserves, which is quite impressive, then faced tough times as the foreign exchange reserves took a cumulative hit of USD 71 billion
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India Incorporates 1.68 Lac+ Companies in FY24, Highest In February: Shows MCA Data
An unexpected surge in registrations, more than half of which are small businesses with an average paid-up capital of INR 11.72 lakh, indicates the importance of small businesses in building a strong national economy.
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ILO Study Shows India’s Education System Falling Short in Job Preparation
The struggle for employment is particularly acute in urban areas, where joblessness rates surpass those in rural regions. This urban-rural disparity highlights the complex interplay between economic development, education, and employment
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Indian Startups to Revolutionize Economy and Job Market by adding USD 1 T Economy & 50 M Jobs
Startups have already played a significant role in India's GDP growth, contributing 10-15% between FY16 and FY23. Retail and e-commerce are projected to lead..
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Inflation Rate Stands at 5.09%, Remains within RBI Tolerance Range for the sixth consecutive month
On March 12th, 2024, the Ministry of Statistics and Programme Implementation unveiled the Consumer Price Index (CPI) data for February revealing that CPI stood at 5.09%. This figure indicates a marginal decrease from January’s 5.10%. The data shows sustained stability in Inflation with the CPI staying within the Reserve Bank of India (RBI) tolerance range […]
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