Category «Economy»

The World Bank has lowered India’s GDP prediction for FY23 to 7.5 percent, citing increasing inflation

gross domestic product (GDP)

Based on inflationary pressures, supply-chain challenges, and geopolitical concerns resulting from Russia’s invasion of Ukraine, the World Bank decreased India’s real gross domestic product (GDP) growth prediction for 2022-23 (FY23) to 7.5 percent from 8%. The multinational agency also cut its global growth prediction for 2022 to 2.9 percent from 4.1 percent in its latest …

With a 5.3 percent rise, jet fuel costs are at an all-time high; this is the tenth increase this year

jet fuel prices

In keeping with a jump in global energy costs, jet fuel prices were boosted by a whopping 5.3 percent on Monday, marking the ninth consecutive increase this year. According to a price announcement issued by state-owned fuel dealers, the price of aviation turbine fuel (ATF), which lets planes fly, has increased by Rs 6,188.25 per …

Power outage risk increases as severe heat spurs coal demand

Power outage risk increases

India risks a repeat of last summer’s power outages as soaring temperatures boost demand for coal that’s used to generate about 70 percent of the country’s electricity. The hottest March in more than a century has heralded an early start to summer, increasing power consumption by air conditioners and refrigerators. While state-run miner Coal India is producing …

RBI risks falling behind curve on curbing inflation like US Fed: SBI Funds

RBI risks falling behind curve

India’s central bank may have to pay a bigger price for ignoring inflation by tightening interest rates much more aggressively later, as the Federal Reserve is doing now, according to the nation’s largest asset manager. “If you don’t normalize gradually and preemptively, you may be in a situation down the line where you have to slam …

India, Nepal agree to form joint task force on building hydropower project

hydropower project

India and Nepal on Thursday agreed to form a joint task force on a proposal to construct a hydropower project from investments of the two neighboring countries. The task force will have a maximum of three members from both countries. The agreement was reached at the 9th meeting of the Nepal-India Energy Secretary-Level Joint Steering Committee in …

Merchandise exports rise 28% YoY to $34.5 billion in January: Govt data

Merchandise exports rise 28% YoY to $34.5 billion in January: Govt data

India’s exports grew at a slower pace in January, after recording the highest-ever monthly outbound shipments of goods in December, showed data released by the commerce and industry ministry on Tuesday. However, exports remained above the $30 billion-mark for the eleventh consecutive month amid a surge in Omicron cases across the globe. Merchandise exports grew 27.54 per cent year-on-year (YoY) to $34.5 …

Govt committed to reduce imports in defense sector

reduce imports in defense sector

The government is committed to reduce imports and promote self-reliance in the defence sector, Finance Minister Nirmala Sitharaman said on Tuesday. She said that 68 per cent of capital for the defence sector would be earmarked for the local industry. Sitharaman also said that 5 per cent of Universal Service Obligation (USO) Fund would be provided for …