Asian Lite News Archive

Category: Economy

  • Fifteenth finance commission concludes deliberations

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    The 15th Finance Commission, headed by N.K. Singh, will submit its report for the financial year 2021-22 to 2025-26 to the President on November 9. In a statement on Friday, the commission said that it has concluded the deliberations on the report. The report was signed by the Chairman and members of the commission, Ajay…

  • ‘Need For Personal Mobility Pushing Two Wheeler Demand’

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    Having achieved year-on-year sales growth during the Navratri period, two-wheeler major Honda Motorcycle and Scooter India (HMSI) now expects stable demand to last beyond the festive season. He also consider the rising demand for personal mode of transport as a driving force behind the present hike in sales. Notably, the two-wheeler major has recorded a…

  • US investors urge SEBI to Effect IPO Reforms

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    Investors and other market stakeholders from US have asked India’s capital market regulator SEBI to bring in reforms in the regulations for initial public offering (IPO), a statement said on Wednesday. SEBI Chairman Ajay Tyagi, along with other SEBI officials, had an e-interaction on Tuesday with various stakeholders including industry and investor associations from the…

  • Anti farm bill agitations hit freight train services in Punjab

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    The indefinite ‘Kisan Rail Roko’ agitation in several parts of Punjab has hurt the movement of freight trains in the several states, including Jammu and Kashmir and Himachal Pradesh thus impacting the economy. According to Northern Railways, the freight movement has been stopped because of uncertainty on farmers agitation. Farmers in Punjab have been agitating…

  • OPEC production cuts to go beyond December

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    Oil cartel OPEC may decide on extending the existing level of production cuts beyond December to keep the crude price stable next year. The chances are high as the extended run of Covid-19 pandemic threatens to keep demand under check over a longer period, though the global economy looks to reach closer normalcy next year.…

  • ‘Option not closed for another stimulus package’

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    Just a week after announcing measures to boost consumer demand and provide liquidity to states, Finance Minister Nirmala Sitharaman on Monday said that the government has not closed the option of coming out with another round of stimulus with a view to support the economy amid the pandemic. Speaking at the virtual launch of the…

  • ‘Not the time to think of fiscal deficit limits’

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    The newly appointed President of the PHD Chamber of Commerce and Industry, Sanjay Aggarwal has called for the Indian government to step in and spend more on infrastructure projects. He also said that this is not the time to think of limits set by the FRBM Act. Describing the Indian economy as “resilient”, President of…

  • Steep fall in India’s bullion imports

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    Gold imports by India declined 57.12 per cent in the first half of the current financial year (2020-21) to $6.77 billion as demand has been largely hit by the pandemic. During April-September FY20, the value of gold imports stood at $15.80 billion. As per the Commerce Ministry data, import of the yellow metal last month…

  • South Africa reveals economic recovery plan amid pandemic

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    The focus will be placed on critical network infrastructure such as ports, roads and rail that are key to the country’s economic competitiveness, according to Ramaphosa…Reports Asian Lite News President Cyril Ramaphosa unveiled an economic recovery plan which envisages a massive rollout of infrastructure throughout the country. “Our infrastructure program will focus on social infrastructure…

  • Several indicators show ‘V shaped’ recovery: Sitharaman to IMF

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    Finance Minister Nirmala Sitharaman on Thursday said that several economic indicators in India are witnessing a ‘V-shaped’ recovery. In her address at the Plenary Meeting of the International Monetary and Financial Committee (IMFC), the ministerial-level committee of the International Monetary Fund (IMF), through video-conference, Sitharaman outlined the measures undertaken by the Indian government under the…

  • Indian e-com to garner $6.5bn in festive sales: Report

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    Online retailers in India are expected to generate approximately $6.5 billion (Rs 47,751 crore) in sales during the festive month (October 15-November 15), with around 5.5-6 crore online buyers participating, a new report forecast on Thursday. About 75 per cent of these sales will occur from October 15-21, the period in which Flipkart will hold…

  • Fall In External remittances To Weaken Demand: Ind-Ra

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    Fall in external remittances is likely to affect the consumption demand, according to the India Ratings and Research (Ind-Ra). The rating agency on Thursday also said that muted external remittances growth is more of a structural issue than transitory. According to Ind-Ra, the muted growth would further weaken aggregate consumption demand, though the impact will…

  • G30 calls for collective efforts to tackle debt crisis

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    The G30 urged the International Monetary Fund (IMF) to mobilize global liquidity on a larger scale than ever before, scale up its crisis lending in low-income countries, and use far more of its existing non-concessional resources to mitigate economic fallout from Covid-19….Reports Asian Lite News The G30 has said that rising debts have threatened funding…

  • Poorest countries need support : World Bank

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    Malpass highlighted the significance of the G20 debt relief program, saying that there’s been progress both in terms of fiscal benefits and also transparency benefits..Reports Asian Lite News The global economy is experiencing a K-shaped recovery, as advanced economies have been able to provide support while the poorest countries are facing an increasingly desperate recession,…

  • Festive Season To See Increased Spending On Electronics: Survey

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    Despite the pandemic triggered financial crisis, India might witness an increased spending on electronics during the coming festive seasons. A recent study has revealed that a good majority of the people are saving money to spend on white goods. More than 3 in 4 Indians have been saving in the past few months to splurge…

  • India Inc skeptical of govt’s plan to push festive demand

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    As the Finance Minister Nirmala Sitharaman has announced a couple of demand boosting measures along with loans to states for increasing capital expenditure after a lot of anticipation, concerns have again been raised over the adequacy and effectiveness of the measures. As per stock brokerages, the latest demand-moving measures are insufficient and the results are…

  • RBI’s liquidity booster measures push indices up

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    Buoyed by the Reserve Bank’s liquidity boosting measures, the Indian benchmark indices rose for the seventh consecutive session on Friday, making it the best winning streak in almost a year. The markets’ upswing was maintained despite a status quo in key lending rates announced by the RBI. However, analysts noted that gains came on the…

  • MPC decides to maintain lending rates

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    Persistently high inflation fanned in part due to supply side disruptions along with seasonal factors led the Reserve Bank of India to maintain the key lending rates. Accordingly, the Monetary Policy Committee of the central bank in its penultimate meet for 2020, decided to maintain the repo rate – or short-term lending – rate for…

  • ‘Govt’s Reform Push Makes Industry Confident’

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    Continued focus on reform measures ushered in by the government even as the country faces one of its toughest crises during the pandemic, will trigger a faster recovery of the economy with the industry reposing confidence of a bounce back sooner than expected, Confederation of Indian Industry (CII) president Uday Kotak said.Talking about the state…

  • India’s Real Estate Sector Limping Back: Report

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    The Indian real estate sector seems to be recovering from a slump in demand during the nationwide lockdown as sales during the July-September quarter jumped over 100 per cent on a quarter-on-quarter basis across seven major cities, according to a report by PropEquity. Housing sales across these seven cities during the third quarter of 2020…

  • Budget to keep more employed amid Covid-19 recession: Aus Treasurer

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    “Unemployment tends to go up the elevators and come down the stairs,”said Frydenberg…Reports Asian Lite News Australia’s federal budget, scheduled to be unveiled on Tuesday, was aimed at keeping more citizens employed amid the coronavirus-induced recession, Treasurer Josh Frydenberg said on Monday. Speaking to the Australian Broadcasting Corportation (ABC), he said that the economic recovery…

  • India’s Q1 trade surplus at $19.8 billion

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    After the COVID-19 pandemic triggered crisis cut down the internal demand and energy consumption, India has been recording a respite from its current account deficit story. As of Q1FY21, India posted a current account surplus in on the back of lower trade deficit, official data showed on Wednesday. According to Reserve Bank of India’s data…

  • Canada Welcomes US Decision To Drop Tariffs

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    Canada has welcomed the US decision to drop tariff on Canadian aluminum imports. At a press conference in Ottawa, the Canadian Deputy Prime Minister and Finance Minister Chrystia Freeland welcomed the decision. “This is really a day when common sense has prevailed.” Freeland stressed that the US decision was not a negotiated agreement with Canada…

  • Govt of India set to Disinvest more PSUs

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    The Union Cabinet may soon take up and approve the new strategic disinvestment policy, which would include the banking and insurance sector, as the Finance Ministry has finalised the Cabinet note on the policy, sources said. This would be a major move towards privatising more public sector units and meeting the government’s disinvestment targets. The…

  • India’s 73% SMBs expect a bounce back: Report

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    Over 73 per cent of small and medium-sized businesses (SMBs) in India are confident that they will survive and bounce back post COVID-19, said a new report on Wednesday. The “HP Asia SMB Report 2020” showed that Indian SMBs are more confident than their Asian peers in bouncing back after the pandemic as the regional…

  • Unemployment on the rise in Eurozone

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      The unemployment rate in the 19-member Eurozone area continued to spike in July, a month marked by relaxation of some COVID-19 containment measures in many European Union (EU) member states, according to official figures. The figures released by Eurostat, the statistical office of the EU, on Tuesday, showed the seasonally-adjusted unemployment rate in the…

  • Modi Launches Taxpayers Charter

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    The much anticipated taxpayers’ charter which comes into effect from Thursday mandates the Income Tax Department to publish standards for service delivery in a periodic manner. The Charter was launched with the inauguration of the ‘Transparent Taxation’ platform by Prime Minister Narendra Modi. Consequently, the move brings into effect faceless assessment of taxpayers, faceless appeals…

  • A tragedy of economic proportions

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    What is the Greek referendum? How did the crisis there start? What next? Will India be impacted? Asian Lite presents a primer on the crisis that is rocking not just Europe and its currency but also threatens to spill over to the global economy: What has been the root cause: In many ways the present-day crisis…

  • Greek finance minister quits

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    Greek Finance Minister Yanis Varoufakis announced his resignation on Monday after the country voted “No” to a bailout offer in a landmark referendum….reports Asian Lite News. In a posting on his website, Varoufakis said the decision was made in view of “a certain ‘preference’ by some Eurogroup participants, and assorted ‘partners’, for my…’absence’ from its…

  • EU to respect the No Vote Of Greeks

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    Make quick ‘possible’ proposals for renegotiation: EU….reports Asian Lite News The European Union urged the Greek government to make “meaningful” and “possible” proposals in coming hours for renegotiation, following early results which have shown that Greece overwhelmingly rejected the bloc’s bailout offer. “The NO side has won the referendum with notable majority, we have to…

  • Greece Begins Grexit Poll

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    Yes or No …Greeks vote in landmark referendum on EU debt deal…reports Asian Lite News Greek voters on Sunday began casting ballots in a landmark referendum on terms of agreement with creditors on the next deal with the country’s lenders. According to the Greek ministry of internal affairs and administrative reform, about 8.5 million people…

  • Greece crisis dent India’s foreign reserves

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    An appreciating dollar, coupled with international currency volatility due to Greece crisis, saw India’s foreign exchange reserves plunging by $237.5 million in the week ended June 26….reports Asian Lite News. Data furnished by the Reserve Bank of India (RBI) in its weekly statistical supplement, showed that India’s foreign exchange fell after three weeks of rise.…

  • Osborne to scrap inheritance tax for homes below £1million

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    The end of inheritance tax on family homes worth up to £1m will be announced by Chancellor George Osborne. He is expected to tell MPs  that the threshold at which the tax is levied will rise for couples from £650,000 after April 2017. Writing in The Times, PM David Cameron and Mr Osborne said those…

  • UK economy back on track

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    Offical ONS figures reveal that economic growth also revised up for the first quarter of 2015 but separate figures show disposable income is still lower than in 2008…reports Asian Lite ONS statistics reveal that Britain’s economy is growing even faster than previously thought, In the first three months of the year, the economy grew 0.4…

  • EU crisis will linger till Euro exists

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    When the idea of a common currency was floated, it was politically impossible to reject. Principles of Economics 101 were abandoned and the Euro was introduced in 1999. This was of course an economic policy blunder …writes Vatsal Srivastava A great economic experiment began in 1951 with the formation of the European Coal and Steel…

  • Europe’s crisis will linger till Euro exists

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    By Vatsal Srivastava A great economic experiment began in 1951 with the formation of the European Coal and Steel Community. It was an attempt to make war within Europe impossible by establishing free trade in coal and steel, eliminating all tariffs and restrictions on cross border economic shipments. Ideally, it would ensure that French steel…

  • British manufacturing to remain slow: HSBC

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    Future manufacturing may remain sluggish in India due to declining output and new order flow, including from overseas and fall in order-to-inventory ratio while robust capital goods growth is a glimmer of hope, says HSBC Purchasing Manufacturers Index (PMI) released….reports Asian Lite News. India manufacturing PMI fell to 51.3 in June from May’s 52.6 as…

  • Mukesh Ambani commits millions for ‘Digital India’

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    Reliance Industries Chairman Mukesh Ambani committed an investment of Rs.250,000 crore on “Digital India” and said he expected the group’s initiatives under it will create over 500,000 direct and indirect jobs….reports Asian Lite News. “I believe digital India will be a huge success because of the adoption of technology by the youth of India,” Ambani…

  • Greek situation could hit West Midlands exports

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    Business leaders are warning that a Greek exit from the euro could hit demand for exports from the West Midlands…reports Asian Lite. Paul Faulkner , chief executive of Birmingham Chamber, said that although Britain’s level of direct exposure to Greece was relatively small, any ‘Grexit’ could lead to a slowdown in the EU economy. He said: “British…

  • Britain’s economy runs on fast track

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    Offical ONS figures reveal that economic growth also revised up for the first quarter of 2015 but separate figures show disposable income is still lower than in 2008…reports Asian Lite. ONS statistics reveal that Britain’s economy is growing even faster than previously thought, In the first three months of the year, the economy grew 0.4…

  • Airports commission backs third runway at Heathrow

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    The Airports Commission has backed a third Heathrow runway that will add close to £150bn in economic growth and 70,000 jobs by 2050. It would also connect Britain to 40 new destinations around the world. Downing Street officials say they want to digest the report properly, without making “a snap judgement”. Sir Howard Davies’s report said…

  • Greece – A nation divided

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    Greece has missed the deadline for a €1.6bn (£1.1bn) payment to the International Monetary Fund (IMF), hours after eurozone ministers refused to extend its bailout….reports Asian Lite News Greece is the first advanced country to fail to repay a loan to the IMF and is now formally in arrears. There are fears that this could…

  • Greece in panic mode

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    The Greek government was preparing a last minute proposal for a debt repayment deal with international creditors to avert a countdown to default which may start on Tuesday evening, media reported. Government sources said solutions were still being sought as the country was heading to a referendum on July 5 over the proposal tabled by…

  • Poor Greece: Tsipras Slipped

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    Greek Prime Minister Alexis Tsipras threatened to resign if he fails to win the referendum on Sunday….reports Asian Lite News Mr Tsipras said a clear vote against austerity would help Greece negotiate a better settlement to the crisis. Otherwise, he warned, he would not stay in office to oversee more cuts. Greece’s bailout expires on…

  • Modi to launch Digital India Week

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    Prime Minister Narendra Modi will launch the Digital India Week on July 1 here aiming to encourage involvement and creating awareness about the field, Communications and IT Minister Ravi Shankar Prasad said . “Many dignitaries will join us on that with their investment plans for the sector. We expect investments of billions of dollars from…

  • Rajan warns of 1930s-type Great Depression

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    Warning that the global economy is on the brink of a situation similar to the Great Depression of the 1930s, Reserve Bank of India Governor Raghuram Rajan has asked central banks from across the world to define “new rules of the game” to avert a repeat of the recent global financial crisis…reports Asian Lite News.…

  • US Senate approves ‘fast-track’ trade bill

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    The US Senate  approved a so-called fast-track trade bill that empowers the president to negotiate trade deals, media reported . The bill will now be sent to President Barack Obama for signing. The 60 to 38 Senate vote capped weeks of fighting over the trade bill and gave a big push for the Obama administration’s…

  • Modi to launch Smart Cities Mission

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     Prime Minister Narendra Modi will  launch the Smart Cities Mission, Atal Mission for Rejuvenation and Urban Transformation (AMRUT) and Pradhan Mantri Awas Yojana (PMAY) which are all intended to enhance the quality of urban living and drive economic growth….Reports Asian Lite News. The central government has committed to spend about Rs.400,000 crore on these missions…

  • Spain offers some smart ideas for India

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      By Rashmi Saksena   Prime Minister Narendra Modi´s headline-grabbing promise to build smart cities in India has attracted wide attention of experts in Spain’s principal city which hosts the International Smart City Expo every year. Barcelona has the distinction of being one of the world’s top 10 smart cities. The vast potential and unique challenges…

  • Cameron to talk on deep welfare cuts

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    David Cameron ordered an end to the ‘merry-go-round’ of Britain’s welfare state. Benefits paid to be people in work face deep cuts The Prime Minister will single out tax credits for criticism, with workers taxed and then handed back benefits to top up low pay packets. In a major speech on reforming the benefits system, Mr…