The textile industry is a crucial part of India’s economic growth, contributing significantly to employment, value addition, and export earnings. With 45 million people working in this sector, it stands as one of India’s largest employers. Traditional areas such as handlooms, handicrafts, and power looms are significant in rural and semi-urban employment, while SMEs play …
The Reserve Bank of India (RBI) has expressed concerns about the rising delinquency and leverage in unsecured loans, urging enhanced vigilance despite a slowdown in overall credit growth. In its annual report, Trends and Progress of Banking in India 2023-24, the RBI also highlighted the need to closely monitor the relationship between lenders and private …
Indian commercial banks achieved a 6th consecutive year of profit growth in 2023-24, with bad loans continuing to decline, as highlighted in the Reserve Bank of India’s (RBI) annual report, Trends and Progress of Banking in India. Profitability Trends Banks’ profitability improved further, with the return on assets (RoA) reaching 1.4% and the return on …
Union Finance Minister Nirmala Sitharaman held the fourth pre-budget meeting on Thursday in New Delhi, engaging with stakeholders from the export, trade, and industry sectors to gather inputs for the Union Budget 2025-26. The Finance Ministry shared the update via a social media post, highlighting the participation of Minister of State for Finance Pankaj Chaudhary, …
On Thursday, December 26, 2024, former Prime Minister of India, Manmohan Singh, passed away at the age of 92 after being admitted to the emergency ward at Delhi’s All India Institute of Medical Sciences (AIIMS). He served as Prime Minister for two terms from 2004 to 2014, leading a Congress-led government. Prior to this, he …
Former Prime Minister Dr Manmohan Singh, one of India’s most respected economists, passed away at the age of 92 on December 26 night at AIIMS Delhi. Dr Singh, who started his career in the Indian government as an economic advisor in the Commerce Ministry in 1971, had been unwell for a while. Early Life and …
With the passing of Manmohan Singh, India mourns the loss of one of its most transformative leaders. As the architect of India’s 1991 economic reforms, Mr Singh’s vision and policies reshaped the Indian economy, moving it from a closed, license-driven economy to one that embraced globalisation and market-driven growth. His initiatives, including liberalisation, privatisation, and …
In October 2024, the Reserve Bank of India (RBI) net sold $9.2 billion, marking the highest monthly sale of foreign currency since September 2022, when it sold $10.3 billion. As per the RBI’s monthly bulletin, it purchased $27.5 billion and sold $36.7 billion during the month. Rupee Breaches 84 Per Dollar On October 11, the …
GST will now be applicable on the sale of old and used vehicles by registered sellers only if the selling price exceeds the car’s depreciated value. Depreciated value is calculated based on the purchase price minus depreciation claimed under the Income Tax Act. For example: If a car with a depreciated value of ₹12 lakh …
India’s GDP growth, which slowed to 5.4% in the July–September quarter, is rebounding in the October–December period. According to the Reserve Bank of India’s (RBI) State of the Economy report, high-frequency indicators show signs of recovery, driven by strong festival activity and growing rural demand. The RBI anticipates GDP growth of 6.8% in Q3 and …
