economy Archives - NewsByts

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Economy, Indiaeconomy, Petrol Prices

Petrol, diesel prices burning a hole in the pocket, here’s why fuel prices are increasing so much

After seeing rate hike for 12 consecutive days since February 9, oil companies have kept the prices of oil steady for second consecutive day on Monday. Petrol in Delhi has already crossed Rs 90 per litre while in Mumbai it is being sold at Rs 97 per liter, the most expensive in four metro cities. Amid surging fuel prices in the country, Union Petroleum and Natural Gas and Steel Minister Dharmendra Pradhan on Sunday termed "less fuel production by manufacturing countries to gain more profit" as one…

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Economy, Indiaeconomy, gdp, RBI, Recession

Recession: July-Sept GDP to contract 8.6%, estimates RBI

The Indian economy likely entered into a technical recession for the first time in history at the end of the first half of 2020-21, according to the Reserve Bank of India. After an unprecedented decline of 23.9 per cent in GDP in April-June as estimated by the National Statistical Office on August 31, the central bank has ‘nowcast’ that Gross Domestic Product (GDP) for July-September quarter is set for a contraction of 8.6 per cent. The NSO estimates for the second quarter expected at the end of…

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Economy, Indiaeconomy, Fitch Ratings

Indian economy to contract 10.5% in FY21 from -5% estimated earlier: Fitch

Fitch Ratings on Tuesday slashed India's FY21 growth projection to (-) 10.5 per cent, from (-) 5 per cent estimated earlier, saying the continued spread of the virus and imposition of sporadic shutdowns across the country has disrupted economic activity. In the first quarter of current fiscal India's gross domestic product (GDP) contracted by a massive 23.9 per cent. Fitch said India recorded one of the sharpest GDP contractions in the world in the April-June quarter, but noted that growth should rebound strongly in the July-September period…

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Economy, Indiaeconomy, GST

Centre launches National GIS-enabled land bank system for 6 states to boost investments

Union Commerce and Industry Minister Piyush Goyal on Thursday (August 27) held a virtual meeting with the industry ministers of states, UT administrators and senior officers of the central and state governments, and discussed the issues of pushing industrial manufacturing in the country, attracting investments, pushing the approach of ‘One District One Product’ (ODOP), and promote a National Movement Towards ‘AatmaNirbhar Bharat’. Piyush Goyal e-launched the National GIS-enabled Land Bank system (https://iis.ncog.gov.in/parks) for 6 states. The system is being developed by the integration of the Industrial Information…

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COVID 19 News, Economy, IndiaCovid 19, economy, PM Narendra Modi

India will definitely get its economic growth back: PM

Prime Minister Narendra Modi on Tuesday said India will definitely get its economic growth back as the government continues to pursue various reforms Speaking at industry association CII's annual session, he said the government has taken tough steps to fight the coronavirus pandemic and has also taken care of the economy "On the one hand we have to safe lives of our people and on the other hand we have to stabilise the economy and speed up the economy," he said "Yes, we will definitely get our…

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Business, Economy, Indiaeconomy

Diamond Markets Reflect Uncertain Outlook

RAPI for 1ct. up 0.2% in April Mumbai, Maharashtra, India: Business Wire India Diamond trading was restricted in April due to the coronavirus pandemic and global lockdowns. Sentiment was weak, with dealers frustrated by the inability to resume business. The industry was focused on the Far East as China and Hong Kong started to open, while the outlook for the US remained uncertain. The RapNet Diamond Index (RAPI ) for 1-carat diamonds was basically flat for the month due to the low volume of trade. The index…