The mentha oil sector in Rampur is experiencing severe difficulties, with exporters warning of substantial financial losses due to the US’s 50 per cent import tariff on Indian goods. The situation is endangering the financial stability of numerous agricultural workers and labourers, according to PTI reports. Mentha oil serves as a crucial aromatic ingredient in…
Mumbai: The share of mutual funds in the household sector’s gross financial savings increased from 0.9% in 2011-12 to 6% in 2022-23. Assets under management have grown at a compounded annual growth rate (CAGR) of 17.1%. This has made mutual funds a stabilising force in equities and helped cushion the equity market against volatility triggered…
Russian President Vladimir Putin criticised Western sanctions ahead of his four-day visit to China, warning that trade restrictions and the costs of the Ukraine war have pushed Russia’s economy into recession, as reported by Reuters. In a written interview with China’s Xinhua news agency on Saturday, Putin said Russia and China were united in rejecting…
NEW DELHI: The commerce ministry is working on a comprehensive short, medium, and long-term strategy to help Indian exporters against the impact of the steep 50% US tariffs on Indian goods.The immediate steps under consideration include easing liquidity stress, offering greater flexibility to SEZ units, and promoting targeted import substitution to prevent insolvencies and job…
Chief Economic Advisor (CEA) Anantha Nageswaran on Saturday said the government, along with various stakeholders, is working overtime to cushion India’s export sector from the impact of the 25% additional tariff imposed by the United States, which has raised the overall duty to 50%.Speaking virtually at an event organised by the Indian Chamber of Commerce,…
Union agriculture minister Shivraj Singh Chouhan on Saturday said some countries had earlier pressured India to open its agricultural market, but the nation stands tall today and engages on the global stage with confidence. Without naming the United States, he drew a contrast between India’s past dependence on imported wheat and its current record harvests.“Some…
Economic Affairs Secretary Anuradha Thakur on Saturday said the government remains on track to achieve its fiscal deficit target of 4.4 per cent of GDP for 2025-26, despite concerns triggered by the latest monthly numbers.The statement came as the Centre’s fiscal deficit touched 29.9 per cent of the full-year target by end-July, sharply higher than…
Reserve Bank of India Governor Sanjay Malhotra on Saturday said India is poised to become the world’s third largest economy soon, crediting the Pradhan Mantri Jan Dhan Yojana for strengthening growth and financial inclusion.Speaking at Santripti Shivir, a financial inclusion campaign by government banks in Rangwasa village, Malhotra said the Union government and the RBI…
Union commerce minister Piyush Goyal said Indian businesses are in a “cosy comfort zone” created by the vast 1.4 billion-strong domestic market and need to actively explore opportunities abroad.Speaking at an industry event in Mumbai, Goyal said companies should not get carried away by any “negative narrative”, emphasising that the economy grew 7.8% in June….
Union Electronics and IT Minister Ashwini Vaishnaw on Saturday inaugurated India’s first tempered glass manufacturing unit set up by Optiemus Infracom in partnership with US material technology major Corning. The plant, located in Noida, will make protective tempered glass used for mobile phone screens.“Optiemus is the new gem in the fast-growing electronics manufacturing ecosystem in…
