Category: Indian Economy

India’s move to restrict TV imports reinforces Modi’s make locally driven – industry body

India’s surprise move to restrict imports of TVs, announced on Thursday, will boost local manufacturing, strengthening Prime Minister Narendra Modi’s flagship ‘Make in India’ drive, an industry body said. The Indian trade ministry issued a notice late on Thursday saying it would restrict inbound shipments of TVs by requiring importers to get a special license.

India posts record fiscal deficit as coronavirus hits the economy

India’s fiscal deficit touched a record $88.5 billion in the April-June quarter, 83.2% of the target for the whole of the current fiscal year, reflecting the impact of the coronavirus pandemic on tax collections and as the government front-loaded its spending. The deficit is predicted by private economists to cross 7.5% of GDP in the 2020/21 fiscal year beginning April, from

Expression of Interest (EoI’s) for sale of Anil Ambani companies (Trouble mounts for ADAG)

Lenders of Reliance Naval and Engineering Ltd have sought expressions of interest (EoIs) from buyers to acquire the bankrupt shipbuilder under the insolvency and bankruptcy code. The second Anil Ambani-controlled Reliance Group firm to go for insolvency after Reliance Communications Ltd, Reliance Naval now admitted for insolvency proceedings on 15 January by the Ahmedabad bench

India has less fiscal room to support economy; the rise in DEBT- GDP ratio to weaken credit profile

The ‘Fitch Ratings Agency’ an independent and renowned rating agency in the World published a report for India’s DEBT – GDP ratio for financial years 2020 and 2021. The Indian government has less fiscal room to support the economy compared to many of its peers and the country’s credit profile would weaken if a wider fiscal deficit