Mumbai, Aug 15 (IANS) India’s foreign exchange reserves surged by $4.75 billion to $693.62 billion for the week ended August 8, data released by the RBI on Friday showed. A strengthening of the country’s foreign exchange kitty reflects a strengthening of the country’s macroeconomic fundamentals and gives the RBI more headroom to strengthen the rupee vis-a-vis the US dollar. A strong forex kitty enables the RBI to intervene in the spot and forward currency markets by releasing more dollars to…

Gurugram, Aug 15 (IANS) Residents of Signature Global Park, situated in Sector-37, staged a protest on Friday against what they described as the builder’s arbitrariness and failure to deliver on commitments made at the time of sale.According to the residents, the builder had assured them of connectivity to a 24-meter-wide road, high-quality construction, and proper maintenance services. However, they claim that none of these promises have been fulfilledThey claim that despite spending crores o…

New Delhi, Aug 15 (IANS) ASEAN remains a key trade partner for India, accounting for around 11 per cent of the country’s global trade, the Ministry of Commerce and Industry said on Friday. Bilateral trade between India and the ten ASEAN member nations reached an impressive USD 123 billion in 2024-25, underscoring the deep economic linkages and the vast potential for future collaboration.India hosted the 10th Meeting of the ASEAN-India Trade in Goods Agreement (AITIGA) Joint Committee and relat…

New Delhi, Aug 15 (IANS) Ashok Chandak, President of IESA and SEMI India, said on Friday that the momentum of semiconductor manufacturing will increase with the upcoming ‘SEMICON India 2025’ conference.Reacting to Prime Minister Narendra Modi’s Independence Day speech, he said that the future is being built in India.The Prime Minister said the nation is advancing the work on semiconductors in mission mode. Six different semiconductor units are taking shape on the ground, and we have already give…

New Delhi, Aug 15 (IANS) The Finance Ministry on Friday sent its proposal to the GST Council for introducing two GST rates of 5 per cent and 18 per cent across all goods going forward, according to government sources. Items that will be covered under the lower GST rate of 5 per cent will include essential farm items, health-related items, handicrafts and insurance. While the other goods, including manufactured products, will come under the 18 per cent slab.However, sin goods such as cigarettes, …

New Delhi, Aug 15 (IANS) Industry experts on Friday lauded Prime Minister Narendra Modi’s Independence Day announcements on bringing next-generation reforms in Goods and Services Tax (GST) regime which would be unveiled by Diwali.The move will provide “substantial” tax relief to the common man and benefit small businesses, said industry leaders, adding that the reforms will also prove to be beneficial for MSMEs and large-scale producers.”GST rate structure rationalisation has been on the cards f…

New Delhi, Aug 15 (IANS) The Centre announced that a nationwide survey will be done to update the country’s Wholesale Price Index (WPI), introduce a Producer Price Index (PPI), and revise the Index of Industrial Production (IIP) to the 2022-23 base year.The move aims to make inflation and industrial output measures more representative of today’s manufacturing sector.The WPI tracks price changes of goods at the wholesale level, focussing on bulk transactions between businesses. The current base…

New Delhi, Aug 15 (IANS) Food delivery major Swiggy has once again hiked its platform fee for food delivery orders, now by Rs 2. Citing a rise in customer transactions during the festive season, the company has increased the fee from Rs 12 to Rs 14 to capitalise on the festive demand.The food delivery platform has been consistently increasing the fees. Swiggy’s fee climbed from Rs 2 in April 2023 to Rs 6 in July 2024 and Rs 10 in October 2024. The current fees of Rs 14 are a staggering 600 per…

New Delhi, Aug 15 (IANS) Chinese involvement in Sri Lanka’s gemstone industry is causing significant revenue losses to the island nation’s crisis-ridden economy and impacting local businesses, according to an article in The Financial Post. Chinese nationals have allegedly exported gems worth approximately 30 billion rupees from Sri Lanka, as part of smuggling operations that deprive the country of precious tax revenue and pose a serious threat to legitimate businesses, the article states.It hi…

New Delhi, Aug 15 (IANS) India has increased purchases of oil from the US, with Indian Oil Corporation, the country’s largest oil company, placing orders of around 2 million barrels of oil in August for October delivery. Indian Oil Corporation has bought another cargo of U.S. crude in August for delivery in October. The deal is part of a string of purchases of U.S. oil of around 2 million barrels for October delivery, following President Trump’s threat to impose additional tariffs on Indian …