Read daily news briefs on the economic issues collected from different sources.
Mukesh Ambani announced fresh investments of 2 lakh crore to roll out 5G in multiple key cities in India. The company has set a target by Diwali to complete the rollout. [BL]
To curb online cheating, the Reserve Bank of India (RBI) is working on setting up a ‘fraud registry’ which will blacklist online fraudsters. To resolve the complaint, the customer will be using the 24*7 CMS portal to complain. [BL]
India’s economic growth is expected to register a rate of 15-16% during the April-June quarter of the current financial fiscal year 2023. [BL]
Pakistan may consider resuming trade with India. As Pakistan is currently facing a situation of massive flood across the country, hence, it may consider importing essential food items like vegetables and other edible items from India. [BS]
Government is likely to close 23 mills of National Textile Corporation (NTC) which are non-operational due to obsolete technology. [FE]
Shares of software exporters such as Infosys and TCS are worried due to tightening monetary policy in developed economies. This move could lead to a recession and could erode companies’ earnings growth. [ET]
UGC is set to allow Degree status for modern courses such as public policy and wellness. [ET]
The EPFO proposed to remove the wage ceiling and headcount restrictions to allow all formal workers as well as self-employed to enrol in its retirement saving schemes. At present, there is a mandatory wage ceiling of Rs. 15,000 and only enterprises with 20 or more workers can join its scheme. [ET]
India is looking for a Free Trade Agreement for products like gold jewellery, toys, handicrafts and handlooms (identified under One District One Product initiatives). Duty-free access to these products can create international acceptance for these products. India is negotiating a trade pact with the UK, Canada and European Union. [ET]
Several Darjeeling tea producers have claimed that several tea importers are selling Nepalese tea in the name of Darjeeling tea at much lower prices, causing huge losses to tea estates in West Bengal’s Darjeeling district. Therefore, Tea producers have urged the government to impose Anti-Dumping Duty on tea originating from Nepal. [ET]
Droom, an e-vehicle site expects demand to rise fourfold in the next coming three years because of a sharp rise in fuel prices as well as an increased push from the government to accelerate a shift towards e-mobility. [ET]
Editors:
Alok Aditya (Junior Research Fellow at ISEC)
Anuradha (Research Assistant at ADRI)
Note: BL – Business Line, BS – Business Standard, FE – Financial Express, ET – Economic Times
