India economy - updates

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India opens vast railway network to private players

Jul 02, 2020 - 9:30 PM

The Indian government invites firms to bid as it plans to allow them to run trains along 109 routes

ALL ABOARD. Migrant workers and families wave from the windows of a special train from Amritsar to Barauni of Bihar state as they go back to their hometowns after the government eased a nationwide lockdown. Photo by Nardiner Nanu/AFP

India opens up coal mining to private sector to boost virus-hit economy

Jun 19, 2020 - 8:30 AM

The Indian government says this move would create more than 280,000 jobs and generate some $4.3 billion in capital investment

General view of an open coal mine near Mahagama, in the Indian state of Jharkhand on April 5, 2019. (Photo by XAVIER GALIANA / AFP)

India quarterly growth worst in 2 decades as lockdown bites

May 29, 2020 - 11:15 PM

India, Asia's 3rd largest economy, expands by just 3.1% in January-March 2020

DISINFECTION. A health worker sprays disinfectant on a fruit cart as it comes out of a market during a government-imposed nationwide lockdown in Chennai, India, on March 27, 2020. Photo by Arun Sankar/AFP

India central bank slashes rates, warns of contraction

May 22, 2020 - 3:45 PM

The Reserve Bank of India says 'the impact of [the] coronavirus is turning out to be more than expected'

CENTRAL BANK. The Reserve Bank of India in New Delhi. Photo from Shutterstock

India's Modi announces relief package to boost virus-hit economy

May 13, 2020 - 7:45 AM

The Indian government's stimulus package for small businesses and workers is worth 20 trillion rupees ($266 billion)

DISINFECTION. A health worker sprays disinfectant on a fruit cart as it comes out of a market during a government-imposed nationwide lockdown in Chennai, India, on March 27, 2020. Photo by Arun Sankar/AFP

India's services sector plunges after virus lockdown in big blow to GDP

May 06, 2020 - 6:50 PM

India's Purchasing Managers' Index falls to 5.4 points in April 2020, the sharpest contraction since record-keeping began in 2005

'STAY HOME.' People stand in line beside a COVID-19 awareness scarecrow placed at a market in Chennai, India, on April 11, 2020. Photo by Arun Sankar/AFP

India's central bank slashes interest rates as virus spreads

Mar 27, 2020 - 6:00 PM

The Reserve Bank of India says conventional and non-conventional measures are needed to tackle the coronavirus pandemic

A health worker (R) sprays disinfectant on a fruit cart as it comes out of a market during a government-imposed nationwide lockdown as a preventive measure against the COVID-19 coronavirus, in Chennai on March 27, 2020. (Photo by Arun SANKAR / AFP)

India to become 5th largest economy in 2018 – report

Dec 26, 2017 - 9:22 PM

The Center for Economics and Business Research predicts that India will move up to the 5th place in 2018 and 3rd by 2032

GROWING. The Center for Economics and Business Research predicts that India will become the 5th largest economy in the world by 2018. Photo by Raveendra/AFP

India to remove cash withdrawal limits

Feb 08, 2017 - 8:11 PM

In a statement the Reserve Bank of India says withdrawal limits would be nearly doubled from 24 000 rupees to 50 000 from February 20 and removed altogether from March 13

RUPEE NOTES. An Indian man holds 500 and 1000 Indian rupee notes in Amritsar on November 8, 2016. Photo by Narinder Naru/ AFP

Indian business leaders hail landmark tax reform

Aug 03, 2016 - 4:16 PM

UPDATED The main rate of the Goods and Services Tax GST is still a topic for debate but business leaders are optimistic it will boost India s economy

An Indian shopkeeper sorts goods inside his shop in New Delhi on August 3, 2016. Sajjad Hussain/AFP

After two years, India's Modi says huge task ahead – report

May 26, 2016 - 2:14 PM

Prime Minister Narendra Modi defends his record of reforming India s stuttering economy after two years in power but concedes that his right wing government faces an enormous task ahead

India's Prime Minister Narendra Modi gestures as he addresses the audience during the swearing-in ceremony of Sarbananda Sonowal as Chief Minister of the north-eastern state of Assam in Guwahati on May 24, 2016. Biju Boro/AFP

India eases red tape but foreign firms still struggle

May 15, 2016 - 1:34 PM

The world s fastest growing large economy despite a promise of easing red tape still packs a costly headache for foreign firms

China overcapacity darkens Asia's 2016 growth prospects – ADB

Mar 30, 2016 - 10:35 PM

The Asian Development Bank cuts its prediction for Asia s growth to 5 7

epa05187578 (FILE) A file photo dated 04 June 2007 showing workers transporting steel cables at a steel yard in Beijing, China. China plans to cut 1.8 million jobs in the coal and steel industries, officials said 29 February 2016, to reduce industrial overcapacity. The figures mean around 15 per cent of the workforce in each sector would lose their jobs. The government would provide 100 billion yuan (15 billion dollars) in total to support the redundant workers, Yin added. He did not give a timeframe for the redundancies, but the State Council said this month it would shut down 100 million to 150 million tons of low-end steel capacity and 500 million tonnes of coal production within three to five years. China's industrial overcapacity, particularly in the steel sector, poses an increasing threat to world economies, according to a recent report by the European Union Chamber of Commerce in China. Around 1.3 million of the layoffs are expected to come from the coal industry while around 500,000 will come from the iron and steel sectors, according to Yin. EPA/MICHAEL REYNOLDS

India's budget shuns big-bang reforms, say experts

Mar 01, 2015 - 4:23 PM

Some analysts are concerned that Prime Minister Narendra Modi did not use the budget to radically reshape economic policies

Indian Finance Minister Arun Jaitley (C) holds his briefcase with Union Budget documents as he leaves for the Parliament House to present the 2015-16 General Budget in New Delhi, India, 28 February 2015. EPA/STR

Sanctions-hit Putin visits India to boost energy, trade ties

Dec 11, 2014 - 2:19 PM

UPDATED Putin will be looking to advance nuclear power oil and natural gas and even diamond deals with longstanding ally India on his first visit since Prime Minister Narendra Modi swept to power in May

Russian President Vladimir Putin in St. Petersburg on December 8, 2014. Alexey Druzhinin/Pool/RIA Novosti/AFP

India's Modi to unveil reform agenda in maiden budget

Jul 06, 2014 - 3:57 PM

The mood of investors and voters remains buoyant as they look for detail on his long term vision

SWORN IN. In this frame grab taken from Indian state television Doordarshan, Narendra Modi takes the oath of office as he is sworn in as India's Prime Minister in New Delhi on May 26, 2014. AFP PHOTO/DOORDARSHAN

India growth slows to 5.3% in Q3

Nov 30, 2012 - 2:36 PM

India s economy grew by 5 3 in the July to September period close to a 3 year low and continues a slump blamed on falling investment and weak industrial activity

India posts 5.5% quarterly growth, beats forecasts

Aug 31, 2012 - 2:01 PM

The figure offers some relief to the embattled government of Prime Minister Manmohan Singh which has been reeling from a string of political scandals

What happened to India's economic star?

Apr 29, 2012 - 1:25 PM

India s economic star is fading fast as a spluttering economy and reform paralysis put the country s prized investment grade rating at risk and spook foreign investors