- Thursday, May 16, 2024
By: Shubham Ghosh
HERE are news in brief on Indian economy and business for Monday, October 9, 2023:
India’s urban unemployment was reduced to 6.6 per cent in the first quarter of 2023-24 from 6.8 per cent in January-March, data released by the ministry of statistics and programme implementation on Monday said, according to a Moneycontrol report. It also said that at 6.6 per cent, the rate of unemployment in Indian cities is the lowest ever recorded by the government’s Periodic Labour Force Survey since it was started in 2018-19. The survey, published on a quarterly basis for urban data, measures the unemployment rate in terms of Current Weekly Status.
Indian finance minister Nirmala Sitharaman will embark Tuesday on an official visit to Marrakech, Morocco, to attend the IMF-World Bank Annual Meetings 2023. She will also participate in the fourth G20 finance ministers and central bank governors’ meeting under India’s G20 presidency, besides investor and bilateral meetings with many countries and organisations. During the visit, bilateral and investor meetings with representatives from Indonesia, Morocco, Brazil, Switzerland, Germany and France, besides other associated meetings, are also scheduled to take place from October 11-15, 2023, the ministry said in a release.
India is exploring trade in local currencies with Tanzania, said Dammu Ravi, secretary (economic relations) in the country’s ministry of external affairs on Monday at a presser. The announcement came at a time when Tanzanian president Samia Sulubu Hassan is on a state visit to India. She met Indian prime minister Narendra Modi over bilateral talks on Monday. “We are exploring new areas of cooperation, including trade, in local currencies. This is one of the topics discussed by the two leaders,” Ravi told reporters in the national capital. It was said that the Reserve Bank of India cleared the way for trade using local currencies — Indian Rupee and Tanzanian Shilling — by allowing the authorised banks in India to open Special Rupee Vostro Accounts of correspondent banks of Tanzania.
The ongoing Israel-Hamas conflict may “adversely impact” India’s iron, steel, fertilizers, and organic chemicals sector, said Sanjeev Agrawal, the newly appointed president of industry body PHD Chamber of Commerce and Industry, adding it was important that a peaceful resolution is reached for the benefit of everyone. “The ongoing conflict between Israel and Hamas has impacted innocent lives and we are deeply concerned about the safe arrival of Indians back to their homeland. A peaceful resolution is beneficial for everyone, including those who are immediately impacted, as well as for the stability of the global economy,” Agrawal told ANI in an exclusive interview.
Vedanta Ltd on Monday said the tax authorities have imposed a penalty of Rs 1.81 crore (£177,505) on its subsidiary Hindustan Zinc. It added that the order was received on Sunday (8), Vedanta Ltd informed the exchanges. It said the order had been passed on the contention that the company had wrongly availed input tax credit. The company also said it is hopeful of a favourable outcome at the appellate level and doesn’t expect the order to have any financial impact on the firm.
(With agency inputs)
