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By Siddhi Nayak MUMBAI (Reuters) -India needs to strengthen its manufacturing sector to create jobs in the economy and facilitate its medium-term growth prospects, an analyst at Fitch Ratings said on Tuesday following the announcement of the country’s annual budget. “Developing a strong manufacturing sector will likely be important to improving the labor market and …

India must strengthen manufacturing to create jobs, Fitch analyst says Read More »

By Sarita Chaganti Singh and Nikunj Ohri NEW DELHI (Reuters) – India’s Finance Minister has backed her economic adviser’s suggestion to allow more Chinese investment in the country, after flows were disrupted by New Delhi’s increasingly strained ties with Beijing since 2020. On Monday Chief Economic Adviser V. Anantha Nageswaran said New Delhi should focus …

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MUMBAI (Reuters) – India will set up a 10 billion rupee ($119 million) venture capital fund to expand its space sector, Finance Minister Nirmala Sitharaman said on Tuesday, as the country sets its sights on a larger share of the global space market. Earlier this year, Prime Minister Narendra Modi’s government allowed 100% foreign direct …

India unveils 10 billion rupee venture capital fund for space sector Read More »

MUMBAI (Reuters) – The Indian rupee dropped to a record low against the U.S. dollar on Tuesday, pressured by the drop in local equities after the government proposed raising the tax rate on capital gains. The rupee declined to 83.69 to the dollar, inching past the previous lifetime low of 83.6775, and compared with 83.6275 …

Indian rupee declines to record low after government raises tax on capital gains Read More »

NEW DELHI (Reuters) – India announced it will cut import duty on mobile phones and some key parts to 15% from 20%, a move that will directly benefit Apple, which still imports its high-end smartphones into the country despite increasing local production. Presenting the annual budget for 2024/25 in parliament on Tuesday, India’s finance minister …

India cuts import tax on smartphones in boost for Apple Read More »

MUMBAI (Reuters) – India on Tuesday cut income tax rates for some citizens in an effort to boost consumption as Asia’s third-largest economy struggles with uneven growth. The government has revised a system introduced in 2020 where annual income of up to 1.5 million rupees is taxed between 5%-20%, while income of over 1.5 million …

India gives income tax relief to some to stimulate spending Read More »

BENGALURU (Reuters) – India’s SpiceJet said on Tuesday it plans to raise 30 billion rupees (around $360 million) by selling securities, including shares, marking the troubled budget carrier’s latest attempt to shore up funds to restore full operations. The company will issue shares to institutional investors, it said in an exchange filing, without disclosing the …

Indian carrier SpiceJet to raise $360 million in latest move to restore normalcy Read More »