Reuters India Business

Nomura, Morgan Stanley raise India’s FY24 economic growth forecast, BofA cuts

1 Sep 2023

By Susan Mathew (Reuters) -Economists at Nomura and Morgan Stanley on Friday raised their economic growth forecast for India’s fiscal 2024 after data showed the economy grew at its quickest pace in a year in the April-June quarter. Economists at BofA Global Research, however, cut their estimates as quarterly growth missed their forecast. Nomura now …

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India’s economy grows at fastest pace in a year in June quarter

1 Sep 2023

(Reuters) – India’s economy grew at its fastest pace in a year in the June quarter, supported by strong services activity and robust demand, data released by the government showed on Thursday. Gross domestic product expanded 7.8% on an annual basis in the April to June quarter, accelerating from the 6.1% growth recorded in the …

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Gold clings to one-month highs as cooling US inflation boosts Fed pause bets

31 Aug 2023

By Harshit Verma (Reuters) – Gold steadied on Thursday, hovering near its one-month peak, after as-expected U.S. inflation and weaker jobs numbers reinforced expectations that the Federal Reserve will keep interest rates on hold this year. Spot gold edged down 0.1% to $1,940.23 per ounce at 1:51 p.m. EDT (1751 GMT), close to its highest …

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Adani family partners used offshore funds to invest in Indian group’s stocks -report

31 Aug 2023

By Krishn Kaushik, Aditya Kalra and Scott Murdoch NEW DELHI (Reuters) -Millions of dollars were invested in publicly traded Adani Group stocks through funds in Mauritius, the Organised Crime and Corruption Reporting Project (OCCRP) reported on Thursday, saying this “obscured” the involvement of alleged business partners of India’s Adani family. Citing a review of files …

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India invites bids for privatisation of Indian Medicines Pharmaceutical

31 Aug 2023

NEW DELHI (Reuters) -India has invited bids for the privatisation of Indian Medicines Pharmaceutical Corporation, the government said on Thursday. It plans to sells its 98.1% stake in the company that makes alternative medicines, according to a government document. The remaining 1.89%, held by Kumaon Mandal Vikas Nigam Ltd., a firm owned by the northern …

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India extends deadline to apply for production-linked payouts for textiles

31 Aug 2023

NEW DELHI (Reuters) – India’s textiles ministry has decided to extend the date for filing applications under its production-linked incentive scheme by two months, the government said on Thursday. The $24 billion production-linked incentive programme covers 14 sectors, ranging from electronic products to autos, but has so far only been successful in a handful of …

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Global rice supplies tighten after India’s July export ban

31 Aug 2023

SINGAPORE (Reuters) – Rice prices in key exporting countries including Thailand and Vietnam have climbed around 20% since India, the world’s biggest shipper of the grain, banned shipments of a key variety in July, tightening global supplies. Traders expect similar supply curbs by other exporters needing to ensure domestic food security, which has left importers …

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