Banks from 22 countries have opened special Rupee vostro accounts in Indian banks in order to trade in local currency as part of gradual de-dollarisation plans, the Parliament was informed on Friday. Simply put, vostro accounts enable domestic banks to provide international banking services to clients who have global banking needs. In a written reply … Read more
In May 2023, India completed 14 months of ramping up discounted Russian crude oil imports. According to an exclusive report by the Indian Express, in this period, India saved at least USD 7.17 billion in foreign exchange. Data shows that the total oil import during this period was worth USD 186.45 billion. If India had paid the … Read more
As hard as it is to believe, we were able to write 9 articles in a series titled How Prime Minister Modi hacks EVMs (all listed at the end of this article) without even touching upon the huge and epochal events that have unfolded in his 10 years as PM. The scale of his trail-blazing decisions is … Read more
In a major success for the Narendra Modi government, during the last nine fiscal years, scheduled commercial banks have recovered approximately Rs 10 lakh crore, as per the government’s information to the Lok Sabha. In a written response to a question in the Lok Sabha on Monday (July 24), Minister of State for Finance Bhagwat … Read more
On Friday (September 22), American bank JPMorgan announced that it would include India in its Government Bond Index-Emerging Markets (GBI-EM) index. As per reports, 23 Indian Government Bonds (IGBs), which have a combined value of $330 billion, are eligible to be included in the emerging market debt index. The country’s local bonds will be included in JP … Read more
EV giant Tesla has signed a strategic deal with Tata Electronics to procure semiconductor chips for its global operations, as reported by The Economic Times. As per the report citing official sources aware of the development, the deal was signed quietly a few months ago. However, both Tesla and Tata Electronics have not commented on these developments. Consequently, specific … Read more
In a development that signals positive momentum for the Indian economy, India’s retail inflation witnessed a notable easing. It has come down to a 10-month low of 4.85% on an annual basis in March 2024, according to data released by the Ministry of Statistics and Programme Implementation on 12th April. The Consumer Price Index (CPI)-based retail inflation … Read more
The Bengaluru Water Supply and Sewerage Board (BWSSB) has fined 407 people in the city for using potable water for gardening and washing vehicles. A fine of Rs 20.3 lakh was collected from these people in the city that has been facing acute water scarcity for the last 2 months. Notably, since 10th March, a fine of … Read more
Urea as a fertilizer is widely used and because of this, it was also one of the highly pilferaged fertilizers in the country. There was a time in our country when farmers had to stand in long lines to buy Urea. The long lines often led to fights and occasionally led to even the police … Read more
The Defence Ministry has issued a tender to the public sector firm Hindustan Aeronautics Limited for purchasing made-in-India 97 LCA Mark 1A fighter jets expected to be worth over Rs 65,000 crore. This is set to be the largest order for indigenous military hardware to be placed by the Indian government ever. The tender was … Read more