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‘Bengaluru is a fast-growing city, very diverse and has a big commitment to culture’

Bengaluru joins the league of 40 global cities including New York, London, Paris, and Tokyo among others at World Cities Culture Forum




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August’s record gold influx lifts import bill to all-time high

The trade deficit widened to a 10-month high of $29.65 billion, the second highest monthly shortfall in merchandise trade




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Windfall tax on crude petroleum slashed to zero

The last such revision took place effective August 31 when the windfall tax on crude petroleum was set at ₹1,850 per tonne




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Prices of essentials unlikely to rise during festive season: Centre

The Food Secretary said the Centre is thinking of lifting the export ban on certain varieties of non-basmati rice




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India's logistics cost will reduce to single-digit in 5 years: Gadkari




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Rupee falls 11 paise to close at 83.65 against U.S. dollar

According to exchange data, FIIs were net buyers in the capital markets as they purchased shares worth ₹404.42 crore on September 23




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ADB retains India's growth forecast at 7%; govt spending, agriculture to boost economy

The Indian economy grew 8.2% in the last fiscal (2023-24)




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Government retains borrowing target, to raise ₹6.61 lakh crore in H2 to fund revenue gap

The gross market borrowing of ₹6.61 lakh crore shall be completed through 21 weekly auctions.




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German economy to shrink further in 2024, think-tanks issue statement




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GST Council sets up GoM on compensation cess; panel to submit report by December 31

In the GST regime, compensation cess at varied rates is levied on luxury, sin and demerit goods over and above the 28% tax




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Mcap of 8 of top-10 most valued firms surges ₹1.21 lakh crore; Reliance biggest winner

The market valuation of Reliance Industries jumped ₹53,652.92 crore to ₹20,65,197.60 crore




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Govt. extends deadline for filing Income Tax audit report to October 7

The I-T Department said that due to the difficulties faced by taxpayers in electronic filing of audit reports, the deadline is being extended from September 30, 2024 to October 7, 2024




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India’s current account deficit in Q1 FY25 widens to $9.7 billion

The current account surplus for Q4:2023-24 was revised downwards to $ 4.6 billion from US$ 5.7 billion earlier due to an upward adjustment of customs data on merchandise imports, the RBI said.




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For the first time in 42 months, core sectors’ output tanked in August

Six of eight infrastructure segments witnessed a year-on-year contraction in production, while fertilizers and steel output grew at a milder pace than July




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Centre decides to maintain status quo of return on small savings scheme

The interest rates on small savings schemes such as Public Provident Fund (PPF) and National Savings Certificate (NSC) are reset each quarter




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Government picks three new members to join RBI’s Monetary Policy Committee

The new members are Ram Singh, Saugata Bhattacharya and Nagesh Kumar. They have been appointed for a period of four years.




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Maruti, Hyundai, Tata Motors report decline in wholesales in September

Mahindra & Mahindra said its SUV wholesales in the domestic market increased 24% to 51,062 units in September compared to the same month of last year




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SEBI to take measure for F&O segment soon; calls for tax breaks on municipal bonds

The regulator will make a case for a tax break for municipal bonds during a meeting with the finance commission




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Working with MCA to roll out PM Internship Scheme: CII

The MCA has also launched a dedicated, user-centric portal for the scheme, which will serve as a centralised hub and a link between the companies and the aspiring interns




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Every daily wager in Odisha wants to be identified as a construction worker

More than 42.66 lakh people registered as construction workers to avail benefits from the buildings and construction welfare board of the State. But experts believe the construction sector of Odisha is not large enough to accommodate such a large labour force




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No rethink on FDI curbs in multi-brand retail sector: Piyush Goyal

Piyush Goyal said there will be no rethink on the Foreign Direct Investment (FDI) curbs in the multi-brand retail sector.




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India, U.S. exploring combined engagement with third countries to source minerals: Piyush Goyal

Piyush Goyal said that critical minerals figured in his official parleys with U.S. Commerce Secretary Gina Raimondo on Thursday.




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India to see steepest rise in living standard of common man in coming decades: FM Nirmala Sitharaman

Addressing the 3rd edition of Kautiliya Economic Conclave here, the Minister said, India's critical economic performance in the recent decade was underscored by its leapfrog from the 10th to the fifth largest economy in five years.




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Govt grants one-year extension to RBI Deputy Governor Rajeshwar Rao

Rao was appointed as RBI Deputy Governor in October 2020 for a period of three years




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RBI projects 7.2% GDP growth for FY25, CPI inflation to moderate at 4.5%

According to RBI Governor Shaktikanta Das, growth for the fiscal year will be supported by robust quarterly performances.




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RBI asks banks to ensure easier accessibility for payment systems to persons with disabilities

RBI instructs banks to review payment systems for accessibility to persons with disabilities, ensuring digital payment inclusivity




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India’s forex kitty drops by $3.71 billion to $701.176 billion

In the previous reporting week, the reserves had jumped by $12.588 billion to an all-time high of $704.885 billion.




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Net direct tax collection grows 18% to ₹11.25 lakh cr

The income tax department had collected ₹9.51 lakh crore during the same period a year ago.




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Indian conglomerates to spend $800 billion in new projects in 10 years: S&P Global Ratings’ report 

“The Vedanta, Tata, Adani, Reliance and JSW groups alone are prepping about $350 billion of investment in these sectors over the next decade,” Neel Gopalakrishnan of S&P Global Ratings said




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36% surge in vegetable prices lifts September inflation to 9-month high

Retail inflation touches nine-month high of 5.5% in September




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India’s logistics cost will come down to single-digit percentage in two years: Gadkari

According to quick estimates of the economic think tank National Council of Applied Economic Research (NCAER), logistics costs in India ranged between 7.8% to 8.9% of GDP for the fiscal 2021-22




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Insurance benefits to stay for EPFO subscribers

The minimum and maximum benefits under the Employees’ Deposit Linked Insurance Scheme were enhanced from ₹1.5 lakh and ₹6 lakh to ₹2.5 lakh and ₹7 lakh respectively in 2021 and the benefits were valid for a period of three years, which came to an end on April 27, 2024.




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GoM decides to cut GST on 20-litre water bottles, bicycles to 5%; raise rate on shoes, watches

The Group of Ministers on GST rate on life and health insurance decided to exempt GST on premiums paid for health insurance with coverage of ₹5 lakh for individuals other than senior citizens; final decision to be taken by the GST Council




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Market capitalisation of four of top-10 valued firms jumps ₹81,151 crore; ICICI, HDFC Bank biggest gainers

Reliance Industries continued to remain the most-valued domestic firm, followed by TCS, HDFC Bank, Bharti Airtel




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India well positioned to capitalise on new growth opportunities: Nirmala Sitharaman

Nirmala Sitharaman said that India is looking towards boosting domestic capacities, and building resilience against external shocks




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India scraps export tax on parboiled rice to boost exports

Bigger rice shipments from India would beef up overall global supplies and soften international prices




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Watch: US elections: Who are Trump and Harris appealing to?

We also analyse the IMF’s report on world economy as well as their forecast for India.




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FPIs withdraw ₹85,790 crore from Indian equities in October on attractive Chinese market valuations

Since June, foreign portfolio investors (FPIs) have consistently bought equities after withdrawing ₹34,252 crore in April-May




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Finance Ministry flags softer urban demand, factory output

The Ministry’s latest monthly economic review points to evidence of a slowdown in urban demand as reflected in the performance of various indicators during the first half of FY25




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Core sector output at 10-month low in September, deepening growth anxieties

Steel, power, oil and gas output growth slows, though cement output grows faster; economists say industrial production growth likely slowed in September, and may drag down annual growth projections




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GST receipts’ growth rebounds in October, but still off target

Collections surpass ₹1.87 lakh crore in October, marking the second highest monthly collections on record, with growth mounting to 8.9% in October from September’s 40-month low uptick of 6.5%




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FPIs withdraw record ₹94,000 crore from Indian equities in October on attractive Chinese valuations

Foreign portfolio investors withdrew ₹94,000 crore from Indian stock market in October due to high valuations, shifting focus to Chinese stocks




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India’s manufacturing growth accelerates in October: PMI

Cost pressures spiked to a three-month high, new export orders accelerate from 18-month low growth in September




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Indian service providers signal robust growth in October on strong demand conditions

India’s services PMI rebounds to 58.5 in October, driven by strong output, new business, and job creation, signaling economic growth




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China braces for tensions after Trump victory in U.S.

As President-elect Donald Trump prepares to start his second term in office, China is looking at unpredictability in its ties with the U.S. and renewed tensions over trade, technology, and Taiwan




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What happens to Indian firms on U.S. blacklist?

Were they sanctioned for supply and sales to Russia? Will things be different under the Trump administration?




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Net direct tax collection grows 15.41% to ₹12.11 lakh crore till Nov 10

Refunds worth ₹2.92 lakh crore was issued during the period, a 53% jump over year-ago period.




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At nearly 5-year high, 42.2% vegetable price rise propelled October retail inflation past 6.2% 

“High food inflation in October, 2024 is mainly due to increase in inflation of vegetables, fruits and oils and fats,” the National Statistical Office said




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Parliament proceedings | Three more MPs suspended, total at 146 as Opposition’s protest over mass suspension continues

Union Parliamentary Affairs Minister Pralhad Joshi moved a resolution to suspend MPs Nakul Nath, Deepak Baij and D.K. Suresh for misconduct and storming the Well in the Lower House




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On the Draw — October 1, 2024