India

Govt sells 4,000 tonnes buffer onions across 17 cities

The government has sold 4,000 tonnes of buffer onions across 17 cities over 10 days to address rising prices as part of broader market intervention for festive season stabilization.

NTPC, Talcher Fertilisers apply for Rs 37,500 crore coal gasification scheme

NTPC and Talcher Fertilisers have formally applied under the government's Rs 37,500 crore coal gasification scheme, which is still at an early stage, according to officials. The applications signal initial industry interest in the incentive program aimed at promoting coal-to-chemical projects.

India's Metro Network to Surpass US, Hits 1,000 km Mark

India is on track to overtake the US in metro rail network length, with recent reports highlighting the rapid expansion of urban transit systems. Prime Minister Modi's Metro ride to Delhi University's SRCC underscores the political and public attention on metro projects, signaling strong government backing.

SEBI CAS review lifts capital market stocks up to 8%

SEBI's review of the CAS mechanism has boosted capital market stocks, with the Nifty Capital Market index up 2% and leaders like Angel One gaining as much as 8%. The review aims to address market volatility, though experts see potential for regulatory tweaks.

India GDP growth questioned as official alleges data manipulation

India's June quarter GDP growth of 7.8% is under scrutiny after an official alleged the figure was manipulated to flatter the economy. Two new articles detail the controversy, highlighting discrepancies between GDP data and other economic indicators like industrial production and exports. The government denies any wrongdoing, but the debate has intensified over the credibility of India's statistical system.

SEBI launches formal action against Hindenburg, Kingdon in Adani case

India's market regulator SEBI has initiated formal enforcement action against Hindenburg Research and Kingdon Capital Management, among others, in connection with the Adani Group case. The move follows a show-cause notice issued earlier, escalating the regulatory probe into allegations of stock manipulation and disclosure violations. The action signals a significant step in the long-running investigation that began after Hindenburg's January 2023 report.

MoSPI Secretary and Mishra Defend GDP Revision as Critics Cry Foul

India's statistics officials, including MoSPI Secretary and Chief Economic Adviser Neelkanth Mishra, are pushing back against criticism of the GDP revision, arguing that the data is being misread and that earlier estimates were based on outdated methodology. Former statistician Pronab Sen acknowledges the data isn't fudged but says the optics are poor, while critics continue to question the revision's transparency. The debate centers on the sharp downward revision of Q1 GDP estimates from ₹86 lakh crore to a lower figure, with officials insisting the new numbers are accurate.

Sharma claims 2-3% real GDP growth; Mishra fires back with 7.8% data

The debate over India's GDP growth has intensified, with investor Shankar Sharma arguing that the 'real feel GDP' is only 2-3%, while World Bank Executive Director Neelkanth Mishra counters that the official 7.8% Q1 figure is backed by strong, 'unfudgeable' macroeconomic indicators. Mishra has also dismissed Sharma's views as 'ill-educated' and 'egregiously wrong,' escalating the public spat.

SEBI proposes net settlement for mutual fund cash trades

India's market regulator SEBI has proposed moving to a net settlement system for mutual fund cash-market trades, which would replace the current gross settlement process. The proposal, reported by multiple outlets on September 3, aims to reduce settlement risks and improve efficiency in fund transactions. Industry stakeholders are expected to provide feedback before any final rules are implemented.

ICICI Bank Mobilizes $17.88B FCNR Deposits as Rupee Holds Near High

ICICI Bank has raised $17.88 billion via FCNR deposits as the rupee, which has held near a two-month high, remains range-bound despite strong inflows and RBI intervention. Goldman Sachs expects the rupee to be around 96 in the near term, with potential for it to reach 97 over the next year, should the US Fed raise rates, leading to a possible 50-basis-point increase in India’s policy rates.

RBI's $136.4B forex swap steadies rupee at 94.97

The Reserve Bank of India's special forex swap facility attracted $136.4 billion, with FCNR(B) deposits making up 93% of inflows, helping the rupee stabilize at 94.97 against the dollar. However, the rupee edged lower in tight trading, pressured by higher oil prices and muted equities, while banks like HDFC Bank and Kotak Bank have begun cutting FCNR deposit rates after the support ended.

India Defends 7.8% GDP Growth, Cites Strong Consumption and Investment

The Indian government has publicly addressed questions about its latest GDP estimates, defending the 7.8% growth figure and emphasizing that consumption and investment remain robust. Officials clarified methodology around revisions and deflators, aiming to quell skepticism about the data's accuracy. The narrative is now focused on the strength of domestic demand as a driver of growth.

India raises petrol export duty to ₹1.5/litre, hikes jet fuel 5.6%

India has revised its windfall tax on fuel exports effective September 1, raising the petrol export duty from zero to ₹1.5 per litre and diesel to ₹1 per litre, while cutting the ATF levy by ₹0.5 per litre. Concurrently, jet fuel prices have been hiked by 5.6% and commercial LPG by ₹10 per cylinder, reflecting broader energy price adjustments. The fortnightly revision marks a shift from the previous zero-duty stance on petrol, signaling tighter export taxation.

India's current account deficit widens to $4.2 bn in Q1FY27

India's current account deficit (CAD) widened to $4.2 billion (0.5% of GDP) in Q1FY27, up from $3.4 billion in the same quarter last year, driven by higher trade deficit and portfolio outflows. FPI outflows reached $9.6 billion during the quarter, adding pressure on the external account. The deficit remains manageable but signals growing external vulnerabilities.

NCLT larger bench stays Subhash Chandra's ₹6.5 crore repayment plan

A five-member NCLT bench has stayed the earlier approval of Subhash Chandra's ₹6.5 crore repayment plan, ruling that the previous order was not a majority view. The stay halts the plan's implementation, and lenders' appeal before NCLAT has been deferred. The case now hinges on the larger bench's final decision on the plan's validity.