Economy News

Economy

Date Heading Details
26-Feb-2021   13:41 Hrs IST Govt launches City Innovation Exchange platform for fostering innovation in urban ecosystem <P align=justify>The government has launched the City Innovation Exchange (CiX) platform. The platform will be a significant addition to the growing innovation ecosystem of India and focuses on fostering innovative practices in cities. CiX, through an ‘open innovation' process, engages with innovators to design-test-deliver on solutions to pressing urban challenges. <P align=justify>This initiative is among the ongoing efforts of the Government to realise Prime Minister's vision of New and AtmaNirbhar Bharat, by making cities more self-reliant and enabled to meet the needs of and provide services to their citizens.<P align=justify>Designed on the philosophy of ‘everyone is an innovator', the platform will bring together Citizen Organisations-Academia- Businesses- Government to co-create for the future of Urban India in a transparent and sustainable manner. The Smart Cities Mission will partner and effectively collaborate with Startup India, Atal Innovation Mission, AGNIi and other initiatives in the Indian Innovation ecosystem.
26-Feb-2021   11:19 Hrs IST Bank credit growth improves to 6.2% in Q3FY21: RBI <p align="justify">The Reserve Bank of India (RBI) in its latest data has showed that bank credit growth on a year-on-year basis improved to 6.2 percent in the December quarter (Q3FY21) from 5.8 percent in the previous three-month period. However, credit growth in Q3FY21 was lower when compared to 7.4 percent growth recorded a year ago.&nbsp;</p><p align="justify">According to the data, growth in credit by private sector banks decelerated considerably to 6.7 percent in the quarter ended December 2020 as against 13.1 percent a year ago. Advances growth in public sector banks improved to 6.5 percent in December 2020 quarter as against 3.7 percent in the same period of 2019. Aggregate deposits growth (y-o-y) of scheduled commercial banks increased to 11.1 percent in December 2020 quarter as against 10 percent a year ago. Annual growth in current, savings and term deposits of banks stood at 13 percent, 15.8 per cent and 8.2 percent.</p><p align="justify">The data further showed that higher growth in current account and savings account (CASA) deposits resulted in their higher share of 42.8 percent in total deposits as against 41.2 percent a year ago. All-India credit-deposit (C-D) ratio improved marginally to 72.5 percent in the reporting quarter from 72 per cent in the previous quarter.<br></p>
26-Feb-2021   10:01 Hrs IST Govt working to reduce regulatory compliance burden on pharma sector: Sadananda Gowda
26-Feb-2021   09:21 Hrs IST Domestic auto component industry set to log in double-digit growth next fiscal: ACMA
26-Feb-2021   09:17 Hrs IST India's Budget tilted towards supporting growth: Moody's
25-Feb-2021   13:36 Hrs IST Manufacturing sector, MSMEs are spearheading economic growth in country: RBI Governor
25-Feb-2021   11:43 Hrs IST RBI concerned over impact of cryptocurrencies may have on financial stability in economy: Das
25-Feb-2021   11:32 Hrs IST Centre lifted embargo on grant of government businesses to private banks: Nirmala Sitharaman
25-Feb-2021   09:25 Hrs IST RBI to conduct simultaneous sale-purchase of govt securities under OMO for Rs 15,000 crore each
25-Feb-2021   09:18 Hrs IST Improvement in macroeconomic conditions likely to alleviate stress for banking sector: S&P