Category: Business & Economics

The state-owned oil marketing companies (OMCs) have had a fabulous financial year 2023-24.  Even as they navigated rapidly evolving geo politics and wide fluctuations in crude prices, the OMCs not only ensured fuel availability at affordable rates, with one of the lowest fuel price inflation globally in India, but they have also rewarded the shareholders’ trust by posting commendable annual results.   However, some media reports have just focused on the Q4 2024 to Q4 2023 financial comparison to  paint an abysmal picture and downplay their overall annual performance. Parameters…

For the month of March 2024, the Quick Estimates of Index of Industrial Production (IIP) with base 2011-12 stands at 159.2. The Indices of Industrial Production for the Mining, Manufacturing and Electricity sectors for the month of March 2024 stand at 156.1, 155.1 and 204.2 respectively. These Quick Estimates will undergo revision in subsequent releases as per the revision policy of IIP. The Quick Estimates of Index of Industrial Production (IIP) are released on 12th of every month (or previous working day if 12th is a holiday) with a six weeks lag…

India stands on the cusp of a transformative journey towards becoming a 21st-century economic powerhouse, positioning itself as a compelling alternative to China for investors seeking growth and stability. A recent report by CNN underscores the pivotal roles played by Prime Minister Narendra Modi and industrialists Gautam Adani and Mukesh Ambani in shaping India’s trajectory towards economic superpower status. Key Players Driving Economic Growth Prime Minister Narendra Modi’s vision, coupled with the strategic initiatives undertaken by industrialists Gautam Adani and Mukesh Ambani, has been instrumental in propelling India towards economic…

Air India Express has sacked “with immediate effect” 25 cabin crew members who did not report to work and went on mass sick leave without notice. Meanwhile, Air India Express has also issued an ultimatum to striking cabin crew to join work by 4 pm on Thursday. The ripple effect of this mass exodus reverberated throughout the airline’s operations, triggering a cascade of flight cancellations that left approximately 15,000 passengers stranded and scrambling for alternatives. Behind the veil of employee discontent lies a deeper undercurrent of dissatisfaction and unrest. The…

Air India Express flights were cancelled after about 300 senior cabin crew members reported sick at the last minute and switched off their mobile phones. This marks the second instance in approximately a month that a Tata Group-owned airline encountered significant flight disruptions, echoing similar issues faced by Vistara earlier. An Air India Express official shed light on the underlying causes, attributing the unrest to perceived injustices in job allocations, promotions, and internal operations favouring personnel from AirAsia India. The airline management is now engaged in efforts to communicate with…

Jet Airways founder Naresh Goyal has been granted interim bail for two months on medical grounds in connection with a money laundering case. The decision was made by Justice NJ Jamadar, who stipulated that Goyal must furnish a surety of Rs one lakh and remain within Mumbai unless granted prior permission by the special court. Goyal, had petitioned for interim bail on medical and humanitarian grounds, citing his battle with cancer, as well as that of his wife, Anita Goyal.  During the hearing, Goyal’s legal representatives argued for his release…

Joshua Dean’s Demise: Joshua Dean, a former quality auditor at Boeing supplier Spirit AeroSystems, passed away on Tuesday morning. He succumbed to a sudden and fast-spreading infection after battling it for weeks. Dean, aged 45, had been living in Wichita, the headquarters of Spirit AeroSystems, and had been in relatively good health before contracting a lung infection. Whistle-blower Allegations: Dean gained prominence as one of the first whistle-blowers to raise concerns about manufacturing defects on the Boeing 737 MAX aircraft. His allegations pointed towards the leadership at Spirit AeroSystems, alleging…

In the backdrop of the ongoing Russia-Ukraine conflict, India has emerged as a significant beneficiary, saving a staggering $13 billion through its increased imports of crude oil from Russia. This substantial windfall, as highlighted by a study from the Investment Information and Credit Rating Agency (ICRA), has significantly impacted India’s oil import dynamics and economic outlook. Let’s delve deeper into this paradigm shift and its implications: India’s Oil Import Landscape: India, as one of the world’s largest consumers of crude oil and petroleum products, heavily relies on imports to meet…

The Gross Goods and Services Tax (GST) collections hit a record high in April 2024 at ₹2.10 lakh crore. This represents a significant 12.4% year-on-year growth, driven by a strong increase in domestic transactions (up 13.4%) and imports (up 8.3%). After accounting for refunds, the net GST revenue for April 2024 stands at ₹1.92 lakh crore, reflecting an impressive 15.5% growth compared to the same period last year. Positive Performance Across Components: Breakdown of April 2024 Collections: Central Goods and Services Tax (CGST): ₹43,846 crore; State Goods and Services Tax (SGST):…

India’s Gross GST collections for April 2024 soared to an unprecedented Rs 2.10 lakh crore, marking a staggering 12.4 per cent increase compared to the previous year. The surge in GST revenue was underpinned by a substantial uptick in both domestic transactions, witnessing a notable 13.4 per cent rise, and imports, which grew by 8.3 per cent. Uttar Pradesh (UP) emerged as a frontrunner, surpassing Tamil Nadu in GST collections. Finance Minister Nirmala Sitharaman lauded this extraordinary feat, attributing it to the collective efforts of various stakeholders. Looking ahead, the…