Economy

After the twin shocks of a cash ban in 2016 and the chaotic introduction of a consumption tax last year, India's economic recovery is gaining momentum. Businesses are taking advantage of the solid demand to raise prices, lifting profits, but also fanning inflation at a time of higher oil prices and a currency slump.

President Ram Nath Kovind assigned the portfolios to Arun Jaitley on the advice of Prime Minister, a statement added.

Greece has successfully exited its final, three-year bailout programme, agreed in August 2015 to help it cope with the continued fallout from a debt crisis.

The rupee is already Asia's worst performing currency and had touched an all-time low of 70.40 per US dollar on Thursday.

In 2017-18, a record number of 6.92 crore I-T returns were filed, which was 1.31 crore more than 5.61 crore returns filed in 2016-17.

In Independence Day speech, Prime Minister Narendra Modi today said that his government will launch the ambitious Ayushman Bharat healthcare scheme on September 25, 2018. Modi's Ayushman Bharat scheme, touted as the world's largest healthcare scheme, aims to provide a coverage of Rs five lakh per family annually. The target beneficiaries of the scheme are more than 10 crore families belonging to poor and vulnerable population based on SECC (Socio Economic Caste Census) database. A beneficiary covered under the scheme will be allowed to take cashless benefits from any public/private empanelled hospitals across the country.

Under Ayushman Bharat scheme, the beneficiary will be able to go to public or empaneled private hospitals across the country and get free treatment.

Merchandise exports last month rose to $25.77 billion from a year ago, while imports rose 28.81 percent to $43.79 billion, the Ministry of Commerce and Industry said in a statement.

The rate of wholesale inflation fell due to cheaper food articles, especially fruits and vegetables.

The RBI has raised its benchmark rate by a total of 50 basis points at its past two meetings, to 6.5 per cent, while warning about inflationary pressures. On Monday, the rupee touched an all-time low of 69.95 against the dollar on concerns about contagion from Turkey spilling over to other emerging markets.

Analysts polled by Reuters had forecast July's annual increase in the consumer price index at 4.51 percent, compared with June's 5.00 per cent.

Determined by Consumer Price Index (CPI), consumer or retail inflation in June was revised to 4.92per cent, from a provisional 5 per cent previously. The RBI has projected retail inflation at 4.6 per cent in the second quarter of the financial year and 4.8 per cent in the second half.

Ayushman Bharat, often referred to as 'Modicare', is expected to be launched by the Union government on August 15. According to a release issued by Press Information Bureau (PIB), this scheme has a benefit cover of Rs 5 lakh per family per year. The target beneficiaries of the scheme are more than 10 crore families belonging to poor and vulnerable population based on SECC (Socio Economic Caste Census) database. This benefit cover under 'Ayushman Bharat' scheme will take care of almost all secondary care and most of tertiary care procedures.

'Manufacture of computer, electronic and optical products' registered the highest growth of 44.1 per cent among industry groups, followed by 20.5 per cent in 'Manufacture of motor vehicles, trailers and semi-trailers' and 15.6 per cent in 'Manufacture of other transport equipment'.

Growth is forecast to rise to 7.3% in fiscal year 2018/19 and 7.5% in 2019/20 on strengthening investment, robust private consumption, IMF said.