News

Rupee holds above record low on likely cenbank intervention The Indian rupee was little changed on Thursday, holding above its lifetime low, supported by likely intervention from the Reserve Bank of India (RBI) amid weakness in most Asian currencies. The rupee was at 83.9725 against the U.S. dollar as of 10:20 a.m. IST, nearly unchanged from its close at 83.9775 in the previous session. It hit an all-time low of 83.9850 last week. U.S. consumer prices increased marginally in August, but underlying inflation showed some stickiness, dimming hopes ...
Rupee holds above record low on likely cenbank intervention
Rupee holds above record low on likely cenbank intervention
Source: Reuters
2024-09-12 10:40:01 am
Outlook for non-food industry credit growth over next six months is optimistic: FICCI-IBA survey A survey conducted by industry body FICCI and Indian Banks’ Association (IBA) (FICCI-IBA) has suggested that the outlook for non-food industry credit growth over the next six months is optimistic with 62 per cent of the participating banks expecting non-food industry credit growth to be above 12 per cent. The nineteenth round of the FICCI-IBA survey was carried out for the period January to June 2024. A total of 22 banks including public sector, private sector and foreign banks parti...
Outlook for non-food industry credit growth over next six months is optimistic: FICCI-IBA survey
Outlook for non-food industry credit growth over next six months is optimistic: FICCI-IBA survey
Source: Accord Fintech
2024-09-12 10:31:08 am
Cabinet approves Rs 12,461 crore revised hydro electric project scheme The Union Cabinet, chaired by Prime Minister Narendra Modi, on Wednesday approved the revised scheme of budgetary support for the cost of enabling infrastructure for Hydro Electric Projects (HEP) with a total outlay of Rs 12,461 crore.   The modified scheme of the Ministry of Power for a cumulative generation capacity of about 31,350 MW would be implemented from FY2024-25 to FY2031-32. "This revised scheme would help in faster development of hydroelectric projects, improve inf...
Cabinet approves Rs 12,461 crore revised hydro electric project scheme
Cabinet approves Rs 12,461 crore revised hydro electric project scheme
Source: IANS
2024-09-12 09:37:41 am
Trade Connect e-Platform to help achieve $1 trillion merchandise export target: Union Commerce Minister Reiterating the $1 trillion merchandise and $1 trillion services export target for 2030, Union Commerce Minister Piyush Goyal said on Wednesday that the target can be achieved with the new ‘Trade Connect e-Platform.’  The platform is a single window initiative that is fast, accessible and transformational as it will enable exporters to add newer markets. “The e-Platform will enable India increase its global market share and aid small businesses. It can also help s...
Trade Connect e-Platform to help achieve $1 trillion merchandise export target: Union Commerce Minister
Trade Connect e-Platform to help achieve $1 trillion merchandise export target: Union Commerce Minister
Source: IANS
2024-09-12 09:20:48 am
Semiconductor tech will make India world`s third largest economy: Union Minister Union Minister of State for Commerce and Industry, Jitin Prasada, on Wednesday credited Prime Minister Narendra Modi for hosting the three-day 'Semicon India 2024' at Greater Noida, saying India will soon become the world’s third largest economy due to its semiconductor technology.  “It is due to the resolve and vision of the Prime Minister that national and international CEOs and cyber experts on semiconductors have come to India. It is a big moment for India that...
Semiconductor tech will make India world`s third largest economy: Union Minister
Semiconductor tech will make India world`s third largest economy: Union Minister
Source: IANS
2024-09-12 09:12:51 am
Oil prices to normalize back to USD75-80/bbl in the near term: PL Capital- Prabhudas Lilladher PL Capital- Prabhudas Lilladher, one of the most trusted financial services organisations in India, in its latest Oil & Gas Report stated that Recent global developments leading to ample supplies amid weaker demand prospects have pushed Brent oil prices to lows of ~USD71/bbl. While upstream earnings are currently impacted, with the OPEC+ delaying its planned rise in production, we expect oil prices to rebound to USD75-80/bbl in the near term. Thus, net oil realization should bou...
Oil prices to normalize back to USD75-80/bbl in the near term: PL Capital- Prabhudas Lilladher
Oil prices to normalize back to USD75-80/bbl in the near term: PL Capital- Prabhudas Lilladher
Source: PR Agency
2024-09-11 02:48:19 pm
Maha government sets up CS-led panel for MMR`s development as growth hub with $300 Bn economy The Maharashtra Government has appointed a Chief Secretary (CS)-led committee for the implementation of the NITI Aayog’s report on making the bursting Mumbai Metropolitan Region (MMR) a growth hub with a $300 billion economy by 2030 from the present $140 billion.   The state government, in its Government Resolution (GR) released late on Tuesday night has given a mandate to the CS-led 22-member committee to monitor the speedy implementation of the NITI Aayog’s recommendatio...
Maha government sets up CS-led panel for MMR`s development as growth hub with $300 Bn economy
Maha government sets up CS-led panel for MMR`s development as growth hub with $300 Bn economy
Source: IANS
2024-09-11 01:50:12 pm
Auto manufacturers must invest in R&D to make world-class industry: CEA Chief Economic Advisor (CEA) V Anantha Nageswaran has asked automobile manufacturers to invest in Research and development (R&D) in order to make a world-class industry. He also asked them to focus on improving the global NCAP (New Car Assessment Programme) ratings of their products so that exports get further push.  CEA said the Indian private sector roughly contributes about one third of the overall R&D spending in the economy while the remaining two thirds comes from the go...
Auto manufacturers must invest in R&D to make world-class industry: CEA
Auto manufacturers must invest in R&D to make world-class industry: CEA
Source: Accord Fintech
2024-09-11 12:05:03 pm
India will soon be in position to export Lithium-ion batteries: Nitin Gadkari Union Minister of Road Transport Highways, Nitin Gadkari has said that India will soon be in a position to export lithium-ion batteries. The Union Minister said ‘I am confident that we’ll be in a position to export lithium-ion batteries to the different parts of the world. At the same time, the research is going on. The aluminium, ironic oil, and different types of chemistry. I feel that it is also a good thing and there is a huge market for that.' Gadkari said with governm...
India will soon be in position to export Lithium-ion batteries: Nitin Gadkari
India will soon be in position to export Lithium-ion batteries: Nitin Gadkari
Source: Accord Fintech
2024-09-11 10:52:31 am
Revenues of organised gold jewellery retailers to increase 22-25% this fiscal: Crisil Crisil Ratings in its latest report has said that revenues of organised gold jewellery retailers will increase 22-25% on-year this fiscal - a good 500-600 basis points (bps) more than the 17-19% expected earlier - following the sharp reduction in import duty announced in the full Union Budget. The incremental growth will be driven by higher volumes even as retail gold prices come down from their lifetime highs. The sudden price decline could lead to some inventory loss on existing stock, thou...
Revenues of organised gold jewellery retailers to increase 22-25% this fiscal: Crisil
Revenues of organised gold jewellery retailers to increase 22-25% this fiscal: Crisil
Source: Accord Fintech
2024-09-10 04:41:08 pm
Indel Money Unveils New Logo Signaling Strong Growth, Bright Future Indel Money, the flagship non-banking finance company (NBFC) of Indel Corporation, is excited to announce a significant rebranding initiative, including the unveiling of a new logo. The rebranding signifies the company’s dedication in building trust and doing business with utmost integrity. The new logo presents bold colors and symbols that embody the core values of Indel Money. The color Blue symbolizes trust and integrity, while Red highlights the warmth and approachability the cus...
Indel Money Unveils New Logo Signaling Strong Growth, Bright Future
Indel Money Unveils New Logo Signaling Strong Growth, Bright Future
Source: PR Agency
2024-09-10 03:14:19 pm
India will create green steel policy, steel secretary says India will formulate a green steel policy and will consider government procurement for decarbonised steel, Steel Secretary of India Sandeep Poundrik said at an event on Tuesday. The ministry will also consider incentivising smaller steel players in green steel production, he added.
India will create green steel policy, steel secretary says
India will create green steel policy, steel secretary says
Source: Reuters
2024-09-10 02:53:56 pm
Power demand in India declines for 1st time in 15 months, hydro gains steam Peak power demand in India is estimated to have declined to 217 GW in the month of August compared with 238 GW a year earlier which was the second-highest level recorded in fiscal 2024, a report showed on Tuesday.  Electricity demand in the country declined 5.3 per cent (year-on-year) to 144 billion units (BUs) in August even as the country received 7 per cent excess rainfall during the month, according to a Crisil report. This follows a 6.7 per cent on-year rise in electricity dem...
Power demand in India declines for 1st time in 15 months, hydro gains steam
Power demand in India declines for 1st time in 15 months, hydro gains steam
Source: IANS
2024-09-10 02:22:02 pm
Reaction Quote on GST Council by Mr. Shivashish Karnani, Head of GST, at DPNC Global Below the Reaction Quote on GST Council by Mr. Shivashish Karnani, Head of GST, at DPNC Global   "The council has taken various rate rationalisation measures like reduction of GST on cancer drugs from 12% to 5%, namkeens, sharing helicopters for pilgrimage which will lessen the burden on consumers. Council has also decided that foreign airlines will be exempt from GST on services imported from related parties which will help in settling ongoing litigations. For B2C transa...
Reaction Quote on GST Council by Mr. Shivashish Karnani, Head of GST, at DPNC Global
Reaction Quote on GST Council by Mr. Shivashish Karnani, Head of GST, at DPNC Global
Source: PR Agency
2024-09-10 12:04:34 pm
Industry experts hail significant resolutions announced at GST Council meeting The industry experts on Monday welcomed some significant resolutions announced during the 54th GST Council meeting chaired by Finance Minister Nirmala Sitharaman.  They said that Group of Ministers’ (GoM) recommendation by end of October on the GST rate for health and life insurance will be the one to watch closely. “Specific sectors like automobile, etc. would keenly look forward to the decision on compensation cess and its fate. Another notable development is the prop...
Industry experts hail significant resolutions announced at GST Council meeting
Industry experts hail significant resolutions announced at GST Council meeting
Source: IANS
2024-09-10 10:28:53 am
GST cut on health insurance premium deferred, cancer drugs to become cheaper The GST Council, headed by Finance Minister Nirmala Sitharaman, on Monday announced setting up a Group of Ministers (GoM) on slashing the tax rate on life and health insurance, as well as reducing the GST on cancer drugs and 'namkeens' (selected snacks).  The GoM on life and health insurance will be headed by Bihar Deputy Chief Minister Samrat Choudhary, who is currently heading the panel on GST rate rationalisation. The 54th GST Council meeting reached a “broad conse...
GST cut on health insurance premium deferred, cancer drugs to become cheaper
GST cut on health insurance premium deferred, cancer drugs to become cheaper
Source: IANS
2024-09-10 10:25:41 am
Retail inflation for industrial workers eases further in July: Labour Ministry Retail inflation for industrial workers moderated to 2.15 per cent in the month of July, as compared to 7.54 per cent in the same month last year, according to the latest data released by the Labour Ministry on Monday.  The year-on-year inflation for June 2024 was 3.67 per cent as compared to 5.57 per cent in June 2023. The Consumer Price Index-Industrial Workers (CPI-IW) has been steadily declining since February this year and was 3.87 per cent in April 2024, figures compiled by t...
Retail inflation for industrial workers eases further in July: Labour Ministry
Retail inflation for industrial workers eases further in July: Labour Ministry
Source: IANS
2024-09-10 10:14:04 am
India inflation likely held steady at five-year low of 3.50% in August Indian consumer inflation probably held below the Reserve Bank of India's 4.0% medium-term target for a second month in August thanks to a moderation in food price rises due to last year's high base, a Reuters poll of economists found. Although food prices, which make up nearly half the inflation basket, have eased significantly in the last two months, erratic monsoon rains across India could harm crop yields and push prices higher in coming months. The Sept. 4-9 poll of 53 econ...
India inflation likely held steady at five-year low of 3.50% in August
India inflation likely held steady at five-year low of 3.50% in August
Source: Reuters
2024-09-09 03:53:30 pm
India`s technical textile exports to cross target of $10 billion by 2030: Giriraj Singh Emphasizing the increasing consumption and importance of man-made fibres and technical textiles in all spaces of life, at both a global and domestic level, Union Minister of Textiles, Giriraj Singh has expressed confidence that India’s technical textile exports will cross the target of $10 billion set for 2030.  The Union Minister further stated that the Government is fully dedicated in the development of the technical textiles industry of India and has taken various steps such ...
India`s technical textile exports to cross target of $10 billion by 2030: Giriraj Singh
India`s technical textile exports to cross target of $10 billion by 2030: Giriraj Singh
Source: Accord Fintech
2024-09-09 12:58:52 pm
Gold jewellery retailers` sales to surge 22-25 pc in India after sharp duty cut After the sharp reduction in import duty announced in the Union Budget, the revenues of organised gold jewellery retailers will increase 22-25 per cent this fiscal (year-on-year) — a solid 500-600 basis points (bps) more than the 17-19 per cent expected earlier, a report showed on Monday.  The incremental growth will be driven by higher volumes even as retail gold prices come down from their lifetime highs, according to Crisil Ratings. The sudden price decline could lead to s...
Gold jewellery retailers` sales to surge 22-25 pc in India after sharp duty cut
Gold jewellery retailers` sales to surge 22-25 pc in India after sharp duty cut
Source: IANS
2024-09-09 12:40:54 pm
India’s exports to Kuwait surge by 34.78% to $2.10 billion in FY24 Ministry of Commerce and Industry in its latest data has showed that India’s trade with Kuwait has surged remarkably, with Indian exports to the Gulf nation reaching an impressive $2.10 billion in the fiscal year 2023-24. The surge in trade marks a significant increase of 34.78 per cent in FY-2023-24 compared to the $1.56 billion reported in the previous fiscal year. This surge in exports also highlighted the robust trade relationship between the two countries, reflecting a substantial ...
India’s exports to Kuwait surge by 34.78% to $2.10 billion in FY24
India’s exports to Kuwait surge by 34.78% to $2.10 billion in FY24
Source: Accord Fintech
2024-09-09 12:31:08 pm
Government should have working group on tourism between India and Mediterranean nations : Piyush Goyal Union Minister of Commerce and Industry, Piyush Goyal has suggested that the government should have a working group on tourism between the nations of the Mediterranean and India, as there is a huge potential for cooperation and mutual benefit. He said that India offers a large market for Mediterranean goods and services given the close connection both nations have shared over the decades. He stated that India and Mediterranean countries have a huge common interest in the shipping sector, whet...
Government should have working group on tourism between India and Mediterranean nations : Piyush Goyal
Government should have working group on tourism between India and Mediterranean nations : Piyush Goyal
Source: Accord Fintech
2024-09-09 11:37:55 am
Education loans will continue to be among fastest-growing segments for NBFCs: Crisil Crisil Ratings in its latest report has said that education loans, primarily those to fund courses overseas, will continue to be among the fastest-growing segments for non-banking financial companies (NBFCs) because of rising demand for higher education. Their assets under management (AUM) is expected to grow at a healthy clip of 40-45 per cent to cross Rs 60,000 crore this fiscal. It stated after robust growth of over 80 per cent and 70 per cent in fiscals 2023 and 2024, respectively, NBF...
Education loans will continue to be among fastest-growing segments for NBFCs: Crisil
Education loans will continue to be among fastest-growing segments for NBFCs: Crisil
Source: Accord Fintech
2024-09-09 10:40:37 am
GST Council meet: Taxation on insurance premium, rate rationalisation key hopes With an aim to ensure less burden on the taxpayers, the 54th GST Council meeting on Monday is likely to deliberate on a slew of issues, including rate rationalisation, taxation of insurance premiums, online gaming, and more.  According to industry sources, the GST Council meeting, chaired by Finance Minister Nirmala Sitharaman, is also likely to discuss the operationalisation of the GST Appellate Tribunal mechanism which is a key step towards streamlining dispute resolution under GST....
GST Council meet: Taxation on insurance premium, rate rationalisation key hopes
GST Council meet: Taxation on insurance premium, rate rationalisation key hopes
Source: IANS
2024-09-09 09:13:10 am
Inputs on expectation from GST Council: On Insurance; Cross-Border Transactions; and Compensation Cess by Mr. Shivashish Karnani, Head of GST at Dewan P.N. Chopra & Co. Below the Inputs on expectation from GST Council: On Insurance; Cross-Border Transactions; and Compensation Cess by Mr. Shivashish Karnani, Head of GST at Dewan P.N. Chopra & Co.   Reduction of GST rates on Life and medical insurance: "Despite being the world's most populous country, India ranks among the lowest in terms of life and medical insurance coverage per capita. Also, the percentage of the Indian population with insurance coverage is substantially lowe...
Inputs on expectation from GST Council: On Insurance; Cross-Border Transactions; and Compensation Cess by Mr. Shivashish Karnani, Head of GST at Dewan P.N. Chopra & Co.
Inputs on expectation from GST Council: On Insurance; Cross-Border Transactions; and Compensation Cess by Mr. Shivashish Karnani, Head of GST at Dewan P.N. Chopra & Co.
Source: Dewan P.N. Chopra & Co
2024-09-08 11:19:19 am
Slowdown in US economy to push FPIs buy more in India As the unemployment rate falls in the US but hiring slows down as Federal Reserve gears up for a rate cut this month, the developments are likely to push foreign portfolio investors (FPIs) increase their investments in India, market experts said on Saturday.  Early September witnessed buying by FPIs mainly due to the resilience of the Indian market. FPIs invested Rs 9,642 crore in equity through the exchanges and Rs 1,388 crore through the ‘primary market and others’ ca...
Slowdown in US economy to push FPIs buy more in India
Slowdown in US economy to push FPIs buy more in India
Source: IANS
2024-09-07 05:24:58 pm
India`s forex reserves up $2.3 billion to touch new high of $683.9 billion India's forex reserves increased by $2.299 billion to a new high of $683.98 billion for the week ended August 30, the Reserve Bank of India (RBI) data showed on Friday.  For the week, foreign currency assets, a major component of the reserves, increased by $1.485 billion to $599.037 billion. In the week ended August 23, the country’s forex reserves had surged $7.023 billion to touch a new high of $681.68 billion. According to the Central Bank, gold reserves increased b...
India`s forex reserves up $2.3 billion to touch new high of $683.9 billion
India`s forex reserves up $2.3 billion to touch new high of $683.9 billion
Source: IANS
2024-09-07 09:20:32 am
Indian government had no outstanding loans from RBI in Aug 30 week The Indian government had no outstanding loans with the central bank under ways and means advances in the week ended Aug. 30, according to the Reserve Bank of India's weekly statistical supplement released on Friday. The central government had no outstanding loans in the week earlier as well. State governments had 133.81 billion rupees loans from the RBI in the week ended Aug. 30, compared with 268.02 billion rupees in the previous week, the release showed. Source text: (ht...
Indian government had no outstanding loans from RBI in Aug 30 week
Indian government had no outstanding loans from RBI in Aug 30 week
Source: Reuters
2024-09-06 05:57:49 pm
Bengaluru`s Registered Home Sales Value Jumps 30% Sequentially; Transactions Up 19% in June Quarter : Square Yards Bengaluru's residential market continues to display steady growth as registered transactions maintain upward momentum both sequentially and annually. According to data from Square Yards, a total of 28,356 transactions were recorded in the city during the second quarter of 2024, marking a 19% increase over the previous quarter. In a notable trend, the value of registered sales surged at an even faster rate of 30% during the same period, reaching Rs. 19,631 crores by the end of the June qua...
Bengaluru`s Registered Home Sales Value Jumps 30% Sequentially; Transactions Up 19% in June Quarter : Square Yards
Bengaluru`s Registered Home Sales Value Jumps 30% Sequentially; Transactions Up 19% in June Quarter : Square Yards
Source: Square Yards
2024-09-06 04:56:19 pm
Piyush Goyal moots idea of introduction of border adjustment tax to safeguard steel industry Commerce and Industry Minister Piyush Goyal has mooted the idea of introduction of border adjustment tax and suggested discussions on this with the steel industry with a view to protect the domestic players by providing a level-playing field against increasing imports. He said that this tax is in compliance with the World Trade Organization (WTO). The idea assumes significance as the industry is seeking protection from imports at predatory prices.  The minister also asked the ind...
Piyush Goyal moots idea of introduction of border adjustment tax to safeguard steel industry
Piyush Goyal moots idea of introduction of border adjustment tax to safeguard steel industry
Source: Accord Fintech
2024-09-06 01:47:15 pm
Maharashtra tops in attracting highest FDI worth Rs 70,795 cr in Q1FY25  Maharashtra has topped in attracting the highest Foreign Direct Investment (FDI) during the first quarter of the current financial year 2024-2025.  According to the Department for Promotion of Industry and Internal Trade (DPIIT), Maharashtra continues to maintain a number one slot among other states as it has received the FDI of Rs 70,795 crore in the first quarter of April to June 2024-25. The neighbouring Karnataka ranked second by attracting investment worth Rs 19,059 cror...
Maharashtra tops in attracting highest FDI worth Rs 70,795 cr in Q1FY25
Maharashtra tops in attracting highest FDI worth Rs 70,795 cr in Q1FY25
Source: IANS
2024-09-06 12:27:41 pm
Railways achieves 653 MT freight loading by August of FY24-25: Railway Board The Railway Board has said that the freight loading statistics for August 2024 highlighted the remarkable performance of Indian Railways as a total of 126.97 million tonnes (MT) of freight was loaded in August alone, contributing to a cumulative total of 653.22 MT for the financial year 2024-25 up to August. As the backbone of the nation's freight transportation, Indian Railways has been facilitating the movement of a vast array of goods across the country with an unwavering commitment to...
Railways achieves 653 MT freight loading by August of FY24-25: Railway Board
Railways achieves 653 MT freight loading by August of FY24-25: Railway Board
Source: Accord Fintech
2024-09-06 11:49:52 am
India pips China to become largest weight in MSCI Emerging Market IMI Strong fundamentals have helped India pip China in the MSCI EM Investable Market Index (IMI) to become the largest weight. The world’s fastest-growing economy is also set to surpass China as the top weight in the broader MSCI Emerging Markets index too.  The MSCI Emerging Markets IMI captures large, mid and small cap representation across 24 Emerging Markets (EM) countries. With 3,355 constituents, the index covers approximately 99 per cent of the free float-adjusted market capi...
India pips China to become largest weight in MSCI Emerging Market IMI
India pips China to become largest weight in MSCI Emerging Market IMI
Source: IANS
2024-09-06 10:43:11 am
India, Singapore agree to cooperate in development of semiconductor ecosystem The Ministry of Trade and Industry of Singapore has said that India and Singapore agreed to cooperate in the development of the semiconductor ecosystem. Both countries signed a Memorandum of Understanding (MoU) for cooperation in the sector. The MOU was exchanged in the presence of India’s Prime Minister Narendra Modi and Prime Minister Lawrence Wong during Prime Minister Modi’s Official Visit to Singapore. The MoU aims to support India’s growing semiconductor industry wh...
India, Singapore agree to cooperate in development of semiconductor ecosystem
India, Singapore agree to cooperate in development of semiconductor ecosystem
Source: Accord Fintech
2024-09-06 10:24:03 am
Average household spending on food less than half for 1st time in modern India Significant changes are unfolding in India’s food consumption pattern and the share of total household expenditure on food has declined substantially in rural and urban areas and across all states and union territories (UTs) since 1947, a government paper has revealed.  It is the first time in modern India (post-independence) that average household spending on food is less than half the overall monthly spending of households and is a marker of significant progress, according to ...
Average household spending on food less than half for 1st time in modern India
Average household spending on food less than half for 1st time in modern India
Source: IANS
2024-09-06 10:07:52 am
India set to be world`s 3rd-largest economy by decade`s end: Gautam Adani It is now well established that by the end of this decade, India is set to be the world’s third-largest economy under Prime Minister Narendra Modi-led government’s third term, Gautam Adani, the Chairman of the Adani Group, said here on Thursday.  In his address at the city’s Jai Hind College on the occasion of Teachers’ Day, Gautam Adani said that India is also positioned to consolidate the several groundbreaking initiatives launched by the government and conti...
India set to be world`s 3rd-largest economy by decade`s end: Gautam Adani
India set to be world`s 3rd-largest economy by decade`s end: Gautam Adani
Source: IANS
2024-09-06 09:48:09 am
Full literacy, zero poverty biggest boundary to break to become superpower: Gautam Adani Gautam Adani, the Chairman of the Adani Group, said here on Thursday that as India aspires to become a superpower, we must aim at breaking the final boundary to help the country take that giant leap -- full literacy and zero poverty.  Sharing his own life examples about how he broke several boundaries to take the Adani Group to scale new heights, Gautam Adani said the future belongs to those who dare to see beyond the present and recognise that today's limits are tomorrow's st...
Full literacy, zero poverty biggest boundary to break to become superpower: Gautam Adani
Full literacy, zero poverty biggest boundary to break to become superpower: Gautam Adani
Source: IANS
2024-09-06 09:43:27 am
GST rate much below revenue neutral rate to lessen burden on taxpayers: FM Nirmala Sitharaman Union Finance Minister Nirmala Sitharaman on Thursday said that the goods and services tax (GST) rate is much below the revenue neutral rate (RNR), originally suggested at 15.3 per cent, which means less burden on taxpayers.  The current average GST rate has decreased to 12.2 per cent as of 2023, much below the revenue neutral rate in GST, the Finance Minister said during an event organised by the Revenue Bar Association here. The government needs to raise revenue, "but simpli...
GST rate much below revenue neutral rate to lessen burden on taxpayers: FM Nirmala Sitharaman
GST rate much below revenue neutral rate to lessen burden on taxpayers: FM Nirmala Sitharaman
Source: IANS
2024-09-05 04:19:30 pm
India's GDP to expand 7.2% in FY25 despite lower Q1 growth, says cenbank chief Despite the moderation seen in India's first quarter gross domestic product growth (GDP), the South Asian economy is likely to achieve full year growth of 7.2% as projected, the Reserve Bank of India Governor Shaktikanta Das said on Thursday. India's economic growth slowed to 6.7% year-on-year in the April-June quarter, below the polled estimate of 6.9% and the RBI's projection of 7.1%, as a decline in government spending during national elections weighed. "Fundamental ...
India's GDP to expand 7.2% in FY25 despite lower Q1 growth, says cenbank chief
India's GDP to expand 7.2% in FY25 despite lower Q1 growth, says cenbank chief
Source: Reuters
2024-09-05 02:31:35 pm
Financial services sector must grow 20 times towards $30 trillion GDP goal by 2047 In order to achieve a $30 trillion GDP by 2047, India will require a 20 times growth in the financial services sector, with banks playing a pivotal role, a report showed on Thursday.  Future growth will require $4 trillion of capital base in banks, one-third of which will have to be fresh capital deployment, according to the report by Boston Consulting Group (BCG) in association with FICCI and Indian Banks’ Association. India's banking system is in a strong position today...
Financial services sector must grow 20 times towards $30 trillion GDP goal by 2047
Financial services sector must grow 20 times towards $30 trillion GDP goal by 2047
Source: IANS
2024-09-05 01:38:44 pm
Indian women leading 18pc of 111 unicorns in India: FM Indian women are rising the corporate ladder as they are leading about 18 per cent of 111 unicorns (valued at $1 billion) in the startup and financial technology space, said Nirmala Sitharaman, Union Finance Minister.  Speaking at a conference organised by the FICCI-FLO Chennai Chapter in Chennai, Sitharaman said the number of women directors in active corporate companies has increased more than three times in the last decade. From 2.58 lakh in 2014, women directors associated with...
Indian women leading 18pc of 111 unicorns in India: FM
Indian women leading 18pc of 111 unicorns in India: FM
Source: IANS
2024-09-05 12:46:41 pm
Passenger vehicle retail sales in India witness 5% decline in August 2024: FADA Federation of Automobile Dealers Associations (FADA) in its latest data has showed that passenger vehicle retail sales in India witnessed a 5 per cent on-year decline in August 2024 on account of delayed customer purchases, poor consumer sentiment and persistent heavy rains. The overall passenger vehicle (PV) registrations in August 2024 stood at 3,09,053 units, as compared to 3,23,720 units in August 2023.  According to the data, commercial vehicle registrations saw a 6 per cent year...
Passenger vehicle retail sales in India witness 5% decline in August 2024: FADA
Passenger vehicle retail sales in India witness 5% decline in August 2024: FADA
Source: Accord Fintech
2024-09-05 12:18:20 pm
Centre to create Aadhaar-like digital IDs for 11 crore farmers by FY27  In a bid to empower the farmers' community, the government is targeting to create digital identities for 11 crore farmers over the three fiscals which will be similar to Aadhaar card.  The goal is part of ‘AgriStack’ initiative which has been designed as a farmer-centric Digital Public Infrastructure (DPI) to streamline services and scheme delivery to farmers. A crucial feature of AgriStack is the introduction of a 'Farmer ID', similar to Aadhaar card,...
Centre to create Aadhaar-like digital IDs for 11 crore farmers by FY27
Centre to create Aadhaar-like digital IDs for 11 crore farmers by FY27
Source: IANS
2024-09-05 11:54:49 am
World Bank's suggestion for India to reconsider joining RCEP based on flawed assumptions: GTRI The Global Trade Research Initiative (GTRI) Founder Ajay Srivastava has said that the World Bank's suggestion for India to reconsider joining RCEP (Regional Comprehensive Economic Partnership) is based on flawed assumptions and outdated projections. He said for developing countries like India, policy decisions must be rooted in real-world data and a thorough understanding of the long-term implications.  GTRI Founder said India pulled out of the RCEP in 2019 after entering negotiat...
World Bank's suggestion for India to reconsider joining RCEP based on flawed assumptions: GTRI
World Bank's suggestion for India to reconsider joining RCEP based on flawed assumptions: GTRI
Source: IANS
2024-09-05 11:39:58 am
India remains fastest growing paper market in world: IPMA The Indian Paper Manufacturers Association (IPMA) in its latest report has said that India remains the fastest-growing paper market in the world with domestic consumption of packaging paper and paperboard growing at 8.2 per cent in 2023-24. It mentioned the domestic packaging paper & paperboard market stands at about 15 million tonnes which is nearly 65 per cent of the total paper, paperboard and newsprint market of 23 million tonnes in the country.  It said demand for better qual...
India remains fastest growing paper market in world: IPMA
India remains fastest growing paper market in world: IPMA
Source: Accord Fintech
2024-09-05 10:19:15 am
Indian central bank likely selling dollars to prevent rupee from dipping past 84, traders say  The Reserve Bank of India was likely selling U.S. dollars on Thursday to prevent the rupee from weakening past the key psychological level of 84, four traders told Reuters. The rupee was quoting at 83.9675 per U.S. dollar compared to 83.9650 in the previous session. The rupee "has not caught any relief" from the "helpful Asia cues" and again needs the help of RBI, a currency trader at a mid-sized private sector bank said. Other Asian currencies were higher o...
Indian central bank likely selling dollars to prevent rupee from dipping past 84, traders say
Indian central bank likely selling dollars to prevent rupee from dipping past 84, traders say
Source: Reuters
2024-09-05 09:39:59 am
A healthy India can help add Rs 15 lakh crore to its GDP by 2047 India is in an alarmingly inactive state, raising several health concerns, warns a report on Wednesday, which showed that boosting sports and physical activity in the country can add Rs 15 lakh crore to its GDP by 2047.  The report by Dalberg Advisors, a Global Consulting Firm showed that at least 155 million Indian adults and 45 million adolescents fail to meet the World Health Organization (WHO) guidelines on physical activity. The WHO advises that adults should get at least 150 to ...
A healthy India can help add Rs 15 lakh crore to its GDP by 2047
A healthy India can help add Rs 15 lakh crore to its GDP by 2047
Source: IANS
2024-09-04 04:16:40 pm
Over 78 lakh EPS pensioners can get pension from any bank, anywhere from Jan 1, 2025  The Centre on Wednesday approved the Centralised Pension Payments System (CPPS) that will benefit more than 78 lakh people under the Employee Pension Scheme (EPS), which is part of the Employees' Provident Fund Organisation (EPFO).  Dr Mansukh Mandaviya, Union Minister of Labour and Employment, said that EPS pensioners can get pension from any bank, any branch, anywhere in India from January 1, 2025. According to the ministry, there will also be no need for pensioners to ...
Over 78 lakh EPS pensioners can get pension from any bank, anywhere from Jan 1, 2025
Over 78 lakh EPS pensioners can get pension from any bank, anywhere from Jan 1, 2025
Source: IANS
2024-09-04 03:50:46 pm