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India has achieved financial inclusion targets in just 6 years: World Bank`s G20 document Underlining India's growth, a G20 document prepared by the World Bank has stated that India has achieved financial inclusion targets in just 6 years which would otherwise have taken at least 47 long years. The document highlights the groundbreaking measures taken by Central Government and the pivotal role of government policy and regulation in shaping the Digital Public Infrastructure (DPI) landscape. The document categorically noted that while DPIs’ role in this leapfrogging is ...
India has achieved financial inclusion targets in just 6 years: World Bank`s G20 document
India has achieved financial inclusion targets in just 6 years: World Bank`s G20 document
Source: Accord Fintech
8/09/2023 2:09:39 PM
Uttar Pradesh records increase in revenue collection in major departments  The Uttar Pradesh government’s revenue collection increased by Rs 1,220 crore in August 2023 as compared to the corresponding period last year. Even the excise department registered revenue increase of around Rs 300 crore as it collected around Rs 3,300 crore in August 2023 as compared to around Rs 3,000 crore in August last year. Clarifying on treasury data showing a loss of Rs 18.26 crore, Finance Minister Suresh Khanna said since the data was available only till August 30...
Uttar Pradesh records increase in revenue collection in major departments
Uttar Pradesh records increase in revenue collection in major departments
Source: IANS
7/09/2023 2:56:00 PM
Agro-chemical industry to grow more than 9% notwithstanding competition from China: NITI Aayog member Government think tank Niti Aayog member Ramesh Chand has said that India's agro-chemical industry has the potential to grow more than the current nine per cent notwithstanding the competition from China. He also observed that many Western countries are shifting from agrochemicals to biopesticides and the Indian industry needs to pay attention to this aspect. He urged the Agro Chem Federation of India (ACFI) to come out with a document on ease of doing business in agrochemicals. Chand h...
Agro-chemical industry to grow more than 9% notwithstanding competition from China: NITI Aayog member
Agro-chemical industry to grow more than 9% notwithstanding competition from China: NITI Aayog member
Source: Accord Fintech
7/09/2023 12:36:34 PM
Government may cut petrol, diesel price by Rs 3-5 a litre around Diwali Following the recent cut in domestic LPG prices, the Central government may cut petrol, diesel price by Rs 3-5 a litre around Diwali given that key state elections start from November-December, JM Financial Institutional Securities said in a report. Last week, the government cut the price of the domestic 14.2kg LPG cylinder by Rs 200/LPG cylinder for all 330 million consumers w.e.f. August 30. This was to give relief to the common man from the recent surge in inflation. OMCs marketin...
Government may cut petrol, diesel price by Rs 3-5 a litre around Diwali
Government may cut petrol, diesel price by Rs 3-5 a litre around Diwali
Source: IANS
6/09/2023 4:11:47 PM
Almost 7 crore income tax returns filed till Sep 5, says Government As many as 6.98 crore income tax returns (ITRs) have been filed till September 5, out of which 6.84 ITRs have been verified for the assessment year 2023-24, the government said on Tuesday. More than six crore ITRs of assessment year (AY) 2023-24 have been processed out of the verified ITRs as on September 5, the Income Tax Department said, informing that this resulted in the processing of over 88 per cent of the verified ITRs.  More than 2.45 crore refunds for assessment year 2023-...
Almost 7 crore income tax returns filed till Sep 5, says Government
Almost 7 crore income tax returns filed till Sep 5, says Government
Source: IANS
6/09/2023 9:45:55 AM
Implementation of multiple proposed regulatory specifications can push up commercial vehicle prices by 10-12%: ICRA Ratings agency ICRA in its report on the Indian commercial vehicle industry has said that Implementation of multiple proposed regulatory specifications can push up commercial vehicle prices by 10-12 per cent. It said the domestic automotive industry is undergoing rapid transformations, with increased focus by the government on implementing emission norms, safety systems and other standards that will bring the country at par with other major automotive markets. It stated ‘Within the I...
Implementation of multiple proposed regulatory specifications can push up commercial vehicle prices by 10-12%: ICRA
Implementation of multiple proposed regulatory specifications can push up commercial vehicle prices by 10-12%: ICRA
Source: Accord Fintech
5/09/2023 10:31:27 AM
Cognizant veteran Rajesh Nambiar appointed as Nasscom Chairperson IT industry’s apex body Nasscom on Monday announced the appointment of Rajesh Nambiar, Chairman and Managing Director, Cognizant India as its Chairperson. Nambiar takes on the new role from his previous role as Vice Chairperson succeeding Anant Maheshwari, ex-President of Microsoft India and now President and CEO of Honeywell’s High Growth Region portfolio. “As enterprises accelerate their journey towards digitalisation, they will evolve into adaptive entities capable ...
Cognizant veteran Rajesh Nambiar appointed as Nasscom Chairperson
Cognizant veteran Rajesh Nambiar appointed as Nasscom Chairperson
Source: IANS
4/09/2023 2:19:58 PM
India monitoring steel import situation -Government official India is monitoring the import situation on steel after shipments from China touched a five-year high in the first four months of the fiscal year that began in April, the country's steel secretary told Reuters on Monday
India monitoring steel import situation -Government official
India monitoring steel import situation -Government official
Source: Reuters
4/09/2023 12:26:09 PM
UK government in advanced talks over £500m Tata Steel aid package The UK government is in advanced talks with Britain's biggest steel producer to hand over a £500m aid package aimed at securing the long-term future of steelmaking in South Wales, Sky News reported. Whitehall officials and Tata Steel are close to agreeing a deal that would commit more than £1bn to the future of its Port Talbot steelworks, but which could ultimately result in thousands of job losses, Sky News reported. The terms of an agreement were subject to change, but...
UK government in advanced talks over £500m Tata Steel aid package
UK government in advanced talks over £500m Tata Steel aid package
Source: IANS
3/09/2023 5:51:45 PM
Centre may explore green masala bonds, InVITs to meet long-term renewable energy capacity investment The Central government's target of scaling up its renewable energy capacity to 500 Gigawatt (GW) by 2030 will require an investment of Rs 17 lakh crore for long-term commitments, and it may explore green masala bonds and infrastructure investment trusts (InVITs). However, this would also include associated transmission costs and the country would need an annual investment of Rs 1.5-2 lakh crore in renewable energy sector, against which the estimated investment for the last few years ha...
Centre may explore green masala bonds, InVITs to meet long-term renewable energy capacity investment
Centre may explore green masala bonds, InVITs to meet long-term renewable energy capacity investment
Source: IANS
3/09/2023 4:09:47 PM
India cuts windfall tax on petroleum crude The Indian government will cut the windfall tax on petroleum crude to 6,700 rupees ($81.03) per metric ton from 7,100 rupees starting on Saturday, according to a government notification issued on Friday. The government will also raise the windfall tax on diesel to 6 rupees per litre from 5.50 rupees, the notification said. The windfall tax on aviation turbine fuel will increase to 4 rupees per litre from 2 rupees, while the levy on petrol will remain at zero, according to the notificati...
India cuts windfall tax on petroleum crude
India cuts windfall tax on petroleum crude
Source: Reuters
2/09/2023 10:45:43 AM
Government launches invoice incentive scheme to improve tax compliance Government on Friday launched the "Mera Bill Mera Adhikaar" invoice incentive scheme, under which consumers will be encouraged to demand a GST invoice to improve tax compliance. "After being introduced on 1st July 2017, Goods and Services Tax #GST has become a gamechanger in India’s indirect tax system. As part of the overall scheme of things in #GST, #Mera_Bill_Mera_Adhikaar Invoice Incentive Scheme has been launched from TODAY to encourage the customers to ...
Government launches invoice incentive scheme to improve tax compliance
Government launches invoice incentive scheme to improve tax compliance
Source: IANS
1/09/2023 1:54:33 PM
66 countries to take part in UP`s International Trade Fair Nearly 400 participants from around 66 countries have confirmed their participation in the first UP International Trade Fair, scheduled to be held from September 21 to 25 in Greater Noida. A state government spokesperson said that majority of the countries and buyers are from Europe. “A total of 60 buyers from 15 European nations have confirmed their participation through registrations for the international trade show. Additionally, 50 buyers each from 11 countries from West Asia ...
66 countries to take part in UP`s International Trade Fair
66 countries to take part in UP`s International Trade Fair
Source: IANS
30/08/2023 2:29:47 PM
Government extends PLI scheme for automotive sector by 1 year until FY28: Mahendra Nath Pandey Union Heavy Industries Minister Mahendra Nath Pandey has said that the government has decided to extend the Rs 25,938-crore production-linked incentive (PLI) scheme for the automotive sector by one year. Post extension, the five-year scheme, originally in place from 2022-23 to 2026-27, will be active until 2027-28. At present, incentives are applicable under the scheme for determined sales of Advanced Automotive Technology (AAT) products (vehicles and components) manufactured in India from Ap...
Government extends PLI scheme for automotive sector by 1 year until FY28: Mahendra Nath Pandey
Government extends PLI scheme for automotive sector by 1 year until FY28: Mahendra Nath Pandey
Source: Accord Fintech
30/08/2023 11:05:58 AM
LPG price cut to have financial implication of Rs 7,680 cr in current fiscal As the government on Tuesday announced Rs 200 cut in the price of cooking gas cylinders for all subscribers, the financial implication of the decision will come to around Rs 7,680 crore for the 2023-24 fiscal, official sources said. Ujjwala scheme subscribers already get Rs 200 subsidy on cooking gas cylinders, while the reduction of Rs 200 in prices of LPG cylinders announced on Tuesday will be on top of that, Information and Broadcasting Minister Anurag Thakur told mediapersons after the...
LPG price cut to have financial implication of Rs 7,680 cr in current fiscal
LPG price cut to have financial implication of Rs 7,680 cr in current fiscal
Source: IANS
30/08/2023 9:38:29 AM
India`s automotive industry poised to rank number three in world by 2030: Government The government has said that India's automotive industry is poised to rank number three in the world by 2030, with various schemes like the Rs 25,938 crore Production Linked Incentive (PLI) for Automobile and Auto Components supporting the sector's growth. Ministry of Heavy Industries (MHI) considers the PLI-Auto applicants of automotive industry as one of the crucial stakeholders of the scheme. It emphasized that the goal of deep localization and development of Advanced Automotive...
India`s automotive industry poised to rank number three in world by 2030: Government
India`s automotive industry poised to rank number three in world by 2030: Government
Source: Accord Fintech
29/08/2023 12:39:47 PM
More than 1.5 crore jobs created in nine organised sectors under PM Narendra Modi Government : Bhupender Yadav Union Minister for Labour and Employment Bhupender Yadav has said that more than 1.5 crore jobs have been created in nine organised sectors, including information technology, manufacturing, trade, transport, education, hospitality and medical sector, besides agriculture during the Modi government's tenure. Yadav said along with the expansion of manufacturing capacities in the country, the registration of new industries and enrolment of new members in the Employees' Provident Fund O...
More than 1.5 crore jobs created in nine organised sectors under PM Narendra Modi Government : Bhupender Yadav
More than 1.5 crore jobs created in nine organised sectors under PM Narendra Modi Government : Bhupender Yadav
Source: Accord Fintech
29/08/2023 11:28:41 AM
India will become one of world's top 3 economies in this decade: Prime Minister Narendra Modi India will become one of the world's top three economies in this decade, Prime Minister Narendra Modi said on Monday, after virtually distributing around 51,000 appointment letters to newly inducted recruits in government departments and organisations, under Rozgar Mela. "India will become one of the world's top three economies in this decade. When I give this guarantee, I will do that with full responsibility," he said. Lauding the Jan Dhan scheme, which was launched ...
India will become one of world's top 3 economies in this decade: Prime Minister Narendra Modi
India will become one of world's top 3 economies in this decade: Prime Minister Narendra Modi
Source: IANS
28/08/2023 4:55:46 PM
Governments ONDC reaches 50K restaurants, takes on Zomato-Swiggy dominance Giving a tough fight to Zomato-Swiggy dominance in online food delivery market, Open Network for Digital Commerce (ONDC), an initiative of the government, on Monday said that 50,000 restaurants are now live for placing online orders on the Open Network, across 172 cities. The number of restaurants on the Open Network shot up from 500 in February 2023 to 50,000 in August 2023, depicting exponential growth. “What started with our first order in September 2022, the Network has onboar...
Governments ONDC reaches 50K restaurants, takes on Zomato-Swiggy dominance
Governments ONDC reaches 50K restaurants, takes on Zomato-Swiggy dominance
Source: IANS
28/08/2023 2:02:46 PM
GDP growth in Q1FY24 should be good; government priority is to tame inflation: FM Nirmala Sitharaman Finance Minister Nirmala Sitharaman has said that India's Gross domestic product (GDP) growth in the first quarter of this fiscal (Q1FY24) should be good and that the government's priority is to tame inflation, which has touched a 15-month high. She also said that green shoots of private capital expenditure upcycle can be palpably felt as the government's enhanced capital expenditure is now crowding in private sector investments.  Mentioning about the key priorities of the...
GDP growth in Q1FY24 should be good; government priority is to tame inflation: FM Nirmala Sitharaman
GDP growth in Q1FY24 should be good; government priority is to tame inflation: FM Nirmala Sitharaman
Source: Accord Fintech
28/08/2023 11:14:01 AM
Government decides not to allow basmati rice exports below $1,200 per tonne The government on Sunday said that it has decided not to allow exports of basmati rice below $1,200 per tonne to restrict possible “illegal” shipment of white non-basmati rice in the garb of premium basmati rice. In a statement, the commerce ministry said it has directed trade promotion body APEDA not to register contracts below $1,200 per tonne. Existing contracts below $1,200 per tonne have been kept in abeyance. A committee under the chairman of APEDA will be set up to...
Government decides not to allow basmati rice exports below $1,200 per tonne
Government decides not to allow basmati rice exports below $1,200 per tonne
Source: IANS
27/08/2023 4:57:30 PM
India considering Electric Vehicles for priority sector lending, official says India's finance ministry is considering a proposal to include electric vehicles under the Reserve Bank of India's (RBI) priority sector guidelines, a move that would make it cheaper to raise funds, a government official said on Saturday. The proposal was made to the finance ministry by the power ministry. "We will discuss with the RBI, and a detailed examination will be done," the official said, requesting anonymity because the discussions are ongoing. Allowing fina...
India considering Electric Vehicles for priority sector lending, official says
India considering Electric Vehicles for priority sector lending, official says
Source: Reuters
27/08/2023 9:11:55 AM
T T trades higher on inking MOU with Uttar Pradesh Government T.T. is currently trading at Rs. 87.64, up by 3.52 points or 4.18% from its previous closing of Rs. 84.12 on the BSE. The scrip opened at Rs. 85.20 and has touched a high and low of Rs. 88.00 and Rs. 85.20 respectively.  The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 109.90 on 03-Nov-2022 and a 52 week low of Rs. 64.75 on 28-Mar-2023. Last one week high and low of the scrip stood at Rs. 88.00 and Rs. 82.30 respectively. The current market ...
T T trades higher on inking MOU with Uttar Pradesh Government
T T trades higher on inking MOU with Uttar Pradesh Government
Source: Accord Fintech
25/08/2023 12:41:09 PM
Government to launch `Mera Bill Mera Adhikar` scheme to encourage customers to ask for bills The government in association with state governments is launching an 'Invoice incentive Scheme' by the name 'Mera Bill Mera Adhikaar' to encourage the culture of customers asking for invoices and bills for all purchases. The objective of the scheme is to bring a cultural and behavioural change in the general public to 'Ask for a Bill' as their right and entitlement. The scheme will be launched on September 1. This scheme will initially be launched as a pilot i...
Government to launch `Mera Bill Mera Adhikar` scheme to encourage customers to ask for bills
Government to launch `Mera Bill Mera Adhikar` scheme to encourage customers to ask for bills
Source: IANS
25/08/2023 9:47:02 AM
Government e-Marketplace crosses Rs 1 lakh crore GMV within 145 days in FY24 Amid accelerated growth, increased efficiency and unwavering trust, Government e-Marketplace (GeM) crossed Rs 1 lakh crore Gross Merchandise Value (GMV) within a remarkable span of 145 days in the current financial year (FY24). The average GMV per day has also witnessed significant growth from Rs 412 crore per day in FY23 to Rs 690 crore per day in FY24. This outstanding achievement underscores GeM's commitment to revolutionizing government procurement and signifies a substantial impro...
Government e-Marketplace crosses Rs 1 lakh crore GMV within 145 days in FY24
Government e-Marketplace crosses Rs 1 lakh crore GMV within 145 days in FY24
Source: Accord Fintech
24/08/2023 12:57:20 PM
G20 poured record levels of public money into fossil fuels in 2022 In 2022, G20 members spent $1.4 trillion to support fossil fuels and they could raise an additional $1 trillion per year by establishing a carbon tax floor of $25-50/tCO2e. These funds could help solve some of the most pressing global issues, according to a new report released on Wednesday. G20 members provided a record $1.4 trillion in public money to support fossil fuels in 2022, according to the study “Fanning the Flames: G20 Provides Record Financial Support for Fossil Fuels&r...
G20 poured record levels of public money into fossil fuels in 2022
G20 poured record levels of public money into fossil fuels in 2022
Source: IANS
23/08/2023 5:11:30 PM
Government allocates addl 2L metric tonnes quota of sugar ahead of festival season Keeping in view the strong demand for sugar during the upcoming festival season, an additional quota of 2 lakh metric tonnes (over and above 23.5 LMT already allocated for this month) is being allocated for August by the government. The additional sugar in domestic market will ensure reasonable prices all over the country, official sources said. Despite 25 per cent increase in international sugar prices in the last one year, the average retail price of sugar in the country is about Rs 4...
Government allocates addl 2L metric tonnes quota of sugar ahead of festival season
Government allocates addl 2L metric tonnes quota of sugar ahead of festival season
Source: IANS
23/08/2023 9:50:54 AM
Chandigarh witnessing surge in startup culture: Advisor As a startup policy is ready, Chandigarh is witnessing an extraordinary surge in startup culture, positioning it as a startup hub for innovation and entrepreneurship, said Dharam Pal, Advisor to the UT Administrator, at a CII event here on Tuesday. The theme for the session was ‘Be innovative, Be entrepreneurial, Be here’, which was organised as part of the CII initiative ICONN 2023.   Speakers at the session shared government strategies and policies being undertaken to...
Chandigarh witnessing surge in startup culture: Advisor
Chandigarh witnessing surge in startup culture: Advisor
Source: IANS
23/08/2023 9:46:29 AM
Centre starts onion procurement at Rs 2,410 per quintal to protect farmers` interests: Piyush Goyal Union Minister Piyush Goyal on Tuesday said the Central government has started onion procurement at Rs 2,410 per quintal in Maharashtra to protect farmers amid export curbs. "NCCF and NAFED had started the sale of onions at subsidised rate of Rs 25 per kg to consumers across the country on Monday. Today, a further boost will be given. Both consumers and farmers are precious for us. I urge the farmers to not worry, and sell their produce at good price," Goyal said in a press confe...
Centre starts onion procurement at Rs 2,410 per quintal to protect farmers` interests: Piyush Goyal
Centre starts onion procurement at Rs 2,410 per quintal to protect farmers` interests: Piyush Goyal
Source: IANS
22/08/2023 2:25:33 PM
Global uncertainty, domestic disruptions to keep inflation high for coming months: Economic review Alhough domestic consumption and investment demand are expected to continue driving growth, global uncertainty and domestic disruptions may keep inflationary pressures elevated for the coming months, warranting greater vigilance by the Centre and the RBI, says the monthly economic review released by the Finance Ministry on Tuesday. The review noted that the government has already taken pre-emptive measures to restrain food inflation which, along with the arrival of fresh stock, is likely t...
Global uncertainty, domestic disruptions to keep inflation high for coming months: Economic review
Global uncertainty, domestic disruptions to keep inflation high for coming months: Economic review
Source: IANS
22/08/2023 12:33:53 PM
India says inflation pressures warrant government , central bank vigilance Inflationary pressures in India caused by global uncertainty and domestic disruptions will require greater vigilance by the government and the central bank, the finance ministry said in its monthly economic report on Tuesday.
India says inflation pressures warrant government , central bank vigilance
India says inflation pressures warrant government , central bank vigilance
Source: Reuters
22/08/2023 11:21:14 AM
Quote on the impact Export duty on Onions By Dr. V K Vijayakumar,Geojit Financial Services Below Quote on the impact Export duty on Onions 21 August 2023 By Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services. When Agri produce prices go up farmers will gain and consumers will lose. The government’s role is to strike a balance ensuring remunerative prices to farmers and reasonable prices to consumers. In this context, the decision to impose a 40% duty on export of onions is justified. It is normal for governments to intervene to hold pri...
Quote on the impact Export duty on Onions By Dr. V K Vijayakumar,Geojit Financial Services
Quote on the impact Export duty on Onions By Dr. V K Vijayakumar,Geojit Financial Services
Source: Geojit Financial Services
21/08/2023 7:48:38 PM
Haryana to roll out policy for CNG infrastructure The Haryana government is set to launch a significant initiative -- the 'Right of Use and Right of Way' policy -- aimed at facilitating the smooth establishment of the CNG and PNG distribution network.This policy is poised to play a pivotal role in enhancing infrastructure flexibility and catalyzing progress, said Chief Secretary Sanjeev Kaushal on Monday. He was presiding over a comprehensive review meeting, convened by the Department of Industries and Commerce, Haryana, markin...
Haryana to roll out policy for CNG infrastructure
Haryana to roll out policy for CNG infrastructure
Source: IANS
21/08/2023 4:23:42 PM
Government sets target of raising port capacity to more than 10,000 MTPA by 2047:Sarbananda Sonowal Union Minister for Ports, Shipping and Waterways Sarbananda Sonowal has said that the government has set itself a target of raising the country's port capacity to more than 10,000 Million Ton Per Annum (MTPA) from the current 2,600 MTPA by 2047. he also said the government will soon set up a Bureau of Port Security to upgrade security across all ports in the country.  Sonowal said the country's maritime sector is poised for substantial growth with over Rs 10 lakh crore worth o...
Government sets target of raising port capacity to more than 10,000 MTPA by 2047:Sarbananda Sonowal
Government sets target of raising port capacity to more than 10,000 MTPA by 2047:Sarbananda Sonowal
Source: Accord Fintech
21/08/2023 12:20:07 PM
Government will adhere to fiscal deficit target of 5.9% for FY24: T V Somanathan Finance Secretary T V Somanathan has said that the government will stick to the fiscal deficit target of 5.9 per cent of the Gross domestic product (GDP) in FY24 as robust tax, non-tax collections will help meet the spending requirement and make up for any shortfall in disinvestment proceeds. He said although there would be a shortfall with respect to disinvestment, this shortfall would be met by non-tax revenue mobilisation. It stated ‘Disinvestment target is unlikely to be met. How...
Government will adhere to fiscal deficit target of 5.9% for FY24: T V Somanathan
Government will adhere to fiscal deficit target of 5.9% for FY24: T V Somanathan
Source: Accord Fintech
21/08/2023 10:11:49 AM
Powered by Government push, UPI transactions shot up to Rs 83.2L cr in 2022 Unified payments interface (UPI) transactions rose manifolds between 2018 and 2022 in terms of value as well as volume, by 1,320 per cent and 1,876 per cent respectively. In 2018, UPI transactions in terms of volume stood at 374.63 crore, which went up by 1,876 per cent to 7,403.97 crore in 2022. In terms of value, the UPI transactions were Rs 5.86 lakh crore in 2018, which went up by 1,320 per cent to Rs 83.2 lakh crore in 2022. RBI had in February this year allowed access to foreig...
Powered by Government push, UPI transactions shot up to Rs 83.2L cr in 2022
Powered by Government push, UPI transactions shot up to Rs 83.2L cr in 2022
Source: IANS
20/08/2023 1:44:10 PM
Government imposes 40% duty on onion export The government on Saturday imposed a 40 per cent export duty on onion exports till December 31. The announcement was made through a notification on Saturday. This notification shall come into force with immediate effect, and will remain in force up to and inclusive of the December 31, 2023. The prices of several vegetables including onion, potato and tomatoes have skyrocketed in last few weeks. Following the soaring prices of tomatoes, the government decided that it will sell tomatoe...
Government imposes 40% duty on onion export
Government imposes 40% duty on onion export
Source: IANS
20/08/2023 8:57:12 AM
Indian Government bond yield curve to steepen over medium term - DBS Bank`s Ashhish Vaidya India's flat government bond yield curve will steepen over the medium term as elevated inflation falls back within the central bank's comfort zone in a few months and prompts short-end debt purchase, the treasury head of DBS Bank India said on Friday. Separately, the benchmark 10-year bond yield, which is near its peak, is unlikely to sustain a breach of the crucial 7.25% mark in the near term, said Ashhish Vaidya, managing director and head of treasury and markets. "The be...
Indian Government bond yield curve to steepen over medium term - DBS Bank`s Ashhish Vaidya
Indian Government bond yield curve to steepen over medium term - DBS Bank`s Ashhish Vaidya
Source: Reuters
18/08/2023 12:59:41 PM
Younger startups in India are now disrupting the normal: MoS IT   The centre of gravity of technology is finally moving to open source systems and younger startups in India are now disrupting the normal, Minister of State for Electronics and IT, Rajeev Chandrasekhar, said on Thursday. Addressing the G20 ‘Digital Innovation Alliance’ summit in Bengaluru, the Minister said that three trends are happening that are of interest to startups which are part of the innovation economy. “The centre of gravity of tech, which used to be...
Younger startups in India are now disrupting the normal: MoS IT
Younger startups in India are now disrupting the normal: MoS IT
Source: IANS
17/08/2023 1:57:41 PM
Indian government plans stake sale in Indian Railways` funding arm The Indian government is considering selling some of its stake in the state-owned Indian Railway Finance Corp (IRFC) as it aims to meet its divestment targets for the year, two government officials told Reuters on Wednesday. The government owns a little over 86% of the Indian Railways' funding arm. "The stake sale would take place soon," a government official said, adding that while the government is yet to decide the exact quantum of sale, it will aim to sell up to 11% in...
Indian government plans stake sale in Indian Railways` funding arm
Indian government plans stake sale in Indian Railways` funding arm
Source: Reuters
16/08/2023 2:34:53 PM
Centre hikes windfall tax on crude, diesel and jet fuel  The government on Monday raised the windfall tax on domestically-produced crude, diesel and aviation turbine fuel (ATF) or jet fuel. The windfall tax on crude oil will increase from Rs 4,250 to Rs 7,100 per tonne, according to a gazette notification issued on Monday. It has also increased the levy on diesel from Rs 1 to Rs 5.50 per litre and on jet fuel from nil to Rs 2 per litre. The new rates will be applicable from August 15 onwards, the notification said. India had first...
Centre hikes windfall tax on crude, diesel and jet fuel
Centre hikes windfall tax on crude, diesel and jet fuel
Source: IANS
15/08/2023 9:45:26 AM
`G20 nations praise India`s digital public goods infrastructure`: Nirmala Sitharaman Finance Minister Nirmala Sitharaman on Monday said that G20 nations look up to India and praise the achievements in its digital public goods infrastructure.  "Today, when I address the G20 nations, we are proud to highlight that all of them admire India for its prolific use of technology and its leadership in utilising digital public goods. A significant portion of our Indian youth are making remarkable contributions in these areas," she said in a video address.  The...
`G20 nations praise India`s digital public goods infrastructure`: Nirmala Sitharaman
`G20 nations praise India`s digital public goods infrastructure`: Nirmala Sitharaman
Source: IANS
15/08/2023 9:33:13 AM
India's retail inflation rises to a 15 month high on food prices -India's annual retail inflation in July rose to its highest in 15 months due to surging food and vegetable prices, government data showed on Monday. India's annual retail inflation rose sharply to 7.44% in July from 4.87% the previous month. A Reuters poll of 53 economists had forecast a rate of 6.40%. The figure was the highest since April 2022, when the print was 7.79%. Food inflation, which accounts for nearly half of the overall consumer price basket, rose at a staggering p...
India's retail inflation rises to a 15 month high on food prices
India's retail inflation rises to a 15 month high on food prices
Source: Reuters
14/08/2023 6:11:36 PM
Foxconn to establish industrial parks, optimise business in India: Chairman Hon Hai Technology Group (Foxconn) said on Monday it will plan to establish industrial parks and optimise the business environment in India in terms of infrastructure, policies and laws. Foxconn Chairman Young Liu said that since they entered India in 2005, its revenue, number of employees, and investment scale have grown exponentially. “At present, it is mainly engaged in the ICT final assembly business. Going forward, Hon Hai will actively deploy work in the area of key componen...
Foxconn to establish industrial parks, optimise business in India: Chairman
Foxconn to establish industrial parks, optimise business in India: Chairman
Source: IANS
14/08/2023 3:34:11 PM
India`s merchandise trade deficit at $20.67 billion in July  India's merchandise trade deficit in July stood at $20.67 billion, according to a Reuters calculation based on export and import data released by the government on Monday. Economists expected a July trade deficit of $21 billion, according to a Reuters poll. Merchandise exports stood at $32.25 billion, while imports were $52.92 billion in July, government data showed. In the previous month, merchandise exports were $32.97 billion, while imports stood at $53.10 billion. Servi...
India`s merchandise trade deficit at $20.67 billion in July
India`s merchandise trade deficit at $20.67 billion in July
Source: Reuters
14/08/2023 2:52:36 PM
Government closely monitoring FTAs with ASEAN, Korea: Anupriya Patel Minister of State for Commerce and Industry Anupriya Patel has said that the government is closely monitoring all the free trade agreements (FTAs) which it has signed and based on stakeholder consultations, existing FTAs with ASEAN and Korea are being reviewed. She said the government is negotiating FTAs with the European Union, the UK, European Free Trade Association (EFTA) and Canada.  The minister stated that these negotiations or its review are a long-drawn process and the timelin...
Government closely monitoring FTAs with ASEAN, Korea: Anupriya Patel
Government closely monitoring FTAs with ASEAN, Korea: Anupriya Patel
Source: Accord Fintech
14/08/2023 12:35:59 PM
India wholesale price index fell 1.36% in July India's wholesale price index fell 1.36% year-on-year in July, government data showed on Monday. Economists polled by Reuters had estimated the wholesale price index for July would fall 2.70%.
India wholesale price index fell 1.36% in July
India wholesale price index fell 1.36% in July
Source: Reuters
14/08/2023 12:33:31 PM
Government likely to disburse about Rs 13,000 crore to eligible firms under PLI schemes: DPIIT secretary Secretary in the Department for promotion of Industry and Internal Trade (DPIIT) Rajesh Kumar Singh has said that the government is expected to disburse about Rs 13,000 crore to eligible firms seeking benefits under the production linked incentive (PLI) schemes, even though an exercise is going on to tweak the scheme for those sectors which have not yet picked up well. He said from the current year onwards, the disbursal number will be significantly larger. The government disbursed only Rs 2,...
Government likely to disburse about Rs 13,000 crore to eligible firms under PLI schemes: DPIIT secretary
Government likely to disburse about Rs 13,000 crore to eligible firms under PLI schemes: DPIIT secretary
Source: IANS
14/08/2023 12:20:53 PM