Business
FPIs Turn Net Seller Of Bonds First Time Since Index Inclusion
MUMBAI: Foreign portfolio investors (FPIs) turned net sellers of government securities under the fully accessible route (FAR) for the first time in November since their inclusion into the JPMorgan emerging market index. FPIs outflows were primarily driven by volatility in the rupee, narrowing interest rate differential between the US...
Exports Of India’s Medical Technology Industry Could Reach USD 20 Billion By 2030: CII
NEW DELHI: India’s medical technology industry is expected to touch exports of up to USD 20 billion by 2030 but the sector needs more government incentives and further ease of doing business to accelerate overseas shipments, industry body CII said on Friday. The production linked incentive (PLI) scheme for...
Fiscal Deficit At 46.5 Per Cent Of Full-Year Target At October-End: Govt Data
NEW DELHI: The Centre’s fiscal deficit at the end of the first seven months of financial year 2024-25 touched 46.5 per cent of the full-year target, government data showed on Friday. In absolute terms, the fiscal deficit — the gap between government’s expenditure and revenue — was at Rs...
Banks’ Credit To Industry Grows By Eight Per Cent In October: RBI Data
MUMBAI: Banks’ credit to industry grew by 8 per cent in October 2024 compared to 4.8 per cent in the year-ago period, according to the RBI data released on Friday. The Reserve Bank data also showed that credit to agriculture and allied activities registered a growth of 15.5 per...
Sentiments Of Realtors, Financial Institutions Remain Positive For Future Growth: Report
NEW DELHI: Real estate developers and financial institutions are upbeat about growth potential of the realty sector for the six months ending March next year, according to Knight Frank and NAREDCO. Real estate consultant Knight Frank and realtors’ body NAREDCO on Friday released ‘Real Estate Sentiment Index Q3 2024...
Sensex Rebounds 759 Points, Nifty Ends Above 24,100
MUMBAI: Benchmark Sensex rallied 759 points while Nifty closed above 24,100 on Friday following buying in frontline stocks Bharti Airtel and Reliance Industries. The 30-share BSE Sensex jumped 759.05 points or 0.96 per cent to settle at 79,802.79. During the day, it soared 880.16 points or 1.11 per cent...
Inflation Keeps RBI Rate Cuts On Hold Until February 2025, Shows Poll
BENGALURU: The Reserve Bank of India (RBI) is likely to hold steady on interest rates during its December 6 meeting. Rising consumer inflation has prompted many economists to push their predictions for the next rate cut back to February, according to a recent Reuters poll. Annual retail inflation in...
Corporates Increase Hedging As Shield Against Rate Volatility
MUMBAI: A host of companies are aggressively hedging in the interest rate derivatives market to help shield themselves against volatility in interest rates. The companies, which are locking in current rates in the overnight indexed swap (OIS) market, include Reliance Industries, Adani Enterprises, National Bank for Financing Infrastructure and...
India’s Gig Economy May Add 90 Million Jobs, Contribute 1.25% To GDP
BENGALURU: The gig economy market is expected to grow at a compounded annual growth rate (CAGR) of 17 per cent to reach a gross volume of $455 billion by 2024, according to a white paper by the Forum for Progressive Gig Workers. Its contribution to India’s gross domestic product...
Deposit Growth Slightly Outpaces Credit Growth At 11.21%: RBI Data
MUMBAI: Credit growth in the fortnight ending November 15 slowed to 11.15 per cent year-on-year (Y-o-Y), while deposit growth slightly outpaced credit growth, reaching 11.21 per cent Y-o-Y, according to the latest data from the Reserve Bank of India (RBI). Data shows that outstanding deposits in the fortnight ending...
December GST Meet To Consider Inclusion Of Natural Gas
NEW DELHI: The Union finance ministry has received a proposal from the petroleum ministry for inclusion of natural gas under the ambit of the Goods and Services Tax (GST), and will likely take it to the GST Council as it meets in Rajasthan’s Jaisalmer on December 21. The GST...
India Actively Engaged With 30 Nations For Mutual Recognition Agreements: CBIC Chairman
NEW DELHI: Central Board of Indirect Taxes and Customs chairman Sanjay Kumar Agarwal on Thursday said India is actively pursuing negotiation for signing of mutual recognition agreements (MRAs) with customs authorities of about 30 countries. Mutual recognition agreements help ease overseas trade by avoiding dual certifications. It thus reduces...
Generative AI Will Enhance Effectiveness Of Tax Functions: Report
NEW DELHI: Most of the CFOs as well as finance and tax leaders in India believe generative AI (GenAI) will significantly enhance the effectiveness of their tax functions, said a study on Thursday. Globally, 87 per cent of leaders echo this sentiment, underscoring GenAI’s potential to revolutionize tax functions...
Government Collects Rs 1.44 Lakh Crore In Toll Tax Since 2000
NEW DELHI: The government has collected Rs 1.44 lakh crore as toll tax at fee plazas presently operational under Public Private Partnerships (PPP) model on National Highways since December 2000, Parliament was informed on Thursday. In a written reply to a question in the Lok Sabha, road transport and...
IT Hiring Expected To Grow By 10-12 Per Cent In Next Six Months: Report
MUMBAI: IT services hiring is expected to grow 10-12 per cent in the next six months following rapid evolution of technology which is reshaping industries and economies worldwide, a report said on Wednesday. Emerging technologies such as Generative AI, Deep Tech, and Quantum Computing emerge are set to create...
100% FDI In Insurance May Attract Global Firms, Boost Competition: Experts
NEW DELHI: It has been nearly a quarter of a century since the Indian insurance sector was liberalised. Despite the presence of 27 life insurers, 34 non-life insurers, one domestic reinsurer, and ten foreign reinsurance branches, the need for a greater number of players — particularly specialised ones —...
Govt May Opt For Staggered Roll-Out Of Social Security Code
NEW DELHI: The government may not roll out all provisions of the Code on Social Security (CSS) in one go, given the industry’s concerns of the “financial burden” from the implementation of a few provisions designed to help platform and gig workers, official sources said. The CSS, one of...
India And EU Discuss Free Trade Agreement, Security, And Strategic Cooperation
BRUSSELS: India and the European Union (EU) held their 5th Strategic Partnership Review Meeting in Brussels, with a focus on advancing key initiatives such as the Free Trade Agreement (FTA), investment protection, and cooperation on global issues. The meeting on November 22, 2024, co-chaired by Tanmaya Lal, Secretary (West)...
