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NEW DELHI: To instill greater competition in the telecom sector, the department of telecommunications (DoT) is working on a new structure for virtual network operators (VNOs). Virtual network operators, who function as resellers of bandwidth and services of licensed telecom operators, are currently permitted. However, their operations have not...
NEW DELHI: At a time when the global economy is still facing uncertainties, with growth decelerating in some of the most advanced economies, India’s economy has exhibited resilience and has been able to grow at a rate much higher than market expectations. Key macro-indicators such as consumer price index...
NEW DELHI: Exporters have asked for exemption from the new 45-day payment rule for micro, small and medium enterprises (MSMEs) that was brought in through amendments in the Income Tax Act, saying that time taken for overseas shipments and payment realisation would make it difficult to adhere to it....
NEW DELHI: April 1 marks the start of the new financial year (FY2024-25). All the updated regulations for the income tax regime outlined in the Union Budget take effect from this date. Finance Minister Nirmala Sitharaman announced the interim Budget in February, which will be effective from FY25. Here...
COLOMBO: Sri Lanka and India will review all the existing bilateral economic projects to ensure their timely implementation in a bid to enhance the bilateral economic ties, according to a statement issued by the office of President Ranil Wickremesinghe. The joint move was agreed upon by the two neighbouring...
NEW DELHI: The government on Sunday cut the price of natural gas produced from difficult areas like deep sea KG-D6 block of Reliance Industries, marginally to USD 9.87 per million British thermal unit in line with softening of benchmark international gas prices, an official notification said. However, the price...
NEW DELHI: The new Rs 500 crore scheme to promote electric mobility in India will come into force from Monday and continue till the end of July. Meanwhile, the second phase of FAME, or Faster Adoption and Manufacturing of Electric Vehicles in India (FAME-II) programme, ends on March 31,...
NEW DELHI: The government has set up a task force to explore the use of biochar in steel production as part of its efforts to reduce carbon emissions in the steel industry. According to official data, the domestic steel sector accounts for 12 per cent of India’s greenhouse gas...
NEW DELHI: GST field officers will now have to seek the approval of their zonal principal chief commissioners to initiate an investigation against any big industrial houses or major MNCs and levy duty on goods/services for the first time. The Central Board of Indirect Taxes and Customs (CBIC) has...
MUMBAI: In recent months, several pharma multinational corporations (MNCs) are increasingly turning to Indian companies to expand market reach in the country’s pharmaceuticals sector. Sanofi’s partnerships with Dr Reddy’s, Cipla, and Emcure, AstraZeneca and Mankind Pharma — teaming up for asthma medication distribution — are a few instances of...
NEW DELHI/MUMBAI: E-retailers like Amazon and Flipkart may soon have a new competitor in the government e-Marketplace (GeM). The public procurement portal has doubled the business it facilitated in a year by processing orders worth over Rs 4 trillion in 2023-24, and is now preparing to make itself available...
NEW DELHI/MUMBAI: The plan to bring overseas credit-card spend above a threshold under the Liberalised Remittance Scheme (LRS) and a 20% tax-collected-at-source (TCS) is unlikely to be implemented from April 1, as the government is inclined to defer it again till the elections are over, sources from the government...
MUMBAI: Alternative Investment Funds (AIFs) are seeking clarification from the central bank on the exclusion of equity shares from the definition of downstream investments. The industry wants to know whether the exclusion applies only to investments in equity shares or also includes private equity and venture capital investments in...
MUMBAI: Record foreign portfolio inflows in 2023-24 helped the rupee and bond to remain stable amid global uncertainties. Domestic markets received foreign inflows of Rs 3.23 trillion in the financial year FY24, as against an outflow of Rs 45,365 crore in FY23. The domestic economic conditions remained favorable with...
NEW DELHI: Prime Minister Narendra Modi on Friday cautioned that a powerful technology like AI in unskilled, untrained hands holds significant risk of misuse, as he advocated the need for clear ‘dos and don’ts’ and use of watermarks on AI-generated content to curb misinformation and deepfake-related harms in the...
MUMBAI: The gross non-performing assets (GNPA) of the Indian banking system are set to improve further to up to 2.1 per cent by the end of FY25, a report said on Friday. GNPAs are likely to come at 2.5-2.7 per cent in FY24 and will improve further to 2.1-2.4...
MUMBAI: European accelerator Starburst has formed a strategic collaboration with the Indian Institute of Management-Mumbai for promoting aerospace, new space, and defence (ASD) startups in India. Aimed at cultivating an ASD ecosystem centred around the prestigious B-School in India’s financial capital, the alliance would provide vital support and resources...
MUMBAI: Country’s largest IT services company TCS on Friday said it has trained 3.5 lakh employees in generative AI skills. The company, which had in January announced that 1.5 lakh staffers are trained in the skill sets of what is said to be the biggest opportunity for IT services...