Business
Corporate Funding In Solar Sector Globally Dips: Mercom
NEW DELHI: Total corporate funding in the solar sector globally fell by 10 per cent to USD 16.6 billion in January-June 2024 due to uncertainties in major markets including the US, according to Mercom Capital. In the first half of 2023, the global solar energy sector attracted USD 18.5...
ADB Retains India’s Growth Forecast At 7% For FY’25
NEW DELHI: The Asian Development Bank (ADB) on Wednesday maintained India’s GDP growth forecast at 7 per cent for the current financial year, citing that a rebound in agriculture is expected given above-normal monsoon projections. The ADB forecast comes a day after the International Monetary Fund revised upward its...
PwC For Extension Of Beneficial Tax Regime For New Manufacturing Firms
NEW DELHI: Tax consultancy firm PWC has urged Finance Minister Nirmala Sitharman to extend the beneficial tax regime for new manufacturing companies and introduce a comprehensive tax amnesty scheme for cases related to Customs. Sitharaman is scheduled to present the Union Budget for 2024-25 on July 23. “I think...
SEBI Proposes New Asset Class For Risk Takers
MUMBAI: The Securities and Exchange Board of India (Sebi) on Tuesday proposed a new asset class for investors with higher risk appetite and willing to put a higher amount – a move that is aimed at curtailing proliferation of unauthorised and unregistered products as well give another investment route...
IMF Raises India’s GDP Growth Forecast For FY25 To 7 Per Cent
NEW DELHI: The International Monetary Fund (IMF) Tuesday raised India’s FY25 growth projection to 7% from 6.8% forecast in April, retaining the country’s fastest-growing economy tag. The latest upgrade reflects carryover from upward revisions in 2023 and takes into account improved prospects for private consumption, particularly in rural areas....
Defence Ministry Notifies Fifth Indigenisation List Of 346 Items For DPSUs
NEW DELHI: With the aim of boosting Aatmanirbharta (self-reliance) in defence production and minimising imports by defence public sector undertakings (DPSUs), the Ministry of Defence (MoD) has notified a fifth positive indigenisation list (PIL) comprising 346 defence items. The MoD has ordered that “these items will only be procured...
Q2 Inflation Seen To Top RBI Forecast By Up To 50 Basis Points
NEW DELHI: Economists have raised their retail inflation forecasts for the July-September quarter of FY25 by 40-50 basis points (bps), as they expect prices of key food items, mainly vegetables, to stay elevated in the near-term, along with rising core inflationary pressures. An uptick to the Q2FY25 forecasts also...
UAE CEPA To Cause Revenue Loss, Bullion Market Disruption: Study
NEW DELHI: India is looking at the potential revenue losses of Rs 63,000 crore per annum as tariffs for imports of gold, silver, platinum and diamonds will become zero in coming years under the India-UAE comprehensive economic partnership agreement (CEPA) according to a study. Apart from revenue loss due...
NAREDCO Pitches For Raising Tax Exemption Limit On Home Loan Interest To Rs 5 Lakh
NEW DELHI: Realtors’ body NAREDCO on Tuesday suggested that the tax exemption on interest on self-occupied property loans should be increased to Rs 5 lakh in the upcoming budget from Rs 2 lakh currently to boost housing demand amid a rise in housing prices and mortgage rates. Builders also...
Telecom Ministry To Work On Actionable Plan On Issues Identified By Panels: Scindia
NEW DELHI: The telecom ministry will work on actionable plan with defined timelines on issues that have been discussed with telecom operators and other players in the sector, Union minister Jyotiraditya Scindia said on Tuesday.The minister held meetings with three of the six committees set by his ministry. The...
Govt Likely To Scale Down Fiscal Deficit Target To 5% Or Less In Budget: ICRA
NEW DELHI: The government is likely to lower fiscal deficit to 4.9-5 per cent of the GDP for this financial year in the upcoming Budget aided by revenue buoyancy. The government had pegged the fiscal deficit estimate at 5.1 per cent for the current fiscal year when it presented...
Auto Industry Needs 2 Lakh Skilled People By 2030 To Meet 30% EV Adoption Target: SIAM
NEW DELHI: Indian automotive industry will need up to 2 lakh skilled people by 2030 to meet the government’s vision of 30 per cent electric vehicle adoption, the Society of Indian Automobile Manufacturers said on Tuesday. A total talent investment of Rs 13,552 crore is expected for hiring and...
Sensex, Nifty Close At Record High Levels For Third Day In A Row
MUMBAI: Benchmark stock indices Sensex and Nifty settled at record high levels in their third straight day of gains on Tuesday following buying in FMCG, telecom and select IT shares and FII inflows. The 30-share BSE Sensex climbed 51.69 points or 0.06 per cent to settle at a new...
India’s Trade Deficit Narrows In June; Exports Fall To 7-Month Low
NEW DELHI: Growth in India’s merchandise exports fell to 2.6 per cent year-on-year in June from 13.5 per cent in May amid overseas muted demand. They plummeted to a seven-month low in June to $35.2 billion, the data released by the Department of Commerce showed. Merchandise imports expanded by...
Spike In Food Prices Pushes WPI Inflation To 16-Month High In June
NEW DELHI: India’s Wholesale Price Index (WPI)-based inflation rose for the fourth consecutive month in June to a 16-month high of 3.36 per cent from 2.61 per cent in May, primarily on the back of an adverse base effect and a sharp spike in food prices. Inflation in food...
Temasek Planning To Invest $10 Billion In India Over 3 Years Amid China Slump
MUMBAI: Temasek Holdings plans to grow its exposure to India by investing $2-3 billion annually over the next two to three years, said a senior executive. The Singapore sovereign wealth fund counts India among its two most preferred markets globally — the other being the US. “We plan to...
RBI Calls On Lenders To Hear Borrowers Before Declaring Account Fraud
MUMBAI: The Reserve Bank of India (RBI) has prescribed norms that lenders have to follow before classifying loan accounts as fraud. This is for ensuring compliance with principles of natural justice, one of whose tenets is that both sides to a dispute must be heard. The move follows the...
G20 Panel On Public Digital Infrastructure Bats For Global Plug & Play Use
NEW DELHI: India’s G20 task force on digital public infrastructure (DPI) has suggested that countries use plug-and-play models to deploy certain DPI while ensuring their sovereignty and data ownership, exhorting them to make their existing infrastructure universally applicable for common good. Releasing the task force’s report on Monday, India’s...
