NEW DELHI: India’s retail inflation rate in June reversed its five-month downward trend owing to an increase in food prices, and crossed the 5 per cent mark, prompting analysts to predict an extended pause on policy rates by the Reserve Bank of India (RBI). Separately, growth in the index...
MUMBAI: It is conceivable that India can become the world’s second-largest economy by 2031 and the largest economy by 2060, given the country’s inherent strengths, said Reserve Bank of India (RBI) Deputy Governor Michael Debabrata Patra. Speaking at the Lal Bahadur Shastri National Academy of Administration, Mussoorie on Tuesday,...
NEW DELHI: Having failed to come up with a viable proposition, government is now looking to hand over the operations of ailing telecom PSU MTNL to its bigger sibling BSNL, instead of merging the two state-run firms that have repeatedly been handed out bailouts, including around two years ago.The...
MUMBAI: India’s $100-billion private equity and venture capital world is in the crosshairs of the goods and services tax (GST) office. About a dozen such alternative investment funds (AIFs) have recently received notices, with the revenue department questioning why their schemes, housing the fund pools, are not registered under...
MUMBAI: A pronounced increase in government spending after the polls has injected fresh liquidity into the banking system, bringing down overnight borrowing rates, Treasury Bill yields and, in turn, short-term financing costs for Indian companies, even as the central bank seems to be in no great hurry to lower...
NEW DELHI: The Indian economy will grow around 7 per cent in the current fiscal year and is on track to maintain a similar growth rate for several years, NITI Aayog member Arvind Virmani said on Friday. Virmani said there are new challenges facing the country and they will...
NEW DELHI: Automotive dealers body FADA on Friday urged the government to introduce vehicle depreciation benefits for individual taxpayers, saying it will not only expand the taxpayer base but also ignite automobile demand. In its pre-budget wishlist, the Federation of Automobile Dealers Associations (FADA) also asked the finance ministry...
NEW DELHI: Auto industry body SIAM on Friday sought sops to promote EVs and suggested the government to bring in additional incentives for scrapping of vehicles in the upcoming Budget. The Society of Indian Automobile Manufacturers emphasised on a growth oriented Budget with focus on greater allocation for capital...
ISLAMABAD: Pakistan and the IMF have agreed on a USD 7 billion aid package spread over more than three years to help the cash-strapped country deal with its chronic economic issues. “Building on the economic stability achieved under the 2023 Stand-by Arrangement (SBA), IMF staff and the Pakistani authorities...
NEW DELHI: State-owned Hindustan Copper Ltd on Friday said it is likely to exceed its capex target of Rs 350 crore for the ongoing fiscal year. “Although this year’s capex target is Rs 350 crore, it is expected that the company may exceed the target like last year,” the...
MUMBAI: RBI governor Shaktikanta Das on Thursday indicated that interest rates may remain higher for longer. With a 4.75% rise in retail inflation in May, Das said that inflation numbers for June – which will be announced on Friday – are expected to be close to 5%, according to...
NEW DELHI: India Inc will be liable to goods and services tax, applicable from October 2023, on intra-group corporate guarantees that will be 1% per annum of the value of the loan guaranteed, according to a notification that brings into effect the provision approved by the GST Council. There...
NEW DELHI: India’s public procurement portal Government e Marketplace (GeM) may also become a vehicle for the government to invite bids for work contracts. A proposal in this regard will be submitted to the commerce ministry following stakeholder consultations, chief executive officer of GeM P K Singh said on...
NEW DELHI: Oil Minister Hardeep Singh Puri on Thursday called for stepping up oil and gas hunt to cut India’s reliance on imports and making available fuel at an affordable and sustainable way. Speaking at the Urja Varta conference, he said the exploration and production (E&P) sector is integral...
India’s thriving property market achieved a major milestone, surpassing China in the tally of homegrown realty companies valued at $1 billion. The South Asian nation is home to 36 such realty companies, climbing from just 7 six years ago, showed latest data compiled by Hurun Research Institute. The list...
NEW DELHI: An underwater-launched drone for surveillance, a UAV for neutralising underwater threat objects and developing detection of icing condition inflight for aircrafts are part of seven new projects Defence Research & Development Organisation (DRDO) has awarded to industries for various requirements of the armed forces, and aerospace and...
MUMBAI: The Red Sea crisis is likely to impact the margins of the auto component industry over the next few quarters amid higher container rates and shipping time, credit ratings agency ICRA said on Thursday, projecting a moderate growth for the industry this fiscal. Close to two-thirds of the...
NEW DELHI: The government needs to take steps such as reviewing personal income tax slabs in the upcoming Union Budget to drive private consumption, which in turn will drive private investment, Godrej & Boyce Executive Director & CEO, Anil G Verma said on Thursday. He also expressed optimism that...