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NEW DELHI: India’s merchandise exports this financial year will touch last year’s levels despite shipments contracting 6.5% year-on-year in the first eight months and slowdown in global trade, Commerce and Industry Minister Piyush Goyal said Wednesday. “Globally growth has been negative, international trade is in the negative territory, estimates...
NEW DELHI: The Union government’s total expenditure on explicit subsidies – food, fertiliser and LPG – is likely to drop 28% to Rs 3.98 trillion in the current fiscal year, from Rs 5.49 trillion in FY23. This is due to the softening of global prices of soil nutrients and...
NEW DELHI: The Centre on Wednesday cancelled the disinvestment plans of the Salem Steel Plant, the stainless steel making unit of the Steel Authority of India Ltd (SAIL), citing lack of interest from bidders. According to a statement from the Ministry of Finance, multiple EoIs had been received and...
CHENNAI: Steel giant ArcelorMittal has partnered with the Indian Institute of Technology, Madras to build “Asia’s first” Hyperloop test track facility here, the company said here on Wednesday. The companies, ArcelorMittal and ArcelorMittal Nippon Steel India (AM/NS), are providing foundational steel materials as well as engineering, design, and project...
US bankruptcy filings surged by 18 per cent in 2023 on the back of higher interest rates, tougher lending standards and the continued runoff of pandemic-era backstops, data published Wednesday showed, although insolvency case volumes remain well below the level seen before the outbreak of Covid-19. Total bankruptcy filings...
NEW DELHI: The Food Corporation of India (FCI) has allayed fears of any problems due to lower wheat procurement this year and expressed confidence in buying a quantity more than the annual requirement under all welfare schemes. Briefing the media on the achievement of FCI since its inception in...
NEW DELHI: Retirement fund manager EPFO has extended the deadline till May 31 for employers to upload wage details of those opting for higher pension to its database. Earlier, the deadline for employers to upload wage details for those opting for higher pension on higher contribution was December 31,...
MUMBAI: The Reserve Bank of India (RBI) on Tuesday proposed to tighten norms for dividend declaration by banks as it lowered the net non-performing asset (NPA) ratio for a lender to be eligible for paying dividends. In a draft circular released on Tuesday, the RBI said it would not...
NEW DELHI: With buoyant revenues likely ensuring that the 5.9% fiscal deficit target is met in the current financial year, the Centre may target to bring it t down to 5.2% in FY25, while sticking with the medium-term glide path for 4.5% deficit by FY26. However, this would entail...
NEW DELHI: In the free-trade negotiations that India is involved in, it may end up giving up more than what it can gain, trade policy think tank said on Tuesday citing a recent study. Even in labour-intensive sectors where New Delhi is seeking parity with competitors from the developing...
NEW DELHI: From Hindustan Unilever to ICICI Bank, HDFC Bank and Eicher Motors, almost all the big names of India Inc and thousands, if not lakhs, of smaller GST taxpayers have received tax demand on the eve of new year as authorities sought to meet the five-year deadline to...
NEW DELHI: Prime Minister Narendra Modi laid the foundation stone of important petroleum and natural gas projects worth more than Rs 9,000 crore on Tuesday. The two projects dedicated to the nation include Indian Oil Corporation Ltd’s (IOCL) 488-km-long natural gas pipeline from IP101 (Chengalpet) to IP 105 (Sayalkudi)...
NEW DELHI: India’s Mines Ministry has upped the ante as it eyes securing supplies for critical minerals specially lithium and cobalt, among others. Beyond getting into global alliances and participating across select projects; discussions are currently underway with Lat-Am nations, like Argentina, Chile and Bolivia (also called global Lithium...
NEW DELHI: The government has relaxed curbs for shifting of used IT hardware goods like laptops and desktops by a company in special economic zones (SEZs) to outside these duty free-enclaves or domestic tariff areas. SEZs are treated as deemed foreign territory for customs laws and bringing goods from...
NEW DELHI: Ministries of mines, steel and the department for promotion of industry and internal trade (DPIIT) will set up an internal mechanism to monitor the export of steel and aluminium products at concessional duties to the US, an official said. Indian exports of these products were earlier attracting...
NEW DELHI: The airports at Hyderabad and Bengaluru have been ranked second and third among the top ten global airports in terms of operational performance and punctuality, according to a report released on Tuesday. In the 2023 On-Time Performance (OTP) Review prepared by aviation analytics firm Cirium, there are...
ISLAMABAD: Cash-strapped Pakistan is expected to get USD 700 million as the next tranche of the bailout from the IMF as the Executive Board of the global lender meets on January 11, according to a media report on Tuesday. The board of the Washington-based International Monetary Fund is set...
NEW DELHI: India’s electronics manufacturing sector is set to grow 15 per cent to be worth USD 115 billion in 2024, with players continuing to focus more on higher levels of value addition in terms of components and development of products. The production of mobile phones, the poster boy...