Business
India Seeks To Restart Stalled Adani Coal Imports Probe
NEW DELHI: Investigators are seeking to restart a probe into Adani Group for alleged overvaluation of coal imports and have asked the Supreme Court to allow them to collect evidence from Singapore, a step they say the company thwarted for years, legal documents show. The Directorate of Revenue Intelligence...
India’s G20 Presidency Advocated Solutions From Within Global South: EAM
NEW DELHI: External Affairs Minister S Jaishankar on Friday said that India’s G20 Presidency advocated for finding solutions from within the Global South. He said that India walked the talk by hosting the first Voice of the Global South Summit in January 2023 and added that the nations were...
Indian E-Commerce Exports Should Touch $200 Billion In Next 6-7 Years: DGFT
NEW DELHI: India’s e-commerce ecosystem is about to explode in the near future as exports may touch $200 billion during the next six-seven years from the current $1.2 billion, said Santosh Kumar Sarangi, director general (DG), Directorate General of Foreign Trade (DGFT) at an event on Friday. Addressing the...
NHAI To Award Rs 44,412-Crore Worth BOT Projects This Fiscal
NEW DELHI: To bring private investments back in the highway construction sector, the National Highways Authority of India (NHAI) has decided to award 937-km-long of stretches entailing investments of Rs 44,412 crore via the build operate transfer (BOT) model in the current financial year, a senior official said Friday....
NBFCs To Face More Heat Than Banks
MUMBAI: The Reserve Bank of India’s (RBI) move on Thursday to increase risk weight on banks and non-banking finance companies’ (NBFCs) unsecured personal loan and credit card portfolio would likely hit the capital adequacy ratio (CRAR) of NBFCs more against that of banks, experts say. According to a report...
RBI Tightens Norms, Raises Risk Weights For Personal Loans And Credit Cards
MUMBAI: After cautioning banks and non-banking financial companies (NBFCs) on surging unsecured loans like personal loans and those on the credit card, the Reserve Bank of India (RBI) on Thursday increased the risk weighting for such loans from 100 per cent to 125 per cent. The risk weighting for...
India’s GDP To Grow 6-7.1% During 2024-2026, Growth Prospects Strong: S&P
NEW DELHI: India’s economic growth prospects remain robust over the medium term, with its gross domestic product (GDP) expected to grow between 6 per cent and 7.1 percent annually in 2023-24 (FY24) through 2025-26, S&P Global said in its latest report on Thursday. “Economic growth momentum to continue. India’s...
Indian Economy Still Not Out Of Woods, Says RBI
MUMBAI: Retail inflation has moderated due to monetary policy action and supply side interventions but the Indian economy is still ‘not out of the woods yet and have miles to go’, said the Reserve Bank of India’s (RBI) monthly bulletin on Thursday. “We are not out of the woods...
Normalisation Of Demand For Services Behind Falling “Core” Inflation
NEW DELHI: The sharp fall being recorded in core inflation, as per the Consumer Price Index, is largely a result of a decline in the inflation rate of services components, which were earlier at high levels, data analysed by FE showed. In October, core inflation was at a 43-month...
Slew Of Changes To SEZ Act Likely In Winter Session
NEW DELHI: The government is planning to bring a few amendments to the Special Economic Zones (SEZ) Act 2005 in the winter session of Parliament, with a view to giving more operational flexibility to units in these tax-free enclaves, especially when it comes to sales in the domestic tariff...
Lenders Look To Derisk Promoter Guarantees
MUMBAI: Indian lenders will now insist that a negative lien is created on the assets underlying personal guarantees given by promoters of companies raising bank loans, said people at advisory firms. The move is aimed at preventing them from transferring these personal assets to a special trust, which may...
Goods Exports See Green Shoots, Rise 6.2 Per Cent In October
NEW DELHI: India’s merchandise exports rose 6.21% year-on-year to $33.57 billion in October, while the trade deficit swelled to a record as imports surged, buoyed by strong consumer spending ahead of the festival season. Gold imports almost doubled. The gap between exports and imports widened to $31.46 billion on...
World Bank Global Indicators Are Subjective, Says CEA
NEW DELHI: Key global indicators used by the World Bank (WB) to rank the governance of countries are based on subjective opinions by expert institutions which don’t know the context of member countries, Chief Economic Advisor (CEA) V Nageswaran has said. Speaking at a seminar on Multilateral Institutions for...
Clean Energy Overtakes Fossil Fuels In Global Job Market: IEA Report
NEW DELHI: With 35 million jobs worldwide, clean energy has exceeded the number of jobs available in the traditional fossil fuel sector (32 million) for the first time in 2021, as indicated by a global report from the International Energy Agency. Released on Wednesday, the World Energy Employment 2023...
IRDAI Issues Exposure Draft On EoM For Insurers Based On RRC Suggestions
MUMBAI: The Insurance Regulatory and Development Authority of India (Irdai) has released an exposure draft on the Expenses of Management (EoM) including a commission for both life and non-life insurance companies, based on the recommendation from the Regulation Review Committee (RRC). The RRC recommended merging the commission and EOM...
Services Sector Boost: GDP Expansion Seen At 6.7 Per Cent In Q2
NEW DELHI: The Indian economy likely expected 6.7% in the July-September quarter, according to a median forecast of 10 economists polled by ET, boosted by a strong performance by the services sector. The Reserve Bank of India (RBI) has forecast 6.5% growth in the quarter. Robust manufacturing and construction...
Telecom Sector Gets Wrong Signal From Direct-To-Mobile
NEW DELHI: Telecom operators, chip makers, network providers and handset makers have strongly opposed any hurried decision on a proposed idea to beam TV content directly to mobile phones without a cellular data connection, as the technology is still immature. The smartphone industry is worried that adoption of the...
WPI Inflation Stays In Negative Zone, Sinks To 3-Month Low Of -0.52 Per Cent In October
NEW DELHI: India’s wholesale price index (WPI)-based inflation rate hit a three-month low of minus 0.52 per cent in October, as it remained in negative territory for the seventh consecutive month, according to data released by the Ministry of Commerce and Industry on Tuesday. The continuing deflation in factory...
