Business
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...
Centre To Begin Auction Of 20 Critical Minerals Soon
NEW DELHI: The government will invite bids for 20 critical mineral blocks, including lithium and graphite mines, in next two weeks, a top official said on Tuesday. This will mark the first attempt to transfer these under-utilised assets to the private sector, after Parliament in early August empowered the...
Banks, TPAPs To Deactivate UPI IDs Of Inactive Customers
MUMBAI: Individuals who have not done any transactions on their UPI IDs and numbers for over a year will not be able to receive funds from January. The National Payments Corporation of India (NPCI) has asked banks, payment service providers and Third Party Application Providers (TPAPs) such as PhonePe,...
Govt Looks To Offload 5-10 Per Cent In Some Public Sector Banks
NEW DELHI: The government is considering the divestment of 5-10% stake in public sector lenders in which it currently holds over 80% equity. A detailed roadmap is expected to be firmed up soon, said people with knowledge of the matter. Government ownership exceeds 80% in six state-run banks –...
Retail Inflation Falls Again In October, Hits 5-Month Low Of 4.87 Per Cent
NEW DELHI: India’s consumer price index (CPI)-based retail inflation rate declined for the second consecutive month to a five-month low in October, providing relief to the government on the macroeconomic front as the long festival season is underway. Data released by the National Statistical Office on Monday showed that...
IT Services Companies Chase Large Deals For Higher Revenue, Faster Growth
BENGALURU: Top Indian information-technology (IT) services companies are betting on large and mega deals, which enable them to sharpen their focus on clients, leading to higher revenue, faster growth, and more cost savings in the long term. Typically, IT companies consider deals at or above $100 million as large...
Small Finance Banks Thinking Big Likely To Switch On The M&A Mode
More small finance banks, that began operations less than a decade ago, may explore mergers either with competitors, non-bank lenders or financial technology companies as they look to achieve economies of scale faster and diversify their product bouquet. AU Small Finance Bank’s move to acquire Fincare Small Finance Bank...
Trade Ministers Ready Deal To Lower China Dependence
NEW DELHI: Trade ministers from 14 countries are set to announce a deal on two more pillars – clean energy & infrastructure and tax & anti-corruption – while signing of an agreement on resilient chain under the Indo-Pacific Economic Framework (IPEF) later this week as they seek to forge...
Steel Ministry Reviews PLI 1.0 Scheme Progress, Eyes Market Entry For Coated Products
NEW DELHI: The Steel Ministry has initiated a review of the PLI 1.0 scheme for the sector. Initial findings indicated that a third of the proposed investments cleared, that is, ₹10,000 crore out of ₹30,000 crore has materialised, and amongst the categories cleared for “some of the coated steel...
