Business
Gaganyaan’s TV-D1 flight launches successfully
The lift-off of the Gaganyaan mission’s unmanned test flight, TV-D1, successfully took place today after initial hiccups. Test Vehicle D1 mission was launched for a lift-off from the first launch pad from Andhra Pradesh’s Sriharikota at 10:00 am. The brief test flight sequence launched the crew escape system and...
Russia Makes Up 40% Of Indian Oil Imports, Dents OPEC’s Share
The share of Russian oil in India’s overall imports rose to about two-fifths in the first half of fiscal 2023/24, consolidating Moscow’s position as the top supplier as refiners curbed purchase from the Middle East, industry data showed. India, the world’s third largest oil importer and consumer, has emerged...
Govt Initiates Talks On Green Hydrogen Exports To EU Nations
NEW DELHI: The Centre has initiated discussions for possible export of green hydrogen to France, Italy and Germany. The government is sending the proposals through the Ministry of External Affairs. India is targeting other European Union nations such as Netherlands, Austria and Sweden for its green hydrogen exports. Exports...
Elon Musk’s Wealth Shrinks By $16 Billion After Tesla Results
Elon Musk experienced a significant drop in his fortune, losing $16.1 billion on Thursday, following Tesla Inc’s disappointing third-quarter earnings report, which negatively impacted the company’s shares. Despite being the world’s richest person with a net worth of $209.6 billion, Musk’s wealth declined due to Tesla’s shares plummeting by...
Red Opening Marks A Challenging Start For Indian Stock Market Amidst Global Headwinds
MUMBAI: The stock market faced a daunting challenge as it opened in the red on Friday, failing to sustain the initial optimism and slipping into negative territory. The benchmark Sensex was down by 182.36 points, opening at 65,446.88, while the Nifty dropped 59.60 points, initiating the day at 19,566.80....
Google Announces Plan to Manufacture Pixel Phones in India, Starting With Pixel 8
Google on Thursday announced that it plans to start manufacturing Pixel smartphones in India. The search giant will produce the Pixel 8 in India and the first units are expected to be available in 2024. The Pixel 8 was launched by the company in India and global markets earlier this month,...
No Caps Or Country-Specific Curbs Under New Laptop Import Policy
NEW DELHI: The government on Thursday sought to allay the concerns over the decision to put imports of certain computer hardware in restricted category, with mandatory licensing, by coming up with a liberal authorisation process. In what would provide relief to the importers, which include the likes of Apple,...
Govt Eases Drawing Rights To Put Spending On Fast Track
NEW DELHI: Seeking to improve cash management, the finance ministry has allowed ministries and departments to fully leverage existing sanctions to fund central sector schemes (CSSs), before seeking fresh ones. Sanction orders will be released to new agencies under the Public Finance Management System (PFMS), a mandatory requirement to...
Centre Clicks Enter For Online Nod To IT Hardware Imports
NEW DELHI: India, on Thursday, launched a new online system of authorisation for import of laptops, tablets, and personal computers, aiming to monitor shipments of such hardware without hurting supply. The restriction-free system comes two months after the announcement of a licensing regime for these products. Director General of...
Strengthening US Dollar Is A Global Risk: RBI Paper
MUMBAI: The Reserve Bank of India’s (RBI’s) ‘State of the Economy’ report has flagged the US dollar’s continued strengthening as a global risk. This will further tighten financial conditions, according to the report, despite India adding more to its foreign exchange (forex) reserves than any other major country holding...
Number Of Women In Blue-Collar Jobs Increasing Across Manufacturing Sector
KOLKATA\CHENNAI\MUMBAI: “Lady candidates need not apply.” So read the postscript in a job notice from Telco (now Tata Motors) on a notice board in the corridors of the Indian Institute of Science, Bangalore (now Bengaluru), in 1974. Irked, Sudha Murty, who was then pursuing her masters in computer science...
Nestle’s India Business Beats View On Price Hikes, Strong Domestic Demand
BENGALURU/CHENNAI (Reuters) – Nestle India (NEST.NS) on Thursday reported quarterly earnings above estimates on higher demand for its chocolates and Maggi instant noodles and also said its board approved a stock split. Profit increased to 9.08 billion rupees ($109.06 million) for the third quarter ended Sept. 30 from 6.61...
Review Open-Ended Grain Procurement: CACP
The Commission for Agricultural Costs and Prices (CACP) has called for a review of the government’s open-ended grain procurement policy to restrict rice and wheat purchase from the farmers for the meeting requirement under the National Food Security Act. The open ended procurement policy for rice and wheat has...
Poverty In India Eased In 2021, But Was Above 2018 Level: World Bank Data
NEW DELHI: Extreme poverty in India declined by 38 million in 2021 to 167.49 million after a surge in the two preceding years, but remained above the 2018 level, the latest World Bank data shows. While for most countries poverty rose in 2020, when the Covid-19 pandemic hit the...
IT Hardware Importers May Require Global Certification
The government may ask laptop, server and other IT hardware importers to provide an international certification attesting that their product is from a trusted source before allowing a licence-free import of it, people in the know of the matter told ET. This certification, one of the people said, could...
Retail Leasing Grew By 46% Year-On-Year During January-September 2023
Retailers in India leased nearly 4.73 million square feet of space across top cities in the first nine months of 2023, overcompensating for the slow expansion during the pandemic years. Leasing between Jan and September was even higher than the entire 2022. While top companies including Reliance Retail, Aditya...
GDP To Grow At 6.5-6.8% In FY24; Festive, Govt Spends Key Drivers: Deloitte
NEW DELHI: Deloitte India on Wednesday said it expects GDP growth in the current fiscal to be in the range of 6.5-6.8 per cent primarily due to upcoming festive spending as well as higher government expenditure before the national elections mid-next year. In its India economic outlook report, released...
India, UK Free Trade Deal Unlikely To Finalise By Month End
NEW DELHI: India and the United Kingdom (UK) are unlikely to ink the much-anticipated trade deal by the end of October as differences are yet to be ironed out, it is learnt. A top official aware of the development told Business Standard Wednesday late evening that although negotiations are...
