MUMBAI: The Reserve Bank of India on Friday decided to keep the policy rate unchanged at 6.5 per cent for the fifth time in a row as it maintains a tight vigil on inflation. The rate increase cycle was paused in April after six consecutive rate hikes, aggregating to...
NEW DELHI: India has the potential to grow at 8 per cent as the country is labour-rich with enough institutional maturity of a functioning democracy, Niti Aayog vice chairman Suman Bery said on Thursday. Bery also cautioned that North India has not been doing well traditionally compared to South...
NEW DELHI: The government has banned exports of onion till March next year with a view to increase domestic availability and to keep prices in check. “Export policy of onions… Is amended from free to prohibited till March 31, 2024,” the Directorate General of Foreign Trade (DGFT) said in...
NEW DELHI: Finance Minister Nirmala Sitharaman on Thursday ruled out any “spectacular announcement” for her sixth budget on February 1 next year, saying it would just be a vote on account before the general elections. A full Budget for the 2024-25 fiscal would be presented in July next year...
NEW DELHI: Hiring activity for white-collar jobs witnessed a 12 per cent on-year decline during October-November largely due to fall in recruitment trends in IT-Software, telecom and education sectors, a report said on Thursday. White-collar recruitment during October-November declined by 12 per cent with 2,433 job postings, compared to...
NEW DELHI: India continues to be the fastest-growing major economy, with all sectors contributing significantly, finance minister Nirmala Sitharaman said Thursday. She flagged India’s manufacturing growth, citing India’s mobile phone and passenger vehicle exports. “The second-quarter growth was very high — it is the highest in the world,” Sitharaman...
NEW DELHI: Amid lingering concerns that the much-delayed private capex cycle may not have taken root yet, Corporate India on Thursday said with capacity utilisation in many sectors being 75-80% if not higher, a strong momentum in private investments was firmly around the corner. Pointing out that fresh investments...
NEW DELHI: A series of steps are being taken by the government to curb retail food inflation. The Union food ministry on Thursday directed all sugar mills and distilleries to stop using sugarcane juice for the production of ethanol for the 2023-24 season, to ensure an adequate supply of...
MUMBAI: The life insurance industry reported a 25.28 per cent decline in new business premium income in November 2023 to Rs 26,494.83 crore from Rs 34,588.8 crore recorded a year ago. The fall in group premium and change in taxation norms for policies with a higher ticket size dragged...
MUMBAI: Private sector banks have increased their share in term deposits to 35 per cent in the second quarter (Q2) of 2023-24 (FY24), up from 32 per cent in the fourth quarter (Q4) of 2022-23 (FY23). In contrast, public sector banks (PSBs) lost 200 basis points (bps) of their...
NEW DELHI: The government will sell up to an 8 per cent stake in IRCON International through an offer-for-sale, which will open on Thursday, the rail public sector undertaking said in an exchange filing. The plan is to offload 37.6 million equity shares, of face value of Rs 2...
NEW DELH: State-controlled Oil and Natural Gas Corporation (ONGC) plans to wheel green electricity to its installations in the Arabian Sea to replace natural gas it uses in operation of oil wells as part of its ambitious decarbonisation programme, its Chairman Arun Kumar Singh said. India’s top oil and...
NEW DELHI: Finance Minister Nirmala Sitharaman on Thursday said the budget to be presented on February 1, 2024 would not have any “spectacular announcement” as it would be a vote on account in run up to the general elections. “It is a matter of truth that February 1, 2024...
NEW DELHI: India’s renewable energy capacity addition is expected to grow by more than 33 per cent Y-o-Y to 20 gigawatts (GW) in FY24 ending March 2024, aided by a reduction in prices of solar photovoltaic (PV) cells and modules, in abeyance of the ALMM order, among other factors....
NEW DELHI: The Centre has amended the Special Economic Zone (SEZ) Rules to allow demarcation of a portion of the built-up area in an IT/ITES SEZ as a non-processing area, subject to conditions including repayment of tax concessions attributable to the area. “A non-processing area may be used for...
MUMBAI: India is seen as a rising star among Asian peers, besides Indonesia and the Philippines, and is expected to be among the fastest growing economies in the region in 2024, Nomura said on Wednesday. India’s GDP, Numura believes, will expand at 5.7% in 2024. The projection reinforces the...
NEW DELHI: The next spectrum auction will be held in late February 2024 and the reserve price for most bands will remain the same as the 2022 auction, department of telecommunications (DoT) officials have said. The government expects operators to go for low bands beginning in 600 megahertz (MHz),...
NEW DELHI: In a development that will deepen India’s local value addition in the mobile and electronics manufacturing chain, Apple has asked its suppliers to make batteries for its forthcoming iPhone 16 domestically. This is part of the company’s plans to shift its global supply chain out of China....