Business
India’s Forex Reserves Drop By USD 8.714 Billion To USD 625.871 Billion
MUMBAI: India’s forex reserves dropped by USD 8.714 billion to USD 625.871 billion in the week ended January 10, the RBI said on Friday. Earlier, the overall kitty dropped by USD 5.693 billion to USD 634.585 billion in the week ended January 3, the Reserve Bank of India said....
Gold Jumps Rs 700 To Rs 82,000 Per 10 Gms
NEW DELHI: Rising for the third consecutive day, gold prices on Friday surged Rs 700 to trade near a record high at Rs 82,000 per 10 grams in the national capital due to persistent buying in the local markets, according to the All India Sarafa Association. The precious metal...
Rupee Ends One Paisa Down At 86.62 Against US Dollar
MUMBAI: The rupee traded in a tight range and settled 1 paisa lower at 86.62 (provisional) against the US dollar on Friday, as massive outflow of foreign funds and falling domestic equity markets dented investors’ sentiment. A firm American currency and higher crude oil prices also weighed on the...
India To Remain Fastest-Growing Large Economy In FY26, FY27: World Bank
NEW DELHI: The World Bank on Thursday kept its growth forecast for India unchanged at 6.7 per cent for FY26, maintaining that the country will remain the fastest-growing major economy for next two years. “The services sector is expected to enjoy sustained expansion, and manufacturing activity is anticipated to...
Govt Highlights New Initiatives Towards A Progressive, Self-Reliant India
NEW DELHI: Prime Minister Narendra Modi will distribute over 6.5 million property cards under the Centre’s SVAMITVA (Survey of Villages and Mapping with Improvised Technology in Village Areas) scheme to property owners in over 50,000 villages on January 18, the government said on Thursday. The step is one of...
Hydrocarbon Industry Seeks Cut In Cess On Oil Production, Regulatory Reforms
NEW DELHI: The county’s oil and gas industry has sought supportive regulatory reforms to compensate for losses incurred by downstream companies on the sale of auto fuels, and reducing the cess on crude oil production. “The oil marketing companies’ expect an adequate budgetary provision to compensate for losses incurred...
RBI Eases FEMA Norms For Cross-Border Transactions To Boost Falling Rupee
MUMBAI: With the rupee under intense pressure against the dollar, the Reserve Bank of India (RBI) has further liberalised the FEMA (foreign exchange management) rules to encourage its use to settle cross-border transactions. The rupee has lost over 3.5% to the greenback this fiscal so far, most of which...
Cabinet Approves Bill Making Repossession Easier For Aircraft Lessors
NEW DELHI: In a major development, the union cabinet on Thursday approved the Protection and Enforcement of Interests in Aircraft Objects Bill which will allow aircraft leasing companies to repossess aircraft in case of non-payment of lease rental by an airline. The bill will give primacy to the Cape...
NCLAT Admits Meta, Whatsapp Pleas Against CCI’s Rs 213-Crore Penalty
NEW DELHI: Appellate tribunal NCLAT on Thursday admitted the petitions filed by Meta Platforms and Whatsapp against an order passed by fair trade regulator CCI which imposed a penalty of Rs 213.14 crore for abuse of market dominance. After hearing the initial submissions from Meta and CCI (Competition Commission...
Contractors Responsible For Accidents Due To Bad Roads: Union Minister Gadkari
NEW DELHI: Union Road Transport and Highways Minister Nitin Gadkari on Thursday said faulty road construction should be made a non-bailable offence and road contractors and engineers should be held responsible for accidents and sent to prison. Addressing an event organised by industry body CII, Gadkari further said India...
India’s Economy To Grow At 6.4 Per Cent In Current Fiscal: FICCI
NEW DELHI: Industry body FICCI on Thursday lowered India’s growth projection for the current financial year to 6.4 per cent from 7 per cent estimated earlier. According to FICCI’s Economic Outlook Survey, the revised projection is in line with the broad expectations and reflect a notable slowdown vis-à-vis 8.2...
DB Corp Q3 Profit Down 4.6 Per Cent To Rs 118 Crore
NEW DELHI: Media house DB Corp Ltd on Thursday reported 4.65 per cent decline in consolidated net profit at Rs 118.21 crore for the third quarter ended December 2024. The company had posted a profit of Rs 123.97 crore for the October-December period a year ago, according to a...
Sensex, Nifty Extend Gains For Third Day On Strong Global Cues
MUMBAI: Equity benchmark indices Sensex and Nifty rallied for the third session on the trot on Thursday, helped by a rally in global markets after lower-than-expected consumer inflation in the US ignited hopes of more rate cuts by the Federal Reserve. Intense buying in Reliance Industries, ICICI Bank and...
Trade Deficit Eases To $21.94 Billion In December As Gold Imports Fall
NEW DELHI: India’s merchandise trade deficit narrowed to $21.94 billion in December, down from a record $31.86 billion in November, as gold imports halved to $4.7 billion, according to commerce department data released on Wednesday. The data showed merchandise exports contracted by 1 per cent year-on-year to $38.01 billion...
Fiscal Conditions To Constrain Credit Growth In 2025, Says Moody’s
MUMBAI: India’s fiscal conditions will continue to constrain its credit strength in 2025 but it may benefit from a shift in trade and investment flows from China, Moody’s Ratings said on Wednesday in its Asia-Pacific 2025 outlook. “We expect only gradual fiscal consolidation, and debt to remain significantly higher...
Liquidity On Tap Via Daily Variable Reverse Repo Auctions
MUMBAI: In a significant reset to its liquidity management framework, the Reserve Bank of India (RBI) will conduct variable reverse repo (VRR) auctions on all working days until further notice amid tight liquidity. Liquidity in the banking system stood at a deficit of Rs 2.09 trillion lakh crore as...
India Outpaces Global AI Adoption: BCG Survey
HYDERABAD: India has emerged as a global leader in terms of the adoption of AI as a core strategic focus, with 80 per cent of firms prioritising AI as a core strategic focus, outpacing the global average of 75 per cent in this space, according to a new Boston...
Household Savings To Recover In H1 FY25 As Debt Load Eases
MUMBAI: Net household financial savings, which improved to 5.3% of GDP in FY24 from a 47-year low of 5% in FY23, are likely to have rebounded sharply in the first half of FY25, early indicators showed. An improvement in net household financial savings is positive for the economy as...
