Business
Govt Scraps Windfall Profit Tax On Domestic Crude Oil, Export Of Fuels
NEW DELHI: The government on Monday scrapped 30-month old windfall profit tax on domestically-produced crude oil and on export of jet fuel (ATF), diesel and petrol following a decline in international oil prices. Minister of State for Finance Pankaj Chaudhary tabled a notification in Rajya Sabha scrapping the levy...
ONGC Eyes Mining Of Offshore Minerals
NEW DELHI: State-owned Oil and Natural Gas Corporation (ONGC) is looking to venture into mining of offshore minerals given the company’s technical expertise in drilling in subsurface and offshore areas, a senior executive at the company said. “We are not looking to bid right now (under the first tranche...
Steel Ministry Proposes 25 Per Cent Safeguard Duty On Steel Imports
NEW DELHI: Taking up the concerns of domestic steel industry, the steel ministry on Monday proposed for a 25 per cent safeguard duty on import of certain steel items into the country. The proposal came at a meeting between Union Minister of Steel H D Kumaraswamy and Commerce and...
Markets Rally In Early Trade On Buying In Blue-Chip Stocks, Firm Global Peers
MUMBAI: Benchmark indices Sensex and Nifty rallied in early trade on Tuesday amid buying in blue-chip stocks like HDFC Bank and State Bank of India and firm trends in global markets. The BSE benchmark Sensex climbed 300.98 points to 80,549.06 in early trade. The NSE Nifty went up by...
Goyal Calls For Promoting Sustainable Consumption Pattern To Cut Carbon Footprint
NEW DELHI: Commerce and Industry Minister Piyush Goyal on Monday called for promoting sustainable consumption patterns to cut carbon footprint and resolve issues of environment. He said that people of the world would have to focus on consuming products which are environmentally sustainable. “We need to be conscious of...
Adani Green Energy Shares Jump 9 Per Cent In Morning Trade
NEW DELHI: Shares of Adani Green Energy jumped 9 per cent on Monday morning after Adani group chairman Gautam Adani said his conglomerate was committed to compliances and “every attack makes us stronger” amid recent allegations and his indictment in the US. The stock of Adani Green Energy Ltd...
Pressure Mounting After GDP Dip But RBI May Hold Its Ground & Rates
MUMBAI: The sharp decline in gross domestic product (GDP) growth — at a seven-quarter low— in the second quarter of the financial year has added pressure on the Reserve Bank of India’s (RBI) Monetary Policy Committee (MPC) to consider lowering rates in its meeting beginning this Friday. However, economists...
Growth Seen At 6.1-6.8% For FY25 On 7-Quarter Q2 Low
NEW DELHI: A sharper-than-anticipated slowdown in economic expansion in the second quarter has prompted economists to slash their forecast on India’s growth for fiscal 2025. Citing risk to the economic outlook and the likelihood of a rate cut by the Reserve Bank of India in February, they now predict...
100% Tariff On BRICS Countries If Dollar Countered: Trump
NEW DELHI: US President-elect’s Donald Trump has threatened nine country BRICS bloc with 100% tariffs if they went ahead the plan to counter US dollar’s prominence in global transactions as a reserve currency, by creating alternatives. Trade experts, however, called the move not only counter-productive, but also impractical. India...
Growth In Bank Credit To NBFCs Declines Sharply To 6.4 Per Cent: RBI
MUMBAI: The growth in bank credit to non-banking financial companies (NBFCs) declined sharply to 6.4 per cent in October compared to 18.3 per cent in the year-ago period, dragging down the growth of overall credit to the services sector, according to the Reserve Bank of India’s (RBI’s) sectoral deployment...
Govt Likely To Double EPF Monthly-Wage Cap To Rs 30,000 Per Month
NEW DELHI: The government is likely to raise the wage ceiling for mandatory inclusion of workers under Employees’ Provident Funds (EPF) and the Employees’ State Insurance Corporation (ESIC) schemes soon. The move will bring nearly 10 million of more employees under the ambit of the social security net. Currently,...
Huge Import Opportunities For UK Apparel Firms In India: AEPC
NEW DELHI: Apparel Export Promotion Council (AEPC) on Sunday said huge import opportunities are there for British apparel firms in India and they should participate in large numbers in the upcoming mega textile show here next year. Bharat Tex 2025 will be held here from February 14-17, 2025, at...
Security Leadership Summit 2024 Explores the Future of Security in India
NEW DELHI: The 19th Security Leadership Summit, hosted by Central Association of Private Security Industry(CAPSI) andAssociation of Private Detectives and Investigators(APDI), commenced at PHD House, New Delhi, bringing together prominent leaders, policymakers, and industry experts to envision the future of security in India. The two-day summit, themed “Surakshit Bharat...
Coal Production Rises 7.2 Per Cent In November, Dispatches Up By Nearly 4 Per Cent
NEW DELHI: India’s overall coal production rose by 7.2 per cent to 90.62 million tonnes (MT) in November compared to 84.52 MT in the same month of last year, the coal ministry said in a statement on Sunday. The coal output in the April-November period of the current fiscal...
FDI Inflows Jump 45 Per Cent To USD 29.79 Billion In April-September 2024
NEW DELHI: Foreign direct investment in India rose by 45 per cent year-on-year to USD 29.79 billion in April-September this fiscal on healthy inflows in services, computer, telecom and pharma sectors, according to government data. FDI inflows were at USD 20.5 billion in April-September 2023-24. In the July-September quarter,...
FPIs’ Selling Spree Continues In November At Rs 21,612 Crore
NEW DELHI: Foreign investors pulled out Rs 21,612 crore (USD 2.56 billion) from the Indian equity market in November, mainly due to the rising US bond yields, strengthening dollar and expectation of a slowdown in the domestic economy. While the sell-off continues, the quantum of net outflow significantly reduced...
GDP Growth Hits 7-Quarter Low Of 5.4% In Q2 As Manufacturing Slows
NEW DELHI: India’s economic growth slowed more sharply than anticipated in the July-September period of FY25, dropping to a seven-quarter low of 5.4 per cent, surprising analysts who had projected growth to hover around 6.5 per cent in the quarter. The deceleration in growth momentum, driven by an industrial...
Govt Capital Expenditure Drags Down Growth In Investment, Shows NSO Data
NEW DELHI: A slowdown in government capital expenditure at both central and state levels limited growth in capital investments to 5.4 per cent in the second quarter of FY25, down from 7.5 per cent in the previous quarter, according to data released by the National Statistical Office (NSO) on...
