Business
Govt May Relax Press Note 3 To Allow Chinese FDI In Select Sectors: Report
NEW DELHI: The government is considering changes to Press Note 3 of the Foreign Direct Investment (FDI) policy in order to allow Chinese investments in certain non-strategic sectors, as per a report by CNBC-TV18. The move comes a few days after the 50 per cent Trump tariff took effect...
India Eyes Textile Push In 40 Nations To Cushion US Tariff Blow
NEW DELHI: India is preparing dedicated outreach programmes in 40 countries, including the United Kingdom, Japan, and South Korea, to boost textile exports as part of a broader strategy to shield its economy from the impact of steep new tariffs imposed by the United States. An official said on...
Finance Ministry Flags Secondary Impact Of Steep US Duties
NEW DELHI: The immediate impact of recent US tariffs on Indian exports may appear limited but their secondary and tertiary effects on the economy pose challenges that must be addressed, the finance ministry said in a report on Wednesday amid the US effecting a steep 50 per cent tariff...
Manufacturing GVA Grew 11.9 Per Cent In 2023-24, Shows ASI Data
NEW DELHI: India’s manufacturing sector gross value added (GVA) rose 11.89 per cent in 2023-24 (FY24), up from 7.28 per cent in the previous year, marking the second highest uptick in five years, even as output growth slowed to 5.8 per cent from 21.5 per cent in FY23, according...
AIBOC Opposes Centre’s Plan To Privatise IDBI Bank, Warns Of Social Risks
NEW DELHI: The All-India Bank Officers’ Confederation (AIBOC) has come out strongly against the Centre’s plan to privatise IDBI Bank, warning that such a step would undermine social justice, financial inclusion and the country’s economic sovereignty. Rupam Roy, general secretary of AIBOC, said the government’s proposal was a betrayal...
US Tariffs Threaten To Wipe Out India’s $17 Billion Oil Savings From Cheap Russian Oil
NEW DELHI: India saved billions of dollars by stepping up imports of discounted Russian oil in the wake of the war in Ukraine, but punitive tariffs imposed by the U.S. that came into effect on Wednesday will quickly undo the gains, with no easy solutions in sight. Analysts estimate...
India, US Hold 2+2 Dialogue On Trade, Defence After Tariff Tensions
NEW DELHI: Indian and US officials held a 2+2 Intersessional Dialogue on Monday where they advanced bilateral initiatives, discussed regional security developments, and exchanged perspectives on a number of shared strategic priorities, India’s Ministry of External Affairs said on Tuesday evening. The MEA said the officials discussed trade and...
MSMEs Must Focus On Quality, Competitiveness, And Global Integration: Govt
NEW DELHI: Micro, Small and Medium Enterprises (MSMEs) need to shift from a price-centric model to one driven by quality, competitiveness, and technology adoption if they are to integrate with global value chains and support India’s growth vision, a senior government official said on Tuesday. “MSMEs are the true...
MCA, SEBI Look To Ease Transfer Of Unclaimed Shares And Dividends
MUMBAI: The Ministry of Corporate Affairs (MCA) and the Securities and Exchange Board of India (Sebi) are jointly working on a framework to simplify the transfer of unclaimed shares and dividends. A task force, set up to review existing norms and transmission procedures, is expected to release a draft...
Govt Looking Into Rare Earth Shortage, Says PM; Calls For ‘Swadeshi’
HANSALPUR: Acknowledging the ongoing shortage of rare earth materials faced by India’s automobile industry, Prime Minister Narendra Modi said Tuesday that the Government was working towards building national capacity in critical minerals and would soon launch exploration missions. “I am aware of the rare earth materials shortage, and we...
Amid Tariff Trade, US Official Seeks Deeper Energy Ties With India
NEW DELHI: A day before the Trump administration’s 25% secondary tariff on Indian exports — imposed over India’s Russian oil purchase — comes into force, a senior US embassy official on Tuesday said Washington remains committed to expanding energy ties with India. “As we look into the future, the...
Fitch Affirms India BBB- Rating, Stable Outlook
MUMBAI: A week after its larger peer S&P upgraded the country’s ratings to BBB with stable outlook—after holding a BBB- rating for 18 years, Fitch Ratings has chosen to remain in status quo to affirm the BBB- ratings with stable outlook, despite citing the robust growth and solid external...
RBI Won’t Be Found Wanting If 50% US Tariff Hurts Growth: Governor
MUMBAI: The Reserve Bank of India (RBI) could step in with policy measures if the 50 per cent US tariff — due to take effect from Wednesday — affects domestic economic growth, Governor Sanjay Malhotra signalled on Monday. He also said the RBI intends to implement Basel-III norms for...
GST Cuts To Take Effect By Mid-September
NEW DELHI: The proposed rejig of the slabs of Goods and Services Tax (GST), which involves rate reductions for a large number of everyday use items, FMCG and white goods, and even most cars and two-wheelers, will likely take effect by mid-September, according to a plan which the Centre...
Banks To Seek RBI Nod To Finance M&A Deals: SBI Chairman
MUMBAI: State Bank of India chairman Challa Sreenivasulu Setty on Monday said the Indian Bank’s Association (IBA) is preparing a formal recommendation to the Reserve Bank of India (RBI) to allow bank financing for mergers and acquisitions, particularly for listed companies with shareholder-approved deals. “We have been requesting the...
No Slowdown In India Expansion Plan, Says Apple
NEW DELHI: Apple has told government that it does not intend to slow down the expansion of iPhone production in India. This expansion is estimated to entail investments of around $2.5 billion and will continue to boost manufacturing capacity to around 60 million units annually, up from the current...
Rs 25,000-Crore Outlay Likely For New Export Mission
NEW DELHI: The total outlay for the Export Promotion Mission (EPM) is likely to be fixed at Rs 25,000 crore for the period through 2030-31 with annual allocation going up each passing year as the various components of the mission get operationalised. According to official sources, the mission is...
Telecom Companies Weigh Next Round Of Tariff Hike After ARPU Boost
MUMBAI: Telcos are likely to raise tariffs in the next two to three quarters, analysts believe, as they focus on value over volume growth. At the same time, given how companies have consolidated customer churn, they will want to limit SG&A (sales and marketing) costs to maintain margins, they...
