Business
Public Procurement Norms May Be Tweaked To Aid Makers Under PLI
NEW DELHI: The government is examining tweaking its public procurement norms to aid manufacturers under the production-linked incentive (PLI) schemes. The government is assessing the idea to offer the benefit of deemed local supplier status to a company that gets an item manufactured by its contract manufacturer, who is...
Finance Ministry Sets Minimum Annual Dividend Payout Norms For NBFC CPSEs
NEW DELHI: The Ministry of Finance on Monday brought in central public sector enterprises (CPSEs) classified as non-banking financial companies (NBFCs) under the minimum annual dividend payout norm of 30 per cent of profit after tax (PAT) or 4 per cent of the net worth, whichever is higher. Issuing...
Plan Afoot For SingTel, Mittals To Equalise Direct Stake In Bharti Airtel
KOLKATA: Singapore Telecommunications (Singtel) and the Mittal family — the promoters of Bharti Airtel — are preparing a plan for each of them to hold equal direct stakes in India’s second-largest telecom operator, said a top Singtel executive. Currently, Singtel directly owns 9.5% in Bharti Airtel through its affiliate,...
Banks Need To Make Loans More Affordable, Says FM Nirmala Sitharaman
MUMBAI: Union Finance Minister Nirmala Sitharaman on Monday called on banks to make interest rates more affordable at a time when the government wants industries to build capacity. She described the current high cost of borrowing as “very stressful”. “…when you look at India’s growth requirements, you can have...
Indian Pharma Companies May Benefit Under Trump 2.0
NEW DELHI: The Trump 2.0 agenda, with its likely focus on China plus 1 strategy for pharmaceutical manufacturing and supply chain diversification, provides an incremental opportunity for Indian drug companies. Additionally, higher tariffs on Chinese goods could open new avenues for Indian pharma players to fill the supply gap...
Emerging India Focus Funds Settles FPIs Violation Case With SEBI
NEW DELHI: Emerging India Focus Funds on Monday settled a case concerning the alleged violations of Foreign Portfolio Investor (FPI) rules with markets regulator Sebi on payment of Rs 64.35 lakh towards settlement charges. This came after the applicant filed an application with Sebi proposing to settle the proceedings...
RBI Governor Shaktikanta Das Urges Banks To Strengthen Governance To Curb Unethical Practices
MUMBAI: RBI Governor Shaktikanta Das on Monday asked bank boards to strengthen internal governance framework to curb unethical practices, such as mis-selling of products or opening of accounts without proper KYC verification. Das also said that the incentives for bank staff should be carefully structured so as not to...
SC Issues Notice To Centre Over Vacancies In 11 Debt Recovery Tribunals
NEW DELHI: The Supreme Court on Monday sought a response from the Ministry of Finance on a PIL highlighting critical vacancies in 11 Debt Recovery Tribunals (DRTs) across India. The DRTs are set up under the Recovery of Dues to Banks and Financial Institutions Act of 1993 to enable...
SBI To Open 500 More Branches In FY25, Take Overall Network To 23,000: Finance Minister
MUMBAI: Finance Minister Nirmala Sitharaman on Monday said SBI will open another 500 branches to take its overall network to 23,000 by the end of FY25. Speaking at an event to mark the 100th anniversary of the state-owned lender’s main branch in Mumbai, Sitharaman recalled that the size of...
Gold And Silver Prices Rebound Because Of Ongoing Wedding Season Buying, Global Cues
NEW DELHI: Gold and silver prices rebounded on Monday in the national capital mainly on the back of ongoing wedding season buying by jewellers and retailers as well as strong global trend, according to the All India Sarafa Association. Snapping a four-day losing streak, gold of 99.9 per cent...
MDB Reforms, Bridging Digital Gap Among Top G20 Goals
NEW DELHI: The G20 Leaders’ Summit, slated to be held in the Brazilian city of Rio de Janeiro on November 18-19, is expected to move further on the key priorities of the grouping, as stated in the New Delhi Declaration of September 2023. The action points will likely include...
Joining RCEP Would Hurt India More Than FTA With China: GTRI
NEW DELHI: While many like Niti Aayog Chief Executive officer, Word Bank and some economists have renewed the call for India joining the Regional Comprehensive Economic Partnership (RCEP), the new report said potential loss for the country from such a move would be more than what it could be...
Tatas To Buy Stake In Apple Partner Pegatron’s India Business
NEW DELHI: Tata group will buy into the India operations of Apple’s manufacturing partner Pegatron almost a year after acquiring the business of another supplier Wistron. The deal will make the company one of the biggest contract suppliers to the American electronics giant, along with Taiwanese giant Foxconn. Tata...
FPIs Continue Selloff With Rs 22K Crore Withdrawal In November
NEW DELHI: Foreign investors have pulled out Rs 22,420 crore from the Indian equity market so far this month, owing to high domestic stock valuations, increasing allocations to China, and the rising US dollar as well as Treasury yields. With this sell-off, Foreign Portfolio Investors (FPIs) have recorded a...
India’s Smartphone Exports Surpasses $2 Billion Mark In October, Sets New Record
NEW DELHI: India’s smartphone exports have set a new benchmark, surging past the $2 billion mark in October — the highest monthly total ever recorded. This milestone, according to estimates from the Indian Cellular and Electronics Association (ICEA), an industry body representing both global and domestic mobile device manufacturers,...
Dubai-Based Siblings To Transfer Jiohotstar.Com Domain To Reliance Free Of Cost
NEW DELHI: Dubai-based siblings Jainam and Jivika, the owners of jiohotstar.com domain, have decided to transfer it to Reliance “free of cost”, resting speculations on social media platforms. The story of the internet domain name, which grabbed a lot of attention on social media platforms in the recent past,...
Municipal Corporations Need To Impose Adequate User Charges To Provide Better Facilities: RBI Report
NEW DELHI: Municipal corporations need to impose adequate user charges for essential services like water supply and sanitation, to boost non-tax revenues and provide quality public services, according to a Reserve Bank of India (RBI) report. The ‘Report on Municipal Finances’ delves into the fiscal position of 232 municipal...
Enforce Odd-Even Rule To Encourage People To Shift To Natural Gas Or EV: IBA
NEW DELHI: Indian Biogas Association has suggested enforcement of the odd-even rule for four wheelers in Delhi NCR to check air pollution and encourage people to shift to electric vehicles or those based on compressed biogas (CBG) or natural gas. Under the Graded Response Action Plan (GRAP) 4 (with...
