Business
Crude Oil Import Bill Up 12 Per Cent On Year In H1FY25
NEW DELHI: India’s crude import bill increased 12% during the first half of the current fiscal 2024-25 to $71.3 billion against $63.7 billion in the same period in FY24, data from the Petroleum Planning and Analysis Cell showed. The country imported 120.5 million tonnes of crude oil during April...
India Inc’s Capacity Utilisation Falls Off 44-Quarter Peak
NEW DELHI: Corporate India’s capacity utilisation too remained muted at 74% in Q1FY25 after recovering to a 44-quarter high of 76.8% in the fourth quarter of last fiscal year, data from RBI’s Order Books, Inventories, and Capacity Utilisation Survey show. Also, the companies’ inventory-to-sales ratio rose to 67.4% in...
GoM For Merging Cess With Top GST Slab After FY26
NEW DELHI: The Group of Ministers (GoM), under the GST Council, tasked with deciding the future of compensation cess, is learnt to have veered around the view that the levy should be merged with the highest GST slab rate after March 2026, when the current regime ends. According to...
Trade Deficit Eases To $20.8 Billion In September Amid Geopolitical Challenges
NEW DELHI: India’s merchandise trade deficit narrowed to a five-month low of $20.78 billion in September as imports grew at the slowest pace in six months and exports rose marginally after two months of decline, the official data showed on Wednesday. The trade deficit, or the gap between imports...
IRDAI Extends IFRS 17 Deadline To FY27; Aims To Give Ample Time To Companies
MUMBAI: The Insurance Regulatory and Development Authority of India (Irdai) has asked both bank-sponsored and non-bank-sponsored insurance companies to implement IFRS 17 regulations by FY27, a move that will give these companies sufficient time for implementation. Previously, Irdai had set a timeline of FY25 for the implementation of IFRS...
India, Australia Speed Up FTA Negotiations
NEW DELHI: Trade negotiators from India and Australia will intensify their engagement on the proposed Comprehensive Economic Cooperation over the next two months to achieve a closure before Australia enters the election phase. “Ministers have guided the officials to see if the CECA can be expedited. We will be...
STPI Launches LEAP AHEAD 2nd Edition for Startups
NEW DELHI: Building on the success of its inaugural edition, the Software Technology Parks of India (STPI) on Wednesday launched the LEAP AHEAD 2nd Edition at the Indian Mobile Congress 2024 in the national Capital. The initiative was launched by K. K. Singh, Joint Secretary, Ministry of Electronics &...
Piyush Goyal Urges Industry To Prioritise Quality Over Subsidies
NEW DELHI: Commerce and Industry Minister Piyush Goyal on Wednesday asked the industry to focus on making high quality products to tap global markets as export competitiveness will not come from government subsidies or support. He also said that the government is putting its effort to nudge industry to...
India Reiterates Opposition To China’s Belt And Road Initiative
ISLAMABAD: India on Wednesday once again refused to endorse China’s ambitious ‘One Belt One Road’ initiative, becoming the only country in the Shanghai Cooperation Organisation (SCO) not to support the controversial connectivity project. A joint communique unveiled at the end of the SCO’s Council of Heads of Government conclave...
Promote Indian Firms In Infra Consultancy: Ex-PIB Chief
NEW DELHI: Former Director General of Press Information Bureau (PIB), Govt of India, Rajeev Kumar Jain on Wednesday said the government must take efforts to promote more and more Indian Companies in the infrastructure consultancy space to fully realize the vision of Atmanirbhar Bharat, more so when we are...
TRAI Chief Highlights Balanced Satcom Spectrum Consultation
NEW DELHI: As battlelines are being drawn over the modalities of allocating satcom spectrum, TRAI Chairman Anil Kumar Lahoti on Wednesday said consultation process is currently on and that the telecom regulator will consider all inputs put before taking a considered view. The regulator’s comments came as Starlink CEO...
Retail Inflation Rises To 5.49%, Highest In CY24; WPI Inflation Up As Well
NEW DELHI: Retail inflation in the country, driven by a spike in food prices and a fading base effect, climbed to a nine-month high in September. At the same time, wholesale inflation, which reflects factory gate prices, also picked up pace. The National Statistical Office (NSO) reported Monday that...
India Inc Biggies Set To Invest $800 Billion In A Decade: S&P Global Ratings
MUMBAI: Indian conglomerates — including prominent names such as Reliance Industries, and the Adani, Tata, and JSW groups — are gearing up for an investment of $800 billion over the next decade, nearly trebling their spending compared to the previous 10 years, according to a report from S&P Global...
GDP Growth Seen At 6.95 Per Cent In FY25: CMIE
NEW DELHI: As many as 28 agencies have forecasted India’s GDP to grow at 6.95% in the current financial year, which is about 25 basis points (bps) lower than the Reserve Bank of India’s (RBI) forecast. According to a note by the Centre for Monitoring Indian Economy (CMIE), these...
Power Ministry Pitches For PLI For Transmission Equipment
NEW DELHI: India needs to deliberate upon the need of a PLI-like (Production Linked Incentive) scheme to develop the domestic supply chain in the transmission segment and improve renewable energy transmission capacity, power secretary Pankaj Agarwal said on Monday. The secretary, while addressing the industry at a conclave on...
National Insurance Company Picks Out Assets To Sell Amid Poor Solvency
MUMBAI: National Insurance Company, which is grappling with a severe solvency shortfall of ₹8,000 crore, with its solvency margin standing at a negative 0.49%, far below the regulatory minimum of 1.5%, has identified several key assets to address the gap, according to people familiar with the matter. Among these...
Govt Set To Tighten Quality Norms Amid Rising Substandard Steel Imports
NEW DELHI: The Centre is considering broadening its strict quality standards in response to the rising influx of substandard steel, primarily originating from China, according to government sources, as mentioned by The Economic Times report. This decision follows an in-depth review conducted by the Ministry of Steel in early...
China-Europe Rivalry Heats Up At Paris Car Show As EV Tariffs Loom
Chinese and European automakers went head-to-head at the Paris car show on Monday, with tensions running high as the EU gears up to impose hefty import tariffs on Chinese-made electric vehicles and the industry struggles with weak demand. This year’s event – the largest car show in Europe –...
