Business
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 –...
India Needs To Increase Power Capacity By Four Times To Meet Demand In 2047: Power Minister
NEW DELHI: Power Minister Manohar Lal said on Monday that to meet its peak power demand of 708 gigawatts (GW) by 2047, India will need to increase its installed power capacity by four times. “By 2047, we anticipate our power demand to reach 708 GW. To meet this, we...
IMF Says Global Public Debt To Top $100 Trillion, Growth May Accelerate
WASHINGTON: The world’s total public debt is set to exceed $100 trillion this year for the first time, and may grow more quickly than forecast as political sentiment favours higher spending and slow growth amplifies borrowing needs and costs, the International Monetary Fund said on Tuesday. The IMF’s latest...
RBI Governor Pitches For Reducing Cost, Time Of Remittances
NEW DELHI: Reserve Bank Governor Shaktikanta Das on Monday made a case for reducing time and cost of overseas remittances, which are important for developing economies. The new technology and payments system can be used for expediting and expanding cross-border payments, he noted. “Remittances are the starting point for...
Higher But Not For Long; RBI Keeps Rates Unchanged, Softens Stance To Neutral
MUMBAI: The imagery of inflation has changed to a “horse which has been brought to the stable” in the latest monetary policy statement on Wednesday, from an “elephant which is taking time to walk to the forests” in the last three editions. But Reserve Bank of India Governor Shaktikanta...
Economists Less Sanguine Than RBI, Project FY25 Growth At 6.8 Per Cent
NEW DELHI: While the Reserve Bank of India (RBI) has retained its economic growth projection for FY25 at 7.2%, most economists peg the growth rate at lower levels, citing “weak” manufacturing and tepid consumption. They also flag various high frequency data to support their less optimistic assumptions. Real GDP...
NBFCs Warned Against ‘Growth At Any Cost’ Approach
MUMBAI: Reserve Bank of India (RBI) governor Shaktikanta Das on Wednesday cautioned non-banking financial companies (NBFCs) against adopting a ‘growth at any cost’ approach, as it could pose risk to the financial stability. The governor asked NBFCs to adopt a “compliance first” approach and adhere to fair practices, warning...
Telecom Companies’ AGR Rises 0.13 Per Cent In April-June Quarter
KOLKATA: The telecom industry recorded a modest 0.13% sequential growth in adjusted gross revenue (AGR) in the first quarter of FY25 in the absence of tariff hikes, even though Bharti Airtel and Reliance Jio reported strong mobile broadband user additions and data usage growth. Latest operator performance data put...
NITI Aayog Raises Asset Monetisation Target For FY25 To Rs 1.9 Trillion
NEW DELHI: The NITI Aayog has increased the asset monetisation target for 2024-25 (FY25) by Rs 23,000 crore to Rs 1.9 trillion, moving closer to the overall Rs 6 trillion target set under the National Monetisation Pipeline (NMP) for a four-year period. The NMP, unveiled by Finance Minister Nirmala...
Peak Power Demand To Grow At 7 Per Cent CAGR In Next Five Years: CEA
NEW DELHI: India’s peak demand for power that has been rising at a compound annual growth rate (CAGR) of 6%, is now expected to grow faster at 7% in the next five years, owing to increased economic activity and setting up of new industries, Ghanshyam Prasad, Chairperson of the...
Renewable Firms May Raise Up To $8 Billion Via IPOs
MUMBAI: Renewable energy (RE) companies are eyeing the public issue market like never before. About 8 to 10 companies are looking to raise between $5 billion and $8 billion (between Rs 41,500 crore and Rs 66,400 crore ) through the initial public offerings (IPO) route in the next couple...
India Gears Up For National Green Steel Mission As Demand Surges
The Centre is preparing to launch a mission on green steel by the end of 2024, as part of its efforts to drive more sustainable steel production in India, Sandeep Poundrik, secretary, ministry of steel, said on Thursday. The initiative, modelled on the National Green Hydrogen Mission, will incentivize...
CCS Clears Proposal To Make Nuclear-Powered Attack Submarines Locally
NEW DELHI: The government has cleared a landmark ₹35,000 crore project to construct nuclear-powered attack submarines for the Indian Navy and has given the go ahead to sign a ₹34,500 crore deal to acquire long-range drones from the US. Sources said that the Prime Minister Narendra Modi-led Cabinet Committee...
New PLI Scheme For Drones To Boost Industry
NEW DELHI: The government plans to come out with a new Production-Linked Incentive (PLI) scheme for the drones sector that will be more effective in terms of implementation, documentation and other aspects. Civil Aviation Secretary Vumlunmang Vualnam on Wednesday said the government is looking at moving to the next...
