Business
India’s Economic Growth Stands Out Globally, Says FM Nirmala Sitharaman
NEW DELHI: Finance Minister Nirmala Sitharaman on Wednesday said India is standing out globally in terms of economic growth and will continue to do so in the next few years. “We are much better off than many other countries; even advanced countries are struggling to grow. We are standing...
Indian Pharma Sector Set For 8-10% Growth This Fiscal: Crisil Ratings
MUMBAI: The Indian pharmaceutical sector is expected to see revenue growth of 8-10 per cent this financial year, driven by strong exports to regulated markets such as the US and Europe, a recovery in semi-regulated markets including Africa and Asia, and consistent domestic demand, according to a report by...
TRAI Moots Single Authorisation For All Telecom Services
NEW DELHI: The Telecom Regulatory Authority of India (Trai) has also suggested one authorisation for satellite telecommunication, merging the VSAT and Global Mobile Personal Communications by Satellite (GMPCS) licences. As per the proposal, a unified authorisation will enable an entity to offer all kinds of telecom services including mobile,...
Banks’ CASA Ratio May Fall Further As Companies, Govt Cash Management Skills Improve: SBI Chairman
MUMBAI: The enhanced cash management efficiency of government and corporates could lead to a further moderation in banks’ low-cost current account and savings account (CASA) ratio, State Bank of India (SBI) Chairman, C.S. Setty, said. “The pre Covid-19 level of CASA ratio was 40 per cent, whereas it rose...
India Set To Kick Off Its First Offshore Mineral Auction: Mines Secretary
NEW DELHI: India is set to kick off its first-ever offshore minerals auction shortly, with 10 blocks up for grabs, Mines Secretary VL Kantha Rao said on Wednesday. “We are ready with 10 blocks on both the east and west coasts of India. These blocks will include sand, lime...
ArcelorMittal Nippon Steel India Invests Rs 1000 Crore For New Production Line In Gujarat
KOLKATA: ArcelorMittal Nippon Steel India has invested nearly Rs 1,000 crore in its Gujarat plant to set up a production line for Magnelis, a global product from ArcelorMittal’s stable, as the firm moves to capture over 50 per cent domestic market share for steel supplies to solar projects. Apart...
Steel Ministry Mulls Taking Up Financing Options For Decarbonisation Projects
NEW DELHI: The Steel Ministry could consider taking up financing options to carry out or support decarbonisation projects in the sector. The schemes will likely be funded through PLI (performance-linked incentives) and discussions on this are underway, Steel Minister HD Kumaraswamy told businessline. While discussions on such schemes or...
Cabinet Clears Chandrayaan-4, Venus Orbiter Mission For Space Exploration
CHENNAI: The Union Cabinet on Wednesday cleared the new moon mission Chandrayaan-4 and approved the development of the Venus Orbiter Mission (VOM) as part of the government’s vision to explore and study the Earth’s closest planet. The Chandrayaan-4 will develop and demonstrate the technologies to come back to Earth...
HAL To Deliver Last Four Tejas MK-1 Trainers To IAF In 6 Months
NEW DELHI: State-run aircraft maker Hindustan Aeronautics Limited (HAL) will deliver the last four light combat aircraft (TEJAS MK-1) trainers to the Indian Air Force by March 31, 2025, with the twin-seater jet filling a key training role and doubling as a fighter if needed, officials aware of the...
WPI Inflation Drops To 4-Month Low Of 1.31% In August On Lower Prices
NEW DELHI: India’s wholesale price index (WPI)-based inflation fell to a four-month low of 1.31 per cent on an annual basis in August from 2.04 per cent in July due to a reduction in the prices of manufactured products and food items, according to data released by the Ministry...
NBFCs Throng Bond Market To Fund Festival Credit Demand As Bank Funding Slows
MUMBAI: A number of non-banking financial companies (NBFCs) have tapped into the debt capital market ahead of the festival season to meet increasing credit demand as bank funding slows. On Tuesday, Aptus Value Housing Finance secured Rs 300 crore at an interest rate of 8.75 per cent through bonds...
India’s Exports Shrink 9.3% In August, Trade Deficit At 10-Month High
NEW DELHI: India’s trade deficit widened to a 10-month high of $29.7 billion in August as imports hit a record high of $64.4 billion on doubling of gold inflows, and exports contracted for the second month in a row to $34.7 billion due to softening of oil prices and...
NFRA Moots Changes To Group Audit Norms
NEW DELHI: The National Financial Reporting Authority has issued a draft of the revised Standards on Auditing 600 (SA 600), and sought public comments on it, as the agency aims to improve the quality of group audits in the country, which is “severely deficient” as of now. The key...
Free Trade Agreement Talks With UK To Resume Next Month
NEW DELHI: India and the UK are expected to restart the negotiations on the Free Trade Agreement in October as the new Labour government in the island nation is currently being briefed about the status of the talks by their officials, commerce secretary Sunil Barthwal said Tuesday. The two...
Steel Industry Urges Govt To Review FTAs To Address Chinese Dumping In India
India’s trade data for August 2024 has drawn mixed reactions from industry experts, reflecting both optimism and concern. The PHD Chamber of Commerce and Industry (PHDCCI) praised India’s resilience in exports, highlighting a robust 5.3 per cent year-on-year growth in overall exports between April and August 2024. The cumulative...
India, China Imports Up 15.55 Per Cent In August
NEW DELHI: India’s exports to China dipped by 22.44 per cent to USD 1 billion, while imports rose by 15.55 per cent to USD 10.8 billion in August, according to the commerce ministry data. Cumulatively, in the April-August period this fiscal, exports to the neighbouring country dipped by 8.3...
Government Has Implemented Several Farmer-Friendly Policies: Amit Shah
NEW DELHI: The government has implemented several farmer-friendly policies in its first 100 days of the third term with focus on improving agricultural productivity and exports, Cooperation Minister Amit Shah said on Tuesday. Addressing a press conference on the completion of 100 days of the Modi 3.0 regime, Shah...
Air India To Upgrade Its Legacy A320 Neo Aircraft By Mid-2025
NEW DELHI: Air India on Tuesday said it expects to complete the upgradation of its 27 legacy A320 neo aircraft by mid-2025, following which all its narrow body planes will have the three-class configuration of business, premium economy and economy seats. Under the USD 400 million refit programme that...
