Business
Gold Imports Surge Record High
NEW DELHI: Gold imports more than doubled in August to a record high of USD 10.06 billion, mainly on account of a drastic cut in customs duty and ongoing festive demand, according to the Commerce Ministry data. Gold imports stood at USD 4.93 billion in August 2023. On record...
Rate Cut Hinges On Inflation Trajectory: RBI Governor
MUMBAI: The benchmark interest rate in the country will hinge on the future trajectory of inflation, Reserve Bank of India Governor Shaktikanta Das has said, emphasising that month-on-month inflation momentum — whether it’s building up or moderating — will be key to the central bank’s decision-making process. “It is...
Banks, FIs To Invest Rs 32.5 Trillion In Renewable Energy By 2030: Centre
GANDHINAGAR: Leading renewable energy (RE) project developers, manufacturing companies, banks, and financial institutions committed close to $386 billion or around Rs 32.45 trillion to the development of RE projects by 2030. This commitment was made at the inaugural ceremony of the 4th RE-Invest Summit hosted by the Ministry of...
Government Drawing Up Flexi Work Plan For Women
NEW DELHI: The government is planning to create a new framework for flexible working arrangements for women to lift their participation in the labour force by addressing some of the challenges faced and offering social security benefits to those in the unorganised sector. A task force under labour secretary...
Foreign Banks Urge RBI To Relax Norms Until Standoff With ESMA Gets Resolved
MUMBAI: Foreign banks caught in the middle of a regulatory disagreement between European authorities and the Reserve Bank of India have sought clarity from the domestic central bank on certain norms that pose hurdles to a potential alternative model that would allow the overseas lenders to carry on trading...
Revision Of Retail Inflation Index To Rely On 2022-23 Inputs
NEW DELHI: The government has completed the Household Consumption Expenditure Survey (HCES) exercise for 2023-24, and preliminary analysis shows that its results are largely similar to the one of 2022-23, a senior official told FE. So, the 2022-23 survey results are most likely to be used for formulating the...
RBI Plans To Revamp Currency Management Infra To Cater To Future Cash Needs
NEW DELHI: The Reserve Bank plans to comprehensively revamp its currency management infrastructure over the next 4-5 years, mainly to ensure adequate storage and handling capacity to cater to the future cash needs of the growing economy. The creation of greenfield currency management centres, the introduction of warehouse automation,...
Semicon 2.0 Scheme To Cover Large Design Firms Too, Raise Subsidy
NEW DELHI: The semiconductor incentive scheme 2.0, which the government is expected to announce in the next three-four months, is likely to provide subsidy to even large firms that are into chip designing. Not only this, the subsidy amount is also likely to be raised from the current cap....
India Looks To $10-Billion Infra Investments From London Funds
NEW DELHI: India is looking to attract investment commitments to the tune of $10 billion from funds parked in the City of London in marquee projects, including highways stretches and the National Capital Region’s rapid transport systems, by next year. These “initial” investments from London-based fund houses will herald...
100 Days Of Modi 3.0 Govt: Infra Projects Worth Rs 3.3 Lakh Crore Get Greenlight
NEW DELHI: The Narendra Modi 3.0 government has started with a bang, for the infrastructure sector. Within three months of assuming office, core sector projects worth Rs 3.31 lakh crore have got the Cabinet’s nod. Not just the approvals, the actual spending has also picked up. In July the...
India Seeks Investments From South Korea, Japan For Shipbuilding, Repair Clusters
GOA: India is seeking investments and technology transfer from South Korea and Japan to establish shipbuilding and ship repair clusters to promote the domestic shipping supply chain in the country, according to a senior government official. Currently, India holds less than 1 per cent of the global shipbuilding market,...
Oil India To Invest Rs 25,000 Crore For Net Zero Emissions By 2040
NEW DELHI: State-owned Oil India Ltd plans to invest Rs 25,000 crore in clean energy projects to help achieve the net zero carbon emission goal by 2040, its chairman Ranjit Rath said on Saturday. OIL’s net zero plan includes a combination of cutting down the flaring of gas and...
India Seeks Investments From South Korea, Japan For Shipbuilding, Repair Clusters
GOA: India is seeking investments and technology transfer from South Korea and Japan to establish shipbuilding and ship repair clusters to promote the domestic shipping supply chain in the country, according to a senior government official. Currently, India holds less than 1 per cent of the global shipbuilding market,...
Inter-Departmental Panel To Combat Online Gaming Tax Evasion
NEW DELHI: An inter-departmental committee with representatives from ED, RBI, tax and consumer affairs departments may be set up to combat the proliferation of online gaming platforms and ensure regulatory compliance, a DGGI report said. The GST intelligence wing of the Central Board of Indirect Taxes and Customs (CBIC)...
HDFC Bank To Double Income Of Marginal Farmers As CSR Initiative
VARANASI: The country’s biggest private sector lender HDFC Bank looks to increase the income of 5 lakh marginal farmers earning less than Rs 60,000 annually by 2025, as part of its corporate social responsibility (CSR) initiative, Parivartan. “The bank’s focus on rural development reflects our continued commitment to fostering...
CEA Urges Banks To Adapt Changing Customer Preferences
CHENNAI: Chief Economic Advisor to the Centre, V Anantha Nageswaran has said banks should adapt to changing customer preferences and market dynamics in order to remain competitive. He highlighted the crucial role of agriculture in driving economic growth at an event organised by public sector Indian Bank here on...
Government Eases Agricultural Exports As Supply Prospects Brighten; Export Duty Cut
NEW DELHI: The government on Friday decided to abolish minimum export prices (MEP) for onion and basmati rice, and also reduced the export duty on the staple vegetable. The move comes amid robust kharif prospects for both commodities. According to a Directorate General of Foreign Trade (DGFT) notification, the...
Indian Bioeconomy Hits USD 151 Billion, Contributes 4.25 Per Cent To GDP
NEW DELHI: India’s bioeconomy has experienced significant growth, reaching a valuation of USD 151 billion by the end of 2023, according to a new report, which said that the surge highlights the bioeconomy’s critical role in national development, contributing 4.25 per cent to the country’s GDP and positioning India...
