Business
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...
India’s Growth Outlook Reflects Underlying Strength Of Macro-Fundamentals
SINGAPORE: India’s growth outlook reflects the underlying strength of country’s macro-fundamentals, with domestic drivers — private consumption and investment — playing a major role, RBI Governor Shaktikanta Das said on Friday. Moreover, the country’s growth trajectory is supported by an environment of macroeconomic and financial stability, he said in...
India To Make High-Speed Trainsets, Railway Arm Floats Tender
NEW DELHI: After making major headway in indigenous manufacturing of semi high-speed trainsets, the government has now set in motion a process for local production of high-speed rolling stocks. The move follows the potential rise in procuring the standard-gauge coaches for India’s planned bullet train projects, including the under-construction...
India Inc Sees Margins Rising As Crude Falls; No Price Cuts Yet, Say Companies
MUMBAI: A drop in crude oil prices is likely to ease cost pressures for a large number of companies across sectors — from paints and industrial segments to textiles and fast-moving consumer goods (FMCG) — which use crude-linked derivatives as a key input. Firms, however, say they remain cautious...
Competition Commission Selects Management Development Institute To Conduct Market Study On AI
NEW DELHI: Fair trade watchdog CCI has selected the Management Development Institute Society (MDIS) to conduct a market study on artificial intelligence and competition that will examine various aspects, including potential competition issues in the AI ecosystems. In April this year, the Competition Commission of India (CCI) had issued...
Government Mandates Use Of Fire-Resistant Upholstery Fabrics In Non-Domestic Furniture
NEW DELHI: The Government has introduced stringent regulations mandating the use of fire-resistant upholstery fabrics in non-domestic furniture, a move expected to improve public safety with respect to fire-related tragedies. Effective from October, the Quality Control Order (QCO) now requires all upholstery components used at public spaces to comply...
Preparing To Use Chennai Manufacturing Plant For Exports, Says Ford
CHENNAI: American automaker Ford on Friday said it is preparing to utilise its Chennai manufacturing plant to roll out vehicles for exports and has intimated the same to the Tamil Nadu government. The company which in 2021 had said that it would stop manufacturing vehicles in India, has submitted...
Food Ministry Inks Pact With FCI To Boost Grain Operation Efficiency
NEW DELHI: The food ministry has signed an agreement with the state-run Food Corporation of India (FCI) for the 2024-25 fiscal year, aiming to enhance efficiency and accountability in foodgrain procurement and distribution. The MoU (Memorandum of Understanding) sets specific performance benchmarks, including metrics for FCI depots, and outlines...
Passenger Vehicle Wholesales Dip Two Per Cent In August As OEMs Cut Dispatches
NEW DELHI: Domestic passenger vehicle wholesales declined by about 2 per cent year-on-year in August as companies curtailed dispatches to reduce inventory at dealers amid a drop in demand. According to data issued by the industry body Society of Indian Automobile Manufacturers (SIAM), the total passenger vehicle dispatches in...
Retail Inflation Inches Up To 3.65% In August; IIP Growth At 4.8% In July
NEW DELHI: India’s Consumer Price Index (CPI)-based retail inflation rose marginally in August to 3.65 per cent from 3.6 per cent in July, yet remained below the Reserve Bank of India (RBI)’s medium-term target of 4 per cent for the second time in nearly five years, mainly because of...
Food Inflation At 5.66% In August, Second Lowest Since June 2023
NEW DELHI: Retail food inflation rose marginally to 5.66% in August on an annual basis, compared to 5.42% in July, as prices of pulses, cereals and vegetables continued to be at elevated levels, and base turned less favourable than in July. The consumer food price index (CFPI), however, declined...
Private Sector Capex Survey, Economic Census On Cards
NEW DELHI: The government plans to initiate several enterprise-related surveys in the next few months including a survey to assess capital investments by the private sector and an economic census. The annual capex survey will track annual private sector capital spending. Officials said that a fresh Annual Survey of...
India To Become Third Largest Economy In A Decade, Says G20 Sherpa Amitabh Kant
NEW DELHI: G20 Sherpa Amitabh Kant predicts that India, which is on track to become the third largest economy in the world, would propel 20 per cent of global economic growth over the next decade. “In the next three years, we will overtake Japan and Germany to be the...
Surrender Value Guidelines May Lead To Volatility In Life Insurance Premiums In H2
MUMBAI: Life insurance premium collections may see volatility in the second half of the current fiscal due to the implementation of new surrender value guidelines on life policies beginning next month, according to a report by Care Edge. “IRDAI has announced new regulations regarding surrender values, to be implemented...
