Business
India Set To Review Trade Pact With Malaysia As Deficit Grows
NEW DELHI: India has begun an exercise to review its trade agreement with Malaysia amid rising trade deficit with the Southeast Asian country and is examining the rules of origin under the pact. The India-Malaysia Comprehensive Economic Cooperation Agreement was signed in fiscal 2011 when the trade gap was...
India Pips US To Become Second Largest 5G Smartphone Market
NEW DELHI: India has overtaken the US to emerge as the second-largest market for 5G smartphones after China in the first half of 2024, with affordable models of Xiaomi, Vivo, Samsung and others driving the trend, a Counterpoint Research report said. Global shipments of fifth generation network-enabled smartphones increased...
RBI May Shift To Neutral Stance As Monsoon Eases Food Inflation Concerns
MUMBAI: With concern on food inflation ebbing with the monsoon progressing well, the Reserve Bank of India (RBI) is warming up to the idea of a change in stance to “neutral” from “withdrawal of accommodation”, according to economists. In his speech on Thursday during the annual event of the...
Revamp Of Gati Shakti Cargo Terminal Policy In Works To Woo Private Players
NEW DELHI: The Indian Railways is revamping the Gati Shakti Cargo Terminal (GCT) policy to increase private sector participation in setting up freight-oriented infrastructure, said people with knowledge of the matter. Guidelines will soon be issued to lower costs for private players in the development of new GCTs, they...
Revisiting Sri Lanka’s Debt Sustainability Assessment Can Derail IMF Programme: Finance Ministry
COLOMBO: Any attempt to revisit Sri Lanka’s debt sustainability assessment (DSA) can derail the ongoing IMF programme bailout, the finance ministry said on Friday. “Any country can of course stand its ground and refuse to move forward based on the IMF’s DSA if it disagrees with the outcomes of...
Allow Natural Growth Of India’s E-Vehicle Sector To Avoid Becoming EV Colony For China: GTRI
NEW DELHI: The government should allow the domestic electric vehicle sector to grow naturally without relying on incentives as it would avoid India becoming an ‘EV colony’ for China, think tank GTRI said on Friday. India faces unique challenges not faced by other countries in adopting EVs (electric vehicles)...
Bengaluru Sees 19 Per Cent Hike In Home Sales: Report
BENGALURU: Bengaluru’s residential market continues to display steady growth as registered transactions maintain upward momentum both sequentially and annually, a report by Square Yards, an integrated platform for real estate and mortgages, said on Friday. According to the data, 28,356 transactions were recorded in the city during the second...
Spicejet Plans To Raise Over Rs 3,200 Crore Via Debt, Equity
MUMBAI: Cash-strapped domestic carrier Spicejet plans to raise Rs 3,200 crore through QIP, warrants and capital infusion by the promoter, the airline said in a presentation on Friday. The funds will be utilised in taking back the grounded fleet in operations, liability settlement, new fleet induction and other general...
Rupee Rises Two Paise To Settle At 83.95 Against US Dollar
MUMBAI: The rupee gained 2 paise to close at 83.95 (provisional) against the US dollar on Friday amid a weak greenback in overseas markets. However, negative domestic markets, rise in crude oil prices, and outflow of foreign capital capped sharp gains, forex traders said. At the interbank currency market,...
Contraction In States’ Capex Continues, Down 17% In April-July
NEW DELHI: States’ capital expenditure likely fell by around 17% on year in the first four months of the current financial year, prolonging the moderation across the public sector capex space. As the impact of general elections on project implementations lingered on, the capex by the central public sector...
Strong Fundamentals Keep Growth Story Intact: RBI Governor
MUMBAI: Notwithstanding a moderation in growth in the first quarter (Q1) of 2024-25 (FY25), the fundamental growth drivers of the economy are gaining momentum, instilling confidence that India’s growth story remains intact, said Reserve Bank of India (RBI) Governor Shaktikanta Das on Thursday. He added that the central bank’s...
India, Singapore Ink Agreements On Semiconductor, Digital Technology
NEW DELHI: India and Singapore on Thursday announced the signing of a key bilateral pact to partner and cooperate in the field of semiconductors, as the two countries elevated their ties to a “comprehensive strategic partnership”. Prime Minister Narendra Modi is on a 2-day visit to Singapore ahead of...
FM Asks Industry To Use PLI-Like Schemes To Fast-Track Investments
NEW DELHI: Finance Minister Nirmala Sitharaman on Thursday gently nudged Indian industries to invest to expand their capacity to serve the growing needs of India by taking advantage of the government’s employment and production-linked incentives and the corporate tax rate cut since 2019. Addressing the Southern India Chamber of...
Food Inflation Control Priority For Government: Pralhad Joshi
NEW DELHI: Food minister Pralhad Joshi on Thursday said that prices of essential commodities are stable and likely to remain so in the coming festive seasons while the recent spurt in onion prices is being curbed through releasing the government’s stock. “Keeping food inflation under control is a priority...
India-EFTA Trade Deal Moves Forward
NEW DELHI: Switzerland’s federal cabinet has adopted the ambitious trade pact between India and the European Free Trade Association (EFTA) and placed it before Parliament as part of the ratification process. The ambitious trade pact, signed in March between India and the European bloc comprising Norway, Switzerland, Iceland and...
Mercedes Eyes India As Top Luxury Market
PUNE: German luxury car maker Mercedes-Benz India on Thursday said India has the potential to become one of the top five markets for its Maybach brand of cars in sales volume. Launching the electric version of its first-ever all-electric Mercedes-Maybach in India, the company’s managing director and CEO Santosh...
SAIL Offers Support For Critical Mineral Mission
NEW DELHI: SAIL, the country’s largest steel player, is willing to participate in the Critical Mineral Mission, which aims to secure the country’s critical mineral supply chain by ensuring mineral availability from domestic and foreign sources, the company’s Chairman Amarendu Prakash said on Thursday. The Union Budget 2024-25 had...
Suresh Prabhu nominated to World Agriculture Forum Board
NEW DELHI: Former Union Minister and Rajya Sabha member Suresh Prabhu on Thursday nominated to the World Agriculture Forum (WAF) Board. In a communication, Rudy Rabbinge, Chairman of WAF Board, said that Prabhu’s expertise would be invaluable to the discussions that shape the future of the agri sector.”Given your...
