Business
Natural Gas Imports Up 7% In April-July On High Demand
NEW DELHI: India’s import bill for natural gas surged by 7% to $4.6 billion during the first four months of the current fiscal year, compared with $4.3 billion in the same period a year ago, due to a rise in consumption particularly by the city gas distribution (CGD) companies...
Sensex Rallies 600 Points
MUMBAI: Stock market benchmark indices Sensex and Nifty surged nearly 1 per cent on Monday, propelled by intense buying in metal, IT and consumer durable stocks amid hopes that the US Federal Reserve will start cutting interest rates soon. Renewed Foreign fund inflows and buying in frontline stocks HDFC...
India Adds Record 15 GW Solar Capacity In January-June: Report
NEW DELHI: India has registered record solar installations of about 15 GW during the first half of 2024 as “developers raced” to complete delayed projects, a report by Mercom Capital said. The country added 3.89 GW of solar capacity during January-June 2023, the US-based research firm said in its...
RBI Constantly Working On Policies, Platforms To Make India’s Financial System Strong
BENGALURU: Reserve Bank Governor Shaktikanta Das on Monday said the central bank is constantly working on policies, systems, and platforms to make the country’s financial sector strong, nimble and customer centric. Addressing the RBI@90 Global Conference on ‘Digital Public Infrastructure and Emerging Technologies’, Das recalled various initiatives being taken...
Over 23 Lakh Government Employees Under NPS Get Option To Choose Unified Pension Scheme
NEW DELHI: The just-announced Unified Pension Scheme for central government employees will be available only for those who are currently subscribers of the New Pension Scheme (NPS), including retirees. The new scheme guarantees employees 50 per cent of their average basic pay over the last 12 months before retirement...
GST Taxpayers Without Valid Bank A/c To Be Barred From Filing GSTR-1 From September 1
NEW DELHI: GST taxpayers who do not furnish bank account details to GST authorities will be barred from filing outward supply return GSTR-1 from September 1, GST Network (GSTN) has said in an advisory. As per GST Rule 10A, a taxpayer is required to furnish details of a valid...
RBI Flags Breach Of Regulations By Some NBFC-P2P Lending Platforms
The Reserve Bank of India (RBI) on Friday flagged regulatory violations by some non-banking financial companies (NBFCs) peer-to-peer (P2P) lending platforms, prompting it to revise the guidelines that include prohibiting credit enhancements and capping aggregate exposure at Rs 50 lakh. These violations included promoting P2P lending as investment products,...
Food Inflation Seen Peaked, May Remain Subdued
Food inflation, which stayed persistently above 6% for a year till June, may have seen the peak, economists said. The consumer food price index, which rose 9.36% on year in June, fell sharply to 5.42% in July, thanks to a favourable base. However, price pressures in this segment as...
Govt Eases Cross-Border Share Swap Rules To Woo Foreign Money
New Delhi: India eased cross-border share swaps, allowing issue or transfer of equity instruments of a local company in exchange for those of a foreign firm in a significant rejig of foreign investment norms. Investments by an overseas citizen of India (OCI) on a non-repatriation basis would not be...
FDI In Food Processing Industry Falls 30% To Rs 5037 Crore In 2023-24
The foreign direct investment (FDI) fell by 30 per cent to Rs 5,037.06 crore in India’s food processing industry in the last fiscal year, shows the official data. In FY2023, the food processing industry saw FDI of Rs 7,194.13 crore. The Food Processing Industries Ministry submitted data to the...
Govt Initiates Anti-Dumping Investigation Into Steel From Vietnam
India has launched an anti-dumping probe into imports of hot rolled flat products originating in or exported from Vietnam after complaints that they were being sold at low prices, hurting the interest of the domestic steel industry. Indian steelmakers have been flagging cheap imports from China rerouted through Vietnam...
Telecom Players’ Arpu Growth Falls To 7.5% In Fy24, Shows Govt Data
The Average Revenue Per User (Arpu) earned by India’s telecom players rose 7.5 per cent in FY24, as compared to nearly 20 per cent in FY23, according to the latest government data. The yearly telecom sector performance indicators report released by the Telecom Regulatory Authority of India (Trai) on...
Stringent Safety Norms For Construction Electric Vehicles From October 1
The Centre is set to impose stricter safety standards on electric construction equipment as the industry prepares for a green transition. The Ministry of Road Transport and Highways (MoRTH) has proposed new rules that will require all electric construction vehicles, including dumpers and excavators, to meet stringent safety standards...
India Close To Being Top Medicine Exporter To US
India’s pharma and medical device industry is expanding its footprint in the key markets of US, UK and Italy gaining market share at the expense of its competitors, according to data analysis by the Ministry of Commerce and Industry. India is the third largest import source of medicine put...
Exports Shrink 1.5% In July, Trade Deficit Widens To $23.5 Billion
India’s merchandise trade deficit rose to the highest level in nine months in July on the back of high crude imports and a contraction in overall goods exports after three straight months of positive growth. Exports contracted 1.47% on year to $33.98 billion in July, while imports rose...
Govt Committed To Big Reforms That Will Accelerate Growth And Progress, Develop India By 2047: PM Modi
Prime Minister Narendra Modi marked the 78th Independence Day by emphasising his government’s commitment to economic reforms and attracting global investment. Addressing the nation from the ramparts of the Red Fort, Modi highlighted that the reforms are driven by conviction rather than compulsion, aiming to boost economic growth and...
RBI Clears Tata Capital’s Conversion Into NBFC Investment Credit Company
The Reserve Bank of India (RBI) has cleared the conversion of financial and investment services provider Tata Capital Limited (TCL) into a non-banking finance company (NBFC)–investment credit company (ICC) from a NBFC–core investment company (CIC). This comes after Tata Capital merged Tata Cleantech Capital and Tata Capital Financial Services...
CPI Inflation Down, But Road Ahead Could Be Bumpy: SBI Report
New Delhi: India’s Consumer Price Index (CPI) inflation dropped to 3.54 per cent in July 2024, its lowest in nearly five years, largely driven by a decline in vegetable prices. However, despite this positive development, the State Bank of India (SBI) has cautioned that the path forward may be...
