Business
Public Sector Banks’ NPAs On Mudra Loans Fall To 3.4 Per Cent In 2023-24: Sitharaman
NEW DELHI: Public sector banks’ non-performing assets associated with the Mudra loan category have declined to 3.4 per cent in the 2023-24 fiscal, Finance Minister Nirmala Sitharaman said on Monday. This marks an improvement from 4.77 per cent in 2020-21, 4.89 per cent in 2019-20, and 3.76 per cent...
Over Rs 177 Crore Lost On Account Of ATM/Credit Card, Internet Banking Frauds
NEW DELHI: As much as Rs 177 crore was lost on account of credit, debit card and internet banking frauds in the 2023-24 fiscal, Parliament was informed on Monday. In a written reply to the Lok Sabha, Minister of State for Finance Pankaj Chaudhary said the amount of loss...
New Job Schemes To Be Rolled Out By December: Labour Secretary
NEW DELHI: The three Employee-Linked Incentive (ELI) schemes, announced during the Budget for 2024-25, are going to aid job creation siginificantly, improve “employability” of job-seekers, and bring more people under the social-security net, labour secretary Sumita Dawra said. In an interview with FE, Dawra said that these schemes– a)...
India Seeks Duty Concession On Cars, Machinery In FTA With Sri Lanka
NEW DELHI: India is seeking customs duty concession on a number of goods including cars, commercial vehicles and machinery from Sri Lanka under a comprehensive free trade agreement (FTA), talks for which are underway, an official said. India has also sought easier visa norms to further facilitate entry of...
Government May Soften LTCG Tax Blow On Real Estate
NEW DELHI: The government may address the concerns over the Budget proposal to revise the taxation of long-term capital gains (LTCG) from real estate transactions, by offering a few reliefs. According to sources familiar with the deliberations in this regard, it make the new LTCG regime effective from April...
RBI Likely To Maintain Status Quo, Unlikely To Cut Rates Before September
MUMBAI: The Reserve Bank of India (RBI) is expected to maintain rhe benchmark repo rate unchanged at 6.5% during its upcoming meeting from August 6 to 8. The decision is anticipated to align with the recent trend of holding rates steady while awaiting more macroeconomic data before considering any...
Unemployment Rate Fell 1.3 Percentage Points In July Amid Uptick In Hiring
NEW DELHI: India’s unemployment rate (UR) dropped by 1.3 percentage points in July from an eight-month high of over nine per cent in the previous month. The UR fell to 7.9 per cent in July from 9.2 per cent in June, according to the Consumer Pyramids Household Survey. The...
After Record Profits, State-Owned Fuel Retailers See Profit Slump In Q1
NEW DELHI: After reporting record profits, state-owned fuel retailers Indian Oil Corporation (IOC), BPCL and HPCL posted up to 90 per cent slump in their June quarter earnings as margins fell and they booked under-recovery on the sale of domestic cooking gas LPG at government-controlled rates. IOC, the nation’s...
Spending On Outbound Tourism To Rise 11% Annually To Reach $55 Billion In 2034: Report
NEW DELHI: Spending on outbound tourism is expected to grow from USD 18.82 billion in 2024 to USD 55.39 billion in 2034, a report said. The ‘Navigating Horizons’ report jointly prepared by Nangia NXT and Ficci said packaged tours still dominate the outbound market in India, with a share...
FPIs Invest Rs 32,365 Crore In Equities In July On Continued Policy Reforms
NEW DELHI: Foreign investors infused Rs 32,365 crore into Indian equities in July on the back of expectation of continued policy reforms and sustained economic growth and better-than-expected earnings season. However, they pulled Rs 1,027 crore from equities in the first two trading sessions of this month (August 1-2),...
Global Capability Centre Industry To Become Catalyst For Creating Jobs: Report
MUMBAI: With India emerging as the hub of Global Capability Centres, a report on Saturday revealed that 78 per cent professionals expect the GCC sector to become a catalyst for creating jobs, particularly benefiting temporary workforce in the country. A majority of 78 per cent foresee GCCs as catalysts...
Sensex, Nifty Crash In-Line With Selling Pressure In Global Markets On US Growth Fears
MUMBAI: Equity market benchmark indices Sensex and Nifty tumbled in early trade on Monday in-line with extremely weak trends in global markets amid fears of a slowdown in the US economy and foreign fund outflows. The 30-share BSE Sensex tanked 2,401.49 points to 78,580.46 in early trade. The NSE...
Cabinet Approves 8 High-Speed Road Corridor Projects Worth Rs 50,655 Crore
NEW DELHI: The government on Friday approved eight national high-speed road corridor projects of length 936 km entailing investment of Rs 50,655 crore to improve logistics efficiency and connectivity across the country, an official statement said. The implementation of these eight important projects will generate an estimated 4.42 crore...
Government Plans To Increase Deposit Nominees To Four
NEW DELHI: The Union Cabinet on Friday approved at least half-a-dozen amendments to banking laws, including allowing up to four nominees in deposit accounts and introducing a concept of “successive and simultaneous” nominations to reduce hardship to customers, amid rising unclaimed deposits. Currently, banks allow one nominee for savings...
NTPC-NPCI JV To Start Work On Rs 50,000-Crore Rajasthan Nuclear Power Plant This Fiscal
NEW DELHI: In a move to expedite the nuclear power capacity addition, NTPC Ltd and Nuclear Power Corp of India (NPCI) through its joint venture Anushakti Vidhyut Nigam is expecting to invite bids and start construction of its Mahi Banswara nuclear power plant before the end of current fiscal...
SEBI’s Combo Offers For Quick And Easy Fundraise
MUMBAI: The Securities and Exchange Board of India (SEBI) is considering a product that combines rights issues and preferential allotments to expedite fundraising, as it believes this would cut the required time by half. The capital market regulator’s objective is to simplify the fundraising process by eliminating the need...
Resolutions Under Insolvency And Bankruptcy Code Highest In FY24: CRISIL
MUMBAI: Resolutions under India’s Insolvency and Bankruptcy Code (IBC) was the highest in FY24, with 269 cases receiving National Company Law Tribunal (NCLT)’s nod, up 42 per cent compared to FY23 when 189 cases were resolved, a report by CRISIL stated on Friday. Higher resolution was aided by greater...
India A Food Surplus Country; Working To Provide Solutions For Global Food Security: PM Modi
NEW DELHI: Prime Minister Narendra Modi on Saturday said India has become a food surplus country and is working to provide solutions for global food and nutritional security. Addressing a gathering after inaugurating the 32nd International Conference of Agricultural Economists (ICAE), which is being organised in India after 65...
