Business
Tax Dept: Record Over 7.28 Crore Income-Tax Returns Filed
NEW DELHI: Income tax returns (ITRs) touched a new record of over 7.28 crore, 7.5 per cent higher compared to previous fiscal, by the July 31 deadline, the income tax department said on Friday. The total number of ITRs for assessment year 2024-25 filed till July 31, 2024 is...
German Firm Deutsche Aircraft Partners With SASMOS HET
MUMBAI: German aircraft maker Deutsche Aircraft on Friday said it has collaborated with Bengaluru-based SASMOS HET Technologies for its 40-seater turboprop regional aircraft D328eco project. Under this strategic collaboration, SASMOS HET Technologies will provide specialised design and development of Electrical Wiring Interconnection Systems (EWIS) for regional aircraft, marking a...
Essar’s IT Firm Black Box To Raise Rs 410 Crore Via Preferential Issue
NEW DELHI: Conglomerate Essar Group’s IT firm Black Box on Friday said its board has approved plans to raise up to Rs 410 crore through preferential issue. The fundraising plan includes Rs 200 crore from existing promoters of the company, Rs 200 crore from marquee investors, including foreign institutional...
Mid-Tech FDI For Job Creation Need Of The Hour: Business Standard Panel
NEW DELHI: India needs to focus on attracting mid-tech foreign direct investment (FDI) for job creation as all large economies are focusing on hi-tech FDI, and they have enough resources to allow them to provide subsidies, leading economists concurred on Wednesday in a panel discussion at the Business Standard...
Core Sector Growth Slows To 20-Month Low Of Four Per Cent In June
NEW DELHI: The output of India’s eight key infrastructure industries expanded by 4 per cent year-on-year in June, the slowest growth in 20 months, according to data released by the Department for Promotion of Industry and Internal Trade on Wednesday. The slowdown in growth can be ascribed to factors...
Budget Aims To Push Manufacturing, Boost India’s Share In Global Growth: FM
NEW DELHI: Finance minister Nirmala Sitharaman Wednesday said the budget seeks to strike a fine balance among several overriding priorities and will provide impetus to local manufacturing, boost employment and raise India’s share in global growth. “Growth, employment, welfare spending, capital investments, and fiscal consolidation are given equal place,”...
Low Inflation And Currency Can Amplify GDP To $55 Trillion By 2047
The long-term forecast of India’s growth potential misses a key variable — the currency movement. Krishnamurthy Subramanian, executive director at the International Monetary Fund and former chief economic advisor, told Bhaskar Dutta and MC Govardhana Rangan in an interview that India could be a $55 trillion economy by the...
Construction Firms In India Adopting Digital Tech To Optimise Internal Processes: Study
NEW DELHI: Construction companies in India are increasingly adopting digital technologies to assist project delivery, optimise internal processes and overcome the impact of industry challenges such as growing raw material costs and labour costs, a study has said. Indian companies are exploring a range of newer technologies aiding all...
Key Jute Sector Issues Feature At Advisory Committee Meeting
KOLKATA: The Indian Jute Mills Association highlighted several pressing issues at the 32nd Standing Advisory Committee (SAC) meeting in New Delhi, including the challenges faced by the sector due to declining demand for jute bags, officials said. Key stakeholders such as representatives from the sugar and plastic industry bodies...
Gadkari Urges FM To Withdraw 18 Per Cent GST On Life, Medical Insurance Premiums
NEW DELHI: Union Minister of Road Transport and Highways Nitin Gadkari has requested Finance Minister Nirmala Sitharaman to withdraw the 18 per cent goods and services tax (GST) on life and medical insurance premiums. In his letter to the Finance Minister, Gadkari raised concerns of the Nagpur Division Life...
Encora Expands Strategic Partnership With Cloud Software Group
NEW DELHI: Encora has announced plans to expand its strategic relationship with Cloud Software Group to include extended product engineering and support. The pact includes product development and engineering services under a managed services model, supporting the evolving needs of global businesses of Cloud Software Group (CSG), a release...
India’s Smartphone Shipments Dip 2% In Q2 2024 As Heatwave, Slower Demand Take Toll
NEW DELHI: India’s smartphone shipments fell two per cent year-on-year in June quarter, hurt by the heatwave and slower demand, as per a report by global research firm Counterpoint that showed Xiaomi reclaimed top spot in volume share and Samsung led in value terms. Notably, 5G smartphones captured their...
SoftBank-Backed Unicommerce To Float IPO on August 6
NEW DELHI: SoftBank-backed SaaS platform Unicommerce eSolutions Ltd will launch its Initial Public Offering (IPO) on August 6. The initial share sale will conclude on August 8 and the bidding for anchor investors will open for a day on August 5, according to the Red Herring Prospectus (RHP). The...
India Inc Must Play Its Part In Scripting Viksit Bharat Story: PM
NEW DELHI: The government does not lack political will and all its policies will guided by a “nation-first approach,” Prime Minister Narendra Modi said Tuesday, exhorting India Inc to seize the “golden chance” to play its role in achieving the goal of Viksit Bharat by 2047, the 100th anniversary...
RBI Mandates Transparent Process For Identifying Wilful Defaulters
MUMBAI: The Reserve Bank of India (RBI) asked banks to issue show-cause notices to borrowers identified as wilful defaulters, give them a personal hearing, and provide them at least 21 days to reply. The regulator also directed banks to disclose to the borrower all information on which the show-cause...
No Review Of Policy On Chinese FDI: Piyush Goyal
NEW DELHI: The government is not looking at a review of the cautious policy regarding foreign direct investment (FDI) from China though the Economic Survey had backed a a more open approach to capital inflows from the neighbour to meet the manufacturing ambitions of the country. “There is no...
SEBI Proposes Seven Key Changes To Curb Derivatives Trading Framework
MUMBAI: The Securities and Exchange Board of India (Sebi) on Tuesday proposed seven key amendments to the derivatives trading framework, aiming to bolster investor protection and market stability. Based on an expert working group recommendations, the markets regulator has proposed fewer options strike prices, upfront collection of options premium,...
Railway Freight Growth Tapers, Amid Still Competition
NEW DELHI: The growth in Indian Railways’ freight revenues is tapering off, due to the twin impact of tough competition from other modes of transport of goods, and a deliberate strategy being adopted by the transporter to progressively reduce cross-subsidisation of the passenger segment. As per the Budget 2024-25,...
