Business
India Is Doing A Factory Reset On The Jobs Scene
MUMBAI: Manufacturing is seeing a turnaround in India and the government’s budget boost for factory jobs might just be the catalyst to turn a swell into a wave. The pace of job growth in manufacturing has overtaken that of the services sector, the biggest employer for several decades since...
Govt Planning To Double NCLT Strength To Fast-Track Insolvency Resolution
NEW DELHI: The government is planning to “double the strength” of National Company Law Tribunal (NCLT) with addition of more benches and members, as it aims to cut down the time the corporate insolvency resolution process (CIRP) takes to complete at present, official sources privy to the matter told...
FIIs Cash Out From Equities Post Budget 2024 On Capital Gains Tax Tweaks
NEW DELHI/MUMBAI: The Budget 2024 has thrown a spanner in the works as far as foreign flows into the Indian equities are concerned. Foreign institutional investors (FIIs) who had turned aggressive buyers for the first time in calendar year 2024 (CY24) on a monthly basis, resorted to offloading positions...
Petroleum Regulator Revises Tariff Policy For Petro Pipelines
NEW DELHI: The Petroleum and Natural Gas Regulatory Board (PNGRB) on Friday announced an independent criteria for determining tariffs for the petroleum product pipeline owners in the country, replacing the current method based on railway freight. The move is intended to encourage investments in infrastructure, according to the Board....
Government To Reassess Interest Of Bidders In SCI, BEML, Others
NEW DELHI: Govt will reassess interest from bidders in a clutch of public sector companies that were to be privatised, including Shipping Corporation and BEML, but Concor and BPCL are no longer on the table for now, a top official said on Friday. Tuhin Kanta Pandey, secretary in the...
MRPL To Produce Green Hydrogen For Captive Use
MANGALURU: Mangalore Refinery and Petrochemicals Ltd (MRPL) said it has initiated setting up 500 tpa (tonnes per annum) green hydrogen production unit within the refinery premises. According to the company’s annual report for 2023-24, the green hydrogen produced from the new unit would be blended with hydrogen produced presently...
Advance Import Monitoring System SIMS 2.0 Puts In Place To Protect Steel Industry
NEW DELHI: Union Minister of Steel and Heavy Industries, H.D. Kumaraswamy, unveiled SIMS 2.0, an enhanced version of the Steel Import Monitoring System, in New Delhi on Friday. The launch event was attended by Minister of State for Steel and Heavy Industries, Bhupathiraju Srinivasa Varma, and Steel Secretary Nagendra...
Modi To Seek Centre-State Ties For $30 Trillion Economy By 2047
NEW DELHI: Prime Minister Narendra Modi will chair NITI Aayog’s ninth Governing Council meeting on Saturday to prepare a road map in consultation with state governments to make India a developed nation with a $30 trillion economy by 2047. Amid boycott by most chief ministers of the non-National Democratic...
Govt Hikes Bharat Rice & Atta Prices, Abolish Cash Transactions
NEW DELHI: While the government has revised upward the retail prices of subsidised Bharat rice and wheat and extended sales of grain aimed at curbing rise in prices, it has abolished the practice of cash payments for sale of the commodities by agencies aimed at curbing diversion. Sources told...
Budget Proposals For Marine Sector To Boost India’s Aquaculture, Seafood Exports: MPEDA
NEW DELHI: Budget announcements for the marine sector such as rationalisation of customs duties and financing facilities will help boost the country’s India’s aquaculture and seafood exports, MPEDA said on Thursday. The Marine Products Export Development Authority (MPEDA) also said the Budget includes a range of strategic measures aimed...
Rationalisation Of Duties On Leather Sector To Help Create More Jobs, Push Exports: CLE
NEW DELHI: Rationalisation of customs duties in the Budget on leather sector will help create more jobs and push exports, CLE said on Thursday. The Council for Leather Exports (CLE) said that the Budget announcement of support for setting up working women hostels, establishing creches and women-specific skilling programmes...
Map War Intensifies, Google Announces New Features To Woo Users In India
NEW DELHI: Amid rising competition from homegrown challenger Ola Maps, Google on Thursday announced a slew of new features on Google Maps to woo users in India, including EV charging station information, flyover callouts and AI-driven routing capability to reduce narrow road usage for four-wheeler drivers. It is “an...
Sugar Industry Body Proposes Bio-Refinery Transition Plan To Govt
NEW DELHI: Sugar industry body ISMA on Thursday said it has presented a plan to the government to transform sugar mills into bio-refineries, aiming to boost production of sustainable aviation fuel and other green energy sources. The representatives of the Indian Sugar & Bio-Energy Manufacturers Association (ISMA) met with...
Markets Extend Losses For 5th Session
MUMBAI: Equity market benchmark indices Sensex and Nifty stayed on the back foot for the fifth straight session on Thursday as investors offloaded metal, banking and finance stocks amid a lacklustre trend in global markets. Heavy foreign fund outflows after a hike in securities transaction tax and short-term capital...
Govt Prepares For Rs 10,000 Crore War Chest To Fight Food Inflation
NEW DELHI: Union Finance Minister Nirmala Sitharaman in her Budget speech on Tuesday said steps were being taken to supply adequate perishable goods to markets, while stating inflation continued to be low and stable, and was moving towards 4 per cent. Food inflation has been stubbornly high. Between July...
Gains In New Orders, Business Activity Surge Pushes Flash PMI To 61.4 In July
NEW DELHI: The private sector economy continued to expand in July, according to a survey by HSBC on Wednesday, propelled by an increase in business activity in both the manufacturing and services sectors. The survey also noted that the pace of job creation was at its strongest in over...
Food Subsidy May Sharply Overshoot Budget Estimate Of Rs 2.05 Trillion
NEW DELHI: The government’s food subsidy outgo in FY25 is likely to see a sharp increase against the budget estimate of Rs 2.05 trillion, because of mounting economic costs of PDS rice, with stocks being 3.5 times the buffer at present. In the budget estimate for FY25, the finance...
Banks Cautious On Lending To Stressed MSMEs Due To NPA Classification Rules
MUMBAI: Even if the Union Budget prompted banks to lend to the stressed micro, small, and medium enterprises (MSMEs), banks are worried that such loans could turn into non-performing assets (NPAs) if the bad loan classification rules are not relaxed. On Tuesday, Finance Minister Nirmala Sitharaman announced a new...
