Business
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...
Credit Rating Agencies Upbeat On India’s Fiscal Consolidation Plan
Global credit rating agencies have given thumbs up to the FY25 Budget, lauding the government’s firm commitment to deficit reduction, with Moody’s Ratings noting that the Budget is credit positive. “Policy continuity is reflected in the government’s capital spending on infrastructure, which remains around 23 per cent of total...
Budget Focuses On Review Of Agri Research Setup, New Phase Of Rural Roads
NEW DELHI: The first Budget of the Narendra Modi government’s third term in office has promised a comprehensive review of the agricultural research setup in the country and will launch the fourth phase of the rural roads programme, targeted at connecting 25,000 new habitations. The review of agricultural research...
RBI Dividend Helps Centre Trim Fiscal Deficit To 4.9 Per Cent
MUMBAI: The Centre further pared the fiscal deficit target to 4.9% of GDP for 2024-25 in the full Budget presented on Tuesday from 5.1% projected in the interim Budget in February as it used Rs 1.3 trillion extra dividends from the Reserve Bank of India to trim borrowings as...
Budget 2024: FM Nirmala Sitharaman Unveils Road Map For ‘Viksit Bharat’
NEW DELHI: Finance Minister Nirmala Sitharaman’s Budget proposals lay out a comprehensive road map for transforming India into a developed nation, focusing on key priorities that aim to generate ample opportunities for all citizens in “Viksit Bharat”. It sets the stage for sustained economic growth, social development, and technological...
Govt To Implement Three Schemes Via EPFO To Boost Fresh Employment
NEW DELHI: Finance Minister Nirmala Sitharaman in her budget speech on Tuesday said the government will implement 3 schemes for ‘Employment Linked Incentive’, as part of the Prime Minister’s package. These will be based on enrolment in the EPFO, and focus on recognition of first-time employees, and support to...
Budget 2024: Govt Allocates ₹1.19 Lakh Crore For Petroleum And Natural Gas, Focus On Strategic Reserves And Infrastructure
New Delhi: The ministry of petroleum and natural gas has been allocated a total budget of ₹1,19,402.52 crore for the fiscal year 2024-2025, reflecting a significant financial commitment to bolster India’s energy infrastructure and capabilities. This allocation, comprising both budget support and Internal and Extra Budgetary Resources (IEBR), underscores...
Government Retains 14 Per Cent Rise In Capital Investment Of Rs 67,000 Crore By Eight Power PSUs In FY25
NEW DELHI: The government in the Budget presented on Tuesday retained nearly 14 per cent rise in capital investment of Rs 67,286.01 crore proposed in the interim document by eight state-owned power companies for this fiscal. The government had provided for Rs 67,286.01 crore investment by the eight power...
Budget 2024: Steel Industry Cheers Import Duty Cuts, Continued Infra Push
MUMBAI: The Union Budget for 2024-25 gives India’s steel industry several reasons to cheer, including import duty cuts on several raw materials and indirect benefits from increased spending on infrastructure and affordable housing. Finance minister Nirmala Sitharaman said in her budget speech on Tuesday that the government would remove...
Airbus, Tata Sign Contract To Establish H125 Choppers Final Assembly Line In India
FARNBOROUGH: In a latest collaboration, Tata Advanced Systems Limited (TASL) and Airbus Helicopters have formalised a contract to establish the H125 Final Assembly Line (FAL) in India. The FAL will be the first instance of the private sector setting up a helicopter assembly facility here in India, which will...
