Business
Q2 Inflation Seen To Top RBI Forecast By Up To 50 Basis Points
NEW DELHI: Economists have raised their retail inflation forecasts for the July-September quarter of FY25 by 40-50 basis points (bps), as they expect prices of key food items, mainly vegetables, to stay elevated in the near-term, along with rising core inflationary pressures. An uptick to the Q2FY25 forecasts also...
UAE CEPA To Cause Revenue Loss, Bullion Market Disruption: Study
NEW DELHI: India is looking at the potential revenue losses of Rs 63,000 crore per annum as tariffs for imports of gold, silver, platinum and diamonds will become zero in coming years under the India-UAE comprehensive economic partnership agreement (CEPA) according to a study. Apart from revenue loss due...
NAREDCO Pitches For Raising Tax Exemption Limit On Home Loan Interest To Rs 5 Lakh
NEW DELHI: Realtors’ body NAREDCO on Tuesday suggested that the tax exemption on interest on self-occupied property loans should be increased to Rs 5 lakh in the upcoming budget from Rs 2 lakh currently to boost housing demand amid a rise in housing prices and mortgage rates. Builders also...
Telecom Ministry To Work On Actionable Plan On Issues Identified By Panels: Scindia
NEW DELHI: The telecom ministry will work on actionable plan with defined timelines on issues that have been discussed with telecom operators and other players in the sector, Union minister Jyotiraditya Scindia said on Tuesday.The minister held meetings with three of the six committees set by his ministry. The...
Govt Likely To Scale Down Fiscal Deficit Target To 5% Or Less In Budget: ICRA
NEW DELHI: The government is likely to lower fiscal deficit to 4.9-5 per cent of the GDP for this financial year in the upcoming Budget aided by revenue buoyancy. The government had pegged the fiscal deficit estimate at 5.1 per cent for the current fiscal year when it presented...
Auto Industry Needs 2 Lakh Skilled People By 2030 To Meet 30% EV Adoption Target: SIAM
NEW DELHI: Indian automotive industry will need up to 2 lakh skilled people by 2030 to meet the government’s vision of 30 per cent electric vehicle adoption, the Society of Indian Automobile Manufacturers said on Tuesday. A total talent investment of Rs 13,552 crore is expected for hiring and...
Sensex, Nifty Close At Record High Levels For Third Day In A Row
MUMBAI: Benchmark stock indices Sensex and Nifty settled at record high levels in their third straight day of gains on Tuesday following buying in FMCG, telecom and select IT shares and FII inflows. The 30-share BSE Sensex climbed 51.69 points or 0.06 per cent to settle at a new...
India’s Trade Deficit Narrows In June; Exports Fall To 7-Month Low
NEW DELHI: Growth in India’s merchandise exports fell to 2.6 per cent year-on-year in June from 13.5 per cent in May amid overseas muted demand. They plummeted to a seven-month low in June to $35.2 billion, the data released by the Department of Commerce showed. Merchandise imports expanded by...
Spike In Food Prices Pushes WPI Inflation To 16-Month High In June
NEW DELHI: India’s Wholesale Price Index (WPI)-based inflation rose for the fourth consecutive month in June to a 16-month high of 3.36 per cent from 2.61 per cent in May, primarily on the back of an adverse base effect and a sharp spike in food prices. Inflation in food...
Temasek Planning To Invest $10 Billion In India Over 3 Years Amid China Slump
MUMBAI: Temasek Holdings plans to grow its exposure to India by investing $2-3 billion annually over the next two to three years, said a senior executive. The Singapore sovereign wealth fund counts India among its two most preferred markets globally — the other being the US. “We plan to...
RBI Calls On Lenders To Hear Borrowers Before Declaring Account Fraud
MUMBAI: The Reserve Bank of India (RBI) has prescribed norms that lenders have to follow before classifying loan accounts as fraud. This is for ensuring compliance with principles of natural justice, one of whose tenets is that both sides to a dispute must be heard. The move follows the...
G20 Panel On Public Digital Infrastructure Bats For Global Plug & Play Use
NEW DELHI: India’s G20 task force on digital public infrastructure (DPI) has suggested that countries use plug-and-play models to deploy certain DPI while ensuring their sovereignty and data ownership, exhorting them to make their existing infrastructure universally applicable for common good. Releasing the task force’s report on Monday, India’s...
Next Round Of Talks For Proposed Trade, Investments Agreement Between India, EU Likely In September
NEW DELHI: Senior officials of India and the 27-nation European Union (EU) are expected to hold the next round of talks for the proposed free trade agreement, which aims at boosting commerce and investments, in September, an official said. Joint Secretary in the Department of Commerce Darpan Jain said...
Govt Aims To Cover 25% Of Kharif Paddy Area With Climate-Resilient Seeds
NEW DELHI: In a bid to combat the growing challenges posed by climate change, the government is targeting to bring 25 per cent of the total kharif paddy area under climate-resilient seeds, a senior agriculture ministry official said on Monday. The move comes as erratic rainfall patterns have become...
Imports From Bangladesh Aggravate Jute Sector Crisis: Stakeholders
KOLKATA: A body of jute suppliers have written to Union Minister Giriraj Singh, alleging that raw material imports from Bangladesh, either directly by mills or through third parties, have adversely impacted the industry and farmers. In a letter to the textile minister, the Jute Balers’ Association has raised concerns...
Hindustan Zinc Contributes Rs 13,195 Crore To Exchequer In FY24
NEW DELHI: Vedanta group firm Hindustan Zinc Ltd (HZL) on Monday said it has contributed Rs 13,195 crore to the exchequer in the last financial year, representing about 46 per cent of its total revenues. In FY 2023-24, Hindustan Zinc’s total contribution to the exchequer stood at Rs 13,195...
Automobile Retail Sales Up 9% In April-June: FADA
NEW DELHI: Automobile retail sales increased 9 per cent year-on-year in June quarter FY25 with all segments, barring tractors, reporting growth, dealers’ body FADA said on Monday. Overall retail sales rose to 61,91,225 units in the April-June period from 56,59,060 units in the same quarter of FY24. Passenger vehicle...
India Sees Fastest Growth In Electronic Waste Generation: UNCTAD Report
NEW DELHI: India saw the highest 163 per cent growth globally in generating electronic waste from screens, computers, and small IT and telecommunication equipment (SCSIT) between 2010 and 2022, according to a United Nations Trade and Development (Unctad) report. The ‘2024 Digital Economy Report: Shaping an environmentally sustainable and...
