Business
Govt Likely To Pay Bond Interest Dues Of MTNL, Assuring No Default
NEW DELHI: The government will pay the bond dues of ailing Mahanagar Telephone Nigam Ltd (MTNL), a DoT source said assuring that there will be no default, and that the amount will be paid before the due date of July 20. The move assumes significance as it would avert...
Firms May Get Incentives For Incremental Job Creation
NEW DELHI: The government may introduce an employment-linked incentive scheme (ELIS) for companies in the Budget 2024-25 in a bid to promote job creation. The provisions of the ELIS would be similar to that of the production-linked incentive (PLI) scheme and it would be applicable to a few labour-intensive...
FPIs Invest Rs 15,352 Crore In Indian Equities During First Two Weeks Of July
NEW DELHI: Foreign investors infused Rs 15,352 crore into Indian equities during the first half of this month, driven by the government’s commitment to ongoing reforms, low US Federal rates, and strong domestic demand. The upcoming Union Budget will be one of the most watched events by foreign investors...
Talent Crunch Hits Big Five Audit Firms As CAs Opt For Safer Avenues
NEW DELHI: The Big Five audit firms in India are facing a talent crunch. A regulatory clampdown and a higher number of “relatively safer” career opportunities elsewhere are pulling chartered accountants (CAs) away from the audit profession. A senior partner at a Big Five firm told FE that the...
Govt May Introduce Insurance Laws Amendment Bill In Budget Session
NEW DELHI: The government is likely to introduce a bill seeking amendments to the Insurance Act, 1938, during the upcoming Budget session to achieve ‘Insurance for All by 2047’. Some of the provisions, which could be part of the amendment bill, include composite license, differential capital, reduction in solvency...
Govt Should Rope In PSU Firms To Ensure Fermented Organic Manure Off-Take: IBA
NEW DELHI: Indian Biogas Association (IBA) has suggested that the government should rope in state-owned fertiliser marketing companies to ensure off-take of fermented organic manure to boost the sector. Talking to PTI in an interaction, IBA Chairman Gaurav Kedia said, “Present production of FOM (fermented organic manure) in the...
India To See Retail Digital Payments To Double To USD 7 Trillion By 2030: Report
NEW DELHI: With digital adoption fast gaining currency, India is likely to see retail digital payments double to USD 7 trillion by 2030 from current levels, a study by Kearney and Amazon Pay said. In the report ‘How Urban India Pays’, Kearney-Amazon Pay said strong adoption of digital payments...
Indian AC Industry Likely To Double In Next Four Years, Says Blue Star
NEW DELHI: The air-conditioning industry, valued at around Rs 27,500 crore (USD 3.3 billion), is likely to double in the next four years, Blue Star has said in its annual report. The Indian HVAC&R (heating, ventilating, air conditioning and refrigerating) is poised for exponential growth, said Blue Star Chairman...
Tier 1 Cities Dominate In Blue-Collar Gig Job Opportunities: Report
MUMBAI: With a rise in gig economy, tier-one cities led in short-term blue-collar employment opportunities, accounting for 67.1 per cent openings from June 2023 to June 2024, a report said on Saturday. These tier-I cities, which have a large concentration of gig working opportunities, saw 63.11 per cent job...
India’s Retail Inflation Rises To 5.08% In June; IIP Grows 5.9% In May
NEW DELHI: India’s retail inflation rate in June reversed its five-month downward trend owing to an increase in food prices, and crossed the 5 per cent mark, prompting analysts to predict an extended pause on policy rates by the Reserve Bank of India (RBI). Separately, growth in the index...
India Can Be World’s Second-Largest Economy By 2031: RBI DG Patra
MUMBAI: It is conceivable that India can become the world’s second-largest economy by 2031 and the largest economy by 2060, given the country’s inherent strengths, said Reserve Bank of India (RBI) Deputy Governor Michael Debabrata Patra. Speaking at the Lal Bahadur Shastri National Academy of Administration, Mussoorie on Tuesday,...
No Merger: Government Looks To Shift MTNL’s Operations To BSNL
NEW DELHI: Having failed to come up with a viable proposition, government is now looking to hand over the operations of ailing telecom PSU MTNL to its bigger sibling BSNL, instead of merging the two state-run firms that have repeatedly been handed out bailouts, including around two years ago.The...
GST Ghosts Haunt India’s $100 Billion Investment Playground
MUMBAI: India’s $100-billion private equity and venture capital world is in the crosshairs of the goods and services tax (GST) office. About a dozen such alternative investment funds (AIFs) have recently received notices, with the revenue department questioning why their schemes, housing the fund pools, are not registered under...
Central Spending Gives A Boost To Liquidity, Brings Overnight Rate 10 Basis Points Below Repo
MUMBAI: A pronounced increase in government spending after the polls has injected fresh liquidity into the banking system, bringing down overnight borrowing rates, Treasury Bill yields and, in turn, short-term financing costs for Indian companies, even as the central bank seems to be in no great hurry to lower...
India To Clock GDP Growth Of 7% In FY25: NITI Aayog Member
NEW DELHI: The Indian economy will grow around 7 per cent in the current fiscal year and is on track to maintain a similar growth rate for several years, NITI Aayog member Arvind Virmani said on Friday. Virmani said there are new challenges facing the country and they will...
FADA Seeks Vehicle Depreciation Benefits For Income Tax Payers
NEW DELHI: Automotive dealers body FADA on Friday urged the government to introduce vehicle depreciation benefits for individual taxpayers, saying it will not only expand the taxpayer base but also ignite automobile demand. In its pre-budget wishlist, the Federation of Automobile Dealers Associations (FADA) also asked the finance ministry...
Auto Industry Body SIAM Seeks Sops For EVs, Additional Incentives For Vehicle Scrapping
NEW DELHI: Auto industry body SIAM on Friday sought sops to promote EVs and suggested the government to bring in additional incentives for scrapping of vehicles in the upcoming Budget. The Society of Indian Automobile Manufacturers emphasised on a growth oriented Budget with focus on greater allocation for capital...
Pakistan Reaches New USD 7 Billion Loan Deal With IMF
ISLAMABAD: Pakistan and the IMF have agreed on a USD 7 billion aid package spread over more than three years to help the cash-strapped country deal with its chronic economic issues. “Building on the economic stability achieved under the 2023 Stand-by Arrangement (SBA), IMF staff and the Pakistani authorities...
