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NEW DELHI: The Union Cabinet on Wednesday approved Rs 8,500 crore financial incentive scheme for coal gasification projects. In the first category, Rs 4,050 crore has been provisioned for public sector utilities (PSUs) in which up to three projects will be supported by providing a lump sum grant of...
NEW DELHI: Indian Oil Corporation (IOC) on Wednesday reported a massive jump in its third quarter net profit as compared to the year-ago period when it was financially struggling as input raw material crude oil prices spiked but retail finished product prices remained on freeze. Standalone net profit of...
NEW DELHI: India will not agree to an “asymmetrical” agreement on reducing fisheries subsidies that contribute to overfishing and will insist on specific carveouts to protect its resource poor fishers and preserve the space to develop its capacities at the WTO, officials have said. “In India, the livelihood of...
Ratings agency ICRA has revised upwards its projection of bank credit growth in FY24 to 14.9-15.3 per cent, estimated at an incremental growth of ₹20.4-20.9 lakh crore, from the earlier projection of 12.8-13 per cent equating to a growth of ₹17.5-17.8 lakh crore. “This will be the highest ever...
NEW DELHI: The government may go slow on sale of any extra stake in Life Insurance Corporation (LIC) and wait for investors who participated in the state-run insurer’s initial public offer (IPO) to book a decent capital appreciation. It feels that an appropriately timed follow-on offer is crucial for...
NEW DELHI: The Centre’ capital expenditure growth may slow down to 12% in FY25 from 37.4% pegged in Budget for FY24, India Ratings and Research (Ind-Ra) said in a report. This is mainly due to the pickup in private capex in few sectors, the forthcoming elections in April and...
NEW DELHI: The share of direct taxes in gross domestic product (GDP) rose to a 15-year high of 6.11 per cent during 2022-23 (FY23), but their buoyancy fell to 1.18 from 2.52 in the previous year, according to official data released on Tuesday. This means that while the tax-to-GDP...
NEW DELHI: The department of telecommunications (DoT) has sharply lowered the spectrum auction revenue target for FY24 to a modest ₹500 crore from ₹5,000 crore estimated earlier, officials aware of the details told ET. The department, though, still expects to generate ₹85,000 crore in revenue receipts this fiscal, the...
MUMBAI: India pipped Hong Kong to become the fourth-largest equity market in the world based on Monday’s market capitalisation driven by consistent selling pressure on Chinese stocks as earnings prospects eroded. India’s total market capitalisation rose to $4.33 trillion after a gain of more than $130 billion so far...
NEW DELHI: The government may make the National Pension System (NPS) more attractive by extending tax concessions on contributions and withdrawals especially for senior citizens above 75 years. Pension fund regulator PFRDA has sought “parity” with Employees’ Provident Fund Office (EPFO) on the taxation front for contributions by employers...
NEW DELHI: State-owned Oil and Natural Gas Corporation (ONGC) will set up a new unit to house its gas business and clean energy projects such as green hydrogen, as it looks to fast-track foray into new areas. In a stock exchange filing, the firm said it last month received...
BHOPAL: Union Minister for Coal and Mines Pralhad Joshi on Tuesday said for the first time, the country’s coal production is going to cross 1 billion tonne. India is going to stop the import of substitutable coal from next year, Joshi said at the second State Mining Ministers’ Conference...
NEW DELHI: The Ministry of Electronics and IT (Meity) will seek cabinet approval for the India AI program, which includes the setting up of GPU-based servers in public-private partnership mode with an outlay of over Rs 10,000 crore, Minister of Electronics and IT Rajeev Chandrasekhar said on Tuesday. Working...
MUMBAI: Equity investors became poorer by Rs 8.50 lakh crore on Tuesday as markets came under a bear attack, with the benchmark Sensex falling almost 1,053.10 points. Equity benchmark index Sensex tumbled 1,053 points to close below the 71,000 level on Tuesday, dragged down by index heavyweights HDFC Bank,...
BENGALURU: Foreign investments in the Indian real estate sector, led by the US, experienced a decline in 2023 due to high inflation and geopolitical concerns. Notably, office spaces emerged as the most favoured investment asset. Investments from American institutions in the Indian real estate market fell by 39 per...
MUMBAI: A few segments in unsecured retail loans show signs of weakness which need to be closely monitored by lenders, said a report published by RBI. It also noted that in credit card outstanding, where the interest rates are highest, larger loans are by more vulnerable borrowers. According to...
NEW DELHI: The Centre may unveil a new scheme or enhance one of the existing schemes to improve the welfare of a “target beneficiary group,” ahead of the general election, an person privy to the matter told FE. Though the details aren’t known, additional support measures for the fishing...
MUMBAI: The credit card segment has emerged as the fastest growing among all retail loans, which could be a cause of worry for the regulator as much of this unsecured credit is going into the below-prime category. In November, the outstanding credit card balance of banks rose 34% from...