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NEW DELHI: The interim budget 2024-25 will likely allocate Rs 2.8-3 trillion for the Railways to keep its capex momentum intact, compared with Rs 2.4 trillion provided in the 2023-24 (Budget Estimate). This would mean that the transporter which makes little operational surplus would not have to resort to...
MUMBAI: Consumer price index-based inflation, the main yardstick for the Reserve Bank of India’s policy making, is likely to average 4.5 per cent in the next financial year and gross domestic product (GDP) growth is likely to stay above 7 per cent, Governor Shaktikanta Das said on Wednesday. “At...
MUMBAI: A precipitous decline in shares of HDFC Bank, the most heavyweight component of the Nifty and the Sensex, on Wednesday, triggered the worst day for the domestic markets in nearly a year and a half. The Sensex closed at 71,501, shedding 1,628 points or 2.2 per cent, marking...
NEW DELHI: Worldwide IT spending is expected to total $5 trillion in 2024, an increase of 6.8 per cent from 2023, according to the latest forecast by Gartner. This is down from the previous quarter’s forecast of 8 per cent growth. However, within the total IT spend, IT services...
NEW DELHI: India’s crude oil imports from Saudi Arabia may pick up modesty after the kingdom cut the official selling price of its key export grade for February, but the demand for discounted Russian Urals is still seen surpassing that for the oil from Saudi Aramco. Analysts feel any...
NEW DELHI: Ahead of the Lok Sabha elections this year, the Government may double the insurance cover under its flagship Ayushman Bharat health scheme to Rs 10 lakh to ensure that serious diseases like cancer and transplants that entail more expenditure are supported by it. Plans are also afoot...
DAVOS: The global leadership is convinced that Prime Minister Narendra Modi will return to office after this year’s elections and is looking for the continuity of policy and social sector reforms put in place by him, Union Minister Smriti Irani said on Wednesday. In an interview to PTI at...
MUMBAI: Benchmark Sensex nosedived 1,628 points or 2.23 per cent on Wednesday, marking its biggest single-day slide in more than one-and-a-half years following an intense sell-off in banking, metal and oil shares triggered by weak global trends. The 30-share BSE Sensex plunged 1,628.01 points or 2.23 per cent to...
MUMBAI: Country’s largest IT services exporter TCS will train its entire staff of over 5 lakh software engineers on the upcoming Generative Artificial Intelligence (AI) opportunity, as per a senior official. As a business opportunity, Gen AI is in its “early days” right now and the use cases are...
CHENNAI: Tamil Nadu on Tuesday got recognized as the ‘Best Performer in the States’ at the fourth edition of Startup India Ranking 2022 conducted by the Department for Promotion of Industry and Internal Trade, Union Ministry of Commerce and Industry. Tamil Nadu received the maximum score of 100 percent...
MUMBAI: The Reserve Bank of India (RBI) governor, Shaktikanta Das, said on Tuesday that retail inflation is slowly moderating and is steadily moving towards the target of 4 per cent. During a fireside chat at the World Economic Forum in Davos, Das stated that core inflation has started to...
NEW DELHI: A significant majority of Indian chief executive officers (CEOs) are of the opinion that the Indian economy will witness improvement over the next 12 months, as the country reclaimed its fifth position as an investment destination, according to a survey. According to PwC’s 27th Annual Global CEO...
Fitch has affirmed India’s sovereign rating at ‘BBB-’ with a stable outlook citing a robust medium-term growth outlook and sound external finances. The agency, however, flagged the country’s weak public finances as the “largest constraint” to the rating. The rating agency revised its growth projection for FY24 to 6.9%...
Public sector banks are rushing to issue bonds in the coming weeks, capitalising on lower government bond yields that have made borrowing cheaper while tight liquidity and robust credit growth are spurring lenders’ demand for funds to meet loan needs. State Bank of India is set to kick off...
NEW DELHI: The Centre will impose a 50 per cent export duty on molasses from January 18 to ensure adequate domestic quantities for ethanol blending and keep inflation in check. At present molasses attract zero export duty. Traders said the government has also decided to keep the current import...
NEW DELHI: The government may extend the concessional 15 per cent income tax rate for corporates to set up new manufacturing units by one year till March 31, 2025, to encourage private investments, EY said in its 2024 Budget expectation report. Finance Minister Nirmala Sitharaman is scheduled to present...
MUMBAI: The domestic insurance sector is on course to log in over 7 per cent annual growth over the next decade and the premium income is likely to double to around USD 450 billion by financial year 2033-34, an industry report said on Tuesday. The total premium income will...
DAVOS: Affirming that the fight against price rise is not yet over, IMF’s Gita Gopinath on Tuesday said interest rates are likely to stay higher than during the period immediately after the global financial crisis. There are expectations though that it will come down sometime this year, the International...