Business
Indian Oil Corporation Raises Panipat Refinery Expansion Cost 10%, Pushes Deadline By A Year
NEW DELHI: Indian Oil Corporation (IOC), the nation’s top oil firm, has revised the estimates of cost of expanding the Panipat refinery in Haryana by 10 per cent to Rs 36,225 crore and pushed back completion deadline by more than a year to December 2025. IOC is expanding its...
India Inc Making Workplace More Inclusive For Persons With Disabilities
NEW DELHI: As the world celebrated International Day of Persons with Disabilities (PwD) on December 3, corporate India has kept up with efforts to make workplaces more inclusive and accessible. Organisations across sectors are taking initiatives such as equipping offices with practical work tools like Braille-friendly and voice-enabled lifts...
Inter-Mandi eNAM Trade Up 188 Per Cent In April-November On Low Base
NEW DELHI: More than seven years after the launch of pan-India digital wholesale agri-marketing platform or electronic National Agriculture Market (e-NAM), purchase from farmgate trade has finally taken off across several states. Farmers are selling commodities on the platform without physically transporting it to the mandis. Using farm-gate module,...
Gross Direct Tax May Surpass Budget By Over Rs 1 Trillion
NEW DELHI: Direct tax receipts will likely show a robust performance for the third year in a row post-pandemic, giving enough space to the Centre to keep the fiscal deficit within the targeted limit. This is despite additional spending expected on food, fertiliser and job guarantee programmes, and a...
FDI Interest From China Strong Despite 2020 Fiat
NEW DELHI: The greater scrutiny of proposals from countries sharing land borders with India particularly China since 2020 has not impacted the interest of investors. Applications seeking approval for over Rs 1 trillion investments have been filed since these curbs were imposed, and almost half of them got approved,...
RBI Likely To Stay With Interest Rate Pause
MUMBAI: The RBI is expected to announce a continuation of its pause on interest rates after the bi-monthly review meeting of the monetary policy committee (MPC) scheduled for December 8. Analysts predict a fifth consecutive pause by the MPC because of stronger-than-expected economic growth numbers. RBI will likely maintain...
India’s GDP Expands 7.6 Per Cent In Q2; Manufacturing, Construction Lead The Charge
NEW DELHI: India’s gross domestic product (GDP) grew at 7.6 per cent in the September quarter of 2023-24, outperforming expectations by a wide margin as manufacturing and construction activities expanded by double digits. These figures signalled that economic recovery was well underway in Asia’s third-largest economy, despite the current...
Core Growth Surges 12.1% In October, Govt Capex Push Plays Key Role
NEW DELHI: India’s core sector output, that measures production by eight industries, grew 12.1 per cent in October compared to the same time last year, the government said on Thursday. A low base effect and double-digit growth in four industries – electricity, coal, steel, and cement – drove up...
State Capex Has Strong Impact On Quality Of Life, Income Generation: India Ratings
NEW DELHI: Despite the fiscal challenges faced by state governments, they will continue to play an important role in boosting the capex and in turn the economic growth of the country, India Ratings said in a report. This could be gauged from the fact that during FY11-FY18 (BE), nearly...
Banks’ Non-Food Credit Grows 20% In October
MUMBAI: Banks’ non-food credit grew nearly 20% year-on-year (YoY) in October, compared with an 18.3% growth during the same period last year, Reserve Bank of India (RBI)’s sectoral credit deployment data showed on Thursday. Excluding the impact of the HDFC merger, banks’ non-food credit grew 15.3%. In absolute terms,...
High Attrition Keeps Private Banks On Their Toes
MUMBAI: The attrition at private banks has been high in recent years as the workload of employees has increased. Additionally, intense competition from fintechs and new-age lenders has also led to poaching of employees, said experts. At a recent public event, Reserve Bank of India (RBI) Governor Shaktikanta Das...
India Moves To Elite Club Of Nations As MCap Tops $4 Trillion For First Time
MUMBAI: India joined an exclusive group of countries that includes the likes of the United States, China, and Japan after its market capitalisation (mcap) hit the $4 trillion mark on Wednesday. Total market value of all companies listed on the BSE during the day increased by Rs 2.24 trillion,...
Corporate Bond Issuances Rebound In November As Market Gains Stability
MUMBAI: Corporate bond issuances rebounded in November following a decline in October as the market gained certainty after the US Federal Reserve adopted a dovish stance, according to market participants. In October, fundraising through corporate bonds experienced a 40 per cent drop, primarily driven by an increase in the...
Cabinet Approves ‘Terms Of Reference’ For 16th Finance Commission
NEW DELHI: In a departure from convention, the Union Cabinet late on Tuesday approved the terms of reference for the Sixteenth Finance Commission (SFC) without revealing the names of its chairman and members. Announcing the decision on Wednesday in a press briefing, Information and Broadcasting Minister Anurag Singh Thakur...
IRDAI Ups Scrutiny Of Broking Deals, Approvals Take Longer
MUMBAI: The Insurance Regulatory and Development Authority of India (Irdai) has increased scrutiny on the ultimate beneficiaries in the transfer of shares within the insurance broking sector. This increased diligence has led to an extension in the approval timelines, with the three-four month period stretching (on average) to beyond...
World Economy Will Slow In 2024 Because Of Inflation, High Rates, War: OECD
The global economy, which has proved surprisingly resilient this year, is expected to falter next year under the strain of wars, still-elevated inflation and continued high interest rates. The Paris-based Organization for Economic Cooperation and Development estimated Wednesday that international growth would slow to 2.7% in 2024 from an...
India Inc Looking To Recruit Talent With ‘Green’ Skills
NEW DELHI: Indian companies are increasingly looking to hire people who can help improve their green credentials. Four of every five Indian business leaders who took part in a survey conducted by IBM and decision intelligence company Morning Consult, said they will hire people with expertise or experience in...
16th Finance Commission Being Set Up With “Generic” Terms Of Reference
NEW DELHI: The 16th Finance Commission (FC) may be urged to consider incentives for improvement in debt consolidation and quality of expenditure, issues which were considered by the 15th FC too, though it did not assign any specific weights to them in either in the criteria for tax devolution...
