Business
RBI To Call Out Liquidity Skew With Bankers
MUMBAI: The Reserve Bank of India is likely to meet with banks next week to discuss the key issues of liquidity in the banking system and developments in sovereign debt yields, which serve as benchmarks for pricing corporate borrowing. “There are meetings scheduled on November 2 and November 3....
Government Hints Against Hike In Fuel Prices
NEW DELHI: State-run oil marketing companies (OMCs) have the capacity to absorb the global crude price shocks as they have made large profits (in the previous quarters) due to high prices, Union Minister for Petroleum and Natural Gas Hardeep Singh Puri told FE on Thursday. Though it has been...
P-Notes Investment Continues To Swell For Seventh Month On Robust Macros
MUMBAI: Investment in the Indian capital markets through participatory notes rose over a six-year high at Rs 1.33 lakh crore at September-end, making it the seventh consecutive monthly increase, on the back of robust macroeconomic fundamentals. This is the highest level since July 2017 — when investment through the...
India, Other WTO Members Criticise EU, UK On Steel Safeguard Measures
NEW DELHI: India and some other nations, including Switzerland, Brazil, China, Japan, Korea and Russia, have criticised the EU for deciding against terminating its safeguard measure on imports of certain steel products after carrying out a review. Most argued the EU’s safeguard duty, imposed after the Trump administration in...
US Withdraws Proposal On Digital Trade At WTO
NEW DELHI: In a leg-up for India’s consistent stand against global rules on e-commerce, the US has decided to withdraw its proposal on digital trade at the WTO to retain the policy space for regulating big-tech firms. The US proposal on e-commerce rules, withdrawn at the WTO’s Joint Statement...
Mandatory Imported-Coal Blending Extended Till FY24-End
NEW DELHI: The government on Wednesday extended mandatory blending of imported coal with domestic fuel for power gencos till the end of the current financial year, in an attempt to ensure uninterrupted power supply across the country. It also extended the emergency clause or Section 11 of the Electricity...
ONGC Hopes To Recover Over $500 Million Dividend As Sanctions On Venezuela Eased
India’s Oil and Natural Gas Corp hopes to recover over $500 million in dividends pending since 2014 for its stake in Venezuelan projects as sanctions on the nation were eased, a source said on Thursday. The source declined to be named due to sensitivity of the matter. The Biden...
Renault Lines Up € 3 Billion Investment, 8 New Models To Expand Global Reach
CHENNAI: French automotive major Renault announced on Wednesday that it has lined up an investment of approximately €3 billion ($3.2 billion) for expansion, as part of its International Game Plan for 2027. This initiative encompasses regions beyond Europe, including India. According to the road map, by 2027, one in...
TCS Gets Notice From Maha Labour Ministry Over Lateral Onboarding Delay
MUMBAI: India’s largest information technology (IT) services company, Tata Consultancy Services (TCS), has received a notice from the Maharashtra government’s Ministry of Labour & Employment regarding the company’s delay in onboarding lateral recruits. The complaint was filed by the Pune-based IT employees’ union, Nascent Information Technology Employees Senate (NITES),...
Officials’ Meet Shape Agenda For Abu Dhabi WTO Ministerial
NEW DELHI: A two-day meeting of senior officials of the World Trade Organisation (WTO) member countries which concluded in Geneva last Tuesday shaped agenda for the coming ministerial meeting of the world body, by narrowing down the differences over the key issues of agriculture, dispute settlement, e-commerce taxation, according...
Govt Takes A Hard Look At Divestment Calendar
NEW DELHI: The finance ministry is reviewing its disinvestment schedule following the recent stock market selloff amid high volatility triggered by global factors, said people aware of the details. The ministry is likely to adopt a “prudent selloff” approach now, one official told ET, adding there won’t be “divestment...
NITI Aayog To Develop Action Plan To Bridge Trade Deficit With China
NEW DELHI: Government think tank NITI Aayog has initiated a study to develop a comprehensive action plan to bridge India’s trade deficit with China over time and align trading strategies with emerging geopolitical situation and potential risks to safeguard supply chains. The Aayog has invited bids from consultants to...
Centre Approves Rs 22,303 Crore Subsidy On P&K Fertilizers For Rabi Season
NEW DELHI: The Union Cabinet on Wednesday revised the per kilogramme subsidy under the nutrient-based regime, lowering it for nitrogen, phosphorus, potassium, and sulphur for the October-March period compared to the April-September period. The cost to the exchequer is estimated at Rs 22,303 crore. Between first half of FY-24...
RBI Directs Private Banks To Have At Least Two Wholetime Directors
MUMBAI: In a move to strengthen governance in private sector banks and wholly-owned subsidiaries of foreign banks, the Reserve Bank of India (RBI) on Wednesday directed them to have at least two wholetime directors. Lenders that do not meet the requirement will have to submit the names for the...
India’s Manufacturing Sector Surges With 36% Rise In Jobs: Report
NEW DELHI: India’s commitment to become a major global manufacturing hub is reinforced as the sector witnesses a 36% increase in job postings, as unveiled by Indeed, a global matching and hiring platform. Recent data by Indeed also indicated that production/manufacturing continues to remain one of the most hired...
DoT Gives Telcos Time Till December 1 To Comply With New SIM Card Rules
The department of telecommunications (DoT) has given an additional two months’ time to telecom operators for complying with the new SIM card sale rules that were notified by the government in August, according to officials aware of the matter. The new rules that required telcos to register SIM card...
India To Replace “Google Tax” With OECD 2-Pillar Solution From FY26
India is “most likely” to adopt the Organisation of Economic Co-operation and Development’s (OECD) Pillar-One and Pillar-Two tax package and bring it into effect from April 2025, a government official said. “Once India implements the two-pillar tax package, it will have to withdraw the equalisation levy (EL), which earned...
Mobile Data Revenue Likely To Grow Over 8% CAGR From 2022-27: GlobalData
Mobile data service revenue is expected to grow at CAGR 8.1% over 2022-2027, even as mobile voice revenue drops on the back of users increasingly shifting to over-the-top (OTT) communications platforms, data and analytics firm GlobalData said in its India Telecom Operators Country Intelligence Report Tuesday. The total telecom...
