Business
Nestle’s India Business Beats View On Price Hikes, Strong Domestic Demand
BENGALURU/CHENNAI (Reuters) – Nestle India (NEST.NS) on Thursday reported quarterly earnings above estimates on higher demand for its chocolates and Maggi instant noodles and also said its board approved a stock split. Profit increased to 9.08 billion rupees ($109.06 million) for the third quarter ended Sept. 30 from 6.61...
Review Open-Ended Grain Procurement: CACP
The Commission for Agricultural Costs and Prices (CACP) has called for a review of the government’s open-ended grain procurement policy to restrict rice and wheat purchase from the farmers for the meeting requirement under the National Food Security Act. The open ended procurement policy for rice and wheat has...
Poverty In India Eased In 2021, But Was Above 2018 Level: World Bank Data
NEW DELHI: Extreme poverty in India declined by 38 million in 2021 to 167.49 million after a surge in the two preceding years, but remained above the 2018 level, the latest World Bank data shows. While for most countries poverty rose in 2020, when the Covid-19 pandemic hit the...
IT Hardware Importers May Require Global Certification
The government may ask laptop, server and other IT hardware importers to provide an international certification attesting that their product is from a trusted source before allowing a licence-free import of it, people in the know of the matter told ET. This certification, one of the people said, could...
Retail Leasing Grew By 46% Year-On-Year During January-September 2023
Retailers in India leased nearly 4.73 million square feet of space across top cities in the first nine months of 2023, overcompensating for the slow expansion during the pandemic years. Leasing between Jan and September was even higher than the entire 2022. While top companies including Reliance Retail, Aditya...
GDP To Grow At 6.5-6.8% In FY24; Festive, Govt Spends Key Drivers: Deloitte
NEW DELHI: Deloitte India on Wednesday said it expects GDP growth in the current fiscal to be in the range of 6.5-6.8 per cent primarily due to upcoming festive spending as well as higher government expenditure before the national elections mid-next year. In its India economic outlook report, released...
India, UK Free Trade Deal Unlikely To Finalise By Month End
NEW DELHI: India and the United Kingdom (UK) are unlikely to ink the much-anticipated trade deal by the end of October as differences are yet to be ironed out, it is learnt. A top official aware of the development told Business Standard Wednesday late evening that although negotiations are...
India-China To Contribute Half Of World’s Growth In 2023, 2024: IMF
NEW DELHI: India and China are projected to jointly contribute about half of the world’s growth in both 2023 and 2024, the International Monetary Fund (IMF) said in its latest Regional Economic Outlook (Asia and Pacific) report. India’s economy is projected to grow at 6.3% in FY24 and FY25...
TRAI To Soon Start Consultation On Pricing Of New Spectrum Bands
NEW DELHI: The Telecom Regulatory Authority of India (Trai) is soon expected to start the consultation process to set the reserve price for new spectrum bands, identified by the department of telecommunications (DoT) in 37-37.5 GHz, 37.5-40 GHz, and 42.5-43.5 GHz, according to government officials. The process could take...
Government Set To Adopt Calibrated Crypto Approach, Won’t Rush
NEW DELHI: The government will take a calibrated approach on cryptocurrency and is not going to rush ahead despite the recommendations of a synthesis paper prepared by the International Monetary Fund (IMF) and the Financial Stability Board (FSB) having been accepted by G20 finance ministers and central bank governors...
Food Imports Meant For Re-Export No Longer Need FSSAI Clearance
The Food Safety and Standards Authority of India (FSSAI) has waived the need for clearances for certain imported ingredients and food items. In an advisory, the food safety authority said the customs department would no longer need to obtain FSSAI clearances for food ingredients or items that are imported...
RBI Asks Banks To Adopt Risk-based Approach For KYC
The Reserve Bank on Tuesday tightened the customer due diligence (CDD) norms by asking banks and regulated entities to adopt a risk-based approach for periodic updation of KYC. After a review, the central bank has made amendments to the Master Direction (MD) on Know Your Customer (KYC). Regulated Entities...
India To See ‘Healthy Growth’ In Steel Demand At 8.6% In 2023: Worldsteel
NEW DELHI: The demand for steel in India is expected to register a ‘healthy growth’ of 8.6 per cent against the overall global rise of 1.8 per cent in 2023, worldsteel said on Tuesday. It forecasts that global steel demand will grow 1.8 per cent in 2023 and reach...
Semiconductor, Deep Tech To Be In Focus At The India Mobile Congress
NEW DELHI: The three-day India Mobile Congress (IMC) will showcase the widening convergence of telecom with new domains, such as semiconductors and deep tech, P Ramakrishna, the forum’s chief executive officer, said on Tuesday. With more than 250 global and domestic exhibitors, the seventh edition is expected to draw...
Bulk Drug Imports From China Slow, Shows Data
MUMBAI: There is still some way until India’s dependence on imports of active pharmaceutical ingredients (APIs) and intermediates from China reduces, but the growth rate of imports has come down. While the production-linked incentive (PLI) scheme for bulk drugs (APIs) has boosted local production of some key APIs here,...
Telecom Majors Likely To Plead For Review Of SC Licence Fee Ruling
KOLKATA: India’s top telcos are expected to file a review petition against the Supreme Court’s ruling to treat licence fees as a capital expenditure that could potentially prompt authorities to raise hefty retrospective demands, including penalties on operators for tax payment shortfalls of past periods. Kotak Institutional Equities estimates...
India To Spend Rs 143 Trillion On Infrastructure By 2030
New Delhi: India will spend nearly ₹ 143 lakh crore on infrastructure between fiscals 2024 and 2030, more than twice the ₹ 67 lakh crore spent in the past seven financial years starting 2017, rating agency Crisil said today. Of the total, ₹ 36.6 lakh crore will be green investments, marking a five times rise compared...
CCI Brings Draft Leniency Plus Rules For Cartels, Invites Comments
NEW DELHI: The Competition Commission of India (CCI) has invited stakeholder comments for its Leniency Plus regulations, which incentivise companies already under investigation for one cartel to report other cartels. Under Leniency Plus, a cartelist cooperating with the CCI for leniency can disclose another cartel in an unrelated market...
