Business
India, US Ink ‘Landmark’ Agreement On Cooperation In MSMEs Sector
India and the US on Tuesday signed a “landmark” agreement that provides a framework for both sides to explore cooperation in the micro, small and medium enterprises (MSME) sector. External Affairs Ministry Spokesperson Randhir Jaiswal said the Memorandum of Understanding (MoU) would enable MSMEs of the two countries to...
Reserve Bank Of India Tightens HFC Norms To Bring Them On A Par With NBFCs
The Reserve Bank of India (RBI) on Monday tightened norms related to public deposit acceptance by housing finance companies (HFCs), which were so far subject to relaxed prudential norms compared to non-banking financial companies (NBFCs). According to the revised guidelines, the RBI has reduced the ceiling on the quantum...
Retail Inflation Cools To Nearly 5-Year Low In July, IIP Falls 4.2% In June
India’s retail inflation rate, based on the consumer price index, in July fell below the Reserve Bank of India’s (RBI’s) medium-term target of 4 per cent for the first time since August 2019 on the back of a high base and sharp reduction in food prices. However, a senior...
Govt Approves 20% Premium For Natural Gas From New Wells For ONGC
The government has approved a 20 per cent premium over the regulated or APM price for any natural gas that ONGC will produce from new wells, the company said on Monday. Currently, two pricing regimes govern the majority of the domestic production of natural gas, which is used to...
IIP Growth Eases To 5-Month Low Of 4.2% In June
India’s factory output growth, as measured by the Index of Industrial Production (IIP), moderated to a five-month low of 4.2% in June from 6.2% in May, primarily due to slower growth in manufacturing activity, official data released on Monday showed. Manufacturing growth (accounting for 78% of IIP) slowed to...
Centre Sweetens Exploration Of Critical And Strategic Minerals
The Centre will incentivise companies engaged in discovering critical and strategic minerals, Union mines minister G Kishan Reddy said on Monday. The decision was taken during the sixth governing body meeting of the National Mineral Exploration Trust (NMET). The not-for-profit trust, operationalised by the mines ministry, is funded by...
Government Gets Into The Act To Create Desi ‘Big Fours’
NEW DELHI: India is considering changes in the Limited Liability Partnership (LLP) Act and other measures that would enable domestic accounting firms to merge and acquire scale. The government is of the view this will help create large domestic audit firms akin to the Big Four, people aware of...
Banking Laws Bill Extends Tenure Of Cooperative Banks’ Directors To 10 Years
NEW DELHI: Better protection for depositors and investors was one of the chief considerations in Union Finance Minister Nirmala Sitharaman introducing, on Friday, the Banking Laws (Amendment) Bill, 2024, in the Lok Sabha to amend four pieces of legislation. This amendment is also to improve audit quality in public-sector...
PwC India Moots ‘Viksit’ Framework To Achieve $1-Trillion Export Goal By FY29
NEW DELHI: Sanjeev Krishan, Chairperson, PwC India: “It’s possible to reach $1 trillion mechandise exports by FY29. The seeds have already been sown. Energy, semiconductors, EVs, battery storage…all structures are in place. We need to take macro-image-building to the micro-level. At trade fairs, India’s image dwarfs as compared to...
IT Companies See Slump In Europe Revenues
Most large and mid-sized IT companies experienced a sequential drop or softness in revenue from Europe during the June quarter. This decline, analysts said, was largely due to volatile market conditions, short-notice decision-making by customers, and a slowdown in large deals, especially in the manufacturing vertical. During FY24, the...
India Sees Fastest Growth In Intangible Investment
NEW DELHI: India has witnessed the fastest growth in intangible investments over a nine-year period (2011-2020), surpassing major economies like the US, France, Germany & the UK, indicating high level of value creation by companies.In terms of absolute levels of intangible investments for 2020 (latest year for which data...
IOC To Increase Refining Capacity By 25% To Meet India’s Oil Needs: Chairman
NEW DELHI: State-owned Indian Oil Corporation Limited (IOCL) will raise its annual refining capacity by 25 per cent to 88 million tonnes per annum (MTPA) by 2050, IOCL Chairman Shrikant Madhav Vaidya said on Friday… The move to raise refining capacity from the current 70.25 MTPA is part of...
Indian Steelmakers Seek To Soften Proposed Import Curbs On Key Raw Material
NEW DELHI: Indian steelmakers want the government to soften proposed import restrictions on metallurgical coke, a key ingredient in steelmaking, saying the curbs will hit steel mills’ capacity expansion, a letter from the Indian Steel Association, seen by Reuters on Friday, said. India, the world’s second-biggest producer of crude...
Brazilian Aerospace Company Embraer In Talks With Govt For Tie Up But Seeks Market Access For Its Jets
Brazilian aerospace company Embraer is in talks with the government and top conglomerates to set up a manufacturing unit in India, a top executive said. However, progress will depend on the company’s jets gaining access to India’s large and rapidly expanding domestic market, dominated by Airbus and Boeing planes....
Amazon India Sets Up Four Hubs To Deliver Urgent Relief Material In Less Than 24 Hours
MUMBAI: E-commerce giant Amazon India on Friday said it has set up four hubs, including a temporary hub in West Bengal, to deliver urgent relief material in less than 24 hours, as part of its disaster management strategy. Located at Thane (Maharashtra), Faridabad (Haryana), Hyderabad (Telangana) and Purba Bardhaman...
Markets Rebound: Sensex Jumps 1,098 Points; Nifty Surges To 24,387-Level Amid Rally In Global Peers
MUMBAI: Equity benchmark indices Sensex and Nifty bounced back sharply in early trade on Friday tracking a significant rally in the US and Asian markets along with buying in blue-chips Tata Consultancy Services and Reliance Industries. Rebounding from Thursday’s decline, the 30-share BSE Sensex jumped 1,098.02 points to 79,984.24...
RBI Sticks To Game Plan, Keeps Rates, Stance Unchanged
MUMBAI: The Reserve Bank of India (RBI) Thursday expectedly kept interest rates and its monetary stance unchanged while making financial stability its evident policy priority, warning lenders about dumping loans on unsuspecting borrowers and thereby raising system-level vulnerability through questionable underwriting. However, India’s economic growth is resilient and the...
Alternative Investments Becoming More Attractive To Retail Customers: RBI
NEW DELHI: Alternative investment avenues are becoming more attractive to retail customers, the Reserve Bank of India (RBI) said while unveiling the monetary policy on Thursday, August 08. This was the 50th meeting of the Monetary Policy Committee (MPC) since its inception in September 2016. “It is observed that...
