DailyWorld News - The First International Newspaper From India https://dailyworld.in/ Thu, 25 Sep 2025 04:32:55 +0530 en https://dailyworld.in/economy/india-uk-fta-to-help-multiple-sectors-of-indian-economy-rbi-governor-627947.html Mumbai July 25 IANS The IndiaUK Free Trade Agreement FTA should help various sectors in the country including manufacturing and the services industry Reserve Bank of India RBI Governor Sanjay Malhotra said on FridaynbspAccording to the RBI chief multilateralism has taken a back seat and India now requires more such free trade agreements with other countries as wellnbspThe UK FTA is the way going forward because unfortunately multilateralism appears to have taken a back seat Malhotra said at an event here adding that trade negotiations with the US are also in the advanced stagesThe Central bank Governor also acknowledged that there are many more trade pacts in different stages of negotiationsnbspIn an interaction with IANS in London Union Commerce and Trade Minister Piyush Goyal said that discussions are underway to improve trade relations with several countries as India signed a landmark FTA with the UK opening billions of dollars worth of opportunities for both countriesnbspVery good talks are going on with New Zealand Oman Chile Peru and the European Union And on the bilateral trade agreement BTA good discussions are also underway with the United States I firmly believe that all these negotiations will lead to positive outcomes the Commerce Minister saidIndia and the US teams have concluded the fifth round of talks for the proposed bilateral trade agreement BTA in Washington DCnbspThe Trade and Economic Partnership Agreement TEPA between India and the European Free Trade Association EFTA will officially come into effect on October 1 which would facilitate the creation of 1 million direct jobs in IndiaThe IndiaUK comprehensive economic and trade agreement CETA has been termed a historic leap that will empower workers farmers MSMEs and startups across the countrynbspMalhotra further said the UK FTA will help multiple sectors of the Indian economy Agriculture is another big winner under the deal with nearly 95 per cent of Indian farm products gaining dutyfree access to the UK https://dailyworld.in/economy/india-uk-fta-to-help-multiple-sectors-of-indian-economy-rbi-governor-627947.html Fri, 25 Jul 2025 15:01:00 +0530 https://dailyworld.in/economy/northeast-holds-key-for-indias-30-trillion-vision-towards-viksit-bharat-pmo-618414.html New Delhi May 28 IANS The northeastern region holds the key for Indias 30trillion vision towards Viksit Bharat at 2047 the Prime Ministers Office PMO said on WednesdaynbspResponding to an X post by Union Minister for Development of North Eastern Region DoNER Jyotiraditya Scindia the PMO said Northeast India is no longer a frontier its the frontrunnernbspUnion Minister JMScindia pens down a detailed article on the regions rise as a strategic hub for trade connectivity and Indias 30trillion vision for Viksit Bharat Give it a glance the PMO said in its tweetnbspEarlier Scindia said that the northeast holds the key to a 30trillion economyI pen down my article on how the Northeast is transforming into Indias strategic gateway to Southeast Asia powering trade connectivity and our 30trillion ambition towards a Viksit Bharat the minister postednbspAt the recently concluded Rising North East Investors Summit 2025 Scindia said that the northeastern region has emerged as a hub of global partnership and mutual interestnbspThe minister informed that the twoday summit drew an unprecedented Rs 43 lakh crore investment proposal setting the stage for the Northeast Region NER to become Indias next economic powerhouseWe will continue B2G and B2B dialogues where the Ministry for DoNER will act as a bridge between investors and state governments to ensure that each approved project translates swiftly into reality he assurednbspDelegations from over 80 countries ranging from Japan to Europe to ASEAN nations attended the summit and there was one unanimous sentiment Indias future lies in the NortheastThe Centre adopted a wholeofgovernment approach for the development of the northeastern region and created eight highlevel task forces across key sectors agriculture sports investment promotion tourism economic corridors infrastructure textiles and handicrafts and animal husbandry allowing each state to chart its own roadmapnbspPrime Minister Narendra Modi has assured that the Northeast now offers toptier talent across various sectors encouraging industries and investors to leverage the regions immense potential https://dailyworld.in/economy/northeast-holds-key-for-indias-30-trillion-vision-towards-viksit-bharat-pmo-618414.html Wed, 28 May 2025 13:41:00 +0530 https://dailyworld.in/economy/adani-group-to-invest-additional-rs-50-000-crore-in-northeast-over-next-10-years-617572.html New Delhi May 23 IANS The Adani Group will invest an additional Rs 50000 crore across the northeastern region over the next 10 years which would prioritise local jobs and entrepreneurship its Chairman Gautam Adani said on Friday With this the Adani Group has pledged Rs one lakh crore investments for the northeast Addressing the Rising North East Investors Summit here in the presence of Prime Minister Narendra Modi the billionaire industrialist said the focus would span across green energy including smart meters hydropump storage power transmission roads and highways digital infrastructure logistics and capacity building through skilling and vocational training centresWe will invest in people Every initiative will prioritise local jobs local entrepreneurship and community engagement This is what Viksit Bharat2047 is all about Gautam Adani told the gathering The Adani Group Chairman further stated that when PM Modi said Act East Act fast Act first he gave the northeast a wakeup call Rs 62 lakh crore worth investments since 2014 doubling the road network to 16000 kilometres doubling the number of airports to 18 this is not just a policy but a hallmark of PM Modis big thinking belief systems and conviction in Sabka Saath Sabka Vikas Gautam Adani emphasisedThe Adani Group in February announced a massive Rs 50000 crore investment in Assam marking one of the highestever investment commitments by a business group to the state To our brothers and sisters in the northeast we at Adani will stand beside your side your dreams your dignity and your destiny Gautam Adani added The twoday summit aims to bring together key stakeholders investors and policymakers on a single platformnbspAccording to a Prime Ministers Office PMO statement the main focus sectors include tourism and hospitality agrofood processing and allied sectors textiles handloom and handicrafts healthcare education and skill development information technology or information technologyenabled services infrastructure and logistics energy and entertainment and sports The Rising North East Investors Summit will see ministerial sessions businesstogovernment sessions businesstobusiness meetings startups and exhibitions of policy and related initiatives taken by state governments and central ministries for investment promotionIANS https://dailyworld.in/economy/adani-group-to-invest-additional-rs-50-000-crore-in-northeast-over-next-10-years-617572.html Fri, 23 May 2025 13:11:00 +0530 https://dailyworld.in/economy/pm-modi-lays-foundation-inaugurates-projects-worth-rs-58-000-crore-in-andhra--613897.html Amaravati May 2 Prime Minister Narendra Modi on Friday inaugurated and laid the foundation for projects worth Rs 58000 crore here which also included relaunching the construction of the greenfield capital city of Amaravati which is Andhra Pradesh Chief Minister N Chandrababu Naidus dream projectnbspThe Prime Minister inaugurated and laid the foundation for 94 projects which included capital city institutions national highways railway upgrades and defencerelated installationsnbspAs part of resuming the construction of Amaravati the PM laid foundation for 74 projects worth Rs 49000 crore which encompassed the construction of the Assembly Secretariat and High Court buildings and judicial residential quarters along with housing buildings for 5200 familiesHe laid foundations for infrastructure and flood mitigation projects featuring a 320 km long worldclass transport network with underground utilities and advanced flood management systems in the greenfield capital citynbsp nbspThe land pooling scheme infrastructure projects will cover 1281 km of roads equipped with central medians cycle tracks and integrated utilities across the greenfield capital city of AmaravatinbspLikewise the PM laid the foundation for nine Central projects worth Rs 5028 crore such as DRDOs missile testing centre Rs 1459 crore at Nagayalanka in Krishna district Unity mall in Vizag Rs 100 crore Guntakal Mallappa Gate Rail overbridge Rs 293 crore and six national highway projects Rs 3176 croreThe missile testing centre will comprise a launch centre technical instrumentation facilities indigenous radars telemetry and electrooptical systems enhancing the countrys defence preparednessnbspPM Ekta Mall or Unity mall at Madhurawada in Visakhapatnam has been envisioned with the objective of fostering national integration supporting the Make in India initiative promoting One District One Product initiative generating employment opportunities empowering rural artisans and enhancing the market presence of indigenous productsnbspThe six national highway projects for which he laid the foundation include the widening of various sections of NH construction of elevated corridor half clover leaf and road over bridge among othersThese projects will enhance connectivity interstate travel reduce congestion and improve overall logistics efficiency Likewise the construction of rail over rail between Guntakal West and Mallappa gate stations aims to bypass goods trains and slash congestion at the Guntakal JunctionnbspSimilarly the PM dedicated three railway projects worth Rs 254 crore to the nation which included doubling and tripling projectsnbspFurther Modi inaugurated eight national highway projects worth Rs 3860 crore which provide seamless connectivity to religious and tourist places like Tirupati Srikalahasti Malakonda and Udayagiri Fort among others PTI STH GDK We bring the World to you Disclaimer This email message may contain proprietary confidential or legally privileged information for the sole use of the person or entity to whom this message was originally addressed Please delete this email if it is not meant for youAgencies https://dailyworld.in/economy/pm-modi-lays-foundation-inaugurates-projects-worth-rs-58-000-crore-in-andhra--613897.html Fri, 02 May 2025 18:02:00 +0530 https://dailyworld.in/economy/piyush-goyal-highlights-investment-opportunities-at-india-uk-business-roundtable-613521.html London April 29 IANS Union Commerce and Industry Minister Piyush Goyal on Tuesday highlighted opportunities for further investments to strengthen IndiaUK bilateral economic ties at a roundtable of businessmen and CEOs of the two countriesnbspAddressed the IndiaUK Business Roundtable bringing together prominent business leaders and CEOs from both countries Highlighted opportunities to strengthen economic ties drive innovationled growth and expand investment avenues between India and the UK the minister said in a post on XThe Commerce Minister is on a fiveday visit to London Oslo and Brussels this week for strengthening Indias trade and investment relations with the UK Norway and the European UnionnbspHe also met Al Cook CEO of De Beers Group and his team to explore global trends in the gems and jewellery sectornbspWe discussed Indias opportunities sustainable practices and growth prospects for the diamond industry said the ministernbspGoyal also met Martin Gilbert Chairperson of Revolut and exchanged views on the immense opportunities in Indias fintech ecosystem and the importance of partnerships with global players to drive innovation and growthEarlier Goyal held a meeting with the UK Secretary of State for Business and Trade J Reynolds to advance Free Trade Agreement FTA negotiations between India and the UKnbspThe Indian minister termed the meeting with his British counterpart as productive and part of the commitment to deepen the IndiaUK economic tiesnbspArrived in London for two days of engaging discussions aimed at strengthening bilateral trade and investment relations In my first engagement held a productive meeting with the UK Secretary of State for Business and Trade J Reynolds to advance Free Trade Agreement negotiations reinforcing our commitment to deepening IndiaUK economic ties Goyal said on X after the meetingThe visit started with the London leg of the trip aimed at wrapping up the negotiations for the proposed FTA between India and the UK as talks have entered the last lapnbspIndia and the UK are looking to conclude talks for the proposed FTA sooner as international trade is expected to face challenges due to steeper tariffs from the US There are 26 chapters in the agreement which include goods services investments and intellectual property rightsIANS https://dailyworld.in/economy/piyush-goyal-highlights-investment-opportunities-at-india-uk-business-roundtable-613521.html Tue, 29 Apr 2025 16:46:00 +0530 https://dailyworld.in/economy/india-as-fastest-growing-economy-is-ideal-investment-destination-rbi-governor-613179.html Washington April 27 IANS India is expected to record a robust 65 per cent growth in the current financial year despite a tremendous increase in uncertainty and volatility in global financial markets as per RBI Governor Sanjay MalhotranbspnbspAddressing the USIndia Economic Forum organised by the Confederation of Indian Industry CII and US India Strategic Partnership Forum USISPF here Malhotra said At a time when many advanced economies are facing economic headwinds and a deteriorating economic outlook India continues to offer strong growth and stability making it a natural choice for investors seeking long term value and opportunityThe RBI Governor pointed out that India offers a policy ecosystem that is transparent rulebased and forwardlooking an ideal setting for longterm and productive investmentsnbspAs the worlds fastestgrowing major economy India is not just a destination for investment it is a partner in prosperity Together we have the chance to shape the future not only for India but for a better world I invite you to be a part of this journey to collaborate innovate and invest in India he saidnbspMalhotra highlighted that the Indian economy has demonstrated remarkable resilience and dynamism Over the past four years 202122 to 202425 it has recorded an average annual growth rate of 82 per cent It was and continues to be the fastestgrowing major economy in the world This is a significant step up from the average growth rate of 66 per cent in the preceding decade 2010 to 2019nbspNo wonder over the last ten years India has leapfrogged from the tenth largest economy to the fifth In terms of purchasing power parity it is already third Even nominally the country is poised to become the thirdlargest economy shortly he addedI am sanguine of our continued success as there are a lot of positive factors that give me this confidence the central bank chief remarkednbspIn this context he pointed out that Indias financial sector is strong and vibrant efficiently catering to the funding requirements of various economic agentsnbspThe banking sector which continues to meet the large funding requirements of the economy has demonstrated resilience with healthy balance sheetsnbspThe soundness of the countrys banks has been bolstered by strong profitability lower nonperforming assets and adequate capital and liquidity buffers The health of the nonbanking financial companies NBFCs sector is also robustBank credit growth although moderating in recent months continues to be in double digits about 12 per cent compared to an average of about 105 per cent in the last 10 years he addednbspWhile offering excellent opportunities for investment as private debt to GDP is still on the lower side the banking sector is poised to meet the investment needs of the society and industry the RBI Governor saidnbspHe also highlighted that proactive government policies present unparalleled opportunities for investment in sunrise sectors such as space semiconductors renewable energy and electric vehicles EVsIANS https://dailyworld.in/economy/india-as-fastest-growing-economy-is-ideal-investment-destination-rbi-governor-613179.html Sun, 27 Apr 2025 19:12:00 +0530 https://dailyworld.in/economy/indias-steel-industry-poised-for-global-growth-focus-on-ftas-and-self-reliance-piyush-goyal-612950.html Mumbai April 25 IANS Indias steel industry is set to play a significant role in meeting both domestic and global demand Union Commerce Minister Piyush Goyal said on FridaynbspThe minister emphasised Indias position as a highly efficient costeffective and highquality producer of steel asserting that the sector will not only cater to Indias growing needs but also contribute significantly to global demand in an increasingly competitive environmentnbspThe country is actively pursuing free trade agreements FTAs with countries and regional blocs including the European Union EU the United Kingdom UK the United States US and New Zealand to gain greater access for its steel products Goyal said at the sidelines of the Steel India 2025 event hereIndia is consistently focused on selfreliance Atmanirbharta But when we talk about Atmanirbharta we are not closing the doors to the world We are in fact opening the doors wider because every country will have its competitive advantages for different products the minister saidnbspIndia is currently negotiating 1012 such agreements to ensure that its steel known for its costeffectiveness and high quality is available to international markets the Union Minister addednbspGoyal also mentioned that Indias steel industry is wellpositioned to contribute to the growing needs of the world while also addressing the needs of domestic consumersThe government remains vigilant and proactive in protecting the steel industry against unfair trading practices he statednbspIndia has already taken steps to safeguard its industry from the dumping of steel at irrationally low prices as identified in a quasijudicial inquiry by the Directorate General of Trade Remedies DGTR Goyal notednbspIndias commitment to boosting its steel sector is reflected in its diplomatic efforts to engage with key trading partnersnbspWith the global trade environment becoming more uncertain Indias push for FTAs is crucial in ensuring continued access to international marketsnbspThe trade pact with the UK is reportedly near completion and negotiations for the proposed bilateral trade agreement BTA with the US are advancing ahead of scheduleIANS https://dailyworld.in/economy/indias-steel-industry-poised-for-global-growth-focus-on-ftas-and-self-reliance-piyush-goyal-612950.html Fri, 25 Apr 2025 18:02:00 +0530 https://dailyworld.in/economy/us-india-can-accomplish-much-more-together-vance-612515.html Jaipur Apr 22 US Vice President JD Vance on Tuesday called on India tonbsp give greater access to its markets buy more American energy and defence hardware as he outlined the vision for stronger ties between the two countriesnbspIn an address at an event here Vance said there is much that the US and India can accomplish together in diverse areas including high technology defence trade and energynbspBoth India and US are working towards a bilateral trade agreement based on shared priorities he saidThe future of the 21st century will be determined by the strength of India and the US he saidnbspTrade relations must be based on fairness Vance said referring to President Donald Trumps policy on trade and tariffnbspWe want to make a bright new world he saidnbspHe also said President Trump seeks to rebalance global trade so that the US with friends like India can build a better futurenbspnbspIn defence our countries enjoy a close relationship and we can build many military platforms together he saidnbspVance also landed Modis leadershipnbspI told Prime Minister Modi last night that he has got approval ratings that would make me jealous he saidAgencies https://dailyworld.in/economy/us-india-can-accomplish-much-more-together-vance-612515.html Tue, 22 Apr 2025 17:53:00 +0530 https://dailyworld.in/economy/sensex-rises-for-3rd-day-nifty-near-23-450-as-banks-lead-rally-611612.html Mumbai April 16 IANS The Indian stock markets on Wednesday continued their upward journey for the third straight trading session with strong buying seen in financial stocks especially private banks and some oil and gas sharesnbspThe Sensex opened 262 points higher at 76996 but slipped into the red to a low of 76544 amid weak global cues as USChina trade tensions escalated It later rebounded rising 556 points from the days low to a high of 77110 and ended the session at 77044 up 309 points or 04 per centnbspWith this the Sensex has gained 3197 points in the last three trading sessionsThe Nifty also showed similar movement It touched a low of 23273 before recovering to a high of 23452 The index ended the day near its high at 23433 gaining 10460 points or 045 per cent In the last three days the Nifty has risen by 1038 pointsnbspAmong the major gainers on the Nifty were IndusInd Bank Axis Bank Trent ONGC and Asian PaintsnbspOn the other hand Maruti Suzuki Bajaj Finance and Tata Motors were among the top losers Sectorwise all indices except auto ended in the greennbspMedia PSU banks and oil and gas stocks were the best performers with gains of 12 per cent The broader market also showed strength as both the BSE Midcap and Smallcap indices rose by 05 per cent eachMeanwhile equity markets in other Asian countries remained under pressure as US President Donald Trump threatened to impose up to 245 per cent tariff on Chinese imports which affected investor sentimentnbspThe Hang Seng and Taiwan indices dropped nearly 2 per cent each while Kospi and Nikkei were down more than 1 per centOn the daily chart the index has closed above the 100EMA for the second consecutive session Support is now placed at 23300 and a positive sentiment is likely to prevail as long as it remains above this level Rupak De of LKP Securities saidDilip Parmar from HDFC Securities said that bolstered by foreign investment inflows a weaker US dollar and encouraging highfrequency economic data the rupee has appreciated for the third consecutive day The nearterm outlook suggests a bearish bias for the USDINR with support level around 8540 and resistance 8605IANS https://dailyworld.in/economy/sensex-rises-for-3rd-day-nifty-near-23-450-as-banks-lead-rally-611612.html Wed, 16 Apr 2025 16:38:00 +0530 https://dailyworld.in/economy/india-eu-must-take-concrete-steps-to-remove-trade-barriers-piyush-goyal-610779.html New Delhi April 11 IANS Union Commerce Minister Piyush Goyal said on Friday that concrete steps are needed to remove existing trade barriers for speeding up the talks and reach a free trade agreement FTA between India and the European Union EUnbspThe minister highlighted that both sides need a deeper understanding of the barriers holding back the agreement as there is tremendous potential to grow from the current bilateral trade level of 15 billionI believe concrete steps need to be taken to expedite the conclusion of the FTA between India and EU That will require both EU its memberstates and India to work in a spirit of cooperation to develop a mutual trust and deeper understanding of the trade barriers which are holding back the trade agreement between us Goyal said in his address at the ItalyIndia Business Science and Technology Forum herenbspThe minister also emphasised the need for encouraging investments between India and Italy and enabling businesses to trade with each other without roadblocks Goyal addedPrime Minister Narendra Modi and President of the European Commission Ursula von der Leyen have agreed to expedite the conclusion of the IndiaEU FTA by the end of the year at a meeting held in Delhi last monthnbspThe EU Presidents visit came in the backdrop of tariff hikes proposed against all countries by US President Donald Trump now paused till July 9 except for China under his America First policy which is threatening to disrupt global trade and heightened uncertainty in the global economyPM Modi and the European Commission President committed to task their respective negotiating teams to pursue negotiations for a balanced ambitious and mutually beneficial FTAnbspOfficials were asked to work as trusted partners to enhance market access and remove trade barriers They were also tasked to advance negotiations on an Agreement on Investment Protection and an Agreement on Geographical Indications The EU is Indias largest trading partner accounting for 124 billion pounds of trade in goods in 2023 or 122 per cent of total Indian tradeIANS https://dailyworld.in/economy/india-eu-must-take-concrete-steps-to-remove-trade-barriers-piyush-goyal-610779.html Fri, 11 Apr 2025 15:00:00 +0530 https://dailyworld.in/economy/india-ready-for-urgent-trade-talks-amid-tough-us-stance-jaishankar-610781.html New Delhi April 11 IANS External Affairs Minister EAM S Jaishankar said on Friday that India is prepared for a high degree of urgency in the trade talks with the US as it faces a very challenging situation with the Trump administration fundamentally changing Americas approach to engaging with the worldnbspIn his keynote address at the Carnegie Global Technology Summit here EAM Jaishankar said that Indias trade deals would be very challenging as the US is very ambitious and the global landscape is very different from what it was a year agonbspThis time around we are certainly geared up for a very high degree of urgency we see a window So our trade deals are really challenging And when it comes to trade deals we have a lot to do with each other I mean these are people very much on top of their game very ambitious about what they want to achieve Jaishankar saidThe minister also said that just as the US has a view of India the same way India too has a view of themnbspWe did four years of talking in the first Trump administration They have their view of us and frankly we have our view of them he remarkednbspThe US has fundamentally changed its approach to engaging with the world and it has consequences across every domain but the tech consequences I believe would be particularly profound he saidnbspIt will be profound not just because the US is the largest economy the main driver in a way of global tech advancements but also because its very clear that tech has a big role in making America great again So there is a connection between MAGA and tech which perhaps was not so clear between 2016 and 2020 EAM Jaishankar observedHe also highlighted the global power shift that is taking place with Chinas rising geopolitical clout over the past yearnbspThe changes in the United States is one big shift in the last year But theres the other shift and that is the advancement of China he pointed outnbspJaishankar said that the USChina trade dynamics are influenced by trade as well as technology and the decisions impelled by China are as consequential as the USnbspHighlighting the dramatic changes in the global geopolitical scenario EAM Jaishankar pointed out that even Europe which once enjoyed a strategic triangulation with the US Russia and China now finds itself in a stressed situationFive years ago I think Europe probably had the best geopolitical situation It had worked out the ideal triangulation between the United States Russia and China Today every side of that triangle is under stress he observednbspJaishankar underlined how Japan South Korea and Taiwan have also sought to make a geopolitical impact through technological advancementsnbspIn this context he said India is also making progress in the Digital Public Infrastructure and giving priority to semiconductors after many decadesnbspHe urged the experts at the Global Technology Summit to discuss the issue and see the technological side of the country in a positive wayIANS https://dailyworld.in/economy/india-ready-for-urgent-trade-talks-amid-tough-us-stance-jaishankar-610781.html Fri, 11 Apr 2025 15:04:00 +0530 https://dailyworld.in/economy/rbi-cuts-repo-rate-by-25-basis-points-switches-to-accommodative-stance-to-spur-growth-610446.html Mumbai April 9 IANS RBI Governor Sanjay Malhotra on Wednesday announced a 25 basis cut in the policy rate from 625 per cent to 6 per cent and change in monetary policy stance from neutral to accommodative to accelerate economic growthnbspThe RBI Governor said that the decision to cut the repo rate has been taken unanimously by the Monetary Policy Committee MPC keeping in mind the macroeconomic and financial conditions and outlookMalhotra said that the MPC has decided to change the monetary policy stance from neutral to accommodative which will pave the way for easing the monetary policy with more liquidity injections to accelerate economic activitynbspThis will replace the Neutral stance which requires neither stimulation nor curbs on liquidity he explainednbspThe RBI Governor further stated that while inflation has come down in the Indian economy the central bank would remain vigilant due to the global risks posed by the hike in US tariffsHe said that the RBI will ensure adequate liquidity in the banking systemnbspAfter the repo rate cut the Standing Deposit Facility the SDF rate under the liquidity adjustment facility will stand adjusted to 575 per cent and the Marginal Standing Facility rate or the MSF rate and the bank rate will stand adjusted to 625 per cent Malhotra saidnbspThis is the second consecutive 25 basis reduction in the repo rate after it was reduced in February for the first time since May 2020nbspA lower policy rate leads to a decline in interest rate on bank loans which makes borrowing easier for consumers as well as businesses resulting in higher consumption and investments in the economy leading to higher growthnbspHowever the effectiveness of this rate cut will largely hinge on how quickly and efficiently commercial banks pass on the benefits to borrowersnbspHe also announced that the RBI has reduced the GDP growth projection for the Indian economy to 65 per cent from 67 per cent earlierThe easing in monetary policy comes on the back of the finance minister sticking to the fiscal consolidation path with a reduction in the fiscal deficit target to 44 per cent of the GDP for 202526 from 48 per cent earlier which has reduced the need for market borrowing by the GovernmentnbspThis leaves more headroom for the RBI to adopt a soft money policy to spur growthIANS https://dailyworld.in/economy/rbi-cuts-repo-rate-by-25-basis-points-switches-to-accommodative-stance-to-spur-growth-610446.html Wed, 09 Apr 2025 11:04:00 +0530 https://dailyworld.in/economy/mudra-has-democratised-indias-financial-system-pm-modi-610363.html New Delhi April 8 IANS Prime Minister Narendra Modi highlighted on Tuesday that the Pradhan Mantri MUDRA Yojana PMMY launched 10 years ago on April 8 has turned out to be a massive success in empowering the poor at the grassroots with over 52 crore loans given worth Rs 33 lakh croreThe Prime Minister explained that the MUDRA scheme was born as the result of his travels across the country as a karyakarta when he observed that there was a dire need for funding the unfunded at the grassroots to lift the masses out of povertynbspHe highlighted that the scheme democratised the financial system and the success of the scheme is also reflected in the fact that a mere 35 per cent of loans under the scheme were NPAsIn a post on X the Prime Minister said Sharing my interview with Economic Times where I elaborate on the lifechanging ability of Mudra Yojana and why it remains an important scheme in our quest for dignity and empowerment 10YearsOfMUDRAnbspThe Prime Minister said that the MUDRA Micro Units Development ampamp Refinance Agency scheme needs to be seen in a particular context and not as a standalone schemenbsp Even before I held any government position I had travelled extensively across the country for many decades as a karyakarta There was a common theme that I saw everywhere A vast majority of our population such as the poor farmers women and marginalised sections had aspirations for growth a strong spirit of enterprise energy and resilience qualities needed to be a successful entrepreneur he observedBut these were the very sections that had been completely excluded from the formal banking and financial system Tell me if you do not have a bank account will you ever visit a bank When people did not even have access to basic banking funding for entrepreneurship looked like a distant dream So when the people voted for us in 2014 we decided to make the whole financial architecture peoplecentric and inclusive so that we could give wings to their aspirations PM Modi saidnbspHe highlighted that the scheme democratised the financial systemThis started with banking the unbanked with Jan Dhan Yojana Once those who were left out and left behind began to become part of the formal financial system through this scheme we went on to funding the unfunded through the MUDRA Yojana and insuring the uninsured through the Jan Suraksha portfolio of schemes So MUDRA is part of a larger vision to ensure that the entrepreneurial ability innovation creativity and selfreliance of the people at the grassroots is respected celebrated and supported he saidThrough the MUDRA Yojana we wanted to give a message to every Indian that we had trust in their abilities and would stand as a guarantee in their journey to fulfil their aspirations Trust begets trust The people too responded with great zeal and today with over 52 crore loans given worth Rs 33 lakh crore they have made MUDRA a massive success PM Modi saidTalking about the NPA issue in Indias baking sector PM Modi said There are two perspectives on the problem On the one hand we have experience from the tenure of the Congressled United Progressive Alliance Then the banking sector operated under a system that came to be known as phone banking Loans were sanctioned based on calls from political connections rather than on competence or adherence to strict financial due diligence We all know how this created the twin balance sheet problem The period marked by a lack of transparency and accountability left public sector banks grappling with a legacy of stressed assets undermining their ability to support broader economic growthnbspHe said On the other hand we lent money to the poor and the middle class through the MUDRA Yojana It was designed to empower small and medium entrepreneurs who had no connections but had competence and conviction Unlike the UPAs topheavy lending model MUDRA focused on grassroots economic activity Today with more than 52 crore loan accounts MUDRA reflects the massive scale and ambition of the schemeWhen we launched this initiative several prominent Congress leaders and commentators from their ecosystem said that extending credit to crores of smallscale borrowers would cause an NPA issue They had no trust in the poor and middle class of our country But the outcomes have defied these predictions What stands out is the performance of these loansjust 35 per cent have turned into NPAs This is an exceptionally low default rate in this segment world over While the UPAs phone banking era left banks burdened with toxic assets and favoured select elites of those who were close to power centres MUDRA has redirected resources to the grassroots fostering entrepreneurship without compromising financial stability PM Modi addedIANS https://dailyworld.in/economy/mudra-has-democratised-indias-financial-system-pm-modi-610363.html Tue, 08 Apr 2025 15:02:00 +0530 https://dailyworld.in/economy/pm-modi-lauds-dubais-key-role-in-advancing-india-uae-comprehensive-strategic-partnership-610395.html New Delhi April 8 IANS Prime Minister Narendra Modi on Tuesday met Sheikh Hamdan Bin Mohammed Al Maktoum Crown Prince of Dubai Deputy Prime Minister and Minister of Defence of the United Arab Emirates UAE in New Delhi asserting that Dubai has played a key role in advancing the IndiaUAE Comprehensive Strategic PartnershipnbspPrime Minister Modi hosted a working lunch for the visiting dignitary who had arrived in New Delhi earlier in the day at his invitationnbspGlad to meet HH Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum the Crown Prince of Dubai Dubai has played a key role in advancing the IndiaUAE Comprehensive Strategic Partnership This special visit reaffirms our deeprooted friendship and paves the way for even stronger collaboration in the future Prime Minister Modi posted on X after the meetingThis is Sheikh Hamdan Bin Mohammed Al Maktoums first official visit to India as the Crown Prince of Dubai and he is accompanied by several ministers senior government officials and a highlevel business delegationnbspIt was a pleasure meeting the Prime Minister Narendra Modi today in New Delhi Our conversations reaffirmed the strength of UAEIndia ties which is built on trust shaped by history and driven by a shared vision to create a future full of opportunity innovation and lasting prosperity he posted on X after meeting PM ModinbspThe Crown Prince also held meetings with External Affairs Minister EAM S Jaishankar and Defence Minister Rajnath SinghDelighted to welcome Crown Prince of Dubai and DPM ampamp Minister of Defence of UAE HH Hamdan Mohammed at the start of his first official visit to India Value his positive sentiments for our wideranging cooperation and vibrant ties said EAM JaishankarnbspDefence Minister Rajnath also said that he had a productive meeting with the Crown Prince of DubainbspFor India the Comprehensive Strategic Partnership with the UAE is of immense priority In the coming years we are eager to work closely in areas such as defence cooperation coproduction and codevelopment projects innovation and technology Both India and the UAE are committed to work towards peace and prosperity in the region Singh posted on XAfter Delhi the Crown Prince will visit Mumbai and will also participate in a business roundtable with prominent business leaders from both sides The interaction will strengthen IndiaUAE economic and commercial cooperation across traditional and futuristic areasnbspTraditionally Dubai has played an important role in Indias commercial cultural and peopletopeople exchanges with the UAE Majority of Indias around 43 million diaspora in UAE reside and work in Dubai The visit of His Highness the Crown Prince will further solidify the IndiaUAE Comprehensive Strategic Partnership and strengthen our multifaceted ties with Dubai read a statement issued by the MEAIANS https://dailyworld.in/economy/pm-modi-lauds-dubais-key-role-in-advancing-india-uae-comprehensive-strategic-partnership-610395.html Tue, 08 Apr 2025 17:34:00 +0530 https://dailyworld.in/economy/sensex-nifty-slump-over-5-pc-amid-global-markets-meltdown--610123.html Mumbai Apr 7 Stock market benchmark indices Sensex and Nifty cracked over 5 per cent on Monday in tandem with massive selloffs across the board as US President Donald Trumps tariff hikes and retaliation from China fuelled investors jitters amid fears that a fullblown trade war will impact economic growth across the globenbspThe 30share BSE benchmark Sensex crashed 393968 points or 522 per cent to 7142501 in early trade The NSE Nifty tumbled 11608 points or 506 per cent to 2174365nbspDuring the afternoon trade the BSE benchmark quoted 320531 points or 425 per cent lower at 7215938 and the Nifty traded with a cut of 103895 points or 454 per cent at 2186550All the Sensex firms were trading in the negative territory Tata Steel dropped over 9 per cent followed by Tata Motors which cracked more than 8 per cent Larsen amp Toubro HCL Technologies Kotak Mahindra Bank Infosys ICICI Bank Axis Bank Reliance Industries and Adani Ports were the other big laggardsnbspIn Asian markets Hong Kongs Hang Seng index tanked more than 12 per cent Tokyos Nikkei 225 plunged nearly 8 per cent Shanghai SSE Composite index dropped about 8 per cent and South Koreas Kospi sank over 5 per centnbspnbspUS markets ended sharply lower on Friday The SampP 500 plummeted 597 per cent Nasdaq composite slumped 582 per cent and the Dow tumbled 550 per cent on FridayBoth China and Japan index declined by 10 per cent and 8 per cent respectively This escalates the stakes in the ongoing trade war and raises concerns about a potential global recession that could affect everyone On Friday the US SampP 500 dropped by 6 per cent and the Dow Jones fell more than 2000 points marking its worst week since the COVID19 crisis This came after China announced it would impose reciprocal 34 pernbsp cent tariffs on all US imports starting April 10 Vikas Jain Head of Research at Reliance Securities saidThe sharp increase in tariffs by both the US and China could lead to higher inflation slower global growth and intensify trade tensions he addednbspThe BSE smallcap gauge cracked 578 per cent and the midcap index tanked 452 per centnbspAll the BSE sectoral indices were trading in negative territory Metal tumbled over 7 per cent commodities dropped 584 per cent industrials 573 per cent IT 501 per cent consumer discretionary 494 per cent BSE Focused IT 477 per cent and teck 437 per centForeign Institutional Investors FIIs offloaded equities worth Rs 348398 crore on Friday according to exchange datanbspGlobal oil benchmark Brent crude dropped 294 per cent to USD 6351 a barrelnbspOn Friday the Sensex tumbled 93067 points or 122 per cent to settle at 7536469 The Nifty declined 34565 points or 149 per cent to close at 2290445nbspLast week the Sensex tanked 205023 points or 264 per cent while the NSE Nifty declined 6148 points or 261 per centnbspAgencies https://dailyworld.in/economy/sensex-nifty-slump-over-5-pc-amid-global-markets-meltdown--610123.html Mon, 07 Apr 2025 14:14:00 +0530 https://dailyworld.in/economy/lpg-price-hiked-by-rs-50-per-cylinder-610182.html New Delhi April 7 IANS The price of LPG cylinders has been increased by Rs 50 per 142 kg cylinder for both subsidised and nonsubsidised consumers with effect from April 8 Petroleum and Natural Gas Minister Hardeep Singh Puri announced on MondaynbspThe price increase applies to both Pradhan Mantri Ujjwala Yojana PMUY beneficiaries as well as other consumersnbspFor PMUY beneficiaries the price will rise from Rs 500 to Rs 550 per cylinder For other consumers it will increase from Rs 803 to Rs 853 the minister saidnbspHe added that the revision is subject to the periodic review that takes place every two to three weeksOn April 1 in a relief to people in the new financial year oil marketing companies had reduced the price of commercial LPG cylinders The price of a 19kg commercial LPG cylinder was cut by Rs 41 In the national capital Delhi the revised retail selling price now stands at Rs 1762 per cylindernbspIndia imports about 60 per cent of the domestic LPG consumed Price of LPG in the country is linked to its price in the international marketnbspThe number of beneficiaries getting subsidised LPG under the Pradhan Mantri Ujjwala Yojana PMUY has gone up to 1033 crore as on March 1 this year while the total number active domestic LPG consumers in India stands at 3294 crore according to information tabled in Parliament in the recentlyconcluded sessionWhile the average international price of LPG rose by 63 per cent from US 385MT in July 2023 to US 629MT in February 2025 the effective price for PMUY consumers for domestic LPG was reduced by 44 per cent from Rs 903 in August 2023 to Rs 503 in February 2025 Minister of State for Petroleum and Natural Gas Suresh Gopi told the Lok Sabha in a written replynbspThe retail selling price of a 142 kg domestic LPG cylinder was until now Rs 803 in Delhi while there was a subsidy of Rs 300 per cylinder to PMUY consumers The price of 142kg domestic LPG cylinders had remained unchanged since August 2024IANS https://dailyworld.in/economy/lpg-price-hiked-by-rs-50-per-cylinder-610182.html Mon, 07 Apr 2025 17:37:00 +0530 https://dailyworld.in/economy/oil-psus-to-absorb-excise-duty-hike-on-petrol-diesel-no-impact-on-consumers-hardeep-puri-610217.html New Delhi April 7 IANS The governmentowned oil marketing companies will absorb the increase in excise duty on petrol and diesel announced by the Finance Ministry as their input costs have come down due to the decline in crude oil prices in the global market Union Minister for Petroleum and Natural Gas Hardeep Singh Puri said on MondaynbspThe Minister said that the Rs 2 per litre hike on petrol and diesel would not be passed on to consumers as the oil marketing companies Indian Oil Bharat Petroleum and Hindustan Petroleum are currently managing inventories based on crude oil purchased at lower prices earlier This allows them to absorb the additional tax burden without raising retail fuel prices as the government has to keep consumer interests in mind he addedPuri emphasised that the government is mindful of market volatility and the need to balance the financial health of the oil marketing companies with consumer interests He noted that with crude oil prices hovering around 60 per barrel there could even be potential for future price cuts of fuels if global trends remain favourablenbspThe Finance Ministry has hiked the excise duty on petrol and diesel to mop more funds for social welfare schemes and investment in infrastructure projects to spur growth while keeping the fiscal deficit in checkThe decision to keep retail prices steady while raising more resources for the national exchequer to ensure stable growth is viewed by economists as a pragmatic approachnbspEconomists see the governments strategy that is sensitive to consumer needs while navigating fiscal priorities set by the Finance MinistrynbspCrude oil prices have fallen to a fouryear low in the global market with the benchmark Brent crude falling to 63 a barrel on Monday the lowest since April 2021 and the US West Texas Intermediate crude declining to 5957 India the worlds 3rd largest importer of crude stands to gain as oil prices have fallenThe decline in oil prices augurs well for the Indian economy as the country imports around 85 per cent of its crude requirement and any decline in oil prices leads to a reduction in the countrys import bill This in turn leads to a lowering of the current account deficit CAD and strengthening of the rupeenbspApart from strengthening the external balance a decline in oil prices also leads to lower prices of petrol diesel and jet fuel in the domestic market which eases inflation in the countryIANS https://dailyworld.in/economy/oil-psus-to-absorb-excise-duty-hike-on-petrol-diesel-no-impact-on-consumers-hardeep-puri-610217.html Mon, 07 Apr 2025 20:56:00 +0530 https://dailyworld.in/economy/goyal-assures-deeptech-startups-of-big-push-from-rs-10-000-crore-fund-609932.html New Delhi April 5 IANS Commerce and Industry Minister Piyush Goyal announced on Saturday that the government will provide a substantial outlay for deeptech startups from the Rs 10000 crore Fund of Funds schemenbspAddressing the Startup Mahakumbh 2025 here the minister said he has directed the SIDBI to prioritise smaller startups while disbursing funds through the schemenbspI want SIDBI to have one centre in every state to help startup founders and entrepreneurs explore new ideas he saidGoyal expressed confidence in the countrys potential in deep technology artificial intelligence and data analyticsnbspThis is the foundation on which I am confident India will foray in a big way into the world of innovation We will make our presence felt on the global stage he remarkednbspThe minister also urged Indian investors to recognise the huge potential of the countrys startup ecosystem as the young people were doing excellent work which could be accelerated with greater domestic investmentHe assured young entrepreneurs that the government would play the role of a facilitator and not a regulator to promote the startup ecosystem He urged them to provide feedback on ways to facilitate the ease of doing businessnbspTaking a dig at the opposition parties Goyal said Some political parties call themselves by the same name as the country India but they are pained when programmes like Startup Mahakumbh are successfulMinister Goyal had earlier sparked a debate with a comparison on Friday between Chinese and Indian startups to underscore the need for greater focus on highend technologynbspHowever he had also emphasised that he was confident India would emerge as a global leader in innovation and technologydriven growthnbspThis is the base the foundation on which I am confident India will foray in a very big way into the world of innovation We will make our presence felt on the global stage I go back extremely satisfied with the work done with our young startups Young India is raring to go And they are ready to capture the world Goyal had saidIANS https://dailyworld.in/economy/goyal-assures-deeptech-startups-of-big-push-from-rs-10-000-crore-fund-609932.html Sat, 05 Apr 2025 22:32:00 +0530 https://dailyworld.in/economy/pm-modi-offers-upi-link-to-bimstec-nations-as-booster-shot-for-trade-tourism-609717.html Bangkok April 4 IANS Prime Minister Narendra Modi on Friday proposed linking Indias UPI with the payment systems of the BIMSTEC member nations in an initiative to strengthen trade industry and tourism in the regional groupingnbspnbspAddressing the sixth summit of the 7nation group the Prime Minister also proposed to set up a BIMSTEC Chamber of Commerce and explore promoting trade in local currencies within the regionnbspPrime Minister Modi offered his condolences for the loss of lives in the devastating earthquake on March 28 in Myanmar and Thailand and proposed establishing a BIMSTEC Centre of Excellence for Disaster Management in India to collaborate on disaster preparedness relief and rehabilitationThe BIMSTEC Summit adopted the Bangkok Vision 2030 to realise the shared commitment to prosperity security and inclusivity in the Bay of Bengal regionnbspPM Modi stressed the need to continuously expand the scope and capabilities of the BIMSTEC grouping welcoming the institutionalisation of the Home Ministers Mechanism and offered to host the first meeting in IndianbspThis forum can play a vital role in the fight against cybercrime cybersecurity threats terrorism as well as drug and human trafficking In this regard I propose to host its first meeting this year in India he saidnbspBIMSTEC serves as a bridge connecting South Asia and Southeast Asia It is emerging as an effective platform to open new avenues of regional connectivity cooperation and prosperity the Prime Minister saidThe BIMSTEC Summit hosted by Thailand is being attended by leaders from India Bangladesh Nepal Myanmar Sri Lanka and BhutannbspPM Modi said he was happy to share Indias experience in setting up digital public infrastructure DPI with BIMSTEC countries and suggested conducting a pilot study to understand the specific needs of member nations in this regardnbspNoting that trade and business connectivity were also crucial for progress the Prime Minister proposed the establishment of a BIMSTEC Chamber of Commerce and to organise a BIMSTEC Business Summit every year I also suggest conducting a feasibility study on promoting trade in local currencies within the BIMSTEC region he saidThe Prime Minister also said that a free open secure and safe Indian Ocean is our shared priority The Maritime Transport Agreement signed today will strengthen cooperation in merchant shipping and cargo transport and accelerate trade he pointed outnbspPM Modi came out in favour of establishing a Sustainable Maritime Transport Centre in India This Centre will focus on capacity building research innovation and coordination in maritime policies It will also promote cooperation in maritime security he saidIANS https://dailyworld.in/economy/pm-modi-offers-upi-link-to-bimstec-nations-as-booster-shot-for-trade-tourism-609717.html Fri, 04 Apr 2025 14:39:00 +0530 https://dailyworld.in/economy/cabinet-okays-4-projects-worth-rs-18-658-crore-to-expand-track-network-of-indian-railways-609737.html New Delhi April 4 IANS The Cabinet Committee on Economic Affairs chaired by Prime Minister Narendra Modi has approved four projects to expand the track network of Indian Railways with an investment of Rs 18658 crore according to an official statement issued on FridaynbspThe four projects covering 15 districts in three states Maharashtra Odisha and Chhattisgarh will increase the existing network of Indian Railways by about 1247 kmnbspThese projects include SambalpurJarapda 3rd and 4th Lines JharsugudaSason 3rd and 4th Lines KharsiaNaya RaipurParmalkasa 5th and 6th Lines and GondiaBalharshah doublingThe enhanced line capacity will improve mobility providing enhanced efficiency and service reliability for Indian Railways These multitracking proposals will ease operations and reduce congestion providing the muchneeded infrastructural development on the busiest sections across Indian Railways The projects are in line with PM Modis vision of a New India which will make people of the region Aatmanirbhar with comprehensive development in the area which will enhance their employment opportunities the official statement saidThe projects are part of the PMGati Shakti National Master Plan for multimodal connectivity which entail integrated planning and will provide seamless connectivity for movement of people goods and servicesnbspWith these projects 19 new stations will be constructed enhancing connectivity to two Aspirational Districts Gadchiroli and Rajnandgaon The multitracking project will enhance connectivity to around 3350 villages and about 4725 lakh populationnbspKharsiaNaya RaipurParmalkasa lines will provide direct connectivity to new areas such as Baloda Bazar and this will create possibilities for the setting up of new industrial units including cement plants in the regionThese lines are essential routes for the transportation of commodities such as agricultural products fertiliser coal iron ore steel cement and limestone The capacity augmentation works will result in additional freight traffic of magnitude 8877 MTPA Million Tonnes Per Annum the statement saidnbspWith rhe Railways being an environment friendly and energy efficient mode of transportation the new projects will help both in achieving climate goals and minimising logistics costs of the country The projects are expected to reduce oil import by 95 crore litres and lower CO2 emissions by 477 crore kg which is equivalent to planting 19 crore trees the statement addedIANS https://dailyworld.in/economy/cabinet-okays-4-projects-worth-rs-18-658-crore-to-expand-track-network-of-indian-railways-609737.html Fri, 04 Apr 2025 16:50:00 +0530 https://dailyworld.in/economy/punjab-heading-for-bumper-wheat-crop-of-124-lakh-metric-tons-says-minister-609740.html Chandigarh April 4 IANS Saying Punjab is heading for a bumper wheat crop state Food Civil Supplies and Consumer Affairs Minister Lal Chand Kataruchak on Friday stressed the government has made preparations to facilitate over eight lakh farmers during the ongoing wheat procurement seasonnbspnbspAfter chairing a review meeting with officials from four districts Jalandhar Hoshiarpur Kapurthala and Shaheed Bhagat Singh Nagar Kataruchak told the media that Punjab is set to witness a bumper wheat crop this year with a target procurement of 124 lakh metric tonsHe said the government has already secured a cash credit limit of Rs 28894 crore for wheat procurement and 99 per cent of the required bardana sacks has been arranged alongside sufficient space and crates for efficient storagenbspTo cater to the massive arrival of crops the government has established 1864 purchase centres mandis across the state where farmers can sell their wheat In light of the bumper crop around 600 temporary purchase centres have also been set upKataruchak assured the farmers that they would receive payments within 24 hours of procurement with the government setting the minimum support price MSP at Rs 2425 per quintalnbspDisclosing districtspecific procurement targets he said over 314 lakh metric tons of wheat is expected to arrive in Hoshiarpur while Jalandhar Kapurthala and Shaheed Bhagat Singh Nagar will contribute 525 lakh metric tons 361 lakh metric tons and 264 lakh metric tons respectivelyThe minister emphasised the governments commitment to purchasing every single grain brought by farmers stressing that no negligence would be tolerated in the procurement processnbspHe highlighted the governments efforts over the past three years to streamline wheat and paddy procurement operations In the review meeting Kataruchak also examined facilities for farmers including cleanliness drinking water availability lighting and sheds at the marketing yards He directed the officials to remain present in their respective mandis throughout the season to ensure farmers face no hardships during this periodIANS https://dailyworld.in/economy/punjab-heading-for-bumper-wheat-crop-of-124-lakh-metric-tons-says-minister-609740.html Fri, 04 Apr 2025 17:36:00 +0530 https://dailyworld.in/economy/trumps-order-hikes-duty-on-indian-goods-by-27-per-cent-india-in-touch-with-us-on-tariff-issue-609548.html New Delhi April 3 IANS The executive order issued by US President Donald Trump has imposed an additional duty of 27 per cent on Indian goods entering the US and the Commerce Department carefully examining the implications of the order the Piyush Goyalheaded Commerce and Industry Ministry said on ThursdaynbspThe US President issued an executive order on reciprocal tariffs imposing additional advalorem duties ranging from 10 per cent to 50 per cent on imports from all trading partners The baseline duty of 10 per cent will be effective from April 5 2025 and the remaining countryspecific additional advalorem duty will be effective from April 9 For India the additional duty works out to 27 per cent the Commerce and Industry Ministry saidThe Department of Commerce is carefully examining the implications of the various measuresannouncements made by the President of the USA Keeping in view the vision of Viksit Bharat the Department is engaged with all stakeholders including Indian industry and exporters taking feedback of their assessment of the tariffs and assessing the situation The Department is also studying the opportunities that may arise due to this new development in the US trade policy an official statement saidPrime Minister Narendra Modi and US President Donald Trump had on February 13 announced the Mission 500 aiming to more than double the bilateral trade to 500 billion by 2030 Accordingly discussions are ongoing between Indian and US trade teams for the expeditious conclusion of a mutually beneficial multisectoral Bilateral Trade Agreement These cover a wide range of issues of mutual interest including deepening supply chain integration according to the statementThe ongoing talks are focused on enabling both nations to grow trade investments and technology transfers We remain in touch with the Trump Administration on these issues and expect to take them forward in the coming days the statement saidnbspIndia values its Comprehensive Global Strategic Partnership with the United States and is committed to working closely with the US to implement the IndiaUS Catalysing Opportunities for Military Partnership Accelerated Commerce ampamp Technology COMPACT for the 21st century to ensure that our trade ties remain a pillar of mutual prosperity and drive transformative change for the benefit of the people of India and the US it addedIANS https://dailyworld.in/economy/trumps-order-hikes-duty-on-indian-goods-by-27-per-cent-india-in-touch-with-us-on-tariff-issue-609548.html Thu, 03 Apr 2025 16:00:00 +0530 https://dailyworld.in/economy/elevating-relations-to-strategic-partnership-india-and-thailand-sign-agreements-in-key-sectors-609603.html Bangkok April 3 IANS India and Thailand on Thursday agreed to elevate bilateral relations to a Strategic Partnership during extensive discussions held between Prime Minister Narendra Modi and Thailand PM Paetongtarn Shinawatra at the Government House in BangkoknbspBoth leaders held talks on various areas of bilateral cooperation and later witnessed the signing of several key agreements that add new vigour and dynamism to the longstanding friendship between the two nationsnbspBesides the Joint Declaration on the establishment of IndiaThailand Strategic Partnership a MoU was also signed between the Ministry of Digital Economy and Society of Thailand and the Ministry of Electronics and Information Technology of India on cooperation in the field of digital technologiesA MoU between Sagarmala Division of Indias Ministry of Ports Shipping and Waterways and Thailands Fine Arts Department Ministry of Culture was signed for development of National Maritime Heritage Complex NMHC at Lothal GujaratnbspAnother MoU between Indias National Small Industries Corporation Ltd NSIC and Thailands Office of Small and Medium Enterprises Promotion OSMEP was signed on cooperation in the field of micro small and medium enterprisesnbspTwo other key MoUs signed included between the Ministry of Development of North Eastern Region MDoNER and Thailands Ministry of Foreign Affairs and between North Eastern Handicrafts and Handlooms Development Corporation Limited NEHHDC of India and Creative Economy Agency CEA of the Government of ThailandIn his remarks PM Modi highlighted that Indias Act East policy and Thailands Act West complement each other very well and open up opportunities for bilateral cooperation in many fieldsnbspWe have emphasised on cooperation in the fields of tourism culture and education between Thailand and the NorthEastern states of India We discussed growing mutual trade investment and business exchanges Agreements have also been made to foster cooperation in the areas of MSME handloom and handicrafts PM Modi said during the joint press statement with the Prime Minister of ThailandnbspWe have decided to strengthen cooperation in renewable energy digital technology evehicles robotics space biotechnology and startups In addition to enhancing physical connectivity both the countries will work to boost FinTech connectivity he addedThe Prime Minister stated that the talks focused on ways to deepen the IndiaThailand Strategic Partnership including sectors in strategic areas such as defence security maritime safety and hydrographynbspWe also reiterated our commitment to working together to overcome the challenges of terrorism money laundering and more said PM ModinbspDuring the discussions Prime Minister Modi also expressed solidarity with the people of Thailand in the aftermath of the earthquake a few days agonbspPM Modi also mentioned that India fully supports ASEAN unity and ASEAN centralitynbspIn the IndoPacific we both support free open inclusive and rulebased order We believe in the policy of development not expansionism said PM ModiIANS https://dailyworld.in/economy/elevating-relations-to-strategic-partnership-india-and-thailand-sign-agreements-in-key-sectors-609603.html Thu, 03 Apr 2025 18:20:00 +0530 https://dailyworld.in/economy/rbi-played-key-role-in-making-india-global-leader-in-digital-payments-prez-murmu-609288.html Mumbai April 1 IANS President Droupadi Murmu on Tuesday lauded the Reserve Bank for its key role in making India a global leader in digital payments with innovations like UPI revolutionising financial accessnbspAddressing the closing ceremony of the commemoration of the RBIs 90th year the President said By continuously modernising the countrys payment infrastructure the Reserve Bank has ensured that digital transactions are not only seamless and efficient but also secure Innovations like the UPI have revolutionised financial access enabling instant lowcost transactions and deepening financial inclusion Beyond payments RBI has nurtured a vibrant fintech ecosystemShe stated that in the nine decades the biggest achievement of the RBI is the trust of the people The RBI earned this trust by steadfastly maintaining its mandate of price stability growth and financial stability Also it has continuously adapted to meet the evolving needs of our growing nation Its swift responses to key challenges from economic liberalisation in the 1990s to the COVID19 pandemic highlight its resilience and adaptability In an increasingly globalising world it has also ensured that Indias financial system remains resilient in the face of any adverse international trendsThe President said that the RBI has emerged as one of the most critically important institutions in the nation She pointed out that a common man or woman has no direct interaction with RBI except for its name printed on the currency notes in their pockets but indirectly all their financial dealings through banks and otherwise are governed by the RBI And they instinctively place their utmost faith in the financial system overseen by itnbspShe further stated that the RBI as the central bank was at the very centre of Indias incredible growth story It has witnessed the whole journey of the country so far from the time before Independence when it was suffering from widespread poverty to the time now when it is among the top economies in the worldThe President also observed that as India approaches the centenary of its Independence the mission of Viksit Bharat 2047 calls for a financial ecosystem that is innovative adaptive and accessible to all She stated that the path ahead would present new complexities and challengesnbspShe expressed confidence that with a steadfast commitment to stability innovation and inclusivity the RBI would continue to be a pillar of strength reinforcing trust and steering India towards a future of prosperity and global leadership As the guardian of monetary and financial stability the RBI would play a defining role in this journey ensuring a sound banking system driving financial innovation and safeguarding trust in our financial ecosystem the President addedIANS https://dailyworld.in/economy/rbi-played-key-role-in-making-india-global-leader-in-digital-payments-prez-murmu-609288.html Tue, 01 Apr 2025 14:43:00 +0530 https://dailyworld.in/economy/fm-sitharaman-to-launch-states-economic-forum-portal-609168.html New Delhi March 31 Finance Minister Nirmala Sitharaman will launch the NITI NCAER States Economic Forum portal on Tuesday The portal developed by NITI Aayog in collaboration with the National Council of Applied Economic Research NCAER is a comprehensive repository of data on social economic and fiscal parameters research reports papers and expert commentary on State Finances for a period of about 30 years ranging from 199091 to 202223 according to an official statement issued on MondaynbspThe portal has four main components which include state reports summarising the macro and fiscal landscape of 28 Indian States structured around indicators on demography economic structure socioeconomic and fiscal indicatorsThe second component is a Data Repository offering direct access to the complete database categorised across five verticals demography economic structure fiscal health and education The third component comprises a State Fiscal and Economic Dashboard showcasing graphical representations of key economic variables over time and provide quick access to raw data through a data appendix or additional information through summary tablesnbspThe fourth component consists of Research and Commentary which draws on extensive research on state finances and critical aspects of fiscal policy and financial management at the state and national levelsThe portal will facilitate an understanding of macro fiscal demographic and socioeconomic trends easily accessible data and userfriendly format and will also address the ongoing need for consolidated sectoral data in one place It will further help in benchmarking the data of each state against that of other states and the national figures It will also provide a forum for policymakers researchers and others interested in alluding to the data for informed debates and discussionsThe portal will also serve as a comprehensive research hub offering a wealth of data and analytical tools for indepth research studies It will act as a central repository of information providing access to an extensive database of social economic and fiscal indicators spanning the past 30 years By leveraging historical trends and realtime analytics users will be able to track progress identify emerging patterns and formulate evidencebased policies for development the statement added IANS https://dailyworld.in/economy/fm-sitharaman-to-launch-states-economic-forum-portal-609168.html Mon, 31 Mar 2025 12:19:00 +0530 https://dailyworld.in/economy/fm-sitharaman-discusses-strengthening-india-us-business-ties-with-us-chamber-of-commerce-ceo-608526.html New Delhi March 27 IANS Union Finance Minister Nirmala Sitharaman on Thursday met US Chamber of Commerce President and CEO Suzanne Clark to discuss the growing business ties between India and the United States The meeting which took place here also included USIndia Business Council USIBC President Atul Keshap FM Sitharaman expressed Indias appreciation for the strengthening business relationship between Indian and American enterprises In a post on social media platform X the Finance Ministry said Union Minister for Finance and Corporate Affairs Smt nsitharaman met Ms SuzanneUSCC President and CEO US Chamber of Commerce USChamber in New Delhi today along with Mr Atul Keshap President USIBC at USChamberThe Finance Minister highlighted how increasing investments innovation and trade between the two nations are contributing to economic growth Clark praised Indias ongoing economic reforms particularly in the area of foreign direct investment FDI She noted that these reforms have sparked greater interest from US businesses looking to expand their presence in India According to the Finance Ministry Clark also emphasised how crossborder investments and entrepreneurship are further strengthening the USIndia partnership The discussions reaffirmed the commitment of both nations to deepening economic cooperation and boosting trade and investment opportunitiesMeanwhile last month the Union Commerce and Industry Minister Piyush Goyal emphasised that India and the United States complement each other in trade rather than compete He said discussions were ongoing with various stakeholders to further strengthen trade relations between the two nations Speaking at the NDTV Profit Conclave via a virtual address Goyal highlighted Indias ambition to double bilateral trade with the US to 500 billion by 2030 This is a relationship between two friendly nations trusted partners and powerful democracies We do not compete as much as we complement each other he said He described the two nations as trusted partners and powerful democracies working together to enhance economic cooperationIANS https://dailyworld.in/economy/fm-sitharaman-discusses-strengthening-india-us-business-ties-with-us-chamber-of-commerce-ceo-608526.html Thu, 27 Mar 2025 20:34:00 +0530 https://dailyworld.in/economy/govt-hikes-salaries-allowances-and-pensions-of-mps-608148.html New Delhi March 24 IANS The Centre has increased the salaries allowances and pensions of Members of Parliament with effect from April 1 2023 according to a gazette notification issued by the Ministry of Parliamentary Affairs on MondaynbspThe salary of Lok Sabha and Rajya Sabha members has been raised to Rs 124 lakh per month from Rs 1 lakh at present whereas the daily allowance has been raised to Rs 2500 from Rs 2000 earlier the notification statesnbspThe pension paid to former MPs has also been increased to Rs 31000 per month from Rs 25000 at present as per the notificationThe additional pension for every year of service in excess of five years has been increased to Rs 2500 from Rs 2000 earlier the notification statesnbspThe revision in salaries allowances and pensions for the MPs has been announced amid the ongoing budget session of the Parliament The earlier revision of the salary and allowances paid to sitting and former MPs was announced in April 2018nbspThe base pay for an MP announced in the revision in 2018 was Rs 100000 per month The purpose of setting this amount was to bring their salary into line with the rates of inflation and the growing cost of livingAccording to the 2018 revision MPs receive an allowance of Rs 70000 as constituency allowance to pay for the costs of keeping their offices up to date and interacting with voters in their respective districts Apart from this they receive Rs 60000 per month as office allowance and Rs 2000 as a daily allowance during Parliamentary sessions These allowances will also be increased nowIn addition to this MPs also get an allowance annually for phone and internet usage They enjoy 34 free domestic flights per year for themselves and their families and first class train travel at any time for professional and personal use They can also claim mileage allowance when they use roads MPs also enjoy the benefits of 50000 free units of electricity and 4000 kilolitres of water annuallynbspThe government takes care of their housing and accommodation too During their fiveyear term MPs are provided with rentfree housing in New Delhi They could get hostel rooms apartments or bungalows based on their seniority Individuals who opt not to utilise the official accommodations are eligible to receive a monthly housing allowanceIANS https://dailyworld.in/economy/govt-hikes-salaries-allowances-and-pensions-of-mps-608148.html Mon, 24 Mar 2025 17:04:00 +0530 https://dailyworld.in/economy/india-set-to-become-the-worlds-consumption-capital-report-608000.html New Delhi March 23 IANS India is on track to become the global consumption capital outpacing major economies according to a new reportnbspThe consumption in India accounts for 56 per cent of the countrys GDP and is growing at the fastest rate in the worldnbspA report by Angel One and Iconic Asset showed that over the next decade Indias consumption is projected to double by 2034nbspOne of the key drivers of rising consumption is the increasing number of nuclear families Household growth in the country is outpacing population growth leading to a surge in spendingnbspAdditionally India is set to lead the global workforce expansion further boosting economic activityThe report also highlights Indias impressive savings potential Between 1997 and 2023 the total savings in the country amounted to 12 trillionnbspOver the next 25 years this figure is expected to make a tenfold jump to 103 trillion by 2047 This rise in savings will unlock significant opportunities for increased spending and economic growthnbspRecent tax cuts announced in the Union Budget will also contribute to rising consumption The report estimates that these tax reductions will free up Rs 1 lakh crore leading to an additional Rs 33 lakh crore in spending which could boost Indias GDP by 1 per centIndia is expected to follow a global trend where discretionary spending such as electronics apparel accessories including jewellery and experiences grows faster than essential spendingnbspThe report notes that during periods of economic expansion both the US and China saw discretionary consumption outpace basic spending and India is likely to follow the same patternnbspConsumption spend in the US increased 10X during the phase of a strong rise in per capita income India can witness similar growth in consumption as per capita income rises the report addednbspDespite the rise of modern retail 92 per cent of Indias retail trade still happens through small neighbourhood Kirana storesnbspThis presents a huge opportunity for organised retail to expand and capture a larger market share the report saidnbspThe report also highlights the role of Indias young population in driving consumption India has more Gen Zers than the entire population of the United StatesnbspBy 2035 every second rupee spent in India will come from a Gen Zer further fueling the countrys consumption boomIANS https://dailyworld.in/economy/india-set-to-become-the-worlds-consumption-capital-report-608000.html Sun, 23 Mar 2025 18:18:00 +0530 https://dailyworld.in/economy/indusind-bank-denies-reports-of-ceo-replacement-608011.html New Delhi March 23 IANS IndusInd Bank on Sunday denied media reports suggesting that its Chief Executive Officer CEO Sumant Kathpalia may be replaced in the next six monthsnbspThe bank issued a statement calling such claims factually incorrect and misleadingnbspEarlier reports suggested that IndusInd Banks board would need to finalise a new CEO by October and submit potential names to the Reserve Bank of India RBI for approvalnbspHowever the bank has dismissed these claims stating that the information circulating in the media does not reflect the true situationWe would like to clarify that the recent media reports regarding the tenure of the Banks CEO and Deputy CEO are factually incorrect the bank saidnbspThe report also mentioned that the RBI was awaiting the completion of an accountability exercise before taking any action on the matternbspThis comes amid concerns over discrepancies in the banks derivatives portfolio Last week IndusInd Bank disclosed that it had identified accounting issues in its derivatives transactions which could impact around 235 per cent of its net worth as of December 2024Following this the bank appointed an independent professional firm to conduct a detailed investigation to assess the correctness of the accounting treatmentnbspThis firm will look into the reasons behind the discrepancies assess the accuracy of the accounting treatment of the derivative contracts and determine if any lapses occurrednbspThe RBI is waiting for this investigation to be completed before taking further action If any serious accounting errors are found the regulator will hold those responsible accountableHowever the RBI has assured depositors of IndusInd Banks financial stability The central banks reassurance aims to address speculation about the banks financial health following reports of accounting discrepanciesnbspThe bank continues to focus on resolving the derivative discrepancies while maintaining transparency with regulators and stakeholdersnbspThe share price of the private lender was at Rs 689 on the National Stock Exchange NSE on FridayIANS https://dailyworld.in/economy/indusind-bank-denies-reports-of-ceo-replacement-608011.html Sun, 23 Mar 2025 19:33:00 +0530 https://dailyworld.in/economy/power-a-critical-component-in-achieving-viksit-bharat-goal-by-2047-manohar-lal-607606.html New Delhi March 21 IANS Power is a critical component in achieving the goal of a developed India Viksit Bharat by 2047 and optimal utilisation of generating capacity can be ensured with the availability of adequate transmission system which is the requirement of a reliable power system Union Power and Housing and Urban Affairs Minister Manohar Lal said on FridaynbspChairing the meeting of the Parliamentary Consultative Committee for the Ministry here Manohar Lal said that the National Electricity Plan NEP provides the details of the transmission system required to be added in the country during the period 2023 to 2032 which is commensurate with the generation capacity addition and growth of electricity demand in the countryAs per the NEPTransmission about 191 lakh circuit kilometre ckm of transmission lines and 1274 GVA Giga Volt Ampere of transformation capacity is planned to be added during the 10year period 2023 to 2032nbspThe NEPTransmission covering transmission plan till the year 203132 has been prepared by the Central Electricity Authority CEAnbspIn the meeting issues related to RoW Right of way new technologies in transmission and cyber security were also discussednbspMembers provided several suggestions concerning various initiatives and schemes They also commended the initiatives and efforts of the Power Ministry in the expansion of the transmission network in the countryThe minister further directed officials to take appropriate actions to incorporate the suggestions made by the members and prioritise the welfare of the peoplenbspThe government last month informed that the average electricity supply in rural areas has increased from 125 hours in 2014 to 226 hours in 2025 and in urban areas to 234 hours this yearnbspManohar Lal said the goal is to make power accessible to everyone and all times and the government is aiming for 100 per cent electrification of households across the countrynbspThe minister informed that fossilbased power capacity has increased from 168 GW in 2014 to 246 GW in January 2025 which shows an increase of around 46 per cent He also informed that the increase in nonfossil capacity has increased from around 80GW in 2014 to around 220 GW in 2025 as of January 31 which is an around 180 per cent increaseIANS https://dailyworld.in/economy/power-a-critical-component-in-achieving-viksit-bharat-goal-by-2047-manohar-lal-607606.html Fri, 21 Mar 2025 14:39:00 +0530 https://dailyworld.in/economy/govts-infrastructure-push-to-enable-indias-logistics-compete-with-china-us-gadkari-607428.html New Delhi March 20 IANS With the rapid development of infrastructure the government aims to bring down logistics costs by more than 5 percentage points to less than 10 per cent of GDP so that India becomes more competitive with China and the USA Union Minister for Road Transport and Highways Nitin Gadkari said on ThursdaynbspInaugurating the Convergence India ampamp 10th Smart Cities India Expo at Bharat Mandapam here Gadkari said Indias economy is growing rapidly with infrastructure development playing a key role Our goal is to reduce logistics costs from 1416 per cent of GDP to single digits making us more competitive with China and the USUnder the theme Imagining an AIDriven Future Today Innovating for a Better Tomorrow the expo is being organised by the Exhibitions India Group EIG and India Trade Promotion Organisation ITPOnbspOver the next three days an impressive audience of over 50000 will visit the venue where they will get to explore and experience technologies gadgets and innovations presented by 1000 exhibitors from 28 countries Notably a large contingent of 200 startups mark their presence in a display of their growing capabilities in newage technologiesIn addition to solutions in 5G ampamp 6G AI Big Data IoT Cybersecurity ARVR Embedded Tech EMS Fintech Urban Mobility and Smart City Solutions are on display at this years event visitors can also enjoy offerings in Digital Gaming Mobile Devices ampamp Accessories OTT Security ampamp Surveillance Ecommerce Mobile Apps Drone Tech and more The launch of the first edition of AI Bharat Expo focusing on the convergence of artificial intelligence and its uses in the industrial and retail ecosystem is among the highlights of this technology spectacleAnother crowdpuller is the Startup Hub featuring over 250 startups presenting innovations in emerging technologies ICT and Smart City solutions It will facilitate mentoring opportunities by ecosystem pioneers curated conference sessions a Startup Pitch competition and Investor ampamp Startup meets The popular Smart City ampamp Fintech Innovation Awards will catapult this ecosystem to the next levelnbspThe expo will also host around 40 conference sessions during the three days to facilitate discussions among the government ampamp industry representatives innovators think tanks and academia on the latest developments and market trends impacting Indias digital revolution and urban landscapenbspDuring a session Joint Secretary Ministry of Electronics ampamp IT Sanket Bhondve observed India has one of the worlds largest energy data sets monitoring 3 lakh circuit km of transmission lines and 4 lakh MW of generation capacity offering unmatched insights to enhance grid efficiency and drive datadriven decisionmakingIANS https://dailyworld.in/economy/govts-infrastructure-push-to-enable-indias-logistics-compete-with-china-us-gadkari-607428.html Thu, 20 Mar 2025 15:53:00 +0530 https://dailyworld.in/economy/incorporated-11-000-public-suggestions-on-budget-haryana-cm-saini-607485.html New Delhi March 20 IANS Highlighting the experiment of crowdsourcing 11000 ideas for the state Budget Haryana Chief Minister Nayab Singh Saini said on Thursday that a provision of Rs 5000 crore has been made for the Lado Laxmi Yojana under which Rs 2100 will be given to eligible women every monthnbspTalking to IANS CM Saini said special attention has been paid to welfare of women and youth in the Budget We collected 11000 suggestions from people on the Budget and I thank everybody for this he saidnbspWith the Budget suggestions of industrialists chartered accountants NGOs and all sections of society Haryana has started marching towards achieving Prime Minister Narendra Modis vision of Viksit Bharat he saidThe welfare of farmers women youth and health and education sectors are special focus areas of the Budget said the CMnbspHe said our Sankalp Patra during the Assembly elections promised to provide financial assistance of Rs 2100 per month and I am happy we are delivering on the promisenbspWe have made all necessary preparations for its implementation and work is underway to finalise the framework and criteria for this ambitious scheme What we promised in our Sankalp Patra is the guarantee of Prime Minister Narendra Modi Our objective is to ensure that every eligible poor woman receives the financial aid under this scheme he said soon after presenting the Budget 202526 on March 17He said the government is making efforts for the empowerment of women in all sectors The government will build Mahila Chaupals in every village with the first phase covering 774 villagesnbspIn addition the Kishori Yojana will be rolled out in all districts with an additional cost of Rs 60 crorenbspHe said When we took over the reins of administration in 2014 the debt was significantly higher but by 202425 it has been reduced demonstrating our success in managing and lowering the debt through efficient financial managementnbspHe said this Budget would fulfil the aspirations and expectations of 28 crore people of HaryanaIANS https://dailyworld.in/economy/incorporated-11-000-public-suggestions-on-budget-haryana-cm-saini-607485.html Thu, 20 Mar 2025 20:12:00 +0530 https://dailyworld.in/economy/cm-sukhu-presents-populist-but-deficit-himachal-budget-of-rs-58-514-crore-606815.html Shimla March 17 IANS With a focus on strengthening the agrarian economy healthcare job creation and ecotourism Himachal Pradesh Chief Minister Sukhvinder Singh Sukhu on Monday presented a populist but deficit budget of Rs 58514 crore for the next fiscal in the Legislative AssemblynbspCM Sukhu who holds the Finance portfolio earlier reached the Assembly while driving his personal Alto carnbspAnnouncing schemes in the budget the CM said the total fiscal deficit in 202526 is expected to be Rs 10338 crore which is 404 per cent of the states Gross Domestic ProductnbspIn his 98page Budget speech in Hindi for nearly three hours he said the total revenue receipts are estimated to be Rs 42343 crore while the total revenue expenditure is projected to be Rs 48733 croreThe total revenue deficit is estimated to be Rs 6390 crorenbspThe Chief Minister forewarned that 202526 is likely to be one of the toughest years for the state economically but his government will continue to fight to get the states legitimate duesnbspIts because of the imposition of strict conditions on the raising of loans and funding under externallyaided projects that Himachal is getting economically neglectednbspThe Revenue Deficit Grant RDG has come down to Rs 3257 crore in 202526 from Rs 6258 crore last year which will compound our problems further CM Sukhu explainednbspHe said Himachal is awaiting the release of Rs 9000 crore Post Disaster Need Assessment PDNA relief for damages suffered in the 2023 monsoons Also over Rs 9000 crore is still lying with the Centre as the share of NPS National Pension System employeesHe announced a hike in daily wages of MGNREGA workers from Rs 300 to Rs 320 daily wages from Rs 400 to Rs 425 and an enhancement in the honorarium of Panchayati Raj and urban local body representativesnbspExpressing concern over the rising unemployment the Chief Minister announced that 25000 new jobs including 1000 Rogi Mitras will be provided in various departmentsnbspCow milk will now cost Rs 51 per litre in the state up from Rs 45 and buffalo milk will be priced at Rs 61 per litre up from Rs 55nbspAdmitting the states financial difficulties CM Sukhu said that nearly 70 per cent of the loans taken by the government had been used to repay previous debts and interest paymentsThe Chief Minister said out of every rupee only 24 paise would be left for development works as 25 paise would be spent on salaries Rs 20 on pension Rs 12 on interest payments Rs 10 on debt payments and Rs 9 for grants to autonomous bodiesnbspThe focus of the Budget is to bring back the derailed economy of the state back on track We formed the government on December 11 2022 inheriting huge financial liabilities left behind by the previous BJP regime including a debt burden of Rs 76185 crore he saidIANS https://dailyworld.in/economy/cm-sukhu-presents-populist-but-deficit-himachal-budget-of-rs-58-514-crore-606815.html Mon, 17 Mar 2025 15:56:00 +0530 https://dailyworld.in/economy/haryana-cm-proposes-futuristic-budget-of-rs-205-lakh-crore-606829.html Chandigarh March 17 IANS In his maiden Budget address secondtime Haryana Chief Minister Nayab Singh Saini on Monday proposed the futuristic Budget of Rs 205 lakh crore for 202526 up 1370 per cent from revised estimates of 202425nbspThis was the states first budget with proposals of more than Rs 2 lakh crore Last year former Chief Minister Manohar Lal Khattar presented a budget of Rs 189 lakh croresnbspThe Chief Minister who also holds a Finance portfolio said the government had received 11000 suggestions regarding the Budget Out of the 217 partys manifesto promises 19 have been fulfillednbspHe announced the establishment of a new Department of Future which will focus on exploring future technologies and their potential benefits and usesnbspAlso the Substance Abuse Narcotics Knowledge Awareness and Liberation Program SANKALP Authority which aims to tackle the drug menace was proposed with an initial allocation of Rs 10 croreChief Minister Saini also proposed to set up Rs 474crore World Bankfunded Haryana Artificial Intelligence Mission with its hubs in Gurugram and PanchkulanbspHe highlighted education and health as two crucial sectors for the states development Saini announced the establishment of model Sanskriti schools every 10 km He also proposed the launch of the Kalpana Chawla scholarship to support studentsnbspAdditionally French will be introduced in staterun schools from Class III expanding linguistic exposure for young learners The government also plans to set up elibraries in all model schools ensuring better access to digital learning resources Further strengthening higher education model colleges will be established in every district of the state he saidnbspTo check the declining water table the Chief Minister announced a hike in subsidy for giving up waterguzzling paddy cultivation from Rs 7000 per acre to Rs 8000 under Mera Pani Meri Virasat YojanaHe proposed to set up a horticulture research centre in Palwal and a flower market in GurugramnbspOn debt Saini said Attempts have been made to mislead people about government debt However he clarified that the current debt percentage remains within the prescribed limit just as it was in 201415nbspUnder Mission Haryana 2047 the Budget aims to raise Gross State Domestic Product GSDP to 1 trillion For the mission there is a provision of an initial allocation of Rs 5 crorenbspThe states GSDP was Rs 437145 crore in 201415 and increased to Rs 1213951 crore in 202425 estimated The per capita income which was Rs 147382 in 201415 rose to Rs 353182 in 202425 estimatednbspThe GSDP grew at an average of 108 per cent while the per capita income increased at an average of 91 per centIANS https://dailyworld.in/economy/haryana-cm-proposes-futuristic-budget-of-rs-205-lakh-crore-606829.html Mon, 17 Mar 2025 17:30:00 +0530 https://dailyworld.in/economy/india-new-zealand-launch-fta-negotiations-as-pm-luxon-arrives-in-new-delhi-606669.html New Delhi March 16 IANS India and New Zealand on Sunday announced the launch of negotiations for a comprehensive and mutually beneficial Free Trade Agreement FTA negotiationsnbspThe announcement came as New Zealand Prime Minister Christopher Luxon received a warm welcome as he arrived in Delhi for his first official visit to the countrynbspAccording to a statement by the Ministry of Commerce and Industry the significant step was marked by a meeting between Minister for Commerce and Industry Piyush Goyal and Todd McClay New Zealands Minister for Trade and Investment laying the foundation for a momentous partnership towards strengthening the economic and trade ties between the two countriesBoth the nations share a longstanding partnership founded on shared democratic values strong peopletopeople ties and economic complementarities said the ministrynbspBoth countries have continuously worked towards building their bilateral relationship encompassing trade and investmentnbspThe IndiaNew Zealand FTA negotiations aim to achieve balanced outcomes that enhance supply chain integration and improve market access This milestone reflects a shared vision for a stronger economic partnership fostering resilience and prosperityLuxon who will be in India until March 20 is accompanied by a highlevel delegation comprising ministers senior officials business leaders media representatives and members of the Indian diaspora in New ZealandnbspDuring his visit Luxon will hold talks with Prime Minister Narendra Modi on March 17 focusing on various aspects of IndiaNew Zealand relationsnbspFollowing their discussions PM Modi will host a lunch in his honour Luxon will also call on President Droupadi Murmu on the same dayAdditionally Luxon is set to attend the inaugural session of the 10th Raisina Dialogue 2025 on March 17 as the chief guest where he will deliver the keynote addressnbspOn March 1920 he will visit Mumbai to engage with Indian business leaders and representatives from various sectors He is scheduled to depart for Wellington from Mumbai on March 20nbspIn 202324 New Zealand exported 084 billion of total goods and services to India and imported 091 billion and a total trade value of 175 billionIANS https://dailyworld.in/economy/india-new-zealand-launch-fta-negotiations-as-pm-luxon-arrives-in-new-delhi-606669.html Sun, 16 Mar 2025 19:30:00 +0530 https://dailyworld.in/economy/ignore-speculation-bank-remains-strong-rbi-assures-indusind-bank-depositors-606467.html Mumbai March 15 IANS The Reserve Bank of India RBI assured IndusInd Bank depositors of its financial stability following recent speculation about its financial healthnbspThe central bank confirmed that the bank remains wellcapitalised and there is no cause for concern among depositorsnbspthere is no need for depositors to react to the speculative reports at this juncture the central bank said in a statement on its websitenbspIt further added that the banks financial health remains stable and is being monitored closely by the Reserve BankAccording to the RBI IndusInd Bank reported a Capital Adequacy Ratio CAR of 1646 per cent and a Provision Coverage Ratio PAR of 7020 per cent for the quarter ending December 31 2024nbspThe bank also maintained a Liquidity Coverage Ratio LCR of 113 per cent as of March 9 2025 which is well above the regulatory requirement of 100 per centnbspThese figures indicate that the bank has sufficient financial strength to meet its obligations the central bank said in a statementThe RBI further noted that IndusInd Bank has engaged an external audit team to review its systems and assess the impact of recent developmentsnbspThe banks Board and management have been directed to complete all necessary remedial actions within the current quarter Q4 FY25 and ensure proper disclosures to stakeholdersnbspIn its statement the RBI emphasised that depositors should not react to speculative reports as the banks financial position remains sound and is under its close monitoringThe central bank also highlighted its strong track record in protecting depositors during financial uncertaintiesnbspIn the past the RBI has stepped in to safeguard depositors interests in cases like with the Yes Bank in 2020 the RBL Bank in 2021 and even historical crises such as the Global Trust Bank collapse in 2004 and ICICI Banks liquidity concerns postLehman crisis in 2008The current situation at IndusInd Bank is not a crisis but a onetime accounting discrepancy Earlier this week the bank disclosed that it had identified discrepancies in its derivatives portfolio which could have an impact of about 235 per cent of its net worth as of December 2024nbspHowever the bank is taking corrective measures to address the issue according to its official statement https://dailyworld.in/economy/ignore-speculation-bank-remains-strong-rbi-assures-indusind-bank-depositors-606467.html Sat, 15 Mar 2025 14:15:00 +0530 https://dailyworld.in/economy/uae-ambassador-meets-punjab-cm-bhagwant-mann-to-discuss-economic-cooperation-606111.html DW Bureau Chandigarh March 13nbspPunjab Chief Minister Bhagwant Singh Mann held a significant meeting with UAE Ambassador to India HE Dr Abdulnasser Jamal Alshaali to discuss avenues for strengthening bilateral trade investment and cultural exchange between Punjab and the UAEnbspDuring the meeting the Chief Minister showcased Punjab as a land of opportunities highlighting its strong agricultural base industrial potential and rapidly growing business ecosystem He emphasized that Punjab and the UAE share a natural synergy in trade and commerce which can be leveraged for mutual benefitCM Punjab pointed out Punjabs stronghold in food production dairy and agriprocessing stating that Punjab can play a pivotal role in meeting UAEs food security needs He also underlined the potential for collaboration in IT logistics healthcare and education which can create new economic opportunities for both regionsnbspTo give structured direction to future collaborations it was proposed to establish a Joint Working Group JWG that will assess and explore potential areas of mutual interest and formulate strategies for enhancing trade and investmentsA key issue raised during the discussion was the need for direct air connectivity between Punjab and UAE cities The UAE Ambassador emphasized the importance of additional direct flights from Amritsar and Chandigarh Mohali airports to UAE to facilitate trade investment and tourismnbspResponding to this CM Bhagwant Mann assured that he will take up the matter with the Union Civil Aviation Minister in the coming days seeking approval for direct flight through UAEbased airlines He stressed that enhanced connectivity will boost trade tourism and ease of travel for thousands of NRIs businesspersons and professionals from PunjabThe Chief Minister further stated that better air connectivity would not only strengthen economic ties but also reduce the logistical challenges faced by travelers who currently have to travel to Delhi for UAEbound flights He expressed optimism that resolving this issue will unlock greater economic potential between Punjab and the UAEnbspThe meeting concluded with a shared vision for expanding economic engagement and deepening PunjabUAE relations focusing on longterm trade and investment partnershipsnbspThe meeting was attended by Cabinet Minister Tarunpreet Singh Sondh Chief Secretary KAP Sinha Additional Chief Secretary Tejveer Singh CEO Invest Punjab Amit Dhaka and other senior officials of the Punjab Government https://dailyworld.in/economy/uae-ambassador-meets-punjab-cm-bhagwant-mann-to-discuss-economic-cooperation-606111.html Thu, 13 Mar 2025 15:16:00 +0530 https://dailyworld.in/economy/creators-are-indias-digital-ambassadors-should-take-india-story-to-the-world-says-piyush-goyal-606177.html New Delhi March 13 IANS Union Minister of Commerce amp Industry Piyush Goyal on Thursday urged the creative industry to take Indias story to the world and contribute further to its economic growthnbspAddressing the RISEDEL Conference 2025 a threeday multidisciplinary event here that connects music creative industries and startups the minister emphasised the need to put trust and authenticity at the centre of creative worknbspHe identified four aspects for the creative industry to contribute to Indias RISE in the Amrit Kaal responsible content innovative storytelling skill development and exporting Indian creativitynbspHe exhorted creators to focus on responsible innovative content and emphasized the role of skills storytelling filmmaking music production gaming and digital media in boosting Indias export earningsRISE is the future of the content creator industry and its contribution will be crucial to Indias rise in Amrit Kaal to become a developed nation Tell your stories to the world build your startups with confidence and create a legacy for future generations Together the government and creators can shape the India story for the world he saidnbspThe dreams that you create and nurture will ultimately meet reality When all of you come together on one platform it will help create significant stories for the future the minister saidnbspHe added that creators are Indias digital ambassadors taking the India story to the world highlighting their role in shaping global perceptions and expanding Indias cultural footprintGoyal highlighted Prime Minister Narendra Modis launch of Digital India a decade ago with the aim to ensure that even the remotest corners of India have the ability to create a new world of content creators startups and entrepreneursnbspHe stated that access to lowcost data has been one of the key pillars of this governments Digital India policy making India the largest consumer of data globally Our data costs are a fraction of what they would be in Europe the US or any other developed country When we combine lowcost data with the highquality talent that India possesses we have a revolution awaiting us in the field of creativity and technology he saidThe minister underscored the vast opportunities in Indias creative sector which is rapidly evolving beyond traditional fields like film drama and theatre to encompass gaming AIdriven content creation and digital media This industry has already become a multibilliondollar sector employing a large number of people across the country he addednbspThe creative industry of the past filmmaking drama and theatre is now merging with futuristic technologies like gaming and AI to create new forms of entertainment Goyal remarkednbspHe encouraged participants at RISEDEL to leverage such engagements to develop a roadmap for future growth and development He also recognized the role of influencers in bringing new technologies to the masses and helping connect people to Indias rich history traditions and cultureGoyal reiterated the governments role as a facilitator in helping individuals develop their own ideas and technologies He highlighted Indias growing engagement with the international community in the fields of creativity audiovisual arts and content production inviting artists from across the world to collaborate in India The more we engage with the world the more opportunities will open up for Indian creators Our artists are already being accepted globally and through technology we can reach every household across the world he saidDiscussing the potential of creatively designed experiences to boost tourism Goyal cited Mahakumbh as an example of how digital storytelling can attract global audiencesnbspAs you take the India experience to the world it will generate greater curiosity and drive more tourists to India contributing to the economy many times over the minister said He emphasised that the government was committed to creating the necessary onground experiences to ensure an exciting and enjoyable journey for visitors https://dailyworld.in/economy/creators-are-indias-digital-ambassadors-should-take-india-story-to-the-world-says-piyush-goyal-606177.html Thu, 13 Mar 2025 16:15:00 +0530 https://dailyworld.in/economy/cm-rangasamy-presents-rs-13-600-crore-puducherry-budget-605970.html Puducherry March 12 IANS Chief Minister N Rangasamy on Wednesday presented Puducherrys Budget for the financial year 202526 with an outlay of Rs 13600 crore in the state AssemblynbspThe Budget introduces several welfare initiatives including monthly financial assistance of Rs 2500 for women and Rs 1000 per month for students pursuing higher educationnbspThe Chief Minister announced that women will receive financial aid of Rs 2500 per month and students in government schools from Class 6 to Class 12 and junior colleges will get Rs 1000 per month for three years to support their educationCM Rangasamy also announced the construction of a new bus stand in the ECR area of Puducherry which will be named after former Prime Minister Atal Bihari Vajpayee it saidnbspHe also said that the government will provide eggs in Anganwadis every day instead of only on selected days and evening snacks will be introduced for students in government and aided schoolsnbspAlong with free rice ration cardholders will receive 2 kg of free wheat every month Rs 2000 will be given as monsoon relief to agricultural workers and unorganised workers will receive a Rs 2000 scholarship to support their livelihood the CM saidThe Puducherry Central Jail will be fully computerised to modernise its operations The MLA constituency development fund will be increased from Rs 2 crore to Rs 3 crore to improve local development initiatives he saidnbspCM Rangasamy said the funeral assistance for the fishing community will be raised from Rs 15000 to Rs 25000 fishermen will also receive deepsea fishing boats at a 50 per cent subsidised pricenbspThis is the first annual Budget presented after restructuring the Puducherry Planning Board into the Consultative Committee for TransformationnbspThe Puducherry Legislative Assembly session which began with Lieutenant Governor K Kailashnathans address is expected to continue until March 28 with around 15 working days considering the upcoming public holidaysIANS https://dailyworld.in/economy/cm-rangasamy-presents-rs-13-600-crore-puducherry-budget-605970.html Wed, 12 Mar 2025 14:10:00 +0530 https://dailyworld.in/economy/strengthening-people-to-people-ties-india-mauritius-ink-8-mous-to-bolster-strategic-economic-relations-605977.html Port Louis March 12 IANS Prime Minister Narendra Modi and his Mauritian counterpart Navinchandra Ramgoolam witnessed the signing of eight Memorandums of Understanding MoUs on Wednesday covering a wide range of sectors including crime investigation maritime traffic monitoring infrastructure diplomacy commerce capacity building finance and the ocean economynbspDuring a joint press meet PM Modi extended his greetings to the people of Mauritius on their National Day and highlighted the deeprooted ties between the two nationsnbspThe relationship between India and Mauritius is not only linked to the Indian Ocean but also to our shared cultural traditions and values We are each others partners on the path of economic and social progress Be it a natural disaster or Covid disaster we have always supported each other be it defence or education or health or space we are walking shoulder to shoulder in every field he saidReflecting on the progress made over the past decade PM Modi pointed out that the partnership has expanded significantly adding new dimensions to bilateral cooperationnbspHe cited notable projects such as the Metro Express the Supreme Court building social housing initiatives the ENT hospital and digital advancements like UPI and RuPay cards all of which have strengthened trade and tourism ties Additionally he mentioned the establishment of Jan Aushadhi Kendras to provide affordable and highquality medicines to the people of MauritiusnbspEmphasising the commitment to an Enhanced Strategic Partnership PM Modi announced that India would support the construction of a new parliament building in Mauritius as a gift from the Mother of DemocracynbspHe also revealed plans to modernise a 100kilometerlong water pipeline in Mauritius and initiate new community development projects worth 500 million Mauritian rupees in the second phase of collaborationIn the next five years 500 civil servants of Mauritius will be trained in India An agreement has also been reached on settling mutual trade in local currency on our beaches The Prime Minister and I agree that defence cooperation and maritime security are an important part of our strategic partnership A free open secure and safe Indian Ocean is our main priority We are committed to providing full cooperation in the security of the exclusive economic zone of Mauritius he continuednbspAs part of security collaborations India will assist in establishing a police academy and a national maritime informationsharing centre in Mauritius PM Modi also highlighted increased cooperation in white shipping the blue economy and hydrographynbspHe reiterated Indias respect for Mauritius sovereignty promising greater collaboration through platforms like the Colombo Security Conclave the Indian Ocean Rim Association and the Indian Ocean ConferencenbspHighlighting the significance of peopletopeople ties PM Modi stated that India and Mauritius would work together to leverage artificial intelligence and digital public infrastructure for human developmentFacilities will be provided for Char Dham Yatra and Ramayana trial in India for the people of Mauritius Emphasis will be given to the protection and promotion of inscribed heritage he saidnbspWhether it is the global south Indian Ocean or African landmass it is our important partner Ten years ago the foundation stone of vision SAGAR Security and Growth for All in the Region was laid here in Mauritius We are moving forward with the vision of SAGAR for the stability and prosperity of this entire region Today taking this forward I would like to say that our vision for the global south will be to go beyond the sea and become the ocean he addednbspWelcoming PM Modi Prime Minister Navinchandra Ramgoolam expressed gratitude for his presence on Mauritius National Day calling it a testament to the unique and special relationship between the two nationsnbspHe recalled that while diplomatic ties were formally established in 1948 the historical and cultural connection between the people of India and Mauritius dates back centuriesThe resounding success of the community event held last evening at the Triano Convention Centre which gathered both Mauritian citizens and members of the Indian diaspora with a clear illustration of the vibrancy of shared cultural heritage I am proud to underscore the dynamic partnership between our two countries he saidnbspMauritius continues to benefit from Indian assistance for its socioeconomic development Ramgoolam said highlighting the signing of the eight MoUs as another milestone in bilateral cooperationnbspAmong the agreements was an MoU between the Central Bank of Mauritius and the Reserve Bank of India on a Local Currency Settlement System facilitating smoother financial transactions between the two nationsnbspAnother key agreement included a Credit Facility Agreement between the Government of Mauritius and the State Bank of India to finance projects under the Pipe Replacement Programme aimed at improving the countrys water infrastructure Additionally an MoU was signed between the Institute of Foreign Service of India and the Ministry of Foreign Affairs Regional Integration and International Trade of Mauritius to train Mauritian diplomatsSecurity and law enforcement collaborations were also reinforced through an MoU on the Sharing of White Shipping Information between the Indian Navy and the Mauritius Police Force aimed at enhancing maritime securitynbspFurther strengthening financial oversight the Financial Crimes Commission of Mauritius and Indias Enforcement Directorate signed an MoU to bolster efforts in combating financial crimesnbspIn the economic sector an MoU was inked between the Ministry of Industry SMEs and Cooperatives of Mauritius and Indias Ministry of Micro Small and Medium Enterprises fostering collaboration in the development of MSMEsnbspAnother agreement was signed between the Ministry of Public Service and Administrative Reforms of Mauritius and Indias National Centre for Good Governance to train Mauritian public officersThe two nations also formalised an MoU between the Indian National Centre for Ocean Information Services under Indias Ministry of Earth Sciences and the Department for Continental Shelf Maritime Zones Administration and Exploration under the Mauritius Prime Ministers Office This agreement aims to enhance cooperation in oceanrelated research and explorationnbspThe highlevel engagements and agreements signed during PM Modis visit reaffirm the growing strength of IndiaMauritius relations paving the way for deeper collaboration across diverse sectors from governance and infrastructure to trade security and cultureIANS https://dailyworld.in/economy/strengthening-people-to-people-ties-india-mauritius-ink-8-mous-to-bolster-strategic-economic-relations-605977.html Wed, 12 Mar 2025 14:26:00 +0530 https://dailyworld.in/economy/maha-budget-rs-36-000-cr-for-ladki-bahin-yojana-various-taxes-proposed-to-generate-additional-revenue-605669.html Mumbai March 10 IANS Amid the widening gap between revenue and expenditure with constraints on resource mobilisation Maharashtra Deputy Chief Minister and Finance Minister Ajit Pawar on Monday presented the budget for 202526 with an estimated revenue deficit of Rs 45892 crore and fiscal deficit of Rs 136000 crorenbspThe finance minister has estimated a total expenditure of Rs 700020 crore with revenue receipts of Rs 560963 crore and revenue expenditure of Rs 606855 crorenbspAjit Pawar however has claimed that the government has been successful in keeping the fiscal deficit below 3 per cent of gross state domestic income under the Fiscal Responsibility and Fiscal Management Act Also the States revenue deficit has consistently less than 1 per cent of gross state incomeHe however has not announced a hike in the monthly financial aid to Rs 2100 from Rs 1500 to about 253 crore women beneficiaries under the flagship Ladki Bahin Yojana as promised in the poll manifesto Since the launch of the scheme the government has spent Rs 33232 crore For 202526 the finance minister has allocated Rs 36000 crore with special plans to further encourage women groups to utilise the subsidy Moreover he has also not announced the farm loan waiver as promised in the poll manifestonbspHe has proposed an amnesty scheme of the State Tax Department for the public sector undertaking companies to clear their arrears The scheme is titled Maharashtra Settlement of Arrears of Tax Interest Penalty or Late Free Act 2025 It will be in force from the commencement of the Act till December 31 2025The finance minister in a bid to make up the revenue loss has proposed various taxes which will generate additional revenue of Rs 1125 crore He has proposed a one per cent increase in Motor Vehicle Tax on individual nontransport fourwheeled CNG and LPG vehicles This will mobilise Rs 150 crorenbspHe has proposed to levy motor vehicle tax at the rate of 6 per cent on electric vehicles priced above Rs 30 lakh The maximum limit of motor vehicle tax is proposed to increase from Rs 20 lakh to Rs 30 lakh The proposed increase in the maximum limit of motor vehicle tax is expected to generate an additional revenue of around Rs 170 crorenbspHe has also proposed to level motor vehicle tax compulsorily on a lump sum basis at the rate of 7 per cent on the price of vehicles used for construction such as cranes compressors projectors and excavators It will mobilise an additional revenue of Rs 180 croreFurther the finance minister has proposed to levy motor vehicle tax compulsorily on a lump sum basis at the rate of 7 per cent on the price of Light Goods Vehicles carrying goods up to 7500 kg in the state It will generate additional revenue of Rs 625 crorenbspHe has proposed to increase the stamp duty from Rs 100 to Rs 500 on supplementary documents if more than one document is used to complete the same transaction He has also proposed to increase the adjudication fee payable on a document under section 31 of the Maharashtra Stamp Act from Rs 100 to Rs 1000 for the chargeability of the instrument and to make a provision for depositing the amount of stamp duty primarily payable while filing the executed documentHe has proposed a new provision for eStamp Certificates to facilitate the citizens to pay stamp duty and issue certificates onlinenbspIt was the first budget of the MahaYuti government after its landslide victory in the state Assembly election and it was Ajit Pawars 11th budget as the state finance ministernbspHe has allocated Rs 190242 crore for annual outlay Rs 22568 crore for scheduled caste component programme Rs 21495 crore for tribal component programme and Rs 20165 crore for district development plans The finance minister has made an allocation of Rs 190242 crore for various departmentsnbspThe finance minister has crafted his budget with a tagline of Viksit Bharat Viksit Maharashtra saying that a blueprint for the states sustainable and inclusive development has been prepared by making allocations for the development of agriculture irrigation infrastructure industry and social sectorsThe finance minister had estimated the states own tax revenue of Rs 343040 crore in 202425 but it has been revised to Rs 367467 crore in 202425 The budget estimate for the states own tax revenue for the year 202526 is estimated at Rs 387674 crorenbspThe highlights of the budget include a Higher Economic Growth Rate driven by the right reforms oriented policies and capex which has a higher fiscal multipliernbspMMR projects will help make it an economic growth hub for India Transport highways ports airports waterways bus transport railways and metros are all priority areas getting adequate budgetary supportnbspIndustrial Policy 2025 to attract new investments and giving make in Mh a push Quality Rural roads as well as state highways and district roads are getting maximum supportnbspRural Housing biggest scheme outlay of close to Rs 15000 crore for 20 lakh target Big Rise in SCP TSP and General Plan with adequate provisions for newly announced schemes to phase out old irrelevant schemes and bring new schemes in line with current times FRBM norms compliant state fiscal deficit and debt to GSDP well within limitsDBT mode for bringing speed efficiency and transparency in scheme implementation across all individual beneficiary schemes maximum participation in CSS bringing more central funds Agriculture growth estimates improved to 87 per cent this year in 202425 due to State backing farmers from last years dismal 33 per centnbspContinued support to farmers in improving their incomenbspMore value addition and allied sector incomenbspSupport to meeting energy demand through solar and irrigation will help the farm sector to grow at a faster ratenbspCultural heritage increased support through the budget Sambhaji Maharaj projects Valu Aquatic Tourism gets support across MaharashtranbspSports has got full attention both in the form of policies and budgetary support for developing infrastructure and supporting sportsmennbspFood and Civil Supplies greater transparency through smart PDS and blockchain technologyCooperation Year celebration to highlight Maharashtra leadership financing asset monetisation rationalisation central assistance external aided projects and Innovative approaches like Maha InvITsnbspHealthcare within 5 km and new state policynbspEducation support to implementation of NEP increasing girls participation in professional and technical educationnbspSupport to Courts infrastructure in the state for speedier disposal of legal casesIANS https://dailyworld.in/economy/maha-budget-rs-36-000-cr-for-ladki-bahin-yojana-various-taxes-proposed-to-generate-additional-revenue-605669.html Mon, 10 Mar 2025 17:25:00 +0530 https://dailyworld.in/economy/fm-says-gst-rates-to-be-reduced-further-rationalised-congress-demands-overhaul--605523.html New Delhi March 9 IANS Union Finance Minister Nirmala Sitharaman has said that Goods and Services Tax GST rates will be reduced further as the process of rationalising tax slabs is nearing completionnbspFM Sitharaman mentioned that the revenue neutral rate RNR which was 158 per cent when GST was introduced in July 2017 has now come down to 114 per cent in 2023 and will decrease furthernbspSpeaking at a media event in the national capital FM Sitharaman said that the work on simplifying GST slabs is almost finished The GST Council which is led by the Finance Minister and includes state finance ministers is expected to take a final decision soonNow at this stage there is one more look that I would take the groups GoM have done excellent work but I still have taken it upon myself to once more completely review each of the groups works and then probably take it to the Council to see if we can come to a final conclusion on this the Finance Minister statednbspThe GoM was set up in September 2021 to suggest changes in GST rates and slabs This committee consists of finance ministers from six states and has been working on making the tax system more efficientnbspThe rationalisation process includes reducing the number of tax slabs streamlining rates and addressing key concerns raised by different industriesThe Union Minister emphasised that a final review is underway before presenting the proposal at the next GST Council meetingnbspWell take it to the next council meeting We are very close to coming to a final call on some of the very critical issues reduction rationalisation of rates looking at the number of slabs and so on FM Sitharaman saidnbspHowever Congress has called for a complete overhaul of the GST system saying that mere rate reductions are not enoughnbspCongress leader Jairam Ramesh said that the government must focus on creating a simplified and less punitive GST system instead of just reducing tax rates on select itemsHe pointed out that the party had proposed a GST 20 in its 2024 Lok Sabha election manifesto which aimed to make the tax system truly Good and SimplenbspThe Congress he said remains committed to this visionnbspWhen asked about stock market volatility the finance minister attributed it to global uncertainties including wars disruptions in the Red Sea and piracy threatsnbspFM Sitharaman said that predicting absolute stability in the markets is difficult due to these unpredictable global factorsOn the governments plans for public sector banks the Union Minister added that efforts are being made to increase public shareholdingnbspThe goal is to have more retail investors in public sector banks which will enhance public participation in the banking sectornbspRegarding the IndiaUS trade deal the Finance Minister mentioned that both countries are working towards a mutually beneficial agreementnbspFM Sitharaman also highlighted that India is actively engaged in negotiations with the European Union and the UK ensuring that national interests remain a priorityIANS https://dailyworld.in/economy/fm-says-gst-rates-to-be-reduced-further-rationalised-congress-demands-overhaul--605523.html Sun, 09 Mar 2025 18:13:00 +0530 https://dailyworld.in/economy/abdullah-presents-jks-first-budget-in-7-years-with-rs-112-lakh-cr-outlay-terms-it-roadmap-for-growth-605195.html Jammu Mar 7 Chief Minister Omar Abdullah on Friday presented the first budget of Jammu and Kashmir in seven years and announced an allocation of Rs 112 lakh crore for 202526 terming it as a roadmap for economic growth and a true reflection of peoples aspirationsnbspHe said JampK is at the threshold of a new era of peace and prosperity with a semblance of normalcy returning after over threeandahalf decades of turmoilnbspPresenting the budget in the legislative assembly here Abdullah who also holds the finance portfolio praised Prime Minister Narendra Modi Union Home Minister Amit Shah and Union Finance Minister Nirmala Sitaraman for their support in various sectorsAbdullah dressed in traditional khan suit with a blue blazer and a skull cap started his over oneandhalfhour speech in English with the Persian couplet Tan Hama Daag Daag Shud Punmba Kuja Kuja Neham my entire body is covered with bruises where should I apply the balm amid thumping of benches by his party legislatorsnbspHe said the improved environment is contributing to economic progress with JampKs economy expanding from Rs 164103 crore in 201920 to Rs 245022 crore in 202324nbspIn 202425 the primary secondary and tertiary sectors are projected to contribute 20 per cent 1830 per cent and 6170 per cent to GSVA Gross State Value Added respectively It is a testament to the strong foundations laid by the leadership of JampK that despite its geographical challenges and the multidecade turmoil the socioeconomic indicators continue to remain robust he saidAbdullah expressed confidence that JampK will emerge as a leading region in development playing a vital role in the vision of a developed India by 2047nbspJammu amp Kashmir continues to face significant infrastructure deficits in areas like road connectivity water supply sewerage tourism and power Addressing these challenges requires substantial financial resources and continued support from the central governmentnbspThis year we actively engaged with the central government resulting in the formation of an expert committee to resolve fiscal issues I met with the Prime Minister Narendra Modi Home Minister Amit Shah and Finance Minister Nirmala Sitaraman on multiple occasions I am pleased to share that our efforts have paid off the central government has approved special assistance for JampK and will support fiscal reforms to enhance revenue and expenditure management Abdullah saidThe total net budget estimates for fiscal 202526 are Rs 112310 crore excluding provisions for ways and means advances and overdrafts Abdullah saidnbspWith a focus on a zerodeficit budget he said The expected revenue receipts are Rs 97982 crore and capital receipts are Rs 14328 crore Similarly revenue expenditure is estimated to be Rs 79703 crore and capital expenditure Rs 32607 crore Detailing the estimates he said gross receipts are estimated at Rs 14030999 crore including provisions for an overdraft of Rs 28000 crorenbspGiven these receipts total gross expenditure is estimated to be Rs 14030999 crore he addednbspAbdullah highlighted that the Union Territorys own revenues both tax and nontax are estimated at Rs 31905 crorenbspAdditionally Rs 41000 crore is expected as central assistance and Rs 13522 crore as CSS and PMDP for the Union Territory of Jammu and Kashmir he addedRevealing fiscal indicators he projected the taxGDP ratio at 75 per cent for 202526nbspThe budget has estimated the fiscal deficit for 202526 it to be at 30 per cent of the Union Territorys GDPnbspThis is substantially lower than the 55 per cent in 202425 RE he addednbspThe GDP for 202526 is projected at Rs 288422 crore reflecting a growth of 95 per cent over the previous year he addednbspThe chief minister said the budget for JampK Police which was around 11 per cent of total allocation has been migrated to the ministry of home affairs budget from 202425 onwardnbspIn addition to this JampK will receive an extra Rs 5000 crore in grants for 202425 and 202526 I sincerely thank the prime minister home minister and finance minister for their unwavering support in strengthening JampKs fiscal health and realising its vision for growth and prosperity he saidThis is the first budget of the National Conference led government after it came to power in October last year ending six years of central rulenbspThe last budget session took place in 2018 under the then PDPBJP government in the erstwhile state of JampK which was accorded the status of Union Territory after Ladakh was carved out as a separate UT following the abrogation of Article 370 on August 5 2019nbspBefore presenting the budget Abdullah wrote in a post on social media platform X that he could have never imagined that he would be presenting the budget one daynbspA little more than 7 years ago tongue firmly in cheek I was imitating the ritual of Finance Ministers holding up their briefcases as they enter Assemblies amp Parliament to deliver the budget Never in a million years did I ever imagine Id be doing this for real he posted sharing a picture of himself carrying a briefcase as he walked with the late BJP leader Devender Singh RanaWith great humility and a profound sense of duty I stand before you today to present my first budget as finance minister marking the first budget of an elected government in seven years he said in the assemblynbspHe further said this budget is more than just a financial statement it is a roadmap for a new and prosperous Jammu and Kashmir reflecting the aspirations of its people and laying a strong foundation for economic growth social progress and sustainable developmentnbspAs we navigate challenges and embrace new opportunities I seek the unwavering support and active collaboration of every member of this august House Together transcending political differences we must unite to fulfil our shared commitment to building a stronger selfreliant Jammu and Kashmir working for the greater good of our people he saidAbdullah said the journey of Jammu and Kashmir has been one of resilience and determinationnbspOur government is committed to transforming JampK into a modern progressive and economically vibrant region Our government endeavours to frame a roadmap to reclaim the prudence sagacity and selfconfidence which have been the cornerstones of our identity for generations he saidnbspAbdullah said Our challenges are vast and our limitations are many But we must collectively pledge to confront those challenges headon with unwavering resolvenbspI have endeavoured to prepare this maiden budget as a true reflection of the dreams of our people the needs of our future generations and the aspirations of every citizen of Jammu and KashmirnbspExpressing gratitude to people for their enthusiastic participation in assembly elections he said the unprecedented voter turnout is a clear testament to their unwavering resolve to move beyond the shadows of past turmoil and actively contribute to the journey of development and progressBy granting us a strong mandate they have entrusted us with the responsibility to serve them I assure them that we will serve them with sincerity and fulfil their aspirations for a prosperous and thriving JampK he saidnbspThe restoration of full statehood is a deeply cherished aspiration of the people of JampK he said adding that his government remains resolute in working towards its fulfilmentnbspHe also assured of strengthening democracy at grassroots by empowering Panchayati Raj institutions and urban local bodies which play a crucial role in local governance and developmentnbspOur government is committed to holding elections to these bodies reinforcing our commitment to accountable inclusive and decentralised governance for the holistic development of Jammu and Kashmir he saidnbspThe budget emphasises inclusive growth fiscal prudence and strategic investments in infrastructure agriculture industry healthcare education and digital governance Abdullah saidnbspWe are focused on bridging regional disparities empowering youth and women and fostering a businessfriendly environment to attract investment and innovation he addednbspAgencies https://dailyworld.in/economy/abdullah-presents-jks-first-budget-in-7-years-with-rs-112-lakh-cr-outlay-terms-it-roadmap-for-growth-605195.html Fri, 07 Mar 2025 17:04:00 +0530 https://dailyworld.in/economy/pm-flags-impending-obesity-crisis-in-india-takes-dig-at-congress-with-zero-seats-remarks--605244.html SilvassaSurat Mar 7 Prime Minister Narendra Modi on Friday stressed on the need to reduce weight as he cited a report which claimed that nearly 44 crore people in India may be obese by 2050 and described the figure as huge and scaryOn the first day of his twoday tour of Gujarat and its adjoining Union Territory of Dadra and Nagar Haveli and Daman and Diu the PM inaugurated as well as performed groundbreaking ceremony fornbsp projects worth Rs 2587 crore for the UT and launched a food security saturation campaign in SuratnbspHe addressed gatherings in Silvassa the administrative headquarters of Dadra and Nagar Haveli district and later at SuratnbspSpeaking at the rally in Silvassa Modi called obesity the root cause of many diseases and urged people to fight the chronic health condition characterized by excessive body fat by doing regular physical exercises and reducing edible oil consumption by 10 per centDiseases linked to our lifestyle are posing a huge risk to our health today Obesity is one of them because it is the root cause of many diseases According to a recent report nearly 44 crore people in India may be obese by 2050 This figure is huge and it is equally scary Modi emphasisednbspHe said one in every three people in the country may be suffering from obesity by 2050 if the findings of the report turns out to be truenbspModi warned obesity will prove dangerous for peoples health and everyone must start trying to overcome this situationnbspI have already made an appeal that people should reduce their edible oil consumption by 10 per cent I want all of you to take a pledge that you will buy 10 per cent less oil Regular exercises and cycling will also help you in reducing obesity Modi told the gatheringnbspThe PM informed the audience that his government is planning to open 25000 new Jan Aushadhi Kendras across the country as part of its endeavour to make medicines available at affordable pricesMiddle class and poor citizens have saved nearly Rs 30000 crore so far by purchasing medicines from these governmentrun subsidised medicine shops he notednbspThe PM sought the cooperation of local residents to turn the Union Territory into a developed enclave on the lines of SingaporenbspThere was a time when Singapore was just a small village of fishermen But thanks to the determination of its people Singapore became what it is today If people of this UT are ready to show similar commitment I am ready to stand with you in your endeavour declared the PMnbspSome of the projects launched by the PM included inauguration of a 450bed hospital in Silvassa two circuit houses in Diu a toy train in Daman and inauguration of anganwadis child care centres and schools for the Union TerritorynbspFrom Silvassa the PM travelled to Surat where he launched a food security saturation campaign and addressed a gathering on the occasionIn his address Modi took a swipe at the Congress saying those who have zero seats may not be able to count the zeros in Rs 32 lakh crore loans disbursed by the Centre under the Pradhan Mantri MUDRA Yojana targeted at micro enterprisesnbspNotably the Congress failed to open its account in the February 5 assembly polls in Delhi where the BJP emerged victorious In the process the Grand Old Party earned the dubious distinction of scoring a hattrick of zeros in Delhi assembly pollsnbspThe PM noted there was a time when the poor were not even allowed to enter a bank if he wanted to take a loan for his small businessnbspBanks used to ask for a guarantee against loans From where a poor person would arrange his guarantee Thus a poor mothers son Modi decided to become the guarantor of every poor said the PMnbspWe have disbursed Rs 32 lakh crore to poor citizens under MUDRA so far Those who abuse us those with zero seats may not be able to count the zeros in Rs 32 lakh crore said the BJP stalwart taking potshots at the CongressHe said the Surat Food Security Saturation Campaign will serve as an inspiration for other districts to achieve the goal of 100 per cent saturation of various government schemesnbspNo one will be unhappy when no one is left behind in journey of growth We want to leave behind the system of appeasement and achieve satisfaction In Surat nearly 225 lakh new beneficiaries have been identified by the administration Now they will get free ration under the PM Garib Kalyan Anna Yojana averred ModinbspThe PM said he can very well understand the pain of the poor when it comes to securing foodnbspModi pointed out his government has streamlined the public distribution system PDS by weeding out five crore bogus ration cardsTargeting past Congress governments the PM asserted the people of India were tired of hearing the garibi hatao remove poverty slogan for nearly 50 yearsnbspPeople were tired of hearing garibi hatao slogan for nearly 50 years This slogan was raised in every election campaign but no one was able to remove poverty My government succeeded in lifting 25 crore people out of poverty in the last 10 years he highlightednbspThe PM maintained the income tax exemption up to Rs 12 lakh announced in the Union budget for 202526 will benefit salaried class small businesspersons and workersnbspOn the eve of International Womens Day on March 8 Saturday the PM announced he will hand over the operation of his social media account to women to mark the occasionnbspAgencies https://dailyworld.in/economy/pm-flags-impending-obesity-crisis-in-india-takes-dig-at-congress-with-zero-seats-remarks--605244.html Fri, 07 Mar 2025 21:48:00 +0530 https://dailyworld.in/economy/maha-eco-survey-projects-growth-at-73-pc-in-fy-25-industry-service-sectors-show-dip-605160.html Mumbai March 7 IANS The Maharashtra economy is expected to grow at 73 per cent in 202425 higher than the projected national rate of 65 per cent However the estimated growth rate for the current fiscal year in the state will be lower compared to 76 per cent in 202324nbspnbspAccording to the Economic Survey for 202425 presented on Friday by Deputy Chief Minister and Finance Minister Ajit Pawar agriculture and allied activities are expected to grow at 87 per cent compared to 32 per cent last year However the industry will grow at 49 per cent during the current fiscal year against 62 per cent last year and the services sector at 78 per cent during the current fiscal year against 83 per cent last yearMaharashtras debt stock for 202425 is estimated at Rs 782991 crore against Rs 711278 crore RE The debt of Rs 782991 crore is 173 per cent of the gross state domestic product which is well within the 25 per cent limit recommended by the Finance CommissionnbspThe state governments outgo towards interest payment has increased to Rs 56727 crore in 202425 against Rs 48578 crore last year The government is expected to shell out Rs 159071 crore on salary during 202425 against Rs 142718 core last This comes to 306 per cent of GSDP against 282 per cent last year As far as pension is concerned the government will spend Rs 74011 crore 143 per cent against Rs 60446 crore 12 per cent The government will incur a spending of Rs 33063 crore 64 per cent against Rs 52484 crore 104 per centAs per the first revised estimates the nominal GSDP for 202324 is estimated at Rs 4055847 crore as against Rs 3641543 crore for 202223 Real GSDP is estimated at Rs 2435259 crore for 202324 as against Rs 2255708 crore for 202223nbspAs per the first revised estimates the share of the states nominal GSDP in AllIndia nominal GDP is highest 135 per cent during 202324 The Per Capita State Income for 202425 is estimated at Rs 309340 against Rs 278681 for 202324 The Revenue receipts of the state are expected to be Rs 499463 crore for 202425 BE as against Rs 486116 crore for 202324 RE The tax and nontax revenue including central grants for 202425 BE are expected to be Rs 419972 crore and Rs 79491 crore respectively Actual revenue receipts during 202425 up to January were Rs 381080 crore 763 per cent of BEThe revenue expenditure of the state is expected to be Rs 519514 crore as per 202425 BE as against Rs 505647 crore in 202324 RE During 202425 up to January the actual revenue expenditure was Rs 352141 crore 678 per cent of BE As per 202425 BE the share of capital receipts in total receipts and share of capital expenditure in total expenditure is expected to be 241 per cent and 224 per cent respectivelynbspAs per 202425 BE the percentage of fiscal deficit to GSDP revenue deficit to GSDP and debt stock to GSDP is expected to be 24 per cent 04 per cent and 173 per cent respectively The total outlay for Annual Plan 202425 is Rs 192000 crore of which Rs 23528 crore is for the District Annual PlanDuring the kharif season of 202425 sowing was completed on 15759 lakh ha area The production of cereals pulses oilseeds and cotton is expected to increase by 492 per cent 481 per cent 269 per cent and 108 per cent respectively while the production of sugarcane is expected to decrease by 66 per cent over the previous yearnbspFurther during the rabi season of 202425 sowing was completed on 6281 lakh ha area The production of cereals and pulses is expected to increase by 23 per cent and 25 per cent respectively while the production of oilseeds is expected to decrease by 227 per cent over the previous year During 202324 the area under horticulture crops is expected to be 2174 lakh ha and production is expected to be 32688 lakh MTIANS https://dailyworld.in/economy/maha-eco-survey-projects-growth-at-73-pc-in-fy-25-industry-service-sectors-show-dip-605160.html Fri, 07 Mar 2025 13:54:00 +0530 https://dailyworld.in/economy/experts-reckon-bangladeshs-yunus-govt-not-serious-about-economic-reforms-604740.html Dhaka Mar 5 IANS Already facing severe political and security challenges the interim government in Bangladesh led by Muhammad Yunus has come under huge criticism from its own stakeholders for failing to carry out the promised economic reforms in the restive countrynbspAfter assuming office last year following the fall of the government led by former Prime Minister Sheikh Hasina the interim government formed various commissions committees and task forces aimed at carrying out reforms in different sectors in BangladeshnbspTwo reform committees also submitted their reports on economic reforms but the Yunusled government has been sitting on the implementation of suggested recommendationsSeveral experts reckon that the Chief Advisor is reluctant to take any initiative on the matter as the reports submitted by the committees gather dust raising serious doubts over the fulfillment of promises made on structural reformsnbspWhile the first report on the white paper was submitted in December the second on the taskforce was handed over to the authorities in January this yearnbspSince then no significant measures have been adopted by the government to implement the recommendations of the two reports It has led to frustration among the committee members and many claim that the government is not giving importance to economic reforms Bangladeshs leading Bengali daily Prothom Alo reported on WednesdayRecently the Centre for Policy Dialogue CPD a think tank in Dhaka highlighted the bleak economic outlook for Bangladesh in a paper titled Navigating Expectations in Turbulent Times revealing that the interim governments economic measures have yet to bring substantive improvements in peoples lives and support businessesnbspIn January Bangladeshi Finance Advisor Salehuddin Ahmed stated that Bangladesh requires urgent economic reforms to address pressing challenges Speaking at an event marking International Customs Day at the National Board of Revenue NBR headquarters in Dhaka he emphasised the need for changesnbspWe often talk about political economic and electoral reforms All are essential but economic reforms are most urgent at this moment Ahmed was quoted as saying by Dhaka TribunenbspBangladeshs economy continues to face severe challenges amidst the huge unrest in the country since August 2024 The business sector in the country is facing a huge liquidity crunch with numerous commercial and industrial establishments shutting downnbspLast week South Korean Ambassador to Bangladesh Park Youngsik admitted that political instability and uncertainty in Bangladesh is creating challenges for investment and economic growthnbspBangladesh is currently under an interim government and whenever I speak with businessmen they tell me they are holding back on investment They are waiting and observing to see how the situation unfolds the diplomat said during an event organised by the Overseas Correspondents Association Bangladesh OCAB in Dhaka on FridaynbspAnyway political instability and uncertainty are causing problems for the host country Bangladesh It is necessary to clear the political issues he statednbspThe entrepreneurs in Bangladesh are not only facing difficulties in importing raw materials to sustain their businesses but also facing major threats since the fall of the Awami League government led by HasinanbspThey have repeatedly urged the interim government to provide a safe and secure environment to all businessmen and industries including the readymade garments sector the mainstay of Bangladesh export sectorIANS https://dailyworld.in/economy/experts-reckon-bangladeshs-yunus-govt-not-serious-about-economic-reforms-604740.html Wed, 05 Mar 2025 16:25:00 +0530 https://dailyworld.in/economy/vishwas-bill-20-to-decriminalise-over-100-provisions-will-simplify-process-for-business-fm-sitharaman-604761.html New Delhi March 5 IANS Finance Minister Nirmala Sitharaman said on Wednesday that the government is committed to encouraging global economic partnerships leveraging technology to strengthen traditional sectors and to significantly enhance the export potential of IndianbspAddressing a postbudget webinar on the theme Regulatory Investment And Ease Of Doing Business EODB Reforms she said the government will now bring up the general Vishwas Bill 20 to decriminalise more than 100 provisions in various laws It will further simplify processes for businesses the minister saidThe Finance Minister emphasised that the government remains committed to ensuring the timely implementation of all budget announcements for the year 202526nbspHighlighting the focus laid on capex Nirmala Sitharaman said that the pathway for reforms is complemented by the governments unwavering focus on capital expenditure as a driver of economic growth For the year 202526 total effective capex is proposed at 1548 lakh crores which is 43 per cent of the GDP with 1121 lakh crore allocated as core capital expenditure by the Centre which is 31 per cent of the GDP This unprecedented investment in infrastructure development is already creating jobs strengthening industries and laying the foundation for private sector participation in Indias growth storyThe Finance Minister also highlighted that budget announcements for 202425 such as the hike in the limit under MUDRA loans from Rs10 lakh to Rs 20 lakh and the new MSME Credit assessment model have already been implemented As many as 11 Public Sector Banks have extended it to existing customers and seven Banks have extended it to new ones as well Besides 21 new SIDBI branches have already been opened in MSME clusters during 202425 in line with the budget announcementnbspThe Ministry of Corporate Affairs has also implemented the pilot project for the PM Internship scheme The scheme was announced in the budget of 202425 creating over 125 lakh internship opportunities in top companies with over 6 lakh applicants The government remains steadfast in reducing regulatory burdens and enhancing trustbased governance to improve the ease of doing businessDecriminalisation of businessrelated laws reduces the legal risks allowing industries to operate with greater confidence she addednbspThe Finance Minister said that the robust manufacturing sector free from unnecessary regulatory bottlenecks will further attract both domestic and foreign investments driving economic growth and positioning India as a trusted global player The government has over 42000 compliances removed and over 3700 legal provisions have been decriminalised since 2014 In the Jan Vishwas Act 2023 more than 180 legal provisions were decriminalisedIn his Thematic session of the postbudget webinar M Nagaraju Secretary Department of Financial Services said that under the MUDRA Scheme Rs 33 lakh crore loan amount has been sanctioned Under the StandUp India initiative the department has sanctioned Rs 59000 crore to 262 lakh accounts Additionally under the PM SVANidhi scheme Rs 14000 crore has been sanctioned across 99 lakh accountsThe Finance Minister said that Wednesdays webinar has brought together stakeholders from ministries like Finance Department Industry policy internal trade corporate affairs regulators state governments public sector banks insurance companies SIDBI NABARD and industry associations to ensure smooth policy implementationnbspShe appreciated various important inputs that were received during the discussion and said they would be looked into suitably The inputs will help align our strategies address possible implementation challenges and ensure that budgetary announcements efficiently translate into tangible actions FM Sitharaman addedIANS https://dailyworld.in/economy/vishwas-bill-20-to-decriminalise-over-100-provisions-will-simplify-process-for-business-fm-sitharaman-604761.html Wed, 05 Mar 2025 17:59:00 +0530 https://dailyworld.in/economy/msme-sector-backbone-of-indias-industrial-growth-committed-to-strengthen-it-says-pm-modi-604583.html New Delhi March 4 IANS Prime Minister Narendra Modi on Tuesday said that the MSME micro small and medium enterprises sector is the backbone of Indias manufacturing and industrial growth and the government is committed to nurturing and strengthening this sector to promote inclusive growthnbspAddressing via video conferencing postBudget webinars on MSMEs as an Engine of Growth Manufacturing Exports and Nuclear Energy Missions Regulatory Investment and Ease of Doing Business reforms the Prime Minister also pointed out that in several sectors the government has taken steps beyond what experts had anticipated He also highlighted that significant decisions have been made regarding manufacturing and export in this budgetHe highlighted that in 2020 the government made a significant decision to revise the definition of MSMEs after 14 years which eliminated the fear among MSMEs that they would lose government benefits if they grewnbspHe noted that the number of MSMEs in the country has increased to over 6 crore providing employment opportunities to crores Modi emphasized that in this budget the definition of MSMEs has been further expanded to instil confidence in their continuous growth This will create more employment opportunities for the youth he said highlighting that the biggest problem faced by MSMEs was the difficulty in obtaining loansHe added that ten years ago MSMEs received loans worth approximately Rs 12 lakh crore which has now increased to around Rs 30 lakh crore The Prime Minister announced that in this budget the guarantee cover for MSME loans has been doubled to Rs 20 crore Additionally customised credit cards with a limit of Rs 5 lakh will be provided to meet working capital needsnbspPointing out that the country has witnessed consistent government policies for over a decade the Prime Minister highlighted that in the past 10 years India had shown a commitment to reforms financial discipline transparency and inclusive growth He emphasised that the assurance of consistency and reforms has brought new confidence within the industryHe assured every stakeholder in manufacturing and export that this consistency will continue in the coming years Encouraging stakeholders to take bold steps and open new avenues for manufacturing and export for the country PM Modi highlighted that every country in the world wants to strengthen its economic partnership with India He urged the manufacturing sector to take full advantage of this partnershipnbspStable policy and a better business environment are crucial for the development of any country said the Prime Minister highlighting that a few years ago the government introduced the Jan Vishwas Act and made efforts to reduce compliances Over 40000 compliances were eliminated at both central and state levels promoting ease of doing business he notedEmphasising that this exercise should continue the Prime Minister mentioned that the government had introduced simplified income tax provisions and is working on the Jan Vishwas 20 BillnbspPM Modi also said The world is currently experiencing political uncertainty but the entire world views India as a growth centre and has proven its resilience in challenging situations such as the Covid crisisnbspPointing out that disruptions in the supply chain affect the global economy and the world needs reliable partners that produce highquality products and ensure reliable supply he urged India Inc not to be mere spectators but to actively seek their role and carve out opportunities He pointed out that it is easier today compared to the past as the country has friendly policies and the government stands shouldertoshoulder with the industryThe Prime Minister called for a strong resolve objectivity in seeking opportunities in the global supply chain and accepting challenges He emphasised that if every industry takes one step forward collectively they can achieve significant progressnbspHighlighting that 14 sectors were currently benefiting from the PLI scheme the Prime Minister said that under the scheme more than 750 units have been approved resulting in an investment of over Rs 15 lakh crore production worth over Rs 13 lakh crore and exports exceeding Rs 5 lakh crore He emphasized that this demonstrates how entrepreneurs can advance in new areas when given opportunitiesPM Modi announced the decision to launch two missions to promote manufacturing and export He highlighted the focus on better technology and quality products as well as the emphasis on skilling to reduce costs He urged all stakeholders to identify new products in demand globally that can be manufactured in India and encouraged them to approach countries with export potential strategicallynbspRampampD has played a crucial role in Indias manufacturing journey and needs further advancement and acceleration remarked the Prime Minister He highlighted that through RampampD the focus can be on innovative products and value addition to existing productsnbspEmphasising that the role of states is crucial in boosting investment PM Modi said the more states promote ease of doing business the more investors they will attractIANS https://dailyworld.in/economy/msme-sector-backbone-of-indias-industrial-growth-committed-to-strengthen-it-says-pm-modi-604583.html Tue, 04 Mar 2025 15:42:00 +0530 https://dailyworld.in/economy/bharat-fastest-growing-global-economy-in-last-decade-vice-president-dhankhar-604266.html Thiruvananthapuram Mar 2 PTI Vice President Jagdeep Dhankhar on Sunday said the country has seen exponential economic upsurge in the last decade and has become the fastest growing global economy during this periodThe Vice President made the statement while delivering the 4th P Parameswaran Memorial Lecture organised here by the Bharatheeya Vichara KendranbspP Parameswaran was one of the seniormost pracharaks of the Rashtriya Swayamsevak Sangh RSS and a former leader of the erstwhile Bharatiya Jana SanghnbspDhankhar said that in 1989 when he was an MP and in 1991 when he was a Union Minister the atmosphere did not inspire usnbspNow our Bharat is brimming with positivity and possibility It is full of hope and aspirations All around and all pervasive we can see an ecosystem of hope and possibility In the last decade Bharat has seen an exponential economic upsurge he saidHe further said that the country was the fifth largest global economy and was on its way to becoming a USD 4 trillion economy very shortlynbspWith an average growth of 8 per cent Bharat happens to be the fastest growing global economy in the last decade he saidnbspDhankhar also said that India was no longer labelled as a nation of snake charmers as it was charming the entire world with the potential it hasnbspReferring to the growth trajectory of the country he said that a phenomenal infrastructure growth was taking place in the nationnbspPeoplecentric policies and transparent accountable governance has given buoyancy to the ecosystem he saidnbspIn his speech Dhankhar also alluded to the politically divisive environment in the nationHe said that the country was faced with alarmingly worrisome scenarios on certain aspects as politics have become polarised vertically divisive and temperatures are always highnbspHe also underscored the significance of dialogue and deliberation while referring to the disturbances and disruptions in the Parliament which he termed as sacrilege of intense enormitynbspParliament must be the role model for the people It is a platform to transform aspirations of the people into reality It has to be an impregnable citadel of dialogue debate discussion and deliberationAnd what do we see today Dialogue deliberation and others have yielded to disturbance and disruption Can there be sacrilege of more intense enormity when temples of democracy are ravaged by disruption and disturbance Our democracy has to survive and the first test is parliamentary functioning Dhankhar saidnbspHe said that the country was facing situations where national interest was relegated and antinational narratives took wingsnbspWe are living in very dangerous times Political intolerance and reckless stance promoting partisan and personal interest at the cost of nationalism needs to be moderated There is a need for social counseling he added https://dailyworld.in/economy/bharat-fastest-growing-global-economy-in-last-decade-vice-president-dhankhar-604266.html Sun, 02 Mar 2025 17:01:00 +0530 https://dailyworld.in/economy/new-sebi-chairman-spells-out-4-point-mantra-for-capital-markets-regulator-604270.html Mumbai March 2 The new SEBI Chairperson Tuhin Katna Pandey has a fourpoint mantra in mind trust transparency teamwork and technology for ensuring the continued efficiency of the capital markets regulator After taking charge of the SEBI headquarters at the Bandra Kurla Complex here Pandey said SEBI is a very robust market institution It has been built over the years with successive leadership and will continue with it We work for trust we work for transparency we work for teamwork and we work for technology We will continue to create one of the best market institutions in the world Pandey told journalists Highlighting trust as the most important thing Pandey said SEBI holds the trust of Indias population the Parliament the government the investors and industry stakeholdersPandey a 1987 batch IAS officer brings with him a rich experience in handling the countrys economic policy and financial administrationnbspHe has just concluded his tenure as the Finance Secretary and Secretary of the Department of Revenue which saw him playing a key role in the formation of the Union Budget and the drafting of the new Income Tax Bill based on global best practices The new Bill has simplified the language and structure of the Incometax Act 1961 reducing the Act volume by close to 50 per centnbspBefore this he had held key positions in the government including Secretary of the Department of Investment and Public Asset Management DIPAM and Secretary of the Department of Public Enterprises DPEPandey is one of the longestserving secretaries in DIPAM which is responsible for managing the government stake in public sector enterprises In these roles Pandey played a major part in formulating disinvestment programmes and public sector managementnbspHe oversaw the sale of lossmaking Air India to the Tata Group marking one of the most important disinvestment initiatives of the government to reduce the drain on the national exchequer and pave the way for the revival of the commercial airlineHe also handled the successful public listing of governmentowned life insurance giant LIC which was the country biggest ever IPO Besides he started the privatisation process of IDBI Bank which is still ongoing as bidders conduct their due diligencenbspPandey holds a Master of Arts degree in Economics from Punjab University and an MBA from the University of Birmingham UKIANS https://dailyworld.in/economy/new-sebi-chairman-spells-out-4-point-mantra-for-capital-markets-regulator-604270.html Sun, 02 Mar 2025 17:26:00 +0530 https://dailyworld.in/economy/andhra-pradesh-presents-rs-322-lakh-crore-budget-for-2025-26-603923.html Amaravati Feb 28 IANS Andhra Pradesh Finance Minister Payyavula Keshav on Friday presented a Budget of Rs 322359 crore for the financial year 202526nbspnbspThe outlay is about 948 per cent higher than the previous year The budget size for 202425 was Rs Rs 294427 crorenbspThe revenue expenditure is estimated at Rs 251162 crore and the capital expenditure at Rs 40635 crore The estimated revenue deficit is around Rs 33185 crore and the fiscal deficit is estimated at around Rs 79926 crorenbspThe revenue deficit will be around 182 per cent and fiscal deficit will be around 438 per cent of GSDP he saidnbspThis is the second fullfledged Budget presented by the TDPled NDA government after it came to power in June last yearIn November Keshav presented a Rs 294 lakh crore Budget for 202425nbspFor agriculture a separate budget of Rs 48000 crore was presented by Agriculture Minister K AtchannaidunbspFor school education the Finance Minister allocated Rs 31805 crore up from Rs 29909 core in the previous budget while the allocation for agriculture and allied sectors stands at Rs 13487 crore against Rs 11855 crore allocated in 202425nbspFor the welfare of Scheduled Castes the government allocated Rs 20281 crore up from Rs 18497 crore It earmarked Rs 8159 crore for the welfare of Scheduled Tribes The allocation for STs in the previous budget was Rs 7557 croreThe coalition government proposes to spend Rs 47456 crore for the Backward Classes welfare This allocation was Rs 39007 in 202425nbspThe government also increased the allocation for minorities welfare from Rs 4376 crore to Rs 5434 crorenbspThe allocation for women and child welfare also increased from Rs 4285 crore to Rs 4332 crorenbspThe Finance Minister proposed an allocation of Rs 1228 crore for skill development Rs 2506 crore for higher education Rs 19264 crore for health Rs 18847 crore for Panchayat Raj and rural development and Rs 13862 crore for municipal administration and urban developmentThe government has proposed an expenditure of Rs 6318 crore for housing Rs 18019 crore for water resources Rs 3156 crore for industry and commerce Rs 13600 crore for energy Rs 8785 crore for roads and buildings Rs 469 crore for youth affairs tourism and culture Rs 2800 crore for Jal Jeevan Mission and Rs 6705 crore for Polavaram projectnbspThe government has made allocations to implement some of the schemes it promised in the electionsnbspFor the NTR Bharosa pension scheme which is already under implementation the Finance Minister proposed an allocation of Rs 27518 croreThe government has also earmarked Rs 9403 crore for Thalli Ki Vandanam a scheme to be implemented during the current financial yearnbspUnder this scheme Rs 15000 will be given annually to every schoolgoing student The amount will be credited to the bank account of the students mothernbspFor Annadata Sukhibhava under which every farmer will be given Rs 20000 every year Rs 6300 crore have been allocatedIANS https://dailyworld.in/economy/andhra-pradesh-presents-rs-322-lakh-crore-budget-for-2025-26-603923.html Fri, 28 Feb 2025 12:43:00 +0530 https://dailyworld.in/economy/india-needs-to-grow-by-78-pc-to-reach-high-income-status-by-2047-a-possible-target-world-bank-603965.html New Delhi Feb 28 IANS A new World Bank report on Friday said that India needs to grow by 78 per cent on average over the next 22 years to achieve the countrys aspirations of reaching highincome status by 2047 a target that is possible to achievenbspThe new India Country Economic Memorandum titled Becoming a HighIncome Economy in a Generation finds that this target is possiblenbspRecognising Indias fast pace of growth averaging 63 per cent between 2000 and 2024 the WB report noted that Indias past achievements provide the foundation for its future ambitions Getting there however would require reforms and their implementation to be as ambitious as the target itselfLessons from countries like Chile Korea and Poland show how they have successfully made the transition from middle to highincome countries by deepening their integration into the global economy said Auguste Tano Kouame World Bank Country DirectornbspIndia can chart its own path by stepping up the pace of reforms and building on its past achievements Kouame addednbspThe report evaluates three scenarios for Indias growth trajectory over the next 22 yearsnbspThe scenario which enables India to reach highincome status in a generation requires India to achieving faster and inclusive growth across states increasing total investment from current 335 per cent of GDP to 40 per cent both in real terms by 2035 increasing overall labour force participation from 564 per cent to above 65 per cent and accelerating overall productivity growthIndia can take advantage of its demographic dividend by investing in human capital creating enabling conditions for more and better jobs and raising female labour force participation rates from 356 percent to 50 percent by 2047 said Emilia Skrok and Rangeet Ghosh coauthors of the reportnbspIn the past three fiscal years India has accelerated its average growth rate to 72 per centnbspIn order to maintain this acceleration and attain an average growth rate of 78 per cent in real terms over the next two decades the Country Economic Memorandum recommends four critical areas for policy action increasing investment fostering an environment to create more and better jobs promoting structural transformation trade participation and technology adoption enabling states to grow faster and togetherIANS https://dailyworld.in/economy/india-needs-to-grow-by-78-pc-to-reach-high-income-status-by-2047-a-possible-target-world-bank-603965.html Fri, 28 Feb 2025 14:40:00 +0530 https://dailyworld.in/economy/india-poised-to-become-worlds-leading-investment-destination-piyush-goyal-603779.html Mumbai Feb 27 IANS With a robust and resilient economy a large and dynamic consumer market and a government committed to fostering businessfriendly policies India is poised to become one of the worlds leading investment destinations Commerce and Industry Minister Piyush Goyal said on ThursdaynbspInaugurated the Bharat Calling Conference 2025 organised by IMC Chamber of Commerce and Industry here the minister said that India stands at the forefront of global economic growth offering unparalleled opportunities for investment across diverse sectorsnbspDwelling on the theme Path to Viksit Bharat 2047 Pioneering Prosperity for All he said there are huge opportunities unfurling in a country of 14 billion people many of whom are aspirational and young There is a deep commitment towards manufacturing skill development and innovation as advocated by Prime Minister Narendra Modi himself which truly makes India the worlds emerging investment destinationGoyal highlighted that various strategic initiatives of the government including Make in India Digital India Startup India Swacch Bharat and Atmanirbhar Bharat have collectively prepared the mindset of the nation to be resilient selfsufficient and become a bigger player in global trade even as the countrys economy is transformed in the Amrit Kaal of the coming two decades leading up to 2047nbspWe are collectively committed to bringing about a prosperous and developed India he remarkednbspGoyal further said that India cannot become a developed nation if it does not open up its businesses for international trade In this context he named five key enablers for bringing about Viksit Bharat2047 namely quality management and handholding of small business sustainability inclusive growth skill development and competitiveness and efficiencyHe said that India is at the crux of a quality revolution Lamenting that quality had been the biggest casualty in the country in the past he urged that it is time for businesses to adopt modern quality standards and ensure that the countrys ecosystem is trained towards good quality and follows good manufacturing practices There are around 700 quality control orders in the country he informednbspBusiness chambers like IMC would do a great service to the nation by spreading the message of quality control he addednbspGoyal further said that adopting and handholding small businesses by the big players of a business for quality control and upgrading their manufacturing practices is also very importantnbspAbout sustainability he said that it is another important aspect of trade and commerce Indian ethos traditionally reflects consciousness for sustainability for thousands of years It is important to recognise sustainability as a challenge in present times which along with energy efficiency should be a focus area for businessesHe further said development cannot happen if there is no inclusive growth in the country for which targeted interventions like ease of living initiatives for various communities and infrastructure development across the country have been taken up by the government The minister urged that businesses will also have to cater to the agenda of inclusive development through better CSR initiativesnbspGoyal stated that skillbuilding initiatives for the people will add more jobs and make our economy stronger In this context he stated that two more skill development centres are coming up in north Mumbai after the launch of the first stateoftheart skill centre in Mumbais Kandivali area last yearHe also said that increasing efficiency and competitiveness is the need of the hour Businesses should thrive on competitive strength and engage with the world with confidence instead of depending on the government for subsidies support incentives and so on he addednbspDignitaries present on the occasion included Australias Queensland states Finance Trade Employment and Training Minister Rosslyn Bates and IMC Chamber of Commerce and Industry President Sanjaya Mariwala among othersIANS https://dailyworld.in/economy/india-poised-to-become-worlds-leading-investment-destination-piyush-goyal-603779.html Thu, 27 Feb 2025 18:44:00 +0530 https://dailyworld.in/economy/hm-shah-upbeat-on-madhya-pradeshs-approach-to-accrue-rs-30-lakh-crore-in-2-days-603394.html Bhopal Feb 25 IANS Trumpeting the grand figure of Rs 30 lakh crore in investment commitments accrued during the twoday Global Investors Summit GIS2025 held in Bhopal Union Home Minister Amit Shah proclaimed that the Indian economy which has already ascended from the 10th to the 5th position globally will soon become the third largest in the world by 2027nbspAnd Madhya Pradesh he asserted will significantly contribute to this ascent He made this pronouncement while addressing the valedictory session of the summit on TuesdaynbspRaving about the vision of Prime Minister Narendra Modi to elevate the nation to a fully developed state HM Shah reiterated that India has already ascended on many counts and the Investors Summit in Madhya Pradesh has set a brisk pace for the nations progress with the state ready to lead in this progressive endeavourThe Global Investors Summit 2025 convened in Madhya Pradesh saw participation from over 200 companies representatives from 50 countries and attracted a huge investment of more than 30 lakh crore rupeesnbspHe said that Madhya Pradesh is the pioneer state to host sectorspecific summits an innovative approach anticipated to hasten further developmentnbspThe automation and skill development initiatives coupled with the recent policies launched by the state government are set to contribute to the countrys growth Madhya Pradeshs demanddriven economy is thriving making it an ideal investment destinationnbspDuring the twoday event the state unveiled its industrial sectoral and global potential to the investors a move lauded by the Minister who expected the prolonged discussions in the sessions to bear substantial outcomes in the forthcoming daysMadhya Pradesh epitomises a harmonious blend of development and heritage striving unceasingly towards progressnbspThe Home Minister said it is in line with PM Modis efforts to transform India into a developed nation and elevate it to the thirdlargest economy in the world by 2027nbspThe state of Madhya Pradesh is poised to play a pivotal role in this mission HM Shah said adding that the concept of Team India which includes both the central and state governments has been significantly bolstered through this summitnbspHighlighting the achievements of the past decade under the leadership of Prime Minister Narendra Modi the Union Home Minister further asserted that Indias forex reserves and per capita income have doubled over the past decade establishing a robust foundation for future growthFor instance 54 crore people of India now have access to banking services a privilege that eluded them for the past 75 yearsnbspIndia now boasts 157 airports 8 lakh km rural roads with railway facilities and cargo handling having doublednbspThe nation has pioneered advancements in sectors such as artificial intelligence and hydrogen fuel HM Shah said adding the Investors Summit in Madhya Pradesh has set a brisk pace for the nations progress with the state ready to lead in this progressive endeavournbspThe Home Minister pointed out that once plagued by deficits in water roads and power and labelled as Bimaru Madhya Pradesh has undergone a remarkable transformationnbspToday it has a robust energy capacity of 31 GW with 30 per cent derived from clean energy sources Prestigious educational institutions like IIM and IIET empower the states youth to realise their potentialMadhya Pradesh is rich in minerals and has become the cotton capital of India producing 25 per cent of the countrys organic cotton It is also an ideal destination for food processing industries he saidnbspThe state has declared 2025 as the Year of Industry and Employment and is the first to pass the Jan Vishwas Vidheyak reinforcing its commitment to ease of doing business Investors are set to explore opportunities across various sectors in the near future the Union Minister saidnbspAddressing the assembly of investors on the occasion Madhya Pradesh Chief Minister Mohan Yadav assured that his government has set a deadline to provide all possible support within a stipulated timeframe to transform all proposals from the drawing board to realityIANS https://dailyworld.in/economy/hm-shah-upbeat-on-madhya-pradeshs-approach-to-accrue-rs-30-lakh-crore-in-2-days-603394.html Tue, 25 Feb 2025 18:50:00 +0530 https://dailyworld.in/economy/adani-group-to-invest-rs-50-000-crore-in-assam-to-boost-infra-create-jobs-603305.html New Delhi May 23 IANS The Adani Group will invest an additional Rs 50000 crore across the northeastern region over the next 10 years which would prioritise local jobs and entrepreneurship its Chairman Gautam Adani said on FridaynbspWith this the Adani Group has pledged Rs one lakh crore investments for the northeastnbspAddressing the Rising North East Investors Summit here in the presence of Prime Minister Narendra Modi the billionaire industrialist said the focus would span across green energy including smart meters hydropump storage power transmission roads and highways digital infrastructure logistics and capacity building through skilling and vocational training centresWe will invest in people Every initiative will prioritise local jobs local entrepreneurship and community engagement This is what Viksit Bharat2047 is all about Gautam Adani told the gatheringnbspThe Adani Group Chairman further stated that when PM Modi said Act East Act fast Act first he gave the northeast a wakeup callnbspRs 62 lakh crore worth investments since 2014 doubling the road network to 16000 kilometres doubling the number of airports to 18 this is not just a policy but a hallmark of PM Modis big thinking belief systems and conviction in Sabka Saath Sabka Vikas Gautam Adani emphasisedThe Adani Group in February announced a massive Rs 50000 crore investment in Assam marking one of the highestever investment commitments by a business group to the statenbspTo our brothers and sisters in the northeast we at Adani will stand beside your side your dreams your dignity and your destiny Gautam Adani addednbspThe twoday summit aims to bring together key stakeholders investors and policymakers on a single platformnbspAccording to a Prime Ministers Office PMO statement the main focus sectors include tourism and hospitality agrofood processing and allied sectors textiles handloom and handicrafts healthcare education and skill development information technology or information technologyenabled services infrastructure and logistics energy and entertainment and sportsnbspThe Rising North East Investors Summit will see ministerial sessions businesstogovernment sessions businesstobusiness meetings startups and exhibitions of policy and related initiatives taken by state governments and central ministries for investment promotionIANS https://dailyworld.in/economy/adani-group-to-invest-rs-50-000-crore-in-assam-to-boost-infra-create-jobs-603305.html Tue, 25 Feb 2025 13:31:00 +0530 https://dailyworld.in/economy/eager-to-join-assams-transformational-journey-gautam-adani-603340.html Guwahati Feb 25 IANS Assam is on a path to greatness amid several ongoing transformative projects and we are honoured to walk this path alongside you Gautam Adani Chairman of the Adani Group said here on TuesdaynbspAddressing the Advantage Assam 20 Investment ampamp Infrastructure Summit 2025 in Guwahati Gautam Adani hailed Chief Minister Himanta Biswa Sarma and the latest initiatives taken by the state government saying his vision for infrastructure is equally inspiringWhen I see the transformative projects you have championed from the bold vision of semiconductor manufacturing to the strategic linkages across the Brahmaputra River I see lifelines of progress bridges to prosperity and pathways to a brighter future the billionaire industrialist told the gatheringnbspAnd it is this vision of progress that we are eager to be a part of Therefore it is with great pride that I announce today the Adani Groups commitment to invest Rs 50000 crore in Assam Our investments will span across airports aerocities city gas distribution transmission cement and road projects the Adani Group Chairman addedGautam Adani highlighted Assams transformation under the leadership of Prime Minister Narendra ModinbspJust as the mighty river Brahmaputra reshapes the landscape of this state to carve its own path I must say that it is our Prime Minister who has reshaped the landscape of possibilities for Assam said the Adani Group ChairmannbspThe Adani Groups investment aligns with Assams growing role as a key driver of Indias Act East Policy enhancing connectivity and trade with Southeast Asian nationsThe Advantage Assam 20 Investment Summit 2025 in Guwahati attended by global investors policymakers and industry leaders is a platform focused on unlocking the states economic potential through strategic investments in infrastructure energy and technologynbspGautam Adani said the Prime Ministers initiative to organise the Vibrant Gujarat Global Summit two decades ago had ignited a national movement inspiring every state to adopt the power of investmentdriven economic transformationAt the Advantage Assam 2025 summit the Prime Minister unveiled the Bamboo Orchids design of the New Integrated Terminal Building NITB of Guwahatis Lokpriya Gopinath Bordoloi International LGBI AirportnbspInspired by Assams natural beauty the design symbolises biodiversity strength and sustainabilitynbspCurrently under construction the NITB will manage 131 million passengers per annum MPPA making it the first airport terminal of its kind in the northeast region of India It is expected to be operational in the last quarter of 2025IANS https://dailyworld.in/economy/eager-to-join-assams-transformational-journey-gautam-adani-603340.html Tue, 25 Feb 2025 15:33:00 +0530 https://dailyworld.in/economy/india-uk-agree-to-resume-free-trade-talks-603183.html New Delhi Feb 24 IANS Union Minister of Commerce and Industry Piyush Goyal on Monday said that India and the UK have decided to restart negotiations for a Free Trade Agreement FTA after a meeting here with his UK counterpart Jonathan ReynoldsnbspPrime Minister Narendra Modi and his UK counterpart Keir Starmer met on the sidelines of the G20 Summit in Rio de Janeiro Brazil in November last year to underline the importance of resuming trade negotiations at an early datenbspThe latest announcement is an outcome of the discussions held at the level of Prime Ministers of the two countriesAll options are on the table We are in active negotiations on three different aspects the FTA the Bilateral Investment Treaty and a Double Contribution Convention Agreement And all three are in parallel and conjoined with each other Goyal saidnbspReynolds said India is a vital partner for the UK in an increasingly volatile and multipolar worldnbspWe have kickstarted negotiations for UK and India FTA again Through these talks we want to secure a mutually beneficial agreement added Reynolds the UK Business and Trade Secretary who is in India on a threeday visitGoyal made it clear that India would not rush into a trade agreement in haste We will have speed but not haste he quipped when asked whether a deadline had been fixed to sign the dealnbspReynolds said There is really an urgency and this is a top priority for the UK government and has strong support from the UK Prime Minister and key cabinet colleaguesnbspHowever for the UK it is also about the quality of the trade agreements rather than the speed of delivering them he addednbspThe UK and India have been negotiating an FTA since January 2022 under the previous Conservativeled government The current Labour Party government too has expressed desire to continue these talksThere are 26 chapters in the agreement which include goods services investments and intellectual property rights While the UK is seeking a lowering of tariffs on goods such as electric vehicles and Scotch whisky India wants easier visa rules for its professionals in the services sector to enter the UKnbspIndia and the United Kingdom have a close partnership built through collaboration on security and defence new and emerging technologies climate health education research and innovation green finance and peopletopeople contacts At the centre of this relationship is the collective aspiration to deliver economic growth and sustainable developmentnbspBoth sides have agreed to resume negotiations towards a balanced mutually beneficial and a forwardlooking deal that delivers mutual growth and builds on the strengths of the two complementary economiesIANS https://dailyworld.in/economy/india-uk-agree-to-resume-free-trade-talks-603183.html Mon, 24 Feb 2025 19:01:00 +0530 https://dailyworld.in/economy/right-time-to-invest-in-madhya-pradesh-pm-modi-at-global-investors-summit-603093.html Bhopal Feb 24 IANS Prime Minister Narendra Modi on Monday inaugurated the Global Investors Summit here highlighting investment opportunities in Madhya Pradesh and urging investors to tap available potential in the state Addressing the gathering PM Modi said The Global Investors Summit in Madhya Pradesh is a commendable initiative It serves as a vital platform to showcase the states immense potential in industry innovation and infrastructure By attracting global investors it is paving the way for economic growth and job creation Happy to see Madhya Pradesh emerge as a key hub for business and entrepreneurshipPM Modi highlighted his governments priority on doing away with redundant regulations He said his government is in talks with the states to soon form a deregulation commission to pick those redundant regulations that hamper progress and come in the way of Ease of Doing Business The deregulatory initiatives have already seen significant progress with the abolition of 40000 redundant mandatory compliances to improve the ease of doing businessThe Prime Minister underscored the importance of the textile tourism and technology sectors in Indias growth He highlighted that India is a leading producer of cotton silk and viscose with Madhya Pradesh being a major contributor The states Chanderi and Maheshwari sarees are renowned globally and around 25 per cent of Indias organic cotton is grown here The establishment of seven textile parks including one rapidly developing in Madhya Pradesh presents lucrative opportunities for investors to capitalise on the states textile potential he saidThe Prime Minister encouraged investors to explore the potential in Madhya Pradeshs health and wellness sector with the government promoting publicprivate partnerships He urged them to visit the temple town of Ujjain and experience the spirituality of Mahakal Lok This is the time and the right time to invest he appealed to the investors The transformation of Madhya Pradesh over the last decade has been remarkable which started more than two decades ago from a rough Bimaru state left by the previous Congress regime With notable advancements in infrastructure and energy the Prime Minister pointed out that the state power generation capacity of 31000 MW 40 per cent of which is derived from clean energy sources Madhya Pradesh is at the forefront of Indias energy revolutionPrime Minister Narendra Modi cited the Rewa Solar Park the largest in India as a prime example of the countrys renewable energy efforts On infrastructure he said the state now boasts 100 per cent rail line electrification and has modernized 80 railway stations under the AMRIT Bharat initiative with the first worldclass private railway station named after erstwhile queen Rani Kamlapati of Bhopal The power sector has witnessed unprecedented growth with investments amounting to approximately 70 billion 5 trillion rupees in renewable energy creating one million jobs and significantly benefiting the region the Prime Minister saidEmphasizing the importance of water security the Prime Minister highlighted ongoing efforts in water conservation and river linking which will greatly benefit both agriculture and industry The Rs 45000 crore KenBetwa river linking project is a testament to these efforts aiming to enhance water management in the region he said To empower the middle class and stimulate economic growth the government has exempted income tax up to Rs 12 lakh and the RBI has reduced interest rates postbudget the PM said The focus on strengthening the local supply chain is intended to foster selfreliance in the manufacturing sector PM Modi said while addressing the limitations imposed by previous governments on the MSME sector Additionally the government is providing robust support to exporters he saidIANS https://dailyworld.in/economy/right-time-to-invest-in-madhya-pradesh-pm-modi-at-global-investors-summit-603093.html Mon, 24 Feb 2025 14:02:00 +0530 https://dailyworld.in/economy/kerala-global-summit-india-us-trade-pact-to-be-mother-of-all-deals-says-piyush-goyal-602574.html Kochi Feb 21 IANS The muchanticipated Bilateral Trade Agreement BTA between India and the United States will be the mother of all deals Union Commerce and Industry Minister Piyush Goyal said on FridaynbspAddressing the Invest Kerala Global Summit here the minister said India will soon start discussing a strong and powerful bilateral trade deal with the USnbspIt will be the mother of all deals providing huge opportunities for both Indians and Americans while complementing each others strengths in a turbulent economic world he stressednbspThe minister further stated that Kerala offers unique opportunities in every sphere including tourism manufacturing and logisticsThe BTA is an agreement between India and the US initiated during Prime Minister Narendra Modis visit to Washington DC to meet US President Donald Trump The key goal is to double bilateral trade to 500 billion by 2030nbspThe first part of the negotiations of the BTA are slated to be completed by the end of 2025 with both sides expected to soon appoint senior representatives to advance negotiationsnbspEarlier this week Goyal said that India and the US do not compete as much as they complement each other and discussions are underway with various stakeholders both within and outside the government to strengthen trade ties between the two nationsIn his virtual address at the NDTV Profit Conclave the minister said this is a relationship between two friendly nations trusted partners and powerful democracies and we do not compete as much as we complement each othernbspThe Union Minister highlighted that Indias position in global trade negotiations had been strengthened due to its focus on protecting domestic industries from nonmarket economies that lack transparent trading systemsTrade relations between India and the US have already been bolstered through strategic bilateral and multilateral engagements including defence ties education and peopletopeople connectionsnbspThere were several tangible outcomes from the PMs visit to the US These include strengthening cooperation in defence terrorism energy security covering both fossil fuels and nuclear power trade and investment besides leveraging Indias human capitalIANS https://dailyworld.in/economy/kerala-global-summit-india-us-trade-pact-to-be-mother-of-all-deals-says-piyush-goyal-602574.html Fri, 21 Feb 2025 14:46:00 +0530 https://dailyworld.in/economy/four-new-expressways-ai-city-scooty-for-girls-in-up-govts-rs-808-lakh-crore-budget-602372.html Lucknow Feb 20 IANS Uttar Pradesh Finance Minister Suresh Khanna on Thursday presented a budget of Rs 8087366 crore for the financial year 202526 focusing on infrastructure technology education and social welfarenbspPresenting the budget in the Assembly the Finance Minister emphasised rapid infrastructure development and employment generation He announced that 22 per cent of the budget has been earmarked for developmental initiatives 13 per cent for education 11 per cent for agriculture and allied services and 6 per cent for healthcarenbspKhanna highlighted improvements in law and order and power supply stating that digital platforms like Nivesh Saarthi Nivesh Mitra and the Online Incentive Benefit Management System have enhanced transparency in the investment process boosting investor confidenceAs per the budget announcements four new expressways will be developed and 58 municipalities will be transformed into smart citiesnbspThe UP government plans to establish an Artificial Intelligence City to position the state as a centre for technological innovation A Technology Research Translation Park focused on cybersecurity and a Center of Excellence for AI will also be set upnbspA Science City Science Park and Planetarium will be developed along with the renovation of existing institutionsnbspMeritorious girl students will receive scooties based on eligibility Rs 24 crore has been allocated for providing laptops and smartphones to revenue personnel for online workOther announcements include two free LPG cylinders under the Ujjwala Yojana Rs 1050 crore for the Farmer Welfare Fund to assist farmers in case of accidental deathdisability Rs 550 crore for the Chief Ministers Mass Marriage Scheme to support marriages of daughters across all categories Rs 2980 crore for pensions under the Destitute Women Pension Scheme Rs 700 crore for the Kanya Sumangala Scheme and Rs 1424 crore for the Disabled Maintenance Grant SchemenbspA Solar City will be developed in AyodhyanbspKhanna said that the Maha Kumbh 2025 in Prayagraj is a historic event occurring once every 144 years and extensive preparations were underway to make it a grand successHe reiterated Chief Minister Yogi Adityanaths vision of making Uttar Pradesh a 1 trillion economy A sectorwise action plan has been prepared focusing on agriculture infrastructure industries IT healthcare education tourism urban development and financial services to drive economic growthnbspDescribing the budget as a major step towards economic development and social welfare Khanna said Under the leadership of Prime Minister Narendra Modi and Chief Minister Yogi Adityanath Uttar Pradesh has made unprecedented progress across sectors including law and order industrial development poverty alleviation and financial inclusionIANS https://dailyworld.in/economy/four-new-expressways-ai-city-scooty-for-girls-in-up-govts-rs-808-lakh-crore-budget-602372.html Thu, 20 Feb 2025 15:25:00 +0530 https://dailyworld.in/economy/factory-strike-samsung-urges-tn-govt-to-ensure-ease-of-doing-business--602428.html Chennai Feb 20 IANS South Korean major Samsung on Thursday urged the Tamil Nadu government to ensure ease of doing business while prioritising worker safety amid the ongoing labour strikenbspThe standoff between the Samsung India Workers Union SIWU affiliated with the Centre of Indian Trade Unions CITU and Samsung India management has escalated furthernbspA certain section of workers once again illegally tried to disrupt operations and industrial peace today We have a zerotolerance policy for any illegal activities by workers that disrupt industrial stability and peace at the workplace said the company in an updated statementIt further added that it is important for all employees to adhere to company policies and those who violate these policies will be subject to disciplinary action after due processnbspWhile our production remains uninterrupted we urge the state authorities to secure the safety of our workers maintain discipline and provide ease of doing business the South Korean company addednbspThe company however said the production remains unaffectedMeanwhile the CITU has announced plans to stage demonstrations across four State Industries Promotion Corporation of Tamil Nadu SIPCOT locations in Kancheepuram district on FridaynbspThe union has also vowed to block the gates of Samsungs Sriperumbudur factory on the same day preventing contract workers whom they term illegal workers from entering the premisesnbspThe trade union body has also declared a oneday strike across all industries in Kancheepuram district on March 7The protest began on February 5 with over 500 Samsung workers staging a sitin against the suspension of the three SIWU members The union itself was officially registered by the state Labour Welfare Department after a 38day strike and a 212day legal battlenbspSamsungs Sriperumbudur plant employs around 1800 workers and manufactures televisions washing machines refrigerators air conditioners and compressorsIANS https://dailyworld.in/economy/factory-strike-samsung-urges-tn-govt-to-ensure-ease-of-doing-business--602428.html Thu, 20 Feb 2025 19:28:00 +0530 https://dailyworld.in/economy/india-turns-food-surplus-powerhouse-driven-by-robust-farm-sector-growth-study-602151.html New Delhi Feb 19 IANS India has evolved from a foodscarce nation to a foodsurplus powerhouse with a strong export performance on the back of robust growth in agriculture reflecting the farm sectors resilience and its significant role in the global agricultural trade landscape according to a study released by apex business chamber PHDCCInbspnbspThe report titled Indias Agricultural Transformation From Food Scarcity to Surplus projects the countrys foodgrain production growth at 2 per cent to about 3357 lakh tonnes for the year 202425nbspThe business chambers projections indicate a significant expansion in agricultural and processed food products exports with exports reaching 125 billion by FY2030 250 billion by FY2035 450 billion by FY2040 and 700 billion by FY2047The PHDCCI study projects that Indias food processing sector is expected to reach 700 billion by FY 2030 1100 billion by FY2035 1500 billion by FY 2040 1900 billion by FY 2040 and 2150 billion by 2047nbspThe report states that while some states excel in agricultural performance their overall economic growth remains modest This highlights an opportunity to better leverage agricultural success to drive broader economic development By strengthening linkages between agriculture and other sectors these states can unlock new avenues for growth fostering more inclusive and balanced economic growth the report points outOverall the analysis suggests that foodgrain production in India is significantly influenced by factors such as electricity availability warehousing capacity and gross irrigated areanbspRainfall does not appear to have a statistically significant impact which contrasts with the traditional view of Indias heavy reliance on the monsoon for agriculture The report is of the view that they have a moderate degree of association This points to a more resilient agriculture having emerged in the countrynbspPHDCCI said that the objective of the study was to analyse agriculture and factors impacting agriculture in India by applying the techniques of trend analysis correlation and regressionnbspThe latest figures also show that Indias rice exports jumped by a robust 4461 per cent to 137 billion in January 2025 from 095 billion in January 2024 to emerge as one of the major growth drivers in the countrys overseas merchandise basket reflecting the strength of the countrys farm sector Similarly soybean exports have also risen to a record high during the monthIANS https://dailyworld.in/economy/india-turns-food-surplus-powerhouse-driven-by-robust-farm-sector-growth-study-602151.html Wed, 19 Feb 2025 14:09:00 +0530 https://dailyworld.in/economy/rajasthan-govt-committed-to-make-state-350-billion-economy-by-2030-dy-cm-diya-kumari--602195.html Jaipur Feb 19 Rajasthan Deputy Chief Minister Diya Kumari on Wednesday presented the Budget for the financial year 202526 with a focus on employment and water supply projects and announced major initiatives including the construction of nine greenfield expresswaysnbspWhile presenting the Budget for the financial year 202526 in the House on Wednesday Kumari who also holds the finance portfolio announced recruitment for 125 lakh posts in government departments and state undertakings in the coming yearnbspUnder the guidance of Prime Minister Narendra Modi our government has proved the trust expressed by the public was right by setting new records of development in the state in the first year of its tenure itself she said in her Budget speechShe further noted that Under the able leadership of Chief Minister Bhajanlal Sharma the GDP indicating the development of the state is estimated to increase to more than Rs 1989000 crore in the year 202526 The Finance Minister said we are committed to create a USD 350 billion economy by the year 2030 We have increased capital expenditure by more than 40 per cent in a short period and have constructed more than 9600 km of new roads and upgraded more than 13000 km of roads She announced that as many as 2 lakh new houses will be provided with drinking water connections and on this initiative Rs 400 crore will be spentShe said the state government will construct nine greenfield expressways at a cost of Rs 60000 crorenbspShe said the state government has delivered 58 per cent of its promises made in the election manifesto and has fulfilled 73 per cent of the previous Budget announcementsnbspDiya Kumari started her Budget speech by presenting the states income expenditure estimates for the year 202526nbspStarting the Budget session Assembly Speaker Vasudev Devnani said the government will respond to issues raised by the Opposition after the Zero Hour on February 20nbspIt is pertinent to note that the Opposition Congress is demanding the governments response to the allegations of phone tapping leveled by Cabinet Minister Kirodi Lal MeenanbspThe Budget session of the Rajasthan Legislative Assembly began on January 31 with the address of Governor Haribhau BagdeAgencies https://dailyworld.in/economy/rajasthan-govt-committed-to-make-state-350-billion-economy-by-2030-dy-cm-diya-kumari--602195.html Wed, 19 Feb 2025 16:43:00 +0530 https://dailyworld.in/economy/sensex-nifty-bounce-back-to-end-eighth-day-losing-streak-601760.html Mumbai Feb 17 IANS The Indian benchmark equity indices on Monday reversed their early losses to end their eightday losing streak and closed the intraday trading session in the positive territory The Sensex finished at 7599686 up by 5765 points or 008 per cent from its previous close It was around 70210 points higher than its intraday low of 7529476 with the Sensex touching an intraday high of 7604196 Similarly the Nifty ended the day 3025 points or 013 per cent higher at 2295950 The index traded between 2297420 and 2272545 during the session Out of the 50 stocks that make up the Nifty index 34 ended the day in the green with Adani Enterprises leading the gains with a nearly 4 per cent riseAmong the top gainers were Adani Ports Bajaj Finance Power Grid and IndusInd Bank On the other hand Mahindra ampamp Mahindra Bharti Airtel Infosys TCS and ICICI Bank were among the major losers with their shares falling as much as 345 per cent The broader markets also saw a recovery in the second half of the trading day The Nifty Midcap100 index closed with a gain of 039 per cent while the Nifty Smallcap100 index ended with a marginal increase of 004 per cent Among the sectors on the NSE Pharma Banks Financial Services Healthcare OMCs Consumer Durables and Metals showed positive movementsThe Nifty Pharma index was the top performer which rose 127 per cent during the session with Glenmark Pharma and Ajanta Pharma leading the gains However the Nifty Auto FMCG IT and Media indices ended lower with declines of up to 071 per cent According to experts recent shifts in global policies especially those emerging from the US are invoking a sense of uncertainty among foreign institutional investors FIIs which in turn is reshaping their investment strategies in dynamic markets like India Additionally the prevailing high valuations in the Indian stock market have added to the caution among investors said Vipul Bhowar of Waterfield Advisors Last week both indices ended their twoweek winning streak with significant lossesIANS https://dailyworld.in/economy/sensex-nifty-bounce-back-to-end-eighth-day-losing-streak-601760.html Mon, 17 Feb 2025 17:06:00 +0530 https://dailyworld.in/economy/govt-received-over-60-000-inputs-from-citizens-towards-new-income-tax-bill-fm-601779.html Mumbai Feb 17 IANS The government received more than 60000 inputs from the citizens towards the making of the new Income Tax Bill 2025 Union Finance Minister Nirmala Sitharaman said on MondaynbspAddressing a postBudget event here the Finance Minister said the review of the IncomeTax Act 1961 has a big component of Prime Minister Narendra Modis principle of Jan BhagidarinbspThe governments emphasis postCovid19 pandemic has been to put money for public expenditure in capital building continues The perception of the focus shifting from expenditure to consumption is not right Capex has been enhanced and simultaneously weve given relief in the Personal Income Tax she saidShe introduced the new Income Tax Bill 2025 in the Lok Sabha last week as part of the tax reforms to streamline and simplify the provisions so that they are easier to understand and reduce the scope for legal disputesnbspThe Finance Minister also thanked PM Modi for being considerate in giving relief to the taxpayers earning up to Rs 12 lakh per annumnbspWe are committed to fiscal deficit path set in July Budget aiming below 45 per cent she mentionednbspReforms towards boosting manufacturing Ease of Doing business and steps for the betterment of social infrastructure are all being kept in placeWe wont stop with it The momentum of reforms shall continue Newer areas are also being opened up and thats why in the last two years we have been seeing investment in the space sector nuclear sector etc the Finance Minister emphasisednbspI expect that even state governments will come forward to promote Ease of Business she addednbspThe Budget has not reduced sectoral allocations and the effective capital expenditure during the next fiscal is estimated at Rs 1908 lakh crore according to FM SitharamannbspThe Finance Minister said that the effective capital expenditure works out to 43 per cent of the GDP in the Budget for 202526 while the fiscal deficit is 44 per centIANS https://dailyworld.in/economy/govt-received-over-60-000-inputs-from-citizens-towards-new-income-tax-bill-fm-601779.html Mon, 17 Feb 2025 17:31:00 +0530 https://dailyworld.in/economy/fir-against-new-india-cooperative-bank-gm-in-rs-122-crore-financial-fraud-601446.html Mumbai Feb 15 IANS Two days after the Reserve Bank of India RBI imposed restrictions on the operations of New India Cooperative Bank a First Information Report FIR has been registered at the Dadar Police Station in Mumbai alleging financial embezzlement within the banknbspThe complaint filed under relevant sections of the Bharatiya Nyay Sanhita BNS was lodged by Devarshi Shishir Kumar Ghosh 48 the Acting Chief Executive Officer CEO of the banknbspThe primary accused in the case is Hitesh Mehta the General Manager of the bank The FIR also names several of his colleagues including people serving as General Manager and Head of AccountsAccording to the FIR the accused allegedly misused their official positions conspired and embezzled Rs122 crore from the banknbspThe investigation has been transferred to the Economic Offences Wing EOW of Mumbai Police The probe will be conducted under the supervision of DCP Mangesh Shinde who oversees bankingrelated financial crimesnbspThe RBI has imposed restrictions on the bank due to supervisory concerns and liquidity issues The directive effective from Thursday bars the bank from allowing withdrawals but permits loan adjustments against deposits Essential expenses like employee salaries rent and electricity bills can still be coveredThe Reserve Bank had come to know that the financial condition of this bank was not goodnbspThe RBI is now raising questions about whether the bank has enough money or not Therefore people have been prohibited from withdrawing money from their savings account current account or any other accountnbspThe Reserve Bank has said that these restrictions have been imposed to protect the interests of the customersnbspAdditionally the bank will not have the authority to sell any of its assets These restrictions will remain in effect for a period of six months beginning from February 13 2025nbspThe restrictions caused panic among the depositors who rushed to the banks respective branches only to be told that they couldnt withdraw their moneyIANS https://dailyworld.in/economy/fir-against-new-india-cooperative-bank-gm-in-rs-122-crore-financial-fraud-601446.html Sat, 15 Feb 2025 13:27:00 +0530 https://dailyworld.in/economy/indias-success-in-ensuring-universal-access-to-clean-cooking-gas-example-to-world-minister-puri-600963.html New Delhi Feb 12 IANS Indias remarkable success in ensuring universal access to clean cooking gas backed by smart subsidies and sustainable policies provides a scalable solution for other developing nations striving to achieve clean cooking access Union Minister of Petroleum and Natural Gas Hardeep Singh Puri said on WednesdaynbspnbspChairing a Ministerial Roundtable on Clean Cooking on the second day of India Energy Week 2025 in the national capital Minister Puri highlighted Indias success through targeted subsidies strong political will digitisation of distribution networks by oil marketing companies OMCs and nationwide campaigns promoting cultural shifts towards clean cookingThe session brought together representatives from Brazil Tanzania Malawi Sudan and Nepal and industry leaders including the International Energy Agency IEA Total Energy and Boston Consulting Group BCGnbspPuri emphasised that Indias model is not only successful but also highly replicable in other Global South nations facing similar energy access challengesnbspThe Union Minister noted that under Indias Pradhan Mantri Ujjwala Yojana PMUY beneficiaries receive LPG access at a highly affordable cost of just 7 cents per day while other consumers can avail themselves of clean cooking fuel at 15 cents per day This affordability has been a gamechanger in driving widespread adoptionDoto Mashaka Biteko Deputy Prime Minister and Minister of Energy Tanzania outlined the strategy to enable 80 per cent of households to transition to clean cooking by 2030 leveraging subsidies and a mix of energy sources including LPG natural gas and biogasnbspDr Mohieldien Naiem Mohamed Saied Minister of Energy and Oil Sudan emphasised the need for private sector engagement to bridge gaps in LPG supply as the country still imports a significant portion of its energy needsMary Burce Warlick Deputy Executive Director of IEA noted that Indias success offers valuable lessons for other countries particularly in tackling challenges related to affordability access and infrastructurenbspShe further emphasised the role of concessional financing and publicprivate partnerships PPP in expanding clean cooking access globally Addressing cultural acceptance and regulatory adjustments such as tax reductions were also highlighted as crucial measures for largescale adoptionResponding to the potential of solar cookers in expanding clean cooking technologies across the Global South Minister Puri highlighted that IOCLs advanced solar cookers featuring integrated solar panels are priced at approximately 500 per unit with no additional costs over their lifecyclenbspThis initiative aligns with Indias broader efforts to diversify clean cooking options beyond LPG reinforcing the countrys commitment to reducing reliance on traditional biomass fuels and cutting carbon emissionsIANS https://dailyworld.in/economy/indias-success-in-ensuring-universal-access-to-clean-cooking-gas-example-to-world-minister-puri-600963.html Wed, 12 Feb 2025 17:24:00 +0530 https://dailyworld.in/economy/indias-cpi-inflation-falls-to-5-month-low-of-431-pc-in-jan-600964.html New Delhi Feb 12 IANS Indias retail inflation rate based on the Consumer Price Index fell to a fivemonth low of 431 per cent in January as prices of vegetables and pulses eased during the month bringing respite to household budgets according to figures released by the Ministry of Statistics on WednesdaynbspThe easing of inflation reflects a steadily declining trend after having touched a 14month high of 621 per cent in October CPI inflation had declined to 548 per cent in November and 522 per cent in DecembernbspThe food inflation at 602 per cent in January 2025 is the lowest after August 2024The significant decline in headline inflation and food inflation during the month of January is mainly attributed to the decline in inflation of vegetables egg pulses cereals education clothing and health according to an official statementnbspThe top five items showing the highest year on year Inflation at the All India level in January are coconut oil 5420 per cent potato 4961 per cent coconut 3871 per cent garlic 3065 per cent peas vegetables 3017 per centThe key items having the lowest yearonyear inflation in January 2025 are Zeera 3225 per cent ginger 3092 per cent dry chillies 1127 per cent brinjal 994 per cent LPG excl conveyance 929 per centnbspThe yearonyear fuel and light inflation rate for the month of January is 138 per cent The corresponding inflation rate for the month of December 2024 was 133 per cent as fuel prices have been coming downnbspRBI Governor Sanjay Malhotra announced on Friday a 25 basis cut in the policy rate from 65 per cent to 625 per cent in the monetary policy review to accelerate growth amid global uncertaintiesHe said that inflation has declined and is expected to further moderate and gradually align with the RBIs targetnbspThe monetary policy decision maintains a delicate balance between controlling inflation and pushing up the growth rate in a slowing economynbspThe MPC also unanimously decided to continue with its neutral stance in monetary policy and will focus on inflation while supporting growth This would provide flexibility to respond to the macroeconomic environment Malhotra saidnbspNow with the retail inflation continuing with its downward trend the RBI will have more headroom to follow a soft money policy to make more credit available to businesses and consumers which will propel economic growthIANS https://dailyworld.in/economy/indias-cpi-inflation-falls-to-5-month-low-of-431-pc-in-jan-600964.html Wed, 12 Feb 2025 17:27:00 +0530 https://dailyworld.in/economy/piyush-goyal-rolls-out-red-carpet-for-israeli-firms-to-invest-in-india-600818.html New Delhi Feb 11 IANS The government on Tuesday invited Israeli companies to invest in India as the rapid growth in the countrys demand potential offers huge business opportunitiesnbspAddressing the IndiaIsrael Business Forum here Union Minister of Commerce and Industry Piyush Goyal said that demand defines the India storynbspShow me any other country in the world where you can sell 250 million washing machines maybe in the next 1015 years or 250 million refrigerators television sets or smartphones Thats the demand potential that India has the Union Minister told the gatheringGoyal highlighted that in the last decade the government has focused on strengthening the macroeconomic fundamentals of the country with a strong emphasis on improving infrastructure to take economic prosperity to every corner of the countrynbspIndia provides a huge domestic market of 14 billion people he pointed outnbspHe highlighted 10 Ds that define the India opportunity democracy demographic dividend diversity digitalisation decarbonisation determination development dependability decisiveness and demandnbspGoyal emphasised on India being a dependable partner to Israel as the country is known to keep every commitment it makes He also stressed on the demand potential of the country that has shown rapid growth and is set to increase every yearCalling India and Israel natural allies he noted that due to Indias large demand growth Israel has several key areas from technology to appliances to invest innbspIndia has a strong judiciary to fall back on the Minister noted and said that the young demographic will provide a strong workforce for the future decadesnbspHe also highlighted the Centres efforts to provide public welfare over the years Today the efforts have given rich dividends The nation is standing on strong macroeconomic fundamentals with ability to withstand Covid war and amidst turbulent geopolitical times said the ministernbspIsraels Minister of Economy and Industry Nir Barkat said a mutual investment agreement between the two countries could be signedWe are also seeking how to help invest in infrastructure and in companies that are going to Make in India aligned with the strategy of Prime Minister Modi This is something that makes sense for Israeli companies Barkat notednbspThe Israeli minister said that with over 10000 startups Israel is among the most entrepreneurial countries in the world We excel in classic hightech agrotech foodtech aquatech deserttech and climate change We are very powerful in defence and homeland security and in advanced industries We find those business clusters are very relevant for India he mentionedThe Israeli government will develop a protocol to offer infrastructure tenders to Indian companies Israels Ambassador Reuven Azar said at the SummitnbspIn his address Azar also proposed to sign a mutual investment agreement between the two countries as soon as next monthnbspIndia received 327 million foreign direct investment FDI from Israel during April 2000 and September 2024IANS https://dailyworld.in/economy/piyush-goyal-rolls-out-red-carpet-for-israeli-firms-to-invest-in-india-600818.html Tue, 11 Feb 2025 18:16:00 +0530 https://dailyworld.in/economy/new-income-tax-bill-to-raise-transparency-in-tax-laws-say-experts-600673.html New Delhi Feb 10 IANS The new Income Tax Bill is contemplated to raise the level of transparency in tax laws by adopting clear and unambiguous language in tax provisions which allows the taxpayers to easily understand their obligations and rights industry experts said on MondaynbspnbspUnion Finance Minister Nirmala Sitharaman is expected to introduce the Income Tax Bill this week which would go to the Parliaments Standing Committee on Finance for scrutinynbspWith the commitment of the government to trust first scrutinise later the proposal for an introduction of new IT Bill has been a matter of current buzz Various stakeholders are anticipating numerous changes as compared to erstwhile incometax lawIt is expected that the new IT Bill 2025 would address the issue of complexity in determining tax residency of an individual in India Currently it involves multiple conditions for qualifying an individual as a tax resident said Harsh Bhuta Partner Bhuta Shah ampamp ConbspCurrently the income tax law comprises of humongous tax provisions The new IT Bill is anticipated to address this issue by eliminating certain redundant as well as obsolete provisions and reducing its volume considerablyAccording to experts the new IT Bill would not entail any new tax but concentrate on facilitating tax compliance in a better waynbspIt is also expected that announcements for incometax reliefs or amendments to the incometax law will now no longer be required to wait till budget proposals The government can make the changes to relief by way of executive orders onlynbspBhuta further stated that the focus of new IT Bill will be on reduced number of scrutiny in case of gross noncompliance to ensure that undue harassment to honest taxpayers is curbed Also this will lead to reduction in litigation issuesThe new IT Bill is set to reduce the complex compliance burden by simplifying the compliance process making it easier and comprehensible for all taxpayers thereby ensuring savings in cost and timenbspExperts said that the ongoing review of the Incometax Act 1961 seeks to modernise and simplify Indias tax system in line with broader economic goalsnbspIt aims to enhance the ease of doing business reduce ambiguity in interpretations improve tax administration and compliance This will help increase Indias taxGDP ratio to global levels and support sustainable economic growth said Sandeep Chaufla Partner Price Waterhouse and Co PwCIANS https://dailyworld.in/economy/new-income-tax-bill-to-raise-transparency-in-tax-laws-say-experts-600673.html Mon, 10 Feb 2025 14:44:00 +0530 https://dailyworld.in/economy/india-to-inaugurate-efta-desk-to-bolster-economic-ties-with-4-european-nations-today-600674.html New Delhi Feb 10 IANS In a significant step towards deepening economic ties with the European Free Trade Association EFTA Union Minister for Commerce and Industry Piyush Goyal along with his counterparts from EFTA bloc will inaugurate the EFTA Desk at Bharat Mandapam in the national Capital on MondaynbspThe initiative in line with the IndiaEFTA Trade and Economic Partnership Agreement TEPA which was signed on March 10 2024 aims to serve as a dedicated platform to promote trade investment and business facilitation between India and the four EFTA nations Switzerland Norway Iceland and Liechtenstein according to a statement issued by the Ministry of Commerce and IndustryThe EFTA bloc will be represented by Helene Budliger Artieda Swiss State Secretary Tomas Norvoll State Secretary of Trade and Industry Norway Martin Eyjolfsson Permanent Secretary of State Iceland Dominique Hasler Minister of External Affairs Liechtenstein at the inauguration ceremonynbspSenior officials from the Department for Promotion of Industry and Internal Trade DPIIT and the Department of Commerce DOC will also address the gathering outlining Indias vision for stronger economic engagement with EFTA nationsnbspThe IndiaEFTA Dedicated Desk will act as a centralised support mechanism for EFTA companies looking to expand in IndianbspIt will provide market insights and regulatory guidance business matchmaking and assistance in navigating Indias policy and investment landscapeAfter the inauguration a highlevel EFTAIndia Business Roundtable will convene featuring over 100 leading businesses from India and EFTA nations aimed at fostering collaboration across key sectors including pharmaceuticals and life sciences financial services and fintech mechanical and electrical engineering energy and sustainability seafood and maritime food processing and agritechnbspThe roundtable will provide a structured forum for companies to explore joint ventures investment opportunities and technology partnerships under the framework of the trade and economic partnership agreementnbspEFTA has committed to promote investments with the aim to increase the stock of foreign direct investments by 100 billion in India in the next 15 years and to facilitate the generation of 1 million direct employment in India through such investments The investments do not cover foreign portfolio investmentEFTA is offering 922 per cent of its tariff lines which covers 996 per cent of Indias exports to the regionnbspThe EFTAs market access offer covers 100 per cent of nonagri products and tariff concession on Processed Agricultural Products PAPnbspUnder the agreement India is offering 827 per cent of its tariff lines which covers 953 per cent of EFTA exports of which more than 80 per cent import is goldnbspThe effective duty on gold remains untouched Sensitivity related to PLI in sectors such as pharma medical devices and processed food etc have been taken while extending offers Sectors such as dairy soya coal and sensitive agricultural products are kept in the exclusion listIANS https://dailyworld.in/economy/india-to-inaugurate-efta-desk-to-bolster-economic-ties-with-4-european-nations-today-600674.html Mon, 10 Feb 2025 14:53:00 +0530 https://dailyworld.in/economy/bengal-received-investment-proposals-worth-rs-440-lakh-crore-in-biz-summit-mamata-600078.html Kolkata Feb 6 Chief Minister Mamata Banerjee on Thursday said West Bengal received investment proposals valued at over Rs 440 lakh crore during the twoday business conclave this year and asserted that the state remains a prime destination for investors Addressing the concluding session of the summit Banerjee revealed that a total of 212 memoranda of understanding MoUs and letters of intent were signed across various sectors reflecting the states robust investment climatenbspWe have received investment proposals worth Rs 4 40595 crore during this event This will create thousands of job opportunities in West Bengal she said highlighting the significance of the summitnbspBanerjee also credited her governments development efforts since 2011 for uplifting 172 crore people above the poverty lineOur focus on infrastructure industry and social welfare has led to significant progress she addednbspIn the last edition of BGBS in 2023 investment proposals valued at Rs 376 lakh crore were received demonstrating the steady growth of the states economynbspThe chief minister further highlighted the success of the previous summits stating that over the last seven BGBS editions investments worth Rs 19 lakh crore have been made out of which work for Rs 13 lakh crore has already been completednbspThis significant progress underscores the states commitment to delivering on investment promises and its growing appeal as a business hub she saidA key highlight of this years summit was the investment commitment from Reliance Industries with its Chairman Mukesh Ambani pledging to invest Rs 50000 crore in the state by the end of the decadenbspIn less than a decade our investments in Bengal have increased 20 times and we have invested over Rs 50000 crore We shall double this investment by the end of this decade creating over one lakh direct jobs Ambani said at the event on WednesdaynbspOther notable announcements included the unveiling of a global center of excellence for artificial intelligence by ITC in New Town Kolkata JSW Group also made a significant commitment with Chairman Sajjan Jindal announcing an investment of Rs 16000 crore to develop a 1600 MW power project at Salboni with plans to double the capacity in the futureThe summit attracted key industrialists policymakers and international delegates reinforcing Bengals position as a leading investment hub in eastern IndianbspBanerjee mentioned that 20 partner countries were involved in the summit with representatives from an additional 20 countries attendingnbspThe response has been overwhelming Yesterday major industrialists like Mukesh Ambani and Sajjan Jindal shared their investment plans I have had separate discussions with them and received further assurances of investment the chief minister statednbspBanerjee also noted that the summit included a large exhibition with 215 stalls showcasing various industriesIn the last 14 years our infrastructural development has been remarkable We do not create divisions among people Bengal is the heart of culture and 5000 investors and representatives have attended this summit she addednbspThe chief minister also shared some specific achievements including the state providing land to ONGC in Ashoknagar for just Re 1nbspSoon ONGC will begin commercial oil extraction in Ashoknagar she saidnbspIn her concluding remarks Banerjee highlighted the social progress made in the state noting that 1 crore 72 lakh people in Bengal have risen above the poverty linenbspAgencies https://dailyworld.in/economy/bengal-received-investment-proposals-worth-rs-440-lakh-crore-in-biz-summit-mamata-600078.html Thu, 06 Feb 2025 17:48:00 +0530 https://dailyworld.in/economy/sbi-posts-robust-84-pc-surge-in-net-profit-at-rs-16-891-crore-in-q3-600055.html Mumbai Feb 6 IANS Indias largest public sector lender the State Bank of India SBI on Thursday reported an impressive 8432 per cent surge in net profit yearonyear at Rs 16891 crore for the OctoberDecember quarter Q3 FY25 from Rs 9164 crore in the yearago periodnbspThe profit rise was aided by higher core income during the quarternbspThe net interest income NII or core income was up 409 per cent from a year ago and stood at Rs 414455 crore compared to Rs 39816 crore according to the banks stock exchange filingnbspThe gross NPA ratio improved to 207 per cent as on December 31 2024 against 213 per cent in the September quarter On a sequential basis the net NPA ratio remained unchanged at 053 per cent as on December 31 2024The banks ROA and ROE for the nine months of this fiscal FY25 stood at 109 per cent and 2146 per cent respectivelynbspThe employee expenses dropped 17 per cent to Rs 16074 crore and the SBIs domestic loans grew 1406 per cent yearonyear Provisions rose 324 per cent from last year to Rs 91106 crorenbspOperating profit for Q3 FY25 grew by 1581 per cent YoY to Rs 23551 crorenbspThe SBI reported credit growth at 1349 per cent YoY with domestic advances growing by 1406 per cent while gross advances crossed Rs 40 lakh crore yearonyearAccording to its filing whole bank deposits grew at 981 per cent onyear out of which Current Account Savings Account CASA deposits grew by 446 per cent YoY CASA ratio stood at 3920 per cent as on December 31nbspWhile foreign offices advances grew by 1035 per cent SME advances grew by 1871 per cent followed by agri advances which grew by 1531 per cent while corporate advances and retail personal advances registered growth of 1486 per cent and 1165 per cent respectivelynbspThe banks shares were trading at Rs 7522 apiece down 181 per cent after the Q3 resultsIANS https://dailyworld.in/economy/sbi-posts-robust-84-pc-surge-in-net-profit-at-rs-16-891-crore-in-q3-600055.html Thu, 06 Feb 2025 15:29:00 +0530 https://dailyworld.in/economy/openai-to-collaborate-with-india-sam-altman-hails-pm-modis-ai-vision-ashwini-vaishnaw-599868.html New Delhi Feb 5 IANS As the artificial intelligence AI race heats up globally India has devised an exhaustive strategy to create a full AI stack and OpenAI is willing to collaborate with the country on this mission Union Electronics and IT Minister Ashwini Vaishnaw said on WednesdaynbspAfter meeting OpenAI Cofounder and CEO Sam Altman in the national capital the Union Minister posted on X that Altman praised Prime Minister Narendra Modis vision around AI and overall aim to democratise technologyHad super cool discussion with sama on our strategy of creating the entire AI stack GPUs model and apps Willing to collaborate with India on all three Minister Vaishnaw postednbspThe Minister further stated that PM Modi guides us to democratise technology and Altman appreciated PMs visionnbspEarlier Altman who is the owner of popular ChatGPT models said India is a very important market for AI and the companys second biggest market globallyAccording to him India should be a leader in the AI race AI models are still not cheap but they are doable India should be a leader there of course he told the gatheringnbspAltman expressed amazement at how the country has embraced the technology and built an entire ecosystem around itnbspIn the recently presented Union Budget Finance Minister Nirmala Sitharaman announced the creation of three Centres of Excellence CoEs in AI for education The initiative with a budget allocation of Rs 500 crore aims to strengthen AI research and its use in the education system in the countryThe new AI Centres of Excellence will work on advanced research the development of AI learning tools and foster collaboration between educational institutions and industries The goal is to equip students with the skills they need to thrive in the future AI is transforming industries worldwide and India needs to lead in both AI research and its practical applications FM Sitharaman saidnbspThe country is also likely to launch its own safe and secure indigenous AI model within six months at an affordable cost Backed by a highend common computing facility the IndiaAI mission is now closer to customising indigenous AI solutions for the domestic context using Indian languagesIANS https://dailyworld.in/economy/openai-to-collaborate-with-india-sam-altman-hails-pm-modis-ai-vision-ashwini-vaishnaw-599868.html Wed, 05 Feb 2025 14:24:00 +0530 https://dailyworld.in/economy/india-has-over-300-mobile-manufacturing-units-exports-surpass-rs-129-lakh-cr-ashwini-vaishnaw-599741.html New Delhi Feb 4 IANS India has risen to become the worlds secondlargest mobile manufacturer and from just 2 units in 2014 over 300 units are operational nationwide today Union Minister for Railways and Electronics and IT Ashwini Vaishnaw said on TuesdaynbspAbout 992 per cent of mobile phones sold in India are now made locally as the manufacturing value has soared to Rs 422000 crore with exports crossing Rs 129000 crore in 2024nbspIn 201415 only 26 per cent of the mobile phones which were being sold in the country were made in India and the rest were being importednbspMore than 325 to 330 million mobile phones a year are being manufactured in India and on average there are about a billion mobile phones in use in India said the MinisterIndian mobile phones have virtually saturated the domestic market and theres a substantial uptick in the exports of mobile phones The exports which were almost nonexistent in 2014 have now surpassed Rs 129000 crore Vaishnaw saidnbspPrime Minister Narendra Modis Make In India vision is helping India become a global manufacturing hub he notednbspThe sectors expansion has also been a major employment driver creating approximately 12 lakh direct and indirect jobs over the decadenbspThese employment opportunities have not only uplifted the economic status of numerous families but also contributed to the socioeconomic fabric of the country according to the ministerThe Make in India initiative has been pivotal in achieving these milestones It has enabled the domestic production of critical components and subassemblies such as chargers battery packs mechanics of all types USB cables and more complex components like Lithium Ion Cells speaker and microphones display assemblies and camera modulesnbspLooking forward the focus will intensify on advancing deeper into the value chain particularly in the production of components and semiconductors This shift is part of a broader strategy to enhance selfreliance and establish India as a leading player in the global electronics market Vaishnaw reiteratedThe setting up of a semiconductor manufacturing base in the country has been an important part of Make in India which India has been attempting to achieve for over six decadesnbspWith the launch of the India Semiconductor Mission and the five major projects which have been approved starting with Micron the two projects by Tata Electronics the one project by CG Power and the last project by Keynes a real manufacturing base of semiconductors in this country is being established in IndianbspFrom toys to mobile phones defence equipment to EV motors production is shifting back to India Ashwini Vaishnaw saidIANS https://dailyworld.in/economy/india-has-over-300-mobile-manufacturing-units-exports-surpass-rs-129-lakh-cr-ashwini-vaishnaw-599741.html Tue, 04 Feb 2025 19:20:00 +0530 https://dailyworld.in/economy/budget-boosts-consumption-fiscal-prudence-capex-report-599438.html New Delhi Feb 3 IANS The Union Budget 202526 is crafted as a bold statement of fiscal consolidation and longterm structural reforms with the government maintaining the fiscal deficit at 44 per cent for FY26 while maintaining investment momentum with capital spending rising by 10 per cent to Rs112 lakh crore This is a delicate balance ensuring credibility in debt management while not derailing growth according to a PL Capital report released on Monday The government has not only provided for an increase in Capex but central schemes like PM Awas Rural Drinking Water and solar rooftop scheme have seen sharply higher allocations than FY25RE the report points outThe focus on domestic manufacturing has been sustained with higher allocations under the PLI renewable energy and the semiconductor ecosystem The budget has also provided relief to the middle class by lowering tax rates in the new regime with a hint of new direct tax code introduction shortly Continued thrust on Capex and more money in the hands of people will likely boost domestic consumption A notable positive for financial markets is the absence of any new taxes on equity markets such as Securities Transaction Tax STT or LongTerm Capital Gains Tax LTCG boosting investor sentiment according to the reportIt highlights that the budget incentivises domestic manufacturing energy transition and urban development while ensuring compliancedriven revenue growth without new tax burdens Hopes of broadbased economic recovery will support markets and provide double digit returns in CY25 We recommend investments in Consumers staples and Discretionary Travel and Tourism EMS Hospitals and Pharma Capital Goods and select auto stocks the report stated The report further states that gross market borrowings of Rs1482 lakh crore higher than the Rs145 lakh crore expected by the market along with Rs25 lakh crore switches exert shortterm pressure on bond yieldsHowever expectations of an imminent rate cut supportive open market operations OMO and upcoming RBI policy clarity should stabilise yields between 67675 per cent the report states With an outlay of Rs1121 lakh crore up 10 per cent YoY the budget continues its Capexled growth model Effective capital expenditure at Rs1548 lakh crore ensures multiplier effects particularly in infrastructure nuclear power logistics and energy transition The shift towards publicprivate project execution signals an effort to crowd in private capital rather than relying solely on governmentled investments the report observesThe restructured personal income tax regime raising the nil tax slab to Rs12 lakh and rationalising slabs enhances disposable incomes and revives urban consumption Sustaining rural demand is targeted through increased Kisan Credit Card limits direct farm support and rural infrastructure spending it observes By enhancing ease of doing business via tax certainty new income tax code safe harbour rules revamping the corporate MampampA framework and liberalising FDI in insurance 100 per cent the budget lays a road map for private sectorled Capex revival Monetisation of core assets via the National Monetisation Pipeline NMP 20 supports this shift the report addsIANS https://dailyworld.in/economy/budget-boosts-consumption-fiscal-prudence-capex-report-599438.html Mon, 03 Feb 2025 13:44:00 +0530 https://dailyworld.in/economy/budget-sentiments-over-markets-focus-now-shifts-to-rbi-mpc-meet-on-feb-7-599475.html New Delhi Feb 3 IANS The market is expected to digest the budget announcements and shift its focus back to earnings and the forthcoming RBI monetary policy committee MPC meeting slated on February 7 according to a report on MondaynbspnbspThe MPC may go for a 25bps rate cut to further ease the liquidity in the market according to earlier predictions The RBIs MPC meeting will decide key interest rates the Cash Reserve Ratio CRR and the Reverse Repo Rate This will be the first policy decision under the new RBI Governor Sanjay Malhotra and will be more crucial for market sentimentAccording to the report by Motilal Oswal Financial Services Ltd MOFSL the Union Budget 202526 marks a shift in focus from capital expenditure capex to consumption and savings while still prioritising fiscal deficit consolidationnbspIn a marked departure from previous years the Budget chose to stimulate consumption and savings rather than focus only on capex However it continued to stay focused on fiscal consolidationnbspThe Budget has shifted its fiscal stance towards stimulating consumption moving away from a longstanding focus on capex This is in response to a backdrop of consumption weakness and soft sentiments in the economyFinance Minister Nirmala Sitharaman has demonstrated flexibility in adjusting the fiscal stance to boost consumption without resorting to populist measures said the reportnbspThe Budget also maintains fiscal discipline with the fiscal deficit for FY26 pegged at 44 per cent which is 10 basis points lower than the glide path requirementnbspThis is expected to benefit the bond market strengthen Indias position with sovereign rating agencies and make room for monetary accommodation potentially allowing the RBI to cut ratesnbspSubsidies have been kept flat for the third consecutive year reducing to 8 per cent of total expenditure in FY26E from 14 per cent in FY23The government also demonstrated a focus on ease of doing business by placing greater trust in selfregulationselfassessment promising to lighten income tax provisions and reducing compliance burdens across various lawsnbspThe market is expected to digest the budget announcements and shift its focus back to earnings and the forthcoming RBI monetary policy committee MPC meeting slated on February 7nbspEarnings growth expectations have been moderated with the Nifty PAT expected to grow 5 per cent16 per cent for FY25FY26 Largecaps are preferred over midcaps and smallcaps with Nifty trading at 199 times on a oneyear forward basis while Nifty Midcap and Smallcap are at premiumsIANS https://dailyworld.in/economy/budget-sentiments-over-markets-focus-now-shifts-to-rbi-mpc-meet-on-feb-7-599475.html Mon, 03 Feb 2025 15:19:00 +0530 https://dailyworld.in/economy/1023-percent-capex-hike-in-budget-2025-26-shows-infrastructure-remains-a-priority-fm--599317.html New Delhi Feb 2 IANS Finance Minister Nirmala Sitharaman told NDTV in a postbudget interview that the Governments focus has been on capital expenditure capex in the last few years and now it has also given a huge boost to increasing consumptionnbspA rise in capex by 1023 per cent in comparison to RE revised estimate of 202425 takes it to over Rs 1121 lakh crore That is not an ordinary thing Repeatedly public expenditure on asset building has reached such a level that 1023 per cent growth also seems ordinary she told NDTVs EditorinChief Sanjay PugaliaOur emphasis on capex has not reduced We are also giving states interestfree capex funds she pointed outnbspSitharaman emphasised that spending on infrastructure remains a priority The government spending on capex is projected to be 43 per cent of GDP this year with an expected fiscal deficit of 44 per cent in the coming year she addednbspnbspSince the COVID19 pandemic the Government has been increasing capex by 1015 per cent to such an extent that it announced capex of Rs 1111 lakh crore last year The Finance Minister said it would not be correct to say the Union Budget 2025 was lukewarm on capexnbspShe also said the Government has not shifted only towards consumption rather it is taking along consumption and adding to the overall growth numbersIf you want growth if you need instruments and triggers like how we spent capex in the last five years keeping in mind the multiplier effect to grow the economy then a consumption boost is also needed However our first priority was to ensure we recognise honest taxpayers Sitharaman told NDTVnbspShe said that the Government has created a balance between strengthening the foundation of a Viksit Bharat and equally focusing on key sectors like health nutrition and education through welfare schemesIANS https://dailyworld.in/economy/1023-percent-capex-hike-in-budget-2025-26-shows-infrastructure-remains-a-priority-fm--599317.html Sun, 02 Feb 2025 17:15:00 +0530 https://dailyworld.in/economy/economic-survey-pegs-indias-gdp-growth-at-63-to-68-per-cent-for-2025-26-598806.html New Delhi Jan 31 IANS The Economic Survey tabled by Finance Minister Nirmala Sitharaman in Parliament on Friday pegs Indias real GDP growth in 202526 between 63 and 68 per cent keeping in mind the upsides and downsides to growthnbspnbspThe Survey expects the governments emphasis on micro small and medium enterprises MSMEs and good rabi crop production to accelerate growth and employment in the economynbspLooking ahead Indias economic prospects for FY26 are balanced Headwinds to growth include elevated geopolitical and trade uncertainties and possible commodity price shocks Domestically the translation of order books of the private capital goods sector into sustained investment pickup improvements in consumer confidence and corporate wage pickup will be key to promoting growth the survey statedRural demand backed by a rebound in agricultural production an anticipated easing of food inflation and a stable macroeconomic environment provide an upside to nearterm growth Overall India will need to improve its global competitiveness through grassrootslevel structural reforms and deregulation to reinforce its mediumterm growth potential the survey pointed outnbspIt also observes that inflation in the economy is under control which will pave the way for a stable growth pathnbspThe governments proactive policy interventions have been crucial in stabilising inflation These measures include the strengthening of buffer stocks for essential food items periodic open market releases and efforts to ease imports during supply shortages Despite these challenges there are positive signs for inflation management in India it saidAccording to the survey in 202425 private consumption remained stable reflecting steady domestic demand Fiscal discipline and strong external balance supported by a services trade surplus and healthy remittance growth contributed to macroeconomic stability Together these factors provided a solid foundation for sustained growth amid external uncertaintiesnbspThe governments focus on empowering citizens through education healthcare skill development and social infrastructure development has seen significant progress according to the surveynbspIt highlights the rising trend in the governments social services expenditure as a percentage of total expenditure which has increased from 233 per cent in FY21 to 262 per cent in FY25 BE at a compound annual growth rate CAGR While the social services outlay of the Centre and state governments was Rs 148 lakh crore in FY21 it has increased steadily to stand at Rs 257 lakh crore in FY25The focus of reforms and economic policy must now be on systematic deregulation as the key agenda under Ease of Doing Business 20 suggests Chief Economic Advisor V Anantha Nageswaran in the Economic SurveynbspStrategic and systematic deregulation can catalyse growth innovation and competitiveness and is critical to encourage innovation for creation of a viable Mittelstand ie Indias SME sector With deregulation Indias Mittelstand can help the states weather economic shocks enable India to realise its manufacturing aspirations attract longterm investments and encourage growth which would be sustainable and employmentsensitivenbspIt suggests that adaptation becomes a priority for a country like India due to its higher vulnerability to climate change the Economic Survey 2025 said Developing countries such as India have to bear a disproportionate burden of climate change and have no choice but to face the climate change consequence of historical emissions Hence India needs to undertake climate adaptation on an urgent footing it addedIANS https://dailyworld.in/economy/economic-survey-pegs-indias-gdp-growth-at-63-to-68-per-cent-for-2025-26-598806.html Fri, 31 Jan 2025 14:26:00 +0530 https://dailyworld.in/economy/india-will-have-to-rely-on-domestic-growth-drivers-cea-nageswaran-598861.html New Delhi Jan 31 IANS Indias Chief Economic Advisor V Anantha Nageswaran said on Friday that the country will have to rely on domestic growth drivers as the era of globalisation faster and larger movement of trade and goods and services is behind usnbsp Addressing a press conference after the tabling of the Economic Survey in the Parliament the Chief Economic Adviser CEA said that the value of trade affected by new import restrictions was just 170 billion in 20142015 but has now risen to over 13 trillion as he emphasised that imports exports and investment flows are increasingly being seen through the lens of strategic competitionThis shift in global trade dynamics is expected to continue for a prolonged period presenting a new reality that India will need to navigate carefully he observednbspNageswaran mentioned that India is on a steady growth path while globalisation is slowing down This change brings both challenges and new opportunities To keep growing India must focus on economic reforms and take advantage of its young workforcenbspAccording to Nageswaran India has to raise its game of domestic growth as the global context and contours for growth have changedHe highlighted three levers of growth for India to realise its aspiration of Viksit Bharat by 2047 the most important being deregulation to spur growth the private sectors role in nationbuilding and energy transition aligned with Indias prioritiesnbspDeregulation is not only about ease of doing business it is also a pathway to employment the Chief Economic Advisor saidnbspHe also said that bringing more area under irrigation and land pooling and giving farmers the freedom to sell to whoever and at whatever prices can unlock 1 per cent incremental growth in the agriculture sectorThe CEA emphasised Indias growing role as a significant player in global services highlighting the countrys increasing influence in this sectornbspHowever he also pointed out that over the past 2530 years China has maintained a dominant presence especially in hightech and mediumtech industriesnbspHe also underlined the need for public transport to play a bigger role in energy transition and energy demand going forwardIANS https://dailyworld.in/economy/india-will-have-to-rely-on-domestic-growth-drivers-cea-nageswaran-598861.html Fri, 31 Jan 2025 17:21:00 +0530 https://dailyworld.in/economy/stage-set-for-fm-sitharaman-to-present-budget-2025-26-on-feb-1-598913.html New Delhi Jan 31 IANS The unveiling of the Economic Survey on Friday sets the stage for Finance Minister Nirmala Sitharaman to present the Union Budget for 202526 in Parliament on Saturday February 1 which is expected to continue the governments policy of giving a big push to economic growth with equitynbspnbspThe government has prioritised improving the quality of life in rural areas to ensure equitable and inclusive development according to the Economic Survey 202425nbspThe survey highlights financial inclusion as a key focus with rural households and small businesses getting easier access to credit through microfinance institutions selfhelp groups and other intermediariesIt outlines key initiatives in infrastructure rural housing sanitation clean fuel social protection and connectivity along with efforts to boost rural livelihoodsnbspAccordingly the agriculture and rural sectors are expected to get increased allocations in the Budget as are welfare schemes to uplift the poornbspThe Finance Minister is also expected to continue with the governments policy of stepping up investments in bigticket infrastructure projects to spur growth and create more jobs in the economy in the Budget for 202526The Economic Survey has also highlighted that a significant investment in infrastructure is required over the next ten years to achieve Indias development goals While there are varying estimates on the exact amount needed there is general agreement that current spending on infrastructure must increase to meet these goals With this in mind the government has placed a strong focus on infrastructure over the past five years As a result capital spending by the central government on major infrastructure sectors has grown at an average rate of 388 per cent from FY20 to FY24 the survey has pointed outThere may be concessions for the middleclass which is pinning hope on a reduction in incometax rates along with a hike in standard deduction Under the old tax regime the basic income exemption limit is set at Rs 250 lakh while for those opting for the new tax regime the limit is fixed at Rs 3 lakhnbspThe lower income tax burden would place more disposable income in the hands of the people to accelerate demand and give a further fillip to growthnbspThe economic survey has also highlighted that rising private consumption is playing a key role in helping Indias domestic economy remain steady amidst global uncertaintiesnbspBesides some changes in customs duties to correct the inverted duty structure in some items to help domestic manufacturing also appear to be on the cards The tweaking of customs duties would be aimed at raising tariffs on finished goods while reducing duties on inputsAfter the unveiling of the Economic Survey Indias Chief Economic Advisor V Anantha Nageswaran said on Friday that the country will have to rely on domestic growth drivers as the era of globalisation faster and larger movement of trade and goods and services is behind usnbspFinance Minister Sitharaman will deliver the budget speech in the Lok Sabha from 11 am on Saturday The Budget Session of Parliament which commenced on Friday will be conducted in two phases the first started on January 31 and will conclude on February 13 while the second phase will begin on March 10 and end on April 4IANS https://dailyworld.in/economy/stage-set-for-fm-sitharaman-to-present-budget-2025-26-on-feb-1-598913.html Fri, 31 Jan 2025 21:56:00 +0530 https://dailyworld.in/economy/symbol-of-optimism-pm-modi-invites-industries-to-invest-in-odisha-597972.html Bhubaneswar Jan 28 IANS Prime Minister Narendra Modi on Tuesday invited industry leaders to invest in outstanding Odisha as it is the right and opportune time for investment in Eastern Indian state In his address during the inauguration of the twoday Utkarsh OdishaMake in Odisha conclave2025 the flagship Global Investment Summit hosted by the Odisha government in Bhubaneswar PM Modi on Tuesday said This is the right time to invest in Odisha In this journey of development for Odisha your investment in Odisha will take you to new heights of success This is Modis guarantee He further added that India is on a path of development driven by the aspirations of crores of people and Odisha represents this aspiration of IndiaOdisha is outstanding and it is the symbol of optimism and originality of the new India There are opportunities in Odisha and its people are showing the passion to outperform added the Prime Minister PM Modi also praised the skill labour and honesty of Odia people working in Gujarat Today when new opportunities are opening in Odisha I firmly believe that Odisha will soon reach unprecedented heights of development which none have ever imagined said PM He also emphasized the need to explore Odishas tourism potential with its 500kilometre coastline over 33 per cent forest cover and endless possibilities for ecotourism and adventure tourismThe PM said that Eastern India is the growth engine of the countrys development and Odisha has a significant part in it Highlighting the glorious maritime legacy of the state PM Modi also said that Odisha has always been the gateway of India for trade with Southeast Asian countries Odisha used to be an important centre in South Eastern Asian trade and the ports were a gateway to India stated PM Modi He highlighted that the people of Odisha have resolved to build a prosperous state and the Centre was providing all possible support to achieve this goal The Prime Minister further emphasized that Odisha plays a significant role in building a developed IndiaIANS https://dailyworld.in/economy/symbol-of-optimism-pm-modi-invites-industries-to-invest-in-odisha-597972.html Tue, 28 Jan 2025 15:08:00 +0530 https://dailyworld.in/economy/rbis-liquidity-booster-to-ease-stress-in-money-markets-top-brokerages-598009.html New Delhi Jan 28 IANS The latest Reserve Bank of India RBI measures worth Rs 15 lakh crore to inject liquidity into the banking system should ease the stress in money markets while the start of bond purchases is also likely to drive rupee rates lower through signalling effect and expectation channel that RBI will avoid any tightening of liquidity conditions and will potentially need to do more open market operation OMO purchases leading brokerages said on TuesdayAccording to a note by HSBC the focus will now turn to the Union Budget on February 1 and more crucially the RBI monetary policy committee MPC meeting on February 7 with increasing prospects of a reduction in the repo policy rate HSBC Economics forecast a 25 basis point cut in policy rate We expect OMO auctions to purchase government bonds to lead to a compression of term premiums and we maintain our buy on 10year government securities it added The central bank will conduct three OMO purchase auctions of government bonds for an aggregate amount of Rs 60000 croreThree OMO auctions Rs 20000 crore each will be held on January 30 February 13 and February 20 Second a sixmonth FX swap USDINR buysell swap auction of 5 billion will be held on January 31 This will be equivalent to about Rs 43000 crore of rupee liquidity Third a longdated variable rate repo auction 56day of Rs 50000 crore will be conducted on February 7 A 56day term will ensure that banks liquidity needs are covered through the endMarch periodAccording to a note by Emkay Global Financial Services a turn in the liquidity cycle is a strong stimulant for domestic equities and BFSI is the best way to play this in the short term This is coupled with other positives earnings forecasts have held up through January 2025 and valuations are now more reasonable This may not be the absolute low for the markets but we think it is a good time to start nibbling into stocks where valuations are now reasonable said Emkay GlobalAdditional liquidity measures and a rate cut in February would have a more material impact said brokerages We believe however that this needs to be coupled with the easing of lending curbs imposed on banks and NBFCs since late 2023 especially on unsecured loans This would bring back momentum to retail lending and inspire a consumption bounce back in the second half of CY25 Given that the space for fiscal stimulus is low this should be an important countercyclical imperative Emkay Global notedIANS https://dailyworld.in/economy/rbis-liquidity-booster-to-ease-stress-in-money-markets-top-brokerages-598009.html Tue, 28 Jan 2025 16:51:00 +0530 https://dailyworld.in/economy/cuts-in-income-tax-rates-higher-tariffs-on-gold-likely-in-budget-2025-26-report-597707.html New Delhi Jan 27 IANS Mild cuts in personal Income Tax rates to boost consumption and concessional Corporate Tax scheme for manufacturing hubs and FDIs to push the Make in India strategy are likely in Budget 202526 with the government aiming to push economic growth according to a private sector reportnbspWatch for higher customs duty on gold and easier FDI norms Some tweaks in the personal Income Tax slabs could be done to focus on increasing disposable income for the middleincome strata the report by Emkay Global Financial Services statesnbspWe will watch for some sweeteners in personal tax rates concessional corporate tax scheme for manufacturing hubsFDIs possibly higher import tariffs on Chinasensitive products while lowering custom duties on industrial intermediaries the report statesThe new Budget will come on the back of the government again overachieving its gross fiscal deficit target in FY25 at 47 per cent of the GDP vs 49 per cent in FY25 RE amid solid personal Income Tax revenue streamnbspIn line with the fiscal glide path FY26 fiscal deficit to GDP ratio will be targeted at around 45 per cent This trend of the government overachieving its fiscal target has been seen over the last few years the report points outnbspAccording to the report the Governments net borrowing in FY26 will be lower than that in FY25 at Rs 1115 lakh crore with small savings likely to fund around 24 per cent of the fiscal deficit It also expects the RBI dividend in the same ballpark as in FY25 at around Rs 21 lakh crorenbspThe policy ahead will stay focussed on improving growth potential in the medium term including boosting the investment dynamics while maintaining fiscal discipline the report statesThe government is expected to focus on ensuring that the fiscal impulse is maximised to boost growth while offering additional support to some vulnerable segments of the economynbspGross taxes are likely to grow around 9 per cent with gross taxGDP at around 117 per centnbspThe report also sees boosting asset sales via functional infrastructure monetisation disinvestment and strategic sales and better resource allocation as the least growthimpinging instruments of deficit consolidationnbspSpending proportion of revex over capex may be somewhat higher than seen in postCovid years till FY24 with focus on human capital and the agricultural sector according to the reportThe focus will be on rural spending which will have a much faster fiscal multiplier effect and another leg of Make in India push for industry is expectednbspWe expect capex loans to states to be similar to that in FY25 with the biggest increase in allocation seen in Defence the report statesnbspBesides the focus will be on welfare rural affordable housing MSMEs human capital health education the report addedIANS https://dailyworld.in/economy/cuts-in-income-tax-rates-higher-tariffs-on-gold-likely-in-budget-2025-26-report-597707.html Mon, 27 Jan 2025 15:24:00 +0530 https://dailyworld.in/economy/stock-market-ends-higher-adani-enterprises-top-gainer-in-nifty-50-595358.html Mumbai Jan 14 The Indian equity market closed in the green on Tuesday amid favourable domestic and global cues as Adani Enterprises was the top Nifty 50 gainer At closing Sensex was up 16962 points or 022 per cent at 7649963 and Nifty was up 9010 points or 039 per cent at 2317605nbspAll stocks of the Adani Group closed in the green Adani Enterprises was the top Nifty 50 gainer with a gain of 705 per cent Adani Ports closed with a gain of 525 per cent Adani Green Energy 1352 per cent Adani Power 20 per cent and Adani Energy Solutions 1223 per centThe market rally was led by midcap and smallcap stocks The Nifty Midcap 100 index rose 128610 points or 245 per cent to close at 5367650 and the Nifty smallcap 100 index gained 33570 points or 198 per cent to close at 1725780 The market cap of all the companies listed on the Bombay Stock Exchange BSE surged by Rs 6 lakh crore to around Rs 423 lakh crore According to market experts a rebound in the global market and an ease in domestic CPI inflation provided respite to the broader indicesThis may provide some leeway for RBI in its next policy meet however rising oil prices and higher 10year yields will be watched carefully they addednbspOn BSE 2881 stocks closed in the green mark 1087 stocks in the red mark and 105 stocks closed without any changenbspOn the sectoral indices Auto PSU Bank fin service pharma metal realty media energy private bank and infra were the top gainers IT and FMCG were top laggardIn the Sensex Adani Ports NTPC Zomato Tata Motors Bajaj Finance SBI Bajaj Finserv IndusInd Bank Maruti Suzuki Sun Pharma MampM and Power Grid were the top gainers HCL Tech HUL Titan TCS Infosys and UltraTech Cement were the top losersnbspThe IT sector weighed down amid concerns over weak earnings guidance for Q4 The domestic sentiment will be more inclined towards the ongoing earnings season and upcoming union budget which has a mixed view the experts added IANS https://dailyworld.in/economy/stock-market-ends-higher-adani-enterprises-top-gainer-in-nifty-50-595358.html Tue, 14 Jan 2025 16:55:00 +0530 https://dailyworld.in/economy/pm-modi-inaugurates-jks-sonamarg-tunnel-dedicates-it-to-nation-595121.html Gagangir Sonamarg Jan 13 IANS Prime Minister Narendra Modi on Monday dedicated the Sonamarg tunnel in Kashmir to the nation after inaugurating and inspecting itnbspThe inauguration event was also attended by Nitin Gadkari Union Minister for Surface Transport and Highways Lt Governor Manoj Sinha and Chief Minister Omar AbdullahnbspPM Modi interacted with the engineers and workers whose hard work made the allweather connectivity possible He encouraged and patiently listened to the labourers in addition to gathering technical details about the Rs 2700 crore tunnelnbspThe Prime Minister appreciated the hard work put in by everyone engaged in the construction of the tunnel under the most challenging weather and topography of the areaPM Modi earlier landed in a special aircraft at the technical area of Srinagar International Airport from where he took an Air Force helicopter for Neelgrad in the SonamargnbspThe PM landed at the Neelgrad helipad and drove in a cavalcade to the Gagangir area where he inaugurated the Sonamarg tunnelnbspPM Modi will also address a public rally at the truck yard in Sonamarg Hundreds of people braving extreme cold have already gathered at the Sonamarg public rally venue to listen to the PM This is PM Modis first visit to the union territory after an elected government took office herenbspSonamarg tunnel will bypass the stretch of the SrinagarSonamarg highway that is prone to avalanches and heavy snowfall during the winter monthsThe National Highways and Infrastructure Development Corporation Limited NHIDCL oversaw the ZMorh tunnel constructed by APCO Infratech Private Limited for Rs 2700 crore The construction of the tunnel was started in 2018 This tunnel will make Sonamarg an allweather tourist destination thereby helping employment for local youth and boosting trade tourism and traffic to the Ladakh region Amarnath Yatra and businessesnbspThe tunnel is a 65 km long 2lane road tunnel between Gagangair and Sonamarg in Ganderbal of Jammu and Kashmir It was earlier called the ZMorh tunnel because of the Zshaped stretch of road that the tunnel has replaced ZMorh translates to Zturn in English It takes only 15 minutes to travel the 65 km long tunnel compared to hours over the zigzag road up and down the hillsThe Zojila Tunnel being constructed across the Zojila Pass together with the ZMorh tunnel will make the journey to the Ladakh region safer and possibly throughout the yearnbspChief Minister Omar Abdullah visited the Gagangir area of Ganderbal district on Saturday Visited Sonmarg today to review preparations for PM narendramodi jis visit on Monday The inauguration of the Zmorh tunnel will open Sonmarg to tourism all year round Sonmarg will now be developed as a great ski resort The local population will not have to leave in winter ampamp the travel time to KargilLeh from Srinagar will also reduce he wrote on X on January 11IANS https://dailyworld.in/economy/pm-modi-inaugurates-jks-sonamarg-tunnel-dedicates-it-to-nation-595121.html Mon, 13 Jan 2025 13:34:00 +0530 https://dailyworld.in/economy/sensex-and-nifty-plunge-over-1-per-cent-amid-mixed-cues-realty-shares-drag-595162.html Mumbai Jan 13 Indian stock market fell more than 1 per cent on Monday amid mixed global and local cues including strong US employment data suggesting fewer rate cuts in 2025 Among other factors that led to the market tumbling were rising crude oil prices weakening rupee and massive foreign capital outflows which dragged the market resulting in a loss of around Rs 12 lakh crore for investors Heavy selling was seen in realty PSU banks metal auto and pharma sectors Realty sector ended in red with a decline of more than 6 per cent Sensex ended at 7633001 down by 104890 points or 136 per cent and Nifty settled at 2308595 down by 34555 points or 147 per centAccording to experts the global markets witnessed a significant selloff prompting a similar response in domestic markets due to strong US payroll data suggesting fewer rate cuts in 2025 This has strengthened the dollar driven up bond yields and made emerging markets less attractive Rupak De of LKP Securities said Bears remained at the helm as the Nifty continued to breach crucial levels The index slipped below its previous swing low on the daily chart indicating increasing bearishnessnbspHowever it held the 23000 mark which remains a key level to watch If the Nifty sustains above 23000 over the next few days it could signal a potential recovery Conversely a decisive fall below this level might trigger a deeper correction he addedNifty Bank ended at 4804125 down by 69290 points or 142 per cent The Nifty Midcap 100 index closed at 523904 after dropping 219535 points or 402 per cent while the Nifty Smallcap 100 index closed at 1692210 after declining 72345 points or 410 per centnbspIn the Sensex pack Zomato Power Grid Tata Steel NTPC Tata Motors Tech Mahindra MampM Asian Paints Sun Pharma Tech Mahindra LampT SBI Bajaj Finance HDFC Bank and ICICI Bank were the top losers Whereas Axis Bank TCS IndusInd Bank and Hindustan Unilever Limited were among the top gainers The FIIs remained net seller on sixth consecutive day as they sold equities worth Rs 225468 crore on January 10 on the other hand domestic institutional bought equities worth Rs 396192 crore on the same day IANS https://dailyworld.in/economy/sensex-and-nifty-plunge-over-1-per-cent-amid-mixed-cues-realty-shares-drag-595162.html Mon, 13 Jan 2025 16:56:00 +0530 https://dailyworld.in/economy/indian-stock-market-ends-flat-nifty-closes-below-23-700-594377.html Mumbai Jan 8 IANS Indias domestic benchmark indices closed flat on Wednesday amid muted global cues as selling was seen in auto PSU Bank financial service pharma metal and realty sectorsnbspSensex ended at 7814849 down by 5062 points or 006 per cent and Nifty settled at 2368895 down by 1895 points or 008 per centnbspMarginal selling in market led by Bank Nifty It ended at 49835 down by 36710 points or 073 per cent The Nifty Midcap 100 index closed at 5627060 after dropping 59870 points or 105 per cent while the Nifty Smallcap 100 index closed at 1836565 after declining 30780 points or 165 per centOn the Bombay Stock Exchange BSE 1390 shares ended in green and 2582 shares in red whereas there was no change in 94 sharesnbspOn the sectoral front IT and FMCG segments were major gainersnbspAccording to market experts slowing economic growth projections and caution ahead of Q3 numbers added volatility in the marketnbspHowever the market witnessed a recovery from the days low owing to accumulation of beatendown bluechip stocks and in expectation of government reforms in the upcoming budget to lift the tepid economyThe nearterm sentiment is likely to be subdued due to the rise in US bond yield and fear of fewer rate cuts by the Fed they addednbspIn the Sensex pack UltraTech Cement LampampT Sun Pharma HDFC Bank ICICI Bank NTPC SBI Zomato Titan Tata Steel and MampampM were the top losers Whereas TCS ITC Asian Paints HCL Tech Maruti Suzuki Bharti Airtel Axis Bank Bajaj Finserv Hindustan Unilever PowerGrid Nestle India and Tata Motors were the top gainersnbspForeign institutional investors FIIs sold equities worth Rs 149146 crore on January 7 and domestic institutional investors bought equities worth Rs 161528 crore on the same dayIANS https://dailyworld.in/economy/indian-stock-market-ends-flat-nifty-closes-below-23-700-594377.html Wed, 08 Jan 2025 17:26:00 +0530 https://dailyworld.in/economy/rbi-allows-asirvad-dmi-finance-to-resume-lending-operations-594415.html Mumbai Jan 8 The Reserve Bank has lifted its ban on the sanction and disbursal of loans by Asirvad Micro Finance and DMI Finance Pvt Ltd in a big relief to the two microfinance companies according to an RBI circular issued on Wednesday The RBI had in October 2024 taken action against four NBFCs Asirvad Micro Finance Ltd Arohan Financial Services Ltd DMI Finance and Navi Finserv citing material supervisory concerns and asked these entities to cease and desist sanction and disbursal of loans effective from October 21nbspTwo of these companies have now been allowed to resume their lending operations according to an RBI statement The central bank said the action was based on material supervisory concerns observed in the Pricing Policy of these companies in terms of their weighted average lending rate WALR and the interest spread charged over their cost of funds which are found to be excessive and not in adherence with the regulationsThese NBFCs were also found to be not in conformity with the provisions laid down under the Fair Practices Code issued by the RBI In addition to usurious pricing the NBFCs were found to be in nonadherence with the regulatory guidelines on the assessment of household income and consideration of existing or proposed monthly repayment obligations in respect of their microfinance loans Deviations were also observed in respect of Income Recognition amp Asset Classification IRampAC norms resulting in evergreening of loans the conduct of gold loan portfolio mandated disclosure requirements on interest rates and fees outsourcing of core financial services etc said the RBIAccording to the RBI the business restrictions have been made effective from the close of business on October 21 2024 to facilitate the closure of transactions in the pipeline if any These business restrictions do not preclude these companies from servicing their existing customers and carrying out collection and recovery processes in accordance with the extant regulatory guidelines The RBI further stated that these business restrictions will be reviewed upon receipt of confirmation from the companies regarding suitable remedial action having been taken to adhere to the regulatory guidelines more particularly their pricing policy risk management processes customer service and grievance redressal aspects to the satisfaction of the Reserve Bank IANS https://dailyworld.in/economy/rbi-allows-asirvad-dmi-finance-to-resume-lending-operations-594415.html Wed, 08 Jan 2025 20:20:00 +0530 https://dailyworld.in/economy/lpg-connections-to-households-jump-over-2-fold-to-3283-crore-in-last-10-years-594178.html New Delhi Jan 7 The number of LPG connections for household kitchens in the country has more than doubled to 3283 crore as of November 1 2024 from 1452 crore in 2014 according to the yearend review of the Ministry of Petroleum and Natural Gas released on Tuesday As many as 1033 crore LPG connections have been released under the Pradhan Mantri Ujjwala Yojana PMUY for poor families who get the cooking gas at a subsidised price Since the inception of the Scheme about 222 crore LPG refills have been delivered to the PMUY households as about 13 lakh refills are being taken daily according to the official statementA targeted subsidy of Rs 300 per cylinder is being given to all Ujjwala beneficiariesnbspThe Governments efforts have led to an uptick in LPG consumption by Ujjwala families The per capita consumption in the number of 142 kg domestic LPG cylinders has gone up from 301 in 201920 to 395 in 202324 In the current year which is still under progress the per capita consumption has reached 434 prorata basis refills till October 2024 the statement explained As of November 2024 around 3043 crore LPG consumers are enrolled under the government PAHAL scheme that directly transfers LPG subsidies to the bank accounts of beneficiaries who earn an income of less than Rs 10 lakh per annum To date more than 114 crore customers have given up their LPG subsidy under the GiveltUp campaign the statement saidSince 2014 the number of LPG distributors has increased from 13896 to 25532 as on November 1 2024 enhancing the availability of cooking gas for consumers More than 90 per cent of new distributors are catering to rural areas the statement addednbspThe yearend review also highlighted that the length of operational Natural Gas Pipeline in the country has also increased from 15340 km in 2014 to 24945 km in 2024 making the environmentfriendly fuel available to more consumersnbspThe development of about 10805 km Natural Gas Pipeline is under execution With the completion of these pipelines the national gas grid would be completed and would connect all major demand and supply centres in India This would ensure easy availability of natural gas across all regions the statement saidAs many as 307 Geographical Areas have been earmarked for the development of city gas distribution CGD infrastructure for piped cooking gas and fuelling vehicles The potential coverage of about 100 per cent of the country area and 100 per cent of the population is being targeted As on September 30 the total number of piped gas connections and CNG Stations in the country was 136 crore and 7259 respectively the review added IANS https://dailyworld.in/economy/lpg-connections-to-households-jump-over-2-fold-to-3283-crore-in-last-10-years-594178.html Tue, 07 Jan 2025 15:46:00 +0530 https://dailyworld.in/economy/satya-nadella-announces-3-billion-investment-to-boost-ai-cloud-infrastructure-in-india-594139.html Bengaluru Jan 7 IANS As India embarks on its artificial intelligence AI journey Microsoft Chairman and CEO Satya Nadella on Tuesday announced 3 billion investment in the country for cloud and AI infrastructure over the next two yearsnbspThis investment aims to accelerate AI innovation in the country which is pivotal for achieving Prime Minister Narendra Modis vision of becoming a developed nation Viksit Bharat by 2047nbspThe tech giant also announced to train and skill 10 million people in AI by 2030 The company has already empowered 24 million Indians including civil servants college students and people with disabilities with AI skillsIndia is rapidly becoming a leader in AI innovation unlocking new opportunity across the country The investments in infrastructure and skilling we are announcing today reaffirm our commitment to making India AIfirst and will help ensure people and organizations across the country benefit broadly said NadellanbspOn Monday PM Modi met Nadella saying he was glad to know about the tech giants ambitious expansion and investment plans in the countrynbspAt an event here Microsoft Research Lab launched an AI Innovation Network a groundbreaking initiative designed to accelerate the transition from research to real usable business solutionsFurthermore Microsoft and SaaSBoomi have joined hands to propel Indias AI and SaaS ecosystem towards a trilliondollar economy aiming to impact over 5000 startups and 10000 entrepreneurs creating over 200000 new job opportunitiesnbspIn the last 12 months Microsoft has been a copilot to making AI a reality in India taking it from boardrooms to classrooms commerce to communities and finance to farmersnbspTodays announcement strengthens our belief in Indias potential and our resolve to equip the country with the resources and futureready skills needed to excel in the global marketplace said Puneet Chandok president Microsoft India and South AsiaThe company will expand its cloud and AI infrastructure across data centre campuses in the country Microsoft already has three data centre regions in the market and the fourth ready to go live in 2026nbspThis investment aims to develop a scalable AI computing ecosystem to meet the growing demands of Indias rapidly expanding AI startups and research community said the companynbspMoreover the company announced its next milestone to equip 10 million more Indians with essential AI skills by 2030nbspJayant Chaudhary Minister of State for Skill Development and Entrepreneurship said Indias vibrant youth and tech talent are key to shaping the future of AInbspThrough the AI for India mission we aim to empower citizens with cuttingedge AI skills driving innovation creating jobs and bridging the digital divide Collaborations with global leaders like Microsoft and similar companies are pivotal in this transformation the minister notedIANS https://dailyworld.in/economy/satya-nadella-announces-3-billion-investment-to-boost-ai-cloud-infrastructure-in-india-594139.html Tue, 07 Jan 2025 14:27:00 +0530 https://dailyworld.in/economy/prospects-of-economy-expected-to-improve-in-2025-rbi-governor--592743.html Mumbai Dec 30 Facing criticism from the government over the central bank prioritising inflation over growth the new RBI Governor Sanjay Malhotra on Monday said that prospects of the Indian economy are expected to improve on the back of high consumer and business confidence in 2025nbspAs we strive to preserve financial stability to support a higher growth path for the Indian economy our focus remains steadfast on maintaining stability of financial institutions and more broadly systemic stability Malhotra said in foreword to the Financial Stability ReportnbspHe further said that despite the global uncertainties Indian economy is expected to pick up pace in the second half of the current financial yearNotwithstanding the uncertainties shrouding the global macrofinancial ethos as it unfolds prospects for the Indian economy are expected to improve after the slowdown in the pace of economic activity in the first half of 202425nbspConsumer and business confidence for the year ahead remain high and the investment scenario is brighter as corporations step into 2025 with robust balance sheets and high profitability said Malhotra who took over as 26th Governor earlier this monthFlagging the issue of growth moderation in the first half the Finance Ministry in its November Monthly Economic Review had raised concerns that the possibility that structural factors may also have contributed to the slowdown in H1 should not be ruled outnbspIndia recorded a slowdown in GDP growth to a sevenquarter low of 54 per cent for the second quarter ended September 2024 For the first half the GDP growth stood at 6 per centnbspSlowdown in growth and moderation in inflation are building case for RBI to slash policy rate in its upcoming Monetary Policy Committee meetingnbspMalhotra further said that financial sector regulators in India too are intensifying reforms and sharpening their surveillance against the backdrop of the soundness of the financial system bolstered by robust earnings low levels of impaired assets and strong capital buffers as this report highlightsStress test results reveal that capital levels of the banking system as well as of the Nonbanking Financial Companies NBFCs sector will remain well above the regulatory minimum even under adverse stress scenarios he saidnbspWe continue to secure and anchor public trust and confidence to support Indias aspirational goals We remain committed to developing a modern financial system that is customercentric technologically leveraged and financially inclusive he saidnbspReferring to the global economy he said it exhibits resilience in the face of formidable headwinds from political and economic policy uncertainty persisting conflicts and an environment of fragmenting international trade and tariffsBrightening the global prospects is the likelihood that the decline in inflation will continue and align with targets during the year ahead allowing purchasing power to recover he saidnbspAs monetary policy gains headroom to further support economic activity financial conditions can be expected to remain easy and contribute to an improvement in the trajectory of global GDP from a prolonged phase of low growth he said adding robust labour market and sound financial system too provide congenial conditions for this turnaroundnbspHowever he said the mediumterm outlook remains challenging with downside risks from possible intensification of geopolitical conflicts sporadic financial market turmoil extreme climate events and rising indebtednessnbspStretched asset valuations fragilities in the less regulated nonbank financial intermediaries and threats from new and emerging technologies also add to the evolving uncertain outlook he addedAgencies https://dailyworld.in/economy/prospects-of-economy-expected-to-improve-in-2025-rbi-governor--592743.html Mon, 30 Dec 2024 17:29:00 +0530 https://dailyworld.in/economy/indias-defence-exports-crossed-record-rs-21-000-crore-over-decade-rajnath-592764.html Mhow MP Dec 30 Defence Minister Rajnath Singh said on Monday that Indias defence exports have crossed a record Rs 21000 crore from Rs 2000 crore a decade ago Addressing officers at the Army War College AWC in more than twocenturiesold Mhow Cantonment Singh said a target has been set to achieve defence exports of Rs 50000 crore by 2029nbspHe said mastering frontier technologies is the need of the hour in the constantly evolving times noting that military training centres are playing a crucial role in equipping and readying soldiers to deal with future challengesnbspOur defence exports which were around Rs 2000 crore a decade ago have crossed the record figure of Rs 21000 crore today We have set an export target of Rs 50000 crore by 2029 Singh saidHe said MadeinIndia equipment is being exported to other countriesnbspSingh mentioned radical changes in warfare in his speech saying that unconventional methods like information warfare Artificial Intelligence AIbased warfare proxy warfare electromagnetic warfare space warfare and cyberattacks are posing a big challengenbspHe stressed the need for the military to be welltrained and equipped to fight off such attacks and lauded training centres in Mhow for their valuable contributionsnbspSingh commended the training centres for constantly improving their training curriculum as per changing times and striving to make the personnel fighting fit for every kind of challengeThe defence minister said the Modi government is committed to strengthening integration and jointness among the three servicesnbspIn the times to come the armed forces will be able to face challenges together in a better and more efficient way he addednbspSingh said highlevel training is provided to officers of all wings in the Mhow CantonmentnbspHe appealed to officers to explore the possibility of promoting integration through training in areas such as weapons training in Infantry School AI and communication technology in Military College of Telecommunication Engineering MCTE and leadership junior and senior command in AWCSingh said that some officers will work as defence attaches in the future and they should strive to secure national interests at the global levelnbspWhen you take up this post of defence attaches you should imbibe the governments vision of aatmanirbhar Bharat Only through selfreliance can India strengthen its defence capabilities and gain more respect on the world stage he addednbspThe defence minister is on a twoday visit to MP since SundaynbspHe said the government is committed to making India one of the strongest economic and military powers in the worldnbspEconomic prosperity is possible only when full attention is paid to security Similarly the security system will be robust only when the economy is strong Both complement each other he addedSingh hailed the role of armed forces in securing the borders and being the first responders during natural disastersnbspThis dedication to protect the nation and this spirit to keep ourselves updated in a constantly changing world can take us ahead of others he addednbspAt AWC Singh was briefed by commandant Lt Gen HS Sahi on the role and significance of the institute towards training and empowering military leaders for warfighting across the spectrum of conflictnbspThe defence minister was also briefed upon the significant steps in training methodology through jointness in multidomain operations infusion of technology in training curriculum and exchange programmes being undertaken with academia universities and industries along with training of CAPF officers a release statedHe was also apprised about the global footprints of the institute achieved through training the officers from friendly countries and contributing immensely towards military diplomacynbspChief of the Army Staff General Upendra Dwivedi and other senior officials of the Army were present on the occasionnbspThe defence minister laid a wreath and paid homage to bravehearts at the Infantry MemorialnbspEarlier in the day Singh and General Dwivedi offered prayers at the famous Mahakaleshwar temple in Ujjain citynbspAgencies https://dailyworld.in/economy/indias-defence-exports-crossed-record-rs-21-000-crore-over-decade-rajnath-592764.html Mon, 30 Dec 2024 19:29:00 +0530 https://dailyworld.in/economy/deloitte-fined-globally-audit-violations-in-india-us-china-and-canada-591973.html New Delhi Dec 25 IANS Global audit firm Deloitte has been fined about Rs 2 crore by the National Financial Reporting Authority NFRA for alleged lapses in auditing Zee Entertainment Enterprises Ltd ZEELnbspnbspThis is not the first time Deloitte has been fined for auditing lapsesnbspIn the last five years many other countries including the US China and Canada fined Deloitte for ignoring audit standardsInnbsp China Deloittes operations faced regulatory scrutiny from domestic and international authorities In September 2022 the US Securities and Exchange Commission imposed a fine of 20 million on Deloittes Chinese affiliate The fine was imposed on the firm for asking its clients to do their audit work on their own which was a direct violation of auditing standards Following this in March 2023 Chinese regulators imposed a fine of 2119 million yuan 308 million for flaws in auditing China Huarong Asset Management Company This fine was imposed on Deloitte by Chinese regulators for not maintaining quality in auditsIn September 2023 in the South American country of Colombia Deloitte ampamp Touche SAS was fined 900000 by the Public Company Accounting Oversight Board PCAOB for violating quality control In April 2024 the PCAOB imposed fines of 1 million each on Deloittes affiliates in Indonesia and the Philippines for exam cheating and other violations reflecting a lack of adherence to auditing standards and professional conductnbspDeloitte had to pay a fine of 15 million in 2024 for violating professional conduct rules in Canadas Ontario Province Canadian auditors said that the company had failed to follow the necessary guidelinesnbspThese cases have raised questions about Deloittes ability to apply consistent standards across its global network As part of the Big Four the firm operates under complex regulatory frameworks in a variety of countries making compliance an ongoing challengeIANS https://dailyworld.in/economy/deloitte-fined-globally-audit-violations-in-india-us-china-and-canada-591973.html Wed, 25 Dec 2024 18:47:00 +0530 https://dailyworld.in/economy/pm-modi-holds-brainstorming-session-with-economists-in-run-up-to-budget-591795.html New Delhi Dec 24 IANS Prime Minister Narendra Modi on Monday held a meeting with eminent economists and sectoral experts to get their views and suggestions for the upcoming Budget for 202526nbspFinance Minister Nirmala Sitharaman is scheduled to present the budget in the Lok Sabha on February 1 2025nbspThe Finance Minister was also present at the meeting which was attended by Niti Aayog Vice Chairman Suman Bery Niti Aayog CEO BVR Subrahmanyam Chief Economic Advisor Anantha Nageswaran and eminent economists including Surjit Bhalla and DK JoshiThe meeting comes in the backdrop of the governments plans to continue with bigticket investments in infrastructure projects to spur growth and create more jobs in a slowing economynbspThe Centre has launched various welfare schemes for the poor including free foodgrains and providing housing for the poor sections in both rural and urban areasnbspThe spike in inflation has eased in the last month as food inflation has slowed allowing the RBI to cut the cash reserve ratio CRR for banks by 05 per cent from 45 per cent to 4 per cent This is the first time since March 2020 that the CRR has been cut which will infuse Rs 116 lakh crore into the banking system and bring down market interest ratesThe budget is now expected to give a fiscal stimulus to accelerate growth in the economy India has retained its status as the fastest growing major economy in the world and the buoyancy in tax collections has helped to ensure stability with the fiscal deficit well under control This will strengthen the governments hands in preparing the next budgetnbspIndias net direct tax collections comprising corporate tax and personal income tax shot up by a robust 154 per cent to Rs 121 lakh crore from April 1 to November 10 during the current financial year according to the latest figures released by the Central Board of Direct Taxes CBDTThe Centres fiscal deficit at the end of the first seven months AprilOctober of the current financial year works out to 465 per cent of the fullyear target the official data released last month showsnbspThis reflects a strong macroeconomic financial position with the government sticking to the fiscal consolidation path The government aims to bring down the fiscal deficit to 49 per cent of gross domestic product GDP in the current financial year from 56 per cent in 202324nbspSimilarly there has been a robust growth in GST collections on the back of rising economic activityThe buoyancy in tax collections places more funds in the governments coffers and keeps the fiscal deficit in check which bolsters the macroeconomic fundamentals of the economy A lower fiscal deficit means the government has to borrow less which leaves more money in the banking system for big companies to borrow and invest This in turn leads to a higher economic growth rate and the creation of more jobsnbspBesides a low fiscal deficit also keeps the inflation rate in check which imparts stability to the economyIANS https://dailyworld.in/economy/pm-modi-holds-brainstorming-session-with-economists-in-run-up-to-budget-591795.html Tue, 24 Dec 2024 19:04:00 +0530 https://dailyworld.in/economy/andhra-pradesh-cm-approves-more-infrastructure-work-in-capital-amaravati-591571.html Amaravati Dec 23 Andhra Pradesh Chief Minister Nara Chandrababu Naidu on Monday approved more infrastructure works worth Rs 2723 crore in state capital Amaravati He presided over the 44th meeting of the Capital Region Development Authority CRDA which took some key decisions for capital development worksnbspThe Chief Minister directed the Andhra Pradesh Township And Infrastructure Development Corporation APTIDCO to complete the construction of 118 lakh houses by June 12 2025nbspCM Naidu reviewed the works relating to Amaravati Outer Ring Road and Vijayawada Bypass RoadLast week it approved works worth Rs 24276 crore in greenfield capital The work related to trunk roads layouts and iconic buildings The CRDA has approved infrastructure works worth Rs 47972 crore in the capital region since the Telugu Desam Partyled coalition government came to power in June this year The government has set the goal of completing Amaravati capital construction in the next three years It promises that it will be one of the best five cities in the worldState Minister for Municipal Administration and Urban Development MAUD P Narayana had said after the CRDA meeting last week that the Assembly building would be constructed in an area of 103 acres stretching up to 112 lakh square feet and will reach a height of 250 metersnbspThe minister announced that the building would be constructed in such a way that when the Assembly is not in session people can visit the top of the building to enjoy a birds eye view of the capitalThe High Court will be built on 42 acres for Rs 1048 crore It will be an eightstorey building with a height of 55 metersnbspNarayana said the General Administration Department building would consist of 47 floors and 17 lakh square feet areanbspThe Minister also stated that the tender process would be completed as much as possible by the end of December and the balance would be completed by January IANS https://dailyworld.in/economy/andhra-pradesh-cm-approves-more-infrastructure-work-in-capital-amaravati-591571.html Mon, 23 Dec 2024 16:10:00 +0530 https://dailyworld.in/economy/pranav-adani-unveils-adani-groups-rs-27-900-crore-investment-plan-for-bihar-to-create-53-500-jobs-591034.html Patna Dec 20 IANS Pranav Adani Managing Director Agro Oil and Gas and Director of Adani Enterprises on Friday unveiled a massive Rs 27900 crore investment plan for Bihar with the potential of creating as many as 53500 jobs in the statenbspAddressing the Bihar Business Connect summit here Pranav Adani said that there can be no better validation of the Adani Groups belief in the leadership of state Chief Minister Nitish Kumar than the humble fact that we are the largest private investor in BiharnbspProviding a snapshot of the Adani Groups current and future investment roadmap for Bihar Pranav Adani said In three sectors logistics gas distribution and agrilogistics we have already invested around Rs 850 crore and have also created around 25000 direct and indirect employment opportunitiesPranav Adani said that the Adani Group was now going to invest another Rs 2300 crore in these sectors This investment will not only massively increase the Groups warehousing and handling capacity and expand its presence in the EV CGD city gas distribution and CBG compressed biogas space but will also generate an additional 27000 direct and indirect local job opportunitiesnbspPranav Adani further stated that the Adani Group was working closely with the state government to potentially invest another Rs 1000 crore in developing strategic infrastructure in the state like Gati Shakti Railway Terminals ICDs Inland Container Depots and Industrial Warehousing ParksThe Adani Group also plans to invest Rs 2100 crore to manufacture and install over 28 lakh smart meters to automate powerconsumption monitoring in five cities Siwan Gopalganj Vaishali Saran and Samastipur and this will generate at least 4000 local jobs in this technology segment Pranav Adani notednbspPranav Adani highlighted that the Group had already started work on its greenfield cement plant at Warisaliganj and now plans to invest another Rs 2500 crore in Bihar to set up a cement manufacturing capacity of 10 MMTPA in multiple phases This has the potential to create at least 9000 direct and indirect jobs for the people of the stateWe are also exploring investment avenues in Bihars energy sector Our plan is to invest around Rs 20000 crore to set up an ultrasupercritical thermal power plant Pranav Adani said adding that this massive project is expected to open up at least 12000 job vacancies in the precommissioning phase and also lead to around 1500 skilled jobs during the operational phasenbspPranav Adani lauded Chief Ministers relentless focus on improving the business landscape in Bihar which is paving the way for an investment boom in the years aheadnbspOn behalf of the Adani Group let me thank you for your constant support guidance and encouragement and also for the opportunity to do more in Bihar with Bihar for Bihar Pranav Adani remarkedIANS https://dailyworld.in/economy/pranav-adani-unveils-adani-groups-rs-27-900-crore-investment-plan-for-bihar-to-create-53-500-jobs-591034.html Fri, 20 Dec 2024 14:26:00 +0530 https://dailyworld.in/economy/sanjay-malhotra-takes-charge-as-rbis-26th-governor--588865.html Mumbai Dec 11 Sanjay Malhotra on Wednesday took charge as the 26th Governor of the Reserve Bank of IndianbspMalhotra a career bureaucrat arrived at the central banks headquarter this morning where he was welcomed by senior RBI staffersnbspThe central bank confirmed Malhotras appointment through a post on the microblogging site X and also shared a few picturesnbspMalhotra who recently served as the Revenue Secretary signed the documents to take the charge of the important institution that performs a variety of rolesnbspDeputy Governors Swaminathan J M Rajeshwar Rao and T Rabi Sankar were present when he assumed chargeMalhotra an IAS officer of the Rajasthan cadre comes at the helm of RBI at a very critical juncture where growth and inflation balance has unsettled as per his predecessor Shaktikanta DasnbspGDP Growth declined to a sevenquarter low of 54 per cent in the September quarter while the October headline inflation was above the 6 per cent mark set for the central bank by the governmentAnalysts are expecting the RBI to cut interest rates at the forthcoming policy review in February and are of the opinion that Malhotras appointment cements the possibilitynbspUnder Das the Reserve Bank maintained a status quo on key rates for 11 consecutive meetings over nearly two years as it prioritised to tame inflation It also diagnosed the slow growth as a result of high inflationnbspMalhotra is scheduled to interact with the press later in the day where he may spell out his focus areasnbspAgencies https://dailyworld.in/economy/sanjay-malhotra-takes-charge-as-rbis-26th-governor--588865.html Wed, 11 Dec 2024 14:59:00 +0530 https://dailyworld.in/economy/need-to-blend-commercial-considerations-with-economic-priorities-strategic-needs-sitharaman-588868.html New Delhi Dec 11 Finance Minister Nirmala Sitharaman on Wednesday stressed that India Incs commercial considerations should blend with the economy nations priorities and strategic needsnbspAsking the industry to realign and reset itself based on the lessons learnt in the last decade Sitharaman said the supply chains should be widespread lest geopolitical risks disrupt itnbspEconomic and commercial considerations today will have to blend with economy and its priorities with politics and strategic needs Sitharaman said at the CII Global Economic Policy Forum 2024 hereOutlining the priorities of the economy for the next decade Sitharaman said the industry should work with small and medium enterprises to explore how they can support large units while equally contributing to job creationnbspWhen we talk about restoring supply chains to frictionless supply chains lets not forget its not just economics its more than that We have to build in our own decision making not just in economic sense but also in a political and strategic senseSupply chains will have to be restored but you would have to reset it realign it you will have to make sure that it is spread so much that no geopolitical or strategic risks will threaten our wellbeing Sitharaman saidnbspLearning from the last decade are that the country will have to now realign and industry will have to realign itself not just on economic principlesnbspSitharaman said the attempt of both industry and governments everywhere should be to restore global calm and normalcy There can nowhere be enough justifiable reason for skirmishes or war she saidThe global priority for this decade should be to restore normalcy They are the main cause for disruptions in supply chain inflation and other global challenges the Minister saidnbspStating that the benefits of economic success will be spread properly only through technology Indias Digital Public Infrastructure DPI ONDC Open Network for Digital Commerce and technology stack for agriculture have democratised accessFarmers are now able to access the global markets due to the advantage of technology Im sure that Agri Stack will be the next big thing you will hear coming out of India she addednbspThe world is facing challenges which are reflected in the economy the Minister saidIndustry will have to look at ways to adapt with newer challenges she said adding scale cannot be the only criterianbspAddressing the session on decadal priorities of the global economy Sitharaman said the government is superconscious of the fact that it cannot burden the forthcoming generations with debt that is not sustainablenbspIn this coming decade the priority should be to manage finances and borrow for building assets managing better but it cannot be that such borrowing leaves the next generation worried she saidnbspAgencies https://dailyworld.in/economy/need-to-blend-commercial-considerations-with-economic-priorities-strategic-needs-sitharaman-588868.html Wed, 11 Dec 2024 15:13:00 +0530 https://dailyworld.in/economy/rbi-to-maintain-continuity-and-stability-in-policy-matters-sanjay-malhotra-588943.html Mumbai Dec 11 Newly appointed RBI Governor Sanjay Malhotra on Wednesday said the central bank will maintain continuity and stability in policy matters with a greater use of technology to promote financial inclusionnbspAddressing his first press conference after taking charge at the central bank the IITKanpur graduate said he would work toward further use of technology to reduce cost and make financial services all pervasiveInnovation will be key we will also have to be cautious about risks it entails and must place requisite guardrails he remarkednbspI do believe that one of the most important roles of the central bank here is to spread financial inclusion Financial inclusion is a huge responsibility travelled a lot in financial inclusion making banks available at each nook and corner of the country but still more needs to be done Malhotra saidnbspStressing on the importance of wide consultations with other stakeholders Malhotra said Every institution including the RBI needs to be conscious that we do not have monopoly of knowledge Consultation is another key pillar of our policy makingHe said that the central bank will continue to interact with all segments including financial regulators state governments and the Centre to continue the Reserve Banks legacynbspHe highlighted the need to stay alert and agile in the wake of the current uncertainties in the global economic and political environmentnbspAs we have to be conscious of the fact that we do maintain continuity and stability we cannot be stuck to it and we have to be alert and agile to meet challenges Malhotra saidnbspMalhotra an IAS officer of the 1990 batch was Revenue Secretary in the Finance Ministry before his appointment as RBI GovernorHe has assumed office as the 26th Governor of the RBI will serve a threeyear term as the head of the central banknbspHe faces the challenge of keeping the fine balance between inflation control and promoting growth as well as managing the rupees depreciation amid a strengthening US dollarnbspA former Secretary in the Department of Financial Services Malhotra played a key role carrying out LICs record Rs 21000 crore IPO and advancing public sector banking reforms An IIT engineer he also has a Masters in Public Policy from the prestigious Princeton University in the USIANS https://dailyworld.in/economy/rbi-to-maintain-continuity-and-stability-in-policy-matters-sanjay-malhotra-588943.html Wed, 11 Dec 2024 19:26:00 +0530 https://dailyworld.in/economy/rajasthan-rising-and-reliable-says-pm-modi-praises-cm-for-good-governance-588458.html Jaipur Dec 9 IANS Prime Minister Narendra Modi on Monday inaugurated the Rising Rajasthan Global Investment Summit in presence of esteemed guests including renowned industrialists investors and ambassadors from different countriesnbspMaking an inaugural address he said that Rajasthan was not only rising but was also reliable and receptivenbspRajasthan knows how to refine itself with time Rajasthan stands synonymous to combating challenges Rajasthan is the name of creating new opportunitiesnbspOne more name has been added to this R factor of Rajasthan The people of Rajasthan have formed a responsive government with a huge majoritynbspBhajan Lal and his team have done a great job Today is another important day in the development journey of Rajasthan he saidnbspHe added The priorities of the governments after Independence were neither development nor heritage Rajasthan suffered a huge loss due to it But today our government is working on the mantra of Vikas bhi virasat bhiRajasthan is rising but also reliable Rajasthan is receptive and also known for refining with timePM Modi also termed the people of Rajasthan as large hearted and said I have always believed that when the states develop the country will also develop When Rajasthan reaches new heights of development the country will also develop Rajasthan is the largest state in terms of area Similarly the hearts of the people here are also as bignbspThe hard work of the people here their honesty their will power to achieve the toughest goals the feeling of keeping the nation supreme the inspiration to do anything for the country you will see this in every dust and particle of RajasthannbspHe said that the development India has achieved by following the mantra of Reform Perform Transform is visible in every sectornbspIn the seven decades after Independence India had become the eleventhlargest economy of the world Now in the last ten years India has made its economy the fifthlargest economy On this occasion India has almost doubled the size of its economy he said in his inaugural addressIndias exports have also almost doubled in the last ten years Compared to the decade before 2014 FDI Foreign Direct Investment has also more than doubled in the last decade During this time India has increased the expenditure on infrastructure from about three lakh crore rupees to eleven trillion he said adding The power of democracy population digital data and delivery is clear from Indias success A strong democracy in a diverse country like India is an important reason for its successnbspPM Modi said that democracy is flourishing in a diverse country like India and is becoming strong and this is a great achievement in itselfToday the people of India are voting for a stable government in India through their democratic rights he saidnbspIn his welcome speech CM Sharma said that even before the summit the government had signed MoUs with various companies worth Rs 35 lakh crorenbspRajasthan and its people will directly benefit from these investments Now along with agriculture industries will also get adequate water We have organised the summit in the first year so that in the next four years we can bring investment on the ground he saidnbspFurther the Adani Group on this occasion announced to invest Rs 75 lakh crore in RajasthanKaran Adani Managing Director of Adani Ports and SEZ Ltd said Four new cement plants will be set up in Rajasthan The Adani Group will invest Rs 75 lakh crore in different sectors in Rajasthan As much as 50 per cent of this investment will be made in the next five years In this we will develop a green energy ecosystem Apart from this worldclass development work will also be done at Jaipur airportAnil Agarwal who came to attend the summit said Our company is getting a lot of support from the double engine government of the BJP I also urge other companies to invest in Rajasthan Vedanta Resources Limited will invest one lakh crore rupees in RajasthannbspIndustrialist Anand Mahindra started his speech by saying KhammaghaninbspHe said As soon as I reached Jaipur today the picture of stepwells emerged in my mind These stepwells are proof of innovation This shows the specialty of the people of Rajasthan Innovative people of Rajasthan are not only in the country but also abroadIANS https://dailyworld.in/economy/rajasthan-rising-and-reliable-says-pm-modi-praises-cm-for-good-governance-588458.html Mon, 09 Dec 2024 13:28:00 +0530 https://dailyworld.in/economy/share-market-ends-lower-sensex-settles-at-81-508-pts-588499.html Mumbai Dec 9 IANS The Indian stock market closed in red on Monday as selling was seen in the FMCG sector amid market sentiment being influenced by mixed global cuesnbspnbspAt closing Sensex settled at 8150846 down by 20066 points or 025 per cent and Nifty ended at 24619 down by 5880 points or 024 per centnbspShares of Hindustan Unilever Limited were down by 4 per cent in early trade At the end of trading it fell by more than 3 per cent or Rs 8315 and closed at Rs 2401 per sharenbspResearch analyst Vaibhav Vidwani said that market sentiment was influenced by mixed global cues and concerns over potential rate adjustments by the Reserve Bank of India RBI following recent policy announcementsExperts said that the domestic market exhibited a rangebound trade after last weeks rallynbspThe rise in oil prices amid tensions in the Middle East along with investors caution ahead of key economic data like India and US CPI data and ECB policy this week impacted the sentiment they addednbspCapital goods and metal stocks have seen some buying interest in expectation of China stimulus after an unexpected drop in inflationnbspNifty Bank ended at 5340775 down by 10175 points or 019 per cent The Nifty Midcap 100 index closed at 5899875 at the end of trading after gaining 29415 points or 050 per centNifty Smallcap 100 index closed at 1952860 after rising 3650 points or 019 per centnbspOn the Bombay Stock Exchange BSE 2294 shares ended in green and 1776 in red whereas there was no change in 170 sharesnbspIn the Sensex pack Hindustan Unilever Limited Tata Motors Axis Bank Nestle India Asian Paints ITC Reliance MampampM and IndusInd Bank were the top losers Whereas LampampT Tata Steel JSW Steel HDFC Bank Adani Ports and Kotak Mahindra Bank were the top gainersIANS https://dailyworld.in/economy/share-market-ends-lower-sensex-settles-at-81-508-pts-588499.html Mon, 09 Dec 2024 16:23:00 +0530 https://dailyworld.in/economy/government-appoints-revenue-secretary-sanjay-malhotra-as-26th-governor-of-rbi-588519.html New Delhi Dec 9 The Central government on Monday appointed Sanjay Malhotra Secretary Revenue in the Ministry of Finance as the next Reserve Bank of India Governor He will replace Shaktikanta Das who with a sixyear stint is the secondlongest serving RBI GovernornbspSanjay Malhotra is a 1990 batch Indian Administrative Service IAS officer of the Rajasthan cadre He is an Engineering Graduate in Computer Science from the Indian Institute of Technology Kanpur and has a Masters in Public Policy from Princeton University USnbspWith demonstrated leadership and excellence in his career of over 33 years Sanjay Malhotra has worked in multifarious sectors including power finance and taxation information technology mines etc Presently he is Secretary Revenue in the Ministry of Finance In his previous assignment he held the post of Secretary in the Department of Financial Services under the Ministry of Finance Government of India according to the Finance Ministry websiteHe has extensive experience in finance and taxation at the State as well as the Central Government As a part of his present assignment he plays an instrumental role in tax policy formulation in respect of direct and indirect taxesnbspShaktikanta Das was first appointed as RBI Governor in December 2018 after the thencentral bank chief Urjit Patel resigned before his tenure was expected to end Das had been the second longestserving RBI Governor after Benegal Rama Raus sevenyearplus tenureDas who is also a former IAS officer with a long stint in the Finance Ministry became governor after retiring from the service his tenure as RBI Governor also ushered in a smoother functioning relationship between the central bank and the Finance Ministry after the friction that marked his predecessors tenurenbspDas served as a secretary in the Department of Revenue and Department of Economic Affairs of the Finance Ministry where he directly worked on eight Union Budgets He was also a member of the 15th Finance Commission and a Sherpa for India at the G20nbspDas has also served as Indias alternative governor in the World Bank Asian Development Bank New Development Bank and Asian Infrastructure InvestmentIANS https://dailyworld.in/economy/government-appoints-revenue-secretary-sanjay-malhotra-as-26th-governor-of-rbi-588519.html Mon, 09 Dec 2024 17:25:00 +0530 https://dailyworld.in/economy/mcap-of-six-of-top-10-most-valued-firms-surges-rs-203-lakh-crore-tcs-biggest-winner-588313.html Mumbai Dec 8 The combined market valuation of six of the top10 most valued firms surged Rs 203 lakh crore last week as the Indian stock market ended with gains In the trading session from December 2 to December 6 Nifty closed at 24677 with a gain of 227 per cent or 546 points and Sensex closed at 81709 with a gain of 239 per cent or 1906 pointsnbspThis was the third consecutive week when the stock market closed in the green Among the top 10 Tata Consultancy Services TCS HDFC Bank ICICI Bank Infosys Reliance Industries and State Bank of India SBI were gainers while Bharti Airtel Life Insurance Corporation of India LIC ITC and Hindustan Unilever were laggardsThe market capitalisation of TCS surged by Rs 62574 crore to Rs 1608782 crore The market valuation of HDFC Bank jumped Rs 45338 crore to Rs 1419270 crore Infosys added Rs 26885 crore taking its market cap to Rs 798560 crore and the market capitalisation of Reliance Industries surged by Rs 26185 crore to Rs 1775176 crore The market capitalisation of SBI soared by Rs 22311 crore to Rs 771087 crore ICICI Bank added Rs 19821 crore to its market capitalisation to Rs 937545 croreOn the other hand the market capitalisation of Bharti Airtel declined by Rs 16720 crore to Rs 910005 crore The market valuation of ITC went lower by Rs 7256 crore to Rs 589572 crore and the market capitalisation of Hindustan Unilever declined by Rs 284301 crore to Rs 58367371 crore LICs market cap declined by Rs 1265 crore to Rs 62193702 crore On Friday the stock market ended with a marginal loss Sensex and Nifty declined by 56 points and 30 points respectively IANS https://dailyworld.in/economy/mcap-of-six-of-top-10-most-valued-firms-surges-rs-203-lakh-crore-tcs-biggest-winner-588313.html Sun, 08 Dec 2024 16:18:00 +0530 https://dailyworld.in/economy/centre-committed-to-buy-farmers-produce-at-msp-of-50-pc-above-cost-shivraj-chouhan-588051.html New Delhi Dec 6 Union Minister for Agriculture amp Farmers Welfare Shivraj Singh Chouhan on Friday said that the Centre will not only fix the Minimum Support Price MSP for crops at more than 50 per cent of the production cost but also procure the produce from farmersnbspnbspSpeaking in the Rajya Sabha he said that the Congress had previously denied farmers the Minimum Support Price MSP for their cropsnbspIn contrast the Central Government led by Prime Minister Narendra Modi has consistently increased the MSP over the last decade the minister saidHe highlighted that in 2015 the ministry was renamed as the Ministry of Agriculture and Farmers Welfare marking a significant shift towards prioritising farmers welfare which was previously lackingnbspHe said that when the Congress was in power they said that they cannot accept the recommendations of the MS Swaminathan Commission In 2019 Prime Minister Narendra Modis government decided that MSP rates would be fixed by adding 50 per cent profit on the costnbspWhen the Congress government was in power they never gave more than 50 per cent profit to the farmers on cost but we are committed to buying the crops of the farmers by giving at least more than 50 per cent profit he saidThere has been an unprecedented increase in the budget allocation for agriculture Till 201314 it was only Rs 21900 crore which has now been increased to Rs 123 lakh crore he pointed outnbspWe have six priorities for farmers welfare we will increase production reduce the cost of production give fair price for the production if there is any loss in the crop we will compensate for it through Pradhan Mantri Fasal Bima Yojana we will diversify agriculture and by taking them towards natural farming we will increase the income of farmers so that farmers will not be in a position to demand loan waiver again and again the minister saidChouhan stated that the government provides not only fertilizers but also subsidies to support farmers Recently a substantial subsidy of Rs 194 lakh crore was allocated to farmers This enables farmers to purchase essential items like urea and DAP at lower pricesnbspNotably the government led by Prime Minister Narendra Modi has achieved a significant milestone by offering subsidies on bags costing Rs 2100 By providing subsidies to farmers across India the government ensures timely availability of fertilizers a commitment that will continue in the future the minister addedHe said at the same time the government was actively promoting awareness about the harmful effects of excessive and indiscriminate use of chemical fertilizers As a result adequate focus was also being given towards organic and natural farming practicesnbspHowever Chouhan assured that the government remains committed to providing subsidised fertilizers to farmers We have consistently made adequate amounts of fertilizers available and will continue to do so in the future Our goal is to strike a balance between promoting sustainable farming practices and ensuring that our farmers have access to the resources they need he saidIANS https://dailyworld.in/economy/centre-committed-to-buy-farmers-produce-at-msp-of-50-pc-above-cost-shivraj-chouhan-588051.html Fri, 06 Dec 2024 20:51:00 +0530 https://dailyworld.in/economy/rbi-lowers-gdp-growth-forecast-to-66-pc-587893.html New Delhi Dec 6 The Reserve Bank has scaled down its forecast for Indias GDP growth for 202425 to 66 per cent from 72 per cent earlier RBI Governor Shaktikanta Das announced on FridaynbspHe explained that the decision had been made as the growth in real GDP in the second quarter of this year at 54 per cent turned out to be much lower than anticipatednbspHowever Das said that Indias growth story was intact as going forward highfrequency indicators available so far suggest that the slowdown in domestic economic activity bottomed out in the second quarter of this year and it has since recovered aided by strong festive demand and pickup in rural activitiesThe decline in growth was led by a substantial deceleration in industrial growth from 74 per cent in the first quarter to 21 per cent in the second quarter due to the subdued performance of manufacturing companies contraction in mining activity and lower electricity demandnbspThe weaknesses in the manufacturing sector however was not broadbased but limited to specific sectors such as petroleum products iron and steel and cement Das pointed outIndustrial activity is expected to normalise and recover from the lows of the previous quarter Das addednbspThe RBIs Q3FY25 GDP growth forecast was reduced to 68 per cent from 74 per cent Q4 growth target was lowered to 72 per cent from 74 per cent and Q1FY26 was also revised to 69 per cent from 73 per centThe Central bank also revised its estimate for Q3FY25 to 68 per cent from 74 per cent earlier and Q4FY25 to 72 per cent from 74 per centnbspFor Q1 FY26 the RBI revised its GDP projection to 69 per cent from 73 per cent earliernbspDuring its October 2024 monetary policy meeting the RBI had forecast Indias GDP to grow at 72 per cent in FY25 higher than 657 per cent projected in the Finance Ministrys Economic Survey The quarterwise growth rates were estimated at 7 per cent for Q2 FY25 74 per cent for Q3 74 per cent for Q4 and 73 per cent for Q1 FY26IANS https://dailyworld.in/economy/rbi-lowers-gdp-growth-forecast-to-66-pc-587893.html Fri, 06 Dec 2024 13:00:00 +0530 https://dailyworld.in/economy/govt-setting-up-20-new-industrial-townships-nationwide-piyush-goyal-587628.html New Delhi Dec 5 nbsp Commerce and Industry Minister Piyush Goyal said on Thursday that the government is setting up 20 new industrial townships across the country one of which has already started in NoidanbspA lot is happening and with the active participation of industry we can achieve much more and much faster As a country we need a change in mindset to recognise high quality and sustainability as our calling card as we engage with the world Goyal said at the Bhart100 Summit organised by the business chamber AssochamHe also said that the government is open to the idea of alternative financing models for MSMEs and entrepreneurship as a course curriculum in all engineering colleges and institutes of higher education would be the way forwardRecounting the Panch Pran espoused by PM Narendra Modi the minister said To be a developed country by 2047 has to be a collective decision of all 14 billion people and we will have to shed the colonial mindset that we have inherited We must learn to take pride in our history and tradition from which there is so much to learn The government has ensured that there is no discrimination on the basis of caste or religion or creed in all the social welfare programmes and reforms to foster great unity and each one of us has to recognise our responsibilities to contribute to making India really a great nationSharing his views on the issue of greenhouse gases and sustainability Minister Goyal said My considered view on the topic is that it is related to consumption and yet we are blaming the manufacturers Developed countries with outsourced production are talking about pollution generated by coalbased power plants What they failed to realise is that they became developed countries on the back of all the lowcost energy that the coalbased power plants gave them for over 100 years as they industrialised their economies They continue to have 10 times more pollution per capita than the developing countries or less developed countries but are neither providing the finance nor technology to help the rest of the world adopt sustainability and yet expect the world to be responsible for the problems that they are facingIn his address Assocham President Sanjay Nayar said The government has made tremendous investments in social physical and digital infrastructure but to get to Bharat100 the private sector will have to play a bigger role Trade diplomacy through FTAs Investment corridors and working with friendly countries has a tremendous impact on the MSME sector which is the backbone of the economyIANS https://dailyworld.in/economy/govt-setting-up-20-new-industrial-townships-nationwide-piyush-goyal-587628.html Thu, 05 Dec 2024 15:59:00 +0530 https://dailyworld.in/economy/banking-laws-amendment-bill-set-to-boost-consumer-experience-protect-people-587510.html New Delhi Dec 4 In a significant move to enhance customer experience and protect citizens the Lok Sabha on Wednesday passed the Banking Laws Amendment Bill 2024 which allows bank account holders to have up to four nominees in their accountsnbspnbspThe higher number of nominees aims to reduce unclaimed deposits in banksnbspFinance Minister Nirmala Sitharaman said that depositors will have the option of successive or simultaneous nomination facility while locker holders will have only successive nominationsAnother sweeping change relates to redefining substantial interest for directorships which could increase to Rs 2 crore instead of the current limit of Rs 5 lakh which was fixed almost six decades agonbspIndias banking sector is critical to the nation We cant let even one bank struggle Since 2014 we have been extremely cautious that banks remain stable Our intention is to keep our banks safe stable and healthy and in 10 years everyone is seeing the outcome which in turn is benefiting the economy said FM Sitharaman during the debateBanks are being professionally run today The metrics are healthy so they can go to the market and raise bonds raise loans and run their business accordingly she saidnbspHere are the salient features of the banking laws amendment billnbspThe Banking Laws Amendment Bill 2024 allows for the nomination of up to four persons including provisions for simultaneous and successive nominations regarding deposits articles in safe custody and safety lockersnbspAllows to increase the threshold for shareholding of a beneficial interest by an individual etc to Rs 2 crore from Rs 5 lakhRevises the reporting dates for the submission of statutory reports by banks to the Reserve Bank of India so as to align them to the last day of the fortnight or the month or quarternbspIncreases the tenure of Directors excluding the Chairman and wholetime Director in cooperative banks to 10 years from 8 yearsnbspAllows a Director of a central cooperative bank to serve on the board of a state cooperative banknbspSeeks to give greater freedom to banks in deciding the remuneration to be paid to statutory auditorsIANS https://dailyworld.in/economy/banking-laws-amendment-bill-set-to-boost-consumer-experience-protect-people-587510.html Wed, 04 Dec 2024 15:39:00 +0530 https://dailyworld.in/economy/-sensex-surges-597-points-adani-ports-top-gainer-587368.html Mumbai Dec 3 The Indian benchmark equity indices Sensex and Nifty closed in the green on Tuesday as heavy buying was seen in PSU Bank and media sectors at the end of trading At closing Adani Ports emerged as the top gainer in the BSEs benchmark settling at Rs 128880 after surging by Rs 7320 or 602 per cent Sensex ended at 8084575 higher by 59767 points or 074 per cent while the Nifty 50 ended at 2445715 up by 18110 points or 075 per cent PL Capitals Head Advisory Vikram Kasat said Indian benchmark equity indices edged higher on Tuesday extending their winning streak to a third consecutive session as positive cues from Asian markets lifted investor sentimentGains were primarily driven by metal and financial stocks fueled by expectations of a 25 basispoint rate cut by the US Federal Reserve later this month following dovish remarks from key officials Market breadth remained robust with advancing stocks significantly outpacing decliners he added On the broader market front the Nifty Midcap 100 was at 57509 higher by 50815 points or 089 per cent while the Nifty SmallCap 100 ended at 1900355 higher by 13215 points or 083 per cent Rupak De of Senior Technical Analyst LKP Securities said Nifty witnessed another day of bullishness as the index moved above the 3820 per cent Fibonacci retracement level of the previous decline from 26277 to 23263Additionally the index has broken out of the recent consolidation phase on the daily chart indicating a rise in bullish sentiment he said On the sectoral front Nifty PSU Bank media metal energy infra PSE commodities auto IT and financial services ended in green while Nifty Pharma and FMCG ended in rednbsp In the Sensex pack Adani Ports NTPC Axis Bank SBI LampampT UltraTech Cement Tata Motors and HDFC Bank were the top gainers Bharti Airtel ITC Asian Paints Sun Pharma and Kotak Mahindra Bank were the top losersIANS https://dailyworld.in/economy/-sensex-surges-597-points-adani-ports-top-gainer-587368.html Tue, 03 Dec 2024 20:18:00 +0530 https://dailyworld.in/economy/gautam-adani-urges-gem-jewellery-sector-to-focus-on-technology-sustainability-587076.html Jaipur Dec 2 Adani Group Chairman Gautam Adani has exhorted the gems and jewellery sector to focus on both technology and sustainability which are the foundation for the future of the industry in the countrynbspAddressing a packed hall at the 51st India Gem ampamp Jewellery Awards IGJA Gautam Adani said Technology and sustainability are the twin pillars of our future As we embrace the digital age lets ensure our growth is both innovative and responsible Empowering and uplifting our skilled artisans and craftsmen with digital tools will propel our jewellery heritage to new heights Ultimately our youth are the architects of tomorrow Lets nurture their potential and create an India that shines brightly on the world stageInnovation and sustainability are not just trends but the foundation for the future of the gem and jewellery industry From advanced manufacturing techniques to smart wearables technology is revolutionising the jewellery industry offering endless opportunities for customisation and connection The gem and jewellery industry must embrace change challenge the status quo and adapt to evolving consumer needs to remain a global leader he saidThe Gem ampamp Jewellery Export Promotion Council GJEPC presented the 51st India Gem ampamp Jewellery Awards IGJA honouring the leading exporters of the gems ampamp jewellery industrynbspIt presented a total of 24 IGJ Awards 14 Industry Performance Awards 7 Special Recognition Awards 2 Felicitation Awards and 1 Bank supporting the Gems ampamp Jewellery Industry Awards This event was supported by Gold Partner the World Gold Council powered By GIA with Gemfields and RMC as Associate Partners and Vaibhav Global Ltd as the CoPartnerGJEPC Chairman Vipul Shah while addressing the audience said Think big innovate relentlessly and embrace technologythe future of Indias gem and jewellery industry is brighter than ever With robust retail growth projects like the India Jewellery Park in Mumbai Jaipurs Gem Bourse and the Bharat Ratnam Mega CFC are transforming the landscape Supported by visionary government policies and FTAs our industry is poised to scale new heights Together we can position India as a global leader in gems and jewellery setting benchmarks for innovation excellence and sustainabilityBusiness tycoon Gautam Adani was the presiding guest at the IGJ Awards GJEPC Chairman Shah Vice Chairman Kirit Bhansali and Regional Chairman Rajasthan Nirmal Bardiya represented the trade body at the functionnbspDerewala Industries Ltd Chairman Pramod Agrawal won the Lifetime Achievement AwardThe selection criteria this year included export performance value addition employment generation and investment in RampampD among other parameters In recognition of the business excellence demonstrated by companies that are helping to strengthen Brand India the GJEPC not only felicitates industry players for their exemplary performance but also recognizes entities such as banks which play a key role in the growth of the sectorIANS https://dailyworld.in/economy/gautam-adani-urges-gem-jewellery-sector-to-focus-on-technology-sustainability-587076.html Mon, 02 Dec 2024 14:24:00 +0530 https://dailyworld.in/economy/fm-sitharaman-in-bihar-for-two-day-visit-to-boost-rural-banking-financial-inclusion-586652.html Patna Nov 29 IANS Union Finance Minister Nirmala Sitharaman arrived in Patna on Friday for a twoday visit with the aim to focus on boosting rural banking entrepreneurship and financial inclusion in the eastern regionnbspnbspFM Sitharaman will assess the financial performance of eight rural banks from the eastern zone in PatnanbspThe banks involved include representatives from Bihar two banks Odisha two banks Jharkhand one bank and West Bengal three banks who will participate in the meeting chaired by the Union Finance MinisternbspFM Sitharaman will evaluate the extent of bad loans and strategies for reducing NPAs in rural banksShe will also examine the loan disbursement process and its impact on rural developmentnbspShe will also explore the measures to enhance the digital capabilities of rural banks improving accessibility and efficiency for customersnbspFollowing the meeting in Patna she will go to Darbhanga to participate in the Entrepreneurship Development Promotion ProgramnbspDuring that event 26 banks will collectively disburse loans worth 1300 croreBeneficiaries include small entrepreneurs agriculturebased industries and 45000 youths of the eastern regionnbspAn event will be organised in Raj Maidan DarbhanganbspThe objective of the event is to promote selfreliance boost local economies and support agriculture and small industriesnbspThese measures aim to strengthen rural banking infrastructure and facilitate economic growth in eastern IndianbspPromoting entrepreneurship and youth engagement through financial support aligns with the governments initiatives like Atmanirbhar Bharat selfreliant India and rural development programsThe FMs visit to Darbhanga highlights the Union governments commitment to the economic and social development of the Mithilanchal region as emphasised by Darbhanga MP Gopal ThakurnbspAfter the loan distribution event FM Sitharaman will address a public meeting at the same venue The speech is expected to emphasise the governments development priorities for Mithilanchal region support for small industries and selfreliance initiatives and updates on recent financial and infrastructure programs aimed at uplifting the regionnbspDarbhanga MP Gopal Thakur noted that the backtoback visits of Prime Minister Narendra Modi and the FM to Darbhanga within a month underline the Centres focus on the progress of MithilanchalnbspThese highprofile visits signify the governments intent to prioritise development in Bihar and its commitment to empowering rural and semiurban areas through financial interventions Thakur saidIANS https://dailyworld.in/economy/fm-sitharaman-in-bihar-for-two-day-visit-to-boost-rural-banking-financial-inclusion-586652.html Fri, 29 Nov 2024 14:25:00 +0530 https://dailyworld.in/economy/sensex-surges-759-pts-bharti-airtel-and-sun-pharma-top-gainers-586672.html Mumbai Nov 29 IANS The Indian stock market closed in green on Friday as both the equity benchmark indices Sensex and Nifty witnessed a strong rally With this strong comeback of the indices the market recovered from the previous sessions selloff due to FampO futures and options expirynbspnbspSensex closed at 7980279 after a gain of 75905 points or 096 per cent Nifty closed at 2413110 after a gain of 21695 points or 091 per cent The domestic stock market increased due to better investor sentiment and stockspecific activitiesNifty Bank was up 14875 points or 029 per cent to 5205560 Nifty midcap 100 index closed at 5639265 after a gain of 9190 points or 016 per cent Nifty smallcap 100 index closed at 1865095 after rising 13940 points or 075 per centnbspAccording to market experts A largecapdriven broadbased rally ensued in the domestic market Discretionary sectors performed well benefiting from the festive season The pharma and healthcare sectors saw renewed growth supported by strong earnings and a moderation in valuations after recent correctionsThe anticipated slowdown in Indias Q2 GDP to 65 per cent has already been reflected in Q2 corporate earnings which the market appears to have discounted Meanwhile global sentiment remained subdued due to the appreciation of the Japanese yen as inflation stayed above the central banks tolerance level they saidOn the sectoral indices pharma healthcare commodities infra media energy and auto were major gainers However PSU bank and realty were major losersnbspIn the Sensex pack Bharti Airtel Sun Pharma MampampM Ultra Tech Cement Adani Ports LampampT JSW Steel Hindustan Unilever Limited and Titan were the top gainers Power Grid Nestle India SBI and Infosys were the top losersnbspOn the Bombay Stock Exchange BSE 2334 shares were traded in green and 1608 in red Whereas there was no change in 127 sharesIANS https://dailyworld.in/economy/sensex-surges-759-pts-bharti-airtel-and-sun-pharma-top-gainers-586672.html Fri, 29 Nov 2024 16:19:00 +0530 https://dailyworld.in/economy/no-bribery-charges-against-gautam-adani-nephew-adani-group-586443.html New Delhi Nov 27 Embattled billionaire Gautam Adani and his aides have not been charged under the US Foreign Corrupt Practices Act an Adani Group entity said on Wednesday adding that they faced three other charges including securities and wire fraud that are punishable with monetary fines The US Department of Justices US DOJ indictment filed in a New York Court last week does not mention Gautam Adani founder chairman of the portstoenergy conglomerate his nephew Sagar or Vneet Jaain in any count related to conspiracy to violate the FCPA Adani Green Energy Ltd AGEL said in a stock exchange filingAGEL is at the heart of the allegation of USD 265million bribes being paid to Indian officials to secure solar power sale contracts that could benefit bring in USD 2 billion of profits over 20year period to the firmnbspThe three executives at AGEL have only been charged with securities fraud conspiracy wire fraud conspiracy and securities fraud the company said In general the penalties for such charges are less severe than briberyGautam and Sagar also face a civil complaint over violation of sections of the Securities Act and aiding and abetting Adani Green to violate the Act the company saidnbspAdani Group had last week denied all allegations as baseless and said it would seek legal recourse to defend itselfnbspThe FCPA makes it a crime for a company or person with US links such as a public listing American investors or a joint venture to pay or offer something of value to another governments officials for favourable treatment While none of the Adani group firms trade in the US some of them like AGEL do have American investors invested in equity or debtGautam Adani Sagar Adani and Vneet Jaain have not been charged with any violation of the FCPA in the counts set forth in the indictment of the US DOJ or civil complaint of the US SECnbspThese directors have been charged on three counts in the criminal indictment namely alleged securities fraud conspiracy alleged wire fraud conspiracy and alleged securities fraud it saidnbspThe US DOJ and the United States Securities and Exchange Commission US SEC have issued a criminal indictment and brought a civil complaint in the US District Court for the Eastern District of New York against Gautam Adani Sagar Adani and Vneet JaainThe indictment does not specify any quantum of any finepenalty the company saidnbspFormer attorney general and senior counsel Mukul Rohatgi backed Adani Groups claims saying in his assessment there are five charges or counts and Adani and his aides have not been charged under Count 1 or 5 which deal with allegations of conspiracy to violate the FCPA and conspiracy to obstruct justice respectivelynbspAdani and his aides have been charged under other Counts which relate to securities and bondsHe said the indictment equivalent to a chargesheet filed in an Indian court does not name a single person who was paid a bribenbspSenior Supreme Court advocate Mahesh Jethmalani too said there is no offence in the indictment against the Adanis or AGELnbspBoth lawyers are part of Adanis defence teamnbspAGEL in the filing said the civil complaint alleges that the executives violated certain sections of the Securities Act of 1933 and the Securities Act of 1934 and to have aided and abetted AGELs violation of the Securities Act of 1933 and the Securities Act of 1934nbspAlthough the complaint prays for an order directing the defendants to pay civil monetary penalties it does not quantify the amount of penalty it addedDOJ has alleged that between 2020 and 2024 senior executives of Adani Green Azure Power and CDPQ Caisse de dépôt et placement du Québec a Canadian institutional investor and Azures largest shareholder participated in a scheme to bribe Indian government officials to ensure the execution of lucrative solar energy supply contracts with Indian government entitiesnbspDuring the same period senior executives of Adani Green conspired to misrepresent the companys antibribery practices to USbased investors and international financial institutions and concealed from those investors and institutions their bribery of Indian government officials to obtain billions of dollars in financing for green energy projects including the corrupt solar energy supply contractsIn addition senior executives of Azure Power and CDPQ conspired to obstruct the US governments investigations into the bribery schemenbspThose charged in Count 1 are Ranjit Gupta Cyril Cabanes Saurabh Agarwal Deepak Malhotra and Rupesh Agarwal Those charged in Count 5 are Cyril Cabanes Saurabh Agarwal Deepak Malhotra and Rupesh AgarwalnbspAdani Group companies have lost about USD 54 billion in market capitalisation since the US indictmentAlso international credit rating agencies including Moodys and Fitch have downgraded their outlook on several Adani firms These downgrades are based on anticipated increased capital costs and weakened access to funding due to the legal challengesnbspAnother fallout was AGEL cancelling a USD 600 million debt raising through green bonds despite it being subscribed over three timesnbspThe DOJ indictment appeared exactly on the day AGEL launched its bondsFrench oil major TotalEnergies which holds investments in AGEL and Adani Total Gas has halted new investments in Adani firmsnbspUS International Development Finance Corporation has announced that it is reviewing its USD 550million port development loan to the Adaniled consortium developing CWIT a container terminal in Colombo Port The agency said it is assessing the implications of the indictments on the projects integrity and compliancenbspInvestment firm GQG Partners which invested in Adani Group firms as they were hammered following damning allegations of fraud levelled by Hindenburg Research has seen a drop in value of its holding in the conglomerateUS investment bank Jefferies a significant supporter of the Adani Group is reconsidering its relationship following the charges This reassessment reflects concerns over reputational risks and compliance issuesnbspAgencies https://dailyworld.in/economy/no-bribery-charges-against-gautam-adani-nephew-adani-group-586443.html Wed, 27 Nov 2024 13:16:00 +0530 https://dailyworld.in/economy/sensex-closes-up-by-992-points-adani-ports-lampt-top-gainers-586106.html Mumbai Nov 25 Indian equity markets closed in the green on Monday as heavyweights like Adani Ports LampT SBI HDFC Bank and ICICI Bank uplifted the market sentiment At closing Sensex was at 80109 up 992 points or 125 per cent and Nifty was at 24221 up 314 points or 132 per cent In the last two trading sessions Sensex added nearly 3000 points Banking stocks led the rally in the market Nifty Bank closed at 52207 up 1072 points or 210 per centAlong with largecaps buying was also seen in midcap and smallcap stocks Nifty Smallcap 100 index closed at 18115 up 360 points or 203 per cent and Nifty Midcap 100 index closed at 55900 up 883 points or 161 per cent All sectoral indices closed in the green Auto PSU Banks realty energy infra and PSE contributed the mostnbspIn the Sensex pack LampT SBI Adani Ports HDFC Bank ICICI Bank Power Grid Reliance Kotak Mahindra Bank TCS HUL Axis Bank MampM NTPC and UltraTech Cement were the top gainers JSW Steel Tech Mahindra Asian Paints Infosys HCL Tech and Maruti Suzuki were the top losersAccording to market experts the major state election results lifted market sentiment and increased the scope of stability in government spending in H2FY25 to meet the capex target The rally was broadbased while capexlinked sectors like infra capital goods and industrials outperformed in expectation of a surge in new order inflows The prospects of H2 remain positive due to a good monsoon festival and marriage season which could ease the impact of earnings downgrades that happened in Q2 an expert addedOn the institutional front Foreign Institutional Investors FIIs were net sellers offloading equities worth Rs 127837 crore Conversely Domestic Institutional Investors DIIs supported the market with net purchases of Rs 172215 crore highlighting robust domestic buying interest despite weak global sentiment IANS https://dailyworld.in/economy/sensex-closes-up-by-992-points-adani-ports-lampt-top-gainers-586106.html Mon, 25 Nov 2024 16:50:00 +0530 https://dailyworld.in/economy/modi-calls-for-global-financial-model-to-support-cooperative-sector-586109.html New Delhi Nov 25 PTI Prime Minister Narendra Modi on Monday called for the creation of a new collaborative financial model to support cooperatives globally emphasizing their potential to drive economic growth particularly in developing nations Speaking at an ICA Global Cooperative Conference Modi launched the UN International Year of Cooperation 2025 and proposed setting up international financial institutions dedicated to cooperative venturesnbspModi also launched a commemorative postal stamp symbolising Indias commitment to the cooperative movementnbspnbspIndia believes that cooperatives can give new energy to global cooperation Modi said particularly highlighting their potential to drive growth in Global South nationsnbspThe Prime Minister emphasized the importance of making cooperatives climate resilient and connecting them to the circular economy while also advocating for the promotion of cooperativefocused startupsnbspModi pointed to Indias actions during the COVID19 pandemic as an example of cooperative principles in action noting how the country shared vaccines and essential medicines with other nations particularly in the Global South despite the potential economic advantages of doing otherwisenbspnbspWhile economic logic might have suggested taking advantage of the situation our sense of humanity led us to choose the path of service Modi saidnbspnbspCiting Mahatma Gandhi Modi stressed that the success of cooperatives depends more on the moral development of their members than their numbers He called for cooperatives to become flag bearers of integrity and mutual respect in the worldnbspThe Prime Minister also highlighted Indias position as the worlds fastestgrowing economy pledging that the benefits of this growth would reach the poorest segments of society through inclusive policiesnbspnbspFor the world cooperation is a model but for India cooperation is the basis of culture it is a way of life Modi saidnbspIndias cooperative sector which encompasses 8 lakh organizations and represents one in four global cooperatives The sector covers 98 per cent of rural India engaging 30 crore people he saidnbspOutlining the key initiatives taken to strengthen cooperatives in India the Prime Minister said a separate ministry was established cooperatives were made multipurpose units and centres for providing local solutions besides enabling them with IT ecosystemnbspThe government is also working towards making India a developed country by bringing together governance with cooperativism he said The government has implemented several reforms to enhance the cooperative banking system including bringing them under the purview of the Reserve Bank of India RBI and increasing deposit insurance coverage to Rs 5 lakh per depositornbspnbspIn the last decade there has been a vast expansion of urban cooperative banking and cooperative housing after the government brought reforms There are 2 lakh housing cooperative societies in the country and Rs 12 lakh crore deposits in cooperative banks he saidnbspThe government is establishing multipurpose cooperative societies in 2 lakh villages where there is no society at present while already established 9000 Farmer Producer OrganisationsnbspEmphasizing womens role Modi noted women now represent over 60 per cent of cooperative participation with government policies mandating women directors in multistate cooperative societiesnbspThe government is leveraging digital platforms like Open Network for Digital Commerce ONDC to expand cooperative market reach and enhance farmers economic opportunities Cooperation Minister Amit Shah Prime Minister of Bhutan Dasho Tshering Tobgay Deputy Prime Minister of Fiji Manoa Kamikamica and around 3000 delegates from more than 100 countries were presentnbspThe ICA Global Cooperative Conference and the ICA General Assembly are being organised in India for the first time in the 130yearlong history of the International Cooperative Alliance ICA the premier body for the global cooperative movementnbspThe global conference hosted by the Indian Farmers Fertiliser Cooperative Limited IFFCO in collaboration with the ICA the Government of India and Indian cooperatives AMUL and KRIBHCO is being held from November 25 to November 30nbspAgencies https://dailyworld.in/economy/modi-calls-for-global-financial-model-to-support-cooperative-sector-586109.html Mon, 25 Nov 2024 20:10:00 +0530 https://dailyworld.in/economy/pm-modi-opens-global-cooperative-meet-launches-un-international-year-of-cooperatives-2025-586110.html New Delhi Nov 25 IANS Prime Minister Narendra Modi on Monday inaugurated the ICA Global Cooperative Conference 2024 and also launched the UN International Year of Cooperatives 2025 at an event attended by representatives of over 100 countries at Bharat Mandapam in the national capitalnbspnbspUnderlining the need to create global financial institutions which can finance cooperatives across the world PM Modi lauded the International Cooperative Alliance ICA for its huge role and said it was imperative to move beyond this in the futureEmphasising the need to decide the direction of the global Cooperative Movement in the 21st century the Prime Minister said We will have to think of a Collaborative Financial Model to ensure easy and transparent financing for cooperatives He underlined the importance of pooling financial resources to support small and financially weak cooperatives Such shared financial platforms can play an essential role in funding large projects and providing loans to cooperatives He further highlighted the potential of cooperatives in enhancing the supply chain by actively participating in procurement production and distribution processesHe expressed confidence that the future of Indias cooperative journey will get necessary insights from the Global cooperative conference and in return the global cooperative movement will receive a new spirit and latest tools of the 21st century from Indias rich experience of cooperativesnbspHe also thanked the United Nations for declaring 2025 as the International Year of CooperativesnbspPM Modi highlighted that there were thousands of farmers cattle breeders fishermen more than 8 lakh cooperative societies 10 crore women associated with SelfHelp Groups and youth involved in incorporating technology with cooperatives in IndiaHe stated that it was the first time that the Global Cooperative conference of International Cooperative Alliance was organized in India when there was an expansion of the cooperative movement in the countrynbspThe Prime Minister said that significant progress has been made in strengthening Indias cooperative banking sector as over Rs 12 lakh crore is now deposited in cooperative banks across the country reflecting the growing trust in these institutionsOur government has implemented several reforms to enhance the cooperative banking system including bringing them under the purview of the Reserve Bank of India RBI and increasing deposit insurance coverage to Rs 5 lakh per depositor he addedPM Modi said that India sees a huge role for cooperatives in its future growth He said that the government was forming multipurpose cooperative societies in 2 lakh villages where there was no society at present He added that the cooperatives were being expanded from manufacturing to the service sectornbspHe said that India is working on the worlds largest grain storage scheme in the cooperative sector which would see warehouses being built across the country in which farmers could store their crops This would benefit small farmers the most he addedUnderlining the governments commitment to supporting small farmers through the formation of Farmer Producer Organisations FPOs the Prime Minister said We are organising our small farmers into FPOs and providing necessary financial assistance to strengthen these organisationsnbspBhutans Prime Minister Dasho Tshering Tobgay Deputy Prime Minister of Fiji Manoa Kamikamica and around 3000 delegates from over 100 countries are participating in the conference Indian Farmers Fertiliser Cooperative Limited IFFCO in collaboration with ICA and government of India and Indian Cooperatives AMUL and KRIBHCO are hosting the conferenceIANS https://dailyworld.in/economy/pm-modi-opens-global-cooperative-meet-launches-un-international-year-of-cooperatives-2025-586110.html Mon, 25 Nov 2024 20:11:00 +0530 https://dailyworld.in/economy/ukrainian-parliament-approves-2025-budget-584558.html Kyiv Nov 20 The Ukrainian Parliament approved the governments 2025 budget which prioritises military expenditures social support and economic recovery the Finance Ministry said The budget allocates 223 trillion Ukrainian hryvnias about 54 billion out of a general budget of 36 trillion hryvnias about 87 billion for security and defence in 2025 Xinhua news agency reported quoting the ministry on TuesdayRevenues excluding grants and other international aid are projected to total 205 trillion hryvnias about 496 next year Ukraine is counting on receiving 384 billion in international aid to cover the budget deficit The budget also forecasts a GDP growth of 27 per cent next year with inflation at 95 per cent IANS https://dailyworld.in/economy/ukrainian-parliament-approves-2025-budget-584558.html Wed, 20 Nov 2024 12:42:00 +0530 https://dailyworld.in/economy/rajasthan-mous-worth-rs-657-lakh-crore-signed-at-energy-pre-summit-584647.html Jaipur Nov 20 IANS Investment MoUs worth INR 657 lakh crore were exchanged with investors from the Energy sector on Wednesday at the energy presummit in RajasthannbspThe MoUs have proposed to set up projects across various segments of the renewable energy and power generation sector including solar wind green hydrogen hybrid pump storage battery storage and green ammonia projects among othersnbspChief Minister Bhajan Lal Sharma speaking on the occasion said that the onground implementation of the signed investment proposals will generate approximately 70000 new jobs in the stateGiving a call to the investors to work towards making Rajasthan Atmanirbhar in the energy sector and making it energy surplus the Chief Minister said that Rajasthan presents a golden opportunity for investment in the renewable energy sectorThe state hosts the worlds largest solar park with a capacity of 2245 MW gets over 325 days of sunshine and presents limitless opportunities in the solar and wind energy sector We are aiming to make Rajasthan an energysurplus state that not only meets the demand of the state but also meets the demands of other states and countries in the region he saidThe Chief Minister added that the government will soon launch the Integrated Clean Energy Policy 2024 which will provide a series of new incentives in the energy sector including for newer segments of renewable energy such as pump storage green hydrogen battery storage and bioenergy among othersAccompanying the Chief Minister on the occasion Minister of State for Energy Independent Charge Heeralal Nagar said that the government is committed to work towards expeditious onground implementation of the investment MoUs through comprehensive monitoring and handholding of the investorsExpressing happiness at the signing of investment MoUs in the diverse segments of renewable energy at the presummit Chief Secretary Sudhansh Pant said that the energy sector has been at the forefront in garnering a huge amount of investment under the Rising Rajasthan Global Investment Summit 2024nbspAdditional Chief SecretaryEnergy Alok speaking on the occasion said that Rajasthan has created an investmentfriendly ecosystem and right policy environment in the energy sector which will contribute not only to Rajasthans energy transition but that of the entire countryIANS https://dailyworld.in/economy/rajasthan-mous-worth-rs-657-lakh-crore-signed-at-energy-pre-summit-584647.html Wed, 20 Nov 2024 19:09:00 +0530 https://dailyworld.in/economy/india-aims-for-equity-and-balance-when-negotiating-ftas-piyush-goyal-584414.html Mumbai Nov 19 IANS India looks for equity balance and fair trade when negotiating a Free Trade Agreement FTA with countries the government said on TuesdaynbspnbspSpeaking at the 27th CITIC CLSA India Forum here Union Commerce and Industry Minister Piyush Goyal said India enters into FTAs with countries which are transparent open and where governments economic systems align with IndiaMinister Goyal asserted that fulfilling basic amenities of citizens has been the governments priority for the last decade empowering Indians to aspire big ensuring that India uses the 4D advantage of Democracy Demographic Dividend Demand and Decisive Leadership led by Prime Minister Narendra ModinbspUrging participants at the forum to continue investing in the country the minister spoke about the opportunities India provides as it grows towards becoming a Viksit Bharat by 2047 making it the best business destination for the worldOn a question on skill development in the country the minister stated that the PM Modiled government has announced five schemes worth 30 billion in the Budget 2024nbspIn the years to come the governments focus will be on allowing youth to curate their formal education as per their desires and move into a vocation of their choice CSR spending in skill development will also enhance the progress in the years to come Goyal saidHe further stated that in the last 10 years the governments efforts have been towards a complete saturation of every person every child every family in the country so that nobody is deprived of basic needs like food clothing shelter healthcare and educationnbspOnce you are confident that all of these are well taken care of it empowers you to dream big to dream big to aspire for all the good things of life the minister told the gatheringIANS https://dailyworld.in/economy/india-aims-for-equity-and-balance-when-negotiating-ftas-piyush-goyal-584414.html Tue, 19 Nov 2024 18:11:00 +0530 https://dailyworld.in/economy/indian-economy-capable-of-handling-global-shocks-rbi-governor-583929.html Kochi Nov 17 IANS Reserve Bank of India RBI Governor Shaktikanta Das has said that the Indian economy is strong enough to handle any adverse fallout from global eventsnbspToday the growth of the Indian economy presents a picture of stability and strength Das said while addressing an event at the launch of the Kochi International Foundation herenbspThe countrys external sector is also strong and the current account deficit CAD has remained within manageable limits as it presently stands at 11 per cent of GDP Earlier in 2010 and 2011 it was in the range of six to seven per cent he addedThe central bank chief also pointed out that India has one of the largest foreign exchange reserves in the world at about 675 billion He further stated that the countrys inflation was expected to be moderate despite periodic humpsnbspIndias inflation rose to 62 per cent in October from 55 per cent in September because of food inflation he saidnbspReferring to inflation as an elephant in the room Das remarked Now the elephant has gone out of the room for a walk then it will go back to the forestHe also pointed out that when the Ukraine war started inflation went up but the RBI followed the right monetary policy unlike some other countries and succeeded in keeping the price spiral in checkWhat we did not do in India is also important RBI did not print notes because if we start printing notes the problems we are trying to resolve will expand and go beyond handling In many countries the inflation was deeprooted but ours is moderating he addednbspWe kept our interest rate 4 per cent therefore making our recovery much easier he pointed outnbspDas also highlighted how the RBI is bringing about a transformational change in credit delivery especially to small entrepreneurs and farmers through the Unified Payments Interface UPI and the Unified Lending Interface ULI launched recentlyIANS https://dailyworld.in/economy/indian-economy-capable-of-handling-global-shocks-rbi-governor-583929.html Sun, 17 Nov 2024 16:52:00 +0530 https://dailyworld.in/economy/adb-masdar-sign-160-million-usd-deal-to-build-two-solar-power-plants-in-azerbaijan-583782.html Manila Nov 16 The Asian Development Bank ADB and Abu Dhabi Future Energy PJSC Masdar on Saturday signed two loans totaling 160 million to build two of the largest solar power plants in Azerbaijan The ADB said in its press release that the power plants will be located in Bilasuvar and Neftchala districts less than 140 km from the capital Baku Xinhua news agency reportedOnce completed the solar power plants are expected to add 760 megawatts of clean energy capacity offsetting about 725000 tonnes of carbon dioxide emissions annually and tripling the countrys solar energy capacity the Manilabased bank saidBy harnessing Azerbaijans solar potential we are enhancing the countrys energy security and providing a model for sustainable development that can be replicated across the region said ADB Director General for Private Sector Operations Department Suzanne GabouryThe Bilasuvar and Neftchala power plants clearly demonstrate the potential of the countrys dynamic energy sector to catalyse the private sector and mobilise international investors Gaboury saidEstablished in 2006 Masdar is the Abu Dhabi governments primary vehicle for investing in global renewable energy and sustainable development projects Masdar has an aggregate operational and underdevelopment generation capacity of more than 20 gigawatts from renewable energy projects worldwide and aims to expand its portfolio to 100 gigawatts by 2030 IANS https://dailyworld.in/economy/adb-masdar-sign-160-million-usd-deal-to-build-two-solar-power-plants-in-azerbaijan-583782.html Sat, 16 Nov 2024 18:59:00 +0530 https://dailyworld.in/economy/will-continue-to-invest-in-india-market-amid-digitation-infrastructure-push-uber-583069.html New Delhi Nov 14 IANS India is the thirdlargest market for ridehailing company Uber by volume and it continues to grow rapidly Uber India and South Asia President Prabhjeet Singh said on Thursday adding that the company will continue to invest in the domestic marketnbspWe believe that the demographic dividend which India enjoys the digitisation which is happening at scale and the infrastructure creation all of them are strong tailwinds for categories which we operate in Singh told IANS on the sidelines of an event herenbspHe further stated that India offers an incredible opportunity to leapfrog private vehicle ownership and embrace shared mobilityAll the signals in the market actually reflect that there is a great chance for India to digitise and scale ridehailing in a very meticulous way India is today one of our fastest growing markets and we feel excited about both the near term and long term in this important market Singh told IANSThe Uber India executive said they are incredibly proud of the scale and profitability of the business in the countrynbspWe are incredibly excited about the growth in the macro ecosystem and the growth which we are experiencing on the platform both on the number of riders and drivers joining the platform Singh notedAccording to the latest company report Uber Auto and Moto are expected to drive Rs 36000 crore in economic activity in the country in 2024 While rides with Uber generated Rs 80000 crore in consumer surplus for riders in Bengaluru rides with Uber created Rs 130000 crore in consumer surplus for riders in Delhi Consumer surplus is one of the most important measures of economic welfare the amount you would pay someone to voluntarily give up a good or serviceSingh told IANS that Uber available in 125 cities continues to invest heavily in introducing new products for riders in the countrynbspWe will continue to expand both our footprint and introduce new services to serve every segment of the population Singh addedAt the event Uber unveiled a suite of new features aimed at enhancing the daily experiences of its drivers in India It has more than 1 million monthly active drivers in the country The new features are Helmet Selfie Women Rider Preference and Audio Recording Uber also announced the promotion of registrations on the governments eShram portal a unified database for gig workers and unorganised workers To encourage participation and accelerate registrations Uber is offering cash incentives to the first 10000 drivers who register on the portalIANS https://dailyworld.in/economy/will-continue-to-invest-in-india-market-amid-digitation-infrastructure-push-uber-583069.html Thu, 14 Nov 2024 16:17:00 +0530 https://dailyworld.in/economy/net-worth-of-central-pses-shot-up-by-82-pc-in-9-years-hardeep-puri-583070.html New Delhi Nov 14 IANS Petroleum Minister Hardeep Singh Puri on Thursday highlighted the role of Public Sector Enterprises PSEs in driving Indias remarkable growth story as the country is headed to become the third largest economy in the worldnbspnbspSharing key statistics to illustrate the remarkable performance the minister said that the net worth of Central Public Sector Enterprises CPSEs has increased by 82 per cent from Rs 95 lakh crore in FY14 to Rs 1733 lakh crore in FY23Addressing the CIIs PSE summit here the minister said that the contribution of CPSEs to the national exchequer through excise duties taxes and dividends has more than doubled rising from Rs 220 lakh crore in FY14 to Rs 458 lakh crore in FY23nbspHe also highlighted that the net profit of profitmaking CPSEs grew by 87 per cent from Rs 129 lakh crore in FY14 to Rs 241 lakh crore in FY23 Furthermore the total market capitalisation of all 81 listed PSEs has grown by 225 per cent under the leadership of Prime Minister Narendra Modi outpacing both the PSE index and the BSE Sensex over the past decadeThe minister praised the resilience and performance of the PSEs over the last decade noting that their contributions have been integral to Indias economic stability and progressnbspAs we look to the future the next few years will be critical in laying the groundwork for Indias next leap forward he saidnbspThe Minister outlined a vision for Indias energy sector emphasising three key principles availability affordability and sustainabilitynbspSustainability is the cornerstone of our energy strategy and aligns directly with our larger vision of transforming PSEs into engines of sustainable growth he saidAs an example of Indias focus on sustainability Puri highlighted the significant progress in bioethanol blending From 153 per cent in 2014 ethanol blending has surged to 15 per cent in 2024 with the government advancing the target of 20 per cent blending to 2025 five years ahead of schedule he saidnbspThe Minister also revealed that discussions have already started on developing a roadmap for the post2025 phase ie after the attainment of the 20 per cent ethanol blending target ensuring continued growth in the bioethanol sector and advancing Indias renewable energy goalsOn the subject of fossil fuels the Minister acknowledged that while India is steadily transitioning to cleaner energy sources fossil fuels will continue to be part of the energy mix for the foreseeable future He highlighted that the governments approach would be to balance the energy transition while ensuring energy security stability and affordability for all citizensPuri also highlighted the major reforms in the Exploration and Production EampampP sector which have opened up significant new areas for oil and gas exploration We have reduced NoGo areas in Exclusive Economic Zones EEZ by 99 allowing for the largestever offering of 136596 square kilometres in a single bid round under the Open Acreage Licensing Policy OALP Of these 13 blocks covering 51405 square kilometres were previously classified as NoGo areas he saidIANS https://dailyworld.in/economy/net-worth-of-central-pses-shot-up-by-82-pc-in-9-years-hardeep-puri-583070.html Thu, 14 Nov 2024 18:12:00 +0530 https://dailyworld.in/economy/digital-transfers-of-funds-for-public-services-up-56-pc-in-2024-rbi-deputy-guv-582885.html Jaipur Nov 13 IANS The average number of daily etransactions to access public services in India has increased by 56 per cent in 2024 compared to the previous year while there has been a transfer pf Rs 69 lakh crore through the digitallypowered Direct Benefit Transfers DBT under 314 schemes benefiting 176 crore beneficiaries in the financial year 202324 RBI deputy Governor Michael Patra said on WednesdaynbspAddressing the conference on Digital Technology Productivity and Economic Growth in India Patra said over the years these DBTs have resulted in estimated cumulative cost savings of Rs 35 lakh crore up to March 2023nbspThe RBI deputy governor further stated that India is uniquely positioned to unlock new growth avenues and optimise existing ones with its digital public infrastructure DPI a vibrant information technology IT sector and a burgeoning youth population including one of the largest AI talent basesForecasts suggest that generative AI will contribute 359438 billion to Indias GDP by 202930 Indian firms integration of AI into production processes has increased from 8 per cent in 2023 to 25 per cent in 2024 India has also committed Rs 125 trillion towards its semiconductor industry development he addedIndia is at the forefront of the digital revolution Financial technology FinTech is speeding up digital payments The India Stack is expanding financial inclusion galvanising banking infrastructure and public finance management systems covering both direct benefit transfers and tax collections Vibrant emarkets are springing up and expanding their reach Patra explainednbspIt is estimated that the digital economy currently accounts for a tenth of Indias GDP going by growth rates observed over the past decade it is poised to constitute a fifth of GDP by 2026 he addedPatra also pointed out that an AIassisted review of the latest annual reports of Indian banks reveals various instances of productivity gains from digitalisation Examples include monthly savings by banks of 14500 persondays 2530 per cent decline in customer acquisition costs reduction of the use of 84 tons of paper saving of four lakh litres of fuel in commutes to banks by customers 40 per cent reduction in customer wait times at branches 50 per cent reduction in the compliance monitoring time and shortening account opening time to less than a dayAadhaar Indias unique identification number has halved the cost of conducting the Know Your Customer process in India he addednbspHowever he sounded a word of caution as well saying New technologies also involve challenges such as disruptions in respect of traditional technologies and the labour market resourceintensity demanding substantial investment in technology learning and infrastructure potential cyber threats and data breaches ethical concerns privacy and potential malicious data useIANS https://dailyworld.in/economy/digital-transfers-of-funds-for-public-services-up-56-pc-in-2024-rbi-deputy-guv-582885.html Wed, 13 Nov 2024 15:48:00 +0530 https://dailyworld.in/economy/at-least-20-pc-of-indias-economy-will-be-digital-by-2026-27-jyotiraditya-scindia-582216.html New Delhi Nov 11 IANS At least 20 per cent of Indias economy will be digital by 202627 from the current 10 per cent Union Minister for Communications Jyotiraditya Scindia said on Monday underscoring the countrys commitment to expanding broadband access enhancing regulatory frameworks and promoting an inclusive digital ecosystemnbspInaugurating the South Asian Telecommunication Regulators Council SATRC25 in the national capital Scindia said that with an extraordinary 12 billion telephones and 970 million internet subscribers India emerges as a digital titan characterized by a rapidly evolving digital economy now comprising 10 per cent of our overall economic landscape an impressive leap from just 35 per cent a decade agoAs our digital economy flourishes at a pace 28 times swifter than the national economy we anticipate it will reach an astounding 20 per cent by 202627 said the minister urging SATRC member nations to collaborate on key issues such as digital inclusivity sustainable network infrastructure and consumer protectionSouth Asia must unite in its efforts to build a connected resilient and sustainable future he said envisioning a region that thrives on shared values and mutual supportIndia emerges as the Voice of the Global South and the SATRC25 will serve as an excellent platform for knowledgesharing and a confluence of innovative perspectives on emerging policy and regulatory challenges said ScindiaHe further stressed that secure safe and standard driven future should guide the creation of policies by regulatory bodiesSATRC member countries are Afghanistan Bangladesh Bhutan India Iran Maldives Nepal Pakistan and Sri LankaThe Minister pointed out that South Asia plays a crucial role in global ICT development and stressed the need for regulations that inspire innovation while ensuring inclusivityThe advent of NonTerrestrial Networks NTNs presents a transformative opportunity to extend telecom coverage to the most remote corners of the member nationsI am optimistic that the evolution of NTNs will unlock new vistas in communication technologies igniting innovative applications across diverse sectors and ultimately advancing our collective journey towards the United Nations Sustainable Development Goals UN SDGs the minister emphasisedIANS https://dailyworld.in/economy/at-least-20-pc-of-indias-economy-will-be-digital-by-2026-27-jyotiraditya-scindia-582216.html Mon, 11 Nov 2024 19:29:00 +0530 https://dailyworld.in/economy/second-train-with-840-tonnes-of-onion-arrives-in-delhi-to-boost-availability-578990.html New Delhi Oct 30 IANS The government on Wednesday said that a second train carrying 840 tonnes of onions from Nashik arrived in the national capital for disposal in the DelhiNCR area Most of the onions will be released in Azadpur Mandi to augment overall availability in the market while part of the stock will go for retail sale at Rs 35 per kg said the Ministry of Consumer Affairs Food and Public Distribution The onions have been procured by the National Agricultural Cooperative Marketing Federation of India NAFED under the price stabilisation fund of the Department of Consumer Affairs This is the second bulk transportation of onions by train to DelhiNCR after the National Cooperative Consumers Federation of India Ltd NCCF brought 1600 MT of onions to Kishanganj Station in New Delhi on October 20 by the Kanda Express Bulk transportation of onions by rail rake has been adopted for timely reliable and costeffective delivery of onions to various regions said the government NAFED had earlier transported 840 tonnes of onions by rail rake from Nashik which arrived at Chennai on October 26 Another rail rake from Nashik to Guwahati left Nashik on October 30 with 840 tonnes of onions procured by the NCCF Bulk shipments by rail augment the continuous transportation of onions by trucks across the country The government had procured 47 lakh tonnes of rabi onion for the price stabilisation buffer this year and started the release from September 5 through retail sales at Rs 35 per kg and also through bulk sales in major mandis across the country Over 140 lakh tonnes of onion in the buffer have been dispatched from Nashik to date and other source centres to consuming centres through trucks by road transport According to the government the NCCF has covered 104 destinations in 22 states and the NAFED covered 52 destinations in 16 states in their onion disposal Since the start of onion disposal till date the retail prices of onion have substantially stabilised in major states such as Andhra Pradesh Maharashtra Karnataka Uttar Pradesh Tamil Nadu and Delhi Mandi prices in Nashik mandi also declined from the peak of Rs 47 per kg on September 24 and are currently at Rs 40 a kg IANS https://dailyworld.in/economy/second-train-with-840-tonnes-of-onion-arrives-in-delhi-to-boost-availability-578990.html Wed, 30 Oct 2024 17:24:00 +0530 https://dailyworld.in/economy/ensure-purchase-of-every-grain-of-paddy-on-msp-cm-nayab-singh-saini-to-officials-578782.html DW BUREAU ChandigarhHaryana Chief Minister Nayab Singh Saini on Friday gave strict instructions to officials that farmers should not face any kind of problem during the current ongoing procurement season Saini held a meeting with officials of the Food Civil Supplies and Consumer Affairs Department here and also talked to some farmers from across the state over the phone and inquired about the situation from them During the meeting the farmers informed the Chief Minister about the moisture cuts being made during paddy procurement said the statementOn this the Chief Minister gave clear instructions that the interest of farmers is paramount for the state government and the officials should ensure that the farmers do not have to face the problem of cuts The concerned officers should ensure that the procurement agencies in mandis purchase every grain of paddy with moisture limit up to 17 per cent at the Minimum Support Price MSP he said Saini said the state government is providing all kinds of facilities for the purchase of farmers produce in the mandis so that the procurement process can run smoothlyHe said the farmer is our food provider hence agriculture and the welfare of the farmer are at the core of our policies The state government is helping the farmers at every step from sowing the crop to selling it in the market Saini said He said the money for crop purchase is also being paid to the farmers directly in their bank accounts The Chief Minister said the state government is standing shouldertoshoulder with the farmers and they will not be allowed to face any kind of problem https://dailyworld.in/economy/ensure-purchase-of-every-grain-of-paddy-on-msp-cm-nayab-singh-saini-to-officials-578782.html Sat, 26 Oct 2024 01:50:00 +0530 https://dailyworld.in/economy/awfis-space-solutions-ipo-opens-bidding-for-issue-to-close-on-may-27-544636.html Mumbai May 22 The Awfis Space Solutions IPO opened on Wednesday for retail investors The bidding for this issue will close on May 27 The company is offering its shares in the price band of Rs 364 to Rs 383 per share The IPO lot size is 39 shares An investor must bid at least one lot to participate in an IPOAwfis Space Solutions will raise nearly Rs 598 crore from this public issue This issue includes a fresh issue worth 128 crore and an offer for sale OFS worth 470 croreThe company had already raised Rs 26862 crore from anchor investors Its anchor book included HSBC Global Investors Fund Goldman Sachs Funds Allianz Global Investors Fund and othersAwfis Space Solutions Limited is a workspaceproviding company The company works in providing coworking and office space to startups medium and small companies and large corporate companiesAwfis Space Solutions has registered a loss of Rs 1894 crore till December 31 2023 April to December while the companys income during this period was Rs 63369 crore The company had suffered a loss of Rs 4664 crore in the financial year 202223 and the companys income during this period was Rs 565 croreSwastika Investmart stance for this IPO is neutral The brokerage firm said in its report Awfis a leading player in the rapidly expanding Indian workspace solutions market leverages an integrated platform approach to cater to diverse space sourcing and demand needs While the company exhibits promising topline growth achieving profitability remains a key challengeAwfis has experienced negative cash flow in the past and operates in a highly competitive environment susceptible to macroeconomic fluctuations Investors should conduct thorough due diligence and closely monitor the companys progress before making a final decision it addedMaster Capital Services recommends IPO for Listing gainsAwfis Solutions plans on continuing to build an industryleading capital efficient model to keep hold of the market share and increase the percentage of operational centres and seats under the MA modelThe company also intends to expand in new and existing markets by evaluating potential locations and cities based on multiple criteria However the company has incurred losses in the past financial years Investors looking to invest can invest for listing gains IANS https://dailyworld.in/economy/awfis-space-solutions-ipo-opens-bidding-for-issue-to-close-on-may-27-544636.html Wed, 22 May 2024 16:53:00 +0530 https://dailyworld.in/economy/baggage-delivery-time-improved-significantly-at-major-airports-bcas-544357.html New Delhi May 21 The Bureau of Civil Aviation Security BCAS on Tuesday claimed substantial enhancement in baggage delivery systems at the major airports across the country BCAS officials said that following an extensive overhaul and upgrade in equipment services and monitoring processes the latest findings reveal a notable improvement in the speed and efficiency of baggage deliveryAfter a twomonth evaluation period data indicates a significant increase in the percentage of baggage complying with globally accepted delivery standards In January only 622 per cent of passengers received their baggage on time However from March 2024 onwards this figure has surged to over 90 per centMore importantly the progress has been sustained since then and the percentage of bagsluggage arriving within 30 minutes reached a high of 925 per cent in May 2024 an official saidAccording to the officials BCAS had undertaken an exercise to enhance the baggage delivery system of the domestic airlines at six major airports Delhi Mumbai Kolkata Chennai Hyderabad and BengaluruAs per the global standards prescribed by the International Air Transport Association IATA as well as Schedule 3 of the Operation Management and Development Agreement OMDA with airports baggage should be delivered to passengers within 30 minutes of the aircrafts arrivalThe exercise started on January 14 this year In Phase 2 the government has advised all international airlines as well as domestic airlines operating in other airports to ramp up baggage delivery timings following the same efforts IANS https://dailyworld.in/economy/baggage-delivery-time-improved-significantly-at-major-airports-bcas-544357.html Tue, 21 May 2024 18:04:00 +0530 https://dailyworld.in/economy/bhel-q4-net-profit-declines-25-pc-at-rs-484-crore-544373.html New Delhi May 21 Governmentowned Bharat Heavy Electricals Limited BHEL on Tuesday reported a 25 per cent decline in net profit at Rs 484 crore for the JanuaryMarch quarter of 20232024 compared to the corresponding figure of Rs 645 crore in the same period last year The firm declared a final dividend of 25 paise for equity share of Rs 2 face value for FY24 The final dividend upon approval will be paid within 30 days from the date of the Annual General Meeting AGMBHELs revenue from operations rose marginally to Rs 8260 crore during the fourth quarter from Rs 8227 crore in the same period of the previous yearBHELs share price rose by 27 per cent on Tuesday to settle at Rs 3188 apiece IANS https://dailyworld.in/economy/bhel-q4-net-profit-declines-25-pc-at-rs-484-crore-544373.html Tue, 21 May 2024 18:43:00 +0530 https://dailyworld.in/economy/organisers-expecting-biggest-ever-turnout-at-kerala-travel-mart-2024-544374.html Kochi May 21 Kerala is gearing up to hold the 12th edition of its premier tourism event Kerala Travel Mart KTM2024 starting September 26 with the organisers expecting the biggestever turnout By now 592 foreign buyers from 71 countries have registered for the fourday event billed as Asias largest tourism meetThis time buyers from 27 countries are attending the event for the first time including those from China Japan and Saudi ArabiaJose Pradeep President of KTM Society which organises the event with the support of the state Tourism Department said the impressive response to the event is a result of the overseas marketing campaigns run by the Tourism DepartmentThe number of overseas buyers is set to increase further as the last date of online registration is July 31 said KTM Society Secretary S SwaminathanWith 52 buyers the UK tops the list of foreign countries when it comes to representatives at KTM2024 followed by the US 45 and Malaysia 30 The domestic delegates total 1533 of whom 460 are from Maharashtra 257 from Delhi and 217 from GujaratAs for stalls under eight segments the organisers have received 364 expressions of interest so farCruise tourism is another area where the upcoming edition of KTM is giving focusThe 11th KTM in 2022 facilitated more than 55000 business interactions in its three days The buyers totaled 1134 234 from abroad while the seller stalls totaled 325 IANS https://dailyworld.in/economy/organisers-expecting-biggest-ever-turnout-at-kerala-travel-mart-2024-544374.html Tue, 21 May 2024 18:44:00 +0530 https://dailyworld.in/economy/world-sees-india-on-cusp-of-economic-take-off-rbi-report-544394.html Mumbai May 21 Internationally there is a growing optimism that India is on the cusp of a longawaited economic takeoff according to the RBIs monthly bulletin released on Tuesday It states that recent indicators are pointing to a quickening of the momentum of aggregate demand and nonfood spending is being pushed up by the green shoots of rural spending recoveryThe RBI bulletin points out that while revising Indias GDP growth upwards by close to 2 percentage points for 202324 the IMFs April 2024 World Economic Outlook WEO alludes to the robustness of growth expected in 2024 and 2025 as reflecting continuing strength in domestic demand and a rising workingage populationIt highlights that India is expected to continue to experience broadly stable and rapid growth according to the OECD while inflation should moderate further provided food prices remain insulated from extreme weather events The OECDs May 2024 Economic Outlook points to strong momentum in India in recent monthly indicators and expects strong investment and improving business confidence in India to sustain real GDP growthThe RBI bulletin also states that there is considerable appreciation for the dramatic reduction in poverty in India The World Bank estimates that at the height of the pandemic in 2021 only 129 per cent of the population lived on US 215 a day the global benchmark for extreme poverty More recent estimates show that extreme deprivation once considered synonymous with India is set to become extinctThere is also a worldwide focus on the transformation of the physical infrastructure including highways ports and airports Indias power sector has attained 100 per cent electrification and has been integrated into a single grid across the country Daily power availability has increased to 20 hours in rural areas and 235 hours in urban areas while aggregate technical and commercial losses have narrowed considerably There has been a leap in renewable energy capacity creation with India becoming the worlds thirdlargest renewable energy producer It has attained world leadership in leveraging the digital public infrastructure for payment efficiency financial inclusion and direct benefit transfersThe RBI bulletin also states that currently India boasts the highest number of digital transactions fuelled by a massive internet user base Broadband connectivity has also seen a significant leap reaching over 93 per cent of our villages The Bharat Net project will connect all villages through highspeed internet Digital platforms like the Open Network for Digital Commerce ONDC are empowering small businesses by providing a larger marketplace Indias digital public infrastructure the India Stack is boosting productivity and efficiency and generating employment besides enabling better targeting of fiscal transfersIt further highlights that recent indicators are pointing to a quickening of the momentum of aggregate demand in the personal consumption space Nielsen IQ data indicate that for the first time in at least two years rural demand for Fast Moving Consumer Goods FMCG has outpaced urban marketsTurning to private investment the RBI report states that listed private manufacturing companies retained earnings remained the major source of funds during the second half of 202324 They were mainly used to build up fixed assets and noncurrent investments indicating a pickup in new capacity creation relative to the first half of the yearHowever the report also mentions the heightened geopolitical tensions that are exerting substantial upward pressures on key commodity prices with crude oil and gold leading the surge as global factors that pose a downside risk IANS https://dailyworld.in/economy/world-sees-india-on-cusp-of-economic-take-off-rbi-report-544394.html Tue, 21 May 2024 19:24:00 +0530 https://dailyworld.in/economy/gold-price-reaches-rs-74-000-544396.html Mumbai May 21 Gold prices have been booming for the last few months According to the Indian Bullion Jewelers Association IBJA the price of 10 grams of 24carat gold increased to Rs 74220 per 10 grams on Tuesday which was Rs 73383 in the previous trading session on May 17 Gold may be able to sustain at higher levels only if the Fed cuts rates and the US starts declining against currency majors Emkay Wealth Management a brokerage firm said in its reportAs of April 30 2024 physical gold has delivered a CAGR of 1942 per cent in the 12 month period and absolute returns of 678 per cent 1month period during AprilAs per the report Gold prices moved up from the US 2050 base where it was hovering around for a long time to a new range mainly due to the tensions that emerged in the Middle East and also on the back of the Fed stance about the policy rate The markets have been comforted by the deescalation of the geopolitical situation but the possibility of further tension cannot be ruled outWhile gold may still continue to be resisted at the current levels close to US2370 US2390 the probability of any deeper corrections looks weak due to central bank demand and retail demand IANS https://dailyworld.in/economy/gold-price-reaches-rs-74-000-544396.html Tue, 21 May 2024 19:44:00 +0530 https://dailyworld.in/economy/jk-tyre-clocks-56-pc-jump-in-q4-net-profit-declares-dividend-of-rs-350-per-share-544408.html Mumbai May 21 JK Tyre amp Industries Ltd on Tuesday reported a 56 per cent jump in its consolidated net profit at Rs 16933 crore for the JanuaryMarch quarter of 202324 compared to the corresponding figures of Rs 10838 crore reported in the same period of the previous year The firms revenue from operations increased by 18 per cent to Rs 369845 crore from Rs 363247 crore in the same quarter last year according to a regulatory filingThe company also announced a final dividend of Rs 350 per equity share for FY24JK Tyre CMD Raghupati Singhania said This performance is attributed to our continued focus on product premiumisation widening market reach and techenabled manufacturing and digitalisation across operations achieving better efficiencies Moreover our strategic initiatives to fortify our balance sheet through equity infusion yielded fruitful results reinforcing our financial resilienceThe firm said its exports were flat during the year because of geopolitical disruptions that also led to freight hikes In the next few quarters the company expects to improve its export volumesWe remain optimistic on the tyre demand outlook led by robust infraspends and buoyed economic activities the company said IANS https://dailyworld.in/economy/jk-tyre-clocks-56-pc-jump-in-q4-net-profit-declares-dividend-of-rs-350-per-share-544408.html Tue, 21 May 2024 20:31:00 +0530 https://dailyworld.in/economy/indian-descent-nikesh-arora-2nd-highest-paid-ceo-in-us-says-report-544434.html Washington May 21 Nikesh Arora the Indiaborn CEO of Palo Alto Networks has been ranked Americas secondhighest paid CEO in 2023 A total of 17 Indiandescent CEOs are in the top 500 rankings according to an analysis published by The Wall Street Journal on TuesdayShantanu Narayen of Adobe is the secondhighest paid Indiandescent CEO ranked 11 overall Arora and Narayen earned 15143 million and 4493 million respectively more than Teslas Elon Musk who did not receive any compensation in 2023 according to the reportMetas Mark Zuckerberg earned 2440 million while Alphabets Indiaborn head Sundar Pichai earned 880 million during the period under reviewA product of Delhis Air Force Public School Arora first drew international attention as the chief business officer at Google which he left in 2014 to head SoftBank with a reported compensation that was said to be a record for Japan Arora has been heading Palo Alto Networks a cybersecurity company since 2018 His compensation at Palo Alto Networks consists mostly of equity awards that include shares granted over three yearsNarayen who was born and raised in Hyderabad has been the CEO of Adobe since 2007 after joining the company in 1998Hock Tan of Broadcom topped the list with an earning of 162 millionRanked third fourth and fifth among Indian Americans were Sanjay Malhotra of Micron Technology 63rd 2528 million Ajei Gopal of Ansys 66th 2463 million and Reshma Kewalramani of Vertex Pharmaceuticals 118th 2059 millionOthers included Arvind Krishna of IBM 123rd 2040 million Badrinarayn Kothandaraman of Enphase Energy 135th 1953 million Sanjiv Lamba of Linde 143rd 1920 million Surendralal Karsanbhai of Emerson electric 158th 1832 million Anirudh Devgun of Cadence Design Systems 172nd 1734 million Shankha Mitra of Wellflower 174th 1720 million Sumit Roy of Realty Income 268th 1313 million Satish Dhanasekaran of Keysight Technologies 319th 1075 million Prahlad Singh of Rewity 357th 913 million Sundar Pichai of Alphabet 364th 880 million Udit Batra of Waters 367th 874 million and Sundarrajan Nagarajan of Nordson 389th 698 million IANS https://dailyworld.in/economy/indian-descent-nikesh-arora-2nd-highest-paid-ceo-in-us-says-report-544434.html Tue, 21 May 2024 22:30:00 +0530 https://dailyworld.in/economy/investment-firm-kkr-infuses-150-million-in-ai-healthcare-firm-infinx-544193.html Mumbai May 21 Global investment firm KKR on Tuesday confirmed it is acquiring a significant minority stake in AIdriven healthcare revenue solutions provider Infinx for an undisclosed sum According to reports the deal size could be around 150 millionIn a statement KKR said this investment will leverage its extensive experience in the global healthcare and technology sectors to accelerate Infinxs growth and expand the companys networkNorwest Venture Partners an existing shareholder also participated in the transactionWe are pleased to invest in Infinx given its comprehensive suite of flexible techenabled offerings strong management team and proven ability to serve healthcare providers said Akshay Tanna Partner and Head of India Private Equity KKRCofounded in 2012 by Sandeep Tandon and Jaideep Tandon Infinx is a provider of innovative datadriven revenue cycle management solutions for the healthcare sector with a particular focus on the US marketInfinxs solutions support 172000 healthcare professionals across 4000 facilities including ambulatory acute care and postacute care providersWith KKRs support network and differentiated expertise we are even better positioned to accelerate our growth continue our investment in innovative solutions to help improve the financial health of healthcare providers said Jaideep Tandon CEO of InfinxKKR makes its investment from its Asian Fund IV IANS https://dailyworld.in/economy/investment-firm-kkr-infuses-150-million-in-ai-healthcare-firm-infinx-544193.html Tue, 21 May 2024 11:55:00 +0530 https://dailyworld.in/economy/sail-records-highest-ever-revenue-of-rs-105-375-crore-in-2023-24-544195.html New Delhi May 21 Governmentowned Steel Authority of India Limited SAIL has recorded its highestever revenue from operations at Rs 105375 crore during the financial year 202324 The company had recorded a revenue of Rs 104447 crore in 202223 according to a company statement During FY 202324 the company has achieved its bestever performance in production and sales The crude steel production and sales volume have registered a growth of 52 per cent and 51 per cent respectively during FY24 over the previous year according to a SAIL statementHowever the steel giants consolidated net profit for the JanuaryMarch quarter declined by 3 per cent to Rs 1126 crore from Rs 1159 crore due to lower steel prices compared to last yearSAILs board of directors has recommended a final dividend of Rs 1 per equity share ie 10 per cent of face value for the Financial Year 202324 subject to the approval of the shareholders at the AGM The company had earlier paid an interim dividend of Rs 1 per equity share during the yearCommenting on the results SAIL chairman Amarendu Prakash said The Indian Steel Markets have remained quite robust showcasing continual growth in demand SAIL has been taking various initiatives towards increasing volumes adding valueadded products to its product basket and improving efficiency levels which is reflected in the improved physical performance year on year The company will continue to work on improving its performance further to tap into the buoyancy in the growing Indian Steel MarketLast week the SAIL Chairman said that the steel major is keeping a close watch on Chinese imports after the United States raised tariffs on goods from China There are fears that China may start dumping its excess production in other countries at cheap prices IANS https://dailyworld.in/economy/sail-records-highest-ever-revenue-of-rs-105-375-crore-in-2023-24-544195.html Tue, 21 May 2024 12:06:00 +0530 https://dailyworld.in/economy/remarkable-turnaround-in-last-10-years-as-banks-profit-crosses-rs-3-lakh-crore-pm-modi-544009.html New Delhi May 20 The banking sector has witnessed a profit of Rs 3 lakh crore for the first time in the FY 202324 Prime Minister Narendra Modi applauded banks for this remarkable achievement and said that the condition of banks has improved a lot in the last 10 years adding that this has helped the poor farmers and MSMEs to get creditIn a social media post PM Modi said In a remarkable turnaround in the last 10 years Indias banking sector net profit crosses Rs 3 lakh crore for the first time everSlamming the Congress party PM Modi said that the UPA phone banking policy caused big losses and NPA to banksWhen we came to power our banks were reeling with losses and high NPAs due to the phonebanking policy of UPA The doors of the banks were closed for the poorThis improvement in the health of banks will help improve credit availability to our poor farmers and MSMEs the PM addedFor the first time banks profit crossed the Rs 3 lakh crore mark in FY 202324 with 39 per cent growth on a YoY basis During this period public sector bank profit jumped to Rs 14 lakh crore with an increase of 32 per cent on a YoY basis and private banks reported Rs 17 lakh crore profit in the last financial year with an increase of 42 per cent on a YoY basisIn the last 10 years banks witnessed a major turnaround as their balance sheets strengthened and there was a significant decline in nonperforming assets NPAs which has caused higher profits IANS https://dailyworld.in/economy/remarkable-turnaround-in-last-10-years-as-banks-profit-crosses-rs-3-lakh-crore-pm-modi-544009.html Mon, 20 May 2024 17:07:00 +0530 https://dailyworld.in/economy/wheels-india-logs-rs-679-cr-pat-dividend-rs-739-per-share-544033.html Chennai May 20 Automobile wheel maker Wheels India Ltd said on Monday that it closed FY24 with a higher net profit of Rs 679 crore According to Wheels India the company closed FY24 with a revenue of Rs 4619 crore FY23 Rs 4345 crore and a net profit of Rs 679 crore FY23 Rs 625 croreThe companys Board has recommended a dividend of Rs 739 per shareExports did well for us in FY24 registering a 245 per cent growth Earthmover wheels aluminium wheels and hydraulic cylinders were the prime drivers of growth on the export front The companys air suspension business did well along with growth in the bus market said Srivats Ram Managing Director Wheels IndiaWe have been able to profitably ramp up the machining of windmill castings and will continue to grow this business Another area with a lot of promise for growth both in the domestic and export markets is hydraulic cylinders he added IANS https://dailyworld.in/economy/wheels-india-logs-rs-679-cr-pat-dividend-rs-739-per-share-544033.html Mon, 20 May 2024 18:06:00 +0530 https://dailyworld.in/economy/epfo-adds-1441-lakh-members-in-march-57-pc-are-youths-in-new-jobs-544075.html New Delhi May 20 The Employees Provident Fund Organisation EPFO payroll data released on Monday shows that as many as 1441 lakh net members in March this year reflecting the increased employment created in the countrys organised sector during the month The data indicates that around 747 lakh new members have been enrolled during March out of which the 1825 age group constitutes a dominant 5683 per cent This indicates that the majority of individuals joining the organised workforce are youth primarily firsttime job seekers according to the official statementGenderwise analysis of payroll data unveils that out of 747 lakh new members around 2 lakh are new female members Also the net female member addition during the month stood at around 290 lakh The female member addition is indicative of a broader shift towards a more inclusive and diverse workforce the statement addedThe payroll data highlights that approximately 1180 lakh members exited and subsequently rejoined EPFO These members switched their jobs and rejoined the establishments covered under the ambit of EPFO and opted to transfer their accumulations instead of applying for final settlement thus safeguarding longterm financial wellbeing and extending their social security protectionMonthonmonth comparison of industrywise data displays growth in the members working in establishments engaged in the manufacture marketing services usage of computers restaurants chartered fish processing and nonveg food preservation Beedi making etc IANS https://dailyworld.in/economy/epfo-adds-1441-lakh-members-in-march-57-pc-are-youths-in-new-jobs-544075.html Mon, 20 May 2024 20:47:00 +0530 https://dailyworld.in/economy/centre-urges-states-to-leverage-ulip-for-unified-logistics-ecosystem-544076.html New Delhi May 20 The Centre on Monday urged states to leverage the Unified Logistics Interface Platform ULIP to increase the efficiency of the countrys logistics sector to cut transport costs and spur economic growth Addressing representatives of states at a workshop organised in Vanihya Bhavan here the Secretary Department for Promotion of Industry and Internal Trade DPIIT Rajesh Kumar Singh emphasised the critical role of ULIP in fostering collaboration and integration among states to create a unified logistics ecosystemULIP offers an unprecedented opportunity for states to enhance their logistics frameworks I encourage all states to actively leverage ULIP and drive forward a seamless efficient and inclusive logistics sector across India he saidThe event saw enthusiastic participation from representatives of various states including Telangana Kerala Haryana Punjab Maharashtra Tamil Nadu Chhattisgarh Andhra Pradesh Madhya Pradesh Nagaland and Rajasthan Additionally many industry associations enterprises and startups joined the workshopSingh also launched a ULIP booklet that illustrates how different private sector companies and Startups are utilizing ULIP APIs and highlighted the platforms transformative impact on the logistics sector This booklet serves as a comprehensive guide showcasing the innovative applications developed through ULIP and their significant contributions to enhancing logistics efficiencyRajat Kumar Saini CEO amp MD of the National Industrial Corridor Development Corporation NICDC and Chairman of the National Logistics Data Services Limited NLDSL highlighted the importance of ULIP and urged startups to continue their innovative efforts and explore new ideas to leverage the platform He said The applications showcased today highlight the potential of ULIP to transform the logistics landscape We must continue to push the boundaries and explore new possibilities for efficiency and growthThe workshop featured demonstrations from startups like Super Procure Cargo Shakti Shiprocket and Enmovil showcasing their cuttingedge applications developed using the ULIP databases Super Procure demonstrated its platform aimed at reducing empty miles using ULIP while Enmovil showcased a logistics bot developed for route optimization Shiprocket with its crossborder logistics platform highlighted how they are able to onboard sellers seamlessly through effective authentication facilitated by ULIP APIsAdditionally how various ministries and departments use PM GatiShakti NMP tools for developing various assets was also discussedULIP is a digital gateway that allows industry players to access logisticsrelated datasets from various government systems through APIbased integration Currently the platform integrates with 37 systems from 10 ministries via 118 APIs covering over 1800 data fields Private sector participation in ULIP has been instrumental in amplifying its impact with over 900 companies registered on the ULIP portal IANS https://dailyworld.in/economy/centre-urges-states-to-leverage-ulip-for-unified-logistics-ecosystem-544076.html Mon, 20 May 2024 20:48:00 +0530 https://dailyworld.in/economy/south-koreas-exports-of-instant-noodles-surpass-100-mn-for-1st-time-543592.html Seoul May 19 South Koreas exports of instant noodles surpassed the 100 million mark for the first time last month on the growing popularity of Korean culture and food data showed on Sunday Exports of instant noodles or ramyeon in Korean reached 1086 million in April up 468 percent from a year earlier growing at the fastest pace since May 2022 according to the Korea Customs Service KCSIt marks the first time the monthly figure has exceeded 100 million the agency said reports Yonhap news agencyRamyeon exports have been on a constant rise since 2015 and are expected to hit a fresh high this year in line with the popularity of Korean movies dramas and music as well as high demand for affordable readytoeat food products amid high inflationLast year ramyeon exports reached a record high of 952 million jumping 244 per cent from 2022The KCS expects the exports to surpass 1 billion this yearSamyang Foods Co a major South Korean instant noodle maker saw its sales soar 57 per cent onyear to 3857 billion won 2845 million in the first quarterThe company said its revenue from overseas markets in particular shot up 85 per cent thanks to the popularity of the carbonara flavour of its smashhit spicy instant noodle item Buldak RamenOverseas revenue accounted for 75 per cent of Samyangs total sales in the first quarter according to the company IANS https://dailyworld.in/economy/south-koreas-exports-of-instant-noodles-surpass-100-mn-for-1st-time-543592.html Sun, 19 May 2024 10:17:00 +0530 https://dailyworld.in/economy/assam-sees-159-pc-growth-in-mutual-funds-says-cm-himanta-biswa-sarma-543688.html Guwahati May 19 Assam has registered a significant growth in mutual funds over the last five years said Chief Minister Himanta Biswa Sarma on Sunday According to him at least 159 per cent rise in mutual funds in Assam was noticed during the last five years where the investment rose from Rs 11298 crore to Rs 29268 croreSarma also claimed that the state has significantly contributed to the growth story of IndiaTaking to his X handle the Chief Minister wrote A mammoth 159 per cent growth of Mutual Funds in Assam in the last 5 years from 11298cr to 29268cr speaks volumes about the India Growth Story the trust people of Assam have in our markets and the rise in the incomes of our peopleMoreover he also mentioned that Assam was the leading contributor in the mutual funds from the northeastern region from 2020 to 2024 IANS https://dailyworld.in/economy/assam-sees-159-pc-growth-in-mutual-funds-says-cm-himanta-biswa-sarma-543688.html Sun, 19 May 2024 15:24:00 +0530 https://dailyworld.in/economy/not-just-tesla-were-expecting-good-response-from-several-ev-makers-dpiit-secy-543507.html New Delhi May 18 While all eyes are on Elon Muskrun Tesla to make its entry into India the government is expecting a good response from several automobile majors on the electricvehicle EV policy Rajesh Kumar Singh Secretary in the Department for Promotion of Industry and Internal Trade DPIIT said on Saturday Last month the tech billionaire said he would not visit India amid crucial Tesla quarterly results as he delayed his visit to the later part of the year to announce his investment plansEverybody talks about one company Tesla but we are expecting responses from many companies to that policy Singh said at the CIIs annual business summit in the national capitalThe new EV policy was announced in March where the government reduced the Customs duty to 15 per cent with certain conditionsIt entailed a minimum investment of Rs 4150 crore to set up EV manufacturing facilities production to start within three years and reach 25 per cent DVA domestic value addition by three years and 50 per cent DVA within five years at the maximumThe new EV policy paved the way for Musk and other automakers to enter the Indian EV marketAccording to experts the EV market in the country can achieve over 40 per cent penetration with 100 billion revenue by 2030The country is also making rapid progress in setting up EV charging infrastructure to phase out diesel vehicles within a stipulated time frame IANS https://dailyworld.in/economy/not-just-tesla-were-expecting-good-response-from-several-ev-makers-dpiit-secy-543507.html Sat, 18 May 2024 20:11:00 +0530 https://dailyworld.in/economy/ians-interview-pm-modi-will-bring-extended-economic-growth-of-7-8-pc-says-norwegian-diplomat-solheim-543305.html New Delhi May 18 Prime Minister Narendra Modi who is eyeing a historic thirdconsecutive term cemented his claim to global leadership during the Indian G20 Presidency He will bring extended economic growth in the country at a rate of 78 per cent says Norwegian diplomat and green politician Erik Solheim In an interview on Saturday Solheim who believes many more people will vote in Bharat than in any other election anywhere in the world told IANS that PM Modis victory will continue to root Indian strength and nationalism in the great heritage of the many thousand years old Indian thoughts the Hindu DharmaThis process got a great shot in the arm with the opening of the Ram Mandir Modi will continue this and in my view it is positive It means India is modernising but not westernising But the BJP should also take care to include the substantial Indian minorities particularly the Muslims he saidAn experienced peace negotiator having acted as the main facilitator of the peace process in Sri Lanka from 1998 to 2005 Solheim the President of the Green Belt and Road Institute believes that PM Modi will bring extended economic growth at a rate of 78 per cent That means doubling the Indian economy in a decade Both the BJP and many regional governments will prioritise propoor policies to make sure the rise of India benefits everyone The digital economy facilitates this through direct cash transfer and moreSolheim who believes that the West also has a lot to learn from economic policies and green commitments of PM Modi says that he cemented his claim to global leadership during the Indian G20 PresidencyWe will see a selfconfident India which much more than in the past will assert its interest globally he saidExplaining why India is the country to follow the green politician who played a crucial role in convincing the country to phase out singleuse plastic believes there is a broad global expectation that PM Modi will be reelected and that India will have stable leadership which is critical for growthIndia is now a global leader on environment and climate issues PM Modi just launched a major rooftop solar programme in which over one crore households registered and there are new renewable energy projects being opened or auctioned by the dayThe Adani Group is constructing a 30 gigawatt wind and solar energy park in the Gujarat desert This is massive a great service to humanity the largest such plant anywhere in the world said Solheim who served as Executive Director of the UN Environment Programme between May 2016 and November 2018For Solheim India has many friends and is wellpositioned to play more of the role of peacemaker in conflicts like Ukraine Gaza or other placesIndias views on any global issue will grow in importance with the economic rise of the country India should urgently be made a permanent member of the UN Security Council he saidExplaining how the western world sees India emerging as a Global South leader with PM Modi at the helm of the country he said There is sometimes a mistake that a strong India will emerge as a copy of the West or the little brother looking for guidance from WashingtonThe West sometimes wishes to enroll India as a counterweight to China Its not yet fully understood in the West that India is a civilisational state and that India will not follow the lead of any other capital than DelhiPM Modi or any other Indian leader will put India first and India secondAccording to Solheim the Indian civilisation rooted in Hindu dharma is one of the worlds most influential communitiesA much stronger India in the future will face the world based on its own interest and its own values This doesnt of course preclude close partnerships with the West or with ChinaThe development of a stronger India also makes the voice of the Global South much stronger It represents the end of 200 years of western global dominance he opinedOn Indias effort to save the planet Solheim a frequent traveller to the country said Indeed PM Modi is fully focussed on green growth A new development strategy is possible because solar wind and hydro now are cheaper than fossil fuels And renewables are Indian resources no need for wasting money on imports India is fast on the way to becoming a top global leader on environment and climateIf I may add its good to see that this worldview is shared between the government and the Opposition South Indian states with regional party governments are also moving green fast One example is MK Stalin in Tamil Nadu he addedOn the future of Indian solar parks he told IANS In January I visited the huge solar and wind park under construction by the Adani Group near the Pakistani border in the Gujarat desert Its wonderful and will provide huge amounts of clean energy The construction is happening in an empty desert so there are no issues with local people or wildlifeHe also visited the worlds largest floating solar power generation facility at Omkareshwar in Madhya Pradesh and the largest floating solar power generation facility in North India constructed by Hartek Solar in ChandigarhThese are examples of the speed of the change in Bharat and the ingenuity of the Indian peopleThere is no doubt India will soon be the secondlargest solar nation in the world surpassing everyone else except China added Solheim who says hes more worried about American democracy than the Indian oneThe 2024 Lok Sabha election will see a record number of youth who are eligible to voteTherefore he urged all people especially the youth to join the process of celebrating the largest festival of democracy the world has seenVishal Gulati can be contacted at gulatiiansgmailcom IANS https://dailyworld.in/economy/ians-interview-pm-modi-will-bring-extended-economic-growth-of-7-8-pc-says-norwegian-diplomat-solheim-543305.html Sat, 18 May 2024 10:54:00 +0530 https://dailyworld.in/economy/nestle-india-shareholders-reject-proposal-to-hike-royalty-to-swiss-parent-543374.html Mumbai May 18 Nestle India shareholders have rejected a proposal of the companys board of directors to increase royalty payments to its Swiss parent Nestle SA according to a regulatory filing by the company Shareholders with a total 5718 per cent stake in the company voted against the resolutionThe motion called for the royalty paid to its parent to climb to 525 per cent of net sales over a period of five years from the current level of 45 per cent The increase was proposed at a rate of 015 per cent per annumThe proposal was moved as Nestle India in 2019 had said that it would seek approval of its shareholders every five years for royalty payments to the parent company after receiving investor and proxy firms feedback on the issueNestle India reported a 27 per cent increase in standalone net profit at Rs 934 crore for the JanuaryMarch quarter of 202324 compared to the corresponding figure of Rs 737 in the same quarter last year The companys revenue increased 9 per cent to Rs 5268 crore yearonyear IANS https://dailyworld.in/economy/nestle-india-shareholders-reject-proposal-to-hike-royalty-to-swiss-parent-543374.html Sat, 18 May 2024 14:21:00 +0530 https://dailyworld.in/economy/india-hot-investment-destination-for-western-corporate-giants-un-report-543377.html New Delhi May 18 India has become an alternative investment destination for many Western companies according to the latest World Economic Situation and Prospects report of the UN The report which has increased the forecast of Indias GDP growth by 07 percentage points to 69 per cent identifies increased foreign investments as an important factor that is propelling the countrys GDP growthThe better outlook for India is fuelled by lower inflation robust exports and increased foreign investments said Hamid Rashid the chief of the UNs Global Economic Monitoring BranchIndia has become an alternative investment source or destination for many Western companies he addedFinance Minister Nirmala Sitharaman said at the CII annual summit on Friday that a Capgemini report has disclosed that 65 per cent of top executives of multinational companies who want to shift their supply chains out of China plan to invest in IndiaUS smartphone giant Apple and its suppliers aim to build more than 50 million iPhones in India annually within the next two to three years Its biggest supplier Foxconn is already expanding manufacturing and leading the production shift for Apple by setting up more plants in India On December 12 the Taiwanbased tech giant received approval from the Karnataka government for an additional investment of Rs 13911 crore in its upcoming facility in Bengaluru Rural District It had already received approval to invest Rs 8000 crore earlier this yearWork is also underway on Foxconns manufacturing facility for iPhones located near Kempegowda International Airport in Bengaluru Foxconn aims to produce one lakh units of iPhones by December 2025 50 lakh units by December 2026 and one crore by December 2027 from this manufacturing facilityApple CEO Tim Cook said earlier this month that India is a major focus for the companyWe are very very pleased about it It was a new March quarter revenue record for us As you know as Ive said before I see it as an incredibly exciting market and its a major focus for us Cook saidThe investment of US chip giant Micron Technology which is setting up a factory in Sanand Gujarat demonstrates the rising interest of American companies in the country according to Arun Venkataraman US Assistant Secretary for Commerce who visited Mumbai recently He said Indias PLI schemes are a step in the right directionIn June last year Micron Technology announced plans to build a new assembly and test facility in Sanand for an initial investment of 825 million over the two phases of the project shortly after PM Modis visit to Washington where he met the CEOs of top US companiesAs per the Indian governments scheme Micron will receive 50 per cent fiscal support for the total project cost from the Centre and incentives representing 20 per cent of the total project cost from Gujarat The combined investment by Micron and the two government entities over both phases will be up to 275 billion Apart from Micron the Tata group has also announced investments in setting up semiconductor units in IndiaMicrons plant which is expected to transform Sanand into a hightech semiconductor is the first mega project cleared under the Central governments 10 billion incentive plan to woo global chipmakersSitharaman said that the government was keen to push the growth of the manufacturing sector and expects it to play a bigger role in the economy as part of the Aatmanirbhar Bharat campaignShe highlighted that the Governments PLI scheme had resulted in transforming the electronics sectorWhile import dependence for mobile phones was as high as 78 per cent in 2014 today 99 per cent of all mobile phones are made in India Sitharaman remarkedShe pointed out that the success in import substitution in the telecom sector was now as much as 60 per cent reflecting the higher selfreliance achievement as part of the governments Aatmanirbhar Bharat policy IANS https://dailyworld.in/economy/india-hot-investment-destination-for-western-corporate-giants-un-report-543377.html Sat, 18 May 2024 14:31:00 +0530 https://dailyworld.in/economy/top-performer-realme-gt-6t-revolutionises-smartphone-visuals-with-super-display-542982.html New Delhi May 17 The evolution of mobile phones over the years has been nothing short of remarkable with advancements in display technology playing a pivotal role in driving this transformation As technology has progressed contemporary smartphones now boast expansive highresolution screens that incorporate cuttingedge features such as OLED and AMOLED These stateoftheart displays deliver exceptional performance across various parameters including resolution size image quality and functionality In the race to excel in brightness parameters and eye protection major manufacturers have each brought their unique skills to the table particularly when it comes to screen technology However for users the level of eye protection offered by a screen can be a feature thats not easily perceived or understood There are even instances where manufacturers might confuse consumers with the peak brightness of the screen leading them to mistakenly believe that higher and brighter brightness equates to better eye protectionLeading brands such as realme are actively engaged in pushing the boundaries of display innovation focusing on developing screens with even greater resolutions reduced power consumption and enhanced display attributes A prime example of this commitment to cuttingedge display technology is realmes forthcoming and eagerly awaited smartphone the realme GT 6T which promises to showcase a truly remarkable display that sets new standards in the industryThe realme GT 6Ts display adequately titled the Super Display is designed with a focus on clarity responsiveness and user comfort Its exceptional peak brightness of 6000 nits reduces glare and ensures outstanding readability even in brightly lit outdoor settings To enhance durability the screen features GGV2 glass which delivers bestinclass drop resistance The advanced LTPO panel offers smooth powerefficient visuals while features like eyestrain reduction enhance the viewing experience in lowlight environments The realme GT 6Ts impressive AMOLED display is a true standout feature offering users an immersive and comfortable viewing experience With its high resolution and vibrant colour reproduction the screen delivers stunningly crisp and lifelike visuals Moreover the adaptive refresh rate technology intelligently adjusts the screens performance to provide smooth fluid visuals while optimizing power consumption The realme GT 6Ts display has also been independently certified for its outstanding clarity guaranteeing users a topnotch viewing experience in any environmentThe realme believes that mobile phone manufacturers should not solely focus on enhancing brightness parameters Instead they should prioritize the overall performance and user experience of the screen The pursuit of peak brightness can often lead to confusion among users and contradicts the fundamental goal of product development The realme GT 6T goes above and beyond to ensure user comfort during extended screen time thanks to its advanced eyeprotection features By leveraging AI technology the device actively monitors user behavior such as blinking and yawning frequency to detect signs of fatigue It then intelligently adjusts color temperature and brightness to provide a more comfortable viewing experience reducing eye strainThe phone has also earned prestigious certifications such as the TV Intelligent 30 Certification and the pending SGS AI Eye Protection Screen Certification confirming its ability to minimize harmful blue light emissions and flicker Moreover the realme GT 6T features intelligent dimming technology that adapts to various lighting conditions ensuring optimal eye comfort for users By employing advanced DC dimming and highfrequency PWM dimming modes the device maintains color accuracy while significantly reducing flicker offering enhanced eye protection With a range of thoughtful features like sleep mode which adapts the displays color temperature to promote better sleep quality and ambient color adaptation for enhanced comfort the realme GT 6T truly prioritizes the wellbeing of its users without compromising on the exceptional viewing experienceWith its cuttingedge display technology the realme GT 6T sets a new standard for smartphone visuals offering users an unparalleled combination of quality comfort and performance The launch of this device marks a significant milestone in realmes pursuit of excellence setting a new benchmark for smartphone displays By seamlessly integrating features with a usercentric design philosophy realme has created a device that caters to the diverse needs of modern smartphone users With the realme GT 6T users can confidently embrace a future where exceptional visual quality comfort and performance are no longer mutually exclusive but rather the new standard in smartphone technology IANS https://dailyworld.in/economy/top-performer-realme-gt-6t-revolutionises-smartphone-visuals-with-super-display-542982.html Fri, 17 May 2024 11:55:00 +0530 https://dailyworld.in/economy/is-cm-vijayan-cutting-short-foreign-trip-to-tackle-keralas-impending-financial-crisis-542994.html Thiruvananthapuram May 17 Amid a looming major financial crisis in Kerala and state Finance Minister KN Balagopal falling ill Chief Minister Pinarayi Vijayan has cut short his private threenation trip and is scheduled to return next week CM Vijayan was originally expected to return on May 22 but now he is likely to arrive on May 19 from Dubai which was his last leg of the threenation private visit He left Kerala on May 6The challenge before CM Vijayan and his cashstrapped government is the mass retirement of more than 13000 state government employees on May 31 which entails a massive payout to retirees The amount is approximately over Rs 8500 croreThe way out for the Vijayan government is to either turn to the Centre or immediately increase the retirement age of state government employees from the present 56 years upwardsBut for the Vijayan government increasing the retirement age could invite the wrath of the youth wings across all political partiesThe Vijayan government has a few proposals to tide over the financial crisis temporarily It includes increasing the retirement age to 58 years or deferring paying the retirement benefits and when given paying the interest for it said a sourceHowever it remains to be seen if CM Vijayan will take the gamble of extending the retirement ageOf late the vacancies in many colleges have become an issue in the state Several colleges including engineering colleges have seen a huge exodus of students to foreign universities as jobs available in the state government are only a handful More than four million educated unemployed youth are waiting for jobs in the stateThe coming days are going to be crucial for the Vijayan government and With the Finance Minister still recovering from a medical emergency CM Vijayan will have to take extra caution while making the crucial decision IANS https://dailyworld.in/economy/is-cm-vijayan-cutting-short-foreign-trip-to-tackle-keralas-impending-financial-crisis-542994.html Fri, 17 May 2024 12:28:00 +0530 https://dailyworld.in/economy/jsw-steel-posts-64-pc-decline-in-q4-net-profit-at-rs-1-299-crore-543108.html Mumbai May 17 Billionaire Sajjan Jindalled JSW Steel on Friday reported a 64 per cent decline in its consolidated net profit to Rs 1299 crore for the JanuaryMarch quarter of 202324 compared to the corresponding figure of Rs 3664 crore in the same period last year The steel majors revenue from operations in the fourth quarter declined marginally to Rs 46269 crore from Rs 46962 crore in the same period of the previous year according to a regulatory filingThe expenses of the company rose to Rs 44401 crore in the quarter from Rs 43170 crore reported a year earlierOther income in the quarter dipped 18 per cent to Rs 451 croreThe company said that its expenses related to changes in inventories of finished and semifinished goods work in progress and stock in trade rose to Rs 534 crore from Rs 165 croreExports at 132 million tonnes increased significantly QoQ as export opportunity was used to liquidate inventories given restocking demand in global markets Exports constituted 20 per cent of sales from the Indian operations according to the companys statement IANS https://dailyworld.in/economy/jsw-steel-posts-64-pc-decline-in-q4-net-profit-at-rs-1-299-crore-543108.html Fri, 17 May 2024 17:34:00 +0530 https://dailyworld.in/economy/india-forex-reserves-surge-by-256-bn-to-64415-bn-543156.html Mumbai May 17 Indias foreign exchange reserves surged by 256 billion to 64415 billion during the week ended May 10 the latest data released by the RBI showed on Friday This is the second consecutive week during which the countrys forex kitty has expanded after registering a 366 billion rise to 64159 billion for the week ended on May 3Indias foreign exchange reserves had touched a lifetime high of 648562 billion in April after which they had declined for three weeks in a row by 106 billion as the RBI actively intervened in the market to buy dollars to stabilise the rupeeRBI Governor Shaktikanta Das had recently referred to the record foreign exchange reserves as a reflection of the strength of the Indian economyIt is our prime focus to build a strong buffer in the form of a substantial quantum of forex reserves which will help us when the cycle turns he remarked while unveiling the first monetary policy review of the current financial year that began on April 1Rising foreign exchange reserves are positive for the economy as they reflect an ample supply of dollars that help to strengthen the rupee An increase in the foreign exchange reserves gives the RBI more headroom to stabilise the rupee when it turns volatileThis is because the RBI intervenes in the spot and forward currency markets by releasing more dollars to prevent the rupee from going into a free fallConversely a declining forex kitty leaves the RBI less space to intervene in the market to prop up the rupeeIndias forex reserves including the central banks forward holdings can now cover more than 11 months of imports which is a twoyear high IANS https://dailyworld.in/economy/india-forex-reserves-surge-by-256-bn-to-64415-bn-543156.html Fri, 17 May 2024 18:58:00 +0530 https://dailyworld.in/economy/medanta-posts-25-per-cent-jump-in-q4-net-profit-at-rs-127-crore-543159.html New Delhi May 17 Medanta Hospitals holding company Global Health Ltd on Friday reported a 25 per cent jump in net profit at Rs 1273 crore for the JanuaryMarch quarter of 202324 compared to the corresponding figure of Rs 1018 crore in the same quarter of the previous financial year The Dr Naresh Trehanled healthcare major posted a 14 per cent increase in revenue from operations at Rs 808 crore during the fourth quarter compared to Rs 707 crore in the same quarter last yearGlobal Health runs a superspecialty hospital Medanta Medicity in Gurugram which has 1400bed capacityThe company also manages 150bed hospitals each in Indore and Ranchi and two hospitals in Lucknow and PatnaBesides the healthcare company is setting up another hospital in Noida IANS https://dailyworld.in/economy/medanta-posts-25-per-cent-jump-in-q4-net-profit-at-rs-127-crore-543159.html Fri, 17 May 2024 18:58:00 +0530 https://dailyworld.in/economy/un-raises-indias-2024-growth-rate-to-69-pc-remains-worlds-fastest-growing-large-economy-542928.html United Nations May 17 Indian economys growth rate projection for this year has been raised by 07 per cent to 69 per cent from the forecast made in January by the UN and it retains its position as the worlds fastestgrowing large economy The better outlook is fueled by lower inflation robust exports and increased foreign investments Hamid Rashid the chief of the UNs Global Economic Monitoring Branch said on ThursdayThe drivers of higher projection are very simple inflation has come down significantly and that means the fiscal position is not as constrained as in other countries he said at the release of the midyear edition of the World Economic Situation and Prospects WESP reportExports which is another element in the improved projection have been pretty robust and India is also benefiting from more investments coming in from other Western sources while the flow to China is coming down Rashid saidIndia has become an alternative investment source or destination for many Western companies he addedAnother factor benefiting India he said is the special import arrangement India has with Russia for oil that is lowering its cost he saidThe WESP report also gave a positive picture of the employment situation saying In India labour market indicators have also improved amid robust growth and higher labour participationIt said that the womens labour force participation has increased particularly in South AsiaIndias growth projection for next year remains at 66 per cent which was made in January Last year the WESP report said Indias economy grew by 75 per cent and in 2022 by 77 per cent when it received a big shortterm boost coming out of the drastic Covid slowdownThe report also revised the projection for the world economy this year to 27 per cent an increase of 03 per cent from JanuaryMost major economies have managed to bring down inflation without increasing unemployment and triggering a recession the report said adding a cautionary note However the outlook is only cautiously optimistic as higherforlonger interest rates debt difficulties and escalating geopolitical risks will continue to challenge stable and sustained economic growthThe developing economies on the whole are growing at a faster clip clocking 41 per cent than the developed economies which are expected to record only a 16 per cent growth rate this yearHowever the growth among developing countries is uneven the WESP report statedWhile large developing economies like India Indonesia and Mexico are benefiting from strong domestic and external demand many African Latin American and Caribbean economies are on a lowgrowth trajectory because of lingering political instability higher borrowing costs and exchange rate fluctuations it saidChinas economy is projected to grow by 48 per cent this year making it the second fastestgrowing large economyThe US economy is projected to grow by 23 per cent this year Despite the most aggressive monetary tightening in decades a scenario of hard landing of the United States economy has receded the report saidLooking ahead the WESP saw risks and opportunities in rapid technology changesThe breakneck pace of technological change including in machine learning and artificial intelligence presents new opportunities and risks to the global economy promising to boost productivity and advance knowledge on the one hand while exacerbating technological divides and reshaping labour markets on the other the report saidArul Louis can be contacted at arulliansin and followed at arulouis IANS https://dailyworld.in/economy/un-raises-indias-2024-growth-rate-to-69-pc-remains-worlds-fastest-growing-large-economy-542928.html Fri, 17 May 2024 03:03:00 +0530 https://dailyworld.in/economy/jsw-steel-to-buy-coking-coal-mine-in-mozambique-for-7375-million-543185.html Mumbai May 17 JSW Steel on Friday said that its board of directors have approved the acquisition of mining company Minas de Revuboe MDR in Mozambique to secure supplies of highquality coking coal used for steel production The Sajjan Jindalled company said in an investor presentation that its subsidiary JSW Natural Resources Limited will buy a 9219 per cent equity stake and shareholders loans of MDR for 7375 million The deal will give the Indian steel major access to more than 800 metric tonnes of premium hardcoking coal reserves in Mozambique MDR owns a highquality and largescale predevelopment stage premium hardcoking coal mine project in the Moatize Basin of Tete Province in Mozambique The deal is subject to approval from Mozambiques Ministry of Mineral Resources and Energy and other applicable approvalsIndian steel companies consume around 70 million metric tons of coking coal annually and imports constitute around 85 per cent of the countrys total requirement as the commodity is not available in the country in sufficient quantity Coking coal is imported from Australia Indonesia Russia the USA and CanadaHowever there has been a spike in prices of coking coal in recent months which has been impacting the bottomlines of the steel companies IANS https://dailyworld.in/economy/jsw-steel-to-buy-coking-coal-mine-in-mozambique-for-7375-million-543185.html Fri, 17 May 2024 19:57:00 +0530 https://dailyworld.in/economy/australian-unemployment-rate-rises-to-41-pct-542824.html Canberra May 16 Australias unemployment rate rose for a second straight month to 41 per cent in April According to official figures released by the Australian Bureau of Statistics ABS on Thursday the unemployment rate rose from 39 percent in March to 41 percent in April the equalhighest rate since January 2022 Xinhua news agency reportedThe rise in the unemployment rate came despite the number of employed Australians increasing by 38500 people between March and April with a 44600 rise in parttime positions partially offset by a 6100 fall in fulltime rolesIn the same period the number of unemployed people meaning those who are not employed but are actively looking for work rose by 30300 to 604200The participation rate which measures the proportion of the workingage population who are either employed or looking for work rose slightly to 667 percent in April from 666 per cent in MarchThe employmenttopopulation ratio remained steady at 640 per cent in April indicating that recent employment growth is broadly keeping pace with population growth Bjorn Jarvis head of labor statistics at the ABS said in a media releaseThis suggests that the labour market remains tight though less tight than late 2022 and early 2023The total number of hours worked by Australians was 196 billion in April 15 million fewer than in April 2023The federal budget handed down by Treasurer Jim Chalmers on Tuesday projected that unemployment would rise to 425 per cent by June 2024 and to 45 per cent by June 2025 IANS https://dailyworld.in/economy/australian-unemployment-rate-rises-to-41-pct-542824.html Thu, 16 May 2024 17:49:00 +0530 https://dailyworld.in/economy/gail-net-profit-jumps-67-per-cent-in-2023-24-542834.html New Delhi May 16 Public sector natural gas giant GAIL on Thursday reported a 67 per cent increase in net profit at Rs 8836 crore for the financial year 202324 compared to the corresponding figure of Rs 5302 crore in 202223 According to a company statement GAILs annual revenue from operations rose to Rs 130638 crore in FY24 against Rs 144302 crore in FY23For the JanuaryMarch quarter of 202324 the companys net profit declined to Rs 2177 crore against Rs 2843 crore in Q3 FY24Revenue from Operations was reported at Rs 32335 crore in Q4 FY24 against Rs 34254 crore in Q3 FY24During the year Natural Gas transmission volume registered an increase of 12 per cent to 12046 MMSCMD against 10728 MMSCMD in FY23Gas marketing volume stood at 9845 MMSCMD in FY24 against 9491 MMSCMD in FY23LHC sales registered an increase of 7 per cent to 998 TMT against 929 TMT amp Polymer sales jumped up by 97 per cent to 787 TMT as against 399 TMT in comparison to previous year the company saidDuring the quarter Natural Gas transmission volume stood at 12365 MMSCMD in Q4 FY24 as against 12154 MMSCMD in Q3 FY24Gas marketing volume stood at 9990 MMSCMD against 9814 MMSCMD in the previous quarter LHC sales registered an increase of 5 per cent to 261 TMT against 249 TMT amp Polymer sales jumped up by 13 per cent to 242 TMT against 215 TMT in comparison to the previous quarterOn a consolidated basis revenue from operations stood at Rs 133500 crore in FY24 against Rs 145875 crore during FY23 PAT excluding Noncontrolling interest was Rs 9899 crore in FY24 up by 76 per cent against Rs 5616 crore in FY23GAIL CMD Sandeep Kumar Gupta said that the robust performance during FY 2024 is primarily driven by better physical performance across all major segments despite lower prices in petrochemicals and liquid hydrocarbonsHe also stated that the company has incurred a Capex of Rs 11426 crore during the FY24 IANS https://dailyworld.in/economy/gail-net-profit-jumps-67-per-cent-in-2023-24-542834.html Thu, 16 May 2024 18:38:00 +0530 https://dailyworld.in/economy/bangladesh-approves-23-bn-annual-development-expenditure-542836.html Dhaka May 16 The highest economic policymaking body of the Bangladeshi government on Thursday approved a 265 trillion taka 23 billion Annual Development Programme ADP for the next fiscal year 202425 July 2024June 2025 The amount is over 8 per cent higher than that of the revised ADP of the current fiscal year 202324 June 2023July 2024After the meeting Bangladeshi Planning Minister Abdus Salam told journalists that out of the ADP outlay of 265 trillion taka for the next fiscal year 165 trillion taka will come from local sources while the rest of 1 trillion taka as foreign project assistanceThe ADP for the next fiscal year attaches the highest importance to the transport communication and education sectors alongside putting priority on ensuring optimum utilization of public funds through checking misuseA total of 1321 projects are included in the next fiscal year ADP for execution 1 US dollar equals about 117 taka IANS https://dailyworld.in/economy/bangladesh-approves-23-bn-annual-development-expenditure-542836.html Thu, 16 May 2024 18:39:00 +0530 https://dailyworld.in/economy/vodafone-ideas-q4-loss-widens-to-rs-7-674-crore-542881.html Mumbai May 16 Telecom operator Vodafone Idea Vi on Thursday reported a bigger net loss of Rs 7674 crore for the JanuaryMarch quarter of 202324 compared to the corresponding figures of Rs 64189 crore reported in the same quarter of 202223 Vodafone Ideas revenue from operations increased marginally to Rs 10606 crore from Rs 10531 crore in the same quarter of the last financial yearIts average revenue per user ARPU rose to Rs 146 from Rs 135 reported in the same quarter last fiscalThe company also said that it posted the highest postmerger quarterly EBITDA of Rs 2180 crore which represents a 54 per cent increase over the same period of the previous yearShares of Vodafone Idea closed at Rs 1315 apiece on the BSE on Thursday IANS https://dailyworld.in/economy/vodafone-ideas-q4-loss-widens-to-rs-7-674-crore-542881.html Thu, 16 May 2024 20:32:00 +0530 https://dailyworld.in/economy/adani-energy-solutions-acquires-essars-mahan-sipat-transmission-assets-for-rs-1-900-crore-542657.html Ahmedabad May 16 Adani Energy Solutions Ltd AESL on Thursday announced that it has acquired 100 per cent stake in Essar Transco Ltd for Rs 1900 crore The acquisition covers a fully operational 400 kV 673 ckt kms circuit kilometres interstate transmission line linking Mahan in Madhya Pradesh to Sipat pooling substation in ChhattisgarhThe acquisition of MahanSipat transmission network will consolidate AESLs presence in central India with four operating assets having 3373 ckt km in the region the company said in a statementThe acquisition through AESLs whollyowned subsidiary Adani Transmission StepTwo Limited ATSTL is consistent with the companys philosophy of augmenting its existing capacities and bringing in efficiency through operational synergies and creating network effectAlong with a robust energy demand the ability to recognise and tap market opportunities within the areas of interest continues to propel and position AESL at the forefront of energy transition in India the company saidThe acquisition takes the cumulative network of AESL to more than 21000 ckt kmsFor the acquisition ATSTL also raised financing at the most competitive termsThis establishes a new benchmark for AESL to raise capital and unlocks the lower cost debt for its operational assets said the companyAESL is the countrys largest private transmission company with a presence across 17 states with 57011 MVA transformation capacityIt serves more than 12 million consumers in metropolitan Mumbai and the industrial hub of Mundra SEZAESL clocked operational revenue at Rs 14217 crore for the year ended March 31 up 17 per cent yearonyear registering comparable profit after tax PAT at Rs 1197 crore up by 12 per centOperational EBITDA was at Rs 5695 crore for the full year up 7 per cent YoY IANS https://dailyworld.in/economy/adani-energy-solutions-acquires-essars-mahan-sipat-transmission-assets-for-rs-1-900-crore-542657.html Thu, 16 May 2024 16:28:00 +0530 https://dailyworld.in/economy/icra-predicts-indian-airport-operators-to-witness-revenue-growth-of-15-17-per-cent-in-fy-2025-542916.html New Delhi May 16 Overall air passenger traffic is likely to witness healthy growth of around 811 per cent YoY yearoveryear to around 407418 million in FY2025 supported by a strong pickup in both leisure and business travel along with improved connectivity to newer destinations in the domestic segment and the continued uptick in international travel according to a recent report by ICRA a leading credit rating agency The ICRA said that passenger traffic had already reached 3764 million 15 per cent YoY in FY 2024 surpassing the preCovid level by 10 per cent The revenues of ICRAs sample set are likely to grow by around 1517 per cent YoY in FY 2025 Giving more insightsVinay Kumar G Vice President and Sector Head Corporate Ratings ICRA said The recovery in the Indian airport passenger traffic is one of the best compared to other major global counterparts India accounted for 42 per cent of the global passenger traffic in CY 2023 and its share in passenger traffic has improved from 38 per cent in CY 2019 While the global passenger traffic recovered to just 96 per cent of global passenger traffic in CY 2023 the Indian airport passenger traffic revived to 106 per cent of the preCovid level owing to strong economic growth as well as the addition of new airport routes The Indian air passenger traffic is expected to outperform the global trend he said As per ICRA report the airport operators regulators and other stakeholders have made significant progress in resolving the longpending issues viz cost of equity return on security deposits forex losses and treatment of real estate income Also variation in the amount of capex proposed by the operator and disallowed by the regulator had declined significantly to around 10 per cent during the third control period CP from 2530 percent during the first two CPs it said Commenting on the airport operators performance Kumar said that the revenues of ICRAs sample set are likely to grow by around 1517 per cent YoY in FY2025 driven by the sustained improvement in both domestic and international passenger traffic increase in tariffs at some of the major airports and rampup in nonaeronautical revenues With healthy profitability margins the debt coverage metrics are expected to remain comfortable despite higher interest outgo and debt repayments with the commercialisation of the capex programme at some of the key airports The credit profile of airport operators is projected to remain strong supported by healthy accruals and comfortable liquidity said Kumar IANS https://dailyworld.in/economy/icra-predicts-indian-airport-operators-to-witness-revenue-growth-of-15-17-per-cent-in-fy-2025-542916.html Thu, 16 May 2024 23:54:00 +0530 https://dailyworld.in/economy/ongc-oil-india-to-get-relief-as-centre-cuts-windfall-tax-on-crude-oil-542708.html New Delhi May 16 The Central government has cut the windfall tax on petroleum crude to 5700 rupees 6834 per metric ton from 8400 rupees with effect from Thursday as part of its fortnightly revision that is calibrated with global prices This is the second fortnightly cut in windfall tax in a row after a Rs 8400 per metric ton reduction from Rs 9600 on May 1Upstream oil exploration and production companies ONGC and Oil India Ltd will gain as they will have to pay a lower tax on their crude oil outputThe tax has been scaled down as crude oil prices have declined in the international market and the earnings of oil producers have also come down Prices of the benchmark Brent crude are currently hovering at a little over 82 per barrelThe government had on April 16 raised the windfall tax on petroleum crude to Rs 9600 a metric ton from Rs 6800 due to the sharp increase in oil prices at the timeThe windfall tax on crude was introduced for the first time in July last year as a sudden spike in prices had increased the earnings of the oil companies and the government wanted to tap part of this gain to reduce the fiscal deficitThe windfall tax was extended to exports of petrol diesel and aviation fuel after private refineries started raking in big gains from overseas markets instead of selling the fuels in the domestic marketThe government has left the windfall tax on these fuels unchanged in the current round IANS https://dailyworld.in/economy/ongc-oil-india-to-get-relief-as-centre-cuts-windfall-tax-on-crude-oil-542708.html Thu, 16 May 2024 16:39:00 +0530 https://dailyworld.in/economy/fm-sitharaman-reels-out-data-to-slam-congress-for-neglect-of-infra-projects-542505.html New Delhi May 15 Finance Minister Nirmala Sitharaman on Wednesday reeled out data to slam the erstwhile Congressled United Progressive Alliance UPA government for having wasted Indias economic growth potential between 200414 and leaving it among the Fragile Five economies without focusing on effective infrastructure development She cited reports of the CAG IMF and Cabinet Secretary to highlight the policy paralysis of the Congressled government that led to inordinate delays in implementing projects in the highways ports and railway sectorsEvery km of road every railway track and every bridge built paves the way for a brighter and more prosperous future for all she saidUnder the UPA almost all aspects of Indias economic needs were mismanaged or ignored The Congressled UPA Govts noticeable and deliberate neglect of infrastructure creation not only denied India muchneeded roads railways power etc but it also compromised Indias longterm economic potential the Finance Minister said in a post on XA more glaring outcome of this neglect was the development of border roads and defence capital expenditure which left India vulnerable to external threats Then Defence Minister AK Antony remarked in 2013 an undeveloped border is safer than a developed border Nirmala Sitharaman pointed outIn contrast Prime Minister Narendra Modi firmly believes that the village on the border is not Indias last village it is the countrys first village Through the Vibrant Villages Programme we are developing the border villages and strengthening their infrastructureThe UPA governments term was replete with examples of decision stasis Cost overruns stalled projects and lack of timely approvals were common between 200414 FM Sitharaman saidThe Union Minister further said that the Cabinet Secretary noted in 2013 that many large projects both in the public sector as well as the private sector especially in infrastructure and manufacturing sectors have been held up for investment on account of delays in obtaining various approvalsclearancesShe said that the IMF working paper March 2014 highlighted three main reasons for the investment slowdown in India policy uncertainty delayed project approvals implementation and supply bottlenecksAnd the Finance Minister also referred to the CAG Report 2014 that stated Railway Board took an average of 43 months to sanction rehabilitation of bridgeworks and they were completed with an average delay of 41 monthsNirmala Sitharaman said that in contrast PM Modis active role has made the infrastructure turnaround possiblePM Modi has personally monitored the progress of projects even those launched earlier through the PRAGATI platform This led to the successful completion of longdelayed projects Through 43 PRAGATI meetings PM Modi has reviewed projects worth Rs 1736 lakh crore the Finance Minister saidThe Union Minister said that the share of capex in total expenditure dropped sharply under the UPAFrom 23 per cent in 200304 it dropped quickly to an average of 12 per cent from 20052014 Imagine the opportunity cost lost due to the Congressled government not investing adequately in capital expenditure she addedOur government significantly increased the outlay for capex As a proportion of total expenditure capex rose to over 21 per cent in 202324 compared to just 12 per cent in 201314 the Finance Minister observedSince 2014 our government has allocated a total of Rs 4353 lakh crore in Gross Budgetary Support GBS capital expenditure an increase of 372 times compared to 200414 she added IANS https://dailyworld.in/economy/fm-sitharaman-reels-out-data-to-slam-congress-for-neglect-of-infra-projects-542505.html Wed, 15 May 2024 18:04:00 +0530 https://dailyworld.in/economy/indias-goods-exports-post-107-pc-growth-in-april-despite-global-uncertainties-542553.html New Delhi May 15 Indias goods exports rose 107 per cent to hit almost 35 billion in April despite the uncertainties in the global market due to the economic slowdown and geopolitical tensions according to figures released by the Union Commerce Ministry on Wednesday However imports jumped by as much as 1025 per cent during the month to 541 billion largely due to an increase in gold purchasesAs a result the merchandise trade deficit for the month was 323 per cent higher than a year ago at 191 billionGold imports more than tripled in April to 311 billion from 101 billion in the same month last year Gold imports stood at 153 billion in March 2024Commerce Secretary Sunil Barthwal said he hoped the rise in merchandise exports in the first month of the 202425 financial year is a good omen for the coming monthsThe sectors that did well on the export front include electronics pharmaceuticals chemicals and petroleum productsThe Ministry has raised its estimate for total exports in 202324 to 7782 billion from 7767 billion estimated last month which is 042 per cent increase over the record 7764 billion exports in 202223 as services exports are expected to grow at a robust paceThe President of the Federation of Indian Export Organisations FIEO Ashwani Kumar said that starting the new financial year 202425 with a growth of over 1 per cent is a good sign even during such challenging times This shows the resilience of the exports sector The ongoing RussiaUkraine war coupled with various geopolitical tensions such as the Red Sea crisis and the IsraelHamas conflict has also made the international trade scenario much tougher for Indian exporters he said Kumar also said the tariff war between the US and China may come as an opportunity for Indias export sectorICRA chief economist Aditi Nayar said Overall nearly half of the widening in the aggregate merchandise trade deficit between April 2023 and April 2024 was on account of the surge in the value of gold imports amid the rise in global pricesAs of now the current account deficit for FY2025 appears likely to print at a modest 12 per cent of GDP IANS https://dailyworld.in/economy/indias-goods-exports-post-107-pc-growth-in-april-despite-global-uncertainties-542553.html Wed, 15 May 2024 19:48:00 +0530 https://dailyworld.in/economy/realme-gt-6t-introduces-its-top-performing-trio-542382.html New Delhi May 15 After much anticipation by realmes loyal fans the brand has finally announced the launch of the latest device in the GT series the realme GT 6T realmes GT series has since its inception been the brands most coveted phone series owing to its cuttingedge technology top performance and featurerich devices As a brand that values looking towards the future realme aims to enter a new era in smartphone innovation by taking inspiration from the past The story of realmes GT Series is marked by innovation and stateoftheart technology Since its inception the GT Series has represented realmes technical mastery and dedication to continually push the envelope and consistently aim for the exceptionalThe most recent GT phone was launched in India two years ago back in 2021 Fans have been eagerly anticipating its comeback which is now realised with the introduction of the realme GT 6T a top performerThe upcoming realme GT 6T is not just a smartphone its a testament to innovation and power With its industryfirst features it promises to deliver an unparalleled user experience Namely GT 6T will be the first smartphone in India to feature the Snapdragon 7 Gen 3 chipsetHowever a stunning chipset isnt the only element that creates a power beastAnother standout feature is the 120W fast charging capability powered by an advanced Gallium Nitride Charger This combined with the SUPERVOOC technology ensures your phone powers up rapidly keeping you connected throughout the dayThe device also features the biggest VC cooling system in its price range These three features combine to create the topperforming trio making the realme GT 6T a force to be reckoned withThe impressive charging speed of the realme GT 6T is enhanced by its unique Dualcell Battery Architecture This innovative design integrates two 2750mAh cells connected in series effectively offering a combined capacity equivalent to 5500mAhThis arrangement allows for the doubling of charging power while maintaining the same current ensuring efficient and speedy chargingAdditionally the cuttingedge Battery Sense Voltmeter Technology guarantees a precise charging strategy by accurately detecting the actual voltage of each cell These advanced technologies work together to provide a swift and secure charging process ensuring your phone is always ready when you need itBut the realme GT 6T is about more than just power its also engineered to keep cool under pressure It boasts an innovative Advanced Iceberg Vapor Cooling System which includes a ninelayer cooling structure and a 3D tempered dual VC significantly boosting cooling efficiencyThe cooling area covers all the main heat sources within the phone ensuring it maintains a comfortable temperature at all timesOne of the key features of this system is the side full partition cooling design This thoughtful design helps reduce the temperature on the side of the phone by 2 degrees making it more comfortable to hold and use over extended periodsAt the heart of the cooling system is a liquid cooling mechanism that allows for effective heat dissipation ensuring the phone stays cool under pressureOptimisations in the internal structure of the phone enhance the circulation within the VC boosting the overall cooling efficiency All these features work together to ensure the realme GT 6T can handle highperformance activities like gaming without overheatingrealme is on a mission to set the benchmark in the industry with its highend smartphones The launch of the GT 6T exemplifies this ambition as realme strives to redefine the flagship experience and revolutionise the midpremium flagship market The muchanticipated return of the GT series is set to create a significant impact in the smartphone landscape TThe GT 6T stands out as a top performer boasting a trifecta of leadingedge features a disruptive chipset the largest VC cooling system in its segment and the firstever 120W fast charging capability This potent topperformance trio positions the realme GT 6T at the forefront of smartphone innovationIn a strategic move that strengthens realmes engagement with Amazon the GT 6T will be exclusively available on the ecommerce platform This is a first for the GT series and marks a key milestone in its history Of course the device will also be accessible through realmes own website and offline stores The realme GT 6T is more than just a smartphone its a fusion of power performance and comfort designed to deliver an unrivalled user experience This launch underlines realmes commitment to pushing boundaries and setting new standards in the smartphone industry IANS https://dailyworld.in/economy/realme-gt-6t-introduces-its-top-performing-trio-542382.html Wed, 15 May 2024 13:27:00 +0530 https://dailyworld.in/economy/power-finance-corporation-posts-18-pc-rise-in-q4-542395.html New Delhi May 15 Governmentowned Power Finance Corporation PFC on Wednesday reported an 184 per cent increase in net profit at Rs 4135 crore for the JanMarch quarter of 202324 compared to the same period of the previous financial year PFCs revenue went up by 20 per cent to Rs 122437 crore during the quarter the company stated in a regulatory filingThe financial major declared a final dividend of Rs 250 a share for FY24 which comes on top of the interim dividends of Rs 11 that have been paid earlier during the yearPFC also recorded an improvement in its asset quality during the fourth quarter with net nonperforming assets NPAs declining to 085 per cent of total loans from 09 per cent in the OctDec quarter and gross NPAs coming down to 334 per cent from 352 per centThe PFC management has also promoted Executive Director Sandeep Kumar as the Chief Financial Officer of the company with immediate effect IANS https://dailyworld.in/economy/power-finance-corporation-posts-18-pc-rise-in-q4-542395.html Wed, 15 May 2024 14:15:00 +0530 https://dailyworld.in/economy/over-300-pc-hike-in-indias-budget-outlay-for-agriculture-in-last-9-years-faifa-report-542444.html New Delhi May 15 There has been an over 300 per cent increase in budget allocation for agriculture over the last 9 years and more than 11 crore farmers benefited from the PM Kisan scheme according to a report released by the Federation of All India Farmer Associations FAIFA on Wednesday FAIFA a nonprofit organisation which claims to represent millions of farmers and farm workers said that there has been a huge leap in the procurement of pulses at MSP which has also benefited the farmers The other highlights of the report include Production of over 3305 million metric tons of food grains in the fiscal year 202223 Creation of 460 lakh Seed Villages and production of over 102 million metric tons of seeds Recognition of over 7000 Agri and allied startups in the agricultural sector Coverage of 76 lakh hectares under the Per Drop More Crop Drip Irrigation initiative since 2015 Achievement of 22106 million metric tons of milk production marking a 51 per cent increase over 9 years Coverage of over 11 lakh hectares under the Paramparagat Krishi Vikas Yojana PKVY since 2016 among various other notable accomplishmentsFAIFA which claims to represent farmers across the States of Uttar Pradesh Gujarat Maharashtra Andhra Pradesh Telangana Karnataka etc convened a seminar on Wednesday at the Constitution Club of India New Delhi Ensuring Farmer Livelihoods Enhancing Farmer Incomes Through Sustainable Farming PracticesThe report also put forward strategies to enhance farmer incomes in a sustainable manner The seminar was attended by GVL Narasimha Rao Former Member of Parliament Rajya Sabha The key speakers in the seminar were Prof MV Ashok Senior Adviser BAIF Research and Development Foundation Pune and Former Chief General Manager NABARD and Dr JP Tandon Former Director Indian Council of Agricultural Research IANS https://dailyworld.in/economy/over-300-pc-hike-in-indias-budget-outlay-for-agriculture-in-last-9-years-faifa-report-542444.html Wed, 15 May 2024 16:09:00 +0530 https://dailyworld.in/economy/siemens-board-approves-demerger-of-energy-business-into-separate-listed-entity-542213.html Mumbai May 14 The Board of Directors of Siemens Limited the Indian subsidiary of German technology giant Siemens AG on Tuesday approved the proposal to demerge its energy business into a separate legal entity Siemens Energy India Limited The new entity will be subsequently listed and will mirror the shareholding of Siemens Limited upon the receipt of requisite approvals the company saidAs per the scheme of arrangement shareholders of Siemens Limited will receive one share of Siemens Energy India Limited for every one share of Siemens Limited The new entity will subsequently be listed on the BSE Limited and National Stock Exchange of India Limited according to a company statementThe demerger will lead to the creation of two strong and independent entities which are able to better address their respective markets and customers with a more focused approach according to a company statement Sunil Mathur Managing Director and Chief Executive Officer Siemens Limited said Siemens Energy India Limited and Siemens Limited will script new paths as two independent publiclylisted companies The demerger will enable both companies to pursue their specific strategies focus on their core portfolios and to take decisions on capital allocation This will enable the full value of each of the businesses to be unlocked for the benefit of the shareholdersThe process of demerger including receipt of requisite approvals and subsequent listing of Siemens Energy India Limited is expected to be completed in 2025 IANS https://dailyworld.in/economy/siemens-board-approves-demerger-of-energy-business-into-separate-listed-entity-542213.html Tue, 14 May 2024 18:36:00 +0530 https://dailyworld.in/economy/more-indians-investing-in-stocks-household-savings-need-to-be-protected-fm-sitharaman-542234.html Mumbai May 14 Union Finance Minister Nirmala Sitharaman said on Tuesday that more and more Indians are now investing in stock markets and their household savings must be protected with robust guardrails Addressing an interactive Viksit Bharat 2047 session focused on the Indian financial markets at the Bombay Stock Exchange BSE the Finance Minister said the middleclass families have now realised that even though investing in markets has its risks there are better returns tooWe must guard and build from strength to strength the trust that Indians are showing in the stock markets FM Sitharaman told the gatheringShe also said the mindset that savings have to be made in postoffices and banks has not gone away from the minds of the opposition partiesBut India has moved far away moved far ahead and moved fast forward the FInance Minister saidThe middleclass families are now willing to find new ways of investing in stocks and are opening demat accounts as never seen before she added IANS https://dailyworld.in/economy/more-indians-investing-in-stocks-household-savings-need-to-be-protected-fm-sitharaman-542234.html Tue, 14 May 2024 19:27:00 +0530 https://dailyworld.in/economy/wholesale-price-index-inflation-remains-benign-industry-542117.html New Delhi May 14 The Wholesale Price Index WPI which edged up to 126 per cent in April remains benign and inflation in the food articles is expected to rationalise by SeptemberOctober industry bodies said on Tuesday According to the Commerce and Industry Ministry prices of nonfood articles 119 per cent and minerals 155 per cent declined in AprilSanjeev Agrawal President PHD Chamber of Commerce and Industry said that supported by negative inflation in the nonfood articles and manufactured products the WPI inflation remains benignDespite the global headwinds the WPI inflation trajectory in fuel and power also remains low at 138 per cent in April 2024 However the WPI inflation in food articles remained elevated at 774 per cent in April compared with 688 per cent in March Agrawal informedGoing ahead inflation in the food articles is expected to rationalise by SeptemberOctober 2024 as many of the kharif crops will be entering the mandis and supplementing the existing supply said AgrawalThe WPI Food Index showed an upward trend with the rate of inflation increasing from 465 per cent in March to 552 per cent in AprilMeanwhile the consumer price inflation CPI eased to an 11month low of 483 per cent in AprilAccording to industry watchers a timely onset and well distribution of monsoon would be crucial to help control food inflation in the coming months IANS https://dailyworld.in/economy/wholesale-price-index-inflation-remains-benign-industry-542117.html Tue, 14 May 2024 14:24:00 +0530 https://dailyworld.in/economy/sensex-up-328-points-metal-and-energy-stocks-lead-the-rally-542178.html Mumbai May 14 Indian stock indices gained on Tuesday amid mixed global cues This is the 3rd consecutive session marked closed in green At close Sensex was up 328 points or 045 per cent at 73104 and Nifty was up 113 points or 051 per cent at 22217 pointsSmallcap and Midcap stocks outperform largecap stocks Nifty smallcap 100 index was up 325 points or 203 per cent at 16 363 points and Nifty midcap 100 was up 489 points or 098 per cent at 50225 pointsThe India Volatility Index India VIX was down 199 per cent or 041 points at 2019 points Nifty Auto and Nifty Metal indices closed with gains of 183 per cent and 277 per cent respectively The Nifty Energy index was also up by 166 per cent However Nifty Pharma and Nifty FMCG closed down by 041 per cent and 052 per cent respectivelyIn the Sensex pack 21 out of 30 stocks closed in the green and 9 stocks closed in the redMampM LampT JSW Steel NTPC and IndusInd Bank were the top five gainers TCS Nestle Axis Bank ICICI Bank and Bajaj Finance were the top five losersRupak De Senior Technical Analyst LKP Securities said The bulls propelled the index higher following a positive trading session However the index closed just below the lower band of the rising channelThe Nifty managed to close above the crucial level of 22200 nonetheless it needs to return within the channel to sustain momentum in the upcoming days In the near term a decisive move above 22250 could propel the index towards a higher level of 22600 in the short term Conversely a failure to maintain levels above 22200 might trigger selling pressure in the market Rupak De said IANS https://dailyworld.in/economy/sensex-up-328-points-metal-and-energy-stocks-lead-the-rally-542178.html Tue, 14 May 2024 16:49:00 +0530 https://dailyworld.in/economy/airtel-registers-31-pc-decline-in-q4-net-profit-542201.html New Delhi May 14 Telecom major Bharti Airtel on Tuesday reported a 31 per cent decline in its consolidated net profit at Rs 2072 crore for the JanMarch quarter of 202324 compared to the corresponding figure of Rs 3006 crore in the same period of the previous year The Sunil Mittalled company posted a 4 per cent increase in revenue from operations during the quarter at Rs 37599 crore from Rs 36009 crore in the same period last yearThe companys board of directors have recommended a dividend of Rs 8 per equity share of Rs 5 face valueAirtel MD Gopal Vittal said that the consolidated performance was impacted primarily by the devaluation of the Nigerian NairaThe telco added 78 million smartphone customers and delivered an ARPU average revenue per user of Rs 209 as compared to Rs 193 in Q4FY23Consolidated mobile data traffic was at 17702 PBs in the quarter with a healthy YoY growth of 262 per centThe telcos India subscriber base grew 24 per cent to reach 406 million in the quarterGopal Vittal said We ended the year on a strong note with consistent performance across all businesses both on customer metrics as well as financial parameters India revenue adjusted for Beetel grew by 17 per cent with EBITDA margin expanding to 541 per cent despite one day less in the quarterOur relentless focus on improving customer experience has resulted in the 20 per cent churn reduction during the quarter At the same time our return on capital employed continues to remain low due to the absence of tariff repair in the industry he added IANS https://dailyworld.in/economy/airtel-registers-31-pc-decline-in-q4-net-profit-542201.html Tue, 14 May 2024 17:50:00 +0530 https://dailyworld.in/economy/epfo-fast-tracks-claims-for-education-marriage-amp-housing-541964.html New Delhi May 13 EPFO has now extended its quicker automode system to cover advance claims for expenses on education marriage and housing as well in order to facilitate ease of living for its members according to an official statement issued on Monday EPFO has introduced an Auto Claim Solution in which a claim is processed automatically by the IT system without any human intervention To facilitate Ease of living the auto claim solution has now been extended for all claims under para 68K education amp marriage purpose and 68B housing purpose of EPF Scheme 1952 In addition the limit has been doubled from earlier Rs 50000 to Rs100000 This move is expected to benefit lakhs of EPFO members the statement saidAuto mode of claim settlement was first introduced in April 2020 for the purpose of advance for illness Now this limit has been enhanced to Rs100000 During the current year around 225 crore members are expected to reap the benefits of this facilityDuring the financial year 202324 EPFO settled around 445 crore claims out of which more than 60 per cent 284 crore claims were advance claims Out of total advance claims settled during the year around 8952 lakh claims were settled using automode Any claim with KYC eligibility and bank validation is processed for payment by IT tools automatically As a result of this the periodicity of claim settlement is reduced significantly from 10 days to within 34 days for such advances The claims that are not validated by the system are not returned or rejected They are undertaken for a second level of scrutiny and approvals the statement explainedThe expansion of the scope of the auto claims was introduced on 6th May 2024 pan India and since then EPFO has approved 13011 cases valued at a total of Rs 4595 crores vide this initiative providing speedy service the statement added IANS https://dailyworld.in/economy/epfo-fast-tracks-claims-for-education-marriage-amp-housing-541964.html Mon, 13 May 2024 20:32:00 +0530 https://dailyworld.in/economy/malaysias-natural-rubber-production-falls-92-pct-in-march-541972.html Kaula Lumpur May 13 Malaysias natural rubber production decreased by 92 per cent in March to 26966 tons as compared to 29691 tons in February official data showed Monday The Department of Statistics Malaysia DOSM said in a statement that yearonyear comparison showed that the production of natural rubber decreased by 08 per cent from 27188 tons in March of 2023 Xinhua news agency reportedAccording to the DOSM total stocks of natural rubber in March fell 33 per cent to 222455 tons as compared to 229940 tons in FebruaryMeanwhile exports of Malaysias natural rubber amounted to 58965 tons in March up 7 per cent as against 55083 tons in FebruaryChina remained the main destination for natural rubber exports which accounted for 489 per cent of total exports in March followed by Germany 93 per cent the United Arab Emirates 92 per cent India 69 per cent and Pakistan 45 per centThe export performance was contributed by natural rubberbased products such as gloves tires tube and rubber threadGloves were the main exports of rubberbased products with a value of 114 billion ringgit 240 million US dollars in March an increase of 39 per cent as compared to 11 billion ringgit in February 1 ringgit equals 021 US dollar IANS https://dailyworld.in/economy/malaysias-natural-rubber-production-falls-92-pct-in-march-541972.html Mon, 13 May 2024 21:34:00 +0530 https://dailyworld.in/economy/paytm-focuses-on-upi-lite-wallet-for-low-value-daily-payments-541774.html New Delhi May 13 One97 Communications Limited OCL which owns leading payments and financial services company Paytm on Monday said that it is now focusing on UPI Lite wallet to move the users who prefer wallet for lowvalue everyday payments Paytm UPI Lite will act as an ondevice wallet allowing users to store funds and make payments on the go It is designed for fast secure and reliable payments allowing users to make instant failproof transactions of up to Rs 500 eachWe see the wallet as an essential payment tool that lets users keep money for everyday use and make quick payments on the go Paytm UPI Lite improves this experience allowing for faster transactions at local stores street vendors and regular purchases while keeping bank statements clear a Paytm spokesperson saidWe are committed to growing the UPI ecosystem in partnership with NPCI to every nook and corner of India it addedTo enable UPI Lite payments go to the Paytm app click on the UPI Lite Activate icon on the homepage and then choose the bank account that you want to use with UPI Lite Now enter the amount you wish to add to UPI Lite to start the payments and then validate the MPIN to create your accountFollowing these steps your UPI Lite account will be set up for easy onetap payments To make payments using the UPI Lite wallet simply scan any QR code enter the mobile number or choose one from the contacts listThe company partnered with leading Payment System Providers PSPs such as Axis Bank HDFC Bank State Bank of India SBI and YES Bank that will ensure a robust and reliable framework for your UPI transactions facilitating seamless and uninterrupted payment experiencesThis service is especially useful for those who frequently handle small payments like buying groceries paying for parking or settling daily commute faresIt also keeps the bank statement clutterfree with only a single entry regardless of the number of payments made which is a significant convenience for users who prefer a clean financial overviewMoreover users will have the flexibility to add up to Rs 2000 to their wallet twice a day reaching a total daily capacity of Rs 4000 This streamlined approach will help users manage their small daily expenses efficiently without the hassle of multiple entries in their bank passbooks with no pin requirement ensuring organised and simplified financial tracking IANS https://dailyworld.in/economy/paytm-focuses-on-upi-lite-wallet-for-low-value-daily-payments-541774.html Mon, 13 May 2024 13:01:00 +0530 https://dailyworld.in/economy/singapore-airport-retailer-selected-to-run-duty-free-outlets-at-noida-airport-541783.html New Delhi May 13 The famous Heinemann group which operates retail outlets at Singapores Changi airport as well as the Hong Kong and Auckland airports has been selected to run the dutyfree shops at the Noida International Airport Noida International Airport NIA has awarded the concession for retail and dutyfree to a consortium of Heinemann Asia Pacific and BWC Forwarders Private Limited This includes the concession for dutyfree to be operated by Heinemann as well as master concessions for domestic retail and international dutypaid retail to be operated by BWC Forwarders according to a Press statement issued on MondayThe international dutyfree outlet at the airport will offer a wide selection of premium brands providing a spectacular shopping experience for travellers Some of the curated categories will include premium liquors tobacco confectionery perfumes cosmetics fragrances and exquisite chocolates the statement saidAdditionally there will be items such as fashion accessories regional handicrafts souvenirs ayurvedic products packaged food as well as a variety of teas coffees and spices to ensure that even in the midst of busy travel passengers can easily find delightful surprises for their loved ones it addedNIA chief executive officer Christoph Schnellmann said As we continue to develop Noida International Airport into a worldclass facility this partnership will provide a seamless blend of dutyfree and retail shopping catering to the diverse needs of our travellersHeinemann Asia Pacific CEO Marvin von Plato said We deeply thank the NIA team for their trust in appointing us as their very first retail partners Together with BWC we look forward to crafting an exceptional retail environment at Noida and to continuously grow our shared business in India for the long term IANS https://dailyworld.in/economy/singapore-airport-retailer-selected-to-run-duty-free-outlets-at-noida-airport-541783.html Mon, 13 May 2024 13:11:00 +0530 https://dailyworld.in/economy/led-by-adani-group-india-saw-robust-deal-making-activity-in-april-report-541830.html New Delhi May 13 India Inc saw robust dealmaking activity in April with three major domestic consolidations by the Adani Group valued at 2 billion representing 38 per cent of the total deal values a new report showed on Monday The month saw 191 deals worth 94 billion a 21 per cent increase in volumes but a 37 per cent decrease in values compared to March according to Grant Thorntons Bharat Dealtracker reportThe month saw 12 highvalue deals of more than 100 million totalling 38 billionThe deal outlook remains positive underpinned by a thriving ecosystem that spans technology consumer and infrastructure sectors and supported by forwardthinking government policies poised to drive comprehensive growth across the board said Shanthi Vijetha PartnerGrowth at Grant Thornton BharatAdani Ports and Special Economic Zone Ltd APSEZ acquired 56 per cent stake in SP Group and 39 per cent in Orissa Stevedores Limited OSL in Gopalpur Port Limited GPL for Rs 3080 croreThe transport and logistics sector witnessed a boost by Adani Ports acquisition of Gopalpur Port Ltd enhancing its logistical capabilities critical for supporting Indias growing international trade demands the report mentionedAmbuja Cements Adani Groups building material company announced to acquire My Home Groups 15 MTPA million tonnes per annum cement grinding unit in Tuticorin Tamil Nadu for Rs 41375 croreThe Adani Groups strategic acquisitions valued at 2 billion underscored a trend towards strengthening core industries the report saidLeading the charge the manufacturing sector spearheaded by Adani Groups acquisitions in the cement industry saw significant consolidation efforts aimed at enhancing production capacities and market reach it notedMoreover the capital markets were vibrant with 4 IPOs raising 28 billion and 11 QIPs securing 14 billion last month the report added IANS https://dailyworld.in/economy/led-by-adani-group-india-saw-robust-deal-making-activity-in-april-report-541830.html Mon, 13 May 2024 15:03:00 +0530 https://dailyworld.in/economy/toyota-pips-hyundai-motor-to-capture-top-spot-in-q1-global-hydrogen-car-sales-541847.html Seoul May 13 South Koreas top automaker Hyundai Motor has slipped to second place in global hydrogen vehicle sales in the first quarter Q1 data showed on Monday The automaker sold 691 hydrogen fuelcell electric vehicles FCEVs in global markets during the JanuaryMarch period recording a 662 per cent yearonyear drop according to auto and energy industry tracker SNE ResearchJapanese automaker Toyota overtook Hyundai to the top place selling 868 units or 364 per cent of all hydrogen models sold worldwide Yonhap News Agency reportedThe market share of Hyundai Motor which sold 2044 units in Q1 of last year fell to 29 per cent SNE Research attributed the sluggish sales of Hyundais Nexo model to the overall decline in the companys hydrogen vehicle salesThe drop in quarterly sales of Hyundai Motor came amid an overall growth decline in the hydrogen car segment Global sales of all FCEVs during the three months under review amounted to 2382 units down 364 per cent from a year agoAs per data South Korea has been experiencing low sales of hydrogen cars since the sectors peak in 2022 as Hyundais Nexo remains the only available consumer model while the issue of weak infrastructure remains unresolved IANS https://dailyworld.in/economy/toyota-pips-hyundai-motor-to-capture-top-spot-in-q1-global-hydrogen-car-sales-541847.html Mon, 13 May 2024 15:33:00 +0530 https://dailyworld.in/economy/phonepes-sharemarket-to-introduce-proprietary-stock-research-using-factor-analysis-541859.html New Delhi May 13 ShareMarket a PhonePe product brings forth the Intelligence Layer on Stocks an indepth quantitative factorbased analysis of each stock a firstofitskind in the discount broking industry The intelligence layer integrated with the product feature and execution layer ensures that investors are provided with comprehensive wealth solutions in a DIY mode within the discount broking frameworkNavigating the complexities of the stock market and making informed decisions can be daunting for investors especially when faced with intricate data analysis such as understanding a stocks fundamentals or monitoring its price movements ShareMarkets Intelligence Layer eliminates this need Instead investors can rely on its comprehensive factorbased analysis to make their decisions with confidenceWe are redefining discount broking by shifting the focus from transactional processes to comprehensive wealth solutions Factor analysis was always embedded into our WealthBaskets and Collections products and by bringing it onto individual stocks we have now made it accessible to all investors in a consumable format said Ujjwal Jain CEO ShareMarketBy providing actionable intelligence in a userfriendly format supported by educational content we anticipate higher increased engagement on the platform as well he addedThis Intelligence Layer empowers investors in multiple ways such as factorbased analysis comparative insights indepth collections research and a larger universe of stocksIn factorbased analysis investors gain access to quantbased research on all stocks at no additional cost By evaluating stocks across five key factors quality value momentum volatility and sentiment investors can assess each stocks potential and suitability for their portfolioWith comparative Insights investors can compare a stocks factor scores with those of its peers enabling them to make nuanced investment decisionsIndepth collections research will allow investors to analyse stocks featured in ShareMarkets WealthBaskets or Stock Collections gaining valuable insights into why these selections were made enhancing their understanding In the larger universe of stocks ShareMarket encompasses all listed stocks with published data within its universe bridging the gap in research and being within the discount broking frameworkLaunched last year ShareMarket with Zero Ac Opening Fee offers a wide spectrum of investment products such as stocks intraday and delivery Mutual Funds ExchangeTraded Funds ETFs and WealthBaskets allowing investors across different demographics to build a wellrounded and balanced portfolioAdditionally for a limited duration ShareMarket is also offering Zero Brokerage on cash delivery and intraday and Zero Brokerage on FampO IANS https://dailyworld.in/economy/phonepes-sharemarket-to-introduce-proprietary-stock-research-using-factor-analysis-541859.html Mon, 13 May 2024 16:07:00 +0530 https://dailyworld.in/economy/indias-cpi-inflation-eases-to-11-month-low-of-483-pc-in-april-541934.html New Delhi May 13 Indias consumer price inflation eased to an 11month low of 483 per cent in April bringing more relief to household budgets figures released by the Ministry of Statistics showed on Monday Among the top five groups the yearonyear inflation on Clothing amp Footwear Housing and Fuel amp light has decreased since last month the official data showedRetail inflation has now fallen closer to the RBIs midterm target of 4 per cent after which the central bank would be in a position to cut key interest rates to make loans available at lower rates of interest to corporates and consumers to spur demand and accelerate economic growthThe countrys CPI inflation has been showing a declining trend in recent months as it fell to 485 per cent in March from 509 per cent in February and 51 per cent in January this yearThe declining trend in cooking oil prices continued in April with a 943 per cent fall during the month The price rise in spices slowed to 114 per cent in March from 1328 per cent in FebruaryThe inflation in pulses also slowed 775 per cent during the month under review compared to 1771 per cent in MarchHowever the data show that vegetable prices shot up by as much as 278 per cent in April which remains a pain point for the consumers The prices of cereals also increased by 863 per cent during the month under reviewThe consumer price inflation is still above the RBIs midterm target of 4 per cent and is the main reason why the central bank has not gone for a cut in interest rates to rev up growth The RBI is keen to keep inflation under control to ensure stability and has held the repo rate steady at 65 per cent for seven times in a row in its bimonthly monetary policy reviewsThe RBI stated in its monetary policy review on April 5 that it expects inflation to come down to 45 per cent in 202425 assuming a normal monsoon this year Going forward the inflation trajectory will be shaped by the evolving food inflation outlook Rabi sowing has surpassed last years level while the usual seasonal correction in vegetable prices is continuing though unevenly the RBI said IANS https://dailyworld.in/economy/indias-cpi-inflation-eases-to-11-month-low-of-483-pc-in-april-541934.html Mon, 13 May 2024 19:05:00 +0530 https://dailyworld.in/economy/mutual-fund-investments-logs-growth-in-northeastern-states-icra-analytics-541938.html Chennai May 13 The Average Net Assets Under Management AAUM of the Northeastern states grew by nearly 145 per cent from 2020 to touch Rs 40324 crore in March 2024 up from Rs 16446 crore in March 2020 said ICRA Analytics According to ICRA Analytics the AAUM growth indicates a growing appetite among investors from smaller towns and cities to invest in mutual fundsThe share of the northeastern states increased to 073 per cent of the total AAUM of the mutual fund industry which stood at Rs 5501 lakh crore in March 2024 up from around 067 per cent in March 2020 when the industrys AAUM stood at Rs 2471 lakh crore ICRA Analytics saidThough the contribution of these states to the total AAUM of the industry is still small in percentage terms there has been a steady and consistent growth in mutual fund inflows in these states backed by increasing awareness among the people and the growing interest among retail investors for investing in equities through the mutual fund route said Ashwini Kumar Senior Vice President and Head of Market Data ICRA AnalyticsAmong the eight northeastern states Assam was the leading contributor with an AAUM of Rs 29268 crore accounting for nearly 73 per cent of the total AAUM of Rs 40234 crore in March 2024The AAUM of Assam grew by nearly 159 per cent in the last five years up from Rs 11298 crore in March 2020Meghalaya accounted for 9 per cent of the total AAUM at Rs 3623 crore in March 2024 clocking a 111 per cent growth over Rs 1714 crore in March 2020 Tripura accounted for 5 per cent at Rs 2174 crore Rs 1155 crore in March 2020 Nagaland 4 per cent at Rs 1668 crore Rs 965 crore in March 2020 Arunachal Pradesh 38 per cent at Rs 1532 crore Rs 525 crore in March 2020 Manipur 29 per cent at Rs 1152 crore Rs 403 crore in March 2020 while Mizoram accounted for 225 per cent at Rs 907 crore Rs 386 crore in March 2020 ICRA Analytics saidThere has been a steady increase in awareness about the various investment options among the people primarily from smaller towns and cities This coupled with growing financial literacy and the surge in interest among retail investors for investing in equities through the mutual fund route contributed to the good growth in AAUM in towns and cities beyond the top 30 The investor awareness campaigns conducted by the AMCs asset management companies in the northeastern region have also helped build awareness among the people Kumar saidMeanwhile the Indian mutual fund industry continued its growth momentum with a steady rise in inflows across both debt and equityoriented schemes in April 2024The net AUM of the industry which registered 35 per cent growth in 202324 continued to post a stellar performance in April and grew by nearly 38 per cent on a yearonyear basis to touch Rs 5726 lakh crore as compared to Rs 4162 lakh crore in April 2023 ICRA Analytics saidSequentially the net AUM grew by 7 per cent as compared to Rs 5340 lakh crore in March 2024 Net inflows surged by 97 per cent to Rs 239 lakh crore as against Rs 121 lakh crore in April 2023Net inflows into debtoriented schemes under the openended category grew by 78 per cent to Rs 190 lakh crore in April 2024 up from Rs 107 lakh crore last yearThe Reserve Bank of Indias stance to maintain a status quo on policy rates for the next one or two quarters is likely to lead to some softness in yields in the near term However the investors are likely to be a little watchful of the developments around the election months and will keep a close watch on the global interest rates Kumar saidInflows into equityoriented schemes increased by 192 per cent to Rs 18917 crore Rs 6480 crore while the sectoralthematic funds registered 741 per cent growth in inflows at Rs 5166 crore in April 2024 as against Rs 614 crore in the yearago period IANS https://dailyworld.in/economy/mutual-fund-investments-logs-growth-in-northeastern-states-icra-analytics-541938.html Mon, 13 May 2024 19:07:00 +0530 https://dailyworld.in/economy/will-not-contest-elections-again-iffco-chairman-541633.html Amreli May 12 Senior BJP leader and former cabinet minister Dileep Sanghani who was reelected as the Chairman of the Indian Farmers Fertiliser Cooperative IFFCO said that he will not contest the elections again I will adhere to what I have previously said During the last Lok Sabha session I said that I would not contest the elections again Only chameleons change their colours I am bound by my words and my conscience directs me to honour them he said His reappointment comes against the backdrop of internal discord within the party which was highlighted by Jayesh Radadiya a BJP MLA winning the Directors position against the partyendorsed candidate Bharat Patel alias Bharat GotaThe elections unfolded as a showdown within the BJP reflecting internal rivalries Radadiya secured a victory with 114 out of 180 votes defeating Bharat Gota an ally of Home Minister Amit Shah On May 10 all 21 directors during an IFFCO board meeting unanimously supported and endorsed Sanghani as Chairman and Balwinder Singh as Vice Chairman Sanghani from Amreli has been involved with national and international farmers organisations for over four decades while Singh from Uttar Pradesh also has experience in the field of agriculture Sources said that the contentious elections could weaken the BJPs traditional control over cooperative nominations in sectors like fertilisers sugar and dairy which have long been strongholds in Gujarats cooperative landscape IANS https://dailyworld.in/economy/will-not-contest-elections-again-iffco-chairman-541633.html Sun, 12 May 2024 21:31:00 +0530 https://dailyworld.in/economy/tripura-gramin-bank-secures-2nd-position-among-43-regional-rural-banks-in-india-541320.html Agartala May 11 The Tripura Gramin Bank TGB has secured the second position in terms of business growth and diverse performance among 43 Regional Rural Banks RRBs in India registering a profit of Rs 2792 crore after doing business of Rs 1239855 crore in the 202324 fiscal a top bank official said on Saturday TGB Chairman Satyendra Singh said that as of March 2024 the bank registered an operating profit of Rs 15304 crore with a net profit of Rs 2792 croreHe said that TGBs net profit was Rs 362 crore while operating profit was Rs 2362 crore in the 202223 fiscalSingh said that in terms of business growth and various performances the TGB secured second position among the 43 RRBs in India after the Jharkhand Rajya Gramin Bank which held top position in the financial year ended March 2024There are seven RRBs in the northeastern region including Tripura and AssamAccording to Singh the TGBs total business grew by 10 per cent which is Rs 1239855 crore as on March 2024 from Rs 1127192 crore as on March 2023Established 48 years ago in 1976 the TGB which is operating across Tripura with 150 fullfledged branches 12 ultra small branches besides three regional offices had started posting a net profit of Rs 2149 lakh from the financial year of 200102Per branch business has improved to Rs 8266 crore in the last year compared to Rs 7616 crore in the previous year the TGB chief said adding that per employee business has also increased to Rs 1396 crore from Rs 1285 crore in the same periodHe said that the bank has wiped out the entire accumulated loss of Rs 13940 crore in 201213The chairman said that the banks deposits increased to Rs 880081 crore in the last fiscal from Rs 802256 crore as on March 31 2023 while the Credit Deposit Ratio increased to 4088 per cent from 4050 per centSingh said that with a 1072 per cent increase the bank raised its advance to Rs 359774 crore in the last fiscal from Rs 324936 crore in the previous financial yearThe target of advance for the current year 202425 is Rs 4000 crore he addedHe said that the tGB has been implementing all the governments social security schemes including the PM Jan Dhan accounts PM Suraksha Bima Yojna PM Jeevan Jyoti Bima Yojna Atal Pension Yojana and Mudra Loan IANS https://dailyworld.in/economy/tripura-gramin-bank-secures-2nd-position-among-43-regional-rural-banks-in-india-541320.html Sat, 11 May 2024 19:07:00 +0530 https://dailyworld.in/economy/indians-buying-luxury-homes-more-than-ever-affordable-housing-sees-20-pc-dip-report-540958.html New Delhi May 10 Luxury and premium home sales surged in India in the last five years from 7 per cent sales in Q1 2019 to 21 per cent in Q1 2024 while affordable housing saw a 20 per cent dip in the same period a report showed on Friday From 130 lakh homes sold in the JanuaryMarch quarter Q1 this year across the top seven cities the share of luxury homes stood at 21 per cent with nearly 27070 units soldFive years ago in Q1 2019 the share was just 7 per cent recording a 3 times jump according to the latest Anarock dataOn the other hand nearly 26545 units were sold in the affordable segment in Q1 2024 a 20 per cent overall sales share from 37 per cent in the same period five years agoAs luxury homes gain more traction in both new supply and sales affordable housing continues its retreat to the sidelines The luxury segment is driven by a mounting appetite for bigger homes by branded developers in superior locations said Anuj Puri Chairman Anarock GroupAffordable housing on the other hand is driven primarily by lower ticket sizes he addedOf nearly 15645 units sold in DelhiNCR in Q1 the highest sales 6060 units or 39 per cent were of luxury homes priced more than Rs 15 croreFive years ago luxury sales share in the region was a mere 4 per cent of total homes sold about 13740 unitsIn Q1 2024 Bengaluru Mumbai Metropolitan Region MMR Chennai Pune and Hyderabad saw maximum sales in the midrange and premium segments units priced Rs 40 lakh to Rs 15 croreWhen it comes to affordable housing data indicates that its supply share has dropped to 18 per cent of the total new launches in Q1 this yearIn 2019 the new supply share of affordable homes stood at 40 per cent out of the overall new supply additions according to the report IANS https://dailyworld.in/economy/indians-buying-luxury-homes-more-than-ever-affordable-housing-sees-20-pc-dip-report-540958.html Fri, 10 May 2024 14:32:00 +0530 https://dailyworld.in/economy/cipla-q4-net-profit-surges-by-79-pc-declares-dividend-of-rs-13-per-share-540994.html Mumbai May 10 Pharma major Cipla on Friday reported a 785 per cent surge in net profit to Rs 939 crore for the JanMarch quarter of 202324 compared to the corresponding figure of Rs 525 crore for the same period last year The companys revenue from operations increased 7 per cent yearonyear to Rs 6163 crore in the fourth quarterCiplas board of directors have recommended a payment of the final dividend of Rs 13 per equity share for the financial year ending March 2024The companys EBITDA earnings before interest taxes depreciation and amortisation for the quarter increased 13 per cent to Rs 1316 crore as from Rs 1166 crore in the same period last year IANS https://dailyworld.in/economy/cipla-q4-net-profit-surges-by-79-pc-declares-dividend-of-rs-13-per-share-540994.html Fri, 10 May 2024 15:42:00 +0530 https://dailyworld.in/economy/thomas-cook-india-launches-tcpay-for-international-money-transfers-541044.html New Delhi May 10 Omnichannel forex services company Thomas Cook India on Friday launched a new digital service called TCPay to bring ease and efficiency to international money transfers According to the company TCPay offers multiple benefits that will transform the way individuals transfer funds The platform coupled with the Video KYC process empowers customers with paperless transfers from the comfort and convenience of their homeOur data indicates a significant growth in our outward transfers business Hence reinforcing the companys digitalfirst approach and our intent to maximise our market share in this high potential segment we have introduced our latest digital solution TCPay Deepesh Varma Executive VP Thomas Cook India said in a statementThe TCPay commitment will ensure smooth and seamless outward remittances for individuals and businesses as well as facilitate digitisation of the remittance process combined with our additional digital services like Video KYC verification option he addedThe new digital service offers several advantages such as the convenience of 24x7 access paperless transfers a simple and seamless digital interface and others the company mentioned IANS https://dailyworld.in/economy/thomas-cook-india-launches-tcpay-for-international-money-transfers-541044.html Fri, 10 May 2024 16:24:00 +0530 https://dailyworld.in/economy/indias-forex-reserves-surge-by-37-bn-to-touch-6416-bn-mark-541104.html Mumbai May 10 Indias foreign exchange reserves rose by 37 billion during the week ended May 3 to touch the 64159 billion mark the latest RBI data released on Friday showed This is the biggest gain in close to two months and reverses the declining trend over the previous three weeksIndias foreign exchange reserves had touched a lifetime high of 648562 billion in April after which they had declined for three weeks in a row by 106 billionRBI Governor Shaktikanta Das on Friday referred to the record foreign exchange reserves as a reflection of the strength of the Indian economyIt is our prime focus to build a strong umbrella a strong buffer in the form of a substantial quantum of forex reserves which will help us when the cycle turns or when it rains heavily he remarked while unveiling the first monetary policy review of the current financial year that began on April 1Rising foreign exchange reserves are positive for the economy as they reflect an ample supply of dollars that help to strengthen the rupee An increase in the foreign exchange reserves gives the RBI more headroom to stabilise the rupee when it turns volatileThis is because the RBI intervenes in the spot and forward currency markets by releasing more dollars to prevent the rupee from going into a free fallConversely a declining forex kitty leaves the RBI less space to intervene in the market to prop up the rupeeIndias forex reserves including the central banks forward holdings can now cover more than 11 months of imports which is a twoyear high IANS https://dailyworld.in/economy/indias-forex-reserves-surge-by-37-bn-to-touch-6416-bn-mark-541104.html Fri, 10 May 2024 18:33:00 +0530 https://dailyworld.in/economy/indias-industrial-production-clocks-49-pc-growth-in-march-541120.html New Delhi May 10 Indias Index Industrial Production IIP clocked a 49 per cent growth in March this year over the same month of the previous year as per the figures released by the Ministry of Statistics on Friday The manufacturing sector which provides quality jobs to the young graduates passing out from the countrys universities and engineering institutes posted a 52 per cent growth during the monthElectricity production grew by 86 per cent while the mining sector lagged with a 12 per cent growth rate during the monthWithin the manufacturing sector the growth rate of the top three positive contributors to the growth of IIP Manufacture of basic metals 77 per cent Manufacture of pharmaceuticals medicinal chemical and botanical products 167 per cent and Manufacture of other transport equipment 254 per centThe corresponding growth rates of IIP as per usebased classification for March show that the production of capital goods which constitutes machines installed in factories grew by 61 per cent The output of capital goods reflects the real investment taking place in the economy and this augurs well for economic growth aheadSimilarly the production of consumer durables such as refrigerators washing machines and TVs clocked a robust 95 per cent increase during March reflecting the increase in consumer demand that stems from rising incomes and jobs The cumulative industrial growth rate for the period of AprilMarch 202324 over the corresponding period of the previous year stands at 58 per centThe cumulative growth rates of the three sectors mining manufacturing and electricity for the period of AprilMarch 202324 over the corresponding period of the previous year work out to 75 per cent 55 per cent and 71 per cent respectivelyCommenting on the figures ICRA Chief Economist Aditi Nayar said that the IIP growth was led by a robust expansion in electricity with demand boosted by rising temperatures and dampened by a feeble rise in mining output Encouragingly manufacturing growth rose to a fivemonth high he said IANS https://dailyworld.in/economy/indias-industrial-production-clocks-49-pc-growth-in-march-541120.html Fri, 10 May 2024 19:01:00 +0530 https://dailyworld.in/economy/govt-ropes-in-mahindra-amp-mahindra-for-big-push-to-drone-didi-scheme-541138.html New Delhi May 10 The Ministry of Skill Development and Entrepreneurship signed a memorandum of understanding with Mahindra amp Mahindra Ltd on Friday to conduct two pilot projects under the Drone Didi Yojana Launched earlier this year the Drone Didi scheme aims to train 15000 women to operate drones for agricultural purposes such as fertilising crops monitoring crop growth and planting seeds thereby creating new livelihood opportunities for women through imparting skills in new technology areasSecretary Ministry of Skill Development and Entrepreneurship Atul Kumar Tiwari Group CEO amp MD Mahindra Group Anish Shah and senior officials of the ministry were present on the occasion of signing the MoUTiwari explained how the agricultural expertise of Mahindra amp Mahindra Ltd will be leveraged for the comprehensive training He also said that two centres of the National Skill Training Institute NSTI situated at Hyderabad and Noida have been chosen for the pilot projects to empower rural women in agricultureThis collaboration advances the mission of upskilling women for nationbuilding particularly through the successful implementation of the Drone Didi program in empowering women in emerging trades Tiwari addedHe also said this collaboration will advance the vision of the ministry to equip women with the skills needed to contribute to nationbuildingTiwari also mentioned that building on past successful collaborations with leading technology industry partners this initiative represents the beginning of many collaborative projects with MampMThrough rigorous training methodologies and handson learning experiences the students will be equipped with practical skills and competencies required to excel in their chosen fields and make meaningful contributions to the nations socioeconomic growth he addedAnish Shah said that aligned with the companys Rise philosophy it is committed to empowering women with the skills necessary to join the workforce and achieve financial independence The pilot projects under the Drone Didi Yojana represents a firstofitskind convergence of women farming and technology he saidUnder this partnership two pilot projects at NSTI will be undertaken to skill 500 women in exclusive batches of 20 each The 15day curriculum approved by the Directorate General of Civil Aviation DGCA will be delivered through Remote Pilot Training Organisation RPTO instructors at these CentresWithin this partnership NSTIs will provide infrastructure for running the training programme hostel facility for participants and reach out to local Women Self Help Groups and NGOs to mobilise participationMahindra Group will provide initial setup support through simulation machinerydrones simulator controller simulator software desktop computer with i5 processor and trainers and meet the operating costs for the duration of the pilot projects including the cost of DGCA License Holder Instructors at the centresThe learning and outcomes from the Pilot Projects will assist the Ministry in scaling up the Drone Didi Yojana at identified NSTIsITIs across the countryAs a further support to the intent of the Drone Didi Yojana MampM will soon roll out Drone training for women at the companys skilling centres at Zaheerabad Telangana and Nagpur Maharashtra IANS https://dailyworld.in/economy/govt-ropes-in-mahindra-amp-mahindra-for-big-push-to-drone-didi-scheme-541138.html Fri, 10 May 2024 19:57:00 +0530 https://dailyworld.in/economy/tvs-holdings-to-buy-8074-pc-in-home-credit-india-for-rs-554-crore-541148.html Chennai May 10 TVS Holdings Ltd announced on Friday that its Board has approved the acquisition of 8074 per cent stake in Home Credit India Finance Private Ltd for a cash consideration of Rs 554 crore According to TVS Holdings the balance 1926 per cent stake in Home Credit India will be bought by Premji Invest and other associatesHome Credit India a nonbanking finance company provides unsecured loansLast fiscal Home Credit India reported an Assets under Management AUM of Rs 5535 crore It closed 202223 with a turnover of Rs 1720 crore profit after tax of Rs 80 crore and net worth of Rs 1922 crore TVS Holdings saidUpon the signing of a sale and purchase agreement to acquire 8074 per cent or 880945401 equity shares of Home Credit India TVS Holdings and Home Credit shall proceed to obtain approvals from the Competition Commission of India and the Reserve Bank of India for the proposed transactionHome Credit India is a local arm of the international consumer finance provider Home Credit NV with operations spanning across Europe and AsiaThe Home Credit group entered the Indian market in 2012TVS Holdings said the acquisition is in line with its strategy of expanding into the consumer finance sector and Home Credit India will operate as its subsidiaryAccording to Sudarshan Venu Managing Director TVS Holdings together with TVS Credit the group will now have a lending book of about Rs 31000 crore taking it closer to the booksize goal of Rs 50000 crore in the next three yearsMeanwhile the TVS Holdings scrip on Friday went up to Rs 1045870 after opening at Rs 975005 Later the scrip changed hands for about Rs 10194 IANS https://dailyworld.in/economy/tvs-holdings-to-buy-8074-pc-in-home-credit-india-for-rs-554-crore-541148.html Fri, 10 May 2024 20:26:00 +0530 https://dailyworld.in/economy/public-sector-oil-giants-post-25-fold-jump-in-combined-profit-at-rs-86-000-crore-for-2023-24-541165.html New Delhi May 10 The stateowned oil marketing companies Indian Oil Bharat Petroleum and Hindustan Petroleum have not only ensured fuel availability at affordable rates in 202324 with one of the lowest fuel price inflation globally in India but they have also rewarded the shareholders trust by posting an outstanding annual performance according to a note prepared by the Ministry of Petroleum and Natural Gas The combined profit of the three oil marketing companies for FY 202324 stood at Rs 86000 crore over 25 times higher than the extraordinarily difficult previous fiscal year the note states For the full 202324 fiscal HPCL reported a record net profit of Rs 16014 crore as opposed to a loss of Rs 6980 crore in the previous year Indian Oil Corporation capped an excellent year with the historically best refinery throughput sales volume and net profitBPCLs profit after tax for FY 202324 came in at 26673 crores nearly 13 times higher than the previous fiscal year Additionally the companys planned capital outlay of 17 lakh crores over 5 years under Project Aspire underlines its commitment to creating longterm value for shareholders the note points outMarkets have reacted positively to the results with BPCL and HPCL share prices rising after the announcement of results Moreover analysts have taken cognisance of the performance and many of them have put a buy recommendation a strong validation of their annual performance and the outlook for the current fiscal year it statesOver the last few years the government has unleashed the potential of OMCs by allowing the right mix of freedom and accountability The government maintains an arms length distance from their business decisions while fully supporting and encouraging ambitious plans that are aligned with the vision of Viksit Bharat 2047 the note added IANS https://dailyworld.in/economy/public-sector-oil-giants-post-25-fold-jump-in-combined-profit-at-rs-86-000-crore-for-2023-24-541165.html Fri, 10 May 2024 21:33:00 +0530 https://dailyworld.in/economy/dharani-sugars-out-of-insolvency-process-to-restart-plants-in-3-months-541178.html Chennai May 10 Exiting the Corporate Insolvency Resolution Process CIRP list sugar manufacturer Dharani Sugars amp Chemicals Limited DSCL hopes to restart operations at its three plants soon said a top official of the PGP Group Dharani Sugars is hopeful of restarting the operations at its three factories in Tamil Nadu and working closely with over 35000 cane growers Palani G Periasamy Chairman said Growth prospects look promising for Indian sugar sector with growing demand for sugar and the necessary policy thrusts provided by the Centre and states for producing ethanol as an alternate fuel and power from bagasse he added The company will have to overhaul the equipment and the process machinery that has not been in use for the past couple of yearsWith the original promoters of Dharani Sugars taking back control and management of the company hopes for the revival of the three sugar factories located in Tamil Nadus Vasudevanallur Tirunelveli district Polur Tiruvannamalai district and Kallakurichi Sankarapuram district is on the cards According to Periasamy the National Company Law Tribunal NCLT allowing their proposal for Dharani Sugars affirms the groups commitment and consistent efforts for revival of sugar and allied businesses Dharani Sugars suffered losses during the period 201619 as a result of consecutive failure of rainfall and other reasons resulting in nonpayment of loans to the lender consortium The company was admitted into CIRP by the NCLT Chennai Bench during July 2021 The promoters have been making continuous efforts to revive the company by making payment to the banks and exit this process They had also paid 35 per cent of the agreed amount to the consortium lenders as part payment and submitted a proposal under relevant rules to the Committee of Creditors CoC Since the promoters could not arrange the balance funds on time the NCLT Chennai Bench issued orders for liquidation of the company on March 18 2023 The liquidation orders were challenged in the Supreme Court who granted a stay of the above orders on August 7 2023 In the meantime National Asset Reconstruction Corporation Limited had taken over the loans from the consortium lenders 10 banks except the loans from IREDA and Sugar Development fund SDF The 12A proposal was approved by the COC consisting of NARCL IREDA amp SDF with a voting of 926 per cent and the Lead Bank submitted the proposal to withdraw the CIRP process through the Resolution ProfessionalAs per Section 12A of the Insolvency and Bankruptcy Code IBC application for withdrawal from the insolvency process can be allowed if 90 per cent of voting share of CoC agrees for the same IANS https://dailyworld.in/economy/dharani-sugars-out-of-insolvency-process-to-restart-plants-in-3-months-541178.html Fri, 10 May 2024 23:21:00 +0530 https://dailyworld.in/economy/hpcl-profit-dips-25-pc-in-q4-540675.html Mumbai May 9 Hindustan Petroleum Corporation Limited HPCL on Thursday reported a nearly 249 per cent decline in consolidated net profit at Rs 270931 crore for the JanMarch quarter of 202324 from Rs 360832 crore in the same quarter last year as the public sector oil company did not pass on the higher crude oil costs to consumers The HPCL board of directors recommended issuance of one bonus share for every two shares held subject to approval by the shareholders The record date for the bonus issue is set at June 21 The board also recommended a dividend of Rs1650 per share on face value of equity shares of Rs10 each the oil major said in a stock exchange filingAverage Gross Refining Margin GRM during the year ended March 31 2024 was 908 per barrel as against 1209 per barrel recorded last year IANS https://dailyworld.in/economy/hpcl-profit-dips-25-pc-in-q4-540675.html Thu, 09 May 2024 15:49:00 +0530 https://dailyworld.in/economy/vc-firm-venturi-partners-invests-27-mn-in-k12-techno-services-540676.html New Delhi May 9 Venture capital firm Venturi Partners on Thursday announced a purchase of a 27 million stake in the education service provider K12 Techno Services from Navneet Learning LLP a subsidiary of Navneet Education Limited Investing out of its 180 million maiden fund Venturi will join existing shareholders which include Peak XV Partners Kedaara Capital Sofina Ventures and Navneet Learning LLP to support the management team led by Jai Decosta CEO of K12 Techno Venturis values are well aligned with K12 Technos mission to leverage technology to provide worldclass holistic learning and improved outcomes at scale Nicholas Cator Founding Partner at Venturi said in a statementK12 Techno will join Venturi Partners portfolio of consumerfocused investments in India and Southeast Asia which includes Livspace Country Delight Believe Pickup Coffee and DALI This collaboration will propel us closer to our mission of shaping a brighter future through holistic learning experiences said DecostaLeveraging technology alongside bespoke learning methodologies crafted for the Indian landscape we aim to scale our impact and elevate educational outcomes he addedK12 Techno provides fullstack educationrelated services to more than 800 private educational institutions with over 300000 students enrolled across these educational institutions across the country under multiple brands The company has grown at a revenue CAGR of around 40 per cent over the last five years IANS https://dailyworld.in/economy/vc-firm-venturi-partners-invests-27-mn-in-k12-techno-services-540676.html Thu, 09 May 2024 15:49:00 +0530 https://dailyworld.in/economy/sensex-crashes-1-062-points-rs-7-lakh-crore-investor-wealth-eroded-540720.html Mumbai May 9 The Sensex fell by more than 1000 points while the Nifty slid below the 22000 mark on Thursday amid heavy selling pressure and weak Q4 results by top firms At close the Sensex was down 1062 points or 133 per cent at 72404 while the Nifty fell 345 points or 155 per cent to 21957Investors wealth eroded by around Rs 7 lakh crore after the mayhem in the stock market on ThursdaySectoralwise Nifty PSE was the top loser falling by 341 per cent while Nifty Oil and Gas and Nifty Energy indices dropped by 315 per cent and 297 percent respectively Nifty Infra Nifty FMCG and Nifty Metal fell by more than 25 per cent while Nifty Auto was the only index that closed in green up by 078 per centMore pressure was seen on midcap and smallcap stocks than on largecap markets The Nifty Midcap 100 index fell 927 points or 185 per cent to 49109 while the Nifty Smallcap 100 index fell 465 points or 283 per cent to 15995 The India Vix recorded a jump of 656 per cent on Thursday to close at 1820 reflecting the market volatilitySantosh Meena Head of Research at Swastika Investmart Ltd said The market is continuously witnessing pressure ahead of the election outcomes We dont have any global reason for this correction while some uncertainty ahead of the big event is causing profit booking in the marketOur market has been largely driven by domestic investors including HNIs and institutional investors for the last few months They are sitting on the sidelines for the last couple of days and taking some profit off the table ahead of the big event while FIIs are continuously selling which is pushing the market lower IANS https://dailyworld.in/economy/sensex-crashes-1-062-points-rs-7-lakh-crore-investor-wealth-eroded-540720.html Thu, 09 May 2024 17:28:00 +0530 https://dailyworld.in/economy/punjab-national-bank-clocks-160-pc-surge-in-q4-540726.html New Delhi May 9 Punjab National Bank PNB on Thursday reported a 160 per cent surge in its net profit to Rs 3010 crore in the JanMarch quarter of the financial year 202324 compared to the corresponding figure of Rs 1159 crore same quarter last year On a sequential basis the staterun lenders net profit jumped by 354 per cent compared to the OctDec quarterThe banks board of directors have recommended a dividend of Rs 150 per equity share 75 per cent for the year ended March 31 2024 subject to requisite approvals according to a PNB statementThe banks gross nonperforming assets NPA ratio declined to 573 per cent of total loans as against 624 per cent a quarter ago and 874 per cent in the same quarter last yearIts net NPA stood at 073 per cent as of March 31 2024 as against 096 per cent in the previous quarter and 272 per cent in the yearago periodIn absolute terms gross NPA declined by Rs 20985 crore to Rs 56343 crore as of March 2024 from Rs 77328 crore as of March 2023 Net NPA declined by Rs 15786 crore from March 2023 to Rs 6799 crore as on March 2024The banks Net Interest Income NII increased to Rs 10363 Cr in Q4 FY24 from Rs 10293 Cr in Q3 FY24 and Rs 9499 Cr in Q4 FY23 showing an improvement of 91per cent on YoY basisPNBs domestic net interest margin stands at 325 per cent in Q4 FY24 while the global yield on advances improved yearonyear by 05 per cent to 844 per cent in Q4 FY24PNB also recorded a 35 per cent increase in savings deposits to Rs 480 lakh crore while current deposits grew by Rs 3565 crore as of March 2024 to Rs 72201 crore on QuarteronQuarter basisLowcost CASA deposits increased to Rs 553 lakh crore recording a onyear growth of 27 per centTotal retail credit increased by 126 per cent to Rs 223 lakh crore in March 2024 IANS https://dailyworld.in/economy/punjab-national-bank-clocks-160-pc-surge-in-q4-540726.html Thu, 09 May 2024 17:48:00 +0530 https://dailyworld.in/economy/honda-opens-new-rampd-facility-in-india-to-accelerate-electrification-540745.html New Delhi May 9 Honda RampD India Private Limited a subsidiary of Honda Motor Co on Thursday opened its new Solution RampD Center in the country to accelerate electrification Opened in Bengaluru the new facility will incorporate advanced mobility technologies into electrified vehicle development more quickly as well as work on software and connected services through cocreating open innovation by adopting technologies and ideas of research and development companies according to the companyThe facility will also be partnering with companies with new ideas to develop new services and businesses that go beyond the scope of existing businesses and products from a longterm perspectiveHonda will actively work to solve social issues such as the effective use of energy through Hondas Triple Action to ZERO initiative carbon neutrality clean energy and resource circulation and the prevention of traffic accidents to realise a society with zero traffic collision fatalities the company said in a statementHonda has set a global target of achieving carbon neutrality in all its products and corporate activities by 2050 The company mentioned that it is working to make a wide range of its products carbonneutral in terms of their power sources In the motorcycle business Honda is aiming to achieve carbon neutrality for all its motorcycle products during the 2040s IANS https://dailyworld.in/economy/honda-opens-new-rampd-facility-in-india-to-accelerate-electrification-540745.html Thu, 09 May 2024 18:37:00 +0530 https://dailyworld.in/economy/ireda-sets-up-subsidiary-in-gift-city-to-mobilise-global-funds-for-green-projects-540770.html New Delhi May 9 Indian Renewable Energy Development Agency Ltd IREDA has incorporated a wholly owned subsidiary in the International Financial Services Centre IFSC located in Gujarats GIFT City to extend its global reach for securing funds at competitive rates to boost green projects in the country the Ministry of Renewable Energy said on Thursday The subsidiary IREDA Global Green Energy Finance IFSC Limited not only positions IREDA to extend its global reach but also acts as an offshore platform for securing competitive funding to drive the renewable energy sectors growth aligning with the Central governments ambitious Panchamrit targets the Ministry saidThe subsidiary was officially incorporated on May 7 after the approval of the RBI which came through in February this yearCommenting on the development Chairperson amp Managing Director of IREDA Pradip Kumar Das said that IREDAs presence in GIFT City signifies a momentous step in its mission to pioneer innovative approaches to green financingWith IREDAs presence in the IFSC we anticipate greater access to innovative financing alternatives and enhanced collaboration with international investors encouraging the advancement of renewable energy projects in the country and abroad he added IANS https://dailyworld.in/economy/ireda-sets-up-subsidiary-in-gift-city-to-mobilise-global-funds-for-green-projects-540770.html Thu, 09 May 2024 19:27:00 +0530 https://dailyworld.in/economy/startup-hiring-surges-in-india-freshers-to-grab-53-pc-jobs-report-540561.html Bengaluru May 9 The Indian startup ecosystem saw a 37 per cent increase in the number of new companies in April leading to a 14 per cent surge in the number of jobs a report showed on Thursday Nearly 53 per cent of all startup jobs are directed towards freshers according to the report by talent platformfounditformerly Monster APAC amp MEOverall hiring activity witnessed a 9 per cent monthly uptick and a 9 per cent yearly increaseAdditionally the production and manufacturing sector has witnessed a remarkable 31 per cent yearonyear surge in hiring said Sekhar Garisa CEO founditStartups in the IT information technology services sector noticed a steady increase in jobs from 20 per cent to 23 per cent between April 2023 and April this year In contrast startups in the internet BFSIfintech and media and entertainment industries witnessed a slight decline in hiringMeanwhile startups in the educationelearningedtech industries reported stable growth in April suggesting a period of stability within the industry the report mentionedBengaluru DelhiNCR and Mumbai are leading as startup hubs However Indias startup ecosystem is rapidly expanding beyond these metros with nonmetro locations increasingly emerging as entrepreneurial hubs said the reportJaipur leads the growth metrics with a whopping 24 per cent yearly increase in hiring followed by Kolkata IANS https://dailyworld.in/economy/startup-hiring-surges-in-india-freshers-to-grab-53-pc-jobs-report-540561.html Thu, 09 May 2024 10:16:00 +0530 https://dailyworld.in/economy/building-business-often-difficult-but-indian-dream-is-real-radhika-gupta-540586.html New Delhi May 9 Even though building a business is many times difficult in India the Indian dream is real said Radhika Gupta CEO of Edelweiss Asset Management and Shark Tank Judge Radhika Indias only female CEO of a major asset management company was speaking at the USbased Milken Institutes 27th annual Global Conference in Los Angeles where tech billionaire Elon Musk also spoke about the concept of the American DreamSpeaking about the potential and possibilities of India Radhika noted that this is now the era of the Indian DreamShe noted that anyone from small towns in the country can now build a business big enough to be listed on the exchangesThe success can be achieved on the back of a large young consumer base worldclass digital infrastructure and a tremendous environment for entrepreneurship said the influencer and a prominent public speakerRadhika also noted how Indians who once went to study abroad with no intention of coming back are now willingly returning to the country with the understanding that it is the best decision he or she madeBuilding in India is often difficult and chaotic in the short term but the Indian dream is real Lets keep at it Lage raho chale chalo IANS https://dailyworld.in/economy/building-business-often-difficult-but-indian-dream-is-real-radhika-gupta-540586.html Thu, 09 May 2024 12:02:00 +0530 https://dailyworld.in/economy/india-smartphone-market-poised-for-fierce-competition-in-affordable-5g-segment-540623.html New Delhi May 9 With the smartphone market registering 10 per cent yearonyear growth in the first quarter Q1 of 2024 in India and 5G devices capturing 70 per cent share analysts on Thursday said that the market in this year and beyond is poised for fierce competition in the affordable 5G segment According to CyberMedia Research CMR the 5G smartphone shipments marked a notable 91 per cent yearonyear growth this year The 5G devices in the price band of Rs 10000 to Rs 15000 grew by over 400 per cent yearonyearBrands that capitalise on these trends affordable 5G powerful ondevice AI and seamless crossdevice experiences will be wellpositioned to win in this growing but hypercompetitive market said Bhaskar Negi AnalystIndustry Intelligence Group CMRThe analysts estimated that the countrys smartphone market to grow 78 per cent in 2024 driven by strong demand for 5G and AI smartphonesIn Q1 Samsung led the 5G smartphone market with a 22 per cent share The overall mobile market shipments recorded growth of 20 per cent yearonyearIndias smartphone market witnessed a significant surge in 5G adoption as well as a clear ongoing push towards premiumisation said Menka Kumari Analyst Industry Intelligence Group CMRThe onset of AI phones further fueled the premiumisation wave The superpremium smartphone category over Rs 50000 experienced a notable 47 per cent yearonyear growth indicating a rising preference among consumers for highend devices she addedThe valueformoney smartphone segment Rs 7000Rs 25000 constituted the largest share at 65 per cent whereas the affordable smartphone segment below Rs 7000 experienced 16 per cent yearonyear growthThe Premium smartphone segment over Rs 25000 recorded growth of 71 per cent which is fueled by easy payment options and premium features like AI IANS https://dailyworld.in/economy/india-smartphone-market-poised-for-fierce-competition-in-affordable-5g-segment-540623.html Thu, 09 May 2024 13:26:00 +0530 https://dailyworld.in/economy/bmw-3-series-gran-limousine-m-sport-pro-edition-launched-in-india-540641.html New Delhi May 9 The new BMW 3 Series Gran Limousine M Sport Pro edition was launched in India by the luxury car maker on Thursday Produced at the BMW Group Plant in Chennai the new BMW 330Li M Sport Pro is now available at an exshowroom price of Rs 6260000 in the 330Li petrol variant at all the companys dealerships and online shopsIn its M Sport Pro avatar the car is not just bolder but also offers the bestinclass technology With its excellent driving capabilities the new BMW 3 Series Gran Limousine M Sport Pro Edition stays true to its reputation of being the ultimate sports sedan Vikram Pawah President BMW Group India said in a statementThe new car comes available in four metallic paintworks Mineral White Skyscraper Grey Carbon Black and Portimao Blue The car comes with a twolitre fourcylinder petrol engine that produces an output of 258 HP horsepower and a maximum torque of 400 Nm Newton metres at 15504400 rpm revolutions per minute The car accelerates from 0 100 kmhr in just 62 seconds according to the companyFor safety the car includes six airbags Attentiveness Assistance Dynamic Stability Control DSC including Cornering Brake Control CBC electric parking brake with auto hold sideimpact protection electronic vehicle immobiliser and crash sensor and others IANS https://dailyworld.in/economy/bmw-3-series-gran-limousine-m-sport-pro-edition-launched-in-india-540641.html Thu, 09 May 2024 14:03:00 +0530 https://dailyworld.in/economy/sensex-falls-more-than-800-points-lampt-drags-nifty-540656.html Mumbai May 9 Sensex and Nifty extended their morning session losses Till 130 PM the majority of the Indices were red as Sensex was down 802 points or 105 per cent at 72664 points while Nifty was down 261 points or 117 per cent at 22041 points Pressure was observed from the midcap and smallcap indices The Nifty Small Cap 100 index was down 318 points or 194 per cent at 16142 points and the Nifty Midcap was down 592 points or 118 per cent at 49444 pointsThe rise in India Vix was considered one of the reasons for the decline in the market A jump of about 5 per cent was seen The India Vix Index reflects the ups and downs in the market The lower it is the more stability there is in the market As it increases the exact opposite happensUntil 130 pm 1771 shares were trading in the red on the NSE while 418 shares were trading in the red In Nifty 43 shares were in the red mark and 7 shares were in the green markLampT dragged down the Nifty which fell nearly 6 per cent At the same time Divis Lab was another top loser with a fall of 4 per cent Coal India with a fall of 38 per cent ONGC with a fall of 35 per cent and ITC with a fall of 33 per centAt the same time Hero MotoCorp is up 37 per cent Tata Motors and MampM are up 2 per cent and HCL Tech and Infosys are the top gainers up 1 per cent IANS https://dailyworld.in/economy/sensex-falls-more-than-800-points-lampt-drags-nifty-540656.html Thu, 09 May 2024 14:57:00 +0530 https://dailyworld.in/economy/japans-real-wages-down-for-24th-straight-month-540663.html Tokyo May 9 Japans average monthly wages in inflationadjusted terms logged the 24th straight month of decline in March marking the longest period of continuous wage decline since comparable statistics began in 1991 official data showed on Thursday Inflationadjusted real wages a barometer of consumer purchasing power fell 25 per cent from the same month last year larger than the 18 percent fall in February according to the Ministry of Health Labor and Welfare Xinhua news agency reportedNominal monthly earnings including base pay and overtime rose 06 per cent from a year ago to reach 301193 yen about 19325 US dollarsRegular pay including basic salary in March went up 17 per cent year on year while overtime pay a gauge of business activity went down 15 per centSpecial payment including bonuses fell 93 per centMeanwhile the consumer price index excluding imputed rent used to calculate the real wage index grew 31 percent year on year the preliminary data showedAnalysts here noted that with prices at historically high levels and real wages falling for the past two years peoples lives are becoming increasingly tight and the recovery of personal consumption spending may take longer than expected IANS https://dailyworld.in/economy/japans-real-wages-down-for-24th-straight-month-540663.html Thu, 09 May 2024 15:13:00 +0530 https://dailyworld.in/economy/asian-paints-posts-13-pc-rise-in-q4-net-profit-540664.html Mumbai May 9 Asian Paints on Thursday reported a consolidated net profit of Rs 12753 crore for the JanMarch quarter of 202324 a marginal increase of 13 per cent compared to the corresponding figure of Rs 125841 crore for the same period last year The total revenue of the company declined by 064 per cent to Rs 873076 crore during the quarter from Rs 878734 crore last year Asian Paints said in a regulatory filingMarket analysts attribute the decline in revenue to increased competition which has intensified with Aditya Birla Group company Grasim also making a major foray into the paints industry The decorative business of Asian Paints registered a volume growth of 10 per cent however revenue fell by 18 per cent in Q4 FY24 as the company resorted to price cuts to prop up sales The companys board of directors recommended a final dividend of Rs 2815 per share in addition to the interim dividend of Rs 515 per share declared in October 2023 The companys total dividend for FY24 now stands at Rs 3330 per shareEarnings before interest tax depreciation and amortisation EBIDTA for the fourth quarter was at Rs 1692 crore down 93 per cent EBITDA margins have declined by 170 bps YoY to 211 per centOur Decorative and Industrial coatings combined delivered volume growth of 10 per cent and value growth of 39 per cent for the year with our Industrial segment registering doubledigit value growth Looking ahead we remain confident about a pickup in demand conditions with a favourable monsoon forecast said Asian Paints CEO Amit Syngle IANS https://dailyworld.in/economy/asian-paints-posts-13-pc-rise-in-q4-net-profit-540664.html Thu, 09 May 2024 15:14:00 +0530 https://dailyworld.in/economy/sbi-posts-24-pc-jump-in-q4-net-profit-540669.html Mumbai May 9 State Bank of India SBI on Thursday reported a 24 per cent jump in net profit at Rs 20698 crore for the JanMarch quarter of 202324 compared to the corresponding figure of Rs 16695 crore in the same period of the previous year The countrys largest bank declared a dividend of Rs 1370 per share for FY24SBI also recorded an improvement in its asset quality during the fourth quarter as gross nonperforming assets GNPA declined to 224 per cent of total loans from 278 per cent last year The net NPA fell to 057 per cent compared to 067 per cent last year The overall provisions nearly halved to Rs 1609 crore from Rs 3315 crore in the yearago periodSBIs interest earned grew 19 per cent to Rs 111 lakh crore in the fourth quarter from Rs 92951 crore in the same threemonth period last yearCredit growth is at 1524 per cent yearonyear YoY with domestic advances growing by 1626 per cent YoY Corporate advances and agri advances cross Rs 11 lakh crore and Rs 3 lakh crore respectively according to an SBI filing with the stock exchangesIn Q4FY24 total income rose to Rs 128 lakh crore from Rs 106 lakh crore in the yearago period while operating expenses grew at a relatively slower rate at Rs 30276 crore from the yearago periods Rs 29732 croreSBI shares were hovering at around Rs 834 apiece on Thursday afternoon IANS https://dailyworld.in/economy/sbi-posts-24-pc-jump-in-q4-net-profit-540669.html Thu, 09 May 2024 15:31:00 +0530 https://dailyworld.in/economy/lampt-registers-10-per-cent-rise-in-q4-net-profit-declares-dividend-of-rs-28-per-share-540490.html Mumbai May 8 Engineering and construction major Larsen and Toubro LampT on Wednesday reported 10 per cent rise in consolidated net profit to Rs 4396 crore for the JanuaryMarch quarter of 202324 LampTs revenue from operations jumped 15 per cent to Rs 67079 crore with international earnings accounting for 45 per cent of the total The companys board has recommended a final dividend of Rs 28 per share of the face value Rs 2 each for the financial year ended March 2024 For the year ended March 2024 LampT posted a consolidated net profit of Rs 13059 crore registering a growth of 25 per cent compared to the previous year The doubledigit growth in revenue and profit of LampT reflects the multiplier effect of massive government investments in big ticket infrastructure projects to spur economic growth in the country LampT said it expects tailwinds of Indias economic growth will continue due to the impact of structural reforms strengthening physical and digital infrastructure improving institutional strength and strong governance IANS https://dailyworld.in/economy/lampt-registers-10-per-cent-rise-in-q4-net-profit-declares-dividend-of-rs-28-per-share-540490.html Wed, 08 May 2024 21:06:00 +0530 https://dailyworld.in/economy/derc-approves-battery-energy-storage-system-project-540492.html New Delhi May 8 The Delhi Electricity Regulatory Commission DERC has granted its approval for setting up of a Battery Energy Storage System BESS project supported by the Global Energy Alliance for People and Planet GEAPPs concessional loan amounting to 70 per cent of the total project cost and is in partnership with IndiGrid and BSES Rajdhani Power Limited BRPL The approved project a 20 MW40 MWh BESS will be strategically installed at BRPLs 3311 kV Kilokari substation and is scheduled to be commissioned in 1820 months from conceptualisation to implementation India has emerged as a firstmover country in the BESS Consortium a multistakeholder coalition launched by the GEAPP Leadership Council which is focused on scaling energy transitions worldwide BESS a key enabler for energy transitions is crucial for India and other countries to realize their transition goalsLocated at a high demand substation the project will improve the power quality and enable 247 reliable power in the area for over 12000 lowincome consumers In collaboration with its alliance partners GEAPP is targeting 1GW of BESS commitments in India by 2026 aligning with Indias ambitious goal of deploying 47 GW of BESS by 2032 The regulatory approval of the BRPL BESS project marks a significant milestone in our efforts to integrate renewable energy sources into the grid and enhance reliability for our consumers said a BSES spokesperson Indias urgent need for BESS integration in the distribution grid is underscored by the countrys substantial Variable Renewable Energy VRE penetration which exceeds 12 per cent in certain regions IANS https://dailyworld.in/economy/derc-approves-battery-energy-storage-system-project-540492.html Wed, 08 May 2024 21:07:00 +0530 https://dailyworld.in/economy/rbi-lifts-ban-on-bank-of-barodas-bob-world-540493.html Mumbai May 8 Bank of Baroda said on Wednesday that the RBI has lifted its ban on BoB World and the bank has now been allowed to onboard customers through the app The bank has stated in an exchange filing that the RBI has lifted the restriction with immediate effectThe development comes six months after the ban was imposedThe RBI had in October 2023 directed the public sector bank to suspend further onboarding of customers on Bob World mobile app due to certain material supervisory concerns observed during the regulators inspection of the banks processesThe Bank of Baroda had subsequently taken out corrective measures to address the concerns highlighted by the RBIThese included various steps at the field and corporate office including the sacking of Chief Digital Officer Akhil HandaWe wish to inform that the RBI vide its letter dated May 8 2024 conveyed to the bank its decision to lift the abovementioned restrictions on Bob World with immediate effect as such the bank is free to onboard customers through Bob World application in accordance with the applicable guidelines and extant laws or regulations Bank of Baroda said in a regulatory filingBoB World which was first launched in September 2021 provides all its digital banking services under one roof for its customers IANS https://dailyworld.in/economy/rbi-lifts-ban-on-bank-of-barodas-bob-world-540493.html Wed, 08 May 2024 21:08:00 +0530 https://dailyworld.in/economy/air-india-express-row-company-leadership-available-for-discussions-ceo-says-in-letter-to-employees-540496.html New Delhi May 8 Following the mass sick leave taken by the cabin crew of lowcost airline Air India Express resulting in disruption of flight operations the airlines CEO Aloke Singh said in a letter to the employees that the act is certainly not representative of the 2000odd cabin crew colleagues who continue to respond to the call of duty and serve the clients with dedication and pride The protesting cabin crew members claimed that despite promises of job security salary preservation and recognition of seniority and expertise there has been a noticeable deviation from these assurances Since last evening over 100 of our cabin crew colleagues have reported sick prior to their rostered flight duty at the last minute severely disrupting our operations Because this action was mostly by colleagues assigned the L1 role the impact was disproportionate disrupting 90 flights even though other colleagues reported for duty read the letter accessed by IANSSingh said the disruptions have cascaded across the network forcing us to curtail the schedules over the next few daysWe had to do this to cope with the nonavailability of crew and to recover schedules This act is certainly not representative of the 2000odd cabin crew colleagues in the company who continue to respond to the call of duty and serve our guests with dedication and pride I am thankful to all who are standing by the airline in this hour of crisis the letter readIt added that colleagues from operations network commercial airport services and IOCC have been working hard to mitigate the impact of the disruptions A curtailed schedule is being rolled out for the next few days Colleagues from across the company and the group have pitched in to support operations we owe all our deep gratitudeIf there are concerns that need to be addressed the company leadership is available for any discussions All channels remain open department townhalls one prescheduled for Thursday monthly allhands townhall besides formal and informal reach out to leaders In particular senior cabin crew colleagues who have seen the airline evolve from a small niche operator to what we are today a rapidly growing 350 flightsaday carrier with a strong network footprint across India Gulf and SE Asia have a deeper stake in helping build and achieve the vision we have set for ourselves Singh said in the letterAfter over 90 international and domestic flights of the airline were cancelled the Ministry of Civil Aviation sought a detailed report from Air India Express regarding the disruptions of flight operations urging the airline to address the issue promptlyAdditionally the airline has been instructed to ensure that passenger facilities adhere to the norms set by the Directorate General of Civil Aviation DGCAThe Air India Express Employees Union AIXEU representing a segment of cabin crew members had earlier written to Tata Sons Chairman N Chandrasekaran highlighting employee grievances and expressing concerns about the ongoing situation within Air India Express especially after its acquisition by the Tata groupThe union accused the airline of mismanagement and unequal treatment of staff claiming that these issues have adversely impacted the employee morale IANS https://dailyworld.in/economy/air-india-express-row-company-leadership-available-for-discussions-ceo-says-in-letter-to-employees-540496.html Wed, 08 May 2024 21:35:00 +0530 https://dailyworld.in/economy/high-possibility-of-8-pc-gdp-growth-for-india-in-2023-24-cea-nageswaran-540304.html New Delhi May 8 There is a high possibility of Indias economic growth touching 8 per cent in 202324 governments Chief Economic Adviser CEA V Anantha Nageswaran said on Wednesday Speaking at an event here the CEA said that he expected a 7 per cent GDP growth rate for 202425 and it was important to maintain itHe also said that inflation was expected to remain under control and the country was in a position to pursue a stable noninflationary growth pathWe dont see at the moment scope for nasty upside surprises on inflation There can always be scenarios in geopolitics that can cause inflation to be more than we expect but at this point the baseline scenario is that inflation gradually converges to the midpoint of the target range Nageswaran saidHe was referring to the 4 per cent midpoint target range set by the Monetary Policy Committee before the central bank starts to reduce key interest rates to spur growthThe inflation rate came down to a fivemonth low of 485 per cent in March However the RBI is still focused on controlling inflation before it goes in for a cut in interest ratesIndias GDP growth for 202425 is projected at 7 per cent while the forecast for inflation for the year has been retained at 45 per cent RBI Governor Shaktikanta Das said recentlyThe RBI Governor said Headline inflation has eased to 51 per cent during both January and February and this has come down to 51 per cent in these two months from the earlier peak of 57 per cent in the month of December Looking ahead robust growth prospects provide the policy space to remain focused on inflation and ensure its descent to the target of 4 per cent IANS https://dailyworld.in/economy/high-possibility-of-8-pc-gdp-growth-for-india-in-2023-24-cea-nageswaran-540304.html Wed, 08 May 2024 14:39:00 +0530 https://dailyworld.in/economy/canara-bank-posts-184-pc-jump-in-q4-net-profit-declares-dividend-of-16-per-share-540317.html Mumbai May 8 Canara Bank on Wednesday reported an 184 per cent rise in its net profit to Rs 375723 crore for the JanuaryMarch quarter of 202324 compared to the same period of the previous year On a sequential basis the banks net profit rose 28 per cent over the OctoberDecember quarterCanara Banks board of directors has recommended a dividend of Rs 1610 per equity share 161 per cent of face value of Rs 10 per shareCanara Banks net interest income NII rose 11 per cent to Rs 9580 crore during the fourth quarterThe asset quality of the bank also improved during the quarter with gross nonperforming asset NPA ratio declining to 423 percent of total loans from 535 per cent in the same period last yearThe net NPA ratio stood at 127 per cent as on March 31 as compared to 173 per cent in the yearago periodThe banks provisions against bad loans also declined to Rs 2482 crore during the fourth quarter from Rs 3095 crore in the same period last yearThe shares of Canara Bank were hovering at around Rs 593 apiece on BSE on Wednesday IANS https://dailyworld.in/economy/canara-bank-posts-184-pc-jump-in-q4-net-profit-declares-dividend-of-16-per-share-540317.html Wed, 08 May 2024 15:25:00 +0530 https://dailyworld.in/economy/indias-data-centre-capacity-to-double-to-2-000-mw-by-2026-green-energy-is-the-key-540328.html Mumbai May 8 Indias data centre capacity is set to double to reach 2000 MW by 2026 as the country transitions towards a developed market economy amid a rise in green energy solutions a report showed on Wednesday The growth plans have also created substantial investment prospects with a likely capex of Rs 50000 crore in this space over the next three years till 2026 according to the report by CareEdge RatingsThe data centre industry is expected to clock a revenue growth of 32 per cent during FY24FY26While India generates about 20 per cent of global data in terms of data centre capacity it has a share of just 3 per centHowever the wave of digitisation driven by the expansion of ecommerce fintech platforms online streaming and gaming services is anticipated to increase the number of internet users and boost internet penetration generating a robust demand for data centresThe capacity addition of 11 GW in data centre space needs to be corroborated with increased absorption in futuremedium term as cashflow stability is an important consideration for the debtfunded investments explained Puja Jalan Associate Director CareEdge RatingsIn India AdaniConneX aims to build an environmentally and socially conscious 1GW data centre infrastructure platform by leveraging the complementary capacity of the Adani Group and EdgeConneX one of the largest private data centre operatorsLast month AdaniConneX established the countrys largest sustainabilitylinked financing to raise up to 144 billionAccording to the report the adoption of technologies such as 5G IoT and artificial intelligence AI is expected to significantly augment demand for data and in turn data centresPer MW cost in India for setting up data centres has witnessed escalation due to incremental land equipment and other soft costs with new capacities now being set up at a cost of Rs 6070 croreMW the report mentioned IANS https://dailyworld.in/economy/indias-data-centre-capacity-to-double-to-2-000-mw-by-2026-green-energy-is-the-key-540328.html Wed, 08 May 2024 16:02:00 +0530 https://dailyworld.in/economy/over-13rd-of-australians-facing-financial-difficulties-survey-540342.html Canberra May 8 More than onethird of Australians are finding it difficult to get by on their current incomes a survey has found On Wednesday researchers from the Australian National University ANU published the results of the latest edition of ANUPoll which has been tracking the views of Australians since 2008 Xinhua news agency reportedIt found that as of January 342 per cent of more than 4000 respondents were finding it difficult or very difficult to get by on their current incomeNicholas Biddle lead author of the report and head of the School of Politics and International Relations at ANU said in a media statement that it was the highest rate of financial stress measured by the survey since February 2020Among participants in Januarys ANUPoll 62 per cent said they are spending less on groceries and essential items in response to financial pressure and more than 50 per cent said they have postponed major purchasesPerhaps unsurprisingly given this financial strain theres also been a drop in satisfaction with the direction of the country Biddle saidIt was down to around 62 per cent a drop of almost 10 per cent from January 2023When asked to rate satisfaction with their own life on a scale of one to 10 respondents gave an average answer of 655 lower than the average rating in 2019 2020 and 2023Biddle said the figures were equivalent to the results of polls that were conducted when a large proportion of the population was in lockdown during the Covid19 pandemicJanuarys survey had a particular focus on the Australian housing market and found that the proportion of the population who are falling behind on rent or loan repayments more than doubled from 22 per cent in April 2017 to 48 per cent IANS https://dailyworld.in/economy/over-13rd-of-australians-facing-financial-difficulties-survey-540342.html Wed, 08 May 2024 17:14:00 +0530 https://dailyworld.in/economy/sensex-nifty-end-flat-after-another-volatile-session-540368.html Mumbai May 8 The stock market saw another volatile session on Wednesday with the Sensex ending 45 points lower at 73466 and the Nifty ending flat at 22302 without any changes During the session the Sensex traded between 73684 on the higher side and 73073 on the lower endOn the NSE 1281 shares closed in the green while 940 shares ended in the red A buying trend was seen in smallmedium stocks rather than largecap stocksThe Nifty Smallcap 100 index closed at 16461 up 94 points or 057 per cent while the Nifty Midcap 100 index closed at 50036 points with a gain of 361 points or 073 percentIn the Sensex pack 15 shares closed in the green and 15 shares closed in the redTata Motors Power Grid NTPC LampT and Maruti Suzuki were the top gainers on Wednesday while Asian Paints UltraTech Cement HUL HDFC Bank and HCL Tech were the top losersMeanwhile the markets in Tokyo Shanghai Hong Kong Jakarta and Bangkok declined on Wednesday while the Seoul market is in the greenThe US markets closed flat on Tuesdays sessionCrude oil is trading with a decline of about 1 per cent with Brett crude at around 82 per barrel and the WTI at 77 per barrelVinod Nair Head of Research at Geojit Financial Services said The Indian market echoed subdued investor sentiments akin to those of its Asian peers and on worries about the declining voter turnout in the Lok Sabha electionsDespite domestic Q4 earnings largely meeting the estimates the earnings landscape appears to be moderating A sectorspecific action was visible in FMCG and auto stocks aided by an expectation of a revival in rural demand in H1FY25 IANS https://dailyworld.in/economy/sensex-nifty-end-flat-after-another-volatile-session-540368.html Wed, 08 May 2024 17:53:00 +0530 https://dailyworld.in/economy/sri-lanka-renews-visa-free-entry-for-india-select-countries-540022.html Colombo May 7 To promote tourist arrivals to the Island nation Sri Lanka renewed visafree entry for visitors from India and several other select countries The Sri Lankan governments move will open exciting possibilities for seamless travel between the two nationsThe countrys Cabinet on Monday decided to award free visa entry to nationals from India China Russia Japan Malaysia Thailand and Indonesia who are on a 30day visit to the island nationThe scheme was launched in October as a pilot project to rebuild the tourism industry in the countryAccording to the Department of Immigration and Emigration which handles visafree entry foreigners from the abovementioned countries should apply visa via website wwwsrilankaevisalk before arriving in Sri Lanka and the validity period of this free visa is 30 daysMeanwhile amid recent controversy over high charges under a private company the cabinet has decided to maintain 50 fee for visitors who enter the country on arrival visa for 30 daysAmidst the notable progress in the countrys tourism sector numerous stakeholders within the industry have recently urged President Ranil Wickremesinghe to maintain the maximum visa fee for foreigners at 50 President Media Division PMD saidShifting the visaissuing process from the government to a private company with an increased fee up to 100 was criticised by many parties including tourismrelated industries They complained that the fee and complex procedure under the private player was discouraging tourists arrival to the country which is recovering from the worstever financial crisisTourism one of leading foreign exchange earners of the country has suffered a setback due to the Covid19 pandemic and economic and political crises in the South Asian country IANS https://dailyworld.in/economy/sri-lanka-renews-visa-free-entry-for-india-select-countries-540022.html Tue, 07 May 2024 12:30:00 +0530 https://dailyworld.in/economy/sri-lanka-renews-visa-free-entry-for-indians-540030.html Colombo May 7 To promote tourist arrivals to the Island nation Sri Lanka renewed visafree entry for visitors from India and several other select countries The Sri Lankan governments move will open exciting possibilities for seamless travel between the two nationsThe countrys Cabinet on Monday decided to award free visa entry to nationals from India China Russia Japan Malaysia Thailand and Indonesia who are on a 30day visit to the island nationThe scheme was launched in October as a pilot project to rebuild the tourism industry in the countryAccording to the Department of Immigration and Emigration which handles visafree entry foreigners from the abovementioned countries should apply visa via website wwwsrilankaevisalk before arriving in Sri Lanka and the validity period of this free visa is 30 daysMeanwhile amid recent controversy over high charges under a private company the cabinet has decided to maintain 50 fee for visitors who enter the country on arrival visa for 30 daysAmidst the notable progress in the countrys tourism sector numerous stakeholders within the industry have recently urged President Ranil Wickremesinghe to maintain the maximum visa fee for foreigners at 50 President Media Division PMD saidShifting the visaissuing process from the government to a private company with an increased fee up to 100 was criticised by many parties including tourismrelated industries They complained that the fee and complex procedure under the private player was discouraging tourists arrival to the country which is recovering from the worstever financial crisisTourism one of leading foreign exchange earners of the country has suffered a setback due to the Covid19 pandemic and economic and political crises in the South Asian country IANS https://dailyworld.in/economy/sri-lanka-renews-visa-free-entry-for-indians-540030.html Tue, 07 May 2024 12:39:00 +0530 https://dailyworld.in/economy/hospitality-oil-amp-gas-fmcg-sectors-see-surge-in-hiring-in-india-540070.html New Delhi May 7 Sectors like hospitality oil and gas and FastMoving Consumer Goods FMCG witnessed a surge in hiring in India last month a report showed on Tuesday The hospitality and travel sector witnessed a 16 per cent growth driven by the strong momentum in travel and tourism according to the Naukri JobSpeak IndexPositions like front office managers housekeeping supervisors and FampB service professionals were in high demand across urban hubs like Delhi Mumbai and BengaluruWhile the overall Index is flat the new financial year is off to a positive start with remarkable hiring growth recorded in hospitality oil and gas and FMCG said Pawan Goyal Chief Business Officer of NaukricomThe oil and gas industry recorded a 15 per cent yearonyear increase in new job creation in AprilRoles like petroleum engineers drilling engineers and production operators were sought after particularly in locations like Ahmedabad Vadodara and Jaipur the report mentionedHiring in the FMCG sector was an 11 per cent growth compared to April last year fueled by rising demand in rural areasThe report said that nonmetro cities continued their strong performance outpacing metros while senior professionals remained in high demandThe IT sector saw a modest 2 per cent growth yearonyear in April as roles related to artificial intelligence AI and machine Learning ML maintained their momentum registering a 19 per cent increase in hiring compared to the previous year IANS https://dailyworld.in/economy/hospitality-oil-amp-gas-fmcg-sectors-see-surge-in-hiring-in-india-540070.html Tue, 07 May 2024 14:06:00 +0530 https://dailyworld.in/economy/truecallers-net-sales-up-8-pc-in-india-with-over-234-million-daily-active-users-540104.html New Delhi May 7 Leading caller identification app Truecaller on Tuesday reported an 8 per cent increase in net sales in India in the first quarter Q1 of the calendar year saying that the country accounted for 742 per cent of the total net sales India continues to remain one of the biggest markets for Truecaller as the region accounted for growth across three revenue streams Truecaller for Business Premium subscriptions and Ads the company said in a statementNet sales in India reached 3168 million Swedish Krona SEK in the first quarter Q1 FY24 compared to SEK 2922 million in the corresponding quarter of the previous yearGlobally the average number of active users MAU increased by 39 million to approximately 3834 million out of which 2726 million monthly active users are in India alone the company informedThe daily active users DAU reached 314 million out of which 2344 million daily active users are based in IndiaTruecaller experienced a significant 5 per cent surge in global ad revenue compared to the first quarter of 2023 largely driven by the increased demand for digital advertising coinciding with the Indian Premier League IPLThe company launched its call recording feature in the Indian market which enables users to record and transcribe all calls in English and HindiThe product is now available on Android as well as on iOS in India IANS https://dailyworld.in/economy/truecallers-net-sales-up-8-pc-in-india-with-over-234-million-daily-active-users-540104.html Tue, 07 May 2024 15:35:00 +0530 https://dailyworld.in/economy/domestic-indices-close-in-the-red-amid-profit-booking-540133.html Mumbai May 7 The domestic indices closed in the red on Tuesday amid massive profit booking At close on Tuesday the Sensex was down 38369 points or 052 per cent at 7351185 while the Nifty fell 14020 points or 062 per cent to settle at 2230250Vinod Nair Head of Research at Geojit Financial Services said that despite positive global cues the domestic markets continued to consolidate They are witnessing profit booking due to various factors including a low turnout in the ongoing elections and premium valuations he saidAnalysts said that a spike in volatility accompanied profit booking Hrishikesh Yedve AVP Technical and Derivatives Research at Asit C Mehta Investment Intermediates said the domestic indices opened higher on Tuesday aided by favourable global clues However after some initial jitters the market saw massive profit booking with the Volatility Index India VIX jumping by about 6 per centLater in the day the volatility decreased as the Nifty closed at 22302 Technically the index created a bearish engulfing candle last week indicating weakness he saidAnalysts said the fall below crucial technical levels suggests that the Niftys trend has weakenedRupak De Senior Technical Analyst at LKP Securities said Technically the trend has weakened as the Nifty fell below the 21day exponential moving average EMA Further selling pressure is anticipated possibly extending towards 2198022000 in the short term as long as it remains below 22400 IANS https://dailyworld.in/economy/domestic-indices-close-in-the-red-amid-profit-booking-540133.html Tue, 07 May 2024 17:11:00 +0530 https://dailyworld.in/economy/govt-launches-meditech-stackathon-to-give-big-push-to-medical-devices-manufacturing-540144.html New Delhi May 7 The government on Tuesday launched the Meditech Stackathon 2024 in collaboration with apex business chamber CII to give a big push to the domestic manufacturing of medical devices and reduce dependence on imports Addressing the gathering Dr Arunish Chawla Secretary Department of Pharmaceutical said that Indias MedTech industry holds immense potential with projections estimating a growth rate of 28 per cent annually reaching a size of USD 50 billion by 2030He said that currently India is the 4th largest market for medical devices in Asia and among the top 20 globally Net imports for 202223 stands at USD 4101 Million with an import coverage ratio of 045The Secretary said that the sector has witnessed a surge in imports driven primarily by countries like the US China and Germany However Indias robust policy ecosystem presents opportunities for export boosts and reducing import dependence through domestic manufacturingHe said that the Stackathon would deliberate in eight focused groups namely Cancer Therapy Imaging Critical Care Assistive Medical Devices Body Implants Surgical instruments and Hospital Equipment Consumables amp Disposables and IVD Instruments and reagents each tasked with specific objectives including segmentwise identification of important medical devices assessment of importexport dynamics examination of duty structures and their implications across the entire value chainDr Chawla emphasised the importance of policymakers and industry coming together to draw up a sturdy policy stack for the growth of the medical devices industry in the countryHe highlighted the critical need to focus on quality to ensure that India becomes globally competitiveExports overtook imports in consumables and disposables during last year he said while urging the industry to continue with the momentum in other pillars of meditech sectorCollaboration among stakeholders is essential to address these challenges and enhance both the ease and cost of doing business in the sector By fostering partnerships boosting investment in research and innovation and streamlining value chain processes we can achieve our shared goal of accessible and affordable healthcare for all he addedThrough the Stackathon participants will delve into the complexities of different product segments within the medical devices industry to gain insights into their unique challenges and opportunities analyse and map value chains across various segments of the medical devices industry to identify key stakeholders processes and dependencies identify critical issues hindering the development of the medical devices industry such as import dependence regulatory hurdles and technological gaps Dr Chawla said in his addressPreceding this workshop group leads and members have undertaken extensive virtual discussions and preparatory work The challenges persist in the sector including cost competitiveness quality assurance and regulatory hurdlesHimanshu Baid Chairman CII highlighted a shared vision of collaborative excellence wherein stakeholders unite to drive tangible outcomes and propel the MedTech industry towards unparalleled growth He said that with Indias MedTech exports surpassing 4 billion dollars the industry stands poised on a trajectory of remarkable expansion However he highlighted the need for enhanced data collation mechanisms to address gaps in product consumption and production within IndiaHe stated that Indias MedTech landscape is brimming with promise poised to capture 10 per cent of the global market share over the next decade IANS https://dailyworld.in/economy/govt-launches-meditech-stackathon-to-give-big-push-to-medical-devices-manufacturing-540144.html Tue, 07 May 2024 17:43:00 +0530 https://dailyworld.in/economy/centre-to-hold-meeting-with-states-to-formulate-mining-index-540146.html New Delhi May 7 The Ministry of Mines in collaboration with the Indian Institute of Technology Indian School of Mines IITISM Dhanbad will organise a oneday workshop here on Wednesday to discuss the draft framework of the State Mining Index envisaged to capture mining sector performance of States The Secretary Ministry of Mines V L Kantha Rao will chair the workshop in which senior state government officials have been invited to participate The feedback from States at the workshop will help in finalising the framework according to an official statement issued on TuesdayThe mining sector is at the forefront of numerous value chains supplying raw materials to key industrial domains such as steel nonferrous metals cement fertilisers chemicals and electronics The states have a crucial role to play in the development of the countrys mining sectorFor a mining sector vision that prioritises resource use efficiency with equity sustainability and responsibility focused attention is required on the exploration of Indias geography taking actions for facilitating future mineral production and working for the interest and benefit of persons and areas affected by mining related operations the statement saidA state mining index has been envisaged to capture the mining sector performance as well as states future readiness in mining activity The ambit of the index will be nonfuel major minerals and minor mineralsThe Ministry of Mines has commissioned IITISM Dhanbad to conduct a study for designing the framework collecting data and formulating the index the statement added IANS https://dailyworld.in/economy/centre-to-hold-meeting-with-states-to-formulate-mining-index-540146.html Tue, 07 May 2024 17:45:00 +0530 https://dailyworld.in/economy/dr-reddys-laboratories-clocks-36-pc-surge-in-q4-net-profit--540152.html Mumbai May 7 Dr Reddys Laboratories on Tuesday reported a 36 per cent jump in net profit at Rs 1307 crore for the JanMarch quarter of 202324 compared to the corresponding figure of Rs 960 crore in the same period of the previous year The Hyderabadbased pharma major posted a 12 per cent increase in total revenue at Rs 7083 crore compared to Rs 6297 crore in the fourth quarter of the previous year Dr Reddys board declared a final dividend of Rs 40 per share 800 per cent of Rs 5 each for the financial year 202324 the company said in a stock exchange filingAt the operating level EBITDA rose 14 per cent to Rs 1872 crore as against Rs 16312 crore last fiscal EBITDA margin stood at 264 per cent as compared to 259 per centAccording to market analysts the success of the blockbuster cancer drug Revlimid played a key role in driving up the companys profit and revenue in the fourth quarterThe company also said that Parag Agarwal will retire as the Chief Financial Officer of the Company effective from the close of working hours on July 31 2024 M V Narasimham the Deputy Chief Financial Officer of the Company is being elevated to the role of the Chief Financial Officer of the Company with effect from August 1 2024 IANS https://dailyworld.in/economy/dr-reddys-laboratories-clocks-36-pc-surge-in-q4-net-profit--540152.html Tue, 07 May 2024 18:02:00 +0530 https://dailyworld.in/economy/indian-economy-and-equity-markets-outperformed-china-over-past-3-years-539692.html New Delhi May 6 Chinas equity markets have lagged Indian equity by a long stretch as per a report by DSP Mutual Fund Chinas current equity market capitalisation is double that of India at a time when its GDP is 5 times that of Indian GDPBetween 2004 and 2021 Chinas economy outgrew Indias GDP at a ferocious pace but has lost some relative momentum since Over the past 3 years the Indian economy and equity markets have outperformed China the report saidAt this juncture Indias frontline stock index the Nifty 50 Index trades at 23x trailing earnings while the Shanghai Composite trades at 11x trailing earningsEmerging markets vary widely in quality with India considered highquality and traditionally expensive while China and South Korea are perceived as lower quality and cheaperIndias appeal stems from favourable demographics economic reforms and supply chain realignment Despite its high pricetobook ratio over 4x akin to the US its return on equity matches that of the US justifying a premium valuation If India were to cheapen significantly it could offer an excellent entry point for longterm investors the report saidSimilarly the US market features quality companies with elevated valuations contrasting with Japans historically opposite traitsThe global market is currently experiencing a phase of remarkable optimism buoyed by robust corporate performance and substantial earnings growth Notably amidst this landscape Brazil has emerged as a standout case It not only exhibits significant earnings growth but this growth is accompanied by an equally impressive valuation trend the report saidIndia stands out for its impressive earnings growth albeit accompanied by premium valuations Consequently Indian equities no longer represent a bargain opportunity Indian equities lack a margin of safety it added IANS https://dailyworld.in/economy/indian-economy-and-equity-markets-outperformed-china-over-past-3-years-539692.html Mon, 06 May 2024 13:17:00 +0530 https://dailyworld.in/economy/india-ghana-agree-to-operationalise-upi-link-within-6-months-539754.html New Delhi May 6 India and Ghana have agreed to operationalise Unified Payment Interface UPI with Ghana Interbank Payment and Settlement Systems within six months in order to enable instant fund transfers for users in both countries the Commerce Ministry said on Monday The discussions were part of a Joint Trade Committee JTC meeting between Indian and Ghanaian officials in Accra from May 23Both countries also discussed the possibilities of a Memorandum of Understanding MoU on Local Currency Settlement System LCCS in trade digital transformation solutions and on the opportunities offered by the African Continental Free Trade Agreement the Commerce Ministry said The linking of Indian and Ghanaian instant payment systems will be the latest in Indias expansion of UPI operations which are already available in countries such as France UAE Sri Lanka and MauritiusThe move to settle bilateral trade payments between the two countries in local currencies will reduce dependence on the US dollar and help to strengthen the rupeeA sevenmember delegation from India led by Additional Secretary Department of Commerce Ministry of Commerce and Industry India Amardeep Singh BhatiaIn a comprehensive dialogue both sides undertook a detailed review of recent developments in bilateral trade and investment ties and acknowledged the vast untapped potential for further expansionBoth sides identified several areas of focus for enhancing both bilateral trade as well as mutually beneficial investments These include cooperation in pharmaceuticals healthcare information and communication technology agriculture and food processing renewable energy power sector digital economy and digital infrastructure critical minerals textiles and garments etcAn official delegation from India consisted of officials from the Geological Survey of India EXIM Bank and the Indian Pharmacopoeia Commission The officials of both India and Ghana actively engaged in the proceedings of the JTCA business delegation led by the Confederation of Indian Industry CII also accompanied the official delegation with representatives from the varied sectors including power fintech Telecommunications electrical machinery and pharmaceuticals sectors The delegation including representatives of business also met the SecretaryGeneral AfCFTA and his team of officials wherein areas of cooperation included the signing of an MoU setting of standards investments participation in trade events in India and increasing the depth of engagement between India and AfCFTA was discussed Names of nodal officers to take the discussions forward were also exchangedGhana is an important trading partner of India in the African region Bilateral trade between India and Ghana stood at USD 287 billion in 202223 India stands as a leading investor in Ghana and emerged as the thirdlargest investor These investments traverse diverse sectors encompassing pharmaceuticals construction manufacturing trade services agriculture and tourism IANS https://dailyworld.in/economy/india-ghana-agree-to-operationalise-upi-link-within-6-months-539754.html Mon, 06 May 2024 15:46:00 +0530 https://dailyworld.in/economy/marico-posts-53-pc-rise-in-q4-net-profit-declares-dividend-of-rs-650-per-share-539800.html Mumbai May 6 Fast moving consumer goods major Marico on Monday reported a 53 per cent in consolidated net profit rose to Rs 318 crore for the JanMarch quarter compared to the corresponding figure of Rs 302 crore in the same period last year Marico which owns the Saffola and Parachute brands of packaged oils posted a 2 per cent increase in revenue at Rs 2278 crore up from Rs 2240 crore in the same quarter of the previous yearThe Board of Directors of Marico Limited declared a second interim dividend of Rs 650 per equity shareThis takes the total dividend of the company to Rs 950 per share as an interim dividend of Rs 3 per share was declared on October 30 2023 IANS https://dailyworld.in/economy/marico-posts-53-pc-rise-in-q4-net-profit-declares-dividend-of-rs-650-per-share-539800.html Mon, 06 May 2024 17:43:00 +0530 https://dailyworld.in/economy/apples-iphone-15-pro-max-best-selling-smartphone-in-q1-this-year-report-539831.html New Delhi May 6 Apples iPhone 15 Pro Max was the bestselling smartphone of the first quarter Q1 of 2024 a new report showed on Monday According to Counterpoint Research Apple and Samsung dominated the top 10 bestselling smartphones list for Q1 each grabbing five positions and leaving no spot for other brandsThe Pro Max variant achieved the top position for the first time in Apples nonseasonal quarter reflecting an increasing trend of consumer preference for highend smartphones the analysts saidAll four iPhone 15 variants and the iPhone 14 were among the top 10 bestsellers Further the iPhone 15 lineup secured the top three spots they addedIn addition Samsungs Galaxy S24 series secured two spots in the top 10 for Q1 with its Ultra model ranking fifth and the base variant coming in ninth As per the analysts the strong performance of the S24 series can be attributed to Samsungs early refresh of the series and its efforts in generative AI GenAI technology The S24 series was the first to reach the market with GenAI features and capabilities allowing users to create unique content and experience a new level of interaction with their smartphones the analysts statedThis was also the first quarter in which the top 10 smartphones were all 5G capable The analysts expect that the top 10 bestselling smartphones will capture a larger share of total smartphone sales in the coming time as OEMs original equipment manufacturers are focusing on leaner portfolios with premium features including GenAI IANS https://dailyworld.in/economy/apples-iphone-15-pro-max-best-selling-smartphone-in-q1-this-year-report-539831.html Mon, 06 May 2024 18:45:00 +0530 https://dailyworld.in/economy/equities-give-up-gains-amid-rising-volatility-fii-selling-539832.html Mumbai May 6 Domestic equities gave up their gains amid rising volatility and continuous selling by FIIs on Monday While the Sensex edged up 1739 points or 002 per cent to settle at 7389554 the Nifty declined 3315 points or 015 per cent to close at 2244270In April FIIs sold Rs 39000 crore worth of stocks amid uncertain global macros said Siddhartha Khemka Head of Retail Research Motilal Oswal Financial ServicesFurther the India VIX surged by over 70 per cent in the last eight trading sessions from around 10 to its 52week high near 17 indicating increasing nervousness among investors due to the ongoing global uncertainties and the outcome of the Lok Sabha elections next month he saidHence markets are likely to remain in a broader range with stockspecific action in the near term he addedThe Nifty witnessed a gradual decline after opening higher amid high volatility on Monday Sectorwise it was mixed with buying seen in realty IT and FMCG stocksThe PSUs especially banking and NBFCs were under pressure after the RBI proposed stricter lending rules Khemka saidNeeraj Sharma AVP Technical and Derivatives Research at Asit C Mehta Investment Intermediates said the domestic benchmark indices were under selling pressure on Monday following a steep selloff last week aided by losses in media consumer durables and PSU sectors IANS https://dailyworld.in/economy/equities-give-up-gains-amid-rising-volatility-fii-selling-539832.html Mon, 06 May 2024 18:46:00 +0530 https://dailyworld.in/economy/icici-bank-now-lets-nris-use-international-numbers-for-upi-payments-in-india-539856.html New Delhi May 6 ICICI Bank on Monday announced that it has enabled NRI NonResident Indian customers to use their international mobile number to make UPI payments instantly in India This will allow the banks NRI customers to make payments for their utility bills merchant and ecommerce transactions with their international mobile number registered with their NRENRO bank account held with ICICI Bank in the country This launch reinforces our commitment to provide our NRI customers with innovative solutions for them to have a safe secure and hasslefree payment experience Sidharatha Mishra Head Digital Channels and Partnerships ICICI Bank said in a statementTo provide UPI facility to NRI customers the bank partnered with the National Payments Corporation of India NPCI The bank will make this service available via its mobile banking app iMobile PayEarlier NRIs had to register an Indian mobile number with their banks to make UPI payments With this facility our NRI customers residing in 10 countries do not need to switch to an Indian mobile number to pay using UPI Mishra saidThe bank offers this facility in the US the UK UAE Canada Singapore Australia Hong Kong Oman Qatar and Saudi Arabia NRI customers of the bank can make UPI payments by scanning any Indian QR code sending money to a UPI ID or any Indian mobile number or Indian bank account IANS https://dailyworld.in/economy/icici-bank-now-lets-nris-use-international-numbers-for-upi-payments-in-india-539856.html Mon, 06 May 2024 19:56:00 +0530 https://dailyworld.in/economy/indian-airlines-poised-to-capture-50-of-countrys-global-passenger-traffic-crisl-539888.html New Delhi May 6 The airlines in India are poised to capture 50 per cent share of the countrys international passenger traffic by 202728 with a 7 per cent jump in market share from 43 per cent at present according to a CRISIL report released on Monday The report points out that Indian airlines such as Air India and IndiGo are strategically adding new aircraft to their fleets and launching new international routes which are cutting travel timeAccording to the CRISIL report Indian airlines have the advantage of superior domestic connectivity compared to their foreign competitors which serve only select Indian cities This enables Indian carriers to offer endtoend international connectivity on a single ticket to travellers from tier 2 and tier 3 citiesIncreasing disposable incomes easing visa requirements growing number of airports and enhanced air travel connectivity are boosting international travel said Manish Gupta Senior Director and Deputy Chief Ratings Officer at CRISIL RatingsThe governments focus on making India a hub for tourism is also expected to provide a fillip to inbound trafficTo capitalise on the growth in international travel Indian airlines are investing in widebody and longrange narrowbody aircraft for network expansion adding new international routes and introducing longhaul nonstop flights to key destinations said Ankit Kedia Director CRISIL RatingsThus international passenger traffic is likely to clock a compound annual growth rate CAGR of 1011 per cent over the next four fiscals against a mere 5 per cent CAGR in the four years before the pandemic he addedIndian airlines have added 55 new international routes over the past 15 months which takes the total number of flights beyond the 300 mark the report statesThese include direct flights originating from more cities to popular longhaul destinations in the United States Europe and Australia effectively reducing flying time and eliminating layovers CRISIL saidIndias geographic location connections between the Europe Middle East and Africa EMEA and Asia Pacific regions would facilitate the country emerging as a hub for international travel the report added IANS https://dailyworld.in/economy/indian-airlines-poised-to-capture-50-of-countrys-global-passenger-traffic-crisl-539888.html Mon, 06 May 2024 22:07:00 +0530 https://dailyworld.in/economy/indian-tech-companies-begin-to-create-global-impact-saps-manish-prasad-539158.html New Delhi May 4 The last decade has transformed the IT and technology landscape in India and some of the homegrown technology enterprises midmarket firms and startups are now creating an impact globally as well says Manish Prasad President and Managing Director for SAP Indian Subcontinent The senior executive at cloud software major SAP is bullish about Indias prospects going forward as the global companies embrace the country from all perspectives be it manufacturing electronics semiconductors or innovation at scaleIf we can do it in manufacturing why cant we do it for technology I think its more to do with the culture And that culture is changing quite significantly in India Prasad told IANSIf you take a step back and look at startups and unicorns in India it is an intellectual property IP that we are creating within the country and taking it globally as well he addedThe startup ecosystem in the country the third largest in the world is set to add nearly 10 lakh startups and 10000 unicorns in the coming decadeCurrently there are more than 1 lakh startups and about 110 unicorns in the countryPrasad said that some of the technology companies which are originating from India are creating an impact globally as wellI am surprised to see the number of acquisitions that Indian companies are doing in global markets and how quickly theyre integrating them back into the fold of their core competency he told IANSAccording to the government startups are playing a pivotal role in Indias journey towards becoming Viksit Bharat by 2047Paul Marriott President for Asia Pacific Japan APJ of SAP who visited India late last month said that a visionary political leadership talented youth and a massive AI and startup community will help India reach its 30 trillion GDP growth goal by 2047According to Prasad that transition is already happening in the country at a fast paceSmall aberrations may come from time to time but Indias journey to the global stage has already started he notedNearly 60 per cent of Indias GDP now touches the SAP ecosystemThe company has its biggest research and development RampD development centre in India outside of Germany IANS https://dailyworld.in/economy/indian-tech-companies-begin-to-create-global-impact-saps-manish-prasad-539158.html Sat, 04 May 2024 11:27:00 +0530 https://dailyworld.in/economy/adani-ports-amp-sez-eyes-significant-expansion-into-the-philippines-539188.html New Delhi May 4 Adani Ports and Special Economic Zone APSEZ is planning to invest significantly in the Philippines and is looking at Bataan for its port development plan the Philippines government has said Bataan is a province on the Philippine island of LuzonAccording to a statement from the Philippines Presidential Office APSEZ is planning to invest owing to the stability in regulation and business environment under the President Ferdinand R Marcos Jr administrationYour Excellency as a private sector what we always look for is stability Stability in the regulation stability in the environment that we are operating in That is what as you said you are providing Karan Adani Managing Director APSEZ told President Marcos during a meeting at Malacanang Palace in the PhilippinesAPSEZ is looking at Bataan for its port development plan Karan Adani said adding it could be a good opportunity for the companyThe company plans to develop a 25metredeep port that can accommodate Panamax vesselsOn the other hand the Adani Group is planning to invest in ports airports power and defense said the official statementWelcoming APSEZs expansion plans in the Philippines President Marcos said it may focus on ports handling agricultural products to enable the Philippines to eventually compete globallyAPSEZ has seven ports and terminals along the west coast and eight on the east coast of the South East Asian countryMeanwhile APSEZ has registered a 50 per cent jump in net profit at Rs 8104 crore for FY24 reaching a record volume of 420 MMT million metric tonnes which is 24 per cent growth yearonyearAccording to the company the revenue for FY24 grew by 28 per cent yearonyear to reach a record high of Rs 26711 crore IANS https://dailyworld.in/economy/adani-ports-amp-sez-eyes-significant-expansion-into-the-philippines-539188.html Sat, 04 May 2024 13:01:00 +0530 https://dailyworld.in/economy/kotak-banks-q4-net-profit-rises-18-pc-to-rs-4-133-crore-539219.html Mumbai May 4 Midsized private sector lender Kotak Mahindra Bank on Saturday reported an 18 per cent increase in net profit to Rs 4133 crore for the JanuaryMarch quarter of 202324 compared with the corresponding figure of Rs 3496 crore in the same quarter of the previous year The banks net interest income during the fourth quarter rose by 13 per cent to Rs 6909 crore from Rs 6103 crore in the same period last yearKotak Bank also recorded an improvement in its asset quality with gross nonperforming assets NPA declining to 139 per cent of total loans from 178 per cent last year The net NPA also fell to 034 per cent from 037 per cent in the same quarter last yearThe banks advances increased 20 per cent yearonyear to Rs 391729 crore as of Marchend IANS https://dailyworld.in/economy/kotak-banks-q4-net-profit-rises-18-pc-to-rs-4-133-crore-539219.html Sat, 04 May 2024 14:06:00 +0530 https://dailyworld.in/economy/dmart-posts-22-per-cent-jump-in-q4-net-profit-at-rs-563-crore-539295.html Mumbai May 4 Avenue Supermarts operator of the DMart retail chain on Saturday announced a consolidated net profit at Rs 563 crore for the JanuaryMarch quarter of 202324 which represents a 224 per cent jump over the corresponding figure of Rs 460 crore for the same quarter of 202223 The companys total revenue rose by 20 per cent to Rs 12727 crore during the fourth quarter from Rs 10594 crore in the same period last year according to a filing with the stock exchangesEarnings before interest tax depreciation and amortization EBIDTA for the quarter was at Rs 944 crore growing by 223 per cent EBITDA margin was at 74 per centDMart opened 41 new stores during the year taking the total store count to 365Q4 FY 2024 saw continued uptick in the contribution from General Merchandise and Apparel Neville Noronha CEO amp Managing Director said in a statementOur ecommerce business commenced operations in one new city Gurugram during the year while continuing to deepen its presence in existing cities We are now present across 23 cities in India he added IANS https://dailyworld.in/economy/dmart-posts-22-per-cent-jump-in-q4-net-profit-at-rs-563-crore-539295.html Sat, 04 May 2024 18:56:00 +0530 https://dailyworld.in/economy/idbi-bank-registers-44-per-cent-jump-in-net-profit-for-jan-march-quarter-539301.html Mumbai May 4 The IDBI Bank on Saturday reported a 44 per cent jump in standalone net profit to Rs 16285 crore for the JanuaryMarch quarter of 202324 compared to the corresponding figure of Rs 1133 crore for the same period of the previous financial year The banks net interest income NII rose 12 per cent to Rs 3688 crore from Rs 3280 crore while return on assets RoA improved by 39 bps to 182 per cent for Q4 as compared to 143 per cent in the same quarter of the previous yearIDBI Banks Board of Directors have recommended a dividend of Rs 150 per equity share for the financial year ended March 31 2024The banks net interest margin NIM declined to 491 per cent from 501 per cent in the yearago quarterProvisions other than tax and contingencies were down 88 per cent at Rs 114 crore from Rs 984 crore last yearIDBI Banks provisions on bad debts written off came down sharply to Rs 1049 crore from Rs 3587 crore in the same quarter of the previous yearThe asset quality of the bank improved during the quarter with gross NPA falling to 453 per cent of total loans as of Marchend 2024 against 469 per cent as of Decemberend 2023The net NPA to net advances position was unchanged at 034 per centGross advances of the bank rose by 1444 per cent yearonyear to Rs 196894 crore IANS https://dailyworld.in/economy/idbi-bank-registers-44-per-cent-jump-in-net-profit-for-jan-march-quarter-539301.html Sat, 04 May 2024 19:27:00 +0530 https://dailyworld.in/economy/phonepe-showcases-its-services-powered-by-upi-at-a-special-event-in-nepal-538938.html Kathmandu May 3 PhonePe India on Friday showcased its services powered by the Unified Payments Interface UPI platform at a special event held in Nepal The event brought together key stakeholders from the Nepalese financial landscape including senior representatives from Banking sectors Payment System Providers UPIaccepting merchants and representatives from business associations The event was supported by Nepals largest payment system operator Fonepay Payment Service Limited which is also NIPLs counterpart for NepalThe event saw a keynote address from Diwas Sapkota CEO of FonePay Network outlining the potential of UPI for Nepals digital economy This was followed by an engaging panel discussion on the Influence of crossborder payments on Nepals economy and the financial landscapeThe panel included esteemed panellists like Kumari Bank Chief Digital Banking Officer Anish Tamrakar Nepal Tourism Board Manager Shradha Shrestha eSewa CEO Jagdish Khadka and Asian Development Bank ADB ICTMIS Consultant Vivek RanaThe panel discussion addressed a range of issues related to crossborder payments and their impact on Nepals economy and financial landscape as well as regulatory hurdles and compliance demands in facilitating international transactions The panellists highlighted the positive influence of UPI on Nepals tourism sector particularly by enhancing the overall tourist experience through convenient cashless paymentsThis gathering has brought together key players from Nepals financial landscape including Fonepay leading business figures and representatives from hospitality and tourism It is a testament to the collaborative spirit that will ensure UPIs success in Nepal said Ritesh Pai CEO of International Payments PhonePeNepal is a popular tourist destination particularly for travellers from India With UPI Indian tourists can now enjoy the same convenient cashless payment experience they are accustomed to back home using UPIpowered apps such as PhonePe This will not only enhance their travel experience but also encourage digital transactions he addedThe discussion further explored how crossborder payments impact the revenue streams and business models of financial institutions Additionally panellists examined the influence of UPI on consumer experience in Nepal focusing on factors like convenience interoperability security and costeffectivenessFinally the conversation delved into the broader macroeconomic implications of crossborder payments through alternative payment methods impacting underserved small and mediumscale entrepreneursOur fouryear journey to bring crossborder payments in Nepal is finally successful and UPI payment is Live in Nepal As we introduce UPI payments in partnership with NPCI International and welcome PhonePe to Nepal we see a future where smooth digital transactions boost economic growth and financial inclusion benefiting merchants and businesses said Diwas Kumar CEO of Fonepay NepalWe extend our heartfelt gratitude to the regulators and government agencies for their invaluable support recognising innovations and supporting private sector efforts in facilitating Nepals journey towards digital transformation We urge authorities to foster an ecosystem that embraces and supports innovations promote partnership with private sector players in technological advancements and bring stateofart products and services to Nepalese consumers he addedThe programme culminated in a product showcase led by Pai His presentation provided a comprehensive overview of PhonePes journey highlighting its evolution The presentation also delved into how PhonePe powered by UPI fosters a thriving ecosystem driving the democratisation of payments across IndiaThis was followed by a demonstration of solutions that benefit both the Indian tourists and Nepalese merchants Drawing parallels with the Indian market success story the presentation illustrated how PhonePe can replicate this success in NepalNepal is a very popular destination among Indian visitors who can now use UPI to pay at various tourist spots retail stores religious sites and other popular locations Users simply need to scan QR codes from their preferred UPIenabled app at merchant locations that are enrolled in the Fonepay QR scheme in NepalThis is facilitated through Fonepays partnership with NPCI International Payments Limited NIPL Through this partnership Fonepay has enabled QRcodebased payments across payment service providers leading banks and wallets allowing Indian travellers to use UPI for transactionsAdditionally after a while tourists and visitors from Nepal travelling to India will be enabled to utilise their financial instruments like walletbased apps to scan the UPI QR code and make payments effortlessly IANS https://dailyworld.in/economy/phonepe-showcases-its-services-powered-by-upi-at-a-special-event-in-nepal-538938.html Fri, 03 May 2024 15:45:00 +0530 https://dailyworld.in/economy/titan-posts-7-per-cent-increase-in-q4-net-profit-declares-dividend-of-rs-11-per-share-538990.html Mumbai May 3 Titan Company on Friday reported a standalone net profit of Rs 786 crore for the March quarter a growth of 7 per cent from Rs 734 crore in the yearago period The company has declared a dividend of Rs 11 per share The total Income for FY24 at Rs 47501 crore grew 23 per cent over FY23 the company said in a BSE filingIn the jewellery business the companys total income for the quarter grew 19 per cent over Q4FY23 to Rs 8998 croreThe India business grew 20 per cent in the same periodTanishq expanded its international presence adding a new store in Dubai and Chicago US taking Titans jewellery international footprint to 16 storesDuring the quarter Tanishq opened 11 new stores in India while Mia added 16 new stores the company said Titans watches amp wearables business recorded a total Income of Rs 940 crore up 8 per cent over Q4FY23 while the domestic business grew 9 per cent in the same period IANS https://dailyworld.in/economy/titan-posts-7-per-cent-increase-in-q4-net-profit-declares-dividend-of-rs-11-per-share-538990.html Fri, 03 May 2024 17:54:00 +0530 https://dailyworld.in/economy/rbi-tweaks-rules-to-cut-risk-banks-face-in-exposure-to-capital-markets-539040.html Mumbai May 3 The RBI on Friday tweaked rules to reduce the risk faced by banks in their exposure to capital market in the case of issue of Irrevocable Payment Commitments IPCs The RBI issued a circular stating that only those custodian banks will be permitted to issue IPCs who have a clause in the agreement with clients giving the banks an inalienable right over the securities to be received as payout in any settlementHowever this clause will not be insisted upon if the transactions are prefunded ie either clear INR funds are available in the customers account or in the case of FX deals the banks nostro account has been credited before the issuance of the IPCThe maximum intraday risk to the custodian banks issuing IPCs would be reckoned as Capital Market Exposure CME at 30 per cent of the settlement amountThis is based on the assumption of 20 per cent downward price movement of the equities on T1 with an additional margin of 10 per cent for further downward movement of price the RBI saidIn case the margin is paid in cash the exposure will stand reduced by the amount of margin paid In case the margin is paid by way of permitted securities to Mutual Funds Foreign Portfolio Investors the exposure will stand reduced by the amount of margin after adjusting for a haircut as prescribed by the Exchange on the permitted securities accepted as margin the RBI addedUnder T1 settlement cycle the exposure shall normally be only for intraday However in case any exposure remains outstanding at the end of T1 Indian Standard Time capital will have to be maintained on the outstanding capital market exposure in terms of the Master Circular Basel III Capital Regulations dated April 1 2024 as amended from time to timeThe underlying exposures of banks to their counterparties emanating from the intraday CME will be subject to limits prescribed under Large Exposure Framework dated June 3 2019 as amended from time to timeThe RBI said that these instructions shall come into force with immediate effectThe RBI also explained that the risk mitigation measures prescribed in its earlier circular were based on T2 rolling settlement for equities T being the Trade day The Stock Exchanges have since introduced T1 rolling settlement and accordingly the extant guidelines on issuance of IPCs by banks have been reviewedHenceforth all IPCs issued by custodian banks under the T1 settlement cycle will comply with the new instructions IANS https://dailyworld.in/economy/rbi-tweaks-rules-to-cut-risk-banks-face-in-exposure-to-capital-markets-539040.html Fri, 03 May 2024 19:30:00 +0530 https://dailyworld.in/economy/india-new-zealand-to-strengthen-links-in-pharma-agriculture-sectors-538700.html New Delhi May 2 India and New Zealand have decided to strengthen bilateral trade and collaboration in the pharma agricultural and processed food sectors the Commerce and Industry Ministry said on Thursday A delegation led by Commerce Secretary Sunil Barthwal visited New Zealand on April 2627 and held a number of constructive meetings with the Minister for Trade of New Zealand Todd McClay The 11th IndiaNew Zealand Joint Trade Committee JTC meeting was also held to work on ways to deepen the existing bilateral relationsBoth countries discussed the creation of working groups for sectors like pharmaceuticals agriculture food processing storage and transportationCollaboration in the pharmaceuticals and medical devices sector was discussed at length including the adoption of fasttracking of regulatory processes and quality assessment of manufacturing facilities using as appropriate the inspection reports of comparable overseas regulators Greater sourcing of medicines from India and cooperation in the medical device sector were also discussed according to a Commerce Ministry statementThe discussions also included cooperation in the horticulture sector including cooperation in the kiwi fruit sector quality amp productivity proper storage in pack houses and their suitable transportation as well as the dairy sector Once working groups are established India and New Zealand will review the progress made by them and the recommendations thereof at regular intervalsThe meetings addressed bilateral trade matters of mutual interest including issues related to market access nontariff barriers NTBs and sanitary and phytosanitary SPS measures on products like grapes okra and mangoes The services sector and enhancing its scale for bilateral trade was given special focus during the discussions held at various levels which revealed great interest from both sides for increasing businesstobusiness as well as peopletopeople contacts and to work on the skill gaps and how the same can be strengthened through capacity building and improving the ease of mobility IANS https://dailyworld.in/economy/india-new-zealand-to-strengthen-links-in-pharma-agriculture-sectors-538700.html Thu, 02 May 2024 19:23:00 +0530 https://dailyworld.in/economy/indias-coal-output-rises-74-per-cent-to-7326-million-tonnes-in-april-538702.html New Delhi May 2 Indias coal production increased by 74 per cent in April to 7869 million tonnes compared to the corresponding figure of 7326 million tonnes for the same month last year the Ministry of Coal said on Thursday During April 2024 Coal India Limited CIL achieved a coal production of 6178 million tonnes MT marking a growth of 731 per cent compared to the same period last year when it was 5757 MTAdditionally coal production by captiveothers in April 2024 stood at 1143 MT reflecting a growth of 1299 per cent compared to the previous years production of 1012 MTIndias coal dispatches for April 2024 reached 8510 MT up 607 per cent compared to the same period last year when it was recorded at 8023 MTDuring April 2024 CIL dispatched 6426 MT of coal with a growth of 318 per cent compared to the corresponding period of the previous year when it was 6228 MTAdditionally coal dispatch by captiveothers in April was recorded at 1516 MT Provisional reflecting a growth of 269 per cent from the previous year which was 1195 MT IANS https://dailyworld.in/economy/indias-coal-output-rises-74-per-cent-to-7326-million-tonnes-in-april-538702.html Thu, 02 May 2024 19:23:00 +0530 https://dailyworld.in/economy/sensex-rises-over-200-points-on-strong-domestic-cues-538465.html New Delhi May 2 The Bombay Stock Exchange BSE Sensex gained more than 200 points on Thursday on strong domestic cues Among the Sensex stocks Powergrid was up more than 3 per cent while Tata Motors Asian Paints Sun Pharma Tata Steel MampM Nestle India HDFC Bank were up more than 1 per centBSE Senses was trading at 74739 points up by 256 pointsV K Vijayakumar Chief Investment Strategist Geojit Financial Services said as trading for May begins there are mixed cues for the market but broadly positives outweigh negatives The Fed commentary is cautiousIt is certain that the number of rate cuts this year if at all that happens will be far lower than initially expected This is a headwind for global equity markets he saidHe added that the domestic cues are strongly positiveThe GST collection for April setting a record of Rs 21 trillion indicates a booming economy Indias GDP is estimated to have grown by 76 per cent in FY24 and is expected to continue the growth momentum with above 7 per cent growth in FY25 too he saidIn April while the SampP 500 is down by 42 per cent Nifty is up by 07 per cent This outperformance can continue he saidThe sharp 5 per cent decline in crude is negative for ONGC and positive for tyres paints and adhesives which use petroleum as inputs he added IANS https://dailyworld.in/economy/sensex-rises-over-200-points-on-strong-domestic-cues-538465.html Thu, 02 May 2024 11:28:00 +0530 https://dailyworld.in/economy/decline-in-battery-costs-boosting-green-energy-projects-icra-538496.html New Delhi May 2 The sharp decline in battery costs is expected to boost the share of generation from the renewable energy RE capacity including large hydro to 40 per cent of the allIndia electricity generation by FY2030 from less than 25 per cent currently driven by the large capacity addition under way credit rating agency ICRA said on Thursday Battery prices reached an alltime low in 2023 led by the moderation in raw material prices amid the increase in production across the value chain the agency said in a reportAchieving such a high renewable energy share would require development of energy storage systems ESS to manage the intermittency associated with wind and solar power The ESS is currently mainly driven by the battery energy storage systems BESS and pumped hydro storage projects PSP The recent appreciable decline in battery costs is expected to speed up the adoption of BESS projects it saidThe ESS also plays a role in improving grid stability providing ancillary support services and peak load shifting After the notification of the bidding guidelines by the Ministry of Power for BESS projects there have been multiple bids called by Central nodal agencies and state distribution utilities The tariff under these bids is fixed and payable based on the availability and round trip efficiencyCommenting on the bidding trends Girishkumar Kadam Group Head Corporate Ratings ICRA said The discovered tariff under the BESS tenders more than halved from Rs 1084 lakhMWmonth in the first Solar Energy Corporation of India SECI tender in August 2022 to Rs 449 lakhMWmonth in the latest tender by Gujarat in March 2024 reflecting the decline in battery prices and improving competitiveness of such projectsThe viability of these projects remains pegged to the capital cost of BESS Based on the average battery cost of 140kwh seen in 2023 along with associated taxesduties and cost of the balance of plant the capital cost is expected to be in the range of 220230kwh he addedThe decline in battery costs over the past decade leading up to 2021 helped reduce the cost of energy storage and adoption of BESS projects globally While the prices went up in 2022 they declined in 2023 to an alltime low led by the moderation in raw material prices amid the increase in production across the value chain Cheaper battery prices are the key to increased adoption of BESS projects in ICRAs viewKadam said Based on prevailing battery costs the storage cost using BESS is estimated to have come down from over Rs 80 90 per unit seen in 2022 to Rs 6070 per unit at present A sustained reduction in battery prices and the relatively low gestation period for these projects are expected to support their greater adoption for energy storage going forward IANS https://dailyworld.in/economy/decline-in-battery-costs-boosting-green-energy-projects-icra-538496.html Thu, 02 May 2024 12:38:00 +0530 https://dailyworld.in/economy/fears-of-complete-economic-meltdown-rising-in-pakistan-538760.html Islamabad May 2 Fears that Pakistan is moving towards a complete economic meltdown are rising in the country The notion originates from multiple factors including slow economic growth everincreasing external debts continuing bailout programmes lack of cohesion between institutions absence of clear and firm direction from the leadership and serious political differences among political parties who are engaged in a paralyzing confrontation which drains most of the energy and creates doubts over credibility and legitimacyThe increasing spread of militancy political uncertainty and an escalating dominance of Pakitans military establishment over a democraticallyelected government coupled with the suppression of other political parties its workers and the overall political freedom has further intensified the countrys woesIt is because of these factors that Pakistan finds itself in a bad fix and is deemed unfit and unequipped to handle the challengesCurrently Pakistan lags behind much of the world and most of its neighbours in human development and economic indicatorsThe country is stuck in a spiralling debt cycle as the government is constantly looking at other countries to seek shortterm loans or extensions of its existing external debtsPakistans newly elected Finance Minister Muhammad Aurangzeb was in the US to have detailed table talks with the IMF seeking another bailout programme worth 10 billion Upon his return he said that the IMF was very receptive to considering a largerlonger programmeThe efforts have been forced to seek external financing in terms of investments through privatization and bailout programmes completely being blind to the pivotal factors that lack progress and developmentLabour productivity one of the most critical and crucial factors for economic prosperity has remained among the worlds lowest for the past three decades in the countryIn comparison with the regional neighbours Pakistans labour productivity growth has hovered around 13 per cent per annum while all of its neighbouring countries have remained well aheadBetween 1990 to 2018 China tops the labour productivity race with a robust growth percentage of 812 per cent India stood at 472 per cent and Bangladesh achieved a growth rate of 388 per centIn contrast to its neighbours Pakistan has seen a major decline in labour productivity in at least six out of twelve sectors including mining utilities transport real estate construction and tradeAnd because of snailpaced progress in important sectors policymakers have been compelled to rely on external debt to secure economic progressIn January 2024 the State Bank of Pakistan stated that the countrys external debt servicing obligation is about 29 billion over the next 12 months amounting to about 45 per cent of the countrys dollar earningsPakistan has recently introduced the Special Investment Facilitation Council SIFC a new platform to provide better easier and faster business facilitation for foreign direct investmentsWhile the formation of SIFC with additional powers to the Army Chief General Asim Munir over financial matters is a step taken to provide a onestop shop solution to investing countries and companies and provide ease of doing business many believe that its formation is illtimed insisting that formation of a council with additional powers would be counterproductive and would further increase uncertaintyExperts warn that the current path Pakistan is on presents serious risks and threatens complete chaos adding that the country is on the edge of a collapse and any wrong move now can result in a disaster IANS https://dailyworld.in/economy/fears-of-complete-economic-meltdown-rising-in-pakistan-538760.html Thu, 02 May 2024 22:58:00 +0530 https://dailyworld.in/economy/govts-firm-stand-on-buying-russian-oil-saves-8-billion-in-indias-import-bill-538375.html New Delhi May 1 Indias strategy of continuing to buy cheap oil from Russia despite Western pressures against these purchases has resulted in the saving of around 79 billion in the countrys oil import bill during the first 11 months of the fiscal year 202223 and also helped the country to lower its current account deficit Prime Minister Narendra Modiled government has stood firm in maintaining its ties with Russia despite the Western sanctions against MoscowIn fact during April this year India imported more Russian oil but less from Iraq and Saudi Arabia than it did a month earlier according to data compiled by trade tracking agencies Kpler and LSEGThe imports during April went up by 1317 per cent the data showsRussia remained Indias top oil supplier in April followed by Iraq and Saudi Arabia the data showedIts oil imports from Iraq declined by 2023 per cent the data showedSince India is the thirdlargest importer of crude oil in the world these large purchases of Russian oil have also helped to keep prices in the world market at more reasonable levels which has benefited other countries as wellData compiled by the Ministry of Commerce and Industry shows that in volume terms the share of crude petroleum imported from Russia jumped to 36 per cent in 11 months of FY 2024 from 2 per cent in FY2022 while that from West Asian countries Saudi Arabia the UAE and Kuwait fell to 23 per cent from 34 per centThe discounts on Russian oil generated huge savings in the oil import bill According to an ICRA report the imputed unit value of imports from Russia was 164 per cent and 156 per cent lower than the corresponding levels from West Asia in FY 2023 and 11 months of FY2024 respectivelyICRA estimates this to have led to savings in Indias oil import bill amounting to 51 billion in FY 2023 and 79 billion in 11 months of FY 2024 thereby compressing Indias current account deficit CADGDP ratio by 1522 bps in FY202324According to ICRAs calculations a 10 per barrel uptick in the average crude oil price for the fiscal pushes up the net oil imports by around 1213 billion during the year thereby enlarging the CAD by 03 per cent of the GDP Accordingly if the average crude oil price rises to 95 a barrel in FY2025 then the CAD is likely to widen to 15 per cent of GDP from our current estimate of 12 per cent of GDP for FY 202324 IANS https://dailyworld.in/economy/govts-firm-stand-on-buying-russian-oil-saves-8-billion-in-indias-import-bill-538375.html Wed, 01 May 2024 21:25:00 +0530 https://dailyworld.in/economy/govt-cuts-windfall-tax-on-crude-oil-ongc-oil-india-ltd-to-gain-538160.html New Delhi May 1 The Government has cut the windfall tax on crude oil to Rs 8400 a metric ton from Rs 9600 with effect from Wednesday as part of its fortnightly revision Upstream oil exploration and production companies ONGC and Oil India Ltd stand to gain as they will have to pay a lower tax on their crudeThe reduction in the windfall tax has been announced in view of the decline in crude oil prices in the market which means the upstream oil companies are not making as much money as they were earlierThe government had on April 16 raised the windfall tax on petroleum crude to Rs 9600 a metric ton from Rs 6800 due to the sharp increase in oil prices at the timeThe windfall tax on crude was introduced in July last year as a sudden spike in prices had increased the earnings of the oil companies and the government wanted to tap part of this gain to reduce the fiscal deficitThe windfall tax was extended to exports of petrol diesel and aviation fuel after private refineries started raking in big gains from overseas markets instead of selling the fuels in the domestic marketThe government has left the windfall tax on these fuels unchanged in the current round IANS https://dailyworld.in/economy/govt-cuts-windfall-tax-on-crude-oil-ongc-oil-india-ltd-to-gain-538160.html Wed, 01 May 2024 12:21:00 +0530 https://dailyworld.in/economy/gst-collections-scale-record-high-of-rs-21-lakh-crore-in-april-538183.html New Delhi May 1 The countrys gross GST revenue collection for April this year soared to the highest ever level at Rs 210 lakh crore Finance Minister Nirmala Sitharaman announced on Wednesday This represents a significant 124 per cent yearonyear growth driven by a strong increase in domestic transactions up 134 per cent and imports up 83 per centAfter accounting for refunds the net GST revenue for April 2024 stands at Rs 192 lakh crore reflecting an impressive 171 per cent growth compared to the same period last yearThe Finance Ministry said that there has been a positive performance across components The collections comprise Central Goods and Services Tax CGST Rs 43846 crore State Goods and Services Tax SGST Rs 53538 crore Integrated Goods and Services Tax IGST Rs 99623 crore including Rs 37826 crore collected on imported goods Cess Rs 13260 crore including Rs 1008 crore collected on imported goodsAs part of the intergovernmental settlement for April the central government settled Rs 50307 crore to CGST and Rs 41600 crore to SGST from the IGST collected This translates to a total revenue of Rs 94153 crore for CGST and Rs 95138 crore for SGST for April 2024 after regular settlement IANS https://dailyworld.in/economy/gst-collections-scale-record-high-of-rs-21-lakh-crore-in-april-538183.html Wed, 01 May 2024 13:23:00 +0530 https://dailyworld.in/economy/maruti-suzuki-india-begins-pre-booking-of-epic-new-swift-at-rs-11k-per-unit-538217.html New Delhi May 1 Leading carmaker Maruti Suzuki India on Wednesday started the prebookings of the 4th generation Epic New Swift at Rs 11000 per unit The company said that the new generation Swift builds on its muchloved signature sporty design while enhancing its dynamism and funtodrive quotientIts 29 lakh strong customer base and numerous awards amp accolades are a testament to how the iconic Swift has gone from strength to strength Partho Banerjee senior executive officer marketing amp sales Maruti Suzuki India said in a statementThe Epic New Swift stays true to its muchloved sporty DNA while balancing newage expectations of environment friendliness with low emissions he addedTo prebook the Epic New Swift customers can visit the companys official website and the nearest Maruti Suzuki ARENA showroomMeanwhile Maruti Suzuki India has reported a 48 per cent jump in net profit to Rs 3878 crore for the JanuaryMarch quarter of 202324 compared to the same quarter of 202223The company declared its highestever dividend of Rs 125 per share It also reported its highest revenue of Rs 38235 crore in the fourth quarter IANS https://dailyworld.in/economy/maruti-suzuki-india-begins-pre-booking-of-epic-new-swift-at-rs-11k-per-unit-538217.html Wed, 01 May 2024 14:51:00 +0530 https://dailyworld.in/economy/godrej-family-to-continue-joint-biz-for-vikhroli-real-estate-project-in-mumbai-538222.html Mumbai May 1 Godrej amp Boyce the ownerdeveloper and Godrej Properties the development manager announced on Wednesday that the two companies will continue their association for land development in Vikhroli The two companies will continue their Memorandums of Understanding executed from time to time for the development of land in Vikhroli owned by Godrej amp Boyce as and when Godrej amp Boyce is desirous of developing the said land according to a joint statement issued by the two groupsThe announcement comes after the larger Godrej family on Tuesday sealed the deal for dividing their business conglomerate into two groups to be managed separately by two familiesGodrej Construction a business of Godrej amp Boyce designed and built four phases of Godrej Platinum an IGBC Platinumrated residential development project with a total constructed area of 1 million square feet which has been marketed by Godrej Properties and in March 2024 a new project named Godrej Vistas was successfully launched under this arrangementJamshyd Godrej Chairperson amp Managing Director Godrej amp Boyce said The future development of Vikhroli presents a unique opportunity to create a holistic space in the metropolis of Mumbai where urban development and biodiversity coexist harmoniously Godrej Construction and Godrej Properties bring complementary strengths and this has translated into the launch of successful real estate projects in VikhroliPirojsha Godrej Executive Chairperson Godrej Properties said We look forward to continuing our association with Godrej amp Boyce with a view to making Vikhroli into a worldclass neighbourhoodThe Godrej family has decided to restructure its shareholding in their bigger business group of companies to operate as two entities Godrej Enterprises and Godrej Industries according to a stock exchange filing late on TuesdayGodrej Enterprises Group GEG will be headed by Jamshyd Godrej as chairperson and managing director and his niece Nyrika Holkar as executive director GEG operates across aerospace aviation defence and liquid engines among othersJamshyd Godrej was earlier serving as managing director and chairman of Godrej amp BoyceNadir Godrej will serve as chairperson of Godrej Industries Group GIG which operates the listed companies including Godrej Industries Godrej Consumer Products Godrej Properties Godrej Agrovet and Astec Lifesciences GIG will be controlled by Nadirs brother Adi Godrej and their immediate family IANS https://dailyworld.in/economy/godrej-family-to-continue-joint-biz-for-vikhroli-real-estate-project-in-mumbai-538222.html Wed, 01 May 2024 15:10:00 +0530 https://dailyworld.in/economy/ola-electric-captures-over-52-pc-market-share-in-ev-2-wheeler-segment-in-april-538240.html New Delhi May 1 Bhavish Aggarwalled Ola Electric on Wednesday announced that it has captured over 52 per cent market share in the electric vehicle EV twowheeler segment in April According to the governments VAHAN Portal the company recorded 34000 registrations during the month and registered a yearonyear growth of 54 per cent over the corresponding month last yearOur robust cost structures and vertically integrated manufacturing capabilities have collectively contributed to this uptick in our market share Anshul Khandelwal Chief Marketing Officer Ola Electric said in a statementWith the deliveries of our massmarket S1 X portfolio starting soon we are all set and excited to enter the massmarket 2W EV segment in India he addedOla Electric recently marked its entry into the massmarket segment and announced new prices for its S1 X portfolioAvailable in three battery configurations 2 kWh 3 kWh and 4 kWh the scooter is now priced at Rs 69999 introductory price Rs 84999 and Rs 99999 respectivelyThe company also revised the prices of its premium offerings S1 Pro S1 Air and S1 X to Rs 129999 Rs 104999 and Rs 84999 respectively IANS https://dailyworld.in/economy/ola-electric-captures-over-52-pc-market-share-in-ev-2-wheeler-segment-in-april-538240.html Wed, 01 May 2024 15:53:00 +0530 https://dailyworld.in/economy/gst-demand-notices-contributing-to-burgeoning-gst-collections-538272.html New Delhi May 1 An increasing number of GST demand notices being issued to companies is contributing to the burgeoning GST collections Abhishek Jain Partner and National Head Indirect Tax KPMG India said The consistent growth in GST collections with the latest being the highest collection ever is a big cheer and reflects upon the strong domestic economy especially given the fact that growth on account of domestic transactions is 134 per cent as compared to imports at 83 per cent Another significant reason for this growth could be linked to the deadline for GST audits and the corresponding notices issued during this yearCompanies are receiving a flurry of GST notices from the authorities Many of the companies have expressed their intention to appeal against the GST ordersApollo Tyres said it received an order passed by the Sales Tax Officer Delhi under the GST Act demanding GST and levying a consequential penalty of Rs 1394 lakh The dispute is regarding availing input tax credit ITC and other issues the company saidThe company will file an appeal before the Appellate Authority in due course There is no material impact of the same on financial operations or other activities of the Company it addedCrompton Greaves Consumer Electricals said it received an order from the state tax authorities in Mumbai for the period from April 2018 to March 2019 imposing a demand of Rs 2249 croreBased on the merits of the matter prevailing law and advice of the consultant the company is planning to appeal against this order before the Commissioner Appeals and reasonably expects favourable orders from the appellant authorities the company said IANS https://dailyworld.in/economy/gst-demand-notices-contributing-to-burgeoning-gst-collections-538272.html Wed, 01 May 2024 17:01:00 +0530 https://dailyworld.in/economy/nhpc-ropes-in-norways-ocean-sun-for-floating-solar-technology-537885.html New Delhi April 30 Public sector hydropower giant NHPC Ltd has signed a Memorandum of Understanding with Ocean Sun a Norwegian company operating as a technology provider to the floating solar industry According to the agreement NHPC and Ocean Sun will explore key areas of cooperation for demonstration of Ocean Suns floating solar energy technology based on photovoltaic panels The panels would be mounted on hydroelastic membranes at relevant sites to be identified by NHPC the Ministry of Power said on TuesdayThe agreement is in continuation of efforts towards sustainable development and the addition of renewable energy capacity by NHPC which is engaged not only in hydropower development but also in various renewable energy projects such as solar wind and green hydrogen projectsThe MoU was signed on April 29 2024 by NHPC Executive Director R Shrivastava and Ocean Sun CEO Kristian Torvold The Ambassador of Norway to India MayElin Stener and senior NHPC officials were present on the occasionAs part of its push for solar energy NHPC recently won the bid to develop a 200 MW capacity solar power project in the Renewable Energy Park of Gujarat State Electricity Corporation Ltd at Khavda in the Kachchh district of GujaratNHPC will develop the project on a buildownandoperate basis at a tentative development cost of Rs 847 crore The project for which the tariff has been fixed at Rs 266 per unit will be completed in 18 months IANS https://dailyworld.in/economy/nhpc-ropes-in-norways-ocean-sun-for-floating-solar-technology-537885.html Tue, 30 Apr 2024 14:12:00 +0530