Economy

  • ICICI Bank net profit rises 25 per cent to Rs 6,194 crore
    Mumbai (Maharashtra) [India] (ANI): ICICI Bank on Saturday said its net profit rose to Rs 6,194 crore ($833 million) in the third quarter of the current financial year, posting a year-on-year growth of 25 per cent. The bank’s core operating profit (profit before provisions and tax, excluding treasury income) increased by 25 per cent year-on-year to Rs 10,060 crore ($1.4 billion) in the third quarter of 2021-22 from Rs 8,054 crore ($1.1 billion) in the quarter ended December 31, 2020.Net interest income increased by 23 per cent year-on-year to Rs 12,236 crore ($1.6 billion) in October-December 2021 quarter from Rs 9,912 crore ($1.3 billion) in the corresponding period of previous year. The bank’s net interest margin stood at 3.96 per cent in Q3 of 2021-22 compared to 3.67 per cent in Q3 of 2020-21 and 4.00 per cent in the quarter ended September 30, 2021. Non-interest income, excluding treasury income, increased by 25 per cent year-on-year to Rs 4,899 crore ($659 million) in Q3 of 2021-22 from Rs 3,921 crore ($527 million) in Q3 of 2020-21. The retail loan portfolio grew by 19 per cent year-on-year and 5 per cent sequentially, and comprised 61.3 per cent of the total loan portfolio at December 31, 2021. Including non-fund outstanding, the retail loan portfolio was 51.3 per cent of the total portfolio at December 31, 2021. Total deposits increased by 16 per cent year-on-year and 4 […]
  • Piyush Goyal asks Indian industry to target 75 unicorns in 75 weeks to mark 75th anniversary of Independence
    New Delhi [India] (ANI): Union Commerce and Industry Minister Piyush Goyal on Friday called upon the Indian industry to aim for raising 75 unicorns in the next 75 weeks to mark the 75th anniversary of Independence.“We have added 43 unicorns in 45 weeks, since the start of ‘Azadi ka Amrit Mahotsav’ on 12th March, 2021. Let us aim for at least 75 unicorns in this 75 week period to 75th Anniversary of Independence,” Goyal said while releasing the NASSCOM Tech Start-up Report 2022. Goyal said Startup India started a revolution six years ago and has now become a common household term. Indian Startups are fast becoming the champions of India Inc’s growth story, he added.“India has now become the hallmark of a trailblazer & is leaving its mark on global startup landscape. Investments received by Indian startups overshadowed pre-pandemic highs. 2021 will be remembered as the year Indian start-ups delivered on their promise, – fearlessly chasing opportunities across verticals – Edtech, HealthTech & AgriTech amongst others,” he said.Goyal lauded Information Technology Enabled Services (ITES) industry including the Business Process Outsourcing (BPO) sector for the record services exports during the last year.“Services Export for Apr-Dec 2021 reached more than $178 billion despite the COVID-19 pandemic when the travel, hospitality and tourism sectors were significantly down,” he said.He pointed out that Prime Minister Narendra Modi has declared 16th January as the National Startup Day, showing his […]
  • Real estate sector hopes Union Budget 2022-23 to help sustain growth momentum
    New Delhi [India] (ANI): For the Indian real estate sector, the year 2020 was a testing year but it made a strong comeback in 2021. The sector has big expectations from the Union Budget 2022-23 which is scheduled to be presented by Finance Minister Nirmala Sitharaman on February 1.Most developers have high expectations from the budget and expect that it will provide a push to the residential segment as well as the rental housing. Many industry experts are anxious about the rising cost of raw materials and expect the government to intervene in this regard. “Growth in the real estate sector is essential for the growth of the economy. We are hoping that the government will introduce deep policy reforms that will help in accelerating the growth in real estate, especially at this juncture,” said Aditya Kushwaha, CEO and Director, Axis Ecorp.Kushwaha pointed out that the COVID-19 pandemic has played a significant role in changing the perception of home-ownership for all, especially for the NRIs.In the last couple of years, the demand from the NRI segment has risen sharply. In order to encourage this segment, we propose that the government should consider revising the applicable tax deducted at source (TDS) on property transactions for NRIs, he said.“This will not only boost investment in the sector but also help our country to build its forex reserves. There has been an uptick in rental housing as […]
  • How to make a professional video resume
    New Delhi, [India]: Incorporating a video resume as supplement to your text resume adds value to your job application. Though it’s not mandatory to attach a video resume with your application but for some specific roles like television reporters, news anchors, public relation executives, radio jockeys, actors, teachers, soft skill trainers, front office executives attaching a video resume is advantageous. The reason is that the video resume provides the employers with additional inputs like communication and presentation skills of the applicant, and this helps in better decision making. The video resume should be shorts and should be aimed at telling the employer about the specific skills and experiences of the applicant matching the requirements of the employer.An applicant can create a common video resume or specific video resume depending on the job she/he is applying for. An applicant can make several video resumes if she/he has learnt several skills and should use specific video resume against each application. To make a video resume first an applicant should create a script. The script should be designed as per the requirement of the employer. For example, suppose an employer is looking for UI/UX Designer the script should focus on UI/UX design skills and experiences. If the employer is looking for someone who has the experience of both product and UI/UX design, then the applicant should mention both the skills. The applicant should read the advertised job […]
  • Aluminium industry contributing towards self reliant India
    New Delhi [India] (ANI/ATK): Bharat Aluminium Company Limited (BALCO), India’s iconic Aluminium producer has not only set new benchmarks in the field of production, productivity, research and development, quality et al but has also impacted the society in a positive manner through its various flagship projects.These significant contributions of BALCO through its 56 years long developmental journey has led to the development of state and nation at large, thus, supporting India in its journey of becoming ‘AtmaNirbhar’. In its stride towards contributing in nation development, BALCO continued with the business operations by adhering to COVID safety protocols during the testing times of pandemic. Though the organization was also affected by the COVID induced worldwide economic challenges but the resilience of BALCO employees and its business partners drove the production process.It can be affirmed that India is gradually waking up to the potential of its minerals and metals industry, which ensured that the wheels of the economy kept running, despite the ravages of the pandemic.In fact, India’s mining GDP increased from INR 739.90 billion in the fourth quarter of 2020 to INR 913.03 billion in the first quarter of 2021, as per data from the Ministry of Statistics and Programme Implementation (MOSPI).Talking about the importance of Aluminium industry and BALCO’s contribution, Abhijit Pati, CEO and Director, BALCO, says, “Aluminium is a metal of significant strategic importance to India, critical to almost all sectors of significance […]
  • 46 startups honoured with National Startup Awards 2021
    New Delhi [India] (ANI): Union Commerce and Industry Minister Piyush Goyal on Saturday honoured 46 startups along with 1 incubator and 1 accelerator with the National Startup Awards 2021.This the second edition of National Startup Awards. In this edition of the awards, applications were invited across 15 sectors and 49 sub-sectors. The sectors included Agriculture, Animal Husbandry, Drinking Water, Education & Skill Development, Energy, Enterprise Technology, Environment, Fintech, Food Processing, Health & Wellness, Industry 4.0, Security, Space and Transport and Travel. Six special categories were also introduced to recognize exceptional Startups contributing to the good of the society. The 2021 edition of the awards also recognized exceptional Startups innovating solutions to promote Indic languages and to compliment national efforts to combat COVID-19 pandemic.A total of 2,177 applications were received from Startups across the 49 sub-sectors along with applications from 53 incubators and 6 accelerators for the ecosystem enablers categories. These applicants included 863 Women-led, 414 innovations for combatting COVID-19 and 253 Startups working in rural areas, Ministry of Commerce and Industry said in a statement.“All applicants were evaluated against six broad parameters namely Innovation, Scalability, Economic Impact, Social Impact, Environmental Impact, and Inclusiveness and Diversity,” the ministry said.After three rounds of detailed evaluation, 175 Startups were selected for presentation before the jury which made presentations before the 16 specialist jury panels, which comprised domain experts from industry, investors and government.The recognised entities will benefit […]
  • PM Modi calls startups backbone of new India, declares Jan 16 as ‘National Startup Day’
    New Delhi [India],: Prime Minister Narendra Modi on Saturday said that startups are going to be the backbone of new India and said that January 16 will be celebrated as ‘National Startup Day’. “Start-ups are going to be the backbone of new India. When India completes 100 years of independence, startups will have an important role. Country’s innovators are making the country proud globally,” the Prime Minister said during his interaction with startups across different sectors..The Prime Minister also highlighted that India’s startup ecosystem is “continuously discovering and improving itself.” “It is in a constant state of learning and changing,” the PM added. “I Congratulate all the startups, all the youth, who are engaged in raising the flag of India in the world of start-ups as it this culture will reach the far-flung parts of the country, ” he added. PM Modi also said, “India’s startups are now working in 55 different industries. Five years ago, India didn’t have even 500 startups! Today, that number has crossed 60,000.” Believing in the ability and creativity of youth, the Prime Minister said, is the base of development of any nation. “India, today, believes in its youth and is making policies in line with the same,” PM Modi added. (Instagram-Pictures)
  • WPI inflation falls marginally to 13.56 per cent in December
    New Delhi [India] (ANI): India’s wholesale price index (WPI) based inflation declined marginally to 13.56 per cent in December 2021 from 14.23 per cent recorded in the previous month, the government data showed on Friday.A sharp rise in fuel prices has kept WPI inflation in double digits for the nine months in a row. Fuel and power prices rose by 32.30 per cent in December 2021 year-on-year. However, the price rise in fuel and power eased in December as compared with November when it stood at 39.81 per cent.The rate of inflation based on WPI Food Index increased from 6.70 per cent in November 2021 to 9.24 per cent in December 2021.Manufactured products inflation eased from 11.92 per cent in November to 10.62 per cent in December. However, primary articles inflation rose to 13.38 per cent in December from 10.34 per cent in the previous month, according to data released by the Ministry of Commerce and Industry.The increase in prices is mainly contributed by manufacture of textiles; chemicals and chemical products; fabricated metal products, except machinery and equipment; electrical equipment and motor vehicles, trailers and semi-trailers. Some of the groups that have witnessed decrease in prices are manufacture of basic metals; food products; computer, electronic and optical products; wearing apparel and beverages. But the prices of manufacture of rubber and plastics products remain unchanged in December 2021 as compared to November, 2021.“The annual rate […]
  • TCS profit rises by 12.3 per cent to Rs 9,769 crore in Q3
    Mumbai [India],: Tata Consultancy Services (TCS), the country’s largest IT firm, on Wednesday announced that its consolidated net profit during the third quarter of the current financial year rose to Rs 9,769 crore, which is 12.3 per cent higher from Rs 8,701 crore recorded in the corresponding period of 2020-21. The company posted a total revenue of Rs 48,885 crore during October-December 2021 quarter, registering year-on-year growth of 16.3 per cent.TCS Board of Directors on Wednesday recommended a buyback of shares to the tune of Rs 18,000 crore at Rs 4,500 per share. “Our continued growth momentum is a validation of our collaborative, inside-out approach to our customers’ business transformation needs,” Rajesh Gopinathan, Chief Executive Officer and Managing Director, TCS, said in a statement. “Customers love our engagement model, our end-to-end capability, and our can-do approach to problem solving. While mapping out their innovation and growth journeys, we are also helping them execute new-age operating model transformations to support those journeys,” Gopinathan said. According to the company’s statement released after the Board meeting, “Q3 witnessed a clear trend of enterprises investing confidently in technology initiatives for longer term growth. There was broad-based growth across all services, led by Cloud, Cyber Security, Consulting & Services Integration and IoT & Digital Engineering.” N Ganapathy Subramaniam, Chief Operating Officer & Executive Director, said: “We continued our focus on growing organically and on developing the talent, methodologies, and […]
  • Retail inflation rises to 5.59 per cent in December, highest in 6 months
    New Delhi [India] (ANI): India’s retail inflation rose to a six-month high of 5.59 per cent in December 2021 as compared to 4.59 per cent recorded in the same month of 2020, the government data showed on Wednesday.There has been a consistent rise in the inflationary pressure in the past six months. Consumer Price Index (CPI) inflation stood at 4.91 per cent in November 2021. The retail inflation is inching closer to the Reserve Bank of India (RBI) upper tolerance limit of 6 per cent.Rise in retail prices was sharper in urban areas than the rural areas. Consumer Price Index (CPI) inflation rose 5.83 per cent in urban while it stood at 5.36 per cent for rural during the month of December 2021, according to the data released by the National Statistical Office (NSO), Ministry of Statistics and Programme Implementation.Food prices rose sharply. Consumer Food Price Index (CFPI) based inflation surged to 4.05 per cent in December 2021, sharply higher from 1.87 per cent recorded in the previous month. CFPI based inflation stood at 3.41 per cent in December 2020.Urban retail food inflation surged to 5.08 per cent in December 2021 from 3.33 per cent in the previous month.Rural retail food inflation jumped to 3.46 per cent in December 2021 from 1.09 per cent recorded in November 2021. (Image source: Unsplash)
  • Tamil Nadu FM Palanivel Thiagarajan launches PNG Coffee in India, AdzGuru connects businesses of India and Papua New Guinea
    Chennai: Australia based company, AdzGuru in collaboration with Indian Economic Trade Organization, Asian-African Chamber Of Commerce & Industry, India Pacific Islands Trade Council and World Peace and Diplomacy Organization, organized ‘Papua New Guinea Trade Investment Summit’ alongside the launching of PNG coffee in India.  The event was graced by Mr. Palanivel Thiagarajan, Minister of Finance & Human Resource, Tamil Nadu, HE Paulias Korni OBE, High Commissioner of Papua New Guinea to India, Mr. Sujoy Maitra, CEO, AdzGuru, Mr. Thiru Gingee K. S. Masthan, Minister of Non-Resident Tamil Welfare,Tamil Nadu, Dr. Asif Iqbal, President, IETO, Dr. R. L. Kannan, National Director, Asian Arab Chamber Of Commerce, India Pacific Islands Trade Council, Dr. R. C. M. Vishnu Prabhu and Dr. Venkatchalam Murugan. High Commissioner, HE Paulias Korni depicted how coffee binds us together – people from various cultures, creeds, religions, and ethnicities get easily connected through a single sip. He stressed on the growing importance of strategic partnerships between the resource rich island nation and the emerging economic player in the global arena, the incredible, India. A Memorandum of Understanding (MOU) between AdzGuru and GD Cafe PVT LTD was signed to launch PNG Gold Coffee in India. This welcome move certainly comes as a major development so far as the trade relation between India and Papua New Guinea is concerned. It’s a stepping stone to grow the economic ties and minimize the present trade imbalance between the two […]
  • Indian mangoes, pomegranates get market access in USA
    New Delhi [India]: Mangoes and pomegranates from India will soon be available in the USA while the American Alfalfa hay and cherries will be sold in the Indian market, Ministry of Commerce and Industry said on Saturday.This will become possible as the two countries have signed framework agreement for implementing “2 Vs 2” Agri market access. Under this deal two agricultural products from India will be exported to the US. Similarly two American products will be imported to India. From the Indian side, mango and pomegranate have been chosen for the export to the USA, while the USA will export Alfalfa hay and cherries to India.“Mango and pomegranate exports will start from Jan – Feb 2022 and pomegranate aril exports from Apr 2022. Exports of Alfalfa hay and cherries from USA will begin in Apr 2022,” the Ministry of Commerce and Industry said in a statement.“In addition, based on the ministerial discussions, Department of Animal Husbandry and Dairying (DAHD) also conveyed its readiness to provide market access for US pork and requested the US side to share a signed copy of final sanitary certificate for finalising the same,” it said.The framework agreement for implementing the “2 Vs 2” Agri market access issues i.e. inspection and oversight transfer for Indian mangoes and pomegranate and market access for pomegranate arils from India and market access for US cherries and US Alfalfa hay was signed following an […]
  • Need to link weavers, artisans through e-Commerce platforms for growth of textiles sector: Piyush Goyal
    New Delhi [India]: There is an urgent need to link weavers and artisans through e-Commerce platforms and leveraging of the new technology for the growth of textiles sector, Union Textiles Minister Piyush Goyal said on Saturday.Goyal reviewed the functioning of Ministry of Textiles, its autonomous bodies and Public Sector Undertakings (PSUs) under its administrative control. During the meeting Goyal directed the concerned officials to take all the required measures to accelerate the growth of handlooms and handicrafts sector.“There was special focus on livelihood sector of handlooms and handicrafts. Implementation of schemes in these sectors were discussed in details,” Ministry of Textiles said in a statement released after the review meeting.The minister directed for simplification of process and for an effective online dashboard based monitoring system for transparency.“He also advised all officials to maintain good communication with State Government functionaries to improve the outcome and impact of the Central Government schemes,” the statement said.In this regard he asked the officers to organise a virtual conference with the State Government Secretaries responsible for this sector.The progress of Craft Villages was reviewed and the Minister directed for completion of all these projects in the next 6 months.Goyal emphasised that the weavers and artisans should be assisted in marketing their produce through all platforms of e.g. Delhi Haat, Urban Haats and Handloom Haat. He also advised for leveraging technology by linking these weavers and artisans through e-Commerce platforms […]
  • Punjab’s best kept secret Thana-Dehrian-Kukanet Jungle Safari inaugurated
    Hoshiarpur (Punjab) : Punjab Forest Minister S. Sangat Singh Giljian inaugurated the Nature Awareness Project at Thana Village. It includes 3 Lake facing Eco Tents, boating and Jungle safari gypsies. This type of adventure based eco-tourism in the sub mountain ranges of district Hoshiarpur which borders Himachal Pradesh is one-of-its-kind. Punjab forest department has set up a camp namely Thana Nature retreat amid serene and secluded Thana and Dehrian forests overlooking Thana reservoir lake.“This forest has a pristine beauty and the Thana Lakefront offers a picturesque view for nature lovers,” said Parveen Kumar IFS, PCCF (HOFF) Punjab. Forest minister S. Sangat Singh Giljian dedicated this project namely Thana Nature Retreat and Jungle Safari to the people of Punjab. Urging people to visit this scenic nature retreat, Punjab Forest Minister S. Sangat Singh Giljian said, “I take this opportunity to congratulate everyone involved in making this nature awareness project a grand success. This place is truly a best kept secret which has the potential to become one of the most visited tourist spots of Punjab. Besides promoting eco-tourism, it will help in creating employment opportunities for the local people of Kandi area. Spending time in such a landscape which has an abundance of flora and fauna is innately rewarding as it has a soothing effect on our mind.” The camp offers 3 all-weather tents with dining and restaurant facility to the visitors. The camp also […]
  • Retail Tech Startup ‘The New Shop’ signs a landmark partnership with the Adani Airports for upcoming Airports
    New Delhi [India]: The New Shop, India’s smartest 24-hour convenience store chain, has successfully opened its 41st store at Lucknow’s Chaudhary Charan Singh International Airport. This transit retail store is also the brand’s first airport flagship store, which was inaugurated by Suresh Chandra Hota IAP, Chief Airport Officer, Adani Lucknow International Airport Ltd, on December 07, 2021.Hota graced the occasion to show his support towards the young startup and said, “In our effort to provide excellent customer experience, we had been looking for something unique. The New Shop, which is an endeavor towards Aatma Nirbhar Bharat, is an inspiration for self-reliance with its attractive offerings at competitive prices. I am sure it will not only enhance customer experience but also help inspire our customers to support the ‘Make in India’ movement.” The New Shop will soon be opening stores at other Adani airports as well. With the most diverse mix of products, the transit store in Lucknow is suitable for both Indian and international consumers. The New Shop is a purely homegrown brand, which renders it as the poster child of the ‘Make in India’ campaign, it takes pride in advocating other homegrown brands, much like itself. Domestic & stylish brands such as boAt, epigamia and WOW Skin Science, are a common sight at every The New Shop store. Anshuman Bharadwaj, Head of Commercial at Adani Lucknow International Airport Ltd. stated, “TNS is creating […]
  • India’s merchandise export rises to record USD 37.29 billion in December
    New Delhi [India]: India’s merchandise export surged to USD 37.29 billion in December 2021, the highest ever monthly achievement, government data showed on Monday.The December 2021 export figure is 37 per cent higher than USD 27.22 billion recorded in December 2020. Cumulative export for April-December 2021 period rose to USD 299.74 billion, which is 48.85 per cent higher than USD 201.37 billion recorded in the corresponding period of the previous year, according to data released by the Ministry of Commerce and Industry.India’s merchandise import in December 2021 rose to USD 59.27 billion, an increase of 38.06 per cent over $42.93 billion in December 2020.During April-December 2021 period the total import rose to USD 443.71 billion, an increase of 69.27 per cent over USD 262.13 billion recorded in the corresponding period of 2020.The trade deficit in December 2021 was $21.99 billion, while it was $143.97 billion during April-December 2021.Value of non-petroleum exports in December 2021 was $31.67 billion, registering a growth of 27.31 per cent over non-petroleum exports of $24.88 billion in December 2020 and positive growth of 34.92 per cent over non-petroleum exports of $23.48 billion in December 2019.Value of non-petroleum imports was $43.37 billion in December 2021 with a positive growth of 30.22 per cent over non-petroleum imports of $33.31 billion in December 2020 and a positive growth of 50.20 per cent over non-petroleum imports of $28.88 billion in December 2019.The cumulative value […]
  • ADZGURU initiates Australia -India Trade Connect in Post Covid Scenario, Major Announcements Expected on 7th Jan
    Chennai: In a one of its kind initiative the 360 degree marketing and advertising firm Adzguru is launching its trade connecting services for small and medium Indian exporters and manufacturers. Headquartered in Brisbane, Australia, ADZGURU has been in the business for the last 17 years, the company has started its operation in India from July 2019 and has provided digital & offline marketing services to its clients based in India, Australia and New Zealand & Papua New Guinea. On 7th of January at Chennai, Company will announce many new initiatives to help business houses to spread their business across Australia, New Zealand and PNG in a high profile event. High Commissioner of Papua New Guinea, his Excellency, H E Paulias Korni, OBE. will also grace the occasion at Chennai apart from other eminent dignitaries. Under a new business initiative, “Sale in Australia, New Zealand and Papua New Guinea Programme’ Adzguru will be providing one stop solution to business owners to reach markets in the above mentioned countries. The company will be providing facilities like retail space, E-Commerce platform, Accounting & Taxation, Licensing & Compliance and 360 degree marketing of their products and services at a nominal consultation fee. Talking about the initiative Sujoy Maitra, Founder and Chief Executive Officer of Adzguru Australia said “After observing the nuances faced by Indian business owners  like language barrier, government policies, currency exchange & inflation and marketing while […]
  • Eight core industrial sectors post 3.1 per cent growth in November
    New Delhi [India]: Eight core industrial sectors that include, coal, crude oil, natural gas, refinery products, fertilisers, steel, cement and electricity, posted a growth of 3.1 per cent in November year-on-year, the government data showed on Friday.For the period April-November 2021, the growth of the eight core industrial sectors stands at 13.7 per cent over the corresponding period of last year, “The combined Index of Eight Core Industries stood at 131.7 in November 2021,which increased by 3.1 per cent (provisional) as compared to the Index of November 2020. The production of Coal, Natural Gas, Refinery Products, Fertilizers, Steel and Electricity industries increased in November 2021 over the corresponding period of last year,” Ministry of Commerce and Industry said.The final growth rate of the Index of Eight Core Industries for August 2021 is revised upward to 12.2 per cent from its provisional level 11.6 per cent announced earlier.Index of Eight Core Industries measures combined and individual performance of production in selected eight core industries viz. Coal, Crude Oil, Natural Gas, Refinery Products, Fertilisers, Steel, Cement and Electricity. The Eight Core Industries comprise 40.27 per cent of the weight of items included in the Index of Industrial Production (IIP).Petroleum refinery production, which has 28.04 per cent weight, the highest among the 8 core sectors, posted an increase of 4.3 per cent in November 2021 over November 2020. Its cumulative index increased by 10.6 per cent from […]
  • Nearly 5.89 crore IT returns filed till December 31
    New Delhi [India]: Nearly 5.89 crore Income Tax Returns (ITRs) have been filed till December 31, 2021, the extended due date for ITRs for the financial year 2020-21, the government data showed on Saturday.More than 46.11 lakh ITRs were filed on a single day on December 31. Out of 5.89 crore ITRs filed for the assessment year 2021-22 (the financial year 2020-21) as on December 31, 49.6 per cent of these are ITR1 (2.92 crore), 9.3 per cent are ITR2 (54.8 lakh), 12.1 per cent are ITR3 (71.05 lakh), 27.2 per cent are ITR4 (1.60 crore), 1.3 per cent are ITR5 (7.66 lakh), ITR6 (2.58 lakh) and ITR7 (0.67 lakh).“Over 45.7 per cent of these ITRs have been filed using the online ITR form on the portal and the balance have been uploaded using the ITR created from the offline software utilities,” the Finance Ministry said in a statement.In comparison, as on January 10, 2021 (the extended due date for ITRs for AY 2020-21), the total number of ITRs filed was 5.95 crore with 31.05 lakh ITRs filed on the last day ie on 10th January 2021 as against over 46.11 lakh ITRs filed on the last day this year.“The Department gratefully acknowledges the contribution of the taxpayers, Tax Practitioners, Tax Professionals and others who have made this possible. We reiterate our resolve to work tirelessly to ensure a smooth & stable taxpayer service […]
  • Atul Kumar Goel to be MD and CEO of Punjab National Bank
    New Delhi [India]: Atul Kumar Goel will be the new MD and CEO of Punjab National Bank (PNB) replacing S.S. Mallikarjuna Rao effective from February 1, 2022, PNB said on Saturday. Goel joined PNB on Saturday as Officer on Special Duty (OSD) and will take over the role of MD and CEO effective February 1. Before joining PNB, Goel was MD and CEO of UCO Bank.“As approved by the Appointments Committee of the Cabinet (ACC), Goel, who was till now the MD and CEO of UCO Bank, will serve as PNB chief up to the date of his attaining the age of superannuation (i.e., 31.12.2024), or until further orders, whichever is earlier,” PNB said in a statement. Goel has around three decades of professional banking experience in three banks viz. Allahabad Bank (now Indian Bank), Union Bank of India and UCO Bank. He is a qualified Chartered Accountant and has vast experience, exposure and expertise in all major areas of banking, including Large Corporate, Treasury Management, Risk Management, Financial Planning & Investor Relations, apart from Support Service, Business Process Transformation and Compliance. He is also at the helm as Chairman of the Indian Bank’s Association (IBA) for 2021-22. Additionally, he is a Director on the Board of The New India Assurance Co. Ltd. He is also a member of Governing Council & Chairman of the Executive Committee of the Indian Institute of Banking & […]
  • GST collection reaches Rs 1,29,780 cr in December 2021
    New Delhi [India]: The gross GST revenue collected in the month of December 2021 is Rs 1,29,780 crore of which CGST is Rs 22,578 crore, SGST is Rs 28,658 crore, IGST is Rs 69,155 crore (including Rs 37,527 crore collected on import of goods) and cess is Rs 9,389 crore (including Rs 614 crore collected on import of goods), informed the Ministry of Finance on Saturday.The government has settled Rs 25,568 crore to CGST and Rs 21,102 crore to SGST from IGST as regular settlement. The total revenue of the Centre and the States in the month of December 2021 after settlements is Rs 48,146 crore for CGST and Rs 49,760 crore for the SGST. The revenues for the month of December 2021 are 13 per cent higher than the GST revenues in the same month last year and 26 per cent higher than the GST revenues in December 2019. During the month, revenues from import of goods were 36 per cent higher and the revenues from domestic transactions (including import of services) are 5 per cent higher than the revenues from these sources during the same month last year.The GST collection in the month is close to Rs 1.30 lakh crore despite the reduction of 17 per cent in the number of e-way bills generated in the month of November 2021 (6.1 crore) as compared to the month of October 2021 (7.4 crore) […]
  • Bidding farewell to 2021: An ode to the year gone by
    Gurgaon (Haryana) [India]: As we bid Adieu to 2021, there is undoubtedly a lot to reminisce about. It has indeed been a year full of challenges, a chance to reflect and reimagine goals. Businesses over the last year have adopted to the new normal and designed their strategies enabling them to finally take a breath of fresh air. Each industry dealt with its own set of hurdles. From tech to fashion to immigration and beyond, here is what some leaders from across industries have to say about the year gone by and what they expect from 2022:Sanjay Chatrath, Managing Partner, Incuspaze (Enterprise Managed Workspace Provider) “While there have been enough assumptions about how offices and work will pan out in the upcoming year, especially with the Omicron threat coming in, it is best to patiently watch the demand trajectory and then decentralize offices into flexible workspaces. There is a huge demand for co-working spaces that have been witnessed in the last few months, which will essentially roll over in the next year. 2022 will be about flexibility and wellbeing along with business expansion. Flexible workspaces will help companies achieve their 2022 plans in a cost-effective, efficient, and hassle-free manner. The upcoming year, I hope, will be the evidence of the beginning of satellite and flexible workspace for years to come.” Nishchal Dua, Director of Marketing, Airmeet (Near to Real Virtual Events Platform) “With a […]
  • Income Tax Dept conducts raids on foreign mobile manufacturing firms’ premises across India
    New Delhi [India]: The Income Tax Department said on Friday it has conducted raids on various premises of some foreign-controlled mobile communication and mobile handset manufacturing companies and their associated persons. The raids have been conducted on various premises in the states of Karnataka, Tamil Nadu, Assam, West Bengal, Andhra Pradesh, Madhya Pradesh, Gujarat, Maharashtra, Bihar, Rajasthan and Delhi NCR.“The search action has revealed that two major companies have made remittance in the nature of royalty, to and on behalf of its group companies located abroad, which aggregates to more than Rs.5500 crore. The claim of such expenses does not seem to be appropriate in light of the facts and evidence gathered during the search action,” said the Finance Ministry in a statement. The search operation has also brought out the modus operandi of purchase of the components for manufacturing mobile handsets. It is gathered that both these companies had not complied with the regulatory mandate prescribed under the Income-tax Act, 1961 for disclosure of transactions with associated enterprises. Such lapse makes them liable for penal action under the Income-tax Act, 1961, the quantum of which could be in the range of more than Rs.1000 crore, it said. The search has brought to fore another modus operandi whereby foreign funds have been introduced in the books of the Indian company but it transpires that the source from which such funds have been received are […]
  • Boeing wins USD 471mn contract to develop new systems for Japan’s F-15 fleet: Pentagon
    Washington [US](ANI/Sputnik): Boeing has won a more than USD 470 million US Air Force contract to develop new systems for Japan’s fleet of upgraded F-15 Eagle Super Interceptors, the Department of Defense said in a press release. “The Boeing Company [of] St. Louis, Missouri has been awarded a not-to-exceed $471,313,000 undefinitized contract action for the F-15 Japan Super Interceptor Program,” the release said on Thursday.The contract provides for the design and development of an integrated suite of aircraft systems to support modification of the Japan Air Self Defense Force F-15MJ aircraft and the development, test and delivery of four Weapon System Trainers, the Defense Department said. Work on the contract will be performed in St. Louis in the US state of Missouri, and is expected to be completed seven years from now by December 31, 2028, the department added.
  • Electoral bonds to be sold at authorised branches of SBI
    New Delhi [India]: State Bank of India (SBI) has been authorised to issue and encash Electoral Bonds through its 29 selected branches during January 1-10, 2022, Finance Ministry said on Thursday.The Electoral Bonds shall be valid for fifteen calendar days from the date of issue and no payment shall be made to any payee Political Party if the Electoral Bond is deposited after expiry of the validity period. The Electoral Bond deposited by an eligible Political Party in its account shall be credited on the same day, the Finance Ministry said. The Government of India notified the Electoral Bond Scheme in 2018. As per provisions of the Scheme, Electoral Bonds may be purchased by a person, who is a citizen of India or incorporated or established in India.A person being an individual can buy Electoral Bonds, either singly or jointly with other individuals. Only the Political Parties registered under Section 29A of the Representation of the People Act, 1951 (43 of 1951) and which secured not less than one per cent of the votes polled in the last General Election to the House of the People or the Legislative Assembly of the State, shall be eligible to receive the Electoral Bonds.The Electoral Bonds shall be encashed by an eligible Political Party only through a Bank account with the authorised bank.
  • NRIs, OCIs don’t require prior approval to buy immovable property in India: RBI
    Mumbai [India]: Non-Resident Indians (NRIs) and Overseas Citizen of India (OCIs) do not require prior approval of the Reserve Bank of India (RBI) for buying or selling immovable properties like houses in India, the central bank said on Wednesday.“At present, NRIs/OCIs are governed by provisions of FEMA 1999 and do not require prior approval of RBI for acquisition and transfer of immovable property in India, other than agricultural land/ farm house/ plantation property, as per the terms and conditions laid down in Chapter IX of the Foreign Exchange Management (Non-debt Instruments) Rules, 2019, dated October 17, 2019 (as amended from time to time), issued under Section 46 of FEMA 1999,” the RBI said in a statement. The RBI issued a clarification on acquisition/transfer of immovable property in India by Overseas Citizen of India (OCIs). “A large number of queries have been received at various Offices of the Reserve Bank, based on newspaper reports on a Supreme Court Judgement, on whether prior approval of RBI is required for acquisition/transfer of immovable property in India by as Overseas Citizen of India OCIs,” the central bank said.“It is hereby clarified that the concerned Supreme Court Judgement dated February 26, 2021 in Civil Appeal 9546 of 2010 was related to provisions of FERA, 1973, which has been repealed under Section 49 of FEMA, 1999,” the RBI added.
  • 14 crore informal workers registered on e-Shram portal, informs Minister
    New Delhi [India]: Over 14 crore people have got registered on e-Shram portal, Union Minister for Labour and Employment Bhupender Yadav said on Saturday.“In just about 4 months, 14 crore crossed…Kudos to all those who made it possible,” Yadav said in a tweet. According to the minister, 14,02,92,825 e-Shram cards have been issued. This is nearly one-third of the total workforce in informal sector in India. On August 26, 2021, the government launched the e-Shram portal (www.eshram.gov.in) for creating a national database of unorganised workers. It includes construction workers, migrant workers, gig workers and platform workers, street vendors, domestic workers, agriculture workers, etc.According to an official statement released earlier this month, e-Shram portal seeded with Aadhaar will be used to “deliver all the social security benefits of the central and state governments for the unorganised workers.”
  • Legendary cricketer Yuvraj Singh launches his premium NFT collection with Colexion
    Colexion will drop warrior NFT of Yuvraj priced at $40 each. 2500 copies will be made accessible to fans all across the globe Colexion has once again introduced a premium yet affordable NFT collection. After successfully launching NFTs of renowned celebrities from the art and sports fraternity, Colexion has yet again come up with an exclusive NFT drop of legendary cricketer Yuvraj Singh. With his very own digital avatar in a metaverse, the profound cricketer has entered into the digital space with the launch of non-fungible tokens dedicated to his beloved fans. Allowing his fans to witness some historical moments, Yuvraj Singh has launched his warrior NFT at $40. This affordable yet premium NFT drop is garnering much interest from the people who have supported their favorite star throughout. Colexion is also witnessing a tremendous response for their latest trump card edition. As many as 30 celebrities from the field of music, cricket, and Bollywood have launched their digital collectibles on December 12 on Colexion. The NFT marketplace has also launched a one-of-its-kind virtual museum featuring the groundbreaking journey of Yuvraj and his premium NFT collection gaining traction from audiences across the globe. Through purchasing the NFTs, the buyers will enjoy a number of perks, including a chance to play 6 balls with Yuvraj and win exclusive merchandise of the cricketer. Fans will get an opportunity to interact and earn precious rewards in the […]
  • India’s forex reserves decline by $160 million to $635.66 billion
    Mumbai [India]: India’s foreign exchange (forex) reserves declined by 160 million to $635.66 billion due to a sharp drop in foreign currency assets, the Reserve Bank of India (RBI) data showed on Friday.The foreign currency assets dipped by $645 million to $572.21 billion during the week ended December 17, 2021, as per the RBI’s weekly statistical supplement. The foreign currency assets include the effect of appreciation or depreciation of non-US units like the euro, pound, and yen held in the foreign exchange reserves. It is expressed in the US dollar.The value of gold reserves rose by $475 million to $39.18 billion. Reserve position with the International Monetary Fund (IMF) increased by $9 million to $5.17 billion. There was no change in the special drawing rights (SDRs). It remained unchanged at $19.08 billion.This is the third consecutive week of decline in the country’s forex reserves. The forex reserves had dropped by $77 million during the week ended December 10.India’s forex reserves touched an all-time high of $642.45 billion in the week ended September 3, 2021.
  • Finance Minister concludes pre-Budget meetings for forthcoming Union Budget 2022-23
    New Delhi [India]: Union Minister for Finance and Corporate Affairs Nirmala Sitharaman on Wednesday chaired the pre-budget consultation meetings for Budget 2022-2023 held in virtual mode from December 15 to 22, 20201.As per an official release by the Ministry of Finance, more than 120 invitees representing 7 stakeholder groups participated in 8 meetings scheduled during this period. The stakeholder groups include representatives and experts from Agriculture and Agro-Processing Industry; Industry, Infrastructure, and Climate Change; Financial Sector and Capital Markets; Services and Trade; Social Sector; Trade Union, and Labour Organization and Economists. Union Ministers of State for Finance Pankaj Chaudhary and Dr. Bhagwat Kishanrao Karad, and senior officers from the Ministry of Finance were also present during the meetings. Secretaries of other Ministries, departments concerned participated through online mode.The stakeholder groups made several suggestions on various issues that included increased Research and Development spending, infrastructure status for digital services, incentives to hydrogen storage and fuel cell development, rationalisation of income tax slabs, investments in online safety measures etc., among others.The participants lauded the government’s efforts inefficient handling of the economy during the pandemic and retaining India’s status as the fastest-growing major economy.Finance Minister Sitharaman thanked the participants for sharing their valuable suggestions and assured them that suggestions will be carefully considered while preparing the Budget 2022-2023.
  • CAG report flags Rs.4780 crore losses to Central Public Sector Enterprises
    New Delhi [India]: Comptroller and Auditor General of India (C&AG) has flagged 42 issues in Central Public Sector Enterprises (CPSEs) which have financial implication of Rs.4,779.99 crore. The Commercial Compliance Audit Report on CPSEs presented in Parliament on Tuesday flagged issues related to 32 CPSEs functioning under 10 different Ministries/Departments.As per the CAG report, Indian Oil Corporation Limited suffered a loss of Rs.196.95 crore due to a violation of tax provisions in Andhra Pradesh. “Indian Oil Corporation Limited collected Rs.262.60 crore of Turnover Tax from consumers in Andhra Pradesh in violation of legal provisions of Andhra Pradesh General Sales Tax Act, 1957 and afterwards settled the legal case with Government of Telangana by making payment of Rs.65.65 crore (25 per cent) against total imposed penalty of Rs.262.60 crore, thus resulting in undue enrichment to Indian Oil Corporation Limited by Rs.196.95 crore,” CAG said in a statement. The auditor noted that Oil and Natural Gas Corporation Limited (ONGC) suffered loss due to flaring of High-Pressure gas. During the period of 2012-13 to 2019-20, high-pressure gas valuing Rs.816.08 crore was flared in Mumbai High field due to non-availability of standby process gas compressors, power shut down and frequent tripping of process gas compressors. CAG has rapped ONGC for providing undue benefit extended to private parties by awarding work in violation of CVC guidelines. “ONGC Videsh Limited awarded the work of auditing of its oil and gas […]
  • PM interacts with CEOs of companies across various sectors ahead of Union Budget
    New Delhi [India]: Prime Minister Narendra Modi on Monday interacted with the Chief Executive Officers (CEOs) of leading companies across banking, infrastructure, automobiles, telecom, consumer goods, textile, renewable energy, hospitality, technology, healthcare, space and electronics sectors.This is one of the many interactions being held by the Prime Minister ahead of the union budget to receive inputs and suggestions from the private sector. Commerce and Industry Minister Piyush Goyal was also present in the meeting.The Prime Minister had interacted with leading private equity and venture capital players last week.
  • Vedanta Foundation partners with Delhi Police to skill youth for a promising future
    New Delhi [India]: Vedanta Foundation, a philanthropic arm of the Vedanta Resources Limited, collaborated with the Delhi Police to provide placement-linked skill training to more than 6000 street children and marginalised youth. The training centres, also called the Rojgaar centers, will be established in Delhi’s Malviya Nagar, Saket, and Greater Kailash.With this, Vedanta now has more than 250 Rojgaar centres across India. In August, the Foundation had opened 100 Rojgaar centers located in the nooks and corners of India. According to Vedanta Foundation, the intent behind this initiative is to skill students and unemployed youth from the economically weaker sections and link them to job opportunities. For the next milestone of the initiative, Vedanta Foundation has joined hands with the Delhi Police to reach out to street children who are exposed to petty theft and crime and wean them away from their dismal predicament. According to Delhi Police, this collaboration comes under the aegis of flagship community initiative of Delhi Police ‘Yuva’. The initiative will be called Yuva 2.0 and the young boys and girls will be trained in the hospitality and retail sectors by the training partner Primero. Appreciating the endeavour, Delhi Police Commissioner, Rakesh Asthana, said: “Although Delhi Police is accountable for controlling crime and maintaining law and order for a peaceful society but through community policing initiatives like YUVA, Delhi Police aims to contain first-time criminals so that they may be […]
  • India will achieve USD 400 billion export target this year, says Piyush Goyal
    Mumbai (Maharashtra) [India]: Union Minister for Commerce and Industry Piyush Goyal asserted that this year (2021-22) India will achieve USD 400 billion export target, something which has never happened before.Further, talking about the new markets which will help India to achieve the said export target, Goyal said, “The United Arab Emirates will become a gateway for Indian trade to the Middle East and Africa and we may set up a huge India mart to tap that market.” “Talks on India-UAE Free Trade Agreement is underway. They have committed USD 100 billion for investment and infrastructure creation in India,” Goyal said.Goyal made the following comments on Saturday after laying the foundation stone for the mega common facility centre at the Santacruz Electronics Export Processing Zone in Mumbai.
  • 2-day bank strike hit banking, ATM services
    New Delhi (India): Employees of several public sector banks, including State Bank of India (SBI), Punjab National Bank (PNB), and Bank of Baroda, are on a two-day strike starting Thursday to protest against the proposed privatization of the state-run lenders. United Forum of Bank Unions (UFBU), an umbrella body of nine bank unions with over 10 lakh bank employees and officers, has given the call for a two-day nationwide strike on December 16 and 17.Bank unions participating in the strike include All India Bank Employees Association (AIBEA), All India Bank Officers’ Confederation (AIBOC), National Confederation of Bank Employees (NCBE), All India Bank Officers’ Association (AIBOA), Bank Employees Federation of India (BEFI), Indian National Bank Employees Federation (INBEF), Indian National Bank Officers Congress (INBOC), National Organisation of Bank Workers (NOBW) and National Organisation of Bank Officers (NOBO). Banking and ATM services have been affected by the strike. Most public sector banks have already warned their customers about the possible impact of the strike on the services. State Bank of India (SBI) said in a regulatory filing to the stock exchanges: “United Forum of Bank Unions (UFBU) has served a Notice of Strike, informing that the members of the constituent Unions of UFBU viz. AIBEA, AIBOC, NCBE, AIBOA, BEFI, INBEF, and INBOC propose to go on a nationwide Bank Strike on 16th and 17th December 2021, in support of their demands.” “We advise that while the […]
  • India registers its highest-ever FDI inflow of USD 81.97 bn in FY 2020-21: Centre
    New Delhi [India]: India registered the highest ever annual FDI Inflow of USD 81.97 billion (provisional figure) in the financial year 2020-21, the Ministry of Commerce and Industry informed. FDI inflows in the last 7 financial years (2014-21) is USD 440.27 billion, which is nearly 58 per cent of the total FDI inflow in the last 21 financial years (2000-21: USD 763.83 Billion). The top five countries from where FDI Equity Inflows were received during April 2014 and August 2021 are Singapore (28 per cent), Mauritius (22 per cent), USA (10 per cent), Netherlands (8 per cent) and Japan (6 per cent).“Computer Software & Hardware sector attracted the largest share of FDI inflows at 19 per cent, followed by Service (15 per cent), Trading (8 per cent) and Telecommunications & Construction (Infrastructure) (7 per cent each) during the same period in the last more than seven years,” read the release. The ministry said that the government has taken various steps to boost domestic and foreign investments in India. These include reduction in Corporate Tax Rates, easing liquidity problems of NBFCs and Banks, improving Ease of Doing Business, FDI Policy reforms, Reduction in Compliance Burden, policy measures to boost domestic manufacturing through Public Procurement Orders, Phased Manufacturing Programme (PMP), Schemes for Production Linked Incentives (PLI) of various Ministries. To facilitate investments, measures such as India Industrial Land Bank (IILB), Industrial Park Rating System (IPRS), soft […]
  • 42 per cent of Indian Startups Plan to Go Global in 2022: TurningIdeas Survey
    New Delhi [India]: Today, TurningIdeas Ventures shared the results of its recent survey on Indian startups looking to go global in 2022.The survey covered around 100+ startups across different domains and at different stages from ideation to scale-ups. Considering India is now becoming a hub of globally relevant products, startups are now looking to go global. The survey revealed that over 42% of startups are looking to expand and tap into global markets in 2022 and over 64% of these startups are in the enterprise SaaS space.The survey results were announced during a networking event with Business Finland for the Indian startup ecosystem today. Business Finland serves as a platform for Indian startups to collaborate with Finnish partners and explore market potential and growth in Finland, and also to support Finnish startups to set up and scale in India.Business Finland, in partnership with TurningIdeas Ventures , organized the networking dinner pitches for disruptive Indian startups in Health-tech, AR/VR and Clean-tech space. The event was hosted by Jukka Holappa , Country Director, Business Finland.Speaking at the event, Jukka highlighted the importance of working together and developing partnerships between the Finnish and Indian start-up communities. Partnerships such as those with TurningIdeas will help mature Indian startups to get a head start in setting up their business in Finland through various programs.Recent years have witnessed a number of young startups going global after setting firm roots in India. Indian startups have expanded their business overseas […]
  • Pre-budget consultation starts with agriculture and agro-processing industry
    New Delhi [India]: Finance Ministry started the pre-budget consultation on Wednesday. The first consultation was held with the representatives of the agriculture and agro-processing industry.Union Minister of State for Finance Pankaj Chaudhary and Minister of State for New & Renewable Energy, Chemicals and Fertilizers, Bhagwanth Khuba jointly held the consultation through video conferencing. Finance Minister Nirmala Sitharaman was unable to attend the meeting due to her engagement in Parliament. Ramesh Chand, Member, Niti Aayog, Ajay Vir Jhakar, Chairman, Krushak Samaj, and other representatives from Agriculture and Agro-processing industry gave their valuable suggestions for the Union Budget 2022-23.Jakhar said the Government needs to design a robust pre-budget consultation process and system to have beneficiaries assess programmes to enable departments to tweak and reset their own programmes for more positive outcomes.He said the Green Revolution ensured India’s food security in its most difficult decades. “It’s now time for the central Government to fund a transition in green revolution states to ensure India’s nutrition security. Do note, states are in no condition to share the cost of the transition.”According to Jakhar, the government designs agri-policy, food policy, environment policy, health policy, etc. But now need Food Systems policy which considers the health of people and planet as one. “The Government lacks the capacity to design such policy. Need funds to build the capacity of Government and farmer organisations to lead change,” he said.Finance Secretary & Secretary Expenditure […]
  • RBI introduces prompt corrective action framework for NBFCs
    Mumbai (India): The Reserve Bank of India (RBI) on Tuesday issued the Prompt Corrective Action (PCA) framework for Non-Banking Financial Companies (NBFCs).“The PCA Framework for NBFCs shall come into effect from October 1, 2022, based on the financial position of NBFCs on or after March 31, 2022,” the RBI said in a statement. “A separate circular would be issued in due course with regard to the applicability of PCA Framework to Government NBFCs,” it added.It may be recalled that the revised Prompt Corrective Action (PCA) framework for Scheduled Commercial Banks (SCBs) was issued on November 2, 2021.NBFCs have been growing in size and have substantial inter-connectedness with other segments of the financial system. Accordingly, a PCA Framework for NBFCs has also been put in place to further strengthen the supervisory tools applicable to NBFCs, the central bank said.The new framework will be applicable to all deposit-taking NBFCs, excluding Government companies; and all non-deposit taking NBFCs in middle, upper and top layers.
  • Retail inflation rises to 4.91 per cent in November
    New Delhi (India): India’s retail inflation rose to 4.91 per cent in November led by a surge in food and edible oil prices, the government data showed on Monday.The Consumer Price Index (CPI) based inflation accelerated to 4.91 per cent in November from 4.48 per cent in the previous month, as per the data released by the National Statistical Office (NSO). Despite the increase, the headline inflation remains within the Reserve Bank of India (RBI) target range of 2-6 per cent for the fifth consecutive month. The RBI has been mandated to keep retail inflation at 4 per cent with a margin of 2 per cent on either side.Though there is a rising trend in inflation in recent months, the November 2021 figure is much better than the one recorded during the corresponding period last year. CPI inflation stood at 6.93 per cent in November 2020.The price rise is sharper in the urban areas than the rural. CPI inflation in urban areas rose by 5.54 per cent in November 2021 while it stood at 4.29 per cent in rural. During October 2021 also the inflationary pressure in urban areas was higher. Urban CPI inflation stood at 5.04 per cent in October 2021 while for the rural areas it stood at 4.07 per cent.However, one year back the trend was different. During November 2021, the rural inflation was higher at 7.2 per cent as compared […]
  • UP invites investments in defence corridor at EXPO2020
    Dubai [UAE]: The largest state of India, Uttar Pradesh is developing defence corridor to create a manufacturing ecosystem that will not only support the domestic defence enterprises but will also develop products for exports.The defence corridor policy is one of the major policies of the state government that is on display in the India Pavilion at EXPO2020 Dubai during the ongoing ‘State Week’, which was inaugurated by Chief Minister Yogi Adityanath on Friday. Outlining the business-friendly initiatives associated with the state’s Defence Corridor policy, Dr Muthukumarasamy B, Special Secretary, Infrastructure & Industrial Development Department, Government of Uttar Pradesh said, “We are developing six nodes – Aligarh, Agra, Jhansi, Chitrakoot, Kanpur and Lucknow under Defence Corridor. We have strong ancillary base to support the needs of defence manufacturing and ensuring continuous supply of raw materials, labour and other needs of the industry.”“The state has existing manufacturing bases that include Hindustan Aeronautics Limited, and we also have prominent ordinance factories in Uttar Pradesh – Bharat Electronics Ltd. and Hindustan Aeronautics Limited. We are also focusing on Research & Development and innovation base,” he said, adding that investors can come and invest in the six identified nodes.“We have good land parcels available. We have recently allotted land to BrahMos missile and manufacturing unit will be coming in Lucknow. We have allotted land to Bharat Dynamics also. We have nearly 3000 hectares of land proposed to be notified […]
  • Chances of start-up ecosystem getting successful higher with less govt interference, says Piyush Goyal
    Mumbai (Maharashtra) [India]: Union Minister of Commerce and Industry Piyush Goyal on Sunday said that the less the government interferes in the start-up ecosystem, the more potential it will have to be successful.While addressing a gathering during a visit to the Science and Technology Park in Savitribai Phule, Pune University, the Union Minister highlighted that the reason why the IT sector is so successful in India is that the government has no role to play. “I personally feel that the less the government interferes in the start-up ecosystem, the more potential it will have to be successful. Nationalisation has stymied the growth of several sectors. Look at IT sector, it is successful in India because the government has no role to play. If I take list of unicorns, almost none of them have taken the government’s support to become unicorns,” he added.“Wherever the government got involved and we saw the nationalisation of so many different businesses and sectors in the past years has stymied the growth of those sectors,” he emphasised.The Union Minister further said, “If we allow entrepreneurs to flourish, with the least amount of government interference, they can scale in their operation and come up with affordable and cost-effective solutions. They will improve their design and quality. If we really want this ecosystem to survive then we have to let it work its own.”“If I make a list of unicorns, almost none […]
  • Growth-inflation balance, Das has his task cut in 2nd term as RBI Gov
    New Delhi (India): Shaktikanta Das has become the first Reserve Bank of India (RBI) Governor to get a second term since Narendra Modi-led government came into power in 2014.The former bureaucrat, who took charge of the top job at the central bank on December 10, 2018, started his next three-year stint on Saturday. In the past three years, Das has led the RBI through some of the most difficult situations. A 1980-batch officer of Indian Administrative Service (IAS) Das took charge after his predecessor Urjit Patel resigned from his position abruptly before the end of his term.While Patel had resigned citing “personal reasons”, it was widely speculated that the main reason for his exit from the central bank was the differences with the government.So, the first major challenge for Das was to bridge the differences brewing between the central bank and the government, on the one hand, and uphold the credibility and autonomy of the institution, on the other.Unsurprisingly, the government-RBI relationship dominated the first press conference of Das as RBI governor three years back.Commenting on the differences between the government and the central bank Das had noted, “I wouldn’t go into the issues between RBI and the government but every institution has to maintain its autonomy and also adhere to accountability.”“I don’t know whether the government-RBI relationship is blocked, but I feel stakeholder consultations have to go on,” he added.Das, a prominent face […]
  • Gamified social media App Explurger raises $1 million funding
    New Delhi [India]: Explurger, a new-age social media app for a global audience, has raised $1million in pre-series A from a clutch of investors. The first capital raised by the start-up, which was bootstrapped until now, will power the team expansion, product features and user acquisition. The current funding round led by Ruchirans Jaipuria (Managing Director, Jaipuria Group) also saw participation from Lovkesh Arora (Founder & CEO, Phithos Technologies), Piyush Jain, and from other angel investors through LetsVenture.“The digital transformation is happening at a rapid scale. At the time when global IT and social media giants have Indian-origin leaders at the helm, it’s time India has its own social media platform competing with the best in the field. The fund raised will take us closer to that goal for the country and put India on the global map. The app resonates with the Atmanirbhar Bharat vision. It will accelerate our growth story,” said Jitin Bhatia, founder of Explurger. Explurger, which went live during the pandemic, already has users from more than 40 countries — acquired organically — owing to its unique features. It is the first AI-powered social media app that uses the thrill of Gamification, and Travelogues to engage its users. It is also the first in the category to Reward its users for being socially active on the platform. “The gamification aspect means that every time a user posts a picture, shares […]
  • Over 10.03 crore disbursed between 2018-2021 for promoting defence start-ups
    New Delhi [India]: The Ministry of Defence on Friday said that it has disbursed over 10.30 crore between 2018 and 2021 under the Innovations for Defence Excellence (iDEX) scheme for promoting start-ups in the field of defence sector. According to the ministry, till date, iDEX has launched five rounds of Defence India Startup Challenges (DISCs), and three rounds of Open Challenge (OC), receiving more than 2000 applications from innovators. iDEX has been able to fund projects in many technological areas under DISCs and OC through the Support for Prototype and Research Kickstart (SPARK) framework, which entails provisioning of grants up to Rs 1.50 crore to the startups, said the ministry. It further stated that the Partner Incubators (PIs) bridge the gap between the requirements of startups and the technological expertise required to develop the product. iDEX also features as a procurement avenue under the Defence Acquisition Procedure-2020. The Government has approved a scheme worth Rs 498.78 crore to scale up iDEX in the next five years. 60 contracts for developing innovative prototypes have been signed under iDEX, said the ministry. The establishment of iDEX is aimed at the creation of an ecosystem to foster innovation and technology development in Defence and Aerospace by engaging Industries including MSMEs, start-ups, individual innovators, R&D institutes, and academia and providing them grants/funding and other support to carry out R&D development which has good potential for future adoption for […]
  • RBI’s monetary policy has steps for more inclusive, affordable banking, says PNB MD
    New Delhi [India]: The measures announced in RBI’s bi-monthly monetary policy including bringing feature phone users into the mainstream digital payments and enabling small value transactions through wallet are steps towards a more conducive, affordable and inclusive banking, CH. S. S. Mallikarjuna Rao, MD and CEO, Punjab National Bank has said. “As expected, the benchmark rates were kept unchanged with accommodative stance. The economic outlook sounded more optimistic as the major indicators such as agriculture and allied activities, spending on travel and tourism, GST receipts and air passenger traffic indicated a more robust and broad-based recovery,” he said in a statement on Wednesday.Rao said the persistently high core inflation however remained a key figure determining the path of policy. “The liquidity measures such as fortnight guidance on 14-day VRRR auctions and re-establish it as the main liquidity management operation, banks were given with one more option to pre-pay outstanding funds availed through TLTRO 1.0 and 2.0 scheme are a welcome and calibrated steps towards liquidity normalization,” he said. “Measures such as RBI approval not required by banks prior infusing capital in overseas branches and subsidiaries, initiation on streamlining of charges in the digital payment system, bringing feature phone users into the mainstream digital payments, enabling small value transactions through wallet, enhancing the transaction limit for payments through UPI for Retail Direct Scheme and IPO applications are all steps towards a more conducive, affordable and […]
  • Union Budget should create enabling environment to sustain growth, says CII
    New Delhi [India]: Sharing its recommendations for the forthcoming Union Budget 2022-23, the Confederation of Indian Industry (CII) has strongly urged the Centre to continue its investment focus and enhance capital expenditure in areas such as infrastructure to promote growth in the economy at a time when the consumption demand has not picked up adequately. “While the economy is showing strong signs of recovery, this would be the right time to focus on future challenges such as developing a competitive manufacturing sector and climate change,” TV Narendran, President, CII, said. According to a press release, he lauded the positive interventions made by the government during the last few months such as the creation of the Development Finance Institutions (DFI), the new public procurement guidelines and the commitment towards high public expenditure to kick-start the virtuous cycle of investment. He urged the Centre to consider replacing bank guarantees with surety bonds and to also develop the municipal bond market so that urban local bodies can raise funds for investing in infrastructure. The CII also sought clarification on the tax treatment for the Hybrid Annuity Model (HAM) of construction contracts. “CII has strongly advocated the promotion of manufacturing as one of the priorities to provide a fillip to the economy. Given the high cost of doing business, the effective rate of tax is still high. For example, in mining, the tax rates in India are highest […]
  • FICCI appoints Hindustan Unilever Limited Chairman, MD Sanjiv Mehta as President-Elect
    New Delhi [India]: The Federation of Indian Chambers of Commerce and Industry (FICCI) on Monday announced that Sanjiv Mehta, the Chairman and Managing Director of Hindustan Unilever Limited (HUL) will be appointed as its President on December 18. Mehta, presently the Senior Vice President of FICCI, will be succeeding media industry veteran Uday Shankar.As per the FICCI, Mehta is also the President of Unilever South Asia (India, Pakistan, Bangladesh, Sri Lanka & Nepal), and is a member of the ‘Unilever Leadership Executive’ which is Unilever’s Global Executive Board. “During his eight years at the helm, HUL’s market capitalisation has increased by over USD 55 billion making it one of the most valuable companies in the country,” the Federation said. “A firm believer that ‘doing well’ and ‘doing good’ are two sides of the same coin, he propagates the cause of compassionate capitalism,” it added. (ANI)
  • Globalisation is crucial to create a stronger Justice System: Tushar Mehta, Solicitor General of India
    Sonipat (Haryana) [India]: Tushar Mehta, Solicitor General of India & Senior Advocate, Supreme Court of India, speaking at the valedictory session of the three-day Global Law Schools’ Summit on the theme “The Present and Future of Global Legal Education” said, “Globalisation in the last few decades has been accelerating exponentially largely due to the advancement in transportation, communication, technologies and various other reasons.With the great benefit of globalisation also comes some global risks and very vital global challenges. Recently, all of us have witnessed the spread of COVID-19 pandemic and the largest price was paid in terms of lives. Therefore, it has also resulted in greater demands of global justice and a need for a better understanding of the implications of globalisation. In order to virtually recreate the world, not only do we need to strengthen our legal systems and innovate solutions that are balanced with empathy, but we will also need to come together to reimagine a global justice system. Globalisation in law and legal education has always been — and even in these times will be — very crucial to pave a path for a stronger justice system. With JGU being one of India’s institutions of eminence and JGLS being India’s number one law school as per the QS World University Rankings, the institution has indeed lived up to its commitment to increasing in building India’s global footprint.With this summit seeing leaders […]
  • Hyundai collaborates with Universal Music India, launches Hyundai Spotlight
    Gurgaon (Haryana) [India]: Hyundai Motor India Limited (HMIL), the country’s first smart mobility solutions provider and the largest exporter since inception, today announced the launch of ‘Hyundai Spotlight’ in collaboration with Universal Music India (UMI). Hyundai Spotlight is a platform for budding artists across India to showcase their talent to the nation. This collaboration is set forth for release of first song ‘Dhoonde Sitaare’ featuring renowned singers Aastha Gill & King. This platform will be featuring 6 original songs in its first year with multiple surround content programmed to represent different regions and languages across India. Hyundai Spotlight aims at helping emerging talents with the best Artists and Repertoire advice with international video production quality and promotions by leveraging UMI’s partner relations and their efforts.Commenting on the launch of Hyundai Spotlight, Tarun Garg, Director (Sales, Marketing and Service) said, “A one-of-a-kind enabler platform, Hyundai Spotlight intends to discover, incubate and promote emerging musical talent in India, reaffirming our brand thought ‘Beyond Mobility’. With our new collaboration with Universal Music India, we are confident that ‘Hyundai Spotlight’ will enable and motivate many young artists to come forward and showcase their talent.” Elated about this partnership with Hyundai, Devraj Sanyal, MD & CEO of UMG, India & South Asia, said, “At Universal Music, it’s our continued endeavor to let talent blossom. No matter where you’re from or how established you are, which is quite often the […]
  • India’s GDP shows remarkable recovery, grows at 8.4% in July-Sept 2021
    New Delhi [India] : Showing signs of recovery during the second quarter following a record growth in the first quarter of financial year 2022,  India’s Gross Domestic Product (GDP) grew at 8.45 per cent during the July-September quarter, official data released on Tuesday showed. The GDP growth in April-June quarter this fiscal stood at 20.1 per cent. The Indian economy had contracted by 24.4 per cent in April-June last year. The gross domestic product (GDP) had contracted by 7.4 per cent in the corresponding July-September quarter of 2020-21, according to data released by the National Statistical Office (NSO). GDP at Constant (2011-12) Prices in April-September 2021-22 (H1 2021-22) is estimated at Rs 68.11 lakh crore as against Rs 59.92 lakh crore during the corresponding period of previous year, showing a growth of 13.7 per cent in H1 2021-22 as against a contraction of 15.9 per cent during the same period last year, it stated. The government had imposed a nationwide lockdown at the onset of the COVID-19 pandemic last year. China has recorded a growth of 4.9 per cent in the July-September period of 2021.
  • Reliance Capital welcomes RBI’s decision, blames complexity of litigation for defaults
    New Delhi [India]: Reliance Capital Limited welcomed the Reserve Bank of India’s (RBI) decision to resolve the company’s debt in accordance with the Insolvency and Bankruptcy (IBC) Code. In a statement, the company blamed the complexity of litigation for defaults and assured to “fully co-operate with the administrator appointed by the RBI for the expeditious resolution of its debt in the best interests of all stakeholders”.According to RCL’s statement, the complexity of litigation initiated by certain secured and unsecured lenders, resulting in the pendency of over ten cases in various fora, including the Supreme Court, Mumbai High Court, Delhi High Court and Debt Recovery Tribunal (DRT), has effectively stalled the resolution of the company’s debt, despite its best efforts for the past over two years. “The company owns profitable and valuable operating businesses, through its 100 per cent shareholding in Reliance General Insurance Company (RGIC) and 51 per cent shareholding in RNLIC (a Joint Venture with Nippon Life Co. of Japan), which represent the majority of the value of the Company being a Core Investment Company (CIC), besides other financial investments,” the statement further read. As per RCL, the company has no outstanding loans from banks and approx 95 per cent of its debt is in the form of debentures. “The company looks forward to expeditious resolution of its debt and continuation as a well capitalised going concern through the IBC process, in the […]
  • Export of gems, jewellery more than double this financial year; rises to USD 23.62 bn, says Piyush Goyal
    New Delhi [India]: Union Minister of Commerce and Industry Piyush Goyal on Saturday said that India can emerge as the largest diamond trading hub in the world as the exports of gems and jewellery has doubled this financial year.In a video message during the Inauguration Ceremony of Gems and Jewellery Manufacturing Show-2021, Goyal said, “In the first seven months, upto October 2021, the export was 23.62 billion dollars, as compared to 11.69 billion dollars (+102.09 per cent) for the same period in the previous year,” while informing that the Government has declared the Gems and Jewellery sector as a focus area for export promotion. “We have established ourselves as the largest player in diamond cutting and polishing, we can become the largest international diamond trading hub,” he said.“Superior quality of our manufacturers has enabled us to penetrate markets like Dubai-UAE, USA, Russia, Singapore, Hong Kong and Latin America,” he added.The Union Minister also said that the Government has taken various measures to promote investment for the growth of the sector like the Revamped Gold Monetisation Scheme, Reduction in import duty of gold and mandatory hallmarking.“We have the best artisan force for designing and crafting in the world, there is a need to focus on strengthening creativity and systematic skill development of artisans,” he said while adding that India should make its products a benchmark of quality, “to further expand in new markets and deepen […]
  • India looking at USD 2.5 Bn investment in textiles sector, create 0.75 Mn jobs
    Dubai [United Arab Emirates]: The ‘Textile Week’ kicked off yesterday at the India Pavilion in EXPO2020 with the country looking at a fresh investment of INR 19,000 crore (USD 2.5 Bn) in the sector, which would be key to a ‘Self-reliant India’ and becoming a preferred global sourcing partner in textiles.The textile industry will showcase India’s rich cultural heritage during the week and deliberate on key initiatives taken by the government to create an ecosystem for the country to become a preferred sourcing partner for textile and clothing. In a video message, Minister of State for Textile & Railways, Darshana V Jardosh, said, “The present-day Indian textiles not only reflect the glittering past but also cater to the demands of modern times. Indian textile industry is one of the largest in the world, with a large raw material base and manufacturing strength across the value chain.”She added, “To further improve the industrial ecosystem, scale, and integrated value chain, the textiles sector is a key sector that will help in building an ‘Aatma Nirbhar Bharat’ or Self-Reliant India.”The textiles sector contributes around 2-3% to Indian GDP, 7% to Industrial output, 12% to the export earnings of India, around 11-12% to total merchandize export and around 4.5 crore people are directly engaged with the textiles sector.Addressing the gathering, Vijoy Kumar Singh, Additional Secretary, Ministry of Textile, said, “Despite a decline in total trade of textile & […]
  • India has set ambitious target of USD 400 billion exports for 2021-22, says Foreign Secretary
    New Delhi [India]: Underlining goals of promoting the three Ts – Trade, Tourism and Technology, Foreign Secretary Harsh Vardhan Shringla on Wednesday said that India has set an ambitious target of USD 400 billion of exports for the year 2021-22.The Foreign Secretary made these remarks at the Annual Session of the Indian Chamber of Commerce held in Kolkata titled ‘Bharat@75: Empowering India: Today for Tomorrow’. Referring to the recent interaction of Prime Minister Narendra Modi with Heads of Indian Missions abroad and with stakeholders in trade and commerce, Shringla said that the PM gave concrete directions on how work can be done to further the goal of promoting the three Ts – Trade, Tourism and Technology.“An ambitious target of USD 400 billion of exports has been set up for the year 2021-22. The business of Indian diplomacy is, thus, business. We at the Ministry of External Affairs stand ready to help Indian businesses in any way we can,” Shringla said.During his address, Shringla highlighted that the Indian economy has returned to the high growth path and India’s GDP grew by over 20 per cent in the first quarter of 2021-22.Emphasising the recovering of India’s economic growth trajectory despite challenging times, the foreign secretary said, “That India would have a role in world affairs little more than an aspiration at the time this Chamber was founded. India was still a subject nation and independence, a […]
  • Indian economy has returned to high growth path, says Harsh Vardhan Shringla at Indian Chamber of Commerce meet
    Kolkata [India]: Foreign Secretary Harsh Vardhan Shringla on Wednesday highlighted that the Indian economy has returned to the high growth path and India’s GDP grew by over 20% in the first quarter of 2021-22.The Foreign Secretary said this in his address at the Annual Session of the Indian Chamber of Commerce held in Kolkata titled ‘Bharat@75: Empowering India: Today for Tomorrow’. Shringla emphasized India’s economic growth trajectory despite challenging times.“That India would have a role in world affairs would have been little more than an aspiration at the time this Chamber was founded. India was still a subject nation and independence, a distant dream. Independence, the trauma of Partition, and the struggles of emerging nationhood were in the future,” the Foreign Secretary said“That India would have a role in world affairs would have been little more than an aspiration at the time this Chamber was founded. India was still a subject nation and independence, a distant dream. Independence, the trauma of Partition, and the struggles of emerging nationhood were in the future,” he added.The Foreign Secretary emphasized that the post-pandemic economy that will differ significantly from the present one.“These economic shifts are taking place in the midst of what has been described as “rebalancing.” Very high growth rates in Asian countries, including India, have moved the centre of economic gravity of the world towards Asia, ” the foreign secretary said.“This has geopolitical and geoeconomic […]
  • Target is to take turnover of auto sector to Rs 15 lakh crore in 5 years, says Nitin Gadkari
    Greater Noida (Uttar Pradesh) [India]: Union Road Transport Minister Nitin Gadkari on Tuesday said that the Centre’s mission is to increase the turnover of the automobile industry to Rs 15 lakh crore within the next five years.“The current turnover of the automobile sector of the country is Rs 7.5 lakh crore, out of which Rs 3 crore is export. My aim is to make the auto industry to the volume of Rs 15 lakh crore within the next five year, ” Gadkari said as he inaugurated Maruti Suzuki and Toyota Tsusho Group’s government-approved scrapping in Greater Noida. Recently, Prime Minister Narendra Modi at the COP26 summit said India is aiming for net zero carbon emissions by 2070.Gadkari said that for this purpose, the government was encouraging the usage of CNG, LNG, green hydrogen, ethanol fuels and electric vehicles.“Our current import of fossil fuel is currently Rs 8 lakh crores and it will reach Rs 25 lakh crores in the next five years. We are working constantly on the diversification of agriculture towards energy and power sectors. Flex engines are being used in US, Brazil and Canada, where they use 100 per cent petrol or 100 per cent ethanol. Bioethanol is a fuel that comes from sugarcane and molasses. The government has given permission to make bioethanol from rice, corn and foodgrains. The government has taken the decision to open ethanol pumps just like petrol […]
  • India To Release 5 Million Barrels Crude With US, Japan To reduce Prices
    New Delhi [India] : India has decided to release five million barrels of crude oil from its strategic petroleum reserves (SPRs) simultaneously with countries like the US, Japan, China and Republic of Korea. In an official statement, the petroleum ministry said that the crude oil release will take place in consultation with these countries, which are also major global energy consumers. The decision has come amid reports that the US has urged these nations to release crude oil from their respective reserves. The move is being considered to bring down global prices of the commodity. India holds about 26.5 million barrels of oil in is reserves. “India strongly believes that the pricing of liquid hydrocarbons should be reasonable, responsible and be determined by market forces. India has repeatedly expressed concern at supply of oil being artificially adjusted below demand levels by oil producing countries, leading to rising prices and negative attendant consequences,” the statement said. Official sources said that the government has been consistently reviewing high petroleum and diesel prices on the domestic front and in a bid to control their inflationary trends, excise duty on petrol and diesel had been cut by ₹ 5 and ₹ 10 respectively on November 3, 2021, which became effective from November 4. Earlier Reuters had reported on November 22 that Japanese and Indian officials are working on ways to release national reserves of crude oil in tandem with the United States and other […]
  • Increase in inflation in Delhi was 2 pc less than national rate in 2020-21, says Manish Sisodia
    New Delhi [India]: Delhi Deputy Chief Minister and Finance Minister Manish Sisodia on Friday released the Annual Report of the Price Index for Delhi prepared by the Directorate of Economics and Statistics for the Financial Year 2020-21.On the occasion, Sisodia said, “In the Financial Year 2020-21, the rate of growth in average annual inflation based on Consumer Price Index (CPI) was 5 per cent nationally while in Delhi this rate was only 3.0 per cent.” In a statement on this report, Manish Sisodia said that the Kejriwal Government is committed to the common man and always stands with him.During the COVID-19 pandemic, when the inflation rate increased rapidly in the entire country, the Kejriwal Government did not allow an increase in inflation in Delhi.“The inflation rate increased sharply during COVID in the country and the prices of essential commodities increased. In Delhi, however, the rate of increase in inflation is much lower than that of the entire country even during this period,” the minister said.Sisodia said that in comparison to the five metro cities of the country, Delhi, Mumbai, Kolkata, Chennai and Bangalore, the increase in inflation was the lowest in Delhi.“In the financial year 2020-21, the inflation rate increased by 3 per cent in Delhi, while in Mumbai, Kolkata, Chennai, Bangalore, the inflation rate increased by 4.1 per cent, 4.6 per cent, 4.4 per cent and 4 per cent respectively,” Sisodia added.He said […]
  • India has potential to grow at reasonably high pace in post-pandemic scenario, says RBI Governor
    Mumbai (Maharashtra) [India]: India has the potential to grow at a reasonably high pace in the post-pandemic scenario, said Reserve Bank of India (RBI) Governor Shaktikanta Das on Tuesday.Addressing the SBI Banking and Economics Conclave 2021, the RBI Governor said that numerous high-frequency indicators suggest that economic recovery is now taking hold. “There are signs that consumption demand, triggered by the festive season, is making a strong comeback. This should encourage firms to expand capacity and boost employment and investment amidst congenial financial conditions,” said Das.He noted that the recent cut in excise duty on petrol and diesel by the Central government and in value-added tax (VAT) by several state governments will augment the purchasing power of the people, which, in turn, he said, “will create space for additional consumption.”“I firmly believe that India has the potential to grow at a reasonably high pace in the post-pandemic scenario,” said Das.“Numerous high-frequency indicators suggest that economic recovery is now taking hold… While the economy is picking up, it is yet to cover a lot of ground before it gets broad-based and well-entrenched,” he said further.The RBI governor added that with a scale of vaccination in India, “that is among the highest in the world,” the country is poised to lead the fight against COVID-19.
  • Big Business: Paytm IPO allotment status out
    New Delhi [India] : Paytm IPO allotment status is out. Investors can check their Paytm share allotment status on the IPO registrar LinkIntime’s website by entering PAN Number or Application Number or DP/Client ID or Account No / IFSC. The digital payments and financial services firm allocated shares at the upper price band of Rs 2,150 apiece. Paytm shares are likely to be listed on the NSE and BSE on November 18. In the grey market, Paytm shares are trading at the lowest premium since the issue was opened for subscription. Paytm share grey market premium has reduced below 2 per cent to trade at Rs 30-40 apiece. It means that Paytm shares are available at a price of Rs 2,180 in the grey market. Based on the bid received for Paytm’s Rs 18,300 crore initial public offer (IPO), the company will list an enterprise valuation of Rs 1,49,428 crore or slightly over USD 20 billion at an exchange rate of 74.35. The country’s biggest IPO was subscribed 1.89 times with institutional buyers including FIIs flooding the share sale with offers seeking 2.79 times the number of shares reserved for them. The company saw participation from blue chip investors like Blackrock, Canada Pension Plan Investment Board, GIC, ADIA, APG, City of New York, Texas Teachers Retirement, NPS Japan, University of Texas, NTUC Pension out of Singapore, University of Cambridge etc. Retail investors lapped up […]
  • PM Modi meets World Economic Forum president, highlights India’s economic reforms
    New Delhi [India]: Prime Minister Narendra Modi on Saturday met the President of the World Economic Forum, Borge Brende and highlighted India’s efforts towards strengthening the fight against COVID-19 and the economic reforms undertaken in the country.“It was a delight to meet you @borgebrende and have an insightful interaction with you on several subjects. Highlighted India’s efforts towards strengthening the fight against COVID-19 and the economic reforms undertaken in the last few months,” PM Modi tweeted. The Prime Minister had quoted a tweet by Borge Brende that said, “Had an excellent and very substantial meeting with the Hon’ble PM @narendramodi. India is again the fastest growing of the large economies. Expecting two digit growth next year while India is celebrating its 75 years of Independence and prepares for its G20 Presidency.”Earlier, the President of the World Economic Forum met Union Minister for Housing & Urban Affairs Hardeep Singh Puri, Minister of Finance and Corporate Affairs Nirmala Sitharaman and Minister of Commerce & Industry Piyush Goyal.
  • China’s Economy: The Big Power Crunch
    By Kshvid News Desk with inputs from agencies Policy measures have been put in place to help generate equality, which has potentially led to issues as China’s factory outputs have been at their lowest since the start of the pandemic, and they GDP has grown 0.3% under what was forecast. China has been long hailed as having the world’s largest economy (when measured in Purchasing Power Parity). In terms of GDP, it is on track to being the largest global economy in 2028, and currently ranks second in GDP, next to the USA. However, recently, a complex mix of changing policy, issues in property construction and power issues have led to larger issues for China’s economy. This has led to experts suggesting that China needs to change policies in order to create more liquidity in the interbank market, and to relax obtainment of credit and real estate policies in order to stimulate continued economic growth in the right direction at the same monumental rate. Changing investments There have been issues in recent months of the buying of luxury goods by Chinese expats, stretching to Europe, which has led to big brand house like LVMH (owner of 75 luxury brands including Dior, Givenchy, Celine, Moet & Chandon, Princess Yachets, Louis Vuitton etc) as well as powerhouse large brand Hermes, with both experiencing a 3%. As a background to this, Chinese citizens are allowed to take […]
  • Real estate sector lights up with festive cheer as demand spikes
    Mumbai (Maharashtra) [India]: The Indian real estate sector has seen a spike in demand during the festive period, a recent report by Knight Frank, India informed.According to the report, demand stimulation measures such as low rate of interest and festive schemes enabled the sector in posting strong sales during the Diwali period. In October 2021, Mumbai recorded 10-year best property sale registrations.“The daily registrations rate increased from 219 in August to 260 in September. In October it recorded 277 registrations when the auspicious Navratri festival was being celebrated. Now, amid Diwali festivities and holidays, 206 daily sales registrations have been recorded and at the ongoing registrations rate, November is likely to mark cumulative 1 lakh units for the year 2021,” said Knight Frank, India in a statement.“In this post-pandemic phase, homeownership has gained top priority. Many prospective homebuyers are now looking for comfortable, spacious homes, especially in self-sustainable housing societies. It is a common perception that the needs of an entire family can be met in these societies and they offer a safe and secure environment. Such societies offer a wide range of facilities within their confines and thus reduce people’s need to step out,” said Aditya Kushwaha, the Director and CEO of Axis Ecorp.He opined that as the concern for health and wellness has grown, the holiday homes and the luxury holiday home segment has seen the maximum traction this year and it […]
  • The Great Resignation
    By Kshvid News Desk with inputs from agencies The term “Great Resignation” refers to the widespread trend of a large number of workers quitting their jobs during the COVID-19 pandemic. The Big Quit is another name for it. The Great Resignation is typically discussed in terms of the US labour force, but the phenomenon is global.  In July 2021, 4 million Americans resigned from their jobs, according to the US Bureau of Labor Statistics. Resignations peaked in April and have remained unusually high for several months, with 10.9 million available jobs at the end of July, a new high. In the face of such a tidal flood of resignations, how can employers keep their employees? “We tend to ponder about death and contemplate whether we are content with our lives or whether we would like to make changes when we come into contact with life-threatening events,” said Anthony Klotz, a management professor at Texas A&M University who created the phrase “Great Resignation.” “The pandemic caused [people] to take stock of their lives and allowed them to reimagine them,” says the author. Several surveys have revealed that many others are still considering it. One survey, conducted by Morning Consult for Prudential in mid-September, revealed that 46% of full-time employed persons in the United States are actively looking for or considering a new job. Experts predict that the cultural shift dubbed the “Great Resignation,” will have […]
  • Telangana to showcase startups and women entrepreneurs at EXPO2020 India Pavilion
    Dubai [UAE]: Telangana will showcase the success and capabilities of its startups and women entrepreneurs during November 09-12 at India Pavilion EXPO2020 Dubai. The state has lined up events and meetings for sharing the business opportunities through new innovative ideas, products, and services that the business and startup ecosystem of the state can offer to the global investors.A 17-member strong business delegation of The Federation of Telangana Chambers of Commerce and Industry (FTCCI), chamber member of the Federation of Indian Chambers of Commerce and industry (FICCI), led by the chamber’s president and MD, Creamline Dairy Products, K Bhasker Reddy, will be exploring potential business tie-ups through these meetings and events. “Government of India has set up an ambitious target of US $400 billion exports for 2021-22 and FTCCI aims at facilitating and supporting the ecosystem. The governments all across the world has captured the flourishing startup community and we are of the opinion that there could be huge synergies going forward between UAE and India and other countries,” said Reddy. Anil Agarwal, Sr VP, FTCCI and MD of Jeevaka Industries, Meela Jayadev, VP, FTCCI and MD, Sudhakar Irrigation Systems, Gautam Chand Jain, CMD, Pokarana Ltd. are among the other industry leaders from the state, who are part of the business delegation. The members of the delegation will be meeting Dubai Chamber of Commerce and Industry besides holding B2B meetings with members of the Indian […]
  • Mahindra Group Chairman Anand Mahindra receives Padma Bhushan Award 2020
    New Delhi [India]: Mahindra Group Chairman Anand Mahindra was on Monday honoured with the Padma Bhushan award 2020 in Trade and Industry domain. The businessman was conferred with the award by President Ram Nath Kovind. The ceremony for presenting Padma awards was held at Rashtrapati Bhavan in New Delhi.Prime Minister Narendra Modi, Union Home Minister Amit Shah, Union External Affairs Minister S Jaishankar were among the attendees. “Anand Mahindra is the chairman of Mahindra Group diversified Indian conglomerate operating in over 100 countries,” read an official statement. Padma Bhushan is the country’s third-highest civilian award, preceded by the Bharat Ratna and the Padma Vibhushan and followed by the Padma Shri. The Padma Awards are one of the highest civilian honours of India announced annually on the eve of Republic Day. The Awards are given in three categories: Padma Vibhushan (for exceptional and distinguished service), Padma Bhushan (distinguished service of the highest order) and Padma Shri (distinguished service). The award seeks to recognise achievements in all fields of activities or disciplines where an element of public service is involved. 119 Padma Awards will be presented by President this year. The list comprises seven Padma Vibhushan, 10 Padma Bhushan and 102 Padma Shri Awards. 29 of the awardees are women, 16 Posthumous awardees and one transgender awardee. (ANI)
  • HFC Bajaj Housing Finance Limited extends validity for the ‘Rs.1,999* plus GST processing fee’ festive offer till 15 November 2021
    Pune (Maharashtra) [India]: Bajaj Housing Finance Limited, a 100 percent subsidiary of Bajaj Finance Limited, extends its festive offer, under which salaried and professional applicants who apply through the lender’s website pay only Rs.1,999* + GST as processing fee on their home loan. Only loans disbursed till 31 December 2021 are eligibleThe last date to apply for a home loan to be eligible for this offer was 30 October 2021, and it is now revised to 15 November 2021 Interest Rate and New Online Application Recently, Bajaj Housing Finance also reduced its home loan interest rates to 6.70 percent* p.a. for salaried and professional applicants. Eligible applicants with the right income, financial, credit, and employment profiles can avail of this interest rate by applying either online or offline. For those interested to apply, the HFC offers a number of application modes, both online and offline. The lender recently launched its new application form, Online Home Loan. Here, applicants only need to answer as few as 8 questions in 3 steps to get a tailored home loan offer in under 10 minutes. Applicants can also choose to avail of a Digital Sanction Letter by paying a nominal fee or Rs.1,999* + GST. What’s more, one also gets to know their CIBIL score while filling the form. Features of the Bajaj Housing Finance Home Loan Contact-free application process for online applications allows you coordinate via call […]
  • Muhurat Trading: Equity benchmark indices close in green
    Mumbai (Maharashtra) [India]: The special session of Muhurat Trading ended with the key indices including the auto sector and consumer discretionary goods and services gaining substantially. The special trading window marks the beginning of Samvat 2078. It is the Hindu calendar that starts on Diwali.At the closing bell, the BSE S&P Sensex was up by 295.70 points or 0.49 per cent, while the Nifty 50 gained by 87.60 points or 0.49 per cent. In BSE Sensex all the sectors gained. The sectors that saw maximum gain were the auto sector that was up by 1.54 per cent, the telecom sector that was up by 1.19 per cent, the capital goods that was up by 1.16 and industrials was up by 1.13 per cent. Among stocks, the top contributor was Mahindra and Mahindra, which surged 2.87 per cent to Rs 872.95 per share, followed by ITC which surged 1.82 per cent to Rs 226.55 per share. Bajaj Auto, Larsen and Kotak Mahindra too traded with a positive bias. However, ICICI Bank cracked by 0.43 per cent, followed by Ultra TechCement by 0.34 per cent and Asian Paints by 0.13 per cent. The stock market will remain closed on November 5 due to Diwali Balipratipada. Actor Bhagyashree rang the opening bell along with the Managing Director and Chief Executive Officer of the BSE Ashish Chauhan. “Bollywood Actress Bhagyashree with Ashish Chauhan, MD & CEO BSE India […]
  • MG Astor debuts on the Mumbai roads and enhanced the festive celebrations
    New Delhi [India]: After receiving a good response for Astor, India’s first SUV with personal AI assistant and first-in-segment Autonomous (Level 2) technology. The newly launched Astor has received positive feedback from the customers and was sold out for 2021 within 20 minutes of opening the bookings.MG Mumbai enhanced the festive celebration by delivering the first batch to customers on the auspicious occasion. This is particularly special considering acute shortage of chips. The company is trying its best to improve the availability to meet its initial target of 4000 – 5000 deliveries by December end 2021. The delivery ceremony was curated in Mumbai’s leading 5-star hotel over lunch and customers experienced a grand celebration. Dealer Principal Gautam Modi, Nidhi Modi along with MG India Offical’s expressed gratitude to the customer for showcasing the continuous trust in the brand. This story is provided by Target Media. ANI will not be responsible in any way for the content of this article. (ANI/Target Media)
  • Get flat Rs 1,000 cashback on Samsung A12 at Bajaj Finserv Market
    New Delhi [India]: Shop for Samsung mobile phones at EMI Store on the lowest EMIs and get 5% cashback on Samsung mobiles. Buy the Samsung Galaxy A12 on the Bajaj Finserv EMI Store and get Rs. 1,000/- cashback on your purchase. Other benefits include free home delivery, zero down payment on select products and flexible repayment tenor. One of the best-selling Samsung smartphones on the EMI Store include the Samsung Galaxy A12 (128GB Storage, 4GB RAM) on No Cost EMI starting Rs 2,500. Shop for it today and get a flat Rs 1,000/- cashback on your purchase.Benefits of purchasing a Samsung A12 at Bajaj Finserv Market: This festive season, shoppers can bring home the of Bajaj Finserv on the lowest EMIs. Customers can also avail of other exciting offers on the EMI Store, such as instant discounts and cashback vouchers. How to shop for Samsung A12 at Bajaj Finserv Market: Log in to the Bajaj Finserv EMI Store using the registered mobile number Choose the preferred Samsung smartphone model, add it to the cart, select the repayment tenor and proceed to checkout. Enter the Bajaj Finserv EMI Network Card details, registered mobile number, name and delivery address. Click on the ‘Generate OTP’ option and enter the OTP sent to the registered mobile number in the field to complete the purchase. A confirmation SMS will be sent to the registered mobile number with the date […]
  • India’s leading motivational speaker, Sajan Shah ventures into the field of Public relations
    New Delhi [India]: India’s renowned motivational speaker, Sajan Shah is all set to venture into the Public Relations and social media marketing field with the launch of his new platform. The latter has decided to launch a new platform that will dedicatedly manage the corporate communication and Public relations of various prominent brands across the world. The decision has been taken in response to an industry he considered inefficient and cost prohibitive for most startups and small businesses.Filling the gaping hole for businesses that were previously unable to afford public relations, his new venture will focus on connecting brands with the media in an efficient and cost effective way. “The platform will be focused towards building strong and long-term relationships with brands to effectively manage their online reputation and enhance their visibility. Witnessing the rising demand for public relations and online reputation management, we have come up with this unique platform that will serve as a strong base to bridge the gap between media publications and brands, says Sajan Shah, while speaking about his new platform. “The platform will additionally create a strong market network while bringing transparency and efficiency to a space which has historically been very opaque”, he further added. Highlights of the platform include managing the overall brand’s image, delivering key narratives among consumers, crisis communication and building a strong special media presence of its clients. Thus, helping to simplify the […]
  • Increasing demands for minerals led to resurgence of exploring marine resources: Muraleedharan
    New Delhi [India] : Minister of State for External Affairs, V. Muraleedharan on Friday said that the depleting land resources coupled with the ever-increasing demands for metals and minerals have led to the resurgence of global interest in exploring marine mineral resources.Addressing the Pravasi Bharatiya Divas (PBD) Conference on Future of Natural Resources virtually, the MoS said that the Sustainable Development Goals (SDGs), increasing population and transition to green technologies are bound to increase the demands for metals. Metals such as nickle and cobalt play a crucial role in promoting renewable energy technologies needed to curtail global warming and the environment and the social cause often linked to existing terrestrial mining practices. “Gas hydrate deficits may contain roughly twice the carbon contained in all reserves of coal, oil and conventional natural gas combined making them a potentially valuable energy resource. Hence the development of marine mineral resources becomes imperative to meet the demand for future industrial and economic progress in a sustainable manner,” said Muraleedharan.The minister further said that India holds a unique maritime possession and is surrounded by the oceans on its three sides. Around 30 per cent of India’s population is living in coastal areas. Its 7,517 km long coastline is home to nine coastal states. For India, oceans are a major economic factor supporting fisheries and aquaculture, tourism livelihood.“India is one of the frontline nations in marine scientific research and is […]
  • Samsung chief convicted, fined for illegal anesthetic medication use
    Seoul [South Korea]: De-facto Chairman of Samsung Group, Lee Jae-yong on Tuesday was convicted and fined USD 60,055 for illegally using anesthetic medication propofol numerous times for years, reported Yonhap News Agency. According to the news agency, the Seoul Central District Court convicted Lee of violating Narcotics Control Act and ordered to seize an additional USD 14,587.27.As per Yonhap, the fine charged and seizure ordered are the same as what was demanded for Lee by the prosecutors. Yonhap reported that Lee was indicted on charges of consumption of propofol for non-medical treatments in Southern Seoul during January 2015 and May 2020 for as many as 41 occasions. (ANI)
  • Form ITC-04 to be filed ; GSTR-3B return
    New Delhi [India] : The Central Government on Saturday informed the deadline for furnishing ‘Form ITC-04’ (intimation of goods sent on job work) for the quarter ending September till October 25.In a series of tweets, the Central Board of Indirect Taxes and Customs (CBIC) said the due date to file the quarterly GSTR-3B return for July to September, under the Quarterly Return Monthly Payment (QRMP) scheme is October 24. “Attention GST Taxpayers! Due date for filing Form ITC-04 in respect of inputs/capital goods sent to a job worker or received from a job worker, during the quarter (July to September 2021) is October 25, 2021,” CBIC tweeted.Reminding the GST taxpayers, who are under QRMP scheme, having principal place of business in State Group 2, to file their returns within three days, CBIC tweeted, “Attention GST Taxpayers who are under QRMP Scheme and having principal place of business in State Group 2. Due date to file your quarterly GSTR-3B Return for July to September is October 24, 2021.” 
  • Piyush Goyal calls for free trade within rules-based multilateral trading system
    New Delhi [India]: Union Minister of Commerce and Industries Piyush Goyal on Friday called for free trade within a rules-based multilateral trading system with honesty and transparency as core values.His remarks came at the 54th Convocation of the Indian Institute of Foreign Trade (IIFT) in New Delhi on Friday. Addressing the event, Goyal said convocation is an important ceremony that marks the next step in the journey of the graduates when they grow from ‘acquisition of knowledge’ to ‘application of knowledge’.He commended IIFT for contributing immensely to India’s external trade since its establishment in 1963. He said that IIFT has been widely recognized for its strong knowledge and resource base and has been consistently ranked amongst the leading business schools in the Asia-Pacific Region.Underscoring the need for committed, vibrant, leadership in the field of academics in India, Goyal said that there is a need to enhance the exposure of our students to the best of technology, foreign law, economics, and international trade.Calling for tie-ups of Indian Universities with institutions of eminence across the world, he asked Indian universities to enter into sustained collaborations with such institutions.Encouraging academic institutions to engage on a much larger scale with the industry, the union minister asked students to take up internships with both the public sector and private players. Speaking of the opportunities offered by online education, Goyal called for more exploration into online and hybrid modes of […]
  • EPFO adds 14.81 lakh net subscribers in August
    New Delhi [India]: The provisional payroll data of EPFO released this month highlights that EPFO has added around 14.81 lakh net subscribers during August 2021.The data reflects a growing trend in net payroll for the first five months of the current financial year. For the month of August 2021, the net subscriber addition has increased by 12.61 per cent as compared to the previous month of July, 2021.Of the total 14.81 lakh net subscribers, around 9.19 lakh new members have come under the social security ambit of EPFO for the first time.“Around 5.62 lakh net subscribers exited but rejoined EPFO by changing jobs within the establishments covered under the purview of EPF & MP Act, 1952,” a Labour Ministry release said.The subscribers opted to continue their membership with EPFO by transferring their funds from their previous job to the current PF account instead of applying for final withdrawal.Age-wise comparison of payroll data shows that the age-group of 22-25 years has registered the highest number of net enrolments with 4.03 lakh additions during August, 2021. This is followed by age-group of 18-21 with around 3.25 lakh net enrolments.“This indicates that many first-time job seekers are joining organised sector workforce in large numbers and have contributed around 49.18 per cent of total net subscriber additions in August, 2021,” the release said.State-wise comparison of payroll figures highlights that the establishments covered in the states of Maharashtra, Haryana, […]
  • Samsung Electronics ranks first in smartphone market share in Q3, Apple retakes second place
    Seoul [South Korea]: Samsung Electronics succeeded in maintaining first place in the global smartphone market in the third quarter. With the release of the iPhone 13, Apple has ranked second place. According to the global market research firm Canalys on the 18th, Samsung Electronics has topped the global smartphone market with a 23 per cent market share in the third quarter of this year. It has maintained the same level as in the second quarter.Apple’s market share increased to 15 per cent from 12 per cent, ranking second. It is analyzed that the release of iPhone13 in mid-September affected the market share in the third quarter. Xiaomi’s market share was 14 per cent, the same as the previous quarter, but the ranking fell from second to third. Vivo and Oppo ranked 4th and 5th with a 10 per cent market share each. Canalys analyzed that the global smartphone shipments decreased by 6 per cent year-on-year in the third quarter, due to the supply shortage of components. Ben Stanton, the chief analyst at Canalys said, “The chipset famine has truly arrived,” and that, “Chipset manufacturers are increasing prices to reduce over-ordering, but the shortage will not ease until 2022.” “Many channels are nervous heading Singles’ Day in China and Black Friday,” he said. “Inventories of smartphones are already running low and it is difficult to satisfy consumer demand. Also, consumers might have to expect that […]
  • Gulf Islamic Investment to open office in Bengaluru Eyes strengthening Indo-UAE investment ties
    Dubai [UAE] : Gulf Islamic Investment (GII), a leading UAE-based Shari’ah-compliant financial services firm with over USD 2 billion of assets under management, today announced its foray into Karnataka, India to strengthen investment ties between India and the UAE. The firm will be opening its office in Bengaluru.GII’s investment approach in India is sector-agnostic and the firm plans to invest another USD 500m (INR 3,500 crores) in India in the next 3 years. The company is also keen to partner with Indian start-ups and growth companies in their Middle East expansion plans and is open to collaborating with Indian or global investors in future Indian investments. Commenting on the development, Dr. Aman Puri, Consul General of India, Dubai said, “We are elated to announce that GII would be opening its office in Bengaluru, Karnataka. Karnataka is the Partner State at India Pavilion at Expo 2020 Dubai this week and is the start-up capital of Asia with Bengaluru housing 40% of India’s unicorns. UAE is an important partner in India’s emergence as an investment destination and in its vision of becoming an US$ 5 Trillion economy.”In a joint statement, Mohammed Alhassan and Pankaj Gupta, Founding Partners and Co-CEOs of Gulf Islamic Investments, said, “We are delighted to officially announce our plans to establish a GII office in India’s technology capital of Bengaluru and deeply grateful to the Honorable Dr. Reddy, the Karnataka government, Dr. Puri […]
  • New defence companies will bring opportunities for youth, MSMEs, says PM Modi
    New Delhi [India]: Prime Minister Narendra Modi on Friday said the seven defence companies launched on Friday would create new opportunities for youth and micro, small and medium enterprises.The country has already placed orders worth Rs 65,000 crore for these new companies, said Modi. “New opportunities are being created for the youth through the new defence companies. And in the name of the supply chain, new opportunities would also be created for MSMEs,” said Modi at the launch of the defence companies on the DRDO campus here.“Some time ago, the Ministry of Defense had released a list of more than 100 such tactical equipment which will no longer be imported from outside. The country has already placed orders worth Rs 65,000 crores for these new companies. This shows the country’s faith in our defence industry,” added Modi.Under the ‘Atmanirbhar’ campaign, the country’s goal is to make India the world’s biggest military power on its own, and to achieve the development of the modern military industry in India, stated the Prime Minister.“In the last 7 years, the country has worked to take forward this resolve with the mantra of Make in India,” said PM Modi.“The world saw the strength of India’s Ordnance Factory at the time of World War I. We used to have better resources, world-class skills. After independence, we needed to upgrade these factories, adopt new technology, but it was not given much […]
  • Wholesale inflation drops to 10.66 per cent in September
    New Delhi [India]: The annual rate of inflation based on the monthly wholesale price index (WPI) has declined to 10.66 per cent in September from the previous month’s 11.39 per cent, government data showed on Thursday.However, WPI in the month of September on a year-on-year (y-o-y) basis has escalated due to the rise in prices of mineral oils, basic metals, non-food articles, food products, crude petroleum and natural gas and chemicals and chemical products as compared to the corresponding month of the previous year. In September last year, the WPI inflation was 1.32 per cent.Fuel and power prices declined to 24.81 per cent in September 2021 compared with 26.09 per cent in August.Meanwhile, manufactured product prices rose to 11.41 per cent compared with 11.39 per cent in the previous month.“The Food Index consisting of food articles from primary articles group and ‘Food Product’ from manufactured products group have increased from 159.6 in August 2021 to 159.8 in September 2021. The rate of inflation based on the WPI Food Index decreased from 3.43 per cent in August 2021 to 1.14 per cent in September 2021,” the Ministry of Commerce and Industry said in a statement.In vegetables, the inflation was minus 32.45 per cent. Inflation in crude petroleum and natural gas was 43.92 per cent.
  • Samsung announces Unpacked 2 event for October 20
    Seoul [South Korea]: Samsung has just sent out invitations for an event it is holding online on October 20 at 7 am PT / 10 am ET. As per The Verge, it’s called ‘Galaxy Unpacked Part 2’, which is possibly an indication that rather than all-new Galaxy phones, we may be seeing iterations on existing ones.With Samsung’s announcement, we’ll now have an Apple event on Monday (where we are expecting new MacBook Pros), Google’s Pixel 6 launch on Tuesday, and now Samsung’s apparently smaller event on Wednesday. In addition to the invite’s image, Samsung’s newsroom post announcing the event hints at some kind of personalization for Galaxy devices: “Our users are multifaceted and live life in so many colourful, interesting, and unique ways. As such, the technology they use every day should reflect their individuality. Join Galaxy Unpacked Part 2 on October 20 to see how Samsung is opening up new experiences for self-expression through technology.” That could mean anything, but it does seem to hint at new colours of the Galaxy phones or maybe even a full-on customization option. With the Z Fold 2, Samsung offered customers the option to choose their own accent colour for the hinge, though that option went away on the Z Fold 3 (thus far, anyway). Of course, no customisation program has come close to the original Moto X, which let people chose any number of different colour […]
  • Infosys records 19.4 pc year-on-year growth
    New Delhi [India]: Infosys has recorded a strong performance in second quarter of the financial year 2021-22 with a 19.4 per cent increase in the year-on-year growth and sequential growth accelerating to 6.3 per cent in constant currency. According to a statement from Infosys, the growth was broad-based across geographies and segments with the largest geography, North America growing at 23 per cent and the largest segment, Financial Services growing at 20.5 per cent, year-on-year in constant currency.Large deal momentum continued with Total Contract Value (TCV) of USD 2.15 billion in Q2. The operating margin for the quarter was resilient at 23.6 per cent. The Board has announced interim dividend of Rs 15 per share for FY22. “Our stellar performance and robust growth outlook continue to demonstrate our strategic focus and the strength of our digital offerings. As we witness a strong market opportunity with global enterprises rapidly accelerating their digital journeys, our sustained investments in expanding capabilities, including the differentiated cloud play, Infosys CobaltTM, has uniquely positioned us to continue serving our clients effectively, gain market share and emerge as the preferred cloud and digital transformation partner in the market,” said Salil Parekh, CEO and MD, Infosys. “Given this continued momentum we have further increased our revenue growth guidance to 16.5 per cent to 17.5 per cent,” he further said. “In order to harness the full potential of the market opportunity, we are […]
  • Reliance New Energy Solar Ltd to invest in NexWafe as Strategic Lead Investor
    Mumbai (Maharashtra) [India]: Reliance New Energy Solar Limited (RNESL), a wholly-owned subsidiary of the company, has entered into an agreement with NexWafe GmbH (NexWafe), a German company, for acquiring 86,887 series C preferred shares of the face value of EUR 1 each of NexWafe at a price of EUR 287.73 per share aggregating EUR 25 million. RNESL will also be issued 36,201 warrants which are exercisable for a consideration of EUR 1 per warrant subject to achievement of agreed milestones, Reliance Industries Ltd (RIL) informed in a letter issued to BSE Limited and National Stock Exchange of India Limited on Tuesday.According to the letter, the transaction is proposed to be completed by end of October 2021. NexWafe is developing and producing monocrystalline silicon wafers grown directly from inexpensive raw materials, going directly from the gas phase to finished wafers, obviating the need for costly and energy-intensive intermediate steps such as polysilicon production and ingot pulling on which traditional wafer manufacturing relies upon. NexWafe uses in-line manufacturing, both for the formation of an initial release layer as well as for epitaxial deposition of silicon in an atmospheric chemical vapour deposition process. NexWafe’s unique patented technology is expected to cut wafer production costs, making solar photovoltaics the lowest-cost form of renewable energy available. In the letter, RIL informed that the acquisition is not a related party transaction and none of the promoter/promoter group/group companies has any […]
  • Bajaj Finserv cuts home loan interest rate
    Pune (Maharashtra) [India] : Relief for those who are dreaming of their own homes and need loan as the NBFC Bajaj Finserv Limited announced an interest rate reduction for its home loans today.The rate of interest for salaried and professional applicants now starts from 6.70%* p.a. – 0.05% down from the earlier 6.75%* p.a. Applicants with strong credit and income profiles stand a good chance to be offered this promotional rate, effectively making their home loan EMIs as low as Rs. 645/lakh*.Existing home loan customers can also benefit from this new interest rate by transferring their home loan to Bajaj Finserv. Not only do they save on the interest outflow, but they also have the option to avail of a top-up loan. The home loan balance transfer process is quick, hassle-free, and completed with minimal documentation.Bajaj Finserv has slashed its home loan interest rate as part of a festive offer, and those interested can make the most of it by applying for home loan either online through the ( application form ) on their website or offline through any of their branches pan India. Through the online process, applicants benefit from a Contact-Free Loan application, where the entire process except the last stage is via call or mail.Some of the other features and benefits that applicants enjoy include:A flexible repayment tenor of up to 30 yearsSizeable home loan amount of Rs. 5 Cr*, or even higher, […]
  • World Bank chief says GDP of many emerging economies to reach pre-pandemic levels in 2022
    Washington, DC [US]: Gross Domestic Product (GDP) in many emerging economies will return to pre-pandemic levels next year, while per capita income level in will take longer to recover, World Bank President David R. Malpass said on Monday. “GDP will return next year to pre-pandemic levels to many emerging and developing economies, but per capita income will take more time to reach 2019 levels. In many countries the recovery is even slower and full of complex challenges,” the financial institution’s president said during a World Bank event dedicated to post pandemic developing economies growth.There was a rebound in 2021 for many emerging economies and developing countries in Europe and Central Asia, whose regional economy is expected to grow by 5.5% in 2021, exceeding projections according to the latest edition of the World Bank’s economic update. Developing markets were hit by the economic shock of the pandemic, with some of them experiencing a significant downturn in their growth rates. However, emerging economies like China and the United Arab Emirates (UAE), which managed to contain the virus from mass spreading in the early stages of the pandemic, are recovering earlier and faster according to the International Monetary Fund (IMF). (ANI/Sputnik)
  • Reliance New Energy Solar Ltd acquires REC Solar Holdings for USD 771 million
    Mumbai (Maharashtra) [India] : Reliance New Energy Solar Limited (RNESL), a wholly-owned subsidiary of Reliance Industries Limited (RIL), has announced the acquisition of 100 per cent shareholding of REC Solar Holdings AS (REC Group) from China National Bluestar (Group) Co Limited, for an enterprise value of USD 771 million.REC is headquartered in Norway and has its operational headquarters in Singapore and regional hubs in North America, Europe, Australia, and Asia-Pacific. REC Group is an international pioneering solar energy company leading the industry through its technological innovations and superior, high efficiency and long-life solar cells and panels for clean and affordable solar power. The acquisition of REC will help Reliance with a ready global platform and the opportunity to expand and grow in key green energy markets globally, including in the US, Europe, Australia and elsewhere in Asia.“The heterojunction (HJT) technology used by REC helps its modules surpass the performance of other commonly used technologies in the industry,” it added.The 25-year-old company has three manufacturing facilities – two in Norway for making solar-grade polysilicon and one in Singapore making PV cells and modules. REC’s Alpha and Alpha Pure range of solar modules are recognized as among industry leaders in efficiency, reliability and long guaranteed life, RIL said in a statement.REC has over 600 utility and design patents, of which 446 are granted and balance are under evaluation. It always had a strong focus on research […]
  • Realty sector welcomes RBI’s decision to keep repo rate unchanged, says it will encourage buyers’ confidence
    New Delhi [India]: Real estate experts have welcomed the Reserve Bank of India’s decision to keep the repo rate unchanged for the eighth time.Aditya Kushwaha, CEO and Director of Axis Ecorp said that RBI’s move to maintain the status quo on repo-rate and reverse repo-rate for the eighth consecutive time will provide stability to markets and give much-needed liquidity. Kushwaha also remarked that the real estate sector will continue to benefit from the low rate of interest.“The sector is experiencing good momentum and this decision would further boost demand and sales during the festive season. Another positive takeaway from today’s announcement is that RBI has retained the GDP forecast for the current financial year at 9.5 per cent which will also act as a sentiment booster,” he added.Vinit Dungarwal, the Director at AMs Project Consultants Pvt. Ltd said, the RBI has been doing the heavy lifting to bring back the economy on track since the start of the pandemic.“In line with the expectations, the RBI has kept its monetary stance accommodative, keeping rates unchanged in its monetary policy announcement. Add to it we have had a good monsoon season and robust production. The Inflation too has remained lower than the anticipated numbers. All these are positive indicators for our economy. We are hopeful that this accommodative move by RBI will foster the demand for affordable and mid-segment housing in this festive quarter and enable […]
  • ‘We will strive to build world-class airline”
    New Delhi [India]: After Tata Sons won the bid for acquiring national carrier Air India, the Group’s chairman N Chandrasekaran on Friday termed it as a “historic moment” and said the Group’s endeavour will be to build a world-class airline that makes every Indian proud. “At the Tata group, we are delighted to be declared as the winner of the bid for Air India. This is a historic moment, and it will be a rare privilege for our Group to own and operate the country’s flag bearer airline. It will be our endeavour to build a world-class airline that makes every Indian proud. On this occasion, I would like to pay tribute to JRD Tata, pioneer of Indian aviation, whose memory we cherish,” Chandrasekaran said in a press statement.Tata Sons won the bid for acquiring Air India for Rs 18,000 crore, the government said on Friday. The transaction is expected to be completed by December 2021. (ANI)
  • Tata Sons wins bid to acquire Air India for Rs 18000 crore
    New Delhi [India]: Talace Pvt Ltd, a wholly-owned subsidiary of Tata Sons, has won the bid for acquiring Air India, marking the end of the process to privatise the national carrier with the government approving its disinvestment. The CCEA-approved Air India Specific Alternative Mechanism (AISAM) approved the highest price bid of Talace Pvt Ltd for the sale of 100 per cent equity shareholding of the Government of India in Air India along with equity shareholding of Air India in AIXL and AISATS.The winning bid is for Rs 18,000 crore as Enterprise Value (EV) consideration for AI (100 per cent shares of AI along with AI’s shareholding in AIXL and AISATS). The transaction does not include non-core assets including land and building, valued at Rs 14,718 crore, which are to be transferred to GoI’s Air India Asset Holding Limited (AIAHL). AISAM included Home Minister Amit Shah, Finance Minister Nirmala Sitharaman, Commerce and IndustryMinister Piyush Goyal and Civil Aviation Minister Jyotiraditya Scindia. Addressing a press conference, Tuhin Kant Pandey, Secretary, Department of Investment and Public Asset Management (DIPAM) said Talace was the highest bidder while Ajay Singh-led consortium had placed a bid of Rs 15,100 crore. Pandey said that a reserve price of Rs 12,906 crore had been set before opening sealed financial bids to ensure complete independence between bidding and fixation of the reserve price. He informed that the transaction of the bid will be […]
  • Major hub for India’s global economic engagement: ASEAN
    New Delhi [India] :External Affairs Minister (EAM) S Jaishankar on Thursday, ASEAN is one of the major hubs for India’s global economic engagement and New Delhi would like to re-visit the level of ambition that it has set for the partnership with the South East Asian bloc.EAM Jaishankar during the INDO-ASEAN business summit noted that India’s ties with the ASEAN are rooted in history, geography and culture. “What has energised them in recent years is a growing awareness of the potential they hold for our mutual interests and development. As our cooperation grew in the course of the last 25 years, new facets and domains emerged for collaboration.”The minister said that the COVID-19 pandemic has provided the backdrop for how most countries approach both their economic policies and have even shaped our way of life.“From the prolonged crisis of the last two years, four areas have come into sharp focus for international business cooperation: resilient and reliable supply chains, health security, digital for development and green and sustainable recovery.”Jaishankar stated that Covid-19 has brought out many insufficiency in the global health system. “Meaningful partnerships, sharing of advanced technologies, collaboration in vaccine and pharmaceutical production, capacity building and transparency in health information are all part of the answers. And in all of this, the role of businesses is critical.”Crisis can often be the basis of creativity and our endeavour should be to come out of […]
  • Banking Sector shows high discrepancy trends in Q2-21
    Mumbai (Maharashtra)/ Bengaluru (Karnataka) [India]: The Banking sector showed a high discrepancy percentage at 17 percent, double the industry average of 8.7 percent in Q2-21 as per the Trends Report released by First Advantage – a leading background screening company in India.Sectors like Banking, BPO, Engineering & Infra, Financial Services, FMCG, Healthcare, Manufacturing, Pharma, and Telecom display discrepancy percentages way above the industry average of 8.7 percent in Q2-21. Both Employment and Address Component (Check level) have contributed to the high discrepancy percentages in these industries. Alternate modes of verification in the Address component, is a good example of how First Advantage- not only identified but moved swiftly from the standard modes of verification to alternate modes. In Q2-21, 44 out of every 100 Address verifications – were conducted through the alternate modes of verification.“In the current digital workplace, significance of background verification of a candidate, a vendor or a partner has become crucial to safeguard from any potential risk. As companies compete for the best talent available in the marketplace, it is important to get insights that will help you ‘Onboard Faster. Hire Smarter’,” apprised Amit Singh, Head – Commercial, First Advantage India.The case level inflow has shown a monumental and historic rise in the second quarter of 2021 – furthermore holding good the theory of recruitment and background screening trends coinciding with the pre-Covid cyclical trends of the job markets. The second […]
  • Sorry for the disruption, says Zuckerberg as FB, WhatsApp services return online
    Washington [US]: Apologising for the disruption in the services of Facebook, Whatsapp and Instagram, tech giant’s CEO Mark Zuckerberg has stated that services are returning online on Tuesday. “Facebook, Instagram, WhatsApp and Messenger are coming back online now,” Zuckerberg said in a Facebook post.“Sorry for the disruption today — I know how much you rely on our services to stay connected with the people you care about,” he said. Taking to Twitter early on Tuesday, WhatsApp said: “Apologies to everyone who hasn’t been able to use WhatsApp today. We’re starting to slowly and carefully get WhatsApp working again. Thank you so much for your patience. We will continue to keep you updated when we have more information to share.” Users started reporting that Instagram, WhatsApp and other services under the Facebook corporate umbrella are now accessible as normal for the first time since about 11:30 EST on Monday when reports of the outage and disrupted services began pouring in, according to Sputnik. Earlier, a site that monitors reports of outages across the internet, Downdetector, said the Facebook service outage is the largest it has ever seen. The company said in a post on Monday, “The largest outage we’ve ever seen on Downdetector with over 10.6 million problem reports from all over the globe.” The US-led the world in the number of reports for disrupted service of more than 1.7 million, followed by Germany at […]
  • ED arrests Unitech’s founder, others in money laundering case
    New Delhi [India]: Enforcement Directorate (ED) on Monday arrested the founder of Unitech Ramesh Chandra, his daughter-in-law Preeti Chandra and wife of Sanjay Chandra under the Prevention of Money Laundering Act, 2002. The ED also arrested Rajesh Malik of Carnoustie Management (India) Pvt.They will be produced in court on October 5 for remand, said the ED. Enforcement Directorate (ED) on September 30 attached 29 land parcels admeasuring 13,600 square meters having a book value of Rs 30.29 crore in relation to the investigation being conducted against Unitech Group. The land parcels are situated in sectors 96-98 in Uttar Pradesh’s Noida. These land parcels were illegally allotted to Carnoustie Management (India) Pvt Ltd (CMPL) by Chandras of Unitech Group, the ED had said. The investigation by ED revealed that Unitech Group had diverted Proceeds of Crime to the tune of Rs 347.95 Crore to Carnoustie Group and in turn, the entities of Carnoustie Group have purchased several immovable properties in India and abroad from these Proceeds of Crime. Total Proceeds of Crime detected by ED, in this case, is Rs 7638.43 crore. Earlier, ED had carried out search operations on 41 locations in NCR and Mumbai on the premises of Shivalik Group, Trikar Group, Unitech Group & Carnoustie Group. After analysis of seized records followed by the disclosures of various persons, the above diversion and layering of POC has been unearthed. With this attachment, the […]
  • China’s Evergrande suspends Hong Kong Stock Exchange trading
    Beijing [China]: China’s second-largest property developer, Evergrande Group, is temporarily suspending trading in its shares on the Hong Kong stock exchange, local media said. The China Evergrande Group trading will be suspended starting at 9 am (local time) on Monday, according to a statement released by the Hong Kong stock exchange. Trading of structured products related to the firm will also stop, China state media Global Times reported.Last month, Evergrande said it was going to sell its shares in the Shengjing Bank for around USD 1.5 billion. Evergrande, China’s second-biggest, is marred with debt it cannot pay back. The embattled developer owes a total of USD 368 billion in loans to banks, along with liabilities to contractors and suppliers. Experts believe that declining sales, a high-risk business model, and China’s clampdown to curb the boom in the Chinese housing market brought the company into crisis. Earlier in June, Evergrande owed USD 304 billion. Since the beginning of this year, Evergrande’s shares, which are traded in Hong Kong, fell by 82 per cent. Debts plaguing China’s top property giant Evergrande Group are a wake-up call for the country’s economy. Emily Feng, writing in Washington based NPR said that the buyers of an estimated 1.4 million Evergrande units all over China are now uncertain whether the properties they paid for will ever be built. Dozens of angry and worried investors picketed Evergrande’s headquarters in the southern […]
  • India’s exports exceed USD 100 billion in September quarter
    New Delhi [India] : India’s exports for the first time exceeded USD 100 billion mark in the quarter ending September, said the Ministry of Commerce and Industry on Saturday.A total of USD 101.89 billion in exports was reported in the country during the said quarter. As per an official statement issued by the ministry, India’s exports in September 2021 stood at USD 33.44 billion, as compared to USD 33.28 billion in August and USD 35.17 billion in July.In the first half of the financial year 2021-22, exports from India reached USD 197 billion. The government is aiming at USD 400 billion for the financial year.“First half of financial year is USD 197 billion, USD 400B for the year should be achievable,” said the ministry.Data issude by the Ministry of Friday stated that the value of non-petroleum exports in September 2021 was USD 28.53 billion, registering a positive growth of 18.72 per cent over non-petroleum exports of USD 24.03 billion in September 2020 and a positive growth of 26.32 per cent over non-petroleum exports of USD 22.59 billion in September 2019.Ministry further said that the cumulative value of non-petroleum exports in April-September 2021 was USD 169.13 billion, an increase of 48.87 per cent over USD 113.61 billion in April-September 2020 and an increase of 22.64 per cent over USD 137.91 billion in April-September 2019.Value of non-petroleum and non-gems and jewellery exports in September 2021 was […]
  • Piyush Goyal welcomes the world to participate in India’s golden growth story
    Dubai [United Arab Emirates]: At a time when the whole world is coming together to recover from the pandemic and bring growth back on track, a resurgent India is ready to take on the responsibility of being the frontrunner in this revival process, said Minister of Commerce & Industry, Consumer Affairs, Food & Public Distribution and Textiles, Government of India, Piyush Goyal.The minister was inaugurating the India Pavilion at Expo 2020 Dubai, which will showcase India’s vibrant culture, along with the diverse partnership opportunities that the country is capable of offering. “The reforms unleashed in the last seven years by the government under the guidance of Prime Minister Narendra Modi, and especially during the Corona period, are set to boost the country’s manufacturing and exports potential and make India a global economic hub, besides strengthening its capabilities in the technology space. India is already a leading player in the global markets in IT, Pharma and space technology, and with the development of research and innovation capabilities, the country’s prowess in these areas would help reap the benefits of new-age technologies like Artificial Intelligence (AI) and Robotics,” said Goyal.He added that the lessons learnt from the pandemic have also emboldened our confidence of surpassing any challenge in future with the help of our scientific and entrepreneurial research and development capabilities – whether it is development of pharma and healthcare products or running of the world’s […]
  • India’s exports exceed USD 100 billion in September quarter
    New Delhi [India]: India’s exports for the first time exceeded USD 100 billion mark in the quarter ending September, said the Ministry of Commerce and Industry on Saturday.A total of USD 101.89 billion in exports was reported in the country during the said quarter. As per an official statement issued by the ministry, India’s exports in September 2021 stood at USD 33.44 billion, as compared to USD 33.28 billion in August and USD 35.17 billion in July.In the first half of the financial year 2021-22, exports from India reached USD 197 billion. The government is aiming at USD 400 billion for the financial year.“First half of financial year is USD 197 billion, USD 400B for the year should be achievable,” said the ministry.Data issude by the Ministry of Friday stated that the value of non-petroleum exports in September 2021 was USD 28.53 billion, registering a positive growth of 18.72 per cent over non-petroleum exports of USD 24.03 billion in September 2020 and a positive growth of 26.32 per cent over non-petroleum exports of USD 22.59 billion in September 2019.Ministry further said that the cumulative value of non-petroleum exports in April-September 2021 was USD 169.13 billion, an increase of 48.87 per cent over USD 113.61 billion in April-September 2020 and an increase of 22.64 per cent over USD 137.91 billion in April-September 2019.Value of non-petroleum and non-gems and jewellery exports in September 2021 was USD […]
  • India a major attraction at Dubai Expo 2020, says Piyush Goyal
    Dubai [UAE]: Expressing his happiness over Dubai Expo 2020, Union Minister of Commerce Piyush Goyal said that India is going to be a major attraction at the expo.“Yesterday we saw a fantastic inauguration of Dubai Expo 2020, and I m very delighted that India is going to be a major attraction at Dubai Expo 2020,” Goyal said while addressing a press briefing here. He complimented “all the people who have worked very hard to make this happen.”“I would like to once again thank the leadership of the UAE, more particularly his highness the prime minister and vice president, my good friend the UAE Minister of State for Foreign Trade Dr Thani Ahmed Al Zeyoudi and the entire leadership of the UAE, for all the wonderful support and encouragement we got to make this day happen,” he added.Coinciding with India’s celebrations of Amrit Mahotsav, 75 years of Independence, Dubai Expo 2020 is a significant platform for India to showcase its vibrant culture and tremendous growth opportunities for the next six months.Earlier on Friday, Goyal inaugurated the India Pavilion at Expo 2020 Dubai.Among the 192 participating countries, India has the biggest pavilion in the expo. Fifteen states and nine central ministries from India are participating in this six-month-long expo, which will end on March 31, 2022.The India Pavilion features an innovative kinetic facade made up of 600 individual colourful blocks. It is developed as a mosaic […]
  • India going through remarkable transformation of its economy, says Australian PM
    Canberra [Australia]: Australian Prime Minister Scott Morrison on Thursday said that India is going through a remarkable transformation of its economy while talking about the partnership between the two countries on new energy economy.While speaking during an online briefing with Indian media, he said, “The ability to take up technology at a scale that is commercial is the key to successfully transitioning to the new energy economy. And India understands that. And India is going through a remarkable transformation of its own economy and looking to actually transition its own energy economy into the future.” Recently, in the first in-person Quad Leaders’ Summit, both Prime Ministers Narendra Modi and Morrison agreed on a number of initiatives, including the agreement to go forward with a low emissions technology partnership.Australia’s approach to the new energy economy is transitioning to net zero over the next 30 years. With the vision to ensure technologies enable economies to continue to grow and develop and create jobs and make things, PM Morrison said, “But, to do that in a way that is patient, which is sensible, which is practical, and so, working together on technologies, I think, is one of the, one of the key partnerships that you can have to ensure that both of our countries are able to go through this transition period. But, more than that, demonstrate that this is how you do it, that this isn’t […]