Business Economy TOP NEWS UPDATES

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…

Business Economy

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…

Business Economy

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…

Business Economy

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…

Business Economy

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…

Business Economy

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…

Business Economy

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…

Business Economy TOP NEWS UPDATES

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…

Business Economy

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…

Business Economy

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…

Business Economy TOP NEWS UPDATES

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…

Business Economy

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 &…

Business Economy TOP NEWS UPDATES Views & Voices

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…

Business Economy

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…

Business Economy TOP NEWS UPDATES Views & Voices

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…

Business Economy TOP NEWS UPDATES

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…

Business Economy TOP NEWS UPDATES

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),…

Business Economy

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…

Business Economy TOP NEWS UPDATES

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…

Business Economy

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…

Business Economy

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…

Business Economy

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…

Business Economy

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…

Business Economy TOP NEWS UPDATES

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)

Business Economy

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…

Business Economy

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…

Business Economy

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…

Business Economy

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…

Business Economy

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…

Business Economy

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…

Business Economy

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…

Business Economy

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…

Business Economy

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…

Business Economy

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…

Business Economy

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…

Business Economy

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…

Business Economy

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…

Business Economy

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…

Business Economy National News Politics

‘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…

Business Economy TOP NEWS UPDATES

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…

Business Economy

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…

Business Economy

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…

Business Economy TOP NEWS UPDATES

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…

Business Economy

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…

Business Economy TOP NEWS UPDATES

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…

Business Economy

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,…

Business Economy

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…

Business Economy

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…

Business Economy

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…

Business Economy

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.…

Business Economy

Employment in 9 select sectors stood at 3.08 cr in Q1 of FY22: Centre

New Delhi [India]: Employment in nine select sectors, including construction, manufacturing and IT/BPO, stood at 3.08 crore in the April-June quarter, as per a report by the Ministry of Labour and Employment.Union Labour and Employment Minister Bhupender Yadav on Monday released the report of the first quarter of the Quarterly Employment Survey for April to June 2021. The AQEES has been taken up by the Labour Bureau to provide frequent (quarterly) updates about the employment and related variables of establishments, in both organised and unorganised segments of nine selected sectors. These sectors altogether account for a majority of the total employment in the non-farm establishments. These nine selected sectors are Manufacturing, Construction, Trade, Transport, Education, Health, Accommodation and Restaurant, IT/ BPO and Financial Services, read the release by Ministry of Labour and Employment.Announcing the results, Yadav said, the estimated total employment in the nine…

Business Economy TOP NEWS UPDATES

Tesla to outsource its self-driving chip to Samsung Electronics

Seoul [South Korea],(ANI/Global Economic): It is reported that Tesla has decided to outsource its self-driving chip manufacturing to Samsung Electronics. According to the industry on the 24th, Samsung Electronics is reportedly likely to win orders for manufacturing of the HW 4.0, Tesla’s second-generation self-driving chip.The HW4.0 is a semiconductor that will be installed in Tesla’s electric vehicles from the second quarter (April to June) of the next year. It is expected to be applied to improve Tesla’s self-driving functions. In particular, the industry is paying attention in that this deal for manufacturing self-driving chips was made after competing with Taiwan’s TSMC, the No. 1 in global foundry market share. It means that Samsung Electronics’ foundry division has received positive reviews in terms of chip design capabilities, technology, and cost-performance. It is reported that this self-driving chip will be produced in the 7nm (nanometer) process…

Business Economy

Apple IPhone 13 pro launched at Aptronix

Hyderabad (Telangana) [India]: Aptronix now has the newly launched Apple’s iPhone 13 series. Grab your new phone from any of the Aptronix stores across India. With 47 outlets and 12 service facilities across 14 cities and 500+ staff, Aptronix is India’s largest Apple Premium Reseller and National Partner to Apple.Aptronix is going to roll out all of the new iPhone 13 models across all of its 47 locations. The new Apple iPhone 13 series comes with a slew of improvements. The new series is equipped with the latest A15 Bionic Chip for greater performance, as well as improved cameras and unique color options. The iPhone 13 and iPhone 13 mini are now available in a new pink color, while the Pro models are also available in a new Gold and Sierra Blue color. The Aptronix family is ecstatic about this launch and is looking…

Business Economy

Alibaba dumping Chinese media company’s shares after Beijing’s clampdown on big-tech

Beijing [China]: Of late China’s big tech firms like Alibaba, Tencent and Baidu are facing problems under growing pressure from Beijing’s campaign to rein in their power and influence. Owing to the clampdown, Alibaba is dumping its shares in one of China’s largest TV broadcasters just months after it bought them, reported CNN.Alibaba (BABA) plans to sell its 5 per cent stake in Mango Excellent Media, according to a statement from the media company on Thursday, reported CNN. It owns Mango TV, which is massively popular for its variety shows in China. China’s second largest state-owned television network, Hunan Broadcasting System, controls Mango with a stake of 56 per cent. The statement also said that Alibaba is seeking a waiver from an agreement not to sell the shares for a year. The e-commerce giant bought them only nine months ago for 6.2 billion yuan…

Business Economy

Sensex closes above 60K mark for first time, Nifty nears 18K

Mumbai (Maharashtra) [India]: Equity benchmark indices closed at new record highs on Friday led by gains in IT and realty scrips.Market analysts said domestic sentiments are buoyant as demand is coming back to normalcy faster than expected. Ashishkumar Chauhan, Managing Director and CEO of BSE Ltd, said the Sensex reaching 60,000 today first time ever is an indicator of India’s growth potential.“Indian markets are considered the best performing markets world over in last 18 months of COVID period due to astute policies and implementation of government, private sector and everyone else involved,” he said.At the closing bell, the BSE S&P Sensex was up by 163 points or 0.27 per cent at 60,048 while the Nifty 50 gained by 30 points or 0.17 per cent to 17,853.Sectoral indices were mixed with Nifty realty gaining by 1.5 per cent and IT by 0.8 per cent.Among stocks,…

Business Economy

Veranda acquires Edureka for Rs 245 crore, accelerates foray into edtech

Chennai (Tamil Nadu) [India]: The Kalpathi AGS Group-owned Veranda Learning Solutions has acquired edtech Edureka, a live-instructor-led online solutions provider for the IT industry for Rs 245 crore. This 100 per cent acquisition marks Veranda Learning Solutions’ second buyout since December 2020.Veranda is planning an outlay of Rs 737 crore for acquisitions over the next six months to seize the opportunities opening up in the edtech space, the company said in a statement on Thursday. Kalpathi Suresh, Executive Chairman of Veranda Learning Solutions, said the company is in active discussion with multiple targets for acquisition to create a multi-modal platform that spans test prep, upskilling and supplemental education. “With the current acquisition, we are poised to expand our footprint in Europe and the North American markets as well. For me personally, getting back into software education is exciting and sets the stage for us…

Business Economy

Crude oil production totals 2,519 TMT in August

New Delhi [India]: Crude oil production during August totalled 2,519 thousand metric tonnes (TMT), down 5.9 per cent than the target and 2.29 per cent lower than production in same period of last year, the government said on Wednesday.Crude oil production by ONGC in the nomination blocks was 1,642.76 TMT, less than monthly target of August 2021 (6.31 per cent) as well as April to August target (3.79 per cent), according to a statement released by the Ministry of Petroleum and Natural Gas. Also, it is less than actual production in corresponding month and period of last year (3.83 per cent) and April to August 2020 (4.64 per cent).Crude oil production by Oil India Ltd in the nomination blocks was 242.98 TMT, higher than actual production in corresponding month and period of last year (4.34 per cent) and April to August 2020 (0.74 per…

Business Economy

Revenue of gold jewellery retailers seen up 12 to 14 pc: Crisil

Mumbai (Maharashtra) [India]: After two consecutive years of decline, the revenue of gold jewellery retailers is poised to grow 12 to 14 per cent on-year this fiscal, according to Crisil Ratings.This will be driven by stable gold prices and recovery in discretionary spending, including on wedding and festive jewellery.Operating margin though will be restored to the pre-pandemic level of 6.5 to 7 per cent with the moderation of 100 to 120 basis points (bps), given a stabilisation of gold prices and limited scope for further cost optimisation. Recovery in revenue along with improved accrual, continued inventory rationalisation and healthy capital structure will keep the credit outlook stable, shows an analysis of 86 jewellery retailers rated by Crisil Ratings. The growth this fiscal will come on a low base as revenue had contracted 3 and 8 per cent respectively in fiscals 2020 and 2021.Demand had…

Business Economy

Govt’s reform package will sustain Indian telcos’ businesses: Moody’s

Hong Kong: India’s recent reforms are credit positive for telecom companies including Bharti Airtel and Reliance Jio Infocomm Ltd (RJIL) because they free up cash flow for reinvestment, enable further investment in next-generation technologies and provide support for a three private plus one state-owned telecom operational structure, Moody’s Investors Service said on Monday.On September 15, the government announced a package of reforms for the financially stressed telco sector to ensure a fair and competitive market, and a sustainable level of investment to support growth. The reform package includes a four-year moratorium on payments for past spectrum purchased and adjusted gross revenue (AGR) statutory fees, and a rationalisation of prospective AGR payments to exclude non-telecom revenue.“The change in AGR definition to exclude non-telecom revenue will ultimately boost sector-wide EBITDA because it will reduce license fees paid by telcos,” said Moody’s in its latest credit outlook…

Business Economy TOP NEWS UPDATES

CAIT demands CBI inquiry into bribery allegation against Amazon

New Delhi [India]: The Confederation of All India Traders (CAIT) has demanded a CBI inquiry following a report that Amazon’s India lawyers bribed officials. CAIT is also moving a representation to Gary Gensler, Chairman, US Securities & Exchange Commission, Washington who heads the repository body of FCPA law of US, and the Corporate Governance Committee of Amazon Board demanding a fair and independent probe into this issue.Besides this, in a letter to the Commerce and Industry Minister Piyush Goyal, CAIT said that while the investigation goes on, the company should be directed to suspend their e-commerce portal. The development comes after a media report stated that Amazon Inc had initiated an investigation into the conduct of its legal representatives in India. (ANI)

Business Economy

Sjain Ventures raises $0.5M in Pre-Series A Funding

New Delhi [India]: Sjain Ventures is a privately owned IT Services and product development business commenced in 2009. Sjain established its roots in a Tier II city; the company envisions a world with no digital divide and access to cutting-edge innovative technology for all segments of society for all their needs. They have headquarters across 5 national and international bases and cover a clientele of 1,200 from more than 40 countries. By watching the company’s valuation: 18million dollars (135 crore rupees), the company received a tranche of investment as a neighbourhood of pre-series-A funding from investors: The Mumbai – Dubai based investor has made an investment of USD 500,000.Recently, Sjain Ventures’ director Divya Jain revealed that they’re attracting investors from various countries for their upcoming project of product development which will include SaaS-based products in Education, Commerce, and other sectors. With this investment, Sjain…

Business Economy

Incredible Kids of India.com – launched at National NEP Symposium held at NCERT

New Delhi [India]: Incredible Kids of India.com, a multifarious platform to nurture talent and train the talented and gifted students was launched by NCERT Secretary Major Harsh along with the founder of Incredible India Manbir Singh at NCERT auditorium during National NEP summit organised by Edu talk on 11th Sept 2021 at New Delhi. The function was attended by eminent principals, educationalists and students. Sahil founder of Rishi University, MRINALINI Gopinath, former Research Scientist at CRO Hyderabad were also the part of the launch.The official Torch was lit by Major Harsh which symbolised the passing of spirit, knowledge and learning to a curious mind. On the occasion of the launch Major Harsh said, “There is a need of new stars and we need each individual to pass the torch to build these stars”. As per the circular issued by CBSE the pedagogical processes are…

Business Economy

India climbs one position up in YoY home price appreciation globally: Knight Frank

Mumbai (Maharashtra) [India]: India moved up one spot up in the global home price index to 54th rank in the quarter ended June as against Q2 2020, according to the latest price index by Knight Frank released on Tuesday.This was due to continued resilience shown by the residential segment amid global outbreak of Covid-19 pandemic. On a Q-o-Q comparative, India climbed up one spot in Q2 2021 as compared to Q1 2021, said the report.The Knight Frank Global House Price Index report tracks the movement of mainstream residential prices across 55 countries and territories worldwide. It tracks nominal prices in local currency.The report said Turkey (29.2 per cent) continues to lead the annual rankings but its rate of growth is slowing down. Australia at 16.4 per cent recorded its highest rate of annual price growth since 2003.A breakdown by developed and developing economies shows…

Business Economy TOP NEWS UPDATES

Inflation likely to decline till November: India Ratings and Research

New Delhi [India]: Inflation rates are expected to decline till at least November this year, said India Ratings and Research, a credit rating agency, on Monday.Dr Sunil Kumar Sinha, Principal Economist, India Ratings and Research said that the retail inflation in August 2021 declined both sequentially and on a year-over-year basis to 5.30 per cent. The strong base effect resulted in the decline in retail inflation. It is the seventh consecutive month of retail inflation remaining in excess of 5 per cent and the 23rd consecutive month of retail inflation remaining in excess of RBI’s targeted inflation rate of 4 per cent.“Although monsoon rainfall was lower in August 2021 it did not impact the cereals inflation adversely. On the contrary, cereals witnessed the seventh consecutive month of deflation. Low agriculture productivity and deflation in cereals prices may impact the rural income and in turn…

Business Economy TOP NEWS UPDATES

PLI scheme will boost textile exports: TEXPROCIL Chairman

Mumbai (Maharashtra) [India]: The Union Cabinet headed by Prime Minister Narendra Modi recently approved the Production Linked Incentive (PLI) scheme for notified products of man-made fibre apparel and 10 segments of technical textiles with a financial outlay of Rs 10,683 crore over five years.Welcoming the PLI scheme, Manoj Patodia, Chairman of the Cotton Textiles Export Promotion Council (TEXPROCIL) said, “The PLI scheme, which is a huge initiative taken by the Government, will boost the overall textile & clothing exports and also give a fillip to domestic manufacturing.” The incentives under the scheme are based on the fulfilment of the prescribed minimum investment and turnover limits. The broad objectives of the scheme is to help Indian textile companies to become global champions and to regain India’s dominance in global textiles trade.The PLI scheme will encourage setting up of new domestic textiles companies or expand existing…

Business Economy

Revenues of engineering and capital goods companies seen up 15 to 17 pc: Crisil

Mumbai (Maharashtra) [India]: The government’s thrust on infrastructure with higher budgetary allocation and economic recovery will lift the revenues of engineering and capital goods companies by 15 to 17 per cent this fiscal, more than making up for a 3 per cent contraction last fiscal.Besides, better coverage of fixed costs will lead to a 50 basis points (bps) improvement in the operating margins, according to Crisil Ratings. Increases in raw material prices are being passed on with a lag. While working capital requirements will increase, higher cash generation and prudent capital expenditure (capex) will keep credit profiles stable, shows a Crisil Ratings analysis of 42 companies with aggregate revenue of Rs 1.30 lakh crore and accounting for about 55 per cent of the sector’s revenue. Anuj Sethi, Senior Director at Crisil Ratings, said the order book of engineering and capital goods companies remains healthy…

Business Economy TOP NEWS UPDATES

Elevated inflation can be a drag on overall economic recovery: India Ratings and Research

Mumbai (Maharashtra) [India]: India Ratings and Research (Ind-Ra) has said that salaried and wages earners will be a drag on overall economic recovery in medium term due to tepid recovery of household consumption.An environment of pandemic-led uncertainty and elevated inflation can impact the level of spending, and hence the overall demand, it said. Stable corporate performance amid second Covid wave during 1Q FY22 has raised optimism for a faster-than-expected recovery. However, the pressure on top line has largely been mitigated by a reduction in overhead costs, especially labour cost to maintain a healthy bottom-line.Ind-Ra’s analysis of 2,036 corporates suggests that the number of companies posted losses in 1Q FY22 has been lower than in 1Q FY21. Out of the 2,036 entities, 523 entities posted losses in 1Q FY22 compared to 986 entities in 1Q FY21.This has largely driven by limited the restriction imposed on…

Business Economy

Karnataka attracted maximum share of FDIs in April-June fiscal in India: Minister Nirani

Bangalore (Karnataka) [India], September 8 : Karnataka has attracted a maximum share of Rs 62,085 crore Foreign Direct Investments in the April-June fiscal in the country, announced Large and Medium Industries Minister Murugesh Nirani on Wednesday.Addressing reporter at Vidhana Soudha here, Nirani said the State is the top recipient of FDI inflows in India in the first quarter of the current fiscal. “Karnataka attracted Rs 62,085 crore investments in the April-June fiscal and became a top recipient with 48 per cent share of total FDIs in India. Our state had attracted Rs 30,746 crore FDI in 2019-20 and stood at the third spot and in 2020-21 we maintained the third spot by attracting Rs 56,884 crore,” Nirani said in a statement.Lauding the Karnataka Udyoga Mitra (Single window agency for investments) for emerging as the country’s top Investment Promotion Agency (IPA), Nirani said Udyoga Mitra’s…

Business Economy TOP NEWS UPDATES

Developers unanimous about growth in the residential segment to peak in 2023

Gurugram (Haryana) [India]: Leading realty players in Gurugram are optimistic that the growth in the Indian residential segment will peak in 2023, as outlined in the recent ANAROCK report.A revival in consumer sentiment, accelerating digitisation and initiatives by developers will play a pivotal role in shaping the growth trajectory. The report predicts housing sales to be more than 3 lakh units and new launches to increase by 2.62 lakh units in 2023. “Amidst the pandemic, people are spending most of their time indoors, which has provided a fillip to the demand for spacious homes with state-of-the-art amenities for a superior experience. The rebounding of sales towards the end of 2020 indicates the resilience of the luxury segment as the sophistication benchmarks remain the same for elite homebuyers.Amidst the vaccination rollout, the residential segment is seeing growth and better sales. Bolstered by policy push and…

Business Economy South Asian Countries

Ending weeks of financial disruption, Afghanistan banks resume operations

Kabul [Afghanistan]: Most of the banks in Afghanistan have resumed operations in the country, ending nearly weeks-long disruption in financial services, a media report said. Afghanistan’s central bank-Da Afghanistan Bank- had announced to resume financial operations. However, private banks have not opened all the branches, Khaama Press reported on Sunday.Afghani people were seen outside the banks waiting in long queues for their turn to withdraw money. Earlier, the Taliban had asked the private banks to operate as normal and limited the withdrawal to USD 200 per week. In Kabul, a bank customer said, “The cash I had is finished and now I have totally no money to buy even food ingredients and solve my daily problems. Islamic Emirate of Afghanistan should open all the banks and ATMs,” Khaama Press said. Businesses in Afghanistan were also being hampered due to the recent disruption in the…

Business Economy

Reasonable buffers in place for NBFCs to manage headwinds in 2H FY22

Mumbai (Maharashtra) [India]: India Ratings and Research (Ind-Ra) has changed the outlook to improving from stable for retail non-banking finance companies (NBFCs) and housing finance companies (HFCs) for 2H FY22.Adequate system liquidity because of regulatory measures along with sufficient capital buffers, stable margins due to low funding cost and on-balance sheet provisioning buffers provide enough cushion to navigate the challenges, it said. The challenges may emanate from a subdued operating environment, leading to an increase in asset quality challenges due to the second covid wave impacting disbursements and collections for non-banks.Ind-Ra said the operating environment is dynamic due to the possibility of a third Covid wave, its intensity, regulatory stance and its impact.In this environment, there is likely to be meaningful variations in the performance among different asset classes which will reflect on non-banks depending on their assets under managemet mix.NBFCs with a diversified…

Business Economy TOP NEWS UPDATES

Tamil Nadu CM Stalin urges PM Modi to reconsider National Monetization Pipeline

New Delhi [India]: Tamil Nadu Chief Minister MK Stalin on Friday wrote to Prime Minister Narendra Modi on National Monetization Pipeline (NMP) and urged him to reconsider the move of privatisation as it would transfer valuable state assets to the control of a few groups.In the letter to PM Modi Stalin wrote, “The Union Government could take privatization decisions only after consulting the State governments as well as those connected with the Public Sector Undertakings.” “Public Sector Undertaking is an asset of people and many of them play a key role in sustaining India as an industrialised and self-reliant country. Not only States, but people had also given lands for establishing these PSUs. So, they have rights over these PSUs,” he wrote further.“Whatever be the name given to the privatisation move by Union Government, this move would only make way for these invaluable public…

Business Economy TOP NEWS UPDATES

Indian economy will reach pre-Covid levels by December, says Sanjeev Sanyal

New Delhi [India]: Sanjeev Sanyal, Principal Economic Advisor to the Ministry of Finance, on Friday said that the Indian economy would reach pre-Covid levels by the third quarter of October to December this year. His remarks came as the government data released on August 31 showed that India’s GDP grew by 20.1 per cent in the April to June quarter (Q1 FY22) as compared to the contraction of 24.4 per cent in Q1 FY21.Speaking to ANI, Sanyal said, “We are seeing demand coming back quite strongly, we can see that not only domestic demand but exports are doing particularly well. We have seen 45 per cent year on year growth in August in merchandise exports and services exports are doing quite well. Indian economy will reach pre-COVID-19 levels by the third quarter of October to December 2021.”“Not only merchandise exports, but the foreign direct…

Business Economy

Tata-Cornell Institute launches hub to empower smallholder farmers

New Delhi [India], Sep 3 : In an effort to empower India’s 125 million smallholder farms to take advantage of growing opportunities in agricultural sector, Tata-Cornell Institute (TCI) for Agriculture and Nutrition has launched a hub for farmer producer organisations (FPOs) within its Centre of Excellence here.The hub features a first-of-its-kind database of Indian FPOs. Created with one million dollar (about Rs 7.3 crore) grant funding from the Walmart Foundation, the hub will serve as a repository of learnings, information and knowledge for the advancement of FPOs. “Farmer producer organisations are crucial for both improving the livelihoods of smallholder farmers and increasing the supply of diverse, nutritious foods that are increasingly in demand across India,” said TCI Director Prabhu Pingali.“Through the FPO hub, TCI aims to provide a foundation of data-based knowledge on top of which strong, effective FPOs can be built and sustained,”…

Business Economy TOP NEWS UPDATES

Infrastructure must for booming economic activity, says Nitin Gadkari

New Delhi [India]: Emphasising the importance of infrastructure for improving the revenue base of the government, Union Minister for Road Transport and Highways Nitin Gadkari on Thursday said that well-developed infrastructure would play an important role in fulfilling the vision of India in becoming the Five Trillion Dollar economy in the next five years.Gadkari was addressing the 29th Annual General Meeting of the American Chambers of Commerce in India on the theme ‘infrastructure propelling India in the global supply chain’ through a video conference. “The bilateral trade between India and US has grown from USD 16 Billion USD to USD149 Billion in the last two decades and is projected to reach more than USD 500 Billion by 2025. The scope of technology transfer, innovation and research and development between India and the US must be further explored,” the Union Minister said.“Infrastructure development plays an…

Business Economy

91% of Indians plan to shop as optimism rides high for festive season: Trade Desk

New Delhi [India]: After an arduous year with the pandemic, consumers in India are gearing up to celebrate the festive season and making new purchases during the upcoming shopping sales for Diwali, Dussehra and Christmas.A survey conducted by global advertising leader Trade Desk and YouGov called The Festive Season Pulse 2021 found that 91 per cent of Indian consumers are planning a purchase during the upcoming festive season and six in 10 are interested in learning about new brands during festive season sales. The survey outlines consumer sentiments and behaviours toward India’s festive season sales and the channels that marketers can leverage on the open internet to maximise the effectiveness of their ad campaigns.The festive period is important to Indian shoppers, and the research provides a positive outlook for marketers. Nearly three in five Indians are excited about the upcoming festive season sales with…

Business Economy TOP NEWS UPDATES

GDP data for first quarter 2021-22 reaffirms imminent V-shaped recovery, says Chief Economic Advisor

New Delhi [India]: GDP data for the first quarter 2021-22 reaffirms the government prediction of an imminent V-shaped recovery, said Chief Economic Advisor (CEA), Krishnamurthy Subramanian, on Tuesday.Subramanian also mentioned that the Gross nonperforming assets (NPAs) declined from 11.2 per cent in March (2018) to 7.4 per cent in March (2021). While briefing the media here today, the CEA said, “Gross NPA (nonperforming asset) declined from 11.2 per cent in March (2018) to 7.4 per cent in March (2021). GDP data for the first quarter 2021-22 reaffirms the government prediction of an imminent V-shaped recovery that we had made last year this time.”He further stated that there has been a steady recovery in petroleum consumption and auto sales, reaching pre-pandemic levels.Subramanian said that despite supply-side restrictions due to the COVID-19 pandemic, inflation was much lower than during the global financial crisis due to supply-side…

Business Economy National News Politics

“Yet to recover fully from decline”: Chidambaram

New Delhi [India]: Soon after, government data released today showed that India’s GDP grew by 20.1 per cent in the April to June quarter (Q1 FY22) as compared to contraction of 24.4 per cent in Q1 FY21, former Finance Minister and senior Congress leader P Chidambaram said that the data signifies that in the first quarter of this year, the country has not fully recovered from the decline of last year.”“Before we ‘celebrate’ the 20.1 per cent GDP growth in Q1 (April-June) of 2021-22, please pause to consider the following. This ‘growth’ is on a low, actually negative, base of (-) 24.4 per cent in Q1 of 2020-21,” tweeted the Congress leader. Chidambaram further said that this data signifies “in the first quarter of this year, we have not fully recovered from the decline of last year.”“We are still below the GDP level in…

Business Economy

Renewable energy sector outlook supported by strong project pipeline, says ICRA

New Delhi [India]: Rating agency ICRA has said its outlook for renewable energy (RE) sector is stable supported by continued policy support from the government, strong project pipeline and superior tariff competitiveness offered by wind and solar power projects — both in the utility and the open-access segments.Further, tariff competitiveness offered by the solar and wind power projects in utility auction route continued to remain superior with tariffs remaining below Rs 3 per unit despite the upward pressure arising from the imposition of customs duty on imported cells and modules from April 2022. Girishkumar Kadam, Senior Vice President and Co-Group Head of ICRA ratings, said the investment prospects in RE sector are expected to remain strong, given the policy impetus with a target to reach 450 GW by FY2030 and competitive tariffs.“The capacity addition over medium term will be driven by RE segment, led…

Business Economy

Sensex at new peak at 56,124.72 pts

Mumbai: The BSE Sensex on Friday ended record high at 56,124.72 advancing by 175.62 pts following gains in Capital Goods, Power, Metal and Utilities stocks amid positive global cues. The Nifty too moved up by 68.30 pts at 16,705.20. Despite high volatility, the equity market ended on top, as the Sensex opened weak at 55,862.93, fell 87 pts. It was tumbled down nearly 274 pts to 55,675.87, days low. In late trade, it was bounced back and finished in green, breaching 56K level at 56,124.72, up by 175.62 pts from its previous close. It was registered days high at 56,188.23 pts, surging 239 pts. The sensex registered days high and low at 56,188.23 and 55,675.87 pts respectively. The Nifty recorded days high and low at 16,722.03 and 16,565.60 pts respectively. The scrips that lifted the market were Ultracemco, L& T, Dr Reddy’s Lab, Bajaj…

Business Economy

Rupee improves 3 paise against USD

Mumbai: The Rupee on Thursday rose marginally by three paise to close at 74.21 against the USD on fresh selling of US Dollar by bankers and importers, dealers at the Forex Market said.A major fluctuation was seen during the day, as the local unit jumped by 13 paise to 74.11 in opening sessionlater it erased earlier gains and settled at 74.21, up by three paise as compared to its previous close.The Rupee went up due to weak dollar against other world currencies amid rebounding equity market, dealer saidThe local unit registered days high and low at 74.25 and 74.08 respectively.

Business Economy TOP NEWS UPDATES

Sitharaman unveils National Monetisation Pipeline scheme

New Delhi [India]: Finance Minister Nirmala Sitharaman on Monday launched the National Monetisation Pipeline (NMP) that includes the Centre’s four-year plan to monetize its brownfield infrastructure assets.The government has planned a Rs 6 lakh crore pipeline of assets that can be monetized which includes a range of assets put on the block for private sector participation, over a four-year period, from Financial Year 2022 to Financial Year 2025. Union Minister of Finance, while launching the pipeline, said, “National Monetisation Pipeline talks about brownfield assets where investment is already being made, where there are assets either languishing or not fully monetised or under-utilised.” “Asset monetisation, based on the philosophy of creation through monetisation, is aimed at tapping private sector investment for new infrastructure creation. This is necessary for creating employment opportunities, thereby enabling high economic growth and seamlessly integrating the rural and semi-urban areas for…

Business Economy

US generic business saw pricing headwinds during 1Q FY22

Mumbai (Maharashtra) [India]: India Ratings and Research (Ind-Ra) has said the decline in US sales of Indian companies was attributed to a high single-digit price erosion in US generic market coupled with a continued weak demand for the acute portfolio of products during 1Q FY22.The high incidence of price erosion was led by suppliers looking to liquidate large inventories which were undertaken due to Covid-led uncertainties, a lower number of abbreviated new drug application (ANDA) approvals leading to companies bidding aggressively on existing products and aggressive pricing by small players to gain market share. While the impact of the pricing erosion has been a function of the portfolio of molecules, companies have articulated an erosion ranging from a high single digit to low double digit. Companies expect one more quarter of weak performance in US generic market before clarity emerges on the durable growth…

Business City News Delhi Economy

Goyal to meet top industry bodies, SCALE committee to increase India’s exports

New Delhi: Commerce and Industry Minister Piyush Goyal would hold a key meeting with top industry bodies on Monday to discuss strategy for enhancing exports from the country. During the session, SCALE (Steering Committee for Advancing Local Value-Add and Exports) committee chaired by Mahindra & Mahindra MD & CEO Pawan Goenka is set to make a presentation on ways to enhance local manufacturing. A joint government-industry panel, the SCALE committee has been working on suggestions to increase localisation and cut imports in areas such as auto components. Among the industry chambers participating in the meeting are CII, Ficci, Assocham, PHDCCI, Indian Chamber of Commerce, Nasscom, Laghu Udyog Bharati and Bengal Chamber Commerce Industry. Goyal had met Chiefs of Export Promotion Councils (EPCs), Commodity Boards and Authorities and other stakeholders in Mumbai on Thursday and sought their inputs on roadblocks in the way of achieving…

Business Economy

July non-life insurance premiums shrug off pandemic cloud: Care Ratings

Mumbai (Maharashtra) [India]: The non-life insurance industry continued its strong performance with July numbers reporting 19.5 per cent growth in line with the trend seen during previous months, Care Ratings has said.Non-life insurance premium reached Rs 20,171 crore compared to Rs 16,885 crore in July 2020. The growth was driven by health and fire segments with motor segment also turning in positive numbers. Care said general insurers grew at 17.6 per cent for July which is higher than the 12.2 per cent growth witnessed in July last year. The year-to-date numbers grew at a 12.9 per cent for July versus a decline of 2.1 per cent in July FY21.The general insurance segment continues to maintain the highest share. However, its continued growth can be attributed to the health portfolio.Standalone private health issuers reported a sustained premium growth of Rs 1,753 crore in July 2021,…

Business Economy

68% UK consumers seek financial advice from trusted informal sources over high street banks, says research

London [UK]: The long-term financial health of UK consumers is looking unstable with nearly two-thirds rejecting high street banks for financial guidance and instead turning closer to home, according to a new research by RPG Enterprises subsidiary Foolproof.“This worrying trend potentially puts Britons at risk of future personal finance chaos. It signals an urgent call for banks to become credible knowledge-sharing sources regardless of the platform,” said the research report.Foolproof is a subsidiary of global technology company Zensar. It is one of the biggest product and service design company in Europe.Despite 44 million UK consumers using mobile banking to manage their finances, the research identified that 62 per cent prefer not to turn to high street banks via a store, telephone or mobile banking apps as an educational resource for their finances.Instead, UK consumers are turning elsewhere including friends and family (20 per cent)…

Business Economy Entertainment

Novator to invest $250 million in VFX and animation powerhouse DNEG

London [UK], August 19: DNEG, a leading visual effects (VFX) and animation studio for creation of feature film, television and multiplatform content, has said that Novator Capital Advisers LLP invested 250 million dollars (about Rs 1,857 crore) in subsidiaries of Prime Focus Ltd, the parent company of DNEG, and personal holdings of its founder Namit Malhotra. The Novator investment enables Prime Focus to streamline its structure, consolidate minority investments and position DNEG for future growth.Malhotra will continue in his current role as DNEG Chairman and CEO and increase his ownership stake in the parent company from 35 per cent to about 70 per cent. Novator will own a 15 per cent stake in DNEG. DNEG has won five Academy Awards for best visual effects in the last seven years as well as multiple awards for its visual effects work on high-end episodic shows for…

Business Economy

Promoter- Director -Ojas Group of Companies, Neha Kapoor is the Inspiring Woman Entrepreneur of 2021

New Delhi [India]: Neha Kapoor, who has been driving various growth initiatives of the multi-business conglomerate Ojas Group of Companies, has been named the Inspiring Woman Entrepreneur Under 40 – 2021 by Business Mint, one of India’s leading and most credible brands. She began her career as an Intellectual Property Rights Attorney. She then pivoted to being an active litigator at the Delhi High Court with the Chambers of the Government of Delhi. This combination stint gave her unique and holistic exposure to the industry, innovation, international businesses and brands, governance, policy, and public interest matters.She subsequently got associated with the Ojas Group right at its inception in 2013, making her mark in the world of business through her dedication, commitment and calibre. Kapoor is presently in Succession Training directly under the Founder of the Group. Her association, of almost a decade, has cultivated…

Business Economy TOP NEWS UPDATES

Rajnath Singh : Defence India Startup Challenge

New Delhi [India]: Three years after the launch of Defence India Startup Challenge 1.0 (DISC), Innovations for Defence Excellence (iDEX), Defence Innovation Organisation (DIO) will launch DISC 5.0 in New Delhi on August 19. iDEX provides a platform for different stakeholders in the defence and aerospace sectors, essentially acting as an umbrella organisation to oversee technology development and potential collaborations in the specific field. With initiatives such as DISC and Open Challenges, iDEX is able to utilise the strong science, technology and research talent base of the country to develop new capabilities in defence innovation. DISC 5.0 will have more challenges than the first four DISC editions taken together.Problem Statements received from the Services and Defence Public Sector Undertakings (DPSUs) under DISC Round 5 will be launched by Defence Minister Rajnath Singh, informed an official release by the Ministry of Defence. iDEX had been…

Automobiles Business Economy TOP NEWS UPDATES

India will become hub for automobile manufacturing in next 5 years, says Nitin Gadkari

New Delhi [India]: Minister of Road Transport and Highways Nitin Gadkari on Tuesday expressed hope that India will become a hub for automobile manufacturing in the next five years.“Almost all reputed automobile brands are present in India. As we are working on technologies involving ethanol, methanol, bio-diesel, Compressed Natural Gas (CNG), Liquefied natural gas (LNG), electric and green hydrogen, I believe that India will become a hub for automobile manufacturing in next five years,” said the minister. Earlier, on August 13, the prime minister, while addressing the Investor Summit in Gujarat via video conference, said that “Be it ethanol, hydrogen fuel or electric mobility, with these priorities of the government, active participation of the industry is very important.”“In the midst of this change, it is equally important to protect our environment, our land, our resources and our raw material,” he said. 

Business Economy National News Politics

Scaling up incubators, accelerators

New Delhi [India]: Minister of Electronics and Information Technology, Ashwini Vaishnaw on Tuesday said that the government will be scaling up the network of incubators and accelerators to phenomenally multiple levels in the next 3 years.Talking about the entrepreneurship and innovation ecosystem in the country, the Minister said: “The number of incubators and accelerators which is around 100 at present, is not sufficient for a country of over 130 Crore population, and hence the government will be scaling up the network of incubators and accelerators to phenomenally multiple levels in the next 3 years.” “All of these will be professionally managed and housed in institutions, industries and places where they will add real value,” he said.On the occasion of Azadi Ka Amrit Mahotsav, the minister launched the ‘Amrit Mahotsav Shri Shakti Challenge 2021.’Vaishnaw said, “I hope we will see many participants who will convert…

Business Economy National News Politics

Scheme to boost exports and competitiveness

New Delhi [India]: For enhancing exports in the international market, the Centre has notified guidelines and rates for the Remission of Duties and Taxes on Exported Products (RoDTEP) scheme.In a tweet, Union Minister of Commerce and Industry, Piyush Goyal wrote, “Government notifies RoDTEP Scheme Guidelines and Rates for boosting exports by creating a level playing field for exporters leading to greater competitiveness and increased employment generation. Will enable ‘zero-rating’ of exports for building an Aatmanirbhar Bharat.” The scheme for zero-rating of exports will boost our exports and competitiveness in the global markets. The rates of RoDTEP will cover 8555 tariff lines.The ministry noted that Government is leaving no stone unturned to support domestic industry and make it more competitive in the international markets. Export centric industries are being reformed and introduced to better mechanisms so as to increase their competitiveness, boost exports, generate employment…

Business City News Delhi Economy

3269 Cr. Bank Fraud: ED arrests a CA in Rs 3,269 cr bank fraud case

New Delhi [India]: The Enforcement Directorate (ED) has arrested Raman Bhuraria, a Chartered Accountant, for his assistance and complicity in Rs 3,269 crore bank fraud of Shakti Bhog Foods Ltd, the agency said on Saturday. Bhuraria was arrested under the provisions of the Prevention of Money-laundering Act, 2002 from Delhi on Friday.This arrest was in continuation of rejection of his anticipatory bail by a special court and searches conducted by the federal agency on various locations pertaining to the arrestee. During a search operation, various incriminating documents and digital evidence have been recovered, mentions an ED statement. ED initiated a money-laundering investigation on the basis of FIR registered by the Central Bureau of Investigation (CBI) against Shakti Bhog Foods Limited and others, for criminal conspiracy, cheating, and criminal misconduct. “The allegations against the accused include his active assistance and involvement in the bank fraud…

Business Economy

Retail inflation falls to 5.59 pc in July, June IIP at 13.6 pc

New Delhi [India]: Retail inflation measured by the consumer price index (CPI) dropped to 5.59 per cent in July from 6.26 per cent in June, government data showed on Thursday. Food inflation fell to 3.96 per cent last month from 5.15 per cent in June, the Ministry of Statistics and Programme Implementation said in a statement. Meawhile, industrial output for June rose 13.6 per cent.Factory output measured by the Index of Industrial Production (IIP) had contracted 16.6 per cent in the same month of last year. The indices of industrial production for mining, manufacturing and electricity sectors in June stand at 105.5, 121 and 169.1 respectively.

Business Economy TOP NEWS UPDATES

PwC India to invest Rs 1600 Cr, create 10k additional job opportunities in next 5-years

Hyderabad: PwC India, a network of firms in 155 countries, on Wednesday announced to invest Rs 1600 crores and create over 10,000 additional jobs in the next 5 years with a focus in the areas of Digital, Cloud, Cyber, Analytics and Emerging Technologies.Our investments and efforts will not only help make our clients and people fit-for-future, but will also help us support Indian business to build trust and deliver sustained outcomes in a world mired with uncertainties, said PwC India Chairman Sanjeev Krishan in a release.Announcing new business strategy ‘The New Equation’, PwC said it is based on analysis of trends and thousands of conversations with clients and stakeholders. This refreshed strategy speaks to the two most fundamental needs clients and organisations are grappling with today.The proposed investment as commitment towards its people and capabilities Strategy aims to build on and further enable the…

Business Economy TOP NEWS UPDATES

Australia keen to supply critical minerals to India

Canberra/New Delhi: Australia has the potential to become a major supplier of critical minerals to India like titanium, vanadium and lithium, and supporting jobs, supply chains and innovation in both countries, according to a new report published by the Australian government.The report, ‘Unlocking Australia-India Critical Minerals Partnership Potential’, identifies areas where Australia can enhance trade, investment and research partnerships with India across the critical minerals supply chain. It has been published by the Australian Trade and Business Commission.Australia’s Minister for Trade, Tourism and Investment Dan Tehan said demand for critical minerals in India complemented the Scott Morrison government’s strategy to elevate Australia as a world leader in exploration, extraction, production and potentially downstream processing of critical minerals.“Critical minerals are essential inputs for industries such as electric mobility, energy storage systems, electronics, aerospace and defence,” Tehan said, according to a press release.“India has an ambitious…

Business Economy

Impact of COVID-19 on Indian Informal Economy

New Delhi [India]: The sheer scale of joblessness that prevails in our country is the most defining impact of the pandemic induced lockdown.ActionAid Association’s first round of the National Survey of Informal Workers conducted in May 2020, reveals that 78 per cent of the informal workforce had lost their livelihoods due to the lockdown, with 90 per cent urban unemployment and 72 per cent rural unemployment. As lockdown restrictions were lifted, many could resume their livelihoods but unemployment and underemployment remained high. ActionAid’s second round of survey covering 16,961 informal workers across 28 states and UTs, conducted during August and September 2020, revealed that 48 per cent of informal sector workers remained without a livelihood while 42 per cent were working far lesser hours per week as compared to pre-lockdown levels.Rural unemployment stood at 53 per cent and urban unemployment was 36 per cent…

Business Economy TOP NEWS UPDATES

Govt will refund Rs 8000 cr to four companies once new taxation laws come into effect, says CBDT Chairperson

New Delhi [India]: Once the Taxation Laws (Amendment) Bill, 2021 becomes law by early next week, the Government will have to pay Rs 8000 crore to four companies including Cairn Energy, Vodafone, WNS Capital and one more, said Central Board of Direct Taxes (CBDT) Chairperson JB Mohapatra after Taxation Laws (Amendment) Bill, 2021 was passed in Rajya Sabha. The Bill will do away with the retrospective tax provision and end all retrospective taxes imposed on indirect transfer of Indian assets made before May 28, 2012.This means that the tax demands made on companies like Cairn Energy and Vodafone will now be withdrawn.In an exclusive interview to ANI, CBDT Chairperson said, “As far I know, there are four cases. Apart from Cairn Energy, three other cases are WNS capital, Vodafone and there is one more case. So, in total, in excess of Rs 8000 crores…

Business Economy International National News Politics Travel UK News

India-UK Airfare goes up to Rs 4 lakh, IAS complains to govt.

New Delhi [India]: Alarmed at skyrocketing flight fares between India and the UK, a senior IAS officer has formally lodged a complaint with the Civil Aviation Ministry.Sanjeev Gupta, a senior IAS officer of 1985 batch said the inflated fares come at a time when colleges in UK are beginning admissions. Parents and guardians of those who have been admitted to UK educational institutes have also expressed their dismay and frustration at the exorbitant flight fares. “The APIs from Airlines being consumed by Travel Portals have issues in some cases. If economy class is not available, it automatically fetches business fare but shows economy only on travel portal. The basic point still remains Rs 1.2 lakh for one-way direct flight is still too high,” Sanjeev Gupta tweeted. The IAS officer shared multiple screenshots of several airlines which mentioned “price for one way Delhi to London…

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