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Will bring more investments from Singapore into India: Envoy Shilpak Ambule

Wed, 03/13/2024 - 02:27
The Indian High Commission here is working to get more and more investments into India's burgeoning economy led by aggressive progress being made in infrastructure, renewable energy and advanced technology space, envoy Shilpak Ambule has said. The High Commissioner listed three factors driving the growth saying for India, it will be a green growth with the development of renewable energy, while digital infrastructure has been put in place for smoother flow of economic activities and thirdly it will be sustainable growth. "We are very much committed to getting more investments from Singapore into India which is a growth story," the High Commissioner said at the '2024 Budget Analysis Singapore and India' event here on Tuesday evening. He also highlighted the wide range of economic activities driving the India growth story like continuing efforts on skilling youths, development of advanced technologies like semiconductors and efforts towards the growth of rural economy and empowering

Costlier food keeps retail inflation elevated in Feb; Jan IIP growth eases

Tue, 03/12/2024 - 14:41
Madan Sabnavis, chief economist, Bank of Baroda, said inflation in February was purely a food-driven phenomenon, which would continue to pressure prices in the coming months

CPI-based inflation eases to 5.09% in Feb; Jan IIP growth at 3.8%

Tue, 03/12/2024 - 08:05
Food and beverage recorded an inflation of 8.66 per cent vs 8.3 per cent in January 2024

FY24 GDP growth to be closer to 8% on higher activity in industry: CEA

Tue, 03/12/2024 - 07:30
India's real GDP growth in FY24 will be "closer" to 8 per cent on higher activity in industry and services verticals, Chief Economic Advisor V Anantha Nageswaran said on Tuesday. Addressing a conference organised by ARIA (Association of Registered Investment Advisors) virtually, Nageswaran said the growth will be higher than the Ministry of Statistics' estimate of 7.6 per cent, and added that there is much reason to be optimistic in the near term about the prospects in India. "...unless the Q4 GDP numbers fall very significantly from the momentum that we have seen in the first three quarters, the GDP will be closer to 8 per cent rather than 7.6 per cent as the Ministry of Statistics is currently estimating," Nageswaran said. However, he stressed on the need to put heads down and work towards the goal without "succumbing to triumphalism and exuberance". "As a country, we should realize that we are in it for the longer haul, not for the short term," he said, adding that the ...

Exports to close fiscal at same level as FY23-24 amid uncertainties: Goyal

Tue, 03/12/2024 - 03:37
Commerce and Industry minister Piyush Goyal has exuded confidence that during this fiscal, the country's goods and services export numbers will be at the same level; as it was last year despite slowdown and uncertainties in the global trade. He also said that the government measures such production-linked incentives schemes and focus on high-quality goods and services would help in containing the country's trade deficit. So our trade deficit will be significantly lower than last year. "I am happy to share with you that we close the current year in March at the same level as last year. We have a little bit of an adjustment between goods and services, but collectively we will be at the same level as last year, which will be a very, very significant achievement given that most developing countries and less developed countries are seeing a fall in their international trade," Goyal told PTI in an interview. Cumulatively, the country's merchandise exports in April-January 2023-24 contrac

JPMorgan's CEO urges US Fed to wait past June before cutting rates

Mon, 03/11/2024 - 23:55
Markets see an 84% probability the Fed will lower rates in June and have priced in 90 basis points of cuts for the year

India embraces trade deals as cos look beyond China for alternatives

Mon, 03/11/2024 - 21:34
Prime Minister Narendra Modi's government is taking advantage of India's growing appeal as the world's fastest-growing major economy and an alternative to China for global supply chains

SJM hails India for blocking China-led investment facilitation pact at WTO

Mon, 03/11/2024 - 14:01
The Swadeshi Jagran Manch on Monday hailed India's success in blocking a China-led investment facilitation pact in the recently concluded WTO ministerial meeting in Abu Dhabi and said it was a "very significant" move for global peace. Addressing a meeting organised here to discuss the outcomes of the WTO ministerial meet which concluded on March 1, Swadeshi Jagran Manch (SJM) co-convenor Ashwani Mahajan said China, joined by more than 120 countries, had tried to push the Investment Facilitation for Development Agreement (IFDA) as a plurilateral agreement at the meet. "China's proposal was presented as if it was going to bring a big revolution in the world. But, its entire efforts to push the addition of IFDA at the 13th WTO ministerial meet collapsed like a pack of cards after India and South Africa took a firm stand against it," Mahajan said. "It was a very significant step for world peace and India should be seen as a saviour for the way it was blocked," he added. Mahajan said th

India limits market access in financial services to EFTA countries

Mon, 03/11/2024 - 12:34
The FTA text says the opening of branches by foreign banks in branch or wholly-owned subsidiary (WOS) mode shall also be subject to the requirements

Expect completion of 4 more smart cities, logistics park by FY25: NICDC CEO

Mon, 03/11/2024 - 10:46
Rs 23,000 crore investment mobilized in Delhi-Mumbai Industrial Corridor

Mumbai gets its first coastal road, to open for people on Tuesday

Mon, 03/11/2024 - 10:38
Currently the 10.5 km long road will be open for traffic only on weekdays from 8 am to 8 pm

Aiming to boost local manufacturing, Raj govt set to announce ODOP policy

Mon, 03/11/2024 - 09:19
The ODOP aims to accelerate economic development within each district by harnessing the potential of local specialities

India could be in upper-middle income category over FY33-FY36: Ind-Ra

Mon, 03/11/2024 - 08:19
The rating agency reported that India would reach to a $15 trillion economy over financial years 2043-2047

Bangladesh, Sri Lanka, among countries looking to start rupee trade: Goyal

Mon, 03/11/2024 - 03:08
Many developed and developing countries including Bangladesh, Sri Lanka, and nations of the Gulf region are keen to start trade in rupee with India as it would help cut transaction costs for businesses, Commerce and Industry Minister Piyush Goyal has said. He expressed confidence that the development is going to be a "very game-changing" dimension to India's international trade. "Bangladesh, Sri Lanka are already talking to us and they want us to start this immediately. Other countries in the Gulf region are looking at that. I think it'll take some time for people to see the benefits. And then we'll have more and more developed countries and countries in the Far East also joining the bandwagon. Singapore is already on board to some extent," he said. The minister added that gradually countries are realising that undertaking trade in domestic currencies has several advantages. The minister said that it is now picking up traction and a lot of countries have come forward for this ...

CBDT starts sending emails, SMSs for mismatch in tax profile in FY24

Sun, 03/10/2024 - 14:22
The income tax department on Sunday said it has started sending emails and SMSs to assessees whose taxes paid during the current fiscal are not commensurate with financial transactions. The department is undertaking an e-campaign, which aims to inform such persons/entities of significant financial transactions, through email (marked as Advance Tax e-Campaign-Significant Transactions for AY 2024-25) and SMS, urging them to compute their advance tax liability correctly and deposit the due advance tax on or before March 15. In a statement, the Central Board of Direct Taxes (CBDT) said the income tax department has received certain information on specific financial transactions undertaken by persons/entities during the Financial Year (FY) 2023-24. "On the basis of analysis of the taxes paid so far during the current financial year, the Department has identified such persons/entities where payment of taxes for FY 2023-24 (AY 2024-25) is not commensurate with the financial transactions ma

India-EFTA free trade agreement holds out hope of $100 bn FDI, 1 mn jobs

Sun, 03/10/2024 - 12:29
The EFTA countries will get duty-free market access to India for products like Swiss watches and chocolate

16 years, 21 rounds of talks: India-EFTA free trade agreement a reality

Sun, 03/10/2024 - 12:29
For promised FDI, India's nominal GDP must grow 9.5% in $ terms over 15 yrs

India, EFTA trade deal to help boost trade, investments: Industry bodies

Sun, 03/10/2024 - 11:50
The free trade agreement between India and the four European nation bloc EFTA will help boost trade and investments in the country in sectors such as engineering, pharma, food processing, and apparel, says the industry. India on Sunday signed a Trade and Economic Partnership Agreement (TEPA) with the European Free Trade Association (EFTA) under which New Delhi received a USD 100 billion investment commitment from these four European countries. The investment commitment by the companies of the grouping - Switzerland, Norway, Iceland and Liechtenstein - would be executed over a period of 15 years and facilitate creation of one million direct jobs in India. Industrialist and Tirupur Exporters Association President A Sakthivel said that the pact would help promote two-way commerce and help Indian apparel exporters increase their shipments. "The investment commitment will boost domestic manufacturing," Sakthivel said. Industry body CII President R Dinesh said that the "unique" pledge b

India-EFTA deal: Swiss watches, chocolates to enter India at lower prices

Sun, 03/10/2024 - 07:22
Domestic customers will get access to high-quality Swiss products such as watches, chocolates, biscuits, and clocks at lower prices as India will phase out customs duties under its trade pact with the EFTA bloc on these goods over a period of time. India and the four-European nation bloc EFTA signed a trade and economic partnership agreement (TEPA) on Sunday to boost trade and investments between the two regions. The European Free Trade Association (EFTA) members are Iceland, Liechtenstein, Norway, and Switzerland. It will take up to a year to implement the agreement due to an elaborate ratification process of these pacts in different countries. "We are giving duty concessions on Swiss watches, and chocolates," an official said. Some famous Swiss watch brands are Rolex, Omega, and Cartier. Nestle, which is a Swiss brand, is a major player in the Indian FMCG industry and manufactures chocolates in India. It is the third-largest listed entity in the Indian FMCG segment. According

Here are key details of India's pact with four-nation European trade bloc

Sun, 03/10/2024 - 05:39
India and the members of the European Free Trade Association (EFTA) held 21 rounds of talks over 16 years to clinch the broad-based Trade and Investment Agreement

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