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

Rs 23,000 crore investment mobilized in Delhi-Mumbai Industrial Corridor

Currently the 10.5 km long road will be open for traffic only on weekdays from 8 am to 8 pm

The ODOP aims to accelerate economic development within each district by harnessing the potential of local specialities

The rating agency reported that India would reach to a $15 trillion economy over financial years 2043-2047

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 ...

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

For promised FDI, India's nominal GDP must grow 9.5% in $ terms over 15 yrs

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

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

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

Prime Minister Narendra Modi on Sunday said the India-EFTA trade agreement symbolises our shared commitment to open, fair and equitable trade. He also said that the global leadership of EFTA countries in innovation and R&D across diverse spheres like digital trade, banking and financial services, and pharma will open up new doors of collaboration. "Heartiest Congratulations and best wishes to the negotiators and signatories involved in the signing of India-EFTA Trade and Economic Partnership Agreement (TEPA)," Modi said in a written message. The Prime Minister's statement was read by Commerce and Industry Minister Piyush Goyal here in the presence of ministers and officials of EFTA countries. "In the last 10 years, India's economy has taken a quantum leap, moving from being the world's eleventh largest economy to the fifth largest. Our next goal is to make India's economy in the world," the Prime Minister said. They are here for the signing of the FTA. The European Free Trade ...

The deal is a binding agreement for the European Free Trade Association - Switzerland, Norway, Iceland and Liechtenstein

The Union Minister for Petroleum and Natural Gas said 85 per cent of India's crude requirements are met by imports, with the price of crude in the international market being the benchmark

The Centre will pull all stops to ensure prices of essential food items from onion to tomatoes to pulses do not spike particularly during the elections, Union Minister Piyush Goyal said as he cited the Modi government's track record of controlling rates within days of any temporary hike. In an interview with PTI, Goyal, who is heading the food and consumer affairs ministry, asserted that the Modi government would continue to take measures to ensure that there is no stress on the household budget of "our Nari-Shakti". Replying to a query regarding the government's strategy to ensure that there are no spikes in prices of food items when the general election kicks in, the minister said, "We are going to be on top of it. And I can assure the people of India that this government cares for the women of India." He highlighted that the government has spent in the last few years about Rs 28,000 crore to the price stabilisation fund to support the effort to fight against food inflation. "We

Office space demand in India's six major cities will remain healthy this year as domestic and foreign firms are expected to lease 50-55 million square feet area to expand their businesses, according to a FICCI-Colliers report. Gross leasing of office space stood at 58.2 million square feet across six major cities namely Bengaluru, Chennai, Delhi-NCR, Hyderabad, Mumbai and Pune. Industry body FICCI and real estate consultant Colliers India earlier this week released its report 'India Office: Repurposed to scale-up'. The report has given three scenarios for office demand forecast - optimistic, realistic, and pessimistic. In a realistic scenario, the gross leasing of Grade-A office space is estimated at 50-55 million square feet this year across these six cities. The demand could go up to 55-60 million square feet in an optimistic scenario, while the leasing numbers could drop to 45-50 million square feet in a pessimistic scenario. "India's office space demand is likely to breach th

The investment will be linked to the creation of one million jobs in India

Sources said the UK is "proud" of all that has been achieved so far and that the Prime Minister Rishi Sunak-led government remains committed to securing a "comprehensive and ambitious" FTA and BIT

Demonetisation, GST implementation, Covid caused a slowdown: Nomura

India's forex reserves jumped USD 6.55 billion to USD 625.626 billion for the week ended March 1, the Reserve Bank of India said on Friday. In the previous reporting week, the overall reserves had risen by USD 2.975 billion to USD 619.072 billion. It can be noted that in October 2021, the country's forex kitty had reached an all-time high of USD 645 billion. The reserves took a hit as the central bank deployed the kitty to defend the rupee amid pressures caused majorly by global developments since last year. For the week ended March 1, the foreign currency assets, a major component of the reserves, increased by USD 6.043 billion to USD 554.231 billion, the data said. Expressed in dollar terms, the foreign currency assets include the effect of appreciation or depreciation of non-US units like the euro, pound and yen held in the foreign exchange reserves. Gold reserves increased by USD 569 million to USD 48.417 billion during the week, the RBI said. The Special Drawing Rights (SDRs