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India buying more oil from US as fresh sanctions stifle Russian flows

Tue, 03/19/2024 - 03:26
Russian crude flows to India surged after the invasion of Ukraine and the OPEC+ producer is still the biggest supplier to the South Asian nation, but tighter US sanctions have stranded cargoes

Income Tax department recovers Rs 73,500 cr in pending dues for FY24

Tue, 03/19/2024 - 00:17
Corporate tax made up Rs 56,000 crore, personal income tax constituted Rs 16,500 crore, and undisclosed income from foreign assets accounted for Rs 50 crore

India's outward FDI rises to $3.47 billion in February, shows RBI data

Mon, 03/18/2024 - 11:45
Outbound FDI, expressed as a financial commitment, comprises three components: equity, loans, and guarantees

FM meets ADB vice prez, urges to become partner in development agenda

Mon, 03/18/2024 - 10:03
Finance Minister Nirmala Sitharaman on Monday met Asian Development Bank's new Vice-President (market solutions) Bhargav Dasgupta and discussed ways to further the development agenda. "Both exchanged views on how @ADB_HQ may partner with India to further the development agenda. They also discussed harnessing ADB's convening power to crowd in other public and private sector institutions to participate in India's growth," the finance ministry said in a post on X. ADB in September 2023, appointed Dasgupta as VP for a period of three years. Prior to this, he was MD and CEO of ICICI Lombard General Insurance. Established in 1966, ADB is owned by 68 members 49 from the region. It is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty.

Clinisys Laboratory Solutions to ramp up India hiring by 50% in 2024

Mon, 03/18/2024 - 09:15
Clinisys holds a leadership position in the clinical laboratory information systems market, with a 19 per cent share of the market

Govt bond yield at more than one-month high due to US peers jump

Mon, 03/18/2024 - 08:48
Traders reportedly adjusted positions in anticipation of an increase in state govt securities supply on Tuesday

Rajasthan govt prepares draft policy to boost exports via ease of doing biz

Mon, 03/18/2024 - 08:42
The draft policy strives to have competitive export logistics in the state for all modes. The focus will also be on skill development programmes to encourage entrepreneurship in the field

India unlikely to match China's past 8-10% growth: Morgan Stanley

Mon, 03/18/2024 - 05:34
Even so, Morgan Stanley remains upbeat about India's prospects, and said in a recent report that the current expansion resembles that of the mid-2000s boom, fueled by rising investment

Govt to procure tur, masur dal directly from farmers to bolster stocks

Mon, 03/18/2024 - 01:58
At the end of February, the central stock declined to approximately 1.97 million tonnes against the buffer norm of 3.1 mt. DoCA aims to procure 80% of buffer stock requirements

Indian govt bond yield at more than two-week high as US peers jump

Mon, 03/18/2024 - 01:15
The rise in yields is fuelled by indications of a robust economy and elevated inflationary pressures

City-gas distribution entities lag on minimum work programme: PNGRB

Sun, 03/17/2024 - 14:14
Authorised CGDs have provided half of their targeted PNG connections to households

India's smartphone exports to US jump to $ 3.53 bn in Apr-Dec FY24

Sun, 03/17/2024 - 11:46
India's smartphone exports to the US jumped to USD 3.53 billion in April-December this fiscal against USD 998 million in the same period last year, according to the Commerce Ministry data. The increasing outbound shipments led to an increase in the smarphones' market share to 7.76 per cent during April-December this fiscal from 2 per cent in the same period of last year, the data showed. Increasing exports have made India the third-biggest smartphone exporter to the US. An official said that an increase in overall smartphone production has helped in pushing exports. During the nine-month period of this fiscal, the share of China and Vietnam declined. The US smartphone imports from the top five suppliers also declined during April-December to USD 45.1 billion from USD 49.1 billion in FY'23. China exported USD 35.1 billion worth of smartphones to the US market in April-December, down from USD 38.26 billion last year. Vietnam's shipments of phones declined to USD 5.47 billion in ..

India's economic growth rate resembles that of 2003-07, says Morgan Stanley

Sun, 03/17/2024 - 05:37
India's current world-beating economic growth rate on the back of an investment boom resembles that of 2003-07 when growth averaged more than 8 per cent, according to economists at Morgan Stanley. In a report 'The Viewpoint: India - Why this feels like 2003-07', Morgan Stanley said after a decade of investment to GDP steadily declining, capex has emerged as a key growth driver in India. "We think the capex cycle has more room to run, therefore the current expansion closely resembles that of 2003-07. The current cycle is driven by investment outperforming consumption, public capex leading initially but private capex rapidly catching up, the urban consumer leading consumption followed by catch-up in rural demand, market share in global exports rising and macro stability risks kept in check. "We think the defining characteristic of the current expansion is the rise in the investment-to-GDP ratio. Similarly, in the 2003-07 cycle investment to GDP rose from 27 per cent in F2003 (fiscal .

This is India's decade as global destination for investments, travel: VFS

Sun, 03/17/2024 - 05:04
India has a vibrant and diverse economy, a large young population and a rich cultural heritage which make it attractive for investors and visitors, according to the CEO of the world's largest visa outsourcing company. Zubin Karkaria, founder and CEO of VFS Global, said India is undergoing a rapid economic and social transformation. "This creates new opportunities for business, trade, tourism, and culture. I truly believe this is India's decade," he said. "In VFS global, we are very optimistic about the prospects of India as a global destination, as a source, both for inbound tourism and outbound travellers. India has a vibrant and diverse economy, a large young population, and a rich cultural heritage. These factors make India attractive, both for investors and visitors, he told PTI in a recent interview. Known for creating a new industry of visa and passport outsourcing, VFS Global in just 22 years of its inception operates in 149 countries through 3,353 application centers. So fa

Kerosene consumption falls significantly by 26% CAGR during FY14-23: Data

Sun, 03/17/2024 - 01:04
Kerosene consumption in the country has declined sharply by 26 per cent CAGR between 2013-14 and 2022-23, mainly due to government policies to promote clean energy. The latest 'Energy Statistics India 2024' of the National Statistical Office (NSO) stated, "The impact of energy policies of recent time is evident on the consumption of kerosene as a fuel in the country". The data showed that the consumption of kerosene has seen a steady decreasing trend with a compounded annual growth rate (CAGR) of (-) 25.78 per cent from 2013-14 to 2022-23. The report stated that among all the petroleum products the HSDO (diesel), which has the highest share of consumption (38.52 per cent) during 2022-23, experienced a positive growth of 12.05 per cent over the last year. Petrol and pet coke have witnessed a growth of 13.38 per cent and 28.68 per cent, respectively, over the last year. HSD (diesel) has also registered a 12.05 per cent growth to 85.90 MTs during 2022-23(P) compared to 76.66 MTs duri

India will become third top economy in few years, says FM Sitharaman

Sat, 03/16/2024 - 10:18
Union Finance Minister Nirmala Sitharaman on Saturday said India currently needs economic freedom to achieve developed nation status by 2047 and assured that the country would move to the third spot in world economy from the current fifth position in the near future. Criticising those who compared India with China, Sitharaman said that certain things could not be replicated from them. "India should attain self sufficiency on economic matters. It should become an economic power. The country has come from 10th position to 5th in global rankings and a few years down the line we will achieve the third spot", Sitharaman said, after unveiling a bust of Mahatma Gandhi at Shrimati Indira Gandhi College here. Appealing to the students gathered at the venue to contribute to the progress of the nation, she said, "It is through the efforts of students like you that our country will become a developed nation by 2047." Referring to people talking about how China has progressed and comparisons wi

Round 14 of India-UK FTA talks put on hold ahead of election schedule

Sat, 03/16/2024 - 05:22
The 14th round of the free trade agreement (FTA) negotiations between India and the UK has now closed, with formal negotiations being put on hold as India heads into election campaign mode as the general election schedule is announced on Saturday. According to UK officials familiar with the discussions, a lot of progress has been made but the teams are not in a position to conclude an agreement which led to the Round 14 closing on Friday. The next round of formal trade talks can commence only after the Lok Sabha polls have concluded. The India-UK FTA negotiations, which opened in January 2022, are aimed at securing an ambitious outcome for bilateral trade currently worth around GBP 38.1 billion a year as per official statistics from last month. We anticipate that while some talks might happen between rounds, the next round of negotiations will take place after the Indian elections, official sources in the UK said. Neither side is walking away from talks. It's just that we don't h

Ease of doing biz: Market regulator Sebi to relax certain norms for FPIs

Fri, 03/15/2024 - 14:29
Regulator Sebi on Friday approved a raft of relaxations for foreign portfolio investors, alternative investment funds and entities seeking to raise funds through initial share sales, as part of facilitating the ease of doing business in the securities market. Also, the board of Securities and Exchange Board of India (Sebi) gave its nod for a uniform approach for verification of market rumours by entities that have listed their equities. In a move aimed at testing the feasibility of the optional T+0 settlement mechanism, a Beta version for a limited 25 scrips and limited brokers will be launched. Sebi will continue to do further stakeholder consultation, including with the users of the Beta version. The progress will be reviewed at the end of three months and six months, after which further course of action will be decided, Sebi said in a release. These proposals were cleared by the Sebi board at its meeting that ended late on Friday. Among other measures, the regulator decided to

Exports grow fastest in 20 months; Feb trade deficit widens to $18.71 bn

Fri, 03/15/2024 - 13:10
Export growth in February was led by electronics, meat, dairy and poultry, chemicals, drugs and pharmaceuticals, and engineering goods

Forex reserves surge by over $10 billion to hit over two-year high

Fri, 03/15/2024 - 12:24
The dollar index fell to around 102 at the end of the week, down from 103 at the start of the week

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