RBI deputy governor M Rajeshwar Rao highlights the evolving financial landscape, challenges with new trends, and the importance of balanced regulations for niche players, emphasizing the need for responsible innovation in the market.
Indian stock market indices closed the financial year 2023-24 on a firm note, with Sensex and Nifty rising in the range of 0.8-0.9% on Thursday, backed by firm economic growth forecasts by various global watchdogs and political stability at the federal level.
Speaking during an event in the financial hub of Mumbai, Sitharaman said, "Hopefully the fourth quarter, will also have (growth) of 8% or above 8% resulting in 2023/24 having an average growth in GDP of 8% or over 8%." Sitharaman highlighted the expected year-on-year expansion rate of 8% for the 2023/24 financial year, attributing it to improved inflation management and macroeconomic stability.
The Government e-Market (GeM) portal has surpassed Rs 4 lakh crore in procurement this fiscal year. CEO P K Singh highlighted increased buying activities by ministries. GeM, launched in 2016, facilitated online purchases for central government entities, with services procurement surging to Rs 2.05 lakh crore and goods worth Rs 1.95 lakh crore.
Gurugram-headquartered TRW Sun Steering Wheels (TSSW) is a JV between the Sun Group and ZF Group globally.
India plans delegations to Chile for lithium and copper resources, focusing on electric vehicle batteries and renewable energy. KABIL aims for net-zero carbon emissions by 2070, securing lithium exploration rights in Argentina.
In FY24, the company had another year of accelerated portfolio expansion with 52 signings and 34 openings and achieved a portfolio of over 300 hotels, ahead of its market guidance under Ahvaan 2025, Indian Hotels Company Ltd (IHCL) said in a statement.
Agency banks instructed to operate on March 31, 2024, for government transactions. NEFT, RTGS, cheque clearing available till midnight. Revenue receipts, pension payments, PPF included. RBI oversees government banking operations through designated branches.
Maruti Suzuki's shares rose 4% to hit a new 52-week high on the NSE, with a market cap crossing Rs 4 lakh crore. The company joins an elite group of 13 stocks with similar valuations.
Shareholders of ICICI Securities took to social media to report that bank executives reached out to them directly, urging them to support the resolution for delisting. Following the allegations, concerns have been raised by lawyers and market experts over the potential regulatory scrutiny of the voting process.
The multinational bank has applied to the International Financial Services Centres Authority for a license, said the people, who asked not to be identified as the information is private. Approval may be granted in the next few months following a due diligence process, they said.
NSC provides tax benefits and 7.7% interest rate for investors. Quarterly reviewed by the Ministry of Finance, NSC allows joint investments with a five-year lock-in period. Online account opening via DOP internet banking involves specific steps for interested individuals.
Taxpayers must address flagged transactions in AIS/Compliance Portal to meet the ITR deadline for FY 2020-21. Failure to respond accurately may lead to scrutiny or assessment by the tax department, potentially resulting in income tax notices.
Higher FII inflow, along with a better demand outlook for IT services, may set the stage for brighter days for the sector in the second half of FY25
The Adani Green Energy Gallery at the Science Museum in London, led by Gautam Adani, highlights sustainability, transformative technology, and climate science. Through interactive exhibits and commissioned models, the gallery explores innovative energy solutions for a #SustainableFuture.
Head of International Monetary Fund on Sunday called on China to implement "a comprehensive package of pro-market reforms" to boost a sluggish economy beset by a housing market crisis, low domestic demand and persistently high youth unemployment. Chinese policymakers have so far resisted calls to juice the economy through massive government stimulus, instead stressing the need to pivot towards "high-quality" growth.
Many publicly traded companies are now sitting on sizeable cash reserves and borrowing costs appear to be stable. Buyout funds, too, are awash with cash and itching to deploy it. The worry must be that financial firepower, frustration and a fear of missing out make for ill-disciplined acquisitions. Recent history backs the idea that buyers struggle to make megadeals pay
Tax-saving investments deadline is March 31, 2024. Consider lock-in periods, tax implications, and returns. Choose between old and new tax systems. Options include PPF, SSY, EPF, and VPF. Benefits vary based on tax regime and investment choice.
The budget carrier expects capacity to grow in the “early double digits†next year, with a similar rate of increase in the number of passengers it flies, it said in an analyst presentation Friday.
Private and state-run processors including the biggest — Indian Oil Corp. — have stopped taking cargoes if they’re on Sovcomflot tankers, said people familiar with the matter. Refiners are scrutinizing the ownership of each ship to make sure they’re not affiliated with the company, or other sanctioned groups, they added, asking not to be named because the information is private.
Sensex and Nifty surged 1% on US Fed's rate cut projection. Sensex peaked at 72,882.46, while Nifty reached 22,011.95. Top gainers included Tech Mahindra, Larsen & Toubro, and Bharti Airtel.
Japan Airlines said Thursday that it is buying 42 airplanes from Boeing and Airbus as part of a drive to boost its international and domestic operations. The airline said it will add 20 Airbus A350-900 aircraft and 10 Boeing 787-9 to its international routes, adding to its existing fleet of more than 50 Boeing 787-series planes.
Samsung expects significant revenue from advanced chip-packaging in 2022, targeting DRAM market leadership with new chip developments for AI demand. Co-CEO Kyung leads Samsung's strategic initiatives, backed by Nvidia's endorsement. Samsung set up advanced chip packaging as a business unit last year, and Kyung said he expects the results of Samsung's investment to come out in earnest from the second half of this year.
RBI has highlighted evolving dynamics of the Indian economy, with potential moderation in the FMCG sector and shifts in per capita income distribution. There are significant per capita income shifts underway, according to the Reserve Bank of India’s (RBI) bulletin for the month of March 2024.
Jan Aushadhi Kendras procure medicines from private manufacturers and public sector drug manufacturers through an open tender system
FLY91 initiated commercial operations, offering a special Rs 1,991 fare for flights like Goa-Bengaluru. It operates two ATR 72-600 aircraft, with plans to expand services to various destinations like Agatti, Jalgaon, and Sindhudurg.
Bengaluru's water scarcity crisis: The tech hub, home to prominent IT companies like Infosys and Wipro, is witnessing the impact of the water crisis on daily life and business operations.
TDS rates for FY 2024-25: When making a payment subject to TDS, the payer must deduct a specified percentage of the amount paid. The recipient then receives a TDS certificate from the deductor, indicating the amount deducted.
The European Union, which seeks to stem irregular migrant arrivals, and cash-strapped Egypt were Sunday due to sign a 7.4 billion euro ($8 billion) package of loans, grants and energy cooperation deals. - 'Cash-for-migration-control' - The agreement follows other controversial deals the EU has sealed in northern Africa -- with Libya, Tunisia and Mauritania -- to stem the flow of irregular migrants across the Mediterranean Sea.
India's current economic growth, reminiscent of 2003-07, is driven by increased investments shifting towards capital expenditure. Urban consumers lead consumption growth, with rising rural demand. Market share in global exports grows, while managing macroeconomic stability risks effectively. Investment-to-GDP ratio rising, expected to reach 36% by 2027. Public capex drives growth, private capex catching up.
Goa-based regional airline FLY91, led by MD and CEO Manoj Chacko, is launching commercial flights on March 18 with a team of 350 staff. The airline aims to achieve break-even in two years, expanding its fleet and receiving Viability Gap Funding under UDAN. FLY91 focuses on profitability and sustainability in its operations.
The US Federal Reserve is expected to maintain its key lending rate unchanged while considering potential rate cuts to combat inflation. Market experts predict a June rate cut, aligning with the Fed's cautious approach towards achieving inflation goals.
IndianOil slashes petrol and diesel rates in Lakshadweep by up to Rs 15.3 per litre, aiming to boost tourism and living standards. The move follows PM Modi's visit, with prices adjusted based on sales volume across islands for fairness.
Boost for Elon Musk's Tesla! The government has approved a new electric vehicle scheme to incentivize local manufacturing and attract foreign investment, particularly from companies like Tesla. The scheme offers tax relief and reduced import taxes on selected EVs for companies investing over $500 million. It aims to promote global EV manufacturers' investment in India and advance the electric vehicle ecosystem.
Japanese automakers Nissan and Honda explore a partnership in electric vehicles to compete with Chinese rivals. The focus shifts from hybrids to EVs as they consider joint development to drive innovation in the industry.
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